In the sixth episode in our China Rules series, we examine China’s purge of its banks. China’s banks are three times bigger than the US banking system, holding assets worth $60 trillion – equivalent to half the world’s GDP.  But in the past year, Beijing has shuttered almost one-quarter of its smaller banks.  To examine China’s authoritarian banking system, Louisa and Graeme are joined by two experts from the National University of Singapore: Jason Bedford, formerly a China-based investment analyst, now with the East Asia Institute and Adam Y. Liu of the Lee Kuan Yew School of Public Policy, author of Authoritarian Markets: The Politics of China’s Banking Explosion.

Image: Shanghai and Stock Market, June 2018. iStock photo ID: 970600792.

In the sixth episode in our China Rules series, we examine China&rsquo;s purge of its banks. China&rsquo;s banks are three times bigger than the US banking system, holding assets worth $60 trillion &ndash; equivalent to half the world&rsquo;s GDP.&nbsp; But in the past year, Beijing has shuttered almost one-quarter of its smaller banks.&nbsp; To examine China&rsquo;s authoritarian banking system, Louisa and Graeme are joined by two experts from the National University of Singapore: Jason Bedford, formerly a China-based investment analyst, now with the East Asia Institute and Adam Y. Liu of the Lee Kuan Yew School of Public Policy, author of Authoritarian Markets: The Politics of China&rsquo;s Banking Explosion.
Image: Shanghai and Stock Market, June 2018. iStock photo ID: 970600792.

Bank Balance: China Purges its Finances

In the fifth episode in the China Rules series, we look at China’s efforts to reshape to global financial system.  One milestone has been the recent designation of Deutsche Bank as a renminbi clearing house.  China is pushing hard to increase its influence inside international institutions and to internationalize the renminbi, driven by the Iran war and uncertainty about the US dollar.  But with a tradition of strict capital controls and limited liquidity, it’s not clear whether the CCP would be able to underwrite the international order. To ask how China is trying to reshape global finance, Louisa and Graeme are joined by Gregory Chin and Kevin Gallagher from Boston University’s Global Development Policy Centre, authors of China and the Global Economic Order.

Image: c/- Dilok Klaisataporn, iStock, 2018.

Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast 

 

In the fifth episode in the China Rules series, we look at China&rsquo;s efforts to reshape to global financial system.&nbsp; One milestone has been the recent designation of Deutsche Bank as a renminbi clearing house.&nbsp; China is pushing hard to increase its influence inside international institutions and to internationalize the renminbi, driven by the Iran war and uncertainty about the US dollar.&nbsp; But with a tradition of strict capital controls and limited liquidity, it&rsquo;s not clear whether the CCP would be able to underwrite the international order. To ask how China is trying to reshape global finance, Louisa and Graeme are joined by Gregory Chin and Kevin Gallagher from Boston University&rsquo;s Global Development Policy Centre, authors of China and the Global Economic Order.
Image: c/- Dilok Klaisataporn, iStock, 2018.
Transcripts available at <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>&nbsp;
&nbsp;

The Rise of the Petroyuan:  Who will win the Global Economic Order?

In our fourth episode of the China Rules series, we look at the State Council’s brand-new rules on overseas investment. These formalize central control over outbound investment, addressing the Party’s concerns about sensitive technologies and data, while sending a chilling signal to Chinese tech companies looking to move abroad. Beijing is now the first major capital exporter to run outbound investment as explicit industrial policy with legal retaliation tools. To explain the likely impact of these regulations on the global financial system, Louisa and Graeme are joined by Stefanie Kam from Nanyang Technology University in Singapore and Lizzi Lee from the Centre for China Analysis at the Asia Society Policy Institute.

