ChinaPower

On this episode of the ChinaPower Podcast, we are joined by Nicholas Borst to discuss China’s debt situation and fiscal policy. He explains that China’s debt levels have increased dramatically relative to the size of the Chinese economy and China has more debt as a proportion of GDP compared to the United States. Much of the debt is concentrated in local governments, state-owned enterprises (SOEs), and real estate developers. Mr. Borst describes China’s decentralized fiscal system where the Chinese central government is fiscally conservative and local governments bear more risk and are responsible for healthcare, infrastructure, and social insurance as well as supporting key central initiatives such as the Belt and Road Initiative. Although no Chinese local government has defaulted to date, Chinese SOEs have defaulted, and their defaults have led to shocks to the Chinese market.  Looking forward, Mr. Borst argues that the reforms passed at China’s recent “Two Sessions” will do little to address the root issues of China’s fiscal issues. Nick Borst is the vice president and director of China research at Seafarer Capital Partners. Prior to joining Seafarer, he was a senior analyst at the Federal Reserve Bank of San Francisco covering financial and economic developments in Greater China. Previously, Mr. Borst was the China program manager and a research associate at the Peterson Institute for International Economics. He also worked as an analyst at the World Bank, reviewing Chinese overseas investment projects. His research focuses on financial reform in China, investment flows between the United States and China, and China’s shadow banking system.

In this episode of the ChinaPower Podcast, we are joined by Philip O'Keefe to discuss China’s changing demographic composition and challenges the country might face as a result. He explains that China’s falling population and low birth rates are the result of decades of population control measures, including the one-child policy. Mr. O'Keefe describes that, despite the rollback of these kinds of policies and new government incentives to have children, China’s birth rate remains low due to the high cost of child rearing in the country and economic development. Looking forward, Mr. O’Keefe discusses the role that automation might play in alleviating some demographic pressures and mounting health and economic challenges China will face as its population shrinks and ages. Philip O'Keefe is a professor of practice at the University of New South Wales Sydney Business School and Director of the Ageing Asia Research Hub at the Australian Research Council Centre of Excellence in Population Ageing Research (CEPAR). Prior to joining CEPAR, Philip worked from 1993-2021 at the World Bank in Washington D.C., Beijing, New Delhi, Sydney, and Budapest. He worked in East Asia and Pacific, South Asia, and Eastern Europe and Central Asia regions, most recently as Practice Manager for Social Protection and Jobs for the EAP region.

In this episode of the ChinaPower Podcast, Bonnie Glaser joins us to discuss the recent changes to U.S.-China relations. She first explains how a large Chinese surveillance balloon transited continental United States in early February 2023 with communications surveillance equipment on board, potentially collecting data from sensitive military installations. Ms. Glaser argues that Secretary Blinken’s trip to China was postponed due to a combination of domestic and international pressures resulting from the balloon incident. Lastly, she explains that despite potential meetings between U.S and Chinese leadership later this year, U.S.-China relations will likely face difficulties moving forward due to a lack of trust.  Bonnie S. Glaser is managing director of the German Marshall Fund’s Indo-Pacific program and the host of the China Global podcast. She is also a nonresident fellow with the Lowy Institute in Sydney, Australia, and a senior associate with the Pacific Forum. She was previously director of GMF’s Asia program, and senior adviser for Asia and the director of the China Power Project at CSIS. Ms. Glaser has worked at the intersection of Asia-Pacific geopolitics and US policy for more than three decades. From 2008 to mid-2015, she was a senior adviser with the CSIS Freeman Chair in China Studies, and from 2003 to 2008, she was a senior associate in the CSIS International Security Program. Prior to joining CSIS, she served as a consultant for various U.S. government offices, including the Departments of Defense and State.

In this episode of the ChinaPower Podcast, we are joined by Dr. Yanzhong Huang to discuss the impact of China’s Zero-Covid policy and how reopening has affected the country. He explains that China’s response to the Covid-19 pandemic evolved over three phases, the most recent of which occurred in December 2022 with the end of strict controls. Dr. Huang argues that mounting social and economic pressure pushed the Chinese government to make a dramatic policy shift without warning. Lastly, he examines how the end of Zero-Covid could contribute to China’s economic recovery, but could also undermine the public’s confidence in Chinese leadership. Dr. Yanzhong Huang is a senior fellow for global health at the Council on Foreign Relations, where he directs the Global Health Governance roundtable series. He is also a professor and director of global health studies at Seton Hall University's School of Diplomacy and International Relations, where he developed the first academic concentration among U.S. professional international affairs schools that explicitly addresses the security and foreign policy aspects of health issues.

