At the 2025 World Economic Forum in Davos, Joe Ngai, chairman of McKinsey Greater China, delivered a compelling address on the shifting dynamics of global trade. He emphasized that escalating geopolitical tensions have introduced significant uncertainty into the international economic landscape.
\"Businesses worldwide are preparing for an era of volatility and uncertainty,\" Ngai stated. He highlighted how trade barriers and tariffs are not just temporary obstacles but signals of a potential restructuring in global trade relationships.
Ngai predicted that these developments would lead to a fundamental reshaping of trade networks. \"We are witnessing the beginning of a new phase in globalization, one that requires adaptability and resilience from businesses,\" he remarked.
Despite the challenges, Ngai underscored China's robust economic growth and its increasing influence on the global stage. He pointed out that China's economy continues to be a significant driver of global growth, offering opportunities for investors and trading partners alike.
\"China's commitment to innovation and development remains strong,\" Ngai noted. \"Businesses that can navigate the complexities of this new environment stand to benefit immensely.\"
Ngai's insights resonate with many leaders and analysts who believe that understanding China's role is crucial for navigating future economic trends. His address at the forum served as a call to action for businesses to prepare strategically for the evolving global trade landscape.
Reference(s):
McKinsey China: Businesses prepared for volatility and uncertainty
cgtn.com
