BASF's executive board member in charge of Asia, Stephan Kothrade, has stated that the company needs to overcome an underrepresentation of China within its global network of chemical plants. This comes ahead of the opening ceremony of a new chemical complex in southern China's Zhanjiang, costing BASF about 9 billion euros ($10.4 billion) to complete by 2028. While demand from China makes up about half of global chemicals markets, it currently accounts for only 14% of BASF's global revenues. The new complex will produce petrochemicals and key materials for industrial use and generate between 1.0 and 1.2 billion euros in earnings by 2030. The company also warned that global manufacturing growth would slow due to geopolitical tensions.