J.P. Morgan Private Bank Global Market Strategist: China is already at or near the forefront of the value chain.

In fact, China has already reached or is close to the leading position in the value chain. However, the situation within Southeast Asia is more complex. J.P. Morgan Private Bank's global market strategist Chen Weiheng explained that there are differences in industrial expertise and development levels among ASEAN countries: some economies are more mature, such as Malaysia's semiconductor and data center industries, while others still rely mainly on primary industries, such as Indonesia's nickel mining and processing. Obviously, within Asia, countries are at significantly different stages of value chain development.