Issue 51: Xi & China's Scoreboard

22 January 2026

China has emerged from Trump’s trade war less battered than anticipated and in a stronger position relative to many other countries. On the geopolitical stage, patience has paid off - the global order is reshaping itself to China’s advantage. China has diversified its exports and overseas investment at an impressive pace. The stock market has bottomed, the corporate profit cycle has stabilised, and the manufacturing sector is showing incremental improvement. Even so Xi and China are performing better on the external front than on the domestic one