On this week’s Trivium China Podcast, host Andrew Polk speaks with our lead macro-econ analyst, Joe Peissel, to take a quick temperature check of China’s latest macro data.

The two discuss:

• What the full-year 2025 data (released in mid-Jan) tells us about the state of play and the likely economic trajectory for 2026
• How the constituent parts of the economy – consumption, investment, and exports – are faring
• Whether the export machine can possibly go from strength to strength in 2026

Then Andrew is joined by pod regulars Dinny McMahon (Head of Markets Research) and Cory Combs (Head of Supply Chain and Critical Minerals Research) to examine the enduring headwinds to capital expenditure in China.

They get into:

• Whether the cratering in fixed asset investment (FAI) growth in H2 2025 was a one-off or is the new normal (spoiler alert: it’s probably the latter)
• Prospects for investment in a couple of key industries – autos and renewable energy
• How government policy might address the investment slide
• And where infrastructure spending fits in – particularly energy infrastructure, as it relates to the recently released massive spending plan from State Grid

It’s another wonk-fest, so lap it up you China nerds.

China’s financial regulators have started 2026 with a flurry of activity.

• On January 14, the securities regulator raised margin requirements on stock trading in a bid to cool investors’ exuberance.
• The following day the central bank expanded a bunch of its relending facilities, and cut the interest rate on all of its structural lending tools.
• Then on January 20, the finance ministry rolled out a bunch of measures designed to bolster investment by small, private sector firms.

What’s driving this hyperactive policymaking? That’s what Trivium Co-founder Andrew Polk and Dinny McMahon, Head of Markets Research, discuss on the first Trivium podcast of 2026.

They look at:

• How weak Q4 economic data has lit a fire under regulators
• Why authorities have settled on this particular combination of policies
• And what signals Beijing is trying to send markets

But wait, there’s more! On the second half of the pod, Andrew is joined by a new guest to the podcast, Trivium’s lead AI and semiconductor analyst Linghao Bao. Linghao joins to discuss:

• Beijing’s intervention in Meta’s recently announced acquisition of Chinese AI start-up Manus
• The specific regulatory tools China is using to slow – or maybe even stop – the deal
• The wider implications for China’s AI start-up ecosystem

The gents cover a lot of ground in this one – enjoy!

November economic data was a bit of a letdown, suggesting China’s economy is rapidly losing growth momentum.

• Fixed asset investment declined by double digits
• Industrial output grew at its slowest rate in 15 months
• Retail sales of consumer goods grew at the slowest rate in three years

But things aren’t as bad as they seem.

This week, host Andrew Polk is joined by Trivium’s lead macro-econ analyst Joe Peissel to dig into November’s economic data. The gents cover:

• China’s supply-side slowdown, and why it’s partially policy-driven
• Why China’s consumption dynamics are more resilient than headline data suggest
• The reason Beijing appears willing to tolerate a slight economic correction

Andrew and Joe then round things off by discussing China’s policy and economic outlook going into 2026.

As the new year approaches, governments, corporations, and investors alike are asking: what will critical material supply chains look like in the year to come?

In this podcast, Trivium Co-founder Andrew Polk and Cory Combs, Head of Critical Mineral and Supply Chain Research, discuss where global supply chains and diversification efforts stand today – and how they are likely to shape up in 2026.

Starting from the latest need-to-know specifics and working up to the broader strategic takes from Team Trivium, the lads discuss:

1. What's going on with China's general licenses and export trends
2. Trends and issues in US rare earth and broader critical mineral diversification efforts – including our take on the brand new international "Pax Silica" initiative
3. How the rest of the world is responding to all this, both reactively and proactively
4. How China is responding to global diversification efforts – including where it is and is not pushing back, and why

Putting it all together, they take a stab at framing the bigger strategic issues ahead.

• We've all heard plenty about the tactics of supply chain decoupling – e.g., China's from US chips and Dutch lithography machines, and the US's from China's processed critical minerals
• But this all begs key questions, like: What is a desirable end state for both sides? And what does "security" actually look like? (Hint: it's not full decoupling.)
• Despite the fierce problems at hand, the gents land on a surprisingly optimistic vision of where US-China relations could land in the next few years – a happy note on which to enter the holidays after a tumultuous year.

At the end of each year, China's top economic policymakers get together for the Central Economic Work Conference (CEWC) to discuss their goals for the year ahead.

This year's CEWC wrapped up on December 11, and in this podcast, Trivium Co-founder Andrew Polk and Dinny McMahon, Head of Markets Research, get together to discuss the ins-and-outs of the meeting's official readout.

Warning: The readout from the CEWC is invariably a big-picture policy document that's frustratingly thin on detail.

• Deciphering what the leadership means takes a little bit of reading between the lines.

And that's exactly what the gents do!

They start off with their 30,000-foot takeaways (TL;DR: Beijing envisions 2026 looking a lot like 2025).