Image: c/- iStock

Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast

In our fourth episode of the China Rules series, we look at the State Council&rsquo;s brand-new rules on overseas investment. These formalize central control over outbound investment, addressing the Party&rsquo;s concerns about sensitive technologies and data, while sending a chilling signal to Chinese tech companies looking to move abroad. Beijing is now the first major capital exporter to run outbound investment as explicit industrial policy with legal retaliation tools. To explain the likely impact of these regulations on the global financial system, Louisa and Graeme are joined by Stefanie Kam from Nanyang Technology University in Singapore and Lizzi Lee from the Centre for China Analysis at the Asia Society Policy Institute.
Image: c/- iStock
Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast

Money (That’s What I Want): China’s New Investment Regime

In the latest episode in our China Rules series, we look at the rise and potential fall of China’s electric vehicle (EV) industry. Once scoffed at by Elon Musk, China’s EV industry is charging ahead in international markets with its top car brand, BYD, selling more cars than Tesla in 2025. Massive government subsidies and consistent policy have brought China to a point where it now leads in a range of technologies, from batteries to robotaxis. Yet headwinds are emerging, with domestic demand tanking and protectionism surging in the US and Europe. To discuss the rise, and potential demise, of China’s EV behemoth, Louisa and Graeme are joined by Fengming Lu from the Australian National University and Yu Yang, Principal Lead Analyst of Automotives and Robotics at Yole Group, a company that analyses tech markets.

Image: DarthArt, iStock. Beijing, China - February 25, 2026: Modern small city car Wuling Hongguang Mini EV.

Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast

In the latest episode in our China Rules series, we look at the rise and potential fall of China&rsquo;s electric vehicle (EV) industry. Once scoffed at by Elon Musk, China&rsquo;s EV industry is charging ahead in international markets with its top car brand, BYD, selling more cars than Tesla in 2025. Massive government subsidies and consistent policy have brought China to a point where it now leads in a range of technologies, from batteries to robotaxis. Yet headwinds are emerging, with domestic demand tanking and protectionism surging in the US and Europe. To discuss the rise, and potential demise, of China&rsquo;s EV behemoth, Louisa and Graeme are joined by Fengming Lu from the Australian National University and Yu Yang, Principal Lead Analyst of Automotives and Robotics at Yole Group, a company that analyses tech markets.
Image: DarthArt, iStock. Beijing, China - February 25, 2026: Modern small city car Wuling Hongguang Mini EV.
Transcripts available at <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>

Out of Battery? China's EV Dreams Flicker

In the second episode of our series, China Rules, we look at an industry dominated by China: humanoid robots. Beijing’s running, dancing and fighting robots are more than just a gimmick; the country’s 15th Five-year Plan puts robotics right at the heart of its modern industrial system. China already accounts for 80% of global humanoid robot installations. In a recent half marathon, a humanoid robot called Lightning left the real humans behind for the first time, breaking the tape in just over 50 minutes.  To discuss the future of the robot wars, Louisa and Graeme are joined by Alberto Moel, former Vice President of Veo Robotics, now with the University of Hong Kong, and Chang Che, a freelance writer who was formerly the Asia technology correspondent for the New York Times.

Image: Robot in Traditional Attire at Airport Hall, c/- iStock photos, Daqian Wang, 25 February 2026.

Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast

In the second episode of our series, China Rules, we look at an industry dominated by China: humanoid robots. Beijing&rsquo;s running, dancing and fighting robots are more than just a gimmick; the country&rsquo;s 15th Five-year Plan puts robotics right at the heart of its modern industrial system. China already accounts for 80% of global humanoid robot installations. In a recent half marathon, a humanoid robot called Lightning left the real humans behind for the first time, breaking the tape in just over 50 minutes.&nbsp; To discuss the future of the robot wars, Louisa and Graeme are joined by Alberto Moel, former Vice President of Veo Robotics, now with the University of Hong Kong, and Chang Che, a freelance writer who was formerly the Asia technology correspondent for the New York Times.
Image: Robot in Traditional Attire at Airport Hall, c/- iStock photos, Daqian Wang, 25 February 2026.
Transcripts available at <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>

Lightning Strikes: China’s Robot Revolution

In our new series—China Rules—we look at how China is a global exporter, not just of goods, but also of standards, ideas, technologies and mechanisms of control. We’re starting with politics, and whether China is exporting its brand of “smart authoritarianism”. China’s heady mix of extractive political institutions and pro-growth economic policies makes for an attractive recipe to would-be imitators, just as China borrowed these ideas from South Korea and Singapore. Coupled with its edge in AI, digital surveillance and emerging technologies, China has moved from a passive exemplar to marketing—and profiting from—its blueprint for staying in power. Louisa and Graeme are joined by Jennifer Lind from Dartmouth College, the author of Autocracy 2.0: How China’s Rise Re-Invented Tyranny, and Bethany Allen from the Australian Strategic Policy Institute and author of Beijing Rules: China's Quest for Global Influence.

