上海美国商会洞察杂志（2026春季刊）

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TheJournaloftheAmericanChamberofCommerceinShanghai-InsightSpring2026

WheremomentummeetsfrictioninChina’sglobaltrajectory

ECONOMYP.05

Citigroup’sXiangrongYuonChina’suneveneconomicrecovery

BUSINESSP.17

JingYuanofPolestaronbuildingaglobalEVbrand

CHAMBERP.35

Lafayette148NewYorkonitsluxuryjourney

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TheJournaloftheAmericanChamberofCommerceinShanghai-InsightSpring2026

INSIGHT

AMCHAMSHANGHAI

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ERICZHENG

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InsightisthequarterlypublicationoftheAmericanChamberofCommerceinShanghai.Editorialcontentandsponsors'announcementsareindependentanddonotnecessarilyreflecttheviewsofthegovernors,officers,membersorstaffoftheChamber.Nopartofthispublicationmaybereproducedwithoutwrittenconsentofthecopyrightholder.

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ECONOMY

05 BreakingtheK:FixingChina’sUnevenEconomicRecovery

XiangrongYuofCitigroupexaminesthedivergencebetweenmacroresilienceandweakmicro-levelsentiment

POLICY

09 StabilityinTension:ChartingtheNewNormalinUS–ChinaCompetition

DamienMaofCarnegieChinaonmanagingbilateralstrategicrivalry

13 HowUSProtectionismIsReshapingChina'sEconomicReachinVietnam

MarcoFörsterofDezanShira&AssociatesandEdmundMaleskyofDukeUniversityunpackhowtariffsareacceleratingChina–Vietnamsupplychainintegration

BUSINESS

17 Polestar:TheNordicEVBrandBetweenTwoWorlds

JingYuanofPolestaronbuildingaglobalEVbrandbetweenEuropeanheritageandChina’smanufacturingscale

22 Watt'sNext?TheGlobalExpansionofEVs

TuLeofSinoAutoInsightsshinesalightonthekeychallengesofelectrificationaroundtheworld

28 ChineseCompaniesinAfrica:LessonsfromArchaeology

ScottMacEachernofDukeKunshanUniversityreflectsonculturalheritagemanagementincentralAfrica

31 AreBusinessesReadyforChina’sNewWellnessEra?

FalkFuhrmannofbrandinnovationconsultancyHuí//Lüèdiscusseshowcompaniesarerespondingaswellnessbecomesadecisionparadigmforconsumers

CHAMBER

35 LuxuryWithoutBorders:Lafayette148'sUniqueFashionJourney

Lafayette148NewYorkonredefiningmodernluxurythroughglobalcraftsmanshipandtimelessdesign

BUSINESS

Spring2026

3

CHAIR’SNOTE

JEFFREYLEHMAN

ChairoftheAmericanChamberofCommerceinShanghai

Iamwritingthisnoteaswenavigateaperiodofsustaineduncertaintyforourbusinesscommunity.EventhoughthefocusofourworkmightrelatetotherelationshipbetweentheUSandChina,weareallaffectedbyinstabilityinotherpartsoftheworld.

Attimeslikethese,theChamberisanespeciallyvaluableresource,facili-tatingthecandidexchangeofreliableinformationamongmembersatatimewhenitishardertohaveconfidenceinthequalityofthedataavailable.Anditdoesanoutstandingjobinamplifyingourcollectivevoice—conveyingoursharedneedsandpreferenceswhenitischallengingtoexpressthoseneedsandpreferencesindividually.

Thisyearis,ofcourse,anespeciallyauspiciousoneforAmericanbusiness-esinChina.Thissummerwecelebratethe250thanniversaryofthefoundingofournation.Backin1776,the“Americanexperiment”—definingacountrybyasharedsetofidealsratherthansharedorigin—wasaradicalidea.Atthetime,thesewereidealsthatAmericadidnotyetembody;therewaslittlereasontoexpectmuchsuccess.

Yethereweare.Twoandahalfcentu-rieslater,thatexperimentcontinues.Al-thoughAmericastillrealizesitsaspira-tionsonlyimperfectly,thoseofuslivingandworkingabroadareoftenremindedhowstronglytheseideasresonatebe-yondourborders—howpeoplefromotherlandsappreciatethewaythatourfoundersarticulatedthoseaspirationsandalsothewaythattheirsuccessorsworkedtoimplementthem.

