ITIF：2026跨国企业产能向美转移背景下内部价值链对中国的持续依赖研究报告（英文版）（60页）.pdf

1、 itif.org Internal Value Chains Remain Dependent on China Even as Multinationals Shift Production to America ELI CLEMENS|FEBRUARY 2026 Advanced manufacturers based in East Asia are expanding investment into the U.S.economy.Yet,many of their internal value chains remain anchored in China,giving the P

2、RC significant leverage over U.S.interests.U.S.policymakers should respond both defensively and offensively.KEY TAKEAWAYS Many multinationals implement China-Plus-One or China-Plus-Many strategies to reduce risk by maintaining production capacity in China while shifting or adding production in at le

3、ast one other country.Some multinationals are shifting production to the United States as part of their China Plus One strategies due to Chinese regulatory,competition,and statecraft risks,plus U.S.reshoring incentives,tariffs,and government pressure.The Peoples Republic of China(PRC)has tolerated s

4、ome China-Plus-One dispersion while also responding with inducements and coercive force to keep core inputs,talent,and intellectual property(IP)in China.U.S.policy prioritizes job creation and capital expenditure,so it treats recent inbound investment from East Asian allies as an unqualified win,and

5、 it has largely ignored vulnerabilities from value-chain dependency on China.U.S.policymakers should measure the success of inbound advanced manufacturing investment by considering the degree of supply-chain independence from China in light of potential PRC leverage or decoupling scenarios.U.S.indus

6、trial policy also should use more financial tools to proactively target multinationals as prospects for new U.S.inbound investment if they are interested,able to achieve,or forced to abandon a China-centric production strategy.INFORMATION TECHNOLOGY&INNOVATION FOUNDATION|FEBRUARY 2026 PAGE 2 CONTENT