Host Wenchi Yu speaks with UK‑based Fraser Howie in the wake of Prime Minister Keir Starmer’s ice‑breaking trip to China. Fraser—a veteran China markets analyst and co‑author of several books on the Chinese financial system—reflects on three decades of watching China’s rise from inside Beijing, Hong Kong, and Singapore. He traces how early hopes that finance and WTO integration would liberalize China gave way to a more sober reality: a system where politics dominates markets, foreign firms struggle to earn real returns, and “investability” is constrained by capital controls, opacity, and state priorities. Against the backdrop of Trump 2.0, a more distrustful West, and a UK desperate for growth yet wary of dependency, Fraser dissects London’s renewed outreach to Beijing—from audit rules and listings to wind turbines and students—and cautions that neither China nor the United States offers easy answers for middle powers trying to balance security, values, and economic needs.

This episode is a collaboration with the China Strategic Risks Institute. 

00:00 Introduction to Fraser Howie and his background in China finance

01:46 Historical perspective on China's financial markets since 1992

04:01 The complexities of Chinese investability and capital flows

05:51 The role of politics and stability in China's financial openness

07:37 Foreign investment and joint ventures in China over 25 years

13:54 UK's engagement with China and the impact of political decisions

15:48 China's technological advancements and supply chain dominance

17:57 National security risks associated with Chinese technology in critical infrastructure

19:42 The challenges of Chinese investment in Britain and other middle powers

21:51 Comparing China and India as investment opportunities

23:28 The role of London's financial sector in UK-China relations

25:36 UK's stock market and regulatory challenges with Chinese listings

27:43 The influence of political figures like Peter Mandelson in China-UK relations

29:23 The future of global engagement with China and diversification strategies

31:34 The importance of a balanced and informed China policy

33:29 The impact of China's internal reforms and global integration

35:06 The role of the Chinese diaspora in shaping UK-China relations

37:07 Lessons learned from past engagement and future policy directions

39:21 The importance of principled conditional engagement with China

41:08 The need for diversified supply chains and national security considerations

43:17 The role of UK and Western financial institutions in China

45:20 Conclusion: Navigating the complexities of China in a changing world

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Wade Senti, President of Florida-based Advanced Magnet Lab (AML), about why magnets and rare earths have become a central battleground in the new era of manufacturing and national security. Wade traces AML’s journey from a small robotics‑adjacent lab to a leading U.S. magnet producer, then explains how permanent magnets underpin everything from industrial motors and EVs to drones, humanoid robots, and defense tech. He breaks down the rare earth supply chain, China’s long‑dominant role and pricing power, and why geopolitics and trade tensions have forced companies and governments to rethink China‑dependent inputs. They also explore shifting demand, fragmented global supply, the scramble to build alternative and domestic capacity, including space exploration, and the technological innovations needed to use fewer rare earths while meeting surging magnet demand worldwide.

Wade Senti's latest op-ed in mining.com: Permanent magnets are the spear in the critical minerals supply chain

2026 Critical Minerals Ministerial

00:00 The Global Rare Earth Supply Chain

01:37 Understanding Magnets and Their Applications

06:27 Shifts in the Magnet Supply Chain

11:49 The Growing Demand for Magnets

15:32 Challenges in Rare Earth Supply

20:22 Government Support and Industry Response

24:35 The Future of Magnet Production

30:01 Navigating Uncertainty in the Industry

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Wesley Chu, a research fellow of the Ash Center at Harvard Kennedy School and former General Counsel of Foxconn—one of the world’s largest manufacturers—about how Trump 2.0’s trade deal is reshaping the future of Taiwanese manufacturing. As the administration accelerates its push to “make it in America,” Taiwan’s firms find themselves at the center of a historic supply‑chain reset. Drawing on his experience, Wesley explains why the new U.S.–Taiwan investment deal is “not perfect, but workable,” how rising cross‑strait risk and U.S. national security demands are forcing Taiwanese companies to move beyond low‑margin OEM work, and what it really takes to survive in high‑cost states like Arizona and Texas. From AI servers and drones to “one world, two systems” production lines and a desperately needed Taiwan tech firewall, he offers a blunt insider view of how Taiwan can shift from “made in Taiwan” to “made with Taiwan”—and why it must become a true silicon hub, not simply relying on a silicon shield.

