Just over half of American companies are more optimistic about doing business in China on expectations of better trade relations with the U.S. under a Biden administration, according to a survey from the American Chamber of Commerce in Shanghai.

"Companies broadly view the prospect of a Biden administration favorably,” the trade lobby said in a statement, citing the result of a survey of 124 American companies. "This may be due to expectations that the U.S.-China relationship will become more stable than it was the past four years, though it is unlikely to return to the pre-2016 paradigm.”

The survey, conducted Nov. 11-15, showed 54.8% of the respondents had become more upbeat about their business prospects in China, while only two companies said they were more pessimistic. Nearly 57% of respondents do not expect trade restrictions or tariffs to increase, according to the survey.