Under the China-US trade conflict and the pandemic，many multinational corporations in China were affected to some extent. How will the major multinational companies develop and continue their businesses in China，and whether they will choose to relocate abroad，are the key areas of concern of this study. Among multinational corporations，this report mainly selects to conduct research on US companies in China，and the research method covers both qualitative and quantitative analysis.

In the qualitative research，this report investigates the risks and challenges brought on multinational companies in China by factors such as China-US trade friction，China-US technology “decoupling”，reshaping of global value chain，and the return of US manufacturing. The report concludes that changes in China-US relations has had a certain impact on multinational corporations in China，especially on the issue of tariffs，which has increased the procurement costs of some US companies in China. Meanwhile，through investment data analysis and research，it is found that China is attractive to multinational corporations，and this attraction still exists today.

In the quantitative research，this report focuses on 94 of the 121 US companies in the 2020 Fortune Global 500 that have economic activities in China. Focusing on these 94 companies and the 28 high-tech companies，this report performs analysis on their business strategies and whether they have plans to increase investment in China or withdraw from its business in China. The report finds that most US companies will maintain their business in China for a long period of time into the future，and some will increase their business in China.

In response to these circumstances，the last section of this study puts forward suggestions to relevant decision-making departments and enterprises，including accelerating the development of the digital economy，advancing the digital transformation of enterprises，and improving the practice of corporate social responsibility. The report recommends to continue “Opening Up”，to accelerate negotiations between China and the US on formulation of rules for digital trade，to promote the opening up of the manufacturing industry and the telecommunications industry，laying a solid foundation for a new era of greater openness and integration.