The disruption of supply chains caused by COVID-19 has led to predictions that international firms will relocate production away from China, benefiting other emerging economies, including India. However, China’s integration with the global economy in terms of international finance, investment, construction and as a low-cost location for global production is now so deep that such changes will neither be quick nor painless. In fact, China’s innovations might allow it to even reinforce its position in the global economy.