People ride shared bicycles during the morning rush hour in the central business district (CBD), following a work-from-home order for residents of Chaoyang district amid the coronavirus disease outbreak ( COVID-19), in Beijing, China, May 5, 2022. REUTERS/Tingshu Wang

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SHENZHEN, China, May 5 (Reuters) – European companies in China are increasingly looking to shift their investments to other markets due to strict COVID-19 containment measures and supply chain disruptions, the European Chamber of Commerce in China said Thursday.

A survey of members found nearly a quarter of respondents were considering moving their current or planned investments out of China, more than double the number at the start of the year.

“Our members are weathering the storm for now, but if the current situation continues, they will increasingly assess alternatives to China,” chamber chairman Jorg Wuttke said.

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While member companies understand that short restrictions must remain in place to prevent the medical system from being overwhelmed, they also needed time for a gradual reopening, Wuttke said.

Some 60% of the 372 respondents said they had lowered their revenue forecasts for the year.

Lockdown measures have disrupted supply chains, with 92% saying they have been negatively impacted by recent port closures, declining road freight and rising sea freight costs.

As of Tuesday, 43 cities were under full or partial lockdown or had district-based controls in place, which involve strict mobility restrictions for residents, according to Nomura.

Most of Shanghai’s 25 million residents have endured more than a month of confinement in their residential compounds.

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Reporting by David Kirton: Editing by Neil Fullick and Simon Cameron-Moore

Our standards: The Thomson Reuters Trust Principles.