Japanese companies retreat from China at a record pace — Eter News

Enriched Analysis 深度解析

Japanese companies retreat from China at a record pace日本企业以创纪录速度撤离中国

The number of Japanese companies operating in China fell to 10,118 by June, the lowest level since Teikoku Databank began tracking the data in 2010. Slowing Chinese growth, strained China-Japan relations, higher costs, tariff risks, local competition and security concerns are driving firms to reduce their exposure, although some localized businesses remain.截至6月，在华经营的日本企业数量降至10118家，为Teikoku Databank自2010年开始追踪以来的最低水平。中国经济放缓、中日关系紧张、成本上升、关税风险、本土竞争和安全担忧，正推动企业降低对中国的依赖，但部分已实现本地化的企业仍可能留下。

CNBC 5 Oct 2026 2026年10月5日

10,1181万

Japanese companies operating in China在华经营的日本企业

1515

China profit share中国利润占比

01The Story新闻事实

The number of Japanese companies operating in China fell to 10,118 by June, the lowest level since Teikoku Databank began tracking the data in 2010. Slowing Chinese growth, strained China-Japan relations, higher costs, tariff risks, local competition and security concerns are driving firms to reduce their exposure, although some localized businesses remain.截至6月，在华经营的日本企业数量降至10118家，为Teikoku Databank自2010年开始追踪以来的最低水平。中国经济放缓、中日关系紧张、成本上升、关税风险、本土竞争和安全担忧，正推动企业降低对中国的依赖，但部分已实现本地化的企业仍可能留下。

  • The number of Japanese companies operating in China stood at 10,118 as of June, down 22% from the June 2024 survey and about 30% below the 2012 peak.截至6月，在华经营的日本企业数量为10118家，较2024年6月调查下降22%，比2012年的峰值低约30%。
  • In the past two years, 4,137 Japanese companies fully withdrew from China, while 1,221 entered through subsidiaries, factories or representative offices.过去两年，有4137家日本企业完全撤出中国，只有1221家通过子公司、工厂或代表处进入中国。
  • The share of profits derived from China by TOPIX-listed companies fell below 15% this year, from 23% in 2020; the U.S. share rose to 35% from 25%.今年，TOPIX上市公司来自中国的利润占比降至15%以下，低于2020年的23%；来自美国的利润占比则从25%升至35%。
  • China-Japan relations deteriorated after Japanese Prime Minister Sanae Takaichi said Japan could become militarily involved in a Chinese invasion of Taiwan.日本首相高市早苗表示，如果中国入侵台湾，日本可能进行军事介入，此后中日关系恶化。
  • Automakers, parts suppliers and export-oriented manufacturers are considered the most likely to scale back, while localized medical and precision-equipment makers are more likely to stay.汽车制造商、零部件供应商和出口导向型制造商最可能缩减在华业务，而已实现本地化的医疗设备和精密设备制造商更可能留下。

Japanese corporate exposure is shifting from China toward the United States and other markets as commercial pressures and geopolitical risks reinforce each other.随着商业压力与地缘政治风险相互叠加，日本企业的业务重心正从中国转向美国及其他市场。

024 Dimensions维度分析

Comparison对比

Record corporate retreat企业撤离达到创纪录水平

The number of Japanese companies in China has reached a historic low, while withdrawals over the past two years far outnumbered new entrants. The figures indicate a broad reduction in corporate presence rather than only a temporary pause in investment.在华日本企业数量已降至历史低位，过去两年的撤出企业数量远超新进入企业。这些数据表明，企业在华布局正在广泛收缩，而不仅是暂时放缓投资。

Japanese companies operating in China在华经营的日本企业

June6月10,118 companies

Past two years过去两年4,137 companies

Past two years过去两年1,221 companies

  • The current level is the lowest since Teikoku Databank began tracking the data in 2010.当前水平是Teikoku Databank自2010年开始追踪数据以来的最低值。
Comparison对比

Profit exposure is moving toward the U.S.利润来源正转向美国

Japanese listed companies are deriving a smaller share of profits from China and a larger share from the United States. The shift reflects increasing reliance on the U.S. market as China becomes a less central growth destination.日本上市公司来自中国的利润占比下降，而来自美国的占比上升。这一变化反映出，日本企业对美国市场的依赖增强，中国作为增长目的地的重要性则有所下降。

