Opinion: China’s Factories Are Still Indispensable to the U.S.

China and the U.S. have adopted distinctly different strategies to deal with the coronavirus pandemic since its outbreak. While China has made every effort to ensure the stability of the supply chain and focused on the supply side, the U.S. has practiced policies guided by modern monetary theory to strongly stimulate demand, and supply recovery has trailed demand. As a result, the U.S. became highly dependent on Chinese manufacturing after the pandemic, and Chinese exports to the U.S continued to grow rapidly, completely reversing the decline during the Trump trade war period (2018-2019).