Multinational companies embraced Chinese factories to lower costs. Their excessive reliance ended up being a central cause of the COVID supply chain meltdown.
The COVID-19 pandemic raised alarms across the world on many fronts. Fears of a new virus running rampant, first and foremost. But as the world locked down in a bid to control the virus' spread, other concerns arose, like securing face masks and ventilators, computer chips and car parts—and even toilet paper. Exposed by the pandemic was the tenuous nature of the worldwide supply chain. New York Times global economics correspondent Peter S.
Zhu was aided in his mission by a crucial constituency—the American business lobby, which recognized a gold mine in China. Here was a country of over 1.2 billion people, making it the largest potential market for practically everything. Telecommunication companies and financial giants stood to gain clearance to buy larger stakes of Chinese ventures. Agribusiness would be free to sell mountains of soybeans, wheat and other crops.
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