China has successfully positioned itself as a key part of the global supply chain over the past three decades. Its share of global merchandise exports was just 4% before its accession to the World Trade Organization in 2001, but it quickly became the world’s largest goods exporter, expanding its market share to 14% by the end of 2015. Despite a subsequent modest decline in its global share, its exports picked up sharply during the COVID-19 pandemic. China’s successful containment measures for the virus allowed production there to recover even as it was being curtailed elsewhere; and Beijing also benefited from its dominance in the manufacture of medical equipment and electronic goods used to work from home…

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