Yi Xiaoquan: The United States and Europe are trying to localize the supply chain through administrative intervention, but in the end, they will only lose competitiveness in the global market.

The Sanya International Economic Forum and the 5th Sanya Wealth Management Conference were held in Sanya, Hainan on December 27th. Yi Xiaozhun, former Deputy Director-General of the World Trade Organization and former Vice Minister of Commerce, emphasized that current attempts by the United States and Europe to force supply chains to localize or reshore through administrative intervention will only result in them losing the benefits of low-cost, high-efficiency technological innovation and competitiveness in the global market.