Businesses told to plan for the long term, as supply chains and critical industries face mounting risks.

“Bumpy” US-China relations will persist for decades as the rivalry shifts from trade to the weaponisation of strategic sectors and supply chains, according to a former head of the World Trade Organization. Bilateral ties will experience “ups and downs, and to and fro, and left and right”, said Pascal Lamy, former WTO director general, during a media event at the China Europe International Business School in Shanghai. “Their geostrategic competition… will not abate,” he said. “If you have both…

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