Posted by foongsh > 2023-03-12 13:11 | Report Abuse

Fourteen Asian economies are ready to replace China to be at the center of the global supply chain amid Sino-US tensions, according to The Economist. Those economies - collectively coined as "Altasia" - include Japan, Taiwan, South Korea, India, the Philippines, Indonesia, Singapore, Malaysia, Thailand, Vietnam, Laos, Cambodia, Bangladesh and Brunei. Though none of them can replace China as a single economy, the group could be competitive when global manufacturers look for new production bases outside of China in its geopolitical risks with US, said The Economist. In terms of exports value, Altasia reported a total of US$63.4 billion (HK$494.5 billion) worth of goods to the US during the year ending last September, slightly higher than the US$61.4 billion of goods from China. But as electronics are the major exports from China, The Economist said not all Altasia members could provide competitive alternatives. The Standard Channel More>> Meanwhile, Altasia members have a workforce of 155 million people aged between 25 and 54 with higher education, compared to 145 million in China. The way to fully replace China is yet challenging, as Altasia members have differing infrastructure development, regulations and administrative practices in each economy. Nonetheless, many companies have prioritized finding a supply chain alternative beyond China and will keep seeking new opportunities in Altasia.