Billionaire Gautam Adani Says China Will Feel Increasingly Isolated
NDTV
China's Belt and Road Initiative has run into resistance in many countries, challenging Beijing's global ambitions, Gautam Adani, the world's third-richest man told a conference in Singapore on Tuesday.
Billionaire Gautam Adani said China will feel increasingly isolated as rising nationalism, shifts in supply chains and technology curbs threaten the world's second-biggest economy.
China's Belt and Road Initiative has run into resistance in many countries, challenging Beijing's global ambitions, the world's third-richest man told a conference in Singapore on Tuesday. The property market meltdown there has drawn comparisons with what happened to Japan during the "lost decade" of the 1990s, he added.
"While I expect all these economies will readjust over time -- and bounce back -- the friction to the bounce-back looks far harder this time," he said.
Adani's comments on China and the global economy come at a time when the 60-year-old ports-to-power tycoon is seeking to raise his international profile as he added more than $58 billion to his personal fortune this year. Central banks are doing the "unthinkable" by raising interest rates so much that they can crash an economy into recession, he said.
