Various disruptions to global trade in recent years – including the impact of the US-China trade war and the COVID-19 pandemic – have raised questions about how global supply chains will be structured over the longer term, particularly the potential for a shift away from China as a key link in the delivery of goods to advanced economies. While there have been some high-profile examples cited in recent times, any significant realignment of global supply chains will be a slow process (assuming that it does not prove impractical).

For further details, please see the China Economic Update (July 2023)