OurChinesecounterpartscertainlyenjoyteasingusabouthowimperfectouryoungunionremains,andthegapsbetweenaspirationandreality.Yettheyalsoadmireourcommitmenttobeanationthatupholdstheruleoflaw,onewhereeveryindividualenjoysafairop-portunitytoflourish.

OnJune13,wewillholdagalatocelebrateAmerica'sbirthdayattheStRegisShanghai.IhopethatyouwillbetojoinourcommunitytorecognizehowfortunatewearetobepartofthatAmericanexperiment.

Andifyouhavesometimebetweennowandthegala,IencourageyoutoreadthisissueofInsightinitsentire-ty!Thatwillgiveyoualotofexcellent

fodderforconversationduringthegalabanquet.

Thisissueoffersarichsetofper-spectives.XiangrongYuofCitigroupandDamienMaofCarnegieChinaoffersharpanalysisofChina’seconomicandpolicyenvironments.Theirinterviewssharewell-informedperspectivesoneverythingfromthe15thFive-YearPlantothecurrentUS-Chinageopoliticalbalance.

WealsolookintoVietnam’sshiftingroleinglobaltrade,anditsstrength-eningcommercialtieswithChina,withMarcoFörsterofDezanShira&Asso-ciatesandEdmundMaleskyofDukeUniversity.OnthetopicofChinesecompaniesexpandingabroad,ScottMacEachernofDukeKunshanUniversi-tydrawsonhisarchaeologyexperiencewithChinesefirmsinAfrica.

Atthesametime,thecurrentissueprovidesfascinatingstoriesinseveralkeyindustries.AsChineseEVsdom-inateglobally,wetalktoJingYuanofPolestaronhowthebrandispositioningitselfbetweenEuropeanlegacyauto-makersandChineseEVcompetitors.TounderstandtheglobalEVoutlookandthekeychallengesofelectrificationacrossdifferentmarkets,youshouldreadtheinterviewwithTuLeofSinoAutoInsights.

Intheotherdirection,tounderstandhowLafayette148hastrulyglobalizedaNewYorkfashionbrand,youcanreadourpiecewithfounderDeirdreQuinn,creativedirectorEmilySmithandAsiaPacificvicepresidentKJYun.Andasconsumersseekapieceofinnerpeace,brandinnovationconsultantFalkFuhr-mannlooksatwherefirmsarestrug-glingtokeepupinChina’srapidlyex-pandingwellnessindustry.

AswemoveaheadintheYearoftheFireHorse,IamconfidentinthestrengthandresilienceoftheAmeri-canbusinesscommunityinShanghai.Ilookforwardtohavingtheopportunitytodiscusswhatwecanaccomplishto-getherinthemonthsahead.I

XiangrongYuisaManagingDirectorandChiefChinaEconomistofCitigroup,basedinHongKong.PriortojoiningCitiin2017,hewasaChinaeconomistatChinaInternationalCapitalCorporation(CICC)forthreeyears,advisinginstitutionalinvestors.Xiangrong’searlierrolesincludeeconomistpositionsatHongKongMonetaryAuthorityandInternationalMonetaryFund.Xiangrongisaconsistentlytop-rankedChinaeconomist.HewasrankedNo.1forAsiaEconomicsresearchintheInstitutionalInvestor(II)GlobalFixed-

IncomeSurveyin2022-24.XiangrongholdsaPhDineconomicsfromtheUniversityofWisconsin-Madison.HeearnedhisMAandBA,bothineconomics,fromPekingUniversity.

Inarecentreport,youdescribeChina’seconomicrecoveryas“K-shaped,”withagrowingdivergencebetweenmacroresil-ience—wheretheneweconomyappearstooffsetthedragfromproperty—andweakmicro-levelsentiment,particularlysubduedconsumerconfidence.WhatdoyouseeasmissingfromtherecentNa-tionalPeople'sCongress’(NPC)15thFive-YearPlan(FYP)toaddressthisimbalance?

LetmefirstexplainwhattheK-shapedeconomyis.Weseestrongsupplyandpro-ductionbutveryweakdomesticdemand,withexportshelpingtofillthegap.Fromthesectorperspective,weseestrongmo-mentumintheneweconomybutweak-

nessintheoldeconomy,namelyproperty,infrastructureandtraditionalconsumption.Therehavebeenearlysignalsfromthegovernmenttoaddresstheimbalance.Forexample,the2026GovernmentWorkReportputgreatemphasisontheneedtoboostdomesticdemand.Itextendedthetrade-insubsidyprogramfordurablegoods,addedRMB¥20permonthtopen-sionsfortheruralelderly,startedsubsidiesforeldercare,andexpandedfreepre-school.Therewasalsoagreateremphasis

onwork-lifebalance.

