Advertise on podcast: China Perspectives

Jeremy Zook and Ying Wang discuss China's 'new productive forces' strategy, focusing on EVs, AI, and robotics. They assess whether industrial upgrading can offset structural economic headwinds and support long-term growth. (00:00) - Introduction and overview of China’s “new productive forces” (00:47) - What are “new productive forces” and why do they matter? (03:28) - Can industrial upgrading sustain China’s long-term growth? (07:03) - EVs as a case study in China’s industrial transformation (10:35) - AI, robotics and the next wave of industrial upgrading (14:38) - Key indicators to watch for success (17:19) - Closing remarks and new podcast announcement

Sabrin Chowdhury from BMI speaks on China’s dominance in global rare earths and implications on geopolitics and prices. (00:00) - Introduction of Sabrin and her rare earths coverage (01:27) - Why China dominates global rare earths supply chain (03:31) - China’s dependence on Myanmar for heavy rare earth feedstock (05:17) - Western economies’ supply chain diversification strategies (09:00) - Potential credible alternatives to China (10:09) - Obstacles to Western countries’ diversification push (11:20) - China’s tightened grip and impact on prices (13:05) - Indicators to watch on evolving trends

This episode explores China’s economic linkages with Latin America (LatAm), with Fitch Ratings’ Todd Martinez and Janice Chong, and the implications of the resurgence of the US “Monroe Doctrine” on these economic ties and for Chinese corporates.(00:00) - Introduction (01:44) - Overview of China’s Economic Ties with LatAm (05:34) - Outlook for the LatAm-China Trade Relationship (09:05) - LatAm’s Response to Surging Chinese Imports (12:53) - Risks to Chinese Corporates from Tariffs (13:52) - Chinese FDI into LatAm (16:55) - Key FDI Sectors for Chinese Firms in LatAm (18:42) - Geopolitical Risks to Chinese Firms’ LatAm Investments (20:10) - Opportunities and Risks for LatAm from US-China Competition (23:37) - Conclusion

A fireside chat on Fitch’s 2026 credit outlook for China’s sovereign, corporate, local government and banking sectors with Jeremy Zook, Ying Wang, Samuel Kwok and Grace Wu.(01:05) - Macro outlook (06:05) - Deteriorating China property outlook (06:58) - Neutral China LGFV outlook (09:52) - China banks’ strategy amid deteriorating outlook (11:32) - Anti-involution campaign (13:41) - Local governments’ spending (16:20) - China banks’ asset quality (18:13) - China’s sovereign rating headroom

Davis Sun, Senior Director at Fitch Ratings, provides a progress report on China’s debt substitution plan and its impact on local government vehicles (LGFVs) and finances, as well as an outlook for 2026 and beyond.(00:23) - Introduction (01:50) - Recent LGFV Sector Developments (05:40) - Progress of the Debt Substitution Programme (09:45) - LGFV Financial Health Amid Debt Substitution (13:17) - Fiscal Impact of Debt Substitution on Local Governments (16:00) - Lingering LGFV Debt Risks (20:34) - Local Government Infrastructure Spending (22:53) - 2026 Local Government Fiscal Outlook (25:08) - Conclusion

Fitch analysts discuss intensifying competition between Meituan and Alibaba in China’s food delivery and instant retail business. (00:22) - Introduction to instant retail in China (01:19) - Competitive landscape and on-going price war (02:54) - Meituan's strategy to defend market leadership (05:18) - Alibaba's challenges and opportunities (07:02) - Meituan's rating outlook change (09:38) - Alibaba's profitability and free cash flow (11:00) - How the price war could end

Chris Clague, an Associate Fellow at the IISS and an independent advisor on trade and supply chains, discusses recent trends in China-ASEAN trade and investment flows, and how they may be affected by US President Trump’s tariff policies. (00:00) - Introduction (02:04) - Overview of China/ASEAN trade and investment (06:26) - Transshipments (09:57) - Transshipment tariffs effect on China’s investment (12:54) - China+1 strategy (14:58) - Top destinations and sectors for Chinese investment (17:35) - China’s role in global supply chains (20:37) - How will ASEAN manage a surge in imports from China? (24:13) - Conclusion

