On a recent trip to Pakistan, emerging markets investor James Johnstone travelled around in a Chinese-made BYD car to visit production facilities built by China’s Xiaomi to make cheap mobile phones.
The reach of some of China’s biggest brand names into the south Asian economy is symbolic of a shift in global trade that has been obscured by US-China tariff tensions.
It has been characterised not only by Beijing’s relocation of exports, but also by China shifting investments in low-cost manufacturing to developing nations, as it gears up for a wider trade war with the US.
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