亚洲纸包装展望.pdf

1、Levi LiManaging DirectorRUIZHIXIN ConsultingHo Chi Minh City,VietnamNov.10,2025Asian Paper Packaging Markets Opportunities&ChallengesRUIZHIXIN Consulting 2nd APPSRUIZHIXIN Consulting 2nd APPSDisappointing Post-Pandemic Manufacturing Sector RecoveryHIGH INFLATION HAS REDUCED GOODS CONSUMPTION IN WEST

2、ERN COUNTRIES,WHILE CONSUMER CONFIDENCE IN CHINA HAS REMAINED SLUGGISH AFTER THE PANDEMIC-Shift in consumption patterns after the exit from the pandemic-Geopolitical conflicts,U.S.tariff policies,and the withdrawal of pandemic-era subsidies combined with inflation have led to a relative decline in c

3、onsumers real purchasing power-Chinas economy has continued to face insufficient confidence,with a relatively slow recovery after pandemicSource:EurostatSource:NBS,RUIZHIXIN Consulting consolidatedBoth Chinas CPI and PPI are in negative territory again,but an improvement in the PPI side in recent mo

4、nths has shown an impact of governments anti-involution rhetoric/compaignChinas consumer confidence index has not rebounded significantly since its sharp decline during the pandemic,but starting to edging up in recent monthsChina Domestic Consumption Still Very Weak,but Seeing Signs of ImprovementRU

5、IZHIXIN Consulting 2nd APPSSource:NBS,RUIZHIXIN Consulting consolidated0102030405060708090ClothingFurnitureFootwearTravelgoods+handbagsPercentageChina201620192021202202468101214161820FurnitureFootwearTravel goods+handbagsPercentageVietnam2016201920212022Near-Shoring&Friend-shoring Challenges to Chin

6、aTwo waves of supply chain migrationsSource:World BankRUIZHIXIN Consulting 2nd APPSHowever,led by NEVs,Deepseek,Nezha2,etc.,indigenous innovation is now driving up confidence among investorsRUIZHIXIN Consulting 2nd APPSKey Take-away on China Macro EconomyGDP growth faster than expected in 1H,but fac