Goldman Sachs says US companies moving out of China limited to specific sectors


Chinese and US national flags flutter at the entrance of a company office building in Beijing, China, Jan. 19, 2020. (File photo: AFP)

NEW YORK, Sept. 15 (Xinhua) -- Only a limited number of U.S. companies in specific industries are moving out of China while few in many other industries are doing so, according to a recent report released by investment bank Goldman Sachs.

In apparel and smartphones, nearly all U.S. companies have moved or plan to move at least part of their operations out of China, said the report.

However, in many other industries, few companies plan to leave the Asian country, the report added.
A majority of semiconductor and health care companies are actually expanding their production in China, according to the report.

In labor-intensive industries, the Asian country's overall advantage in manufacturing remains unchallenged, according to the investment bank.

China is still attractive to foreign manufacturing investments for its huge domestic market, complete industrial supply chains, and good infrastructure, the report said.

Moreover, the report found limited evidence of a large-scale return of manufacturing activity back to the United States.