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Zheng Yongnian, a renowned expert and board director of the Guangzhou Institute of the Greater Bay Area, said in an interview with China Perspective that last year, China exported over $520 billion worth of goods to the US, a figure that speaks volumes.
"It demonstrates at least three things: First, the degree of economic interdependence between China and the US far exceeds what people imagine," Zheng said.
Second, since US President Donald Trump's first term, the US strategy of "re-industrialization" has failed. Had it succeeded, such massive exports from China wouldn't be necessary, he added.
Third, he stated that the US approach to outsourcing—whether nearshoring or offshoring—has also failed, adding that if the strategies had worked, direct exports from China to the US, without being routed through Vietnam or other countries, would not be needed.
