Indian billionaire Gautam Adani says that China “will feel increasingly isolated” and the “foremost champion of globalization” would find it hard to bounce back from a period of economic weakness.
Speaking at a conference in Singapore on Tuesday, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role. Asia’s richest man said that “housing and credit risks” in the world’s second largest economy were also “drawing comparisons with what happened to the Japanese economy during the ‘lost decade’ of the 1990s.
” Some technology firms looking to reduce their dependence on Chinese manufacturing already see India as an attractive alternative. On Monday, Apple announced that it has started making its new iPhone 14 in India, as the technology giant looks to diversify its supply chain. While the company manufactures the bulk of its products in China, it has decided to start producing its latest devices in India much earlier than with previous generations.
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