Further, developing countries will have to figure out a way of meeting the import competition from China and, at the same time, boosting domestic manufacturing capabilities, sometimes with the collaboration of Chinese investment and technology.
For instance, countries such as Brazil and Turkey recently raised tariffs on the import of e-vehicles from China but also took steps to attract Chinese FDI in the sector.“India has a similar decision to make, given its large bilateral trade deficit with China.
The survey further said that Chinese domination over the global supply chains across product categories is a key global concern, especially in the wake of supply disruption accompanying the war in Ukraine.“Even though India is the fastest-growing G20 country and is now recording growth rates that outpace China’s, India’s economy is still a fraction of China's,” it said.
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