(Bloomberg) -- US companies are wary about investing in China because of policy unpredictability, according to a business group, as Beijing struggles to attract foreign funds to boost its economy. 

“The inconsistency in policy over time and the discrepancy between stated policies and their implementation has led to a cautious approach among investors,” the American Chamber of Commerce in China said in an annual report released on Tuesday.

Beijing has released several measures over the past year including a 24-point action plan to boost overseas investment. However, foreign CEOs have complained China hasn’t followed through on promises to help foreign businesses.

“So far we’ve seen limited implementation of the 24 points,” Sean Stein, chair of AmCham China and former US consul general in Shanghai, said at a press briefing.

“We’re at a stage now, where promises of policies don’t move markets and they don’t lead to investment,” he added. “Action leads to investment.”

Read More: Foreign Investment in China Falls With Cloud Over Growth Outlook

New data last week showed foreign investment into China slowed for a third straight month in March compared to the same period last year, highlighting the difficulty the nation has had convincing overseas companies to invest since it reopened from three years of Covid isolation.

Foreign companies have largely held back, citing geopolitical tensions and the country’s uncertain growth outlook. There’s also been concern about the complicated environment facing advisory firms in the world’s second-biggest economy. 

Lester Ross, chair of AmCham China’s Policy Committee, said firms have found it increasingly difficult to gather information crucial to operating in the country “because there has been suppression of companies whose business is to understand the business environment.” 

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