00:00 Taiwan's Strategic Investment in the U.S.
02:43 Challenges and Opportunities for Taiwanese Companies
05:46 Shifting from OEM to Value-Driven Partnerships
08:32 Taiwan's Role in the Global Supply Chain
11:24 Diversification and Regional Manufacturing
14:29 The Concept of 'Made with Taiwan'
17:31 Defense Tech and New Opportunities
20:06 Managing Operations in China
23:07 Building a Technology Firewall
25:58 Taiwan's Future in AI and Beyond

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with UK-based economist and author Stewart Paterson about how Beijing has used the renminbi (RMB), trade surpluses, and industrial policy to fuel its rise—and why he believes Western engagement with China was flawed from the start. Drawing on decades of experience analyzing China from Hong Kong, Singapore, and London, Paterson explains how deliberate RMB undervaluation, subsidies, and capital controls built China’s export machine while suppressing domestic consumption and reshaping global supply chains.​

They dig into the politics behind RMB “internationalization,” the limits of China’s ambitions to challenge the dollar, and how tools such as sanctions, Belt and Road lending, and central bank digital currencies are changing the geopolitical map. Wenchi also presses Paterson on whether the United States is now copying elements of China’s playbook—from industrial policy to re-industrialization—and what it means for countries caught between a dollar system run by a democracy and an RMB regime designed to maximize party-state power.

China, Trade, and Power: Why the West's Economic Engagement Has Failed, by Stewart Paterson

This episode is a collaboration with China Strategic Risks Institute.

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Bart Linssen, an onshore wind expert who has spent over two decades in Taiwan, about how the island's energy system is struggling to move from cheap coal and nuclear to renewables while keeping prices and supply stable. As Taiwan and the US sign a landmark trade and investment deal centered on semiconductors, some of Taiwan’s most sensitive yet least understood strategic questions remain: how the island can keep the lights on, stay competitive in the global supply chain, and still reach net zero emissions. 

Bart explains Taiwan’s current mix—dominated by coal and LNG with nuclear recently shut down and renewables stuck at about 10 percent—its complex market design around Tai Power (Taiwan Power Company, 台電), feed‑in tariffs, and corporate Power Purchase Agreements driven by supply‑chain demands like RE100 and Europe’s carbon border tax, and the intensely political battles that routinely derail onshore wind and solar projects at the local level. He also discusses the growing reliance on imported LNG, debates over reviving nuclear (including small modular reactors), and why clearer zoning, more consistent policy, and stronger political will are essential if Taiwan is to reach its 2050 net‑zero goal and remain competitive.

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Dr. Ruby Wang, a London-based surgeon turned health-policy and strategy expert, about how China has rapidly evolved from a “copycat” drug producer into a critical source of cutting-edge biotech innovation. Drawing on her experience leading the UK government’s health team at the British Embassy in Beijing during the pandemic and now advising global life sciences clients, Ruby explains how decades of long-term state planning, investment in R&D parks and regulatory reform, a huge patient pool, and a culture of fast experimentation have created a maturing ecosystem that now delivers world‑class oncology, cell therapy, GLP‑1, and AI-enabled drug discovery assets. She describes how roughly 40% of recent global out‑licensing deals now involve China-origin drugs, with Western pharma relying on Chinese assets for growth even as US and European policymakers debate tariffs, data security, and “China risk.”​

The discussion explores the tension inside China between keeping medicines affordable for its population and sustaining a profitable, innovative biotech sector, as well as how emerging mixed public–private health models and experiments such as Hainan’s medical tourism zone might ease that pressure. Ruby and Wenchi also unpack Western misconceptions that Chinese biotech is still low quality, arguing that this outdated narrative shapes investor sentiment and policy in ways that could ultimately deprive patients worldwide—especially in developing countries—of effective, lower-cost treatments. They conclude that while security and data-privacy concerns are real, science and healthcare are inherently global, and the key challenge for the West is to manage risk without cutting itself off from Chinese innovation that could help meet urgent global disease burdens.

