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height: 1px; line-height: 1px;"> <div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"><span style="font-size: 16px; color: rgb(0, 0, 0); font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif;">Weekly episodes in search of Asia Corporate Purpose</span></div></div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-divider"> <table class="editor-divider" width="100%" cellpadding="0" cellspacing="0" border="0" style="min-width: 100%;"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" class="galileo-ap-content-editor" style="cursor: default; min-width: 100%;"> <tbody> <tr> <td class="divider-base divider-solid" width="100%" align="center" valign="top" style="padding: 9px 0px;"> <table cellpadding="0" cellspacing="0" border="0" align="center" style="width: 100%; min-width: 100%; height: 1px;"> <tbody> <tr> <td height="1" align="center" style="background-color: rgb(207, 143, 18); padding-bottom: 0px; border-bottom-style: none; height: 1px; line-height: 1px;" bgcolor="CF8F12"> <div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class="feature-margin" align="left" valign="top" style="background-color: #FFFFFF; padding: 0px 20px;" bgcolor="#FFFFFF"> <table width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="feature editor-col OneColumnMobile" width="100%" align="left" valign="top" style="background-color: rgb(255, 255, 255);" bgcolor="FFFFFF"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text feature-heading-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 18px; color: #000000; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; font-weight: bold; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div style="text-align: center;" align="center"><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;">In conversation with</span></div> <div style="text-align: center;" align="center"><span style="font-size: 20px; font-family: Calibri, Helvetica, Arial, sans-serif;">David Hoffman</span></div> <div style="text-align: center;" align="center"><span style="font-size: 16px; font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;">MNCs Weigh New China Risks</span></div> <div style="text-align: center;" align="center"><br></div> <div style="text-align: center;" align="center"> <span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;">Click </span><a href="http://www.insideasiapodcast.com/mncs-china-risk/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(207, 143, 18); font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> to listen to the full </span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">Inside Asia</span><span style="font-size: 16px; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal;"> episode</span> </div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-divider"> <table class="editor-divider" width="100%" cellpadding="0" cellspacing="0" border="0" style="min-width: 100%;"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" class="galileo-ap-content-editor" style="cursor: default; min-width: 100%;"> <tbody> <tr> <td class="divider-base divider-solid" width="100%" align="center" valign="top" style="padding: 9px 0px;"> <table cellpadding="0" cellspacing="0" border="0" align="center" style="width: 100%; min-width: 100%; height: 1px;"> <tbody> <tr> <td height="1" align="center" style="background-color: rgb(207, 143, 18); padding-bottom: 0px; border-bottom-style: none; height: 1px; line-height: 1px;" bgcolor="CF8F12"> <div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class="article editor-col OneColumnMobile" width="100%" align="left" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text article-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 16px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"> <span style="font-size: 14px; color: rgb(76, 76, 76); font-family: Calibri, Helvetica, Arial, sans-serif;">This episode of Inside Asia is sponsored by </span><a href="https://www.quilt.ai" rel="noopener noreferrer" target="_blank" style="font-size: 14px; color: rgb(60, 36, 94); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold; font-style: normal; text-decoration: underline;">Quilt.AI</a>,<span style="font-size: 14px; color: rgb(76, 76, 76); font-family: Calibri, Helvetica, Arial, sans-serif;"> a mission-first technology company that helps large organizations use the Internet more purposefully. It&#x2019;s looking to reverse fractures in society and generate empathy, while helping organizations understand their consumers and beneficiaries much better. </span> </div></div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-divider"> <table class="editor-divider" width="100%" cellpadding="0" cellspacing="0" border="0" style="min-width: 100%;"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" class="galileo-ap-content-editor" style="cursor: default; min-width: 100%;"> <tbody> <tr> <td class="divider-base divider-solid" width="100%" align="center" valign="top" style="padding: 9px 0px;"> <table cellpadding="0" cellspacing="0" border="0" align="center" style="width: 100%; min-width: 100%; height: 1px;"> <tbody> <tr> <td height="1" align="center" style="background-color: rgb(207, 143, 18); padding-bottom: 0px; border-bottom-style: none; height: 1px; line-height: 1px;" bgcolor="CF8F12"> <div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div><table class="editor-image OneColumnMobile" style="mso-table-rspace: 5.75pt;" align="left" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="image-cell " align="center" valign="top" style="padding: 