Theseareconstructiveinitialsteps,buttherewasnoexplicittargetforthecon-sumptionratio(whichisaround40%now).Thestatementaroundhouseholdincome

growthwasrelativelyambiguous,justthatitshouldbeinlinewithGDPgrowth,butthismeansthattheratioofhouseholdin-cometoGDPwillnotincrease.Somepoli-cymeasuresfellshortofexpectations.Forinstance,thesizeofthetrade-inprogramwasscaledbackby¥50billion,andtheru-ralelderlypensionincreasewasthesameamountaslastyear.Allinall,we'veseenmixedsignalsfromtheNPC.

TheGovernmentWorkReportoutlined

¥800billioninultra-longtreasurybondsforinfrastructure.Isthisanindicationofpolicyroomtokeepinfrastructureasakeyeconomicdriver?

BUSINESS

2026

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5

ECONOMY

BreakingtheK

FixingChina’sUnevenEconomicRecovery

InterviewedbyRachelRapaport

Theintentionwasclear:Chinaneedstostabilizeinvestmentin2026.Regardingpolicysupport,thereareseveralthingstohighlight.First,asyoumentioned,therewillbe¥800billioninspecialcentralgov-ernmentbondstobeusedformajorin-vestmentprojects.Thegovernmentalsoannouncedan¥800billionquota—¥300billionmorethanlastyear—forpolicyfinance.Inotherwords,policybanksliketheChinaDevelopmentBankwillalsohelpfinanceinfrastructureinvestment.Beyondinfrastructureinvestment,theyannounced¥200billionforequipmentupgrades,whichwillbepartoffixedassetinvestment(FAI).

Fromourperspective,thereisroomformoreinfrastructureinvestmentinChina,atleastinthe15thFYP.Thisyear,forthefirsttimesince2015,thegovernmentan-nouncedanexplicittargettoreducecar-bonemissionsperunitofGDP—by3.8%peryear—likelybecauseweareclosetothe2030carbonpeakdeadline.Thiswillrequiremoreinvestmentincleanenergyandrelatedinfrastructure.TheStateGridhasplanneda¥4trillioninvestmentinthecountry’spowersystem,whichis40%morethanitdidduringthepreviousFYP.Artificialintelligence(AI)willalsodriveinfrastruc-turedemandsinceitisveryintensiveincomputationandpowerconsumption.Thedefinitionofinfrastructuremaybechang-ing,butatleastforgreeninfrastructureandnewinfrastructure,thereisstillroomformoreinvestment.

DoyouthinkChina’spropertymarkethasreachedabottom?

Notyet.Intheprimarymarket,invento-ryisequivalenttomorethan30monthsofsales,andinthesecondarymarket,listingsarestillclosetoahistoricalhigh.Thepricesinbothmarketsarestillindeclinenation-wide.Idon’tthinkthesectorwillfindana-tionwidebottomthisyear.

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TheGovernmentWorkReportempha-sizedstabilizationofthepropertymarket,butthecentralgovernmentisnotusingitsownbalancesheettobailoutthesector.It'smostlylefttolocalgovernmentstoad-dressthisissue.Certainhigh-tiercitieswithstrongfundamentalsaremovingtowardsstabilization.Forexample,Shanghaihasalreadyhadmultipleroundsofincremen-taleffortstosupportthemarket,including

steppingintothesecondarymarkettocon-vertunsoldunitsintorentalhousing.CitieslikeShanghaiandHangzhou,ahubfortheneweconomy,couldhaveabetterchancetoemergefromthedownturnlatethisyear.

Regardingtheconsumption-orientedmeasuresintheGovernmentWorkRe-port,doyouconsiderthemarealstructur-alchangetoincreasedemand?

Onlyincrementally.Totakeconsump-tionrebalancingseriously,weperhapsneedanexplicittargetfortheratioofcon-sumptiontoGDP.Wecouldexpressitinaflexibleway,saybyincreasingaround1%peryear.However,suchatargetisabsentintheGovernmentWorkReport.TheNa-tionalDevelopmentandReformCommis-sionisdraftingahouseholdincomegrowthplan,andwearewaitingforthedetails.Weholdrealisticexpectationsbecauseitisatrickytradeoff:whileraisingwagesisgoodforconsumption,itwillalsounderminethecostcompetitivenessoftheChineseman-ufacturingsector.Planningoutthistrade-

Boostinginflation,oneoinkatatime

offwillbeimportantbutalsohard.

