China has ramped up its investments in Southeast Asia, even as its trade war with the US wears on and spurs a supply chain move into Asean.
Investments and construction contracts in the region recovered from a low base to hit US$11.1bn in the first six months of 2019 – nearly twice the sum pledged in the second half of 2018.
The latest ramp-up in Asean-based project funding came against a backdrop of slowing Chinese investment in other economies, according to a recent Citi report.