Katie Chen, Senior Director at Fitch Ratings, and Franco Lam , Director, share their insights on the recent regulatory reforms in China’s AMC sector. (00:48) - Recent regulatory reform and impact (03:49) - Opportunities and challenges for AMCs (07:01) - What investors should watch out for (09:30) - Improvement in China AMCs’ capital buffer (11:32) - China AMCs’ ownership changes (13:54) - Rating actions on China AMCs

This episode explores key changes and credit trends in China’s power sector, including renewables growth and market reforms. Insights from Penny Chen, Senior Director, Fitch Ratings, reveal what lies ahead for major power generators. (00:00) - Introduction (00:45) - Key Changes in China’s Power Sector (03:17) - Key Credit Themes for Power Generators (06:16) - Credit Outlook on China’s Power Sector (08:45) - China’s Modern Power System (11:11) - Conclusion

Harry Hu, Senior Director at Fitch Ratings, discusses China's recent efforts to manage LGFV risks, including LGFV reclassification and debt substitution plans, along with local government debt trends. (00:00) - Introduction (01:30) - LGFV Debt Control Measures (03:07) - LGFV Reclassification (04:59) - LGFV Debt Substitution Plan (06:55) - Outlook for Special Purpose Bonds (09:34) - Local Government Interest Burdens (11:14) - Conclusion

Laura Zhai, Senior Director at Fitch Ratings, discusses the impact of US tariff hikes on China's commodity sectors. (00:00) - Introduction (00:41) - Impact on aluminum and copper (04:43) - Impact on steel (07:33) - Impact on chemicals (10:28) - China’s energy import cost

Amid rapidly changing US trade policies, Fitch analysts, Alex Muscatelli and Janice Chong, discuss the macroeconomic and corporate level impacts on China from rising US tariffs. (00:00) - Introduction (02:10) - Fitch’s Tariff Baseline (04:30) - Modeling the Economic Impact of Tariffs (07:12) - China’s Trade Diversification (08:55) - Tariffs and China’s Economic Outlook (11:01) - Corporate Sector Tariff Exposures (13:30) - Mexico Tariffs and Chinese Corporates (14:55) - Steel, Aluminum and Auto Tariffs (16:48) - Corporate Tariff Risk Management (17:39) - Impact on Shifting Supply Chains (18:45) - Conclusion

A fireside chat on Fitch’s 2025 credit outlook for China’s sovereign, corporate, local government and banking sectors with Jeremy Zook, Ying Wang, Samuel Kwok and Grace Wu.(00:00) - Introduction (00:47) - Macro and Sovereign Outlook (03:33) - Impact of US Tariffs on China Corporates (04:55) - Property sector outlook (05:53) - Impact of Policy Simulus on Corporates (07:10) - Local Government Finance Outlook (08:36) - Hidden Debt Substitution Policy (10:40) - LGFV Sector Risks (12:40) - Impact of Rate Cuts on Banks (15:24) - Asset Quality Outlook (17:21) - Conclusion

Jinny Yan, Chief China Economist at ICBC Standard Bank, discusses her outlook for China’s economy in 2025 and the government’s policy measures and priorities, particularly its focus on de-risking, diversifying and enhancing domestic capacity. (00:00) - Introduction (01:01) - Key Issues to Watch in 2025 (02:32) - US/China Trade War Prospects (06:29) - Assessing China’s Resilience to Trade Tensions (11:12) - Property Sector (17:11) - Inflation/Deflation Outlook (20:13) - Monetary Policy Response (23:57) - Fiscal Policy Response (28:27) - Government Bond Market Drivers (33:39) - Conclusion

Jing Yang, Director of Fitch Ratings, discusses key credit trends of China’s solar PV manufacturing industry.   (00:00) - Introduction (00:46) - Current state of the industry and reason for oversupply (04:37) - Stage of market re-balancing (08:00) - Effectiveness of government response (13:02) - Impact of Trump 2.0 tariff hikes