"The coronavirus, an opportunity to correct the Western dependence on China"

Nicolas Goetzmann is responsible for research and macroeconomic strategy at Financière de la Cité.

It only took a few weeks for the hope aroused by the signing of the phase 1 agreement - between Donald Trump and Xi Jinping - on the trade war front to be replaced by the Covid-19 crisis. Once again, globalization faces a pitfall which produces a revealing effect.

The progressive dislocation of the supply chains of Western companies shows that the very term of globalization no longer seems adapted to the process started in the early 2000s. The turn of the millennium promised us the emergence of the "BRICS" - Brazil, Russia, India, China and South Africa. Twenty years later, China's relative performance has crushed the results of its competitors.

While China increased from 3 to 16% of world GDP between 2000 and 2018, none of the other countries considered could exceed the 4% threshold. The word globalization does not hide

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