Asia's richest man thinks China is becoming isolated

  • September 29, 2022
Asia's richest man thinks China is becoming isolated

 The richest man in Asia, Indian billionaire Gautam Adani believes China is becoming increasingly isolated, BI reports.

Speaking at a conference in Singapore, Adani said that “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.

He added 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.”

According to Forbes, the founder of the Adani Group conglomerate has $139.8 billion in net worth as of Sept. 27 and is the third richest man in the world after Ilon Musk and LVMH CEO Bernard Arnault.

China has benefited from globalization, but that could change and its recovery will not be easy, Adani said.

Adani said India's growing middle class and young population will increase its GDP to $30 trillion by 2050, up from $3 trillion now, making it a bright spot in the political and market outlook. His prediction echoes that of D. K. Srivastava, Ernst & Young India's chief policy advisor.

Adani benefits from presenting India as a land of opportunity and potential: Adani Conglomerate is a huge enterprise, with interests ranging from energy to transportation to real estate. As of Sept. 29, it is worth nearly $234 billion -- and that's just seven publicly traded conglomerate companies.

“While I expect all these economies will readjust over time — and bounce back — the friction of the bounce-back looks far harder this time,” he said.

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