American enterprises operating in China lauded improvements in the country’s regulatory environment and more “openness”, but long-standing concerns over access and Beijing’s emphasis on security continue to weigh on optimism, with expectations for US President Donald Trump’s looming China visit also muted, according to a leading business chamber.

Targeted regulatory refinement in some sectors, ongoing updates to foreign investment policies and market access measures, and “incremental” advances in clarifying the governance of cross-border data were among progress cited by the American Chamber of Commerce in China (AmCham China) in its 2026 white paper, which was released in Beijing on Thursday.

But widespread concerns remained over uncertainty in national security-related regulation in the world’s second-largest economy, when definitions of data security were “broad and evolving” and national security reviews made compliance more complex.

Other common gripes included “uneven” market access, disparities between national intent and local-level enforcement, structural pressures including industrial policy, overcapacity and the rising impact of non-tariff barriers like rare earth export controls and licensing delays, the paper said.

All those came on top of the deepening unease about China’s slowing economic growth, a sentiment unseen in previous years, that ranked as one of the top concerns among US players according to AmCham China’s annual business climate survey, which was published in January.

“While the Chinese market continues to offer opportunities, our members have observed trends in policy, regulation and public discourse that may signal a more restrictive environment for foreign participation in certain sectors,” AmCham China chairman James Zimmerman told a news conference in Beijing on Thursday.

“A growing emphasis on national and economic security has, in some cases, come at the expense of open markets and fair competition … restrictions on foreign participation could, over time, constrain innovation and market dynamism.”

Zimmerman emphasised, however, that the white paper did recognise progress.