The new economic nationalism Show articles The Big Read Globalisation China’s new back doors into western markets In the second part of a series on economic nationalism, we look at where Chinese companies are setting up shop to get around tariffs and barriers Chinese electric vehicle maker BYD is scouting Mexico for factory sites while fast-fashion group Shein is based in Singapore, pictured © FT montage/Getty Images China’s new back doors into western markets on x (opens in a new window) China’s new back doors into western markets on facebook (opens in a new window) China’s new back doors into western markets on linkedin (opens in a new window) China’s new back doors into western markets on whatsapp (opens in a new window) Save James Kynge in London, Jude Webber in Dublin and Christine Murray in Mexico City SEPTEMBER 5 2024 94 Print this page Unlock the Editor’s Digest for free Roula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter. A nondescript serviced office on the 24th floor of an anonymous block in Singapore might seem a curiously low-key place to base an affiliate of a giant Chinese mining conglomerate. But in the case of Yuxiao Fund, a Singapore-domiciled Chinese company which tried to acquire control of military-use mineral assets in Australia, it was entirely deliberate. Instead of pursuing its interest in Northern Minerals, an Australian rare earths company, from their headquarters in China, the owners of mining conglomerate Jinan Yuxiao Group chose to set up a low-profile Singaporean entity. The point of a Singapore domicile was that it changed the angle of attack. A bid originating from a neutral Southeast Asian nation with a highly regarded legal system was intended to reduce suspicions in Australia over Chinese acquisitions in sensitive industries, analysts say. It is one of several strategies that Chinese corporations are using to adapt to a hostile world around them. The new economic nationalism With globalisation on the retreat, the FT investigates the causes and consequences of this new era of greater state intervention in the economy Part 1: How national security has transformed economic policy Part 2: China’s new back doors into western markets Part 3: Is the global economy really fracturing? Ultimately, its attempt to raise its stake in Northern Minerals was blocked by an Australian government “wary of allowing a foreign entity, especially one with strong links to the Chinese Communist party, to control a critical national resource”, according to John Coyne, analyst at the Australian Strategic Policy Institute, a think-tank based in Canberra. But Yuxiao Fund’s use of Singapore hints at a much bigger and more complex geopolitical trend. An intensifying rivalry between China and the US-led west is driving a fragmentation in the world’s economic order. Beijing, Washington, Brussels and other capitals have imposed a range of tariffs, export controls and other measures to protect their domestic markets and stymie competitors’ technological progress. In response, company executives and analysts say, Chinese corporations are setting up shop in a host of relatively non-aligned third countries, hoping they can bridge the increasingly hostile gap that divides China from the west. The prime motivation behind shifting investment into these relatively insulated countries — which include Singapore, Vietnam, Ireland, Hungary and Mexico, among others — has been to circumvent protectionist measures imposed by western powers against China-based companies.
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Serious Jialat! AMDKs accused Sinkapore as Tiongs’ back door to western capital!
- Thread starter Pinkieslut
- Start date
PAP tries to be neutral ... leaning slightly towards west but
With 74+% Chinese
Not easy to want to be loved by west.
.
Just ask the poor CEO of TickTok.
With 74+% Chinese
Not easy to want to be loved by west.
.
Just ask the poor CEO of TickTok.
Ticktok is a s8ngapore Chinese Tech Company, kym Boss John?
Its true,tiongs make use of sg ,n change to citizen then sell hdb n go US ,India n Malaysia do same also,lol
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