In this episode of Pekingology, CSIS Senior Fellow Henrietta Levin is joined by Dinny McMahon, Head of China Markets Research at Trivium China, and Andrew Polk, Co-Founder and Head of Economic Research at Trivium China. Dinny and Andrew discuss their new Freeman Chair report, China’s Economic Transition: Debt, Demography, Deglobalization, and Scenarios for 2035. The conversation unpacks the structural challenges facing China’s economy, why the next decade will be decisive in whether China can escape the middle-income trap, and who really matters when it comes to economic policy-making in Beijing.