On a recent trip to Mexico, a small delegation of China-based business executives got a lavish welcome, meeting with a parade of top officials, including the country’s foreign minister, its finance minister, Mexico’s ambassador to China and provincial heads of government. The elite interest in the visit highlights how countries are jostling to grab a piece of China’s manufacturing action as tariff battles, the pandemic and worsening U.S.-China ties jolt companies into reordering global supply chains. Executives are circling the globe looking for factory space or local tie-ups to reduce their dependence on China and its vast factory floor—and governments are pulling out the stops to welcome them.

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