Recent reports from three lobbies for foreign businesses, the American Chamber of Commerce in Shanghai, the European Chamber of Commerce in China and the US-China Business Council, bear out this gloomy view.

ECONOMIST: Selling foreign goods in China

On average, revenue growth slowed to 6%, down 30% from 2011, the American Chamber of Commerce in Shanghai said Thursday in their China Business Report.

FORBES: American Multinationals See China Profits Decline Again

The American Chamber of Commerce in Shanghai found that of those companies who were aware of this directive, 30% thought it would hurt their business in China.

ECONOMIST: China and America