China could become increasingly isolated from the rest of the world and its burgeoning housing and credit risks are similar to those faced by Japan during its so-called “lost decade” of stagflation in the 1990s, according to world's second richest Gautam Adani.
Adani made comments at a time when his ports-to-energy conglomerate is marshalling resources into renewables and digital space.
Speaking at a conference in Singapore, Adani said “increasing nationalism, supply chain risk mitigation, and technology restrictions,” as well as resistance to Beijing’s huge Belt and Road initiative, would impact China’s global role.
Adani, who heads the Adani Group, India’s largest integrated infrastructure group, and whose wealth this month briefly surpassed Jeff Bezos, was speaking at the 20th edition of the Forbes Global CEO Conference in Singapore.
Despite his harsh comments on China’s sluggish economy, Adani said he still believed that global economies would in general readjust and bounce back over time.