尽管跨国公司将生产转移到美国，但内部价值链仍然依赖于中国

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 PRC significantleverage 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 reducerisk by maintaining production capacity in China while shifting or adding production in atleast one other country. Some multinationals are shifting production to the United States as part of their ChinaPlus One strategies due to Chinese regulatory, competition, and statecraft risks, plus U.S.reshoring incentives, tariffs, and government pressure. The People’s Republic of China (PRC) has tolerated some China-Plus-One dispersionwhile 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 inboundinvestment from East Asian allies as an unqualified win, and it has largely ignoredvulnerabilities from value-chain dependency on China. U.S. policymakers should measure the success of inbound advanced manufacturinginvestment by considering the degree of supply-chain independence from China in lightof potential PRC leverage or decoupling scenarios. U.S. industrial policy also should use more financial tools to proactively targetmultinationals as prospects for new U.S. inbound investment if they are interested, ableto achieve, or forced to abandon a China-centric production strategy. CONTENTS Key Takeaways................................................................................................................... 1Introduction....................................................................................................................... 3The China-Plus-One Strategy ............................................................................................... 4Recent U.S. Reshoring and Tariff Policies Fail to Address China Dependency Risk ................ 6How to Evaluate Success in China-Plus-One ...................................................................... 9How the United States Wins in China-Plus-One ............................................................ 10How China Wins in China-Plus-One ............................................................................. 12How a Diversifying Firm Wins in China-Plus-One........................................................... 13How a Diversifying Firm’s Host Nation Wins in China-Plus-One ...................................... 14Case Study Evaluations of China-Plus-One in the AI Economy............................................... 14Methodology:................................................................................................................ 14Inventec....................................................................................................................... 15Inventec: China as the Manufacturing Base.................................................................. 15Inventec: United States as a Plus-One Node................................................................. 18Inventec: Firm and Taiwan’s Stakes............................................................................. 21Resonac....................................................................................................................... 22Resonac: China as the Manufacturing Base .................................................................. 22Resonac: United States as a Plus-One Node ................................................................. 24Resonac: Firm and Japan’s Stakes............................................................................... 25LS C&S........................................................................................................................ 28LS C&S: China as the Manufacturing Base ................................................................... 28LS C&S: United States as a Plus-One Node .................................................................. 31LS C&S: Firm and South Korea’s Stakes ...................................................................... 33An Example of the Right Company to Target .................................................................... 34Policy Recommendations .................................................................................................. 36Conclusion ...................................................................................................................... 40Endnotes......................................................................................................................... 41 INTRODUCTION The primary arena of U.S.-China competition today is industrial.1In the techno-economic-tradewar, American and Chinese firms compete in global markets amid a backdrop