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In fact, China is already at or near the cutting edge of the value chain. However, the situation within Southeast Asia is more complex. Morgan Stanley'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 in the semiconductor and data center industries, while others are still primarily focused on primary industries, such as Indonesia in nickel mining and processing. It is clear that countries in Asia show significant differences in the development stages of the value chain.