0px;"> <div class="publish-container"> <a href="http://www.insideasiapodcast.com/mncs-china-risk/" style="color: #597274; font-weight: normal; font-style: normal; text-decoration: underline;"> <img alt="" class="" style="display: block; height: auto !important; max-width: 100% !important;" width="266" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/3670898e-c66a-4e00-aedb-b7c0bbe2b4f1.jpg"> </a> </div> </td> <td class="mobile-hidden" width="15" height="1" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="15" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> </tr> <tr> <td class="mobile-hidden" height="5" align="center" valign="top" style="height: 5px; line-height: 1px; padding: 0px;"> <img alt="" width="1" height="5" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> <td class="mobile-hidden" width="5" height="5" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> </tr> </tbody> </table></div> <div class="text-container galileo-ap-content-editor"><div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Is global enthusiasm for China investment cooling? That&#x2019;s the question I pose in this week&#x2019;s episode. My guest is&#xa0;</span><a href="https://www.linkedin.com/in/david-hoffman-7a9b4/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">David Hoffman</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">, Senior Vice President for&#xa0;</span><a href="https://conference-board.org/asia/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">The Conference Board</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">&#xa0;in Asia, and Managing Director of the China Center for Economics and Business.&#xa0;</span> </div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">We got together on the back of&#xa0;</span><a href="https://conference-board.org/publications/HQ-china-relations" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">an article</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">&#xa0;David just posted insisting that now was a critical moment for MNCs to step up their game, align their internal communications, and ensure that the rhetorical noise from on high doesn&#x2019;t detract from the real story on the ground. </span> </div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Some say doing business in China today is riskier than ever before. Determining the reasons for staying, doubling down or retreating, require new levels of thoughtful consideration. Are overseas investors still bullish? Are foreign companies still welcome? Is a China strategy still essential? </span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;"> </span> </div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div><table class="editor-image OneColumnMobile" style="mso-table-rspace: 5.75pt;" align="right" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="mobile-hidden" width="15" height="1" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="15" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> <td class="image-cell " align="center" valign="top" style="padding: 0px;"> <div class="publish-container"> <img alt="" class="" style="display: block; height: auto !important; max-width: 100% !important;" width="371" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/0984b6bf-52f2-4886-a2a6-a1b137fc36a5.png"> </div> </td> </tr> <tr> <td class="mobile-hidden" width="5" height="5" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> <td class="mobile-hidden" height="5" align="center" valign="top" style="height: 5px; line-height: 1px; padding: 0px;"> <img alt="" width="1" height="5" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> </tr> </tbody> </table></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">Is China Still Hot?</span></div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">There is little doubt that overseas sentiment vis-a-vis China has shifted. For a spell, it was the darling of the investor world. Whether the objective was to tap China as a low-cost manufacturing hub for export, or hone in on the buying frenzy of a billion consumers through imports, China was hot! </span></div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Now&#x2026;well&#x2026;not so much, or perhaps its best to say, less so. The fundamentals that should make China an exciting market still hold true. And yet, the optics obscure that fact. Too many uncertainties can have a compound effect. Layer geopolitical discord on top of human rights violations, regulatory opaqueness, and domestic favoritism, and bit by bit, the attractiveness of a place like China begins to fall away.&#xa0;</span></div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Perhaps for companies deeply vested in China, the situation is less severe. But for those contemplating new market entry or phase two expansion, it&#x2019;s easier now to hit the pause button than at any time in the past 30 years.