Then they get into:

• Where we might expect extra government spending
• Whether Beijing will double-down on the consumer goods trade-in program
• How Beijing intends to boost consumption

In mid-2024, Beijing rebranded its overcapacity problems as “involution.” Does it matter? As the bard would say, a rose by any other name…

And yet, over time it’s become clear that this was more than just a rebranding exercise. Along with the change in name came a subtle shift in how Beijing perceives its overcapacity problems – a shift that has important policy implications.

In this podcast, Trivium Co-founder Andrew Polk and Dinny McMahon, Head of Markets Research, talk all things involution. The gents discuss:

• How the concept of involution differs from that of overcapacity
• Why Beijing doesn’t think overcapacity can exist in a global free market
• What Beijing’s anti-involution efforts look like
• And what it all means for the rest of the world

Then, Andrew wraps things up with a brief rundown of the most recent developments in the US-China trade truce.

On this week’s Trivium China Podcast, your loyal Trivium team digs into China’s key domestic and regional developments from the past few days.

First, Trivium Co-founders Andrew Polk and Trey McArver discuss:

• The Party’s latest conference on law-based governance – and what it tells about how Xi Jinping views China’s legal and regulatory systems
• Xi’s motivations in refreshing and solidifying the various rules that govern Party and government behavior
• China’s related efforts to build out its foreign-facing legal toolkit

The gents then move on to examine the intensifying diplomatic row between China and Japan – and why both sides are unlikely to climb down.

Then, in the second half of the pod, Andrew is joined by Trivium’s lead macro-econ analyst Joe Peissel to discuss:

• The recent, and curious, drop-off in fixed asset investment (FAI) in China, why it’s happening, and what it means for the wider macro-economic growth trajectory heading into 2026

Fair warning: This one gets pretty wonky!

With the US and China having agreed to a détente over trade, now is a good time to take a step back from the day-to-day back-and-forth of measures and countermeasure, and look at the longer term implications of China’s new economic model for trade.

In this podcast, Trivium Co-founder Andrew Polk and Dinny McMahon, Head of Markets Research, kick off by discussing China’s surprisingly bleak October economic data, before wading into big picture trade issues.

They discuss:

• How China intends to maintain export growth in the face of rising trade tensions
• Whether the world is facing a China Shock 2.0, and how it will differ from the first China Shock
• And how countries might adapt to expanding exports of Chinese advanced manufactured goods

Confusion around what China has officially agreed to in terms of pausing its rare earths, and other critical mineral, export controls persists – even as we are a week out from Donald Trump and Xi Jinping’s trade agreement in South Korea.

Significant discrepancies remain between official statements from the White House and China’s Ministry of Commerce on the issue.

• Meanwhile, officials and commercial players on both sides of the Pacific are reporting significant differences around their expectations for how quickly, and abundantly, rare earths and other critical minerals will flow from China.

In this week’s Trivium China podcast, host Andrew Polk is joined by his colleague Cory Combs to lay out their latest understanding of the issue. The two discuss:

• The key discrepancies between US and Chinese statements on the export control pause
• How political messaging from the White House is adding to the confusion for businesses
• And whether the political will exists for both sides to fully align on the details – and to maintain the trade ceasefire for a full year

Andrew and Cory then move on to examine the growing debate in Washington around how quickly the US can fully end its reliance on China for rare earth supplies. Cory gets into:

• What a realistic timeline for ending reliance on China would look like
• The reasons the US found itself in this situation in the first place
• Benchmarking how quickly China can build new rare earths processing facilities – as a baseline for the potential US build out
• The highly technical aspects of rare earths processing that will ultimately determine success or failure

It’s another fascinating discussion from the fine folks on the Trivium team – you won’t want to miss it!

Also, check out this excellent paper by Jessica DiCarlo, Cory Combs, and Raphael Deberdt that Cory mentions in the show: Fractured Extraction: Mining Firms, Provinces and Municipalities in the Decentralized Politics of China’s Rare Earth Production

It was another monumental week on the China front.

• On Tuesday, the Party released its sprawling 15th Five Year Plan (FYP) Proposals – laying out the sheer scale of Xi Jinping’s policy ambitions over the next half-decade
• Then on Thursday, Xi and US President Donald Trump got together in South Korea – their first meeting in six years – and agreed to a year-long ceasefire in the trade war

In this week’s Trivium China podcast, host Andrew Polk is joined by colleagues Kendra Schaefer and Dinny McMahon to break it all down.

That’s right folks, this episode is a two-fer.

Andrew and Kendra start off by discussing:

• The details of the trade agreement, as we know them
• What China thinks it got out of the deal
• The pros and cons of the one-year timeframe
• Future tripwires that could set things back on an escalatory spiral

Kendra then touches on her key takeaways from the 15th FYP Proposals, when it comes to China’s tech ambitions, before Dinny joins the pod to walk through:

• The headline macro takeaways from the FYP Proposals
• Chinese leaders’ sense of urgency over the next five years
• How policymakers are thinking about consumption’s role in the economy
• China’s more assertive position on the world stage

It’s another solid episode, folks, so enjoy!