The speed of India’s rise in consumerism is outpacing China’s as the gap between the two countries’ markets continues to narrow. If it wants to maintain its lead as the world’s top market, China must broaden its focus to include rural areas and cater to often-overlooked consumer bases.

Countries such as Bangladesh and Cambodia may face hurdles when trading with developed nations due to new cross-border environmental regulations. Asian markets can embrace sustainability through artificial intelligence, clean energy investments and more collaboration among industries.

With Chinese lending to Africa shrinking, the continent must find ways to support its own development. It could do so by increasing internal trade, diversifying tradeable goods away from commodities and developing its relationship with the US.

Washington needs to double down on combining policy support, financial incentives and advances in technology, to reduce its reliance on China-sourced material. As it strives to build a home-grown supply chain, investing in Canada’s critical minerals could be a game-changer.

The US is turning to Vietnam in its attempts to diversify supply chains and curb China’s regional influence, but that is easier said than done. Vietnam’s booming durian exports are just one example of its close economic dependence on China, complicating US ‘friendshoring’ efforts.