Billionaire Gautam Adani on Tuesday said China will feel increasingly isolated as rising nationalism, a shift in supply chains and technology restrictions threaten the world’s second-biggest economy.

Globalisation, of which China was seen as the foremost champion, is at an inflection point.

“It will look very different from what we had come to accept in a largely unipolar world,” he said.

China’s Belt and Road initiative has run into resistance in many countries, the founder and chairman of Adani Group said at a conference in Singapore.

“I anticipate that China will feel increasingly isolated,” he said.

China’s Belt and Road initiative was expected to be a demonstration of its global ambitions, but the resistance now makes it challenging, he said adding the property market meltdown has drawn comparisons with what happened to the Japanese economy during the ‘lost decade’ of the 1990s.