In this episode of the ChinaPower Podcast, we are joined by Dr. Victor Cha to discuss the changing dynamics on the Korean Peninsula and the relationship between China and North Korea. He explains that despite outward appearances, the China-DPRK relationship is deeply fraught and not as close as it may seem. Dr. Cha reveals that between a strict Covid-19 lockdown and the sanctions imposed between 2016-2017, North Korea's dependence on China has fallen and Beijing may now lack adequate tools to place pressure on Pyongyang. Lastly, Dr. Cha challenges the notion that the United States and China share goals for a nuclear-free Korean peninsula. Rather, he contends, the two share common ground in wanting to prevent conflict on the peninsula.Dr. Victor Cha is a Senior Vice President for Asia and holds the CSIS Korea Chair. He is professor of government and holds the D.S. Song-KF Chair in the Department of Government and the School of Foreign Service (SFS) at Georgetown University. In July 2019, he was appointed vice dean for faculty and graduate affairs in SFS. While working for the White House between 2004-2007, Dr. Cha was the director for Asian affairs at the National Security Council. He was responsible primarily for Japan, the Korean peninsula, Australia/New Zealand, and Pacific Island nation affairs. Dr. Cha was also the deputy head of delegation for the United States at the Six-Party Talks in Beijing. He is the author of five books, including the award-winning Alignment Despite Antagonism: The United States-Korea-Japan Security Triangle.

This special episode of the ChinaPower Podcast is the second of two featuring the audio from the China Power Project’s seventh annual conference. This debate took place on November 17, 2022 and featured two experts debating the following proposition: "Beijing views a strong China-Russia relationship as a net strategic asset."

This special episode of the ChinaPower Podcast is the first of two featuring the audio from the China Power Project’s seventh annual conference. The first debate took place on November 17, 2022 and featured two experts debating the following proposition: "China’s 'new normal' of increased military activities in the Taiwan Strait is likely to lead to a US-China or China-Taiwan crisis/conflict in the next year or two."

In this episode of the ChinaPower Podcast, Meia Nouwens and Veerle Nouwens join us to unpack the relationship between European countries and China. They begin with an overview of Europe’s relations with China, caveating that the relationship at large is similar, but different countries vary in their approaches to China. Meia explains that European views of China are shifting from seeing it as a potential partner to more of a competitor or systemic rival. Veerle also emphasizes that while European countries and Taiwan have maintained trade relations for years, China has grown more critical of these dialogues, and it is increasingly important for Europe to have clear and consistent messaging about its views on Taiwan. Lastly, they identify important factors that may impact the future of China-Europe relations, including U.S. policy towards China and China’s behavior itself.Meia Nouwens is a senior fellow for Chinese security and defense policy at the International Institute for Strategic Studies (IISS). She is interested in cross-service defense analysis, China’s defense industry and innovation, and China’s regional strategy and foreign affairs. Veerle Nouwens is a senior research fellow at the International Security Studies Department of the Royal United Services Institute (RUSI). She focuses on China’s foreign policy, cross-Strait relations, maritime security, and the Asia-Pacific region.

In this episode of the ChinaPower Podcast, Dr. Mara Karlin, Assistant Secretary of Defense for Strategy, Plans, and Capabilities at the Department of Defense (DoD) joins us to discuss the latest National Defense Strategy (NDS). Dr. Karlin explains the nature of the new NDS, talking through its renewed focus on China. She states that the DoD views China as “the pacing challenge” for the U.S. military and addresses the range of ways the U.S. military is developing in light of China’s increasing power. Lastly, Dr. Karlin addresses PLA behavior around Taiwan and explains how individual DoD priorities will serve to address challenges presented by China down the road. Dr. Mara E. Karlin is Assistant Secretary of Defense for Strategy, Plans, and Capabilities at the Department of Defense. Dr. Karlin is responsible for advising the Secretary of Defense and other senior defense leaders on national security and defense strategy. Dr. Karlin ensures that the Department of Defense (DoD)’s program and budget decisions support and advance senior DoD leaders’ strategic direction, especially as articulated in defense planning guidance.

In this episode of the ChinaPower Podcast, Chungyan Chow joins us to discuss China’s recent 20th Party Congress. Mr. Chow explains the procedures of the Party Congress, explaining how reporters gain access and how major speeches are choreographed. He also analyzes Xi Jinping’s speech, arguing that the relative brevity of the speech, when compared to his 19th Party Congress speech, demonstrates Xi’s power. Lastly, Mr. Chow discusses the implications of China’s new leadership on U.S.-China relations, as U.S. policymakers will have to forge relationships and negotiate with new faces in China’s foreign policy establishment. Chungyan Chow is Executive Editor at the South China Morning Post. Mr. Chow joined the South China Morning Post in 1998. Over the past two decades he has risen through the ranks to the role of Executive Editor via the City, China and Business desks. He oversees the newsroom’s day-to-day operations, managing the website and print publications, and supervising the Post's China and U.S. coverage.