There's no doubt that the Chinese economy will become the largest in the world, whether

it's five years from now or eight years from now. It's just a matter of the development of their

own internal markets, their own consumers that will drive that alone. The last 50 years, China's

ability to grow in unprecedented fashion came because they had really cheap labor, world-changing amounts of it, and wealthy countries

around the world were very happy, even at the expense of their own working classes, to

take advantage of that labor.

Those two things are no longer true.

Welcome to Living Beyond Borders, a podcast from City Private Bank and G0 Media.

On this program, we examine global risks and opportunities from the angles of both politics and economics.

I'm Shari Friedman,

managing director of climate and sustainability at Eurasia Group. From the great decoupling to China's zero COVID policy and its impact on the global economy, the relationship between the U.S. and

China is often front and center here on Living beyond borders. As we enter the dog days

of summer, we wanted to assess where that relationship stands and what some recent developments,

like a Chinese banking crisis, knock-on effects of Russia's war in Ukraine, and a renewed debate

over tariffs, to name a few, mean for the world and for your money.

Joining me once again on this podcast are David Baylon, Chief Investment Officer and Global

Head of Investments at City Global Wealth. Hi, David. Thanks for having me. And Ian Bremmer,

President of Eurasia Group and GZero Media. Welcome, Ian. Greetings to you both.

Ian, I wanted to start with you. What does the U.S.-China relationship look like right now broadly? Well, it's obviously a relationship

of zero trust, and it's also problematically a relationship of increasingly limited contact.

The fact that Xi Jinping has only traveled to Hong Kong after two and a half years of pandemic,

the fact that high-level engagement between the United States and China is relatively infrequent. In fact, only the

...