實際上從2018， decoupling”是進行式； 不用瞎著急。 領袖的力量， 大美工作會回來，MAGA

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since around 2018, the U.S.-China relationship has seen increasing tension, especially under the Trump administration. A major pivot began with the U.S.-China trade war, which evolved into a broader strategy of “decoupling” or economic disconnection. Here’s a breakdown of how and why China has been gradually pulling out or reducing exposure to the U.S. market since then:

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1. Trump’s Trade Tech Policies (2018–2020)

• Tariffs War: The Trump administration imposed tariffs on hundreds of billions of dollars of Chinese goods. China retaliated in kind.

• Technology Restrictions: The U.S. cracked down on Chinese tech firms like Huawei, ZTE, and later TikTok, citing national security.

• Investment Restrictions: Limits were placed on Chinese investment in U.S. tech firms and vice versa (e.g., CFIUS reviews tightened).

• Supply Chain Rethink: Both countries started pushing for domestic or allied supply chains, especially in semiconductors and critical minerals.

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2. China’s Gradual Exit or Reorientation

• Tech Self-Reliance Push: “Dual Circulation” strategy (2020) emphasized internal economic circulation and reduced reliance on foreign (especially U.S.) tech.

• Reduced U.S. Listings: After U.S. rules tightened audit requirements for foreign firms, many Chinese companies delisted from NYSE/Nasdaq, switching to Hong Kong or Shanghai STAR Market.

• Capital Controls Data Security Laws: China began tightening control over outbound capital and foreign access to data, complicating partnerships with U.S. firms.

• Diversification: Chinese firms and the government actively shifted exports, investments, and partnerships toward ASEAN, Europe, Africa, and Belt Road countries.

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3. Current Status (Post-2020 to 2025)

• While complete decoupling hasn’t happened, selective disconnection is in full effect:

  • Technology: The U.S. has blacklisted many Chinese AI and semiconductor firms; China is trying to build local alternatives.

  • Capital Markets: Dual listings are common; some Chinese firms are avoiding U.S. capital markets altogether.

  • Geopolitical Alignment: The two countries increasingly operate in separate spheres of influence, especially in digital infrastructure, rare earths, and green energy.

看大方向，是大趨勢