China Decode: What's at Stake Ahead of Trump and Xi's September Meeting, and China's Biotech Surge

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Alice Han (1:53)

The numbers of US dependence on China are startling. China has 50 percent of the world's API, advanced pharmaceutical inputs capacity globally, but around about half of the US's APIs imported come from China.

Ruby Wang (2:07)

That's continuing. I think there is competition from India and from other countries too, but China remains a core global source of basic drug building blocks.

Alice Han (2:25)

Welcome to China Decode. I'm Alice Han.

James Kynge (2:27)

I'm James King.

Alice Han (2:29)

In today's episode of China Decode, we're discussing the future of US-China competition as another Trump-Xi meeting approaches, the booming Chinese pharma industry and what that means for the rest of the globe. All right, let's get into it. James, an undercurrent in so many of the stories we do is the ongoing competition between the US and China and what that means for global power that cuts across geopolitical and economic lines and every lobby back and forth between these two superpowers has impacts. Trump and Xi Jinping will meet next in Washington DC on September 24, a reciprocal visit for Trump's trip to China this past spring. Their conversation is likely to focus on trade and artificial intelligence as well as other economic and political issues. But a lot can shift in just a few weeks. So James, we've got a major trip coming up on the part of Xi Jinping going to the US.

There has been very little in the media that's been leaked about what they're actually going to come out with in terms of deals. So I'm skeptical we get any major announcements. But the two pressing deadlines that are fast upon us on November 10, the Trade Truce and the Rare Earths Extension Truce deadlines, they probably will be extended, but I'd imagine this will be a subject for that meeting. The general feeling is that nothing is really going to come out of it, and they're teeing themselves up for Trump potentially going to Shenzhen in November, mid-November for APEC. But when I broadened it out, compared to when Trump visited Xi back in May, it feels that the US is in a weaker geopolitical position. It has botched its Middle East-Iran policy. It's got the midterms coming up and the probabilities of Democrats sweeping the House and Senate are rising, it seems, every day.

Meanwhile, Trump doesn't seem to be improving his relations with G7 countries' allies, including Europe and now Canada.

So do you agree with me, James, that Trump is meeting Xi in a weaker position than when they last met?

James Kynge (4:46)

Yes, I mean, I do, Alice. I think at the time when Trump and Xi met in May, I think I was saying that I thought China was now the senior partner in this relationship.

That was somewhat controversial at the time. Some people contacted me to say that that was not the case. I think that's even more the case now than at that time. I think the reason for this is that, as you mentioned, the US has been botching several of its policies around the world, and obviously, it's now much more bogged down in the Iran war than it was previously.