In the survey, the top destination for companies moving their Asian headquarters out of China was Singapore – attracting 43 per cent of such companies – followed by Malaysia. Only 9 per cent shifted or planned to shift to Hong Kong. Asean’s advantage goes beyond being a lower-cost environment, extending to its large populations, developed industries and supply chains, and high growth potential. Asean is also generally friendly to China, the United States and Europe. Its multiple multilateral trade treaties offer further advantages.

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