China risks being ‘isolated’ from rest of the world, says India’s Gautam Adani at Forbes Singapore Conference

Adani says China’s ‘increasing nationalism, supply chain risk mitigation and technology restrictions’ is likely to affect connectivity with other economies

Asia’s richest person says China’s Belt and Road Initiative, which was supposed to demonstrate its global ambitions also faces resistance

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Gautam Adani says India is on the path to become the world’s third-largest economy by 2030.
Photo: Bloomberg

Published: 4:27pm, 27 Sep 2022Updated: 7:21pm, 27 Sep 2022

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 so-called “lost decade” of stagflation in the 1990s, according to Indian billionaire Gautam Adani.

In remarks at a conference in Singapore, Adani – briefly 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.

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, he said. “I anticipate that China – that was seen as the foremost champion of globalisation – will feel increasingly isolated.”

Gautam Adani, chairman of Adani Group speaks during the Forbes CEO Summit in Singapore on Tuesday. Photo: Bloomberg

Adani, who heads the Adani Group, India’s largest integrated infrastructure group, and whose wealth this month briefly surpassed Jeff Bezos, was speaking at the 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.

During his 30-minute keynote address, Adani, who has an estimated net worth of US$142 billion, 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.”