From Breakingviews - China decoupling takes one step forward, one back
published in June showed eight out of 10 respondents in China reported profit growth in 2021 and that three out of four companies surveyed are not considering shifting investments out of the country.
For politicians who hope to replicate the Chinese supply chain via tax tweaks, subsidies and sanctions, it’s worth remembering China started building out the requisite logistical infrastructure in the 1980s. Since then it has taught hundreds of millions of blue-collar workers to be seasoned manufacturing hands in sophisticated production systems integrated with automation.
, for example, has been building a $10 billion advanced plant in Guangdong province since 2019, a project once built might run for 30 to 40 years. Third-tier Chinese cities are full of unsexy industrial operators churning out coatings, pharmaceutical supplies, plastics and unrecognisable widgets that go inside widgets that go inside yet other widgets. None of them can easily relocate.
Other decoupling efforts have also faltered. Chinese firms are not being purged from New York exchanges. ByteDance’s video app TikTok survived the Trump administration’s attempt to ban it. China has not developed a commercially competitive computer operating system, much less weaned itself from advanced Western chip technologies.
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