Washington should double down on combining policy support, financial incentives and advances in technology, to reduce its reliance on China-sourced material. As it strives to build a home-grown supply chain, investing in Canada’s critical minerals could be a game-changer.

For all the talk of the benefits reshoring and ‘de-risking’ can bring domestic workers, they also introduce new risks to people’s way of life. Neither the US nor China can afford to ignore these new risks, including limited job creation, expensive subsidies and greater material costs.

The US is turning to Vietnam in its attempts to diversify supply chains and curb China’s regional influence, but that is easier said than done. Vietnam’s booming durian exports are just one example of its close economic dependence on China, complicating US ‘friendshoring’ efforts.

China’s growth trajectory, the impact of global economic conditions, geopolitical tensions and ambiguity on the energy transition are all risks. But businesses can prepare by boosting in-house intelligence and diversity – both in recruitment and operations.

Increasing supply chain resilience in Asia can help blunt the worst effects of climate change, improve biodiversity and closed loop thinking, and even help eradicate the scourge of modern slavery.

After its mishandling of Omicron, Hong Kong needs a program of damage control to regain investor confidence and bring stability back to residents’ lives. That means building economic resilience, strengthening networks for trade and talent, and putting substance behind claims of being a world city.