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The Print
28-05-2025
- Business
- The Print
Apple's India pivot is making China insecure. Baidu users call it a ‘reluctant migration'
The conversation has shifted beyond India's manufacturing capacity to the strategic risks of decoupling from China: Can ' Made in India ' truly replace 'Made in China'? And can Apple replicate its China playbook elsewhere? For many in the country, the answer is a firm no . Though Apple has been exploring manufacturing alternatives for a while, this latest shift has reignited the debate with fresh urgency. Chinese commentators have seized the moment, especially in light of American President Donald Trump's revived tariff threats on Apple products made outside the US – including in India – to issue broader warnings. Apple's pivot to India has struck a nerve in China, prompting a flurry of sharp responses across state media and online forums. A supply chain adjustment is being reframed in Beijing as a cautionary tale about Western fickleness, India's limitations, and China's enduring industrial strength. Dismissive commentary In Chinese discourse, Apple's so-called migration is being portrayed as reluctant and externally driven. The prevailing view is that India, beyond offering cheap labour, contributes little that is of strategic value. Most components are still sourced from China, with India's weaker infrastructure and higher operational costs making the shift more symbolic than substantive. This narrative reflects a broader tendency to downplay India's potential and emphasise its industrial shortcomings – low yield rates, fragmented supply chains, labour unrest, and persistent quality issues. Job creation aside, the argument goes, India risks remaining an assembly hub without deeper production capabilities. In contrast, China continues to dominate high-end manufacturing and core component production, reinforcing its lead in innovation. A Weibo post claims that Apple's continued reliance on China is not due to labour costs but due to a skilled talent pool and business-friendly policies. It dismisses India, and many countries in Southeast Asia and Africa, as lacking these core advantages. India, the Weibo user contends, is harder to navigate and less profitable. Some commentary veers into open hostility and racism: 'Who dare use a curry-flavoured mobile phone?' Also read: China is seeking closer ties with Southeast Asia. It's not just a response to Trump India: a backup plan Apple's expansion into India is being seen less as a strategic realignment and more as a reluctant hedge – driven not by confidence in India's capabilities but by geopolitical anxiety. Prominent Chinese economist Fan Gang, president of the China Development Institute, attributes the United States' unease to China's continued rise. On platforms such as WeChat and Baidu, users frame the move as reactive. 'Even Trump,' one post notes, 'wants jobs brought back to the US, not handed to India.' The 'America First' agenda, they argue, undercuts offshoring to low-cost economies like India. Chinese analysts highlight India's structural constraints: poor infrastructure, an underdeveloped industrial base, and continued dependence on Chinese components. Xiang Ligang, Director General of Beijing-based Information Consumption Alliance, notes that modern manufacturing depends less on wages and more on infrastructure and industrial integration – areas where India still falls short. Even those who recognise India's potential remain sceptical. Zhang Jiadong, associate research fellow at Fudan University, points to the positives: India's young population, vast labour pool, and improving industrial base. But he also highlights its incomplete supply chains and weaker state coordination compared to China's strategic industrial planning. Apple's massive footprint in China is cited as evidence that decoupling remains a political illusion. Over 80 per cent of iPhones are still made in China, supported by more than 150 top-tier suppliers and critical capabilities in rare earth processing and precision assembly. In this view, Apple's current strategy is best described as 'China-plus'—a diversification tactic to placate Washington, not a real departure from Beijing. If Apple indeed withdraws from China, it is the tech giant, not Chinese consumers or manufacturers, that stands to lose the most. This 'lose-lose' scenario reflects the deep entanglements caused by globalisation, and prompts fresh reflection on the future of global supply chains, a Baidu commentary added. Across online forums, Apple's India move is being framed as symbolic. As one Baidu user post puts it, 'Foxconn's Zhengzhou makes 150 million iPhones a year. India? Just 30 million.' Any meaningful shift, if it comes at all, is being seen as years away. The consensus is that, though India is gaining importance, China remains at the centre of Apple's manufacturing gravity. Labour may be cheaper elsewhere, but China offers scale, sophistication, and state-backed stability. As commentator Zhang Quan argues, Apple's move reflects pressure, not belief. According to another commentator, Xu Sanlang, while Indian manufacturing is growing rapidly, it's a long way from China in terms of scale, diversity, and competitiveness. Much of the Chinese discourse is outdated and deliberately focused on limitations. The India pivot clearly unsettles China. Even where its potential is acknowledged, the narrative quickly shifts to global interdependence, where China is portrayed as indispensable. This reveals not only deep insecurity but also China's instinct to contain India – on the border and in the economic arena. Sana Hashmi is a fellow at the Taiwan-Asia Exchange Foundation. She tweets @sanahashmi1. Views are personal. (Edited by Zoya Bhatti)
