AI, Competition and China’s Next Era: Nick Leung

AI, Competition and China’s Next Era: Nick Leung

Author: SG& Capital Partners July 17, 2026 Duration: 39:02

Nick Leung is the former Chairman of McKinsey's Greater China operation and Director of the McKinsey Global Institute in Hong Kong. With dual Swiss-Chinese heritage and three decades advising Chinese and multinational companies, he brings a rare inside-out perspective on the world's second-largest economy.  


His new book, co-authored with Joe Ngai, is The Next China is Still China — and in this conversation, he explains exactly why the title is not simply a slogan. 


Drawing on his experience at the centre of China's extraordinary economic transformation, Leung argues that the search for the "next China" fundamentally misunderstands the nature of China's role in the global system.  


Nine out of ten things made in China stay in China: the country is not simply an export platform but the world's most dynamic consumer market, and its combination of scale, supply-chain depth and brutal domestic competition has forged genuinely world-class industries in electric vehicles, pharmaceuticals and robotics.  


He argues that this competitive intensity — what he calls the Hunger Games model, where thousands of companies enter a sector and most are destroyed — is Schumpeter's creative destruction operating at a speed and scale the world has not previously seen. 


The conversation explores the concept of involution and what it means for investors, why the US-China AI race is not a race at all but two distinct ecosystems pursuing fundamentally different objectives, the structural reasons multinationals are struggling in China and what the successful ones are doing differently, and the succession wave now bearing down on Chinese family businesses — a risk that, because the Chinese economic miracle happened all at once, is arriving across multiple major companies simultaneously. 


For business leaders, the core message is clear: China is not a market you can read from the outside, and geopolitics cannot be treated as someone else's problem.  


As Leung puts it — "You're not interested in geopolitics, but geopolitics is interested in you" — and that, he says, applies to every single decision-maker operating in the world today. 



Host: Sam Gyimah, Founder and CEO of SG& Capital Partners 


Producers: Clare Williamson and Duncan Williamson for TGOB Media Ltd in partnership with SG& Capital Partners Ltd. 


Music composed by: Sophie Sirota 


For listener questions or business inquiries please email info@thegeopoliticsofbusiness.com, and to contact SG& Capital Partners please email info@sgand.com. 


Disclaimer: The content of this podcast is for informational purposes only and should not be considered or relied upon as financial, investment, legal or tax advice. While we seek to ensure the information shared is accurate and up to date at the time of release, no warranties or representations are made regarding its accuracy or completeness and any liability therefore is expressly disclaimed. The opinions and views expressed in this podcast are solely the participant’s own personal opinions and do not reflect the opinions of SG&. 


 

 

 


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The Geopolitics of Business moves beyond the headlines to examine how power, policy, and capital intersect in real time. Host Sam Gyimah brings a rare perspective to these conversations, shaped by his own journey from Wall Street finance and entrepreneurship to serving as a British Government Minister, and now leading the advisory and investment firm SG& Capital Partners. This background allows for unusually direct dialogue. Each episode features the individuals-global investors, sitting CEOs, and policymakers-who are directly navigating the consequences of major political decisions, from trade wars and sanctions to energy transitions and regulatory shifts. The discussions are frank and grounded in practical reality, focusing on the tangible impacts these forces have on strategy, risk, and opportunity. It’s a necessary listen for anyone who understands that today’s investment thesis or business plan is incomplete without a clear reading of the geopolitical landscape. This podcast doesn’t just analyze the news; it delves into the intentions and calculations behind it, offering a crucial layer of insight for decision-makers. You’ll hear firsthand accounts and strategic forecasts that connect the dots between the stateroom and the boardroom, providing a substantive look at the forces reshaping markets and industries.
Author: Language: English Episodes: 29

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