Zan Smiley, Editor-at-large at The Economist, shares insights on the future of the Commonwealth under King Charles III, exploring its diverse membership and significance in modern geopolitics. Nicholas Pelham, the Middle East correspondent, discusses the rapid transformation of Jeddah, raising concerns about cultural heritage as the city faces demolition in the name of progress. The conversation also touches on the economic rivalry between China and the U.S., analyzing China's current struggles and its prospects in the global economy.