China profit share中国利润占比

This year今年15 percent or less

This year今年35 percent

  • Analyst Jesper Koll said Japanese firms have grown increasingly reliant on the U.S. market while shifting away from China.分析师Jesper Koll表示，日本企业越来越依赖美国市场，同时逐步远离中国。
Cause因果关系

Geopolitics is raising operating risks地缘政治正在提高经营风险

The diplomatic dispute has added export controls, travel warnings and detention concerns to existing commercial pressures. These factors may make companies more cautious about sending personnel and maintaining China-based operations.外交争端使出口管制、旅行警告和人员被拘留风险叠加到原有商业压力之上。这些因素可能令企业对派遣人员以及维持在华业务更加谨慎。

  • Beijing responded to Japan's Taiwan-related comments by curbing exports of critical minerals to Japanese companies and urging citizens not to travel to Japan.针对日本有关台湾的表态，北京采取了限制向日本企业出口关键矿产，并呼吁民众避免前往日本。
  • Several Japanese nationals, including executives at major Japanese firms, were reportedly detained in August over alleged violations of dual-use goods export restrictions.据报道，包括日本大型企业高管在内的数名日本公民于8月因涉嫌违反军民两用物项出口限制而被拘留。
Stakeholder impact利益相关方

Retreat is selective, not universal撤退具有选择性，并非全面退出

Companies are not uniformly decoupling from China. Export-oriented manufacturers face stronger pressure to shrink, while firms that have localized operations and can compete with Chinese rivals may continue operating.企业并非都在与中国全面脱钩。出口导向型制造商面临更大收缩压力，而已实现本地化、能够与中国竞争对手竞争的企业可能继续经营。

  • Teikoku Databank said some firms have reduced dependence on China without fully decoupling from it.Teikoku Databank表示，一些企业降低了对中国的依赖，但并未与中国完全脱钩。
  • China's Vice Premier He Lifeng said China always welcomes Japanese enterprises to develop business and share market opportunities.中国国务院副总理何立峰表示，中国始终欢迎日本企业在华发展业务、分享市场机遇。

03Timeline时间线

  1. 2010 Teikoku Databank began tracking the number of Japanese companies operating in China.Teikoku Databank开始追踪在华经营的日本企业数量。
  2. 2012 The number of Japanese companies operating in China reached its reported peak.在华经营的日本企业数量达到报道所述峰值。
  3. 2024-06 The previous Teikoku Databank survey was conducted.Teikoku Databank开展了上一次调查。
  4. 2026-08 Several Japanese nationals were reportedly detained in China over alleged dual-use goods export violations.据报道，数名日本公民因涉嫌违反军民两用物项出口限制在中国被拘留。
  5. 2026-10-05 CNBC reported that Japanese companies were leaving China at a record pace.CNBC报道日本企业正以创纪录速度离开中国。

Key takeaway核心结论

Japanese companies are reducing their China exposure as profitability pressures, geopolitical tensions and security concerns increasingly outweigh the market's established role.随着盈利压力、地缘政治紧张和安全担忧加剧，日本企业正减少对中国的依赖，中国市场原有的重要地位受到削弱。

04What to Watch后续关注

  1. Whether the number of Japanese companies withdrawing from China continues to exceed new entrants.从中国撤出的日本企业数量是否继续超过新进入企业数量。
  2. Whether diplomatic tensions lead more firms to reduce their China dependence without fully exiting.外交紧张是否促使更多企业降低对中国的依赖，但不完全退出。
  3. How automakers, parts suppliers and export-oriented manufacturers adjust their China operations.汽车制造商、零部件供应商和出口导向型制造商将如何调整在华业务。
  4. Whether localized medical and precision-equipment companies remain more resilient than other sectors.已实现本地化的医疗设备和精密设备企业是否比其他行业更具韧性。

05Uncertainties不确定因素

  • The source does not quantify how many companies are reducing operations, diversifying supply chains or fully leaving China.消息源未量化有多少企业正在缩减业务、分散供应链或完全离开中国。
  • It remains unclear how long the China-Japan diplomatic freeze will last and how directly it will affect corporate decisions.中日外交僵局将持续多久，以及它将对企业决策产生多直接的影响，仍不明确。
  • China's stated welcome for Japanese enterprises may not offset concerns about profitability, competition, exports and personnel safety.中国方面表示欢迎日本企业，但这一立场能否抵消企业对盈利能力、竞争、出口和人员安全的担忧，仍有待观察。

06Sources信息来源

  1. Why Japanese companies are retreating from China at a record paceWhy Japanese companies are retreating from China at a record pace CNBC · 2026-10-05

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