Image: China’s Police Liaison Team demonstrates martial arts during a community engagement event in Honiara, Solomon Islands. RFA/AFP/Royal Solomon Islands Police Force (RSIPF), June 2025

Transcripts available at https://ciw.anu.edu.au/podcasts/little-red-podcast

In our new series&mdash;China Rules&mdash;we look at how China is a global exporter, not just of goods, but also of standards, ideas, technologies and mechanisms of control. We&rsquo;re starting with politics, and whether China is exporting its brand of &ldquo;smart authoritarianism&rdquo;. China&rsquo;s heady mix of extractive political institutions and pro-growth economic policies makes for an attractive recipe to would-be imitators, just as China borrowed these ideas from South Korea and Singapore. Coupled with its edge in AI, digital surveillance and emerging technologies, China has moved from a passive exemplar to marketing&mdash;and profiting from&mdash;its blueprint for staying in power. Louisa and Graeme are joined by Jennifer Lind from Dartmouth College, the author of Autocracy 2.0: How China&rsquo;s Rise Re-Invented Tyranny, and Bethany Allen from the Australian Strategic Policy Institute and author of Beijing Rules: China's Quest for Global Influence.
Image: China&rsquo;s Police Liaison Team demonstrates martial arts during a community engagement event in Honiara, Solomon Islands. RFA/AFP/Royal Solomon Islands Police Force (RSIPF), June 2025
Transcripts available at <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>

China Rules: Autocracy for sale

As an Easter treat, we're bringing you a cracking tale of espionage from one of our favourite China podcasts: Face Off. We'll be back shortly with a new season called China Rules.

Espionage

Two young CIA agents were flown to northern China in 1952, part of a bizarre Cold War operation to overthrow Mao Zedong. The plane crashed. The two Americans were arrested, and jailed for 20 years. We fast forward to today and turn the tables: How does China spy on the US now? Who is ahead in the fight over the new technologies?

Guests: John DeLury, author, Agents of Subversion; Nigel Inkster, former director operations, MI6; former agent in Beijing.

Details about John Delury’s compelling book that tells the story of how two CIA operatives were captured in China and how they endured 20 years in jail.

https://www.cornellpress.cornell.edu/book/9781501765971/agents-of-subversion/

Nigel Inkster’s book about the US and China, the two big tech competitors.  

https://www.google.com/books/edition/The_Great_Decoupling/K4xfzQEACAAJ?hl=en

As an Easter treat, we're bringing you a cracking tale of espionage from one of our favourite China podcasts: Face Off. We'll be back shortly with a new season called China Rules.
Espionage
Two young CIA agents were flown to northern China in 1952, part of a bizarre Cold War operation to overthrow Mao Zedong. The plane crashed. The two Americans were arrested, and jailed for 20 years. We fast forward to today and turn the tables: How does China spy on the US now? Who is ahead in the fight over the new technologies?
Guests: John DeLury, author, Agents of Subversion; Nigel Inkster, former director operations, MI6; former agent in Beijing.
Details about John Delury&rsquo;s compelling book that tells the story of how two CIA operatives were captured in China and how they endured 20 years in jail.
https://www.cornellpress.cornell.edu/book/9781501765971/agents-of-subversion/
Nigel Inkster&rsquo;s book about the US and China, the two big tech competitors.&nbsp;&nbsp;
https://www.google.com/books/edition/The_Great_Decoupling/K4xfzQEACAAJ?hl=en

Little Red Podcast x Face Off

Britain is the latest country to be plunged into yet another espionage scandal after an MP’s husband was arrested on suspicion of spying for China. Beijing’s long been known for its ‘thousand grains of sand’ strategy relying on amateur intelligence collectors, but it’s now increasingly employing cognitive warfare to shape public opinion. This month, we analyse changes to China’s spying ground game on three continents. Louisa is joined by former Australian diplomat Sam Guthrie who’s the author of The Peak, a spy thriller set in Australia and China, national security expert Dennis Molinaro, the author of Under Assault: Interference and Espionage in China's Secret War Against Canada, and human rights activist Lyndon Lee, who has been targeted by Chinese agents in the UK.

Image: c/- Sergeant Paul Shaw LBIPP/MOD, under Open Government License version 1. