【Bloomberg Asia Centric Podcast】 China has long relied on massive infrastructure spending and an unstoppable export engine, leading to a record $1.2 trillion trade surplus last year. However, this investment-heavy strategy is testing its limits as global trading partners increasingly push back, making Beijing's transition toward a consumption-based economy more critical than ever. But how achievable is this transition, and how long will it take? Hao Hong, Chief Economist and Chief Investment Officer at Lotus Asset Management, joins John Lee on the Asia Centric podcast to weigh in. He also breaks down the current regime shift in raw materials, explaining why the global economy is entering a new commodity supercycle driven by Western supply chain investments, AI infrastructure demands and a decade of severe industry underinvestment. 长期以来，中国去年创纪录的人类历史上最大的1.2万亿美元贸易顺差。然而，随着全球贸易摩擦升温，之前以投资为重的战略正在考验其极限，向以消费为基础的经济的转型比以往任何时候都更加重要。但这种转型何时实现？ 我还讨论了当前原材料行业的模式转变，解释了为什么全球经济正在进入由供应链投重构、人工智能基础设施需求和十年严重的大宗商品原材料行业投资不足而驱动的大宗商品超级周期。 我还讨论了从一个“全球最受关注之一的经济学家”（彭博社主持人原话）到“一个成功的对冲基金经理”（彭博社主持人原话）的转变。

#中国道路# This year marks the 105th anniversary of the founding of the Communist Party of China. Over the past century and more, the CPC has united and led the Chinese people to compose the most magnificent epic in the thousands-year-long history of the Chinese nation. Jiangxi is a red land steeped in revolutionary memories. Jinggangshan is the cradle of the Chinese revolution. During the revolutionary struggles there, the CPC left us an invaluable legacy — the Jinggangshan Spirit that transcends time and space. 今年是中国共产党成立105周年。百余年来，中国共产党团结带领中国人民，书写了中华民族几千年历史上最恢宏的史诗。江西是一片充满红色记忆的红土地，井冈山是中国革命的摇篮，中国共产党在井冈山斗争时期，给我们留下了最为宝贵的财富，那就是跨越时空的井冈山精神。 #China# #Jiangxi# #赣出新精彩# #中国共产党# #CPC# #105周年# #中国共产党为什么行#