Trade wars and geopolitical tensions have brought an era of increasing globalization to a close. And it’s upending global trade: in 2024, for the first time ever, China’s foreign direct investment recorded a net negative. After decades of constant surpluses, net FDI dropped by almost $170 billion.
But that money didn’t just disappear. Instead, it was diverted to alternative destinations. If not to China, where did those missing billions go instead?
Southeast Asia, a fast-growing region of around 700 million people, is among the biggest winners. Over the past decade, global firms have actively shifted manufacturing and supply chains to countries like Vietnam, Malaysia, Indonesia, and Thailand in order to reduce their overdependence on China. But not all countries are benefitting equally.
Who’s seeing the most investment from the China de-risking push? Today, we’re counting down the biggest winners.
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SCRIPT: Sebastian Strangio
VOICEOVER: Catherine Putz
VIDEO EDITING: Aylin Aly
00:00 intro
01:56 Southeast Asia and “derisking”
05:38 Number 5
08:37 Number 4
10:52 Number 3
13:04 Number 2
15:08 Number 1
Music licensed via Shutterstock:
PG5CUDKD1CKVFIUL
7DKL52CIMWBEUYWO
YASFQ8ZRVGRKZWZ4
But that money didn’t just disappear. Instead, it was diverted to alternative destinations. If not to China, where did those missing billions go instead?
Southeast Asia, a fast-growing region of around 700 million people, is among the biggest winners. Over the past decade, global firms have actively shifted manufacturing and supply chains to countries like Vietnam, Malaysia, Indonesia, and Thailand in order to reduce their overdependence on China. But not all countries are benefitting equally.
Who’s seeing the most investment from the China de-risking push? Today, we’re counting down the biggest winners.
For more Indo-Pacific analysis, subscribe to The Diplomat: https://thediplomat.com/subscriptions/
Use code DIPASIA10 at checkout to get 10% off.
SCRIPT: Sebastian Strangio
VOICEOVER: Catherine Putz
VIDEO EDITING: Aylin Aly
00:00 intro
01:56 Southeast Asia and “derisking”
05:38 Number 5
08:37 Number 4
10:52 Number 3
13:04 Number 2
15:08 Number 1
Music licensed via Shutterstock:
PG5CUDKD1CKVFIUL
7DKL52CIMWBEUYWO
YASFQ8ZRVGRKZWZ4