Perspectives with Wenchi Yu

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As we close out 2025—the first year of Perspectives with Wenchi Yu, now at 28 episodes—here are a few quick reflections on US–China–Taiwan dynamics in 2025 and some predictions for 2026.

For more discussions and work from Wenchi Yu

DC Insiders by TaiwanPlus

Global Women Asia

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Jane Perlez, host of the podcast Face‑Off: The U.S. vs China and a former New York Times foreign correspondent and Beijing bureau chief. The conversation traces Jane’s journey from an aspiring reporter in Australia to a Pulitzer Prize–winning correspondent who covered conflicts and political transitions from East Africa and the Balkans to Pakistan, Indonesia, and ultimately China. She reflects on how 9/11 and the wars in Iraq and Afghanistan pulled Washington’s attention away from Asia just as China was expanding its influence in Southeast Asia, and how U.S.–China relations slid from the hopeful mood of a 2012 State Department banquet for then–Vice President Xi Jinping into today’s open strategic rivalry. Speaking from her current base in the United States, she discusses the challenges of understanding China without regular on‑the‑ground reporting or a steady flow of Chinese visitors, her decision to turn to podcasting—first with “On the Trail of Xi Jinping” and now with Face‑Off: The U.S. vs China—and why she believes closing the “barrier of ignorance” between the two societies is essential for managing competition and avoiding conflict, including over Taiwan.

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks to the Hong Kong-born aerospace entrepreneur, Michael Blum, about the evolution of the global space industry through the lens of US and Chinese competition. As the co-founder of Firefly Space Systems, Blum recounts his inspiration for space and aerospace, his early days in Silicon Valley, and direct involvement with Elon Musk and SpaceX, highlighting the transformative impact of private enterprise in reducing costs and expanding access to space. He contrasts the innovation-driven, commercially vibrant US sector with China’s more opaque, state-led program, discussing how geopolitical rivalry—for prestige, technological superiority, and security—drives distinctly different strategies and norms. Key discussions include the rise and challenges of commercial space ventures (like SpaceX, Blue Origin, and Firefly Aerospace), the Artemis Accords and international alignment in space governance, and China’s ambitious goals for a permanent Moon presence and technological self-sufficiency. The conversation addresses issues such as space debris, differing legal frameworks, and how recent political changes in Hong Kong have impacted Blum’s trust in cooperating with China—particularly significant given his own upbringing in Hong Kong. The dialogue also emphasizes the ongoing ideological contest between centralized planning and open competition, the crucial role of public-private partnership, and the inspiration emerging from new commercial opportunities and international collaboration—even as competition in space intensifies between the US and China.

*This episode is in collaboration with the China Strategic Risks Institute, www.csri.global 

Perspectives with Wenchi Yu

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Host Wenchi Yu speaks with Olivia Plotnick, a Shanghai-based social media and marketing entrepreneur, who recently completed a marketing research project spanning 30 cities in 60 days in China. The conversation attempted to answer the question: How’s China’s economy faring? Has the trade war’s impact been felt on the ground? How are consumers spending their money? Olivia’s findings of health & fitness, tourism, beauty, and youth trends challenge conventional wisdom and offer surprising insights into the state of China and its consumers across age groups. She discusses the importance of understanding consumer behavior beyond just data and statistics, and highlights the rise of tier two and below cities, the competition between Starbucks and Luckin Coffee, the explosion of milk tea brands, and the impact of EV adoption. She also delves into changing consumer values and the evolving narrative around China's economy.

Olivia Plotnick's Substack: https://substack.com/@whowhatwai 

0:00 Understanding China's Economic Landscape
04:57 Exploring Tier Two and Below Cities
11:35 Diverse Perspectives on China's Economy
17:33 The Coffee Wars: Starbucks vs. Luckin
23:03 The Rise of Milk Tea and Local Cafes
29:37 Trends in Health, Fitness, and Consumer Behavior
35:20 Debunking Western Narratives on China's Economy

Perspectives with Wenchi Yu

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