Rattled by the most recent wave of strict Covid lockdowns in China, the long-time manufacturing hub of choice for multinationals, CEOs have been highlighting plans to relocate production.

President Biden rebooted his effort to counter China’s flagship trade-and-infrastructure initiative after an earlier campaign faltered, enlisting the support of Group of Seven leaders at their summit in Germany.

China’s chip industry is growing faster than anywhere else in the world, after U.S. sanctions on local champions from Huawei Technologies Co. to Hikvision spurred appetite for home-grown components.

After two years of record exports, Chinese manufacturers are turning downbeat as consumers in their biggest markets curb spending and Covid lockdowns drive customers to competitors in the region.

Optimism is growing that port delays and a trucking shortage in Shanghai are quickly abating, providing some relief to supply chains, though major hurdles remain.

Pandemic and war have upended American supply chains. The next shock may come from the U.S. campaign against human-rights abuses in China.