BEIJING: Given China’s economic resilience and pivotal position in the global economy and supply chains, the “decoupling from China” rhetoric is not only unrealistic, but also short-sighted, experts have said.
As the world’s second-largest economy, China plays a significant role in the global supply chains and will be crucial to the world’s economic recovery, said Wichai Kinchong Choi, senior vice president of Kasikornbank, a leading Thai bank.
China’s dynamic industrial eco-system, sound infrastructure, transparent business environment and huge domestic market all make it attractive to foreign investment, Choi said.
Decoupling or isolating countries or regions runs counter to globalization, Lawrence Loh, director of the Center for Governance and Sustainability at the National University of Singapore, told media.
“We should remain steadfast in the economic rationale of globalization,” Loh said, noting that globalization helps promote the mobility of resources and outputs, bringing in efficiency gains for countries. Noting that the trend of globalization is irreversible, Koh King Kee, president of Center for New Inclusive Asia, a non-governmental Malaysian think tank, said that open, inclusive, and win-win cooperation remains the way to move forward.
According to Koh, in the last decade, China’s contribution to global economic growth stayed at about 30 percent. It is the world’s largest goods trading nation, and one of the major trading partners of more than 120 countries and regions. –Agencies
