More European companies will certainly expand their business into China as long as the Chinese government fulfills its promises of reform and regulation, according to European Chamber President Jorg Wuttke at a press conference on Tuesday.

At the press conference, which was about the business environment that European companies face in China, Wuttke expressed hope that China would enact mutually benefit trade agreements, make new reforms and release a reform schedule in order to provide a more favorable environment for European companies. The survey showed that 47 percent of enterprises would likely increase their investment in China if they were afforded greater access.

Wuttke said that both he himself and various European enterprises that were surveyed are impressed with China's anti-corruption campaign. "The effectiveness of China's anti-corruption campaign is beyond my expectations," Wuttke said.

The 2016 European Chamber's annual Business Confidence Survey, released on Tuesday, was jointly conducted by the Chamber and Roland Berger, a consulting company. The survey indicated that corruption has not been a key regulatory obstacle for European companies doing business in China from 2014 to 2016.

According to the survey, European companies are most bothered by the unpredictable legislative environment, administrative issues and discretionary law enforcement.

The survey showed that only 25 percent of surveyed enterprises think intellectual property rights (IPR) protection is effective in China. Wuttke felt it was a pity that European enterprises in China are not satisfied with IPR protection since China has made great efforts in this field. According to previous reports, China had established three intellectual property rights courts in Beijing, Guangzhou and Shanghai by the end of 2014.

Wuttke explained that enterprises' willingness to invest differs by region. Enterprises think that those regions with high competitiveness like southern China's Guangdong province are about to enter a golden age, Wuttke added. However, those regions with slowing economic growth like northeastern China's Liaoning province are less attractive to European enterprises. The survey showed that areas with a better living standard and infrastructure are also more attractive to European companies.

Wuttke said that the service sector has the highest potential for bilateral trade between the European Union and China, given the development of tourism, the aging population, the rise of China’s middle class and new energy vehicles.

Wuttke predicted that the E.U.-China Comprehensive Agreement on Investment, seen as integral to improving the business environment and reducing market access barriers, could be signed in the next 12 to 18 months.