East Asia Pulse

Canada has been in the headlines during US President Donald Trump’s second administration—not only because of Trump’s talk of Canada as a prospective “51st state”, but also due to Canadian Prime Minister Mark Carney’s effort to reset Canada–China ties and rally cooperation among middle powers as the rules-based international order erodes, including through his remarks at the World Economic Forum in Davos.In this episode of East Asia Pulse, Prof Paul Evans (Professor Emeritus, University of British Columbia and EAI Senior Fellow) speaks with Prof Frank Pieke (EAI Visiting Research Professor) about Carney’s vision for a new international trading system, Canada’s push to diversify trade beyond the US, and the legacy of China historian John King Fairbank—highlighting the continuing importance of empathy and scholarly rigour in interpreting China and US–China relations.Key Highlights:00:00 Canada, China, and middle-power strategy in the Trump 2.0 era01:58 Carney’s China reopening and Davos agenda amid a weakening global trading order03:51 Canada’s domestic divide: Diversify beyond the US vs deepen integration with the US06:04 Issue-based plurilateral partnerships: flexible, interest-driven groupings10:03 Can China fit into a new trade/order framework? Carney’s “China must be part of the future” argument16:42 John King Fairbank in McCarthy-era politics28:02 Today’s lesson: Managing the “friend of China” label while keeping analytical doors openEast Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

After nearly five years of tension, China-India relations have thawed significantly in 2025, with increased interactions between the two sides over the past year.  Amid the backdrop of Trump’s tariffs, Chinese President Xi Jinping met with Indian Prime Minister Narendra Modi in Shanghai in August, where he highlighted the importance of closer ties between the two giantsLooking ahead, what are the prospects for China and India’s ability to deepen their ties across realms like trade and technology, while managing longstanding border tensions?In this episode of East Asia Pulse, EAI Deputy Director Dr Chen Gang speaks with Dr Pradeep Taneja, Senior Lecturer in Asian Politics, Political Economy, and International Relations at the University of Melbourne. They explore the current state of India-China relations and how the evolution of economic reforms in both countries has shaped their growth models, strategic choices, and prospects for cooperation and competition.Key Highlights:00:00 China-India relations in the last five years and the drivers shaping them06:40 Similarities and differences in the reform paths of China and India14:09 How a realistic economic relationship between China and India can be forged in areas of trade, investment and technology amid “de-risking”19:54: What China and India can learn from each other to build strong domestic industries while reducing external reliance22:38 Practical steps that can help to stabilise China-India tiesEast Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

India is racing ahead in modernising its payment systems, from the Unified Payments Interface (UPI)’s instant rails to the e‑rupee pilot. Can it set the benchmark for regional standards? What lies ahead for cross‑border digital currencies, cryptocurrencies, and stablecoins under evolving regulation and governance structures?EAI Director Prof Alfred Schipke speaks with Mr P. Vasudevan, Executive Director of the Reserve Bank of India, on the technology, governance, and policy choices shaping the next chapter of regional payments system development.Highlights:00:00 The development of India’s payment systems, including Unified Payments Interface (UPI), India’s leading fast payment system04:55 Progress of India’s pilot of its Central Bank Digital Currency (CBDC), the e-rupee10:53 The potential of CBDCs for cross-border transactions, and the role played by governance structures in such transactions15:08 Challenges faced in harmonizing standards and regulations for cross-border CBDCs24:10 India’s stance on new financial instruments like cryptocurrencies and stablecoinsEast Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

How is China responding to trade policies under Trump 2.0?EAI Senior Research Fellow Dr Sarah Tong speaks with Dr Su Qingyi, Head of the International Trade Department from the Institute of World Economics and Politics at the Chinese Academy of Social Sciences (CASS). They discuss China’s response to US trade policies, China’s role in global trade governance and prospects for China-ASEAN collaboration.Key Highlights:00:00 Differences in trade policies under Trump 2.0, compared to Trump 1.007:56 The impact of Trump 2.0 trade policies on the world economy11:25 Assessment of other countries’ responses to US trade tariffs20:09 China’s position and response to Trump’s trade policies25:55  China's efforts to enhance its role in global trade institutions and rule-making27:46 Prospects for China-ASEAN collaborationEast Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

