Alice Han

It's trying to hedge between these two superpowers, China and the U.S., And I think in this current climate, it is probably veering more towards China on trade because it sees China as the adult in the room. And I think what's going to be interesting, Scott, at the end of June is two really important meetings.

It's trying to hedge between these two superpowers, China and the U.S., And I think in this current climate, it is probably veering more towards China on trade because it sees China as the adult in the room. And I think what's going to be interesting, Scott, at the end of June is two really important meetings.

We're going to have NATO at the end of June and then the China-EU summit at the end of June now in Beijing, not in Brussels, because they ultimately wanted to show respect to Xi Jinping, who originally couldn't make it. So I think this is going to be a real stress test for transatlantic relations.

We're going to have NATO at the end of June and then the China-EU summit at the end of June now in Beijing, not in Brussels, because they ultimately wanted to show respect to Xi Jinping, who originally couldn't make it. So I think this is going to be a real stress test for transatlantic relations.

We're going to have NATO at the end of June and then the China-EU summit at the end of June now in Beijing, not in Brussels, because they ultimately wanted to show respect to Xi Jinping, who originally couldn't make it. So I think this is going to be a real stress test for transatlantic relations.

And it could mean that we see further reduction in trade and non-tariff barriers between the EU and China come end of June, which is something that Trump won't be very happy about. He's already saying that the EU could be nastier than China. So I think that the EU is next in the firing line, so to speak.

And it could mean that we see further reduction in trade and non-tariff barriers between the EU and China come end of June, which is something that Trump won't be very happy about. He's already saying that the EU could be nastier than China. So I think that the EU is next in the firing line, so to speak.

And it could mean that we see further reduction in trade and non-tariff barriers between the EU and China come end of June, which is something that Trump won't be very happy about. He's already saying that the EU could be nastier than China. So I think that the EU is next in the firing line, so to speak.

I would say, Scott, the state of the economy is a story of two really divergent Chinese pathways. Number one is what I would call a structural macro slowdown, and that is driven, as you mentioned, Scott, by these challenges, the real estate sector being one of them, but also the fact that Private consumption remains remarkably weak, only 40% of GDP compared to 70% or more in the US.

I would say, Scott, the state of the economy is a story of two really divergent Chinese pathways. Number one is what I would call a structural macro slowdown, and that is driven, as you mentioned, Scott, by these challenges, the real estate sector being one of them, but also the fact that Private consumption remains remarkably weak, only 40% of GDP compared to 70% or more in the US.

I would say, Scott, the state of the economy is a story of two really divergent Chinese pathways. Number one is what I would call a structural macro slowdown, and that is driven, as you mentioned, Scott, by these challenges, the real estate sector being one of them, but also the fact that Private consumption remains remarkably weak, only 40% of GDP compared to 70% or more in the US.

And it's structurally going to be very challenging for the government to try to rapidly rebalance and increase the consumption share of GDP, which I'll get to in just a bit. But its over-reliance on exports, I think, will remain a theme moving forward. It needs to have that export engine, the overcapacity engine, to maintain growth.

And it's structurally going to be very challenging for the government to try to rapidly rebalance and increase the consumption share of GDP, which I'll get to in just a bit. But its over-reliance on exports, I think, will remain a theme moving forward. It needs to have that export engine, the overcapacity engine, to maintain growth.

And it's structurally going to be very challenging for the government to try to rapidly rebalance and increase the consumption share of GDP, which I'll get to in just a bit. But its over-reliance on exports, I think, will remain a theme moving forward. It needs to have that export engine, the overcapacity engine, to maintain growth.

As long as it has these GDP targets, it will need to have a degree of overcapacity. And I think in this environment of weak and low interest rates, which are favoring the exporters, this is going to continue the financial repression story that we've seen for households for decades.

As long as it has these GDP targets, it will need to have a degree of overcapacity. And I think in this environment of weak and low interest rates, which are favoring the exporters, this is going to continue the financial repression story that we've seen for households for decades.

As long as it has these GDP targets, it will need to have a degree of overcapacity. And I think in this environment of weak and low interest rates, which are favoring the exporters, this is going to continue the financial repression story that we've seen for households for decades.

What I would say, though, and sort of counterbalancing towards this is what I would say is a bullish tech story or bullish tech side to China's growth. And I think that this is going to potentially increase some of the rebalancing towards consumption.

What I would say, though, and sort of counterbalancing towards this is what I would say is a bullish tech story or bullish tech side to China's growth. And I think that this is going to potentially increase some of the rebalancing towards consumption.

What I would say, though, and sort of counterbalancing towards this is what I would say is a bullish tech story or bullish tech side to China's growth. And I think that this is going to potentially increase some of the rebalancing towards consumption.