Companies are expanding production outside of China to reduce the risk from rising geopolitical tensions, but the country’s dominance in world trade makes cutting it out of global supply chains impossible, one of the world’s largest container shipping groups has said.
“The scale [and] the weight of China means it is easy to overexaggerate the impact of ‘China plus one’,” said Michael Fitzgerald, deputy finance chief of Orient Overseas Container Line, a Hong Kong-headquartered group belonging to Chinese state-owned Cosco.
“It’s happening. It’s real,” he told the Financial Times this month, referring to the strategy of companies shifting or expanding production outside of China amid tensions between Beijing and Washington.
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