Although global trade data for last year have not been released, a research report by Radio France Internationale said that due to growing US-China tensions, China is no longer on track to remain the US’ most significant trading partner.
The US has introduced measures to detach its economic development from China. For example, US President Joe Biden’s administration introduced the Creating Helpful Incentives to Produce Semiconductors and Science Act to facilitate the manufacture of semiconductors in the US, and more recently, the Inflation Reduction Act.
Perhaps it is a consequence of China’s COVID-19 controls, but more multinational corporations have been turning away from the country and looking for partnerships in Vietnam and India.
India had a population of about 1.417 billion at the end of last year, World Population Review statistics showed, making it the most populous nation in the world, with 5 million more people than China’s 1.412 billion.
Moreover, as the trade dispute between the US and China remains intense, and the risk of geopolitical conflict is high, the international community has looked toward India as a means to rely less on China and keep supply chains intact.
Over the past five years, India’s exports have grown 56 percent, exceeding emerging economies by 48 percent and China by 42 percent. India has become the fifth-largest economy in the world, statistics provided by Bloomberg News showed.
This means that the global economy would drastically change, as the world turns from China to India. As part of this process, “world factories” and global markets would be reshuffled.
People should learn foreign languages seriously. Only a few are lucky enough to win the lottery, but there are always opportunities for people who are well-prepared.
Fang Fu-chuan is an international trader.
Translated by Liu Yi-hung
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