Reference News Network, June 30 report: The Japan Economic News published an article titled "Made in China Sweeps Southeast Asia" on June 29. The report stated that Chinese brands are dominating the Southeast Asian market in multiple fields such as textiles, furniture, food and beverages. According to data from the Indonesian Automobile Industry Association, four-fifths of the electric vehicles sold in the country are Chinese brands such as BYD and Chery. Aixue is an ice cream brand under China's Mengniu Dairy, and it ranks first in market share in Indonesia and second in the Philippines.

Frederick Neumann, Chief Asian Economist at HSBC, said: "Chinese brands are not limited to fields such as steel, chemicals, cement and solar panels, but have even covered consumer brands."

According to the report, from smartphone giants Xiaomi and OPPO to home appliance giants Hisense, Chinese brands have long shown interest in Southeast Asia. This momentum was rapidly advanced during Trump's first term when he launched a trade war against China.

According to official Chinese statistics, since 2020, ASEAN has become China's largest trading partner, surpassing the EU and the United States.

"The development here is very astonishing," said Alan Pan (音), a Chinese businessman in Jakarta, the capital of Indonesia.

He said, "Today's Indonesia reminds me of China ten years ago, where people are willing to spend time shopping and have a stronger desire to consume."

Li Jianggan, CEO of Maken Capital in Singapore, pointed out that in recent years, many Chinese entrepreneurs have felt the necessity of rapidly expanding overseas.

"For many Chinese companies, Southeast Asia is an attractive market because they found that competition there is not as fierce as in China," Li Jianggan said. "Chinese companies can usually offer lower prices to local consumers than their competitors."

Nguyen Thi Thanh, Senior Economist at Natixis in Hong Kong, said that Southeast Asia is a safe haven to alleviate the geopolitical tensions between China and Western countries, especially the United States.

She said, "If Chinese companies need to shift direction, the simplest way is to turn to Southeast Asia, where the supply chain is much shorter, and it is one of the fastest-growing markets in the world." (Translated by Liu Lin)

Original: https://www.toutiao.com/article/7521633784119312937/

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