Japanese manufacturers once considered China a prime target for investment. But times have changed, and a new survey shows their interest in the Chinese market has fallen to its lowest level yet.

Every year the Japan Bank for International Cooperation surveys manufacturers that have overseas operations. This year it got responses from 495 businesses.

Only 17 percent said they regard China as a promising place to invest in the next 3 years -- the lowest number since the first survey in 1992.

That figure is a drop of 11 points from the previous survey, and a precipitous fall from the result in 2003, when 93 percent of businesses were positive on Japan's biggest neighbor.
China was in sixth place overall, well behind first placed India.

JBIC Executive Officer Kawakami Nao said the dip in interest is especially obvious in the auto and related industries. "Some Japanese firms in China are facing fierce competition from local companies. Output has stopped growing due to factors such as the electrification of cars and a drop in domestic demand."

Of 15 firms planning to end or scale down their overseas operations, 14 said they're thinking of doing so in China.