Decoupling from China is just a pipe dream, says Thai banker

Source: Xinhua Editor: huaxia 2022-09-11 18:01:15

Given China's economic resilience and pivotal position in the global economy and supply chains, those banging on about decoupling from China are just having a pipe dream, a Thai banker said.

As the world's second-largest economy, China plays a significant role in the global supply chains and will be crucial to the recovery of the world's economy, Wichai Kinchong Choi, senior vice president of Kasikornbank, a leading Thai bank, said in a recent interview with Xinhua.

China's dynamic industrial eco-system, sound infrastructure, transparent business environment and huge domestic market all make it attractive to foreign investment, Choi said.

He stressed that it takes years of time and investment for companies to build a complete supply chain, and a reckless change in any link along the supply chain would be uneconomical or even unrealistic.

"Those banging on about decoupling from China are clinging to a Cold War mentality, and they are just having a pipe dream," he said.

The world is still grappling with the COVID-19 impacts, while emerging challenges such as rising inflation and energy prices are posing new risks to the global economic growth, said the Thai banker, adding that the Chinese economy, with great potential and resilience, will help drive the global economic recovery and growth in the coming years.

Choi said China has worked to push forward the implementation of the Regional Comprehensive Economic Partnership, facilitate trade and investment and uphold multilateralism, playing an important role in promoting economic globalization.

As one of Thailand's largest financial institutions, the Kasikornbank has highlighted the strategic importance of the Chinese market to its development. The bank has set up its China headquarters in Shenzhen, hoping to better tap into the Chinese and ASEAN markets, Choi said.