Over the past 10 years, Washington, Brussels and London have made decreasing economic reliance on China a strategic goal. Western economic plans now stress supply-chain resilience, industrial sovereignty, technological leadership and national security. The Covid-19 pandemic highlighted weaknesses in global supply networks. Increasing geostrategic tensions, export restrictions and technological rivalry have supported political backing for reshoring and “friendshoring” manufacturing. The objective...
As the United States marks the 250th anniversary of its founding, it confronts a new world order dominated by its relationship with China. In this wide-ranging series, we examine the pressure points and possibilities in those ties, from hard tech to soft power. In this article, Sylvia Ma examines the numerous financial links between the two economies that make a true decoupling a difficult affair. On a landmark visit to Beijing in 1986, the New York Stock Exchange chairman at the time, John...