Southeast Asia isn’t choosing sides—it’s hedging.EAI Deputy Director Dr Chen Gang speaks with Prof Cheng-Chwee Kuik of the National University of Malaysia about how Southeast Asian countries are navigating intensifying U.S.-China tensions.Prof Kuik unpacks the logic of hedging—why it’s a deliberate, adaptive strategy—and reflects on how the region’s deepening ties with China bring both opportunities and risks.Key Highlights:  00:00 How Southeast Asia-China relations have evolved in recent years   03:59 How pragmatic considerations drive Southeast Asian states’ hedging policies     09:40 The evolution of “dual hierarchies” in the Asian order, with the US traditionally leading the security hierarchy and China leading the economic hierarchy.  13:46 Potential risks and challenges amid growing economic ties between Southeast Asia and China  16:44 Future trends in Southeast Asia-China relations  This podcast episode was recorded on 29 May, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

EAI Visiting Research Professor Frank Pieke speaks to Mr Steve Okun, Founder and CEO of Singapore-based consultancy APAC Advisors, in this episode of East Asia Pulse.   They discuss China’s response to the imposition of “reciprocal tariffs” by US President Donald Trump and the effectiveness of the use of tariffs as part of the US' strategy to contain China, following the 100-day mark of his second presidency on 29 April.  They also weigh in on the prospects for a trade deal between the US and China, as well as the impact of US-China trade policies on businesses in Southeast Asia. Key Highlights: 00:00 China’s dominance in the global markets and the US' response 07:29 The effectiveness of trade tariffs as a tool for the US in dealing with a perceived “China threat”  11:48 Whether the US and China would be able to endure the fallout of the trade war 18:32 The impact of the tariffs on US global firms and the evolving role of China for US businesses 27:48 The response of Southeast Asia-based businesses and companies to the US-China trade conflictThis podcast episode was recorded on 2 May, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

EAI Director Prof Alfred Schipke speaks to Prof Li Chen, Associate Professor and Associate Director of the Centre for China Studies at the Chinese University of Hong Kong, in this episode of East Asia Pulse.   They discuss how geopolitical developments have impacted China’s financial sector development and the role that Hong Kong plays in connecting China's onshore financial market with global financial markets. They also weigh in on how Hong Kong stacks up against Singapore as a financial hub, and the potential for financial sector cooperation between Hong Kong and Singapore.Highlights:00:00 How geopolitics shapes China and Hong Kong's financial sector development08:59 Assessing competing perspectives on the direction of the future of China's financial sector 10:25 China’s efforts to mitigate domestic financial risks 16:47 Key instruments used to achieve China’s strategic goals in the economic and financial spheres 21:56 Challenges faced by connectivity schemes that aim to create modified linkages between mainland China and the international markets 28:59 Hong Kong's role in piloting strategically important financial sector innovation as part of China's financial sector evolution, such as in digital currencies and green finance 31:21 Hong Kong’s strengths as a financial hub, in comparison to Singapore This podcast episode was recorded on 24 February, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

EAI's Head of Korea Centre Dr Lam Peng Er speaks to Prof Lee Shin-wha, EAI Visiting Fellow and Professor of the Department of Political Science and International Relations at Korea University, in this episode of East Asia Pulse.  They discuss how South Korea’s multilateral strategy could evolve amid the unilateral and transactional nature under the Trump 2.0 administration. They also weigh in on South Korea’s ability to pursue a successful multilateral strategy abroad given its ongoing domestic political crisis and leadership vacuum after President Yoon’s botched martial law declaration.  Highlights:  00:00 How the practice of multilateralism in East Asia differs from the international context07:08 The outlook for multilateralism amid US-China competition 09:49 South Korea’s position as a quintessential middle power, and how South Korea can balance its multilateral strategy with ongoing US-China rivalry 24:57 The outlook for trilateral cooperation amongst South Korea, Japan and China27:42 South Korea’s potential inclusion into the G7 and what it could offer to the multilateral grouping 31:20 South Korea’s ability to pursue a successful multilateral strategy abroad amid the ongoing domestic political crisis 34:40 The value of multilateral frameworks for informal bilateral dialogue between North and South Korea This episode was recorded on 21 February, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

