After China+1, global corporations now mull over ‘Minus China’
Global manufacturers are considering plans to completely withdraw from China as issues related to Covid, labour and geopolitical tensions make the “world’s factory” less and less attractive. If India can quickly grab the opportunity, it can position itself as the next factory of the world.
The Covid crisis hastened the adoption of China Plus One. Now, as another Covid wave in the East Asian country makes global corporations relive the pandemic nightmare, experts are observing a trend of “Minus China” strategy gaining ground among actors in the global value chains. The world’s leading manufacturers are highly dependent on China — known as the world’s factory — for their sourcing and production operations.