Indian billionaire Gautam Adani said that China could become increasingly isolated from the rest of the world and its burgeoning housing and credit risks are similar to those faced by Japan during its “lost decade” of stagflation in the 1990s.
Adani, now the world’s second-richest person, said China’s “increasing nationalism, supply chain risk mitigation and technology restrictions” would likely affect its connectivity with other economies, South China Morning Post.
The report quoting Adani said China’s Belt and Road Initiative, which was supposed to be a demonstration of its global ambitions, has also faced resistance, adding to Beijing’s challenges.
“I anticipate that China – that was seen as the foremost champion of globalisation – will feel increasingly isolated,” SCMP quoted Aadani, the chairman of Adani Group, as saying as he was speaking during the Forbes CEO Summit on Tuesday. It was 20th edition of the Forbes Global CEO Conference in Singapore.
Despite his frank comments on China’s sluggish economy, the Indian tycoon said he still believed that global economies would in general readjust and bounce back over time.
Adani also painted an optimistic picture of India amid challenges facing the world, including implications arising from the Ukraine war, climate change and soaring inflation.
These, he said, resulted in a “massive realignment” of ecosystems. “What I see ahead are the new principles of global engagement based on greater self-reliance, lowered supply chain risks, and stronger nationalism,” SCMP quoted Adani, who has an estimated net worth of US$142 billion, further saying.
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