Diversification away from China is increasing, and it doesn’t just affect foreign companies, according to HSBC CEO Noel Quinn.
“I spoke to our CEO just recently in the last week in China, and he’s seen 70% growth in activity in helping Chinese clients diversify their business model outside of the land mass of China,” Quinn said at the Bloomberg New Economy Forum on Wednesday. “So that’s an interesting shift.” Quinn, who was appointed CEO in 2020, said data showed there was more activity on “Chinese clients going out of China at this point in time than there is activity into China.
is the world’s largest trade finance bank, with a focus on Asia, meaning it helps importers and exporters carry out transactions. Quinn said it was seeing Chinese suppliers in particular spreading out their supply chains “into other parts of Asia, other parts of the world.” He suggested the trend made sense as China was gradually shifting away from serving as the factory of the world.
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