After a challenging year in economic growth terms, compared to initially heightened expectations, a “de-risking” of supply chains away from China is increasingly evident, with investment capital being reallocated into India and ASEAN countries such as Indonesia. The year began with high hopes of an economic resurgence for China following the lifting of strict pandemic restrictions at the end of 2022. However, business activity has been disappointing, amid poor earnings reports from listed companies, and continued concerns about China’s ailing property sector.
