Title：New Trends of US Economic and Trade Policy toward China and China’s Responses — From the Perspective of Friend-shoring

Authors：Dan Gao, Dong Wang

Abstract：In April 2022, US Treasury Secretary Janet Yellen formally proposed the establishment of friend-shoring supply chains. As one of the main tools of the Indo-Pacific Economic Framework promoted by the US, exclusive and collective friend-shoring supply chains with “like-minded” partners reset the global supply chains (GSCs). This reflects the US’ strategic understanding and path to cope with global challenges and recover its economy, as well as its intention to further decouple with China. Therefore, China should remain vigilant and respond positively. Specifically, China should build its strategic narrative system, take the initiative in the GSCs, rely on its digital advantages to digitally upgrade supply chains, strengthen medium- and high-end industrial chains, and improve its position in the GSCs. Additionally, China should actively encourage enterprise innovation and improve the global competitiveness of Chinese enterprises. While maintaining strategic focus and clarity, China should actively develop the importance of economy and trade as the essential aspect of Sino-US relations and prevent decoupling. It should also actively rely on multilateral systems to promote and lead re-globalization.  

Keywords：Sino-US relations, Friend-shoring Supply Chains, Re-globalization