Deglobalisation in the Context of the United States-China Decoupling

HKUST IEMS Thought Leadership Briefs No. 48

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Alicia Garcia-Herrero (HKUST) and Junyu Tan (Natixis)

The deceleration in trade, global FDI and technology transfer has been fuelled by a shift from engagement to strategic competition between the US and China. COVID-19 is also an important factor driving deglobalisation, largely impacting the movement of people. Deglobalisation is much less evident for finance, with the exception of foreign direct investment, although attempts by the US and China to downsize portfolio investment and cross-border lending are emerging.

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