Thesecondneedistostrengthenso-cialprotection.Thechildcaresubsidyiscurrently¥300permonth.Ifwereallyhaveasenseofurgencyaboutthefallingbirth-rateandconsumption,weshouldraisethesubsidyby¥200peryearsothatitreach-

es¥1,300permonthby2030,abouthalfofcurrentparentingcosts.Butthesubsidywasnotincreasedthisyear.Similarly,thepensionforruralelderlyisslightlyabove

¥200permonth.There’slargelyaconsen-susthatitshouldberaisedabove¥500,butthisyear’sincreasewasonly¥20.Mean-while,youthunemploymentisabove16%.Therearemorethan200millionpeopleworkingasflexibleworkers,andthesocialprotectionsforthemareverythin.

Finally,youneedleisuretimetocon-sume,especiallyasservicesconsumptionislikelytobecomeamajordriver.Chineseworkersworkanaverageof49hoursperweek.Ifyoucomparethattotheregulated40-hourworkweek—fivedaysperweek,eighthoursperday—that’sbasicallyoneextradayeachweek.Givenproductivitygains,Chinaisinagoodpositiontoshortenworkinghours.We’veseenearlystepsintherightdirection;theGovernmentWorkReportpromisedtointroducespringandautumnbreaksforkidssothattheirparentswilltakethemtotravel.Butthepaceofprogresshasbeenunderwhelmingsofar.

Despitethisunderwhelmingpaceofprogress,youareforecastingconsumerinflationat0.6%in2026,upfrom0.0%in2025.Whatdoyouexpecttoaccountforthisincrease?

Theforecastdoesn’thavemuchtodowithdemand.It'srelatedtoseveralissues.Thefirstistheporkcycle.FollowingtheoutbreakofAfricanswinefeverin2018,Chinarampedupporkproduction,caus-ingamulti-yearporkpricedowncycle,whileindicatorsshowthattheporkcyclecouldturnaroundthisyear.Chinesefoodpricesarehighlycorrelatedwiththeporkcycle,andfoodisabout30%ofChina'sCPIbasket,sothiswouldautomaticallyboostheadlineCPI.

Second,wecouldseesomepassthroughfromtheproducerpriceindextothecon-sumerpriceindex.Forexample,batterymaterialssawsignificantpricejumpssincethesecondhalfoflastyear,whilecopperandaluminumalsosawpriceincreases.Asaresult,thecostsforEVmanufactur-inghaverisen.EVmakers’profitmarginsarealreadyquitethin,sotheymayhavetoincreasetheircarprices.It’sasimilarstoryforsmartphones;theshortageofmemo-rychipscouldtranslateintohighersmart-

ECONOMY

phoneprices.AndregardingtheoilshockfromtheMiddleEastconflict,weestimatethata10%increaseinoilpriceswilladd0.2%toheadlineCPIdirectly.

Thethirdreasonisrelatedtoanti-invo-lution.ThegovernmenthasstoppedthepricewaramongEVmakers,whichwillsupportretailprices.Ithasalsotightenedregulationsonfooddelivery,stoppingtheunsustainablesubsidies.

Whenitcomestoorganicinflation,theservicessectorcouldseesomeupwardpricemomentum.Moreoverseastravelers

Section122rateonChinato15%.Thenetchangeinabsolutetariffratesistherefore10percentagepoints,butthedeclinecouldendupbeingmorebecausetheSection122tariffsprovidemoreexemptionsthanthefentanyltariffsdid.

IfothercountriesfaceSection122tar-iffsof10%or15%,thetariffgapbetweenChinaandthosenationswillalsodeclinesignificantly.Additionally,theIEEPArulingremovedtransshipmenttariffconcerns.

Atadeeperlevel,therewillclearlybemoreopportunitiesforthetwopresidents

nesepolicymakerstorespondtosuchpressures?AndtowhatextentcouldRMBappreciationmeaningfullyaddressbothinternalandexternalimbalances?

Ithinkthereisaneedforacompensato-ryRMBappreciation.Lastyeareconomistsweremostlywrongabouttrade.Atthebeginningoftheyear,economistswereverybearishonChina’sexportsandveryconcernedaboutUStariffs.ButChina’stradesurplusendeduphittingahistorichigh,exacerbatingtheexternalimbalance.

Cleanenergywillpropupinfrastructureinvestment

willhelpsupporthotelandtourismprices.MoreChinesealsotraveledduringthere-centSpringFestivalholiday.Buttherewillbelessmomentumforgoodsprices.

