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Business leaders across Asia like Beijing’s belt and road vision. But China’s rising influence is giving some the jitters
- The country’s growth and investment in Southeast Asia and beyond is only expected to expand, according to two new surveys
- But executives are still worried about the reach of Chinese companies, while having more trust in British, Japanese and German firms
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Business leaders across Asia recently surveyed by two professional services firms believe China’s growth and infrastructure investments through its “Belt and Road Initiative” mean its dominance in the region will only expand – despite earlier expectations that India would become more influential.
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But the executives still have concerns about the reach of Chinese companies within their domestic economies and would be less amenable to Chinese investors acquiring local firms in specific sectors, including banking and financial services, food and beverages and agriculture, according to professional services firm Brunswick.
The company’s report, released on Monday, featured interviews that were conducted in November with 300 global Chinese business leaders as well as 1,200 professionals in Singapore, Malaysia, Indonesia and Thailand. The findings were released a day before law firm Baker McKenzie issued its report for which 600 CEOs and company directors in the Asia-Pacific region were canvassed
Baker McKenzie found that 81 per cent of its respondents said China – which since 2013 has rolled out its multibillion dollar push to grow global trade and infrastructure linkages – would have a far greater influence than India in Asia in the next five years.
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Only 21 per cent of respondents said so in the last survey two years ago – when the majority expected India to be the most influential. This year, more than 60 per cent of respondents in the Asia-Pacific said the belt and road plan was important or fundamental to their business strategy.
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