Asean emerges as China alternative as US role as ‘cheerleader’ of globalisation fades

China retains ‘very important role’ even as Asean emerges as front runner for firms looking to diversify beyond China, panellists said at a Post conference

The US’ withdrawal as a ‘cheerleader’ and driver of globalisation has been the ‘most critical change in last 20 years’, one observer said

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SCMP’s Executive Managing Editor Zuraidah Ibrahim talks to Malaysia’s Minister for International Trade and Industry Tengku Zafrul Aziz, at SCMP’s China Conference: Southeast Asia 2023. Photo: Handout

Published: 6:46pm, 29 Mar 2023Updated: 6:49pm, 29 Mar 2023

The challenges and opportunities for Southeast Asia, as the world emerges from the shadows of the pandemic and faces geopolitical risks, was in focus on the first day of the Post’s China Conference: Southeast Asia 2023 in Singapore.

Opening on Wednesday, the two-day event had some 250 people in attendance and focused on topics ranging from the strategies of Southeast Asian economies amid the US-China strategic contest, supply chain diversification and the growth of family offices in Asia. Around 500 people watched the conference online.

In her welcome speech, the Post’s chief executive Catherine So said there was a “wealth of opportunity for closer collaboration” between Southeast Asia and Greater China.

SCMP CEO Catherine So said there was a “wealth of opportunity for closer collaboration” between Southeast Asia and Greater China. Photo: Handout

So noted that the 10-member Asean bloc was the world’s fifth-largest economy and served as a “central pillar of China’s overseas engagement during a time of renewed growth”.

Similarly, she said Hong Kong acted as a bridge between mainland China and the rest of the world, while connecting Southeast Asia with key sectors and capital markets in the Greater Bay Area.

“The purpose of the conference is to help with bringing us all one step closer to realising our vision of a prosperous, sustainable future in Asia,” So said.

The conference line-up features 46 speakers, including Hong Kong’s Financial Secretary Paul Chan Mo-po, Singapore’s Home Affairs and Law Minister K Shanmugam, and Malaysia’s Minister for International Trade and Industry Tengku Zafrul Aziz.