China matters a lot for the rest of Asia, given its pivotal role in global manufacturing and innovation, a business leader has said.
Home to the world’s leading regional trade agreements such as the Regional Comprehensive Economic Partnership (RCEP), Asia is a leader in global collaboration, Ben Simpfendorfer, a partner at the Hong Kong-based international management consulting firm Oliver Wyman, told Xinhua on Thursday.
“Asia accounts for half the world’s population, which makes it a major source of consumer demand, and where China, of course, plays an important role,” Simpfendorfer said on the sidelines of the Boao Forum for Asia annual conference, which concluded on Friday in Boao, a coastal town in China’s island province of Hainan.
Noting that China is both a global manufacturing hub and a world innovation hub, Simpfendorfer said, “China’s trade or connectivity with the rest of the region is of vital importance, both in terms of exports and investment.”
Countries are ramping up local production, especially in manufacturing, to boost employment and income. This trend, said Simpfendorfer, is a key driver of growth and is reshaping global supply chains.