EAI Director Prof Alfred Schipke speaks to ST Lee Chair in US-Asia Relations at the Harvard Kennedy School Prof Rana Mitter in this episode of East Asia Pulse.They discuss how Europe can close the gap with the US and China as it confronts a "technology shock" that threatens its competitiveness in key industries. They also weigh in on how the EU can navigate US-China rivalry and leverage its competitive advantages to transform its dual dependencies on the US and China into “dual opportunities”.Highlights:00:00 How Europe can reconcile its economic dependencies on the US and China with its aspirations for strategic independence06:25 The ‘technology shock’ that threatens Europe’s competitiveness in key industries, such as electric vehicles09:13 Prospects and key considerations for adopting a coordinated Pan-European industrial strategy18:00 Collaborations between Europe and other countries to boost its economic competitiveness25:28: Sectors with potential for Europe-China collaboration and investment29:22 How the UK and EU can identify comparative advantages to strengthen global engagementThis podcast episode was recorded on 8 January, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

EAI Visiting Research Professor Frank Pieke speaks to Dr Scott Kennedy, senior adviser at the Center for Strategic and International Studies (CSIS), about the evolution of US-China relations under the Biden and Trump administrations.  They discuss China’s potential strategic responses to Trump 2.0, including the preparation of retaliatory moves, the strengthening of its domestic economy, the expansion of international partnerships.  They also weigh in on how US policies on trade may inadvertently advance Chinese goals, and examine the relationship between Trump and Elon Musk and its implications for business relations with China.  Highlights: 00:00 China's strategy under Trump: self-reliance, export controls, and global partnerships06:46 The Biden administration’s approach towards technological leadership and the irony of US policies on trade inadvertently advancing Chinese goals 13:07 Assessment of the Biden administration’s China policy 21:32 The relationship between President Trump and Elon Musk and its implications for business relations with China 25:22 The impact of geopolitical conflict on businesses and their responses, including diversification strategies 29:21 EU vs. US: differing China policies on trade, tariffs, and business, with non-US firms potentially benefiting from US-targeted measures.34:31 Chinese responses to decoupling strategies in light of US-imposed business restrictions  This podcast episode was recorded on 8 January, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS

In the launch episode of East Asia Pulse, EAI Director Alfred Schipke sits down with Professor Meg Rithmire, James E. Robison Professor of Business Administration at the Harvard Business School, to discuss the geopolitical outlook for businesses amid Trump 2.0. They weigh in on how companies should evolve governance practices to deal with geopolitical and national security risk and better prepare for disruptions stemming from US-China tensions, particularly in the context of China's unique political economy. They also discuss the implications of the "Made in China 2025" policy push, as well as the need for further development and reform of Chinese institutions in order to address existing policy gaps and challenges, such as the problem of local government debt and perceived overcapacity in specific industries in the Chinese economy.Highlights:00:00 Global companies' responses to geopolitical risk amid US-China tensions16:04 The lag in institutional development in China in comparison to the rapid development of advanced industries in the country, and the need for institutional reform19:56 The unintended consequences of campaign-style policymaking in China under the Chinese Communist Party35:55 The impact of geopolitical tensions on academic and cultural exchanges between the US and China41:00 The implications of Trump's presidency for US-China relations, particularly the potential for him to strike a deal with China and carve out areas of cooperation This podcast episode was recorded on 8 January, 2025.East Asia Pulse is a podcast produced by the East Asian Institute at the National University of Singapore (NUS). It provides in-depth analyses of political, economic and strategic trends in East Asia.Mailing list: http://tiny.cc/eai-emailingLinkedIn page: https://www.linkedin.com/company/east-asian-institute/YouTube channel: http://youtube.com/EastAsianInstituteNUS