James Kynge

So, you know, maybe you're right, but I'm going to stick my neck out this time.

I think it might happen this time.

And I also note that President Emmanuel Macron of France, who was in China just recently, was talking about the threat of potential protectionism in Europe and, you know, things like that.

So maybe it's on China's radar that unless it allows the renminbi to appreciate, it could be storing up quite a bit more pressure from some of its most important export markets.

Absolutely.

And terrific to have you on, Patrick.

I'm just interested a little bit in the political context of this.

I mean, you started off by showing us how Apple has been captured by China.

Does China's hold over Apple give China any kind of political influence in Washington or other forms of influence?

What do you think about that?

Fascinating.

Just looking forward a little bit, Patrick, I mean, if we try to think forward maybe a decade or five years or something like that, what hope do you think the rest of the world, I mean, the West, has to loosen China's capture of Apple and other big tech companies, not just Apple?

I mean, in the case of Apple, there is this attempt to get manufacturing going in India and

I've seen various numbers, but there are quite a few iPhones now being made in India.

Do you think that's a long-term strategy?

Do you think it's something that could bear fruit over a five, 10-year timescale?

Or are we basically in a world in which China captures Apple, dominates the supply chain for smartphones for the foreseeable future?

Absolutely.

If I could just have a quick follow-up.

I mean, what kind of geopolitical power does this give China?