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Hong KongCNN —  Diversification away from China is increasing, and it doesn’t just affect foreign companies, according to HSBC CEO Noel Quinn.

Speaking at the Bloomberg New Economy forum in Singapore on Wednesday, Quinn said the head of one of HSBC’s units had recently reported a 70% jump “in activity in helping Chinese clients diversify their business model outside of the land mass of China. So that’s an interesting shift.”

Quinn, who was appointed CEO in 2020, said data showed there was more activity on “Chinese clients going out of China at this point in time than there is activity into China.” He was responding to a question on firms de-risking from the world’s second largest economy.

HSBC (HSBC) is the world’s largest trade finance bank, with a focus on Asia, meaning it helps importers and exporters carry out transactions.

Quinn said it was seeing Chinese suppliers in particular spreading out their supply chains “into other parts of Asia, other parts of the world.” He suggested the trend made sense as China was gradually shifting away from serving as the factory of the world.

For decades, China has enjoyed rapid economic growth thanks to its status as a global trade and manufacturing powerhouse. In recent years, the country has tried to shift its economic center of gravity toward output driven by services and consumption.

“China is changing its economic growth model. So its supply chains and its supply to the world is going to change over the next 10 to 15 years,” noted Quinn.

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