China is losing its place as the centre of the world's supply chains. Here are 5 places supply chains are going instead.China is the factory of the world, but the COVID-19 has shown the world needs more than China to keep supply chains robust.China's Covid policies have pushed companies to diversify supply chains away from the country.
They had already begun moving out due to geopolitical tensions and tariffs imposed by the USA under Donald Trump.For more stories,China has been the factory of the world for the last 4 decades. The pandemic triggered a reckoning of this status.Chen Shichuan/VCG/Getty Images Global manufacturing powerhouse China's rise as the world's factory spanned over four decades and ushered in an era of globalization and integrated supply chains.launched a trade war against the East Asian giantWhile some investors did move parts of their manufacturing facilities out of China at the time, it was really the pandemic — and China's recently-abandoned zero-Covid policy — that drove home the importance of not depending on one country for manufacturing needs.
"The geopolitical tensions in themselves may not have resulted into this level of realignment of supply chains, but Covid certainly provided that extra vision extra fillip, the extra fuel to the fire," Ashutosh Sharma, a research director at market research firm Forrester, toldAnd the effects of the trade war continue to linger.
To navigate this complicated web of US-China trade tensions, multinationals are now more than ever, looking to hedge their business risks.India is trying to unseat China in higher-end manufacturing, with iPhone maker Apple and chipmakers eyeing its vast lands and young population.With it's vast lands and large, young population, India is a natural alternative to China as the world's factory.
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