&#xa0;</span></div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div><table class="editor-image OneColumnMobile" style="mso-table-rspace: 5.75pt;" align="left" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="image-cell " align="center" valign="top" style="padding: 0px;"> <div class="publish-container"> <img alt="" class="" style="display: block; height: auto !important; max-width: 100% !important;" width="371" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/0171c1f8-1e42-4adb-b5db-3c7583ae8e26.png"> </div> </td> <td class="mobile-hidden" width="15" height="1" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="15" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> </tr> <tr> <td class="mobile-hidden" height="5" align="center" valign="top" style="height: 5px; line-height: 1px; padding: 0px;"> <img alt="" width="1" height="5" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> <td class="mobile-hidden" width="5" height="5" align="center" valign="top" style="height: 1px; line-height: 1px; padding: 0px;"> <img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif" style="display: block; height: auto; max-width: 100%;"> </td> </tr> </tbody> </table></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">A Covid Trough? </span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Foreign direct investment in China tailed off in 2020, falling to levels not seen since 2009. In the first half of the year that can be largely attributed to the outbreak of Covid. But as the market recovered, then stabilized, the comeback that might have occurred, didn&#x2019;t. The prevailing question is &#x2013;&#xa0;</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">will it?</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">&#xa0;</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Has the recent pandemic and the direct and indirect associations of China with the virus taken the shine off the world&#x2019;s most promising economic star?&#xa0;</span></div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">There are a few things that might help. From the US, the Biden administration could re-engage with a pragmatic range of commercial and diplomatic gestures. If China reciprocates, it&#x2019;s game on. On the other hand, if the anti-China rhetoric continues to grow in the US &#x2013; legitimate or not - any attempt at reconciliation would most surely be cast by the political opposition as a sign of capitulation.</span></div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">Greater Corporate Transparency &amp; the China Risk </span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Politics aside, MNCs have a few added challenges of their own. As David and I discussed, the ESG (Environment, Social, and Governance) spotlight is on. No part of a publicly-listed organization is safe from prying stakeholder eyes. One misstep in China could prove disastrous. Like what, you ask? Like further investment in China-based manufacturing when pressure is on to restore jobs in the US or Europe. Or how about identification with a 3</span><sup style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; line-height: 0; mso-text-raise: 30%;">rd</sup><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">&#xa0;party supplier suspected of using forced labor? There are sustainability risks as well. Can MNCs know with certainty that their China operations and affiliates aren&#x2019;t violating some unspoken or unwritten environmental compliance?&#xa0;</span> </div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">More diligence and better communication are insurance policies against these kinds of blind-spots, says Hoffman.&#xa0;Companies with a long-view and a shared understanding do better than organizations that default to hyperbole or surrender to geopolitical gas-lighting. For anyone who&#x2019;s done it, doing business in China has never been easy. The only way to combat it is to go deeper and get smarter. Learn to better manage the risks and brave the hard conversations, says Hoffman. Failing that, there&#x2019;s always prayer and wishful thinking. Or what some might call,&#xa0;</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">the long-view</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">.</span> </div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-image"> <table class="editor-image editor-image editor-image-vspace-on editor-image-hspace-on" style="min-width: 100%;" width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td align="left" valign="top" style="padding: 10px 20px;"> <div class="publish-container"> <img alt="" class="" style="display: block; height: auto !important; max-width: 100% !important;" width="142" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/4de5e8f7-e2ac-409e-96d8-c0648931ea03.png"> </div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Steve Stine</span></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">Founder &amp; Host</span></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif;">Inside Asia</span></div> <div><a href="http://www.insideasiapodcast.com/about/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif; font-style: normal; text-decoration: underline;">About Inside Asia</a></div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-divider"> <table class="editor-divider" width="100%" cellpadding="0" cellspacing="0" border="0" style="min-width: 100%;"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" class="galileo-ap-content-editor" style="cursor: default; 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min-width: 94%; height: 1px;"> <tbody> <tr> <td height="1" align="center" style="background-color: rgb(207, 143, 18); padding-bottom: 0px; border-bottom-style: none; height: 1px; line-height: 1px;" bgcolor="CF8F12"> <div><img alt="" width="5" height="1" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/1101116784221/S.gif" style="display: block; height: 1px; width: 5px;"></div> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Report</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: "Two-Way Street: US-China Investment Trends - 2021 Update," The Rhodium Group, May 19, 2021. [</span><a href="https://rhg.com/research/twowaystreet-2021/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">]</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">"The US-China Investment Project tracks and analyzes investment flows between the world&#x2019;s two largest economies. This report summarizes key developments in 2020, an unusually volatile year due to the COVID-19 pandemic, and analyzes the outlook for 2021 as the world slowly emerges from this period of crisis and a new US administration settles in.