TherecentUSSupremeCourtrulingagainstTrump’sInternationalEmergen-cyEconomicPowersAct(IEEPA)tariffs,

toengagethisyear.PresidentTrumpislikelyvisitingChinainthenearfutureandPresidentXicouldmakeareciprocalvisittotheUS.TheUSwillhostG20andChinawillhosttheAPECsummitlaterthisyearaswell.Despitethestructuralchallenges,atleastforthisyear,risksto

thebilateralrelationship

Oncapitalflows,wealsosawashiftinthenarrativearoundChina,especiallyafterthe“DeepSeekmoment.”BeforeDeepSeek’srelease,themarketwasconcernedthatChinacouldbeleftbehindintheAIrevo-lution,butwe’vesinceseenChina’slarge

languagemodelsandrelatedtechnologies

followedbyhisimpositionofnewdu-tiesunderSection122oftheTradeActof1974,meansareductionintherateonChinesegoods.Willthishaveasig-nificantimpactonChineseexportsandmanufacturers’profits?

TheIEEPArulingismorefavorablethanIexpectedforChina.First,itendedthe10%fentanyltariffandthe10%reciprocaltariff.TheTrumpadministrationquicklyadd-edback10%viaitsSection122authority.USTradeRepresentativeJamiesonGreerhasmadeitclearthathewillnotraisethe

arebettercontained.ThisisthebackdropforsomenaturalrecoveryofChi-neseexportstotheUS.

Someexpertsarguedthattherenminbi(RMB)remainsundervaluedandhavecalledforap-preciationasameansofsupportingdomesticdemandandreducingexternalimbalances.HowdoyouexpectChi-

Despitethestructuralchallenges,atleastforthisyear,risks

tothebilateralrelationshiparebettercontained.ThisisthebackdropforsomenaturalrecoveryofChineseexportstotheUS.

catchupquickly.

Despitetheseposi-tivedevelopments,thecurrencyremainedsta-bleagainstthedollar.Thisispartlybecausethecentralbankwasworriedaboutgeopo-liticalrisksandcapitaloutflowpressures.Butinrecentmonths,therela-tionshipwiththeUSandcapitalinflowsstabilized.ThePeople’sBankof

BUSINESS

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WeneedtoavoidtheTuringTrap;wefocustoomuchoninventingamachinethatisassmartasus,butoncewe

achieveourgoal,ourjobscouldbereplaced.Thefocusshouldbemoreonempoweringratherthandisplacingpeople.

larger-scaleAIdeploy-mentcouldleadtojobdisplacement.JobmarketpressureinChinaisal-readyhigh,andthepo-tentialriseofjoblessnessisworrying.So,weseeadisconnectbetweentheneweconomyandcon-sumption,andthiscanbeseenasoneformoftheAIscaretrade.

You’veestimatedthatmorethan70millionjobsinChinaareatdirectriskofdisplacementfromAI.WhatisyouradvicetopolicymakersonhowtomitigateAI’seconomicrepercussions?

China(PBOC)thereforeallowedtheRMBtocatchupwiththefundamentalstoreflecttheseshiftsinsentiment.

Havingsaidthat,atadeeperlevel,willthisbehelpfulforrebalancing?Itcouldbeagestureforexternalrebalancingtoad-dressthepushbackfromtradingpartners.ButIdon'texpecttheRMBtoreallychangetheexternalimbalance.IfonebelievesthatChina'stradeadvantageisonlyduetocurrency,theyunderestimateChina'sin-dustrialcompetitivenessandsupplychainresilience.

Forinternalconsumptionrebalancing,astrongerRMBisactuallycontractionary.Againstthisbackdrop,withoutsignificantfiscalstimulus,Idon’tthinkChinaisinapositiontoallowforalargeone-offRMBappreciation.Onetoolcannotsolvetwoproblems;weshouldexpectasomewhatstrongerRMB,butnotalargerevaluation.

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FollowingtheMiddleEastconflict,Ibe-lievestabilityhasreemergedasthetoppriorityforthePBOC’sexchangeratepoli-cy.Globaluncertainties—oilprices,theUSdollarandothervariables—areelevatedbecauseoftheconflict,whichcouldleadthePBOCtorefocusonstability,liketheydidamidthetariffshockslastyear.ThePBOChashelditsdailyfixingcloseto6.9sofarinMarch,anditcouldbeinawait-and-seemodeasexternaluncertaintiesevolve.

