The sustainability of the mask emergency supply chain faces two problems during the current COVID-19 pandemic. First, mask manufacturers are mainly small and mid-size enterprises, resulting in a lack of funds and credit lines for the introduction of equipment. Second, the periodicity and uncertainty of pandemics create overcapacity risk for the mask emergency supply chain. To solve these problems, this study incorporates financial leasing institutions and the government into the mask emergency supply chain. Based on a questionnaire survey of practitioners of financial leasing institutions, the relationship between mask manufacturers, financial leasing institutions, and the government in the mask supply chain is analyzed through a game model, and the behavior of mask manufacturers to reduce the scale of mask production after the occurrence of overcapacity is investigated using the cusp catastrophe theory. We find that in the case of masks’ overcapacity, mask manufacturers tend to continue production. Finally, we propose that financial leasing institutions should lease mask production equipment to mask manufacturers under the guarantee of the government and develop a mechanism for the three parties to jointly share the risk of mask overcapacity, aiming at ensuring the sustainable manufacturing of masks during the pandemic.

Against the background of the pandemic, the mask supply chain faces the risk of pollution caused by discarded masks, the risk of insufficient funds of retailers, and the risk of mask overstock. To better guard against the above risks, this study constructed a two-party game model and a cusp catastrophe model from the perspective of the mask green supply chain, and studied the strategic choices of retailers and suppliers in the supply chain affected by the risk of capital constraints and overstock. The result shows that the risk shocks will lead to the disruption of the mask green supply chain, and the main factors affecting the strategy choice of mask suppliers and retailers are mask recycling rate, deposit ratio, risk occurrence time, etc. In further research, this study involved a mechanism for financial institutions, mask retailers, and the government to jointly deal with the risk of mask overstock, the risk of retailers’ insufficient funds, and the risk of environmental pollution from discarded masks. The research path and conclusion of this study reveal the risks in the circulation area of mask supplies during the pandemic, and provide recommendations for planning for future crises and risk prevention.