Al Etihad
23-03-2025
- Business
- Al Etihad
Abu Dhabi among top two financial centres in region: Report
23 Mar 2025 22:11 KHALED AL KHAWALDEH (ABU DHABI)Abu Dhabi has been ranked the second-best financial centre in the MENA region in the latest Global Financial Centres Index (GFCI). The city was highlighted for its strong legislative frameworks and was forecast to be one of the centres with high growth potential in the coming years. Abu Dhabi placed 38th globally, placing it behind neighbouring Dubai which ranked 12th. The city was highlighted by respondents as 11th most likely to become more significant in the near future, a strong signal of the capital's growing presence on the world stage. "A robust and transparent regulatory framework is essential for ensuring market stability and fostering investor confidence, which are critical for the competitiveness of financial centres like Abu Dhabi," Project Manager from an Investment Firm in New York, who was quoted in the GFCI report. "Strong rule of law and low levels of corruption are vital for creating a trustworthy environment where investments are protected, enhancing Abu Dhabi's appeal as a financial hub." Published in conjunction between the China Development Institute (CDI) in Shenzhen and London-based think tank, Z/Yen Partners, the GFCI aims to give a comprehensive view of the competitiveness of financial centres around the world. It compiles 140 instrumental factors, from sources like the IMF and World Bank alongside questionnaires from 5,000 respondents. This year's listing saw Abu Dhabi improve its overall rating on the index, despite losing 3 places overall since last year when it ranked 35th. The capital made large gains in the Finetch space where it gained 10 places and ranked 32nd overall. The latest results are indicative of the gradually increasing influence of Abu Dhabi as a global financial centre. Despite still being somewhat behind neighbouring Dubai, the city has been undergoing a rapid transformation in recent years led by Abu Dhabi Global Markets (ADGM), which has seen some of the biggest finance houses in the world open shop. In 2024, ADGM saw a 245% increase in assets under management and saw several leading financial institutions, including global giants such as BlackRock, Polen Capital, and Morgan Stanley set up in Abu Dhabi. ADGM also saw the opening of several family offices from the world's richest households. All of this is underpinned by the growing geography of the Abu Dhabi's financial centre, adding an extra 500,000 sqm through the addition of Al Reem Island, and the growing maturity of its legislative infrastructure.
Yahoo
21-03-2025
- Business
- Yahoo
Hong Kong widens lead over Singapore as Asia's top financial centre, report shows
Hong Kong retained its status as Asia's top financial centre and was the third globally, distancing itself from regional rival Singapore and also closing the gap with top-ranked New York, according to the latest edition of the Global Financial Centres Index. Hong Kong's overall rating increased 11 points, while Singapore gained three points to stay fourth worldwide, the semi-annual report released on Thursday showed. Second-placed London improved by 12 points. Almost all centres improved, with Seoul climbing from 11th into the top 10, it said. The report is published by think tanks Z/Yen Group in London and the China Development Institute in Shenzhen. They rated 119 financial centres based on 140 factors plus assessments by 4,946 respondents to a questionnaire. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "The report recognises Hong Kong's leading status and strengths as an international financial centre," the government said in a statement. Support from the mainland and Hong Kong's stock market reforms, connectivity with mainland China and promotions in the asset and wealth management business contributed to its success, it added. Hong Kong reclaimed its top spot in the previous ranking in September, after losing it to Singapore in September 2022. Hong Kong's rankings in the areas of human capital, infrastructure and financial sector development rose to second globally, while its rankings in business environment and reputation rose to third worldwide, the report showed. It topped all centres in investment management, insurance, and finance, and was third in banking. Hong Kong's Chief Executive John Lee (left) met Singapore's Prime Minister and Minister for Finance Lawrence Wong (right) in Lima on November 16, 2024. Photo: Handout. alt=Hong Kong's Chief Executive John Lee (left) met Singapore's Prime Minister and Minister for Finance Lawrence Wong (right) in Lima on November 16, 2024. Photo: Handout.