ChineseAI-relatedstockshaveralliedsig-nificantlyinrecentmonthsasnewmodelsarereleased.Istherallybackedbyreal

economicvaluecreationandfirmperfor-mance?Isthisgrowthsustainable?

Firstofall,AI-relatedstockshaveal-readyseenaconsolidationintheyeartodate.ValuationsofChina’stechleadersarelowerthanthoseoftheirUSpeers.Inthissense,I'mlessworriedaboutanAIbubbleinChinesestocks.Andwedoseethesup-portfromfundamentals.

IalsowanttoemphasizethatAIcouldmeanbroaderopportunitiesforChinesecompanies.It’snotjusttechleadersen-gaginginmodeldevelopment,butalsoemergingplayersengagingintheAIrevo-lution.Forexample,thisyearcouldbethefirstforphysicalAIdeployment,andChinaiswellpositionedinthehumanoidroboticssupplychain.

USmarketshaveseenan“AIscaretrade”inwhichinvestorsselloffstockstheythinkwillbenegativelyimpactedbyAI.DoyouexpectsomethingsimilarinChina?

Wehavealreadyseenthisinadiffer-entway.InChina,it'slessaboutthedirectimpactoncertainsectorslikesoftwareorconsulting,ratherit’smainlyreflectedasacontinuousunderperformanceofcon-sumption.TheriseofAIhascontributedtotheK-shapedeconomybecauseAIinvest-mentisverycapitalintensive.Whileitcon-tributesalottoGDP,itdoesnotnecessarilycreatejobsbecauseit'ssimplynotasla-borintensiveastraditionalsectors.Infact,

Lastyear,themarketfocusedalotonAIcapex,butthisyearthefocuscouldshifttowardAIgovernance.Therearesev-eralpolicyimplicationsfromtheAIecon-omy’smacro–microdisconnect.Thefirstisthattechpolicyshouldfocusmoreonaugmentationtechnologiesversussubsti-tutiontechnologies.WeneedtoavoidtheTuringTrap;wefocustoomuchoninvent-ingamachinethatisassmartasus,butonceweachieveourgoal,ourjobscouldbereplaced.Thefocusshouldbemoreonempoweringratherthandisplacingpeo-ple.Takerobotaxisasanexample.Beforelarge-scalerobotaxideployment,weneedtonotonlyconsiderifthetechnologyisready,butalsoifsocietyandthejobmar-ketarereadyfordisruption.

Secondly,giventhepotentialjobdis-placementrisk,weneedtostrengthenthesocialsafetynet.ThiscouldactuallybeapreconditiontounlockingAI'sfullpoten-tial.Weshouldthinkabouthowtoredis-tributethegainsfromAI.SinceAIisverycapitalintensive,itsgainshavetendedtogotoasmallgroupofpeople,whichwillhaveimplicationsforsocialredistribution.

Finally,AIcouldprovideanopportunityforbetterwork-lifebalance,whichwouldbeakeychannelforAI-drivenconsump-tion.Peoplecouldworklesswithoutaf-fectingoutput,allowingthemtoconsumemore.Weneedtogetourpublicpolicyreadyforthisnewarea.I

BUSINESS

POLICY

InterviewedbyStephanieSam

DamienMaisdirectorofCarnegieChina,anEastAsia-basedresearchcenterwithitsofficeinSingapore.Forovertwodecades,Damienhasworkedattheintersectionofmarkets,policy,andglobalaffairs,becomingaleadingvoiceonChina’sriseandUS-Chinarelations.Hehasfoundedandledmultipleventures,includingtheMacroPolothinktankatthePaulsonInstitute,theChinapracticeatEurasiaGroup,andaglobalexperientialeducationprogramatNorthwestern’sKelloggSchoolofManagement.Asadjunctfaculty,DamienhastaughtgraduatestudentsatJohnsHopkinsSAISandMBAsatKellogg.

HehasauthoredseveralbooksonChina’spoliticaleconomyandenergychallengesandhasappearedinmajormediaoutletssuchasBloombergandCNBC.Hehaskeynotedvariousindustryconferences,

includingCLSA,CreditSuisseLatinAmerica,S2GSummit,andtheFederalReserveDallas.Damien’sworkadvisesinvestors,multinationalsandgovernmentsacrosstheUSandAsia.

HowdoyoucurrentlyassessthestateoftheUS–Chinarelationship,andwhatarethemostsignificantinflectionpointsshap-ingitstrajectoryoverthen