May 12, 2022: A recent survey found that more U.S. businesses in China are cutting revenue expectations and are planning for future investment as Covid controls drag on.

According to an American Chamber of Commerce in China survey released on Monday, respondents reporting an impact from Covid restrictions increased by four percentage points to 58% between late March and late April.

While that’s not a significant increase, 4 or 5 percentage points every month could be “huge” if Covid controls persist for five months, Michael Hart, AmCham president, told CNBC.

The impact of Covid restrictions will have over 70% of respondents believe that their revenue or profit would be cut.

The recent study, conducted from April 29 to May 5, covered 121 companies in China. That period included the latest Covid restrictions in the capital city of Beijing.

Two, three, or four years by now, I predict a massive decline in investment in China because no recent projects are being teed up because people can’t come in and look at space.

In March, the prior survey was conducted with AmCham Shanghai, just as Shanghai’s original plan for a two-part lockdown started. Those measures have lasted for far longer than the starting of the week.

In the last few days, Beijing city postponed the reopening of schools until further notice and ordered all non-essential businesses in a significant business district to close temporarily or have their staff work from home.

“There are very few aspects of the economy that seem to be functioning,” a survey respondent said in the report, withholding the respondent’s name and location. ”[While] COVID-19 restrictions can be managed, what [will be increasingly difficult to] manage is the lack in the overall growth of the economy and what appear to be growing economic headwinds.”