This paper is the first to examine how China’s Five-Year Plans ("Plans'") affect the production allocation of U.S. firms. The Plans represent the highest level of China’s industrial policy, identifying key sectors for state support. Using the U.S. Census Longitudinal Business Database and Plans issued in 2001, 2006, 2011, and 2016, we find significant production displacement among U.S. industries operating in the same sectors targeted by the Plans in China. Over the five years following a