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06/16/2020 Source:  Fox Business
Author: Jonathan Garber 1 min read

Coronavirus speeds up American suppliers’ exodus from China

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The COVID-19 pandemic is giving fresh energy to corporate plans to move supply chains out of China, according to a new survey.

Seventy-six percent of finance chiefs whose companies have manufacturing in China indicated in a survey by Swiss lender UBS that the pandemic has reinforced their company’s goal of moving at least some of that production elsewhere. Thirty-four percent of the more than 450 executives surveyed represent companies with manufacturing in China.

U.S.-based firms weren’t the only ones looking to move: 85 percent of North Asian firms and 60 percent of Chinese manufacturers also said they were planning to move at least some production from the mainland, where COVID-19 was first identified late last year.

Together, the three surveys found up to 30 percent, or $750 billion, of China’s $2.5 trillion of exports might be relocated.

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