&#xa0;Foreign direct investment (FDI) between the US and China fell to $15.9 billion in 2020 amid pandemic related disruptions and rising tensions in the US-China relationship. This was the lowest level for two-way flows since 2009."</span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">FDI Data:</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">&#xa0;The US-China Investment Hub. [</span><a href="https://www.us-china-investment.org/" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">]</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">The US-China Investment Project is a multiyear research initiative that aims at providing greater transparency on capital flows between China and the United States. It is a joint initiative by the Rhodium Group and the National Committee on US-China Relations.</span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Whitepaper</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: "Headquarters-China 'Co' Relations: Navigating the Very Contemporary Yins and Yangs of MNC Business in China," by David Hoffman, The Conference Board, May 2021. [</span><a href="https://conference-board.org/publications/HQ-china-relations" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">]</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">The paper upon which this episode of Inside Asia was based.</span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Article:&#xa0;</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">"How Not to Win Allies and Influence Geopolitics by Audrye Wong, Foreign Affairs, May/June 2021. [</span><a href="https://www.foreignaffairs.com/articles/china/2021-04-20/how-not-win-allies-and-influence-geopolitics" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">]</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">A sober look at what's at stake in the on-going saga of US-China affairs.</span></div> <div><br></div> <div> <span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Youtube</span><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">: "New Rule: Losing to China," Real Time with Bill Maher (HBO), March 12, 2021. [</span><a href="https://www.youtube.com/watch?v=2DH4v6FnbvM" rel="noopener noreferrer" target="_blank" style="font-size: 16px; color: rgb(54, 97, 189); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: normal; font-style: normal; text-decoration: underline;">here</a><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif;">]</span> </div> <div><br></div> <div><span style="font-size: 16px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-style: italic;">An always enticing and forever irreverent view from comedian and commentator, Bill Maher.</span></div> </div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-divider"> <table class="editor-divider" width="100%" cellpadding="0" cellspacing="0" border="0" style="min-width: 100%;"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" class="galileo-ap-content-editor" style="cursor: default; 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padding-bottom: 0px;"> <div class="publish-container"> <a href="http://www.insideasiapodcast.com/future-us-china/"> <img alt="" class="" style="display: block; height: auto !important; max-width: 100% !important;" width="285" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/62f528b8-d3ba-4270-9636-a5bfc9b4234e.jpg"> </a> </div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"><span style="font-size: 12px;">Click photo to link and listen</span></div></div></div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 14px; color: rgb(0, 0, 0); font-weight: bold; font-family: Calibri, Helvetica, Arial, sans-serif;">Jim McGregor &amp; Craig Allen:</span></div> <div><span style="font-size: 12px; color: rgb(0, 0, 0); font-weight: bold; font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif;">The Future of US-China Relations </span></div> <div> <span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">| </span><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif;">Oct 23, 2020</span><span style="font-size: 12px; font-family: Calibri, Helvetica, Arial, sans-serif; color: rgb(102, 102, 102);">&#xa0;|&#xa0;</span> </div> </div></div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text feature-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 16px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div><div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">In this episode, I turn to two of the most thoughtful commentators on US-China relations. Jim McGregor and Craig Allen. Jim is Shanghai-based and a consummate China watcher, author, and a top advisor to US businesses in China. Craig is D.C.-based and President of the US-China Business Council. I had the pleasure of facilitating a hard-driving conversation between the two experts in a recent GetGlobal virtual event. We covered a lot of territory in this episode, challenged one another on some of the more popular US-centric characterizations of China, and contemplated prospects for a more constructive relationship between the two countries in the years ahead.