> The city also scored high in fintech offerings, rising to fourth from ninth to trail only New York, London and Shenzhen. Meanwhile, nine of the top 20 global centres maintained their ranking, the index showed, suggesting stronger confidence in the financial sector amid slow but continued economic growth, according to the report. Hong Kong's budget, unveiled in February, includes measures to promote wealth management, family offices, stock listings and yuan-denominated business. The city has seen a robust pipeline of initial public offerings that could make it the top venue globally this year. Financial Secretary Paul Chan Mo-po said earlier this month that Hong Kong IPOs could raise between US$17 billion and US$20 billion this year, an 80 per cent increase from a year earlier. In January, the People's Bank of China and the Hong Kong Monetary Authority agreed to measures to deepen cross-border financial access. They included enhancing the settlement arrangements under Bond Connect and launching an offshore yuan bond repurchase business. On the asset and wealth management side, enhancements were introduced to the Wealth Management Connect scheme in the Guangdong-Hong Kong-Macau Greater Bay Area, Exchange-Traded Fund Connect, and the Mainland-Hong Kong Mutual Recognition of Funds arrangement. The Hong Kong government also said it would soon unveil a policy statement on the development of virtual assets as well as promoting gold market development and creating a commodity trading ecosystem in Hong Kong. The city is set to host several finance conferences next week, underscoring its ability to attract wealthy investors and entrepreneurs from around the world. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
South China Morning Post
20-03-2025
- Business
- South China Morning Post
Hong Kong widens lead over Singapore as Asia's top financial centre, report shows
Hong Kong retained its status as Asia's top financial centre and was the third globally, distancing itself from regional rival Singapore and also closing the gap with top-ranked New York, according to the latest edition of the Global Financial Centres Index. Advertisement Hong Kong's overall rating increased 11 points, while Singapore gained three points to stay fourth worldwide, the semi-annual report released on Thursday showed. Second-placed London improved by 12 points. Almost all centres improved, with Seoul climbing from 11th into the top 10, it said. The report is published by think tanks Z/Yen Group in London and the China Development Institute in Shenzhen. They rated 119 financial centres based on 140 factors plus assessments by 4,946 respondents to a questionnaire. 'The report recognises Hong Kong's leading status and strengths as an international financial centre,' the government said in a statement. Support from the mainland and Hong Kong's stock market reforms, connectivity with mainland China and promotions in the asset and wealth management business contributed to its success, it added. Hong Kong reclaimed its top spot in the previous ranking in September, after losing it to Singapore in September 2022. Advertisement Hong Kong's rankings in the areas of human capital, infrastructure and financial sector development rose to second globally, while its rankings in business environment and reputation rose to third worldwide, the report showed. It topped all centres in investment management, insurance, and finance, and was third in banking.
South China Morning Post
24-02-2025
- Business
- South China Morning Post
Will Hangzhou, China's start-up upstart, dethrone Shenzhen or join forces?
For years, Shenzhen has been synonymous with Chinese innovation. Advertisement The southern megacity – and the firms it has spawned over the decades – have become the indisputable champions of the country's drive for technological self-reliance, as well as its struggle against containment efforts led by the US. But as the tech race expands from chips, drones and telecommunications to more nascent products like artificial intelligence (AI) and robotics, the sudden rise of a new cohort of start-ups has thrust their home base, Hangzhou, onto the scene. As the eastern upstart appears poised to steal Shenzhen's thunder, fuelling talk of fierce domestic competition, others are calling for the cities to pool their resources and collaborate to help China overcome the bottlenecks being imposed from outside – and eventually, take pole position in the race to the cutting edge. 'China needs a cluster of hubs to outcompete the US, given its sheer size and talent reservoir. Hangzhou is proof of China's growing innovation [capacity], and more may continue to emerge,' said Guo Wanda, vice-president of the China Development Institute, a government-affiliated think tank based in Shenzhen. Advertisement Hangzhou, capital of Zhejiang province, was not a quiet hamlet in China's tech world before this year; it has housed the headquarters of Alibaba, the e-commerce giant and owner of the South China Morning Post, since the company's founding in 1999.