</span></div></div></div> </td> </tr> </tbody> </table> </div> </td> <td class="mobile-hidden layout-container" width="5" style="height: 10px; line-height: 1px; background-color: #FFFFFF; padding: 0;" align="center" valign="top" bgcolor="#FFFFFF"><img style="display: block; width: 5px; height: 10px;" alt="" width="5" height="10" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif"></td> <td class="mobile-hidden layout-container" width="5" style="height: 5px; line-height: 1px; background-color: #FFFFFF; padding: 0;" align="center" valign="top" bgcolor="#FFFFFF"><img style="display: block; width: 5px; height: 5px;" alt="" width="5" height="5" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif"></td> <td class="split feature editor-col OneColumnMobile" width="50%" align="left" valign="top" style="background-color: #F4F4F4;" bgcolor="#F4F4F4"> <div class="gl-contains-image"> <table class="editor-image content-image" style="min-width: 100%;" width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td align="center" valign="top" style="padding-top: 0px; padding-bottom: 0px;"> <div class="publish-container"> <a href="http://www.insideasiapodcast.com/david-hoffman-xi-jinping-china-trade-war/"> <img alt="" class="" style="display: block; height: auto; max-width: 100%;" width="285" border="0" hspace="0" vspace="0" src="https://files.constantcontact.com/41ca3c44701/bf51ec49-629a-4566-9320-de0feb72e45d.jpg"> </a> </div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div><div style="text-align: center;" align="center"><span style="font-size: 12px;">Click photo to link and listen</span></div></div></div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text " align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 14px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 14px; color: rgb(0, 0, 0); font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">David Hoffman:</span></div> <div><span style="font-size: 12px; color: rgb(0, 0, 0); font-style: italic; font-family: Calibri, Helvetica, Arial, sans-serif; font-weight: bold;">Xi Jinping's China &amp; the Trade War </span></div> <div><span style="font-size: 12px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">| April 11, 2018 |</span></div> </div></div> </td> </tr> </tbody> </table> </div> <div class="gl-contains-text"> <table width="100%" style="min-width: 100%;" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="editor-text feature-text" align="left" valign="top" style="font-family: Tahoma,Geneva,sans-serif; font-size: 16px; color: #6F6E6E; text-align: left; display: block; word-wrap: break-word; line-height: 1.2; padding: 10px 20px;"> <div></div> <div class="text-container galileo-ap-content-editor"><div> <div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">Three years ago, the world was caught off guard by Xi Jinping and his decision to abolish term limits in order to assume permanent leadership status. It was a move that flew in the face of the preceding two decades marked by China's efforts to carefully, slowly&#x2014;sometimes reluctantly&#x2014;build institutions. Add to the mix a pending trade war with the US, and my guest, David Hoffman, joins me to explore</span></div> <div><span style="font-size: 14px; color: rgb(102, 102, 102); font-family: Calibri, Helvetica, Arial, sans-serif;">what it all means. Is the Chinese consolidation of power a sign that trouble is ahead or is it a sign of unprecedented stability? A momentary lapse of reason or a calculated, carefully argued and debated move on the international chessboard?</span></div> </div></div> </td> </tr> </tbody> </table> </div> </td> <td class="mobile-hidden layout-container" width="5" style="height: 10px; line-height: 1px; background-color: #FFFFFF; padding: 0;" align="center" valign="top" bgcolor="#FFFFFF"><img style="display: block; width: 5px; height: 10px;" alt="" width="5" height="10" border="0" hspace="0" vspace="0" src="https://imgssl.constantcontact.com/letters/images/sys/S.gif"></td> </tr> </tbody> </table> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-button"> <table class="editor-button" width="100%" cellpadding="0" cellspacing="0" border="0" style="width: 100%; min-width: 100%;"> <tbody> <tr> <td class="editor-button-container editor-button-container " style="font-family: Century Gothic, Calibri, Helvetica, Arial, sans-serif; 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We touch on a wide range of topics from healthcare to finance, politics to cleantech. I hope you&#x2019;ll join us.</div></div></div> </td> </tr> </tbody> </table> </div> </td> </tr> </tbody> </table> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-layout-editor" style="min-width: 100%;"> <tbody> <tr> <td class=" editor-col OneColumnMobile" width="100%" align="" valign="top"> <div class="gl-contains-web"> <table class="editor-web" width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="" align="center" valign="top"> <table width="100%" cellpadding="0" cellspacing="0" border="0" class="galileo-ap-content-editor"> <tbody> <tr> <td class="block-margin web-content" width="100%" align="left" valign="top" style="padding: 10px 20px;"> <table width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="web-content-border" align="left" valign="top" style="background-color: #F4F4F4; padding: 1px;" bgcolor="#F4F4F4"> <table width="100%" cellpadding="0" cellspacing="0" border="0"> <tbody> <tr> <td class="web-content-inner" width="100%" align="left" valign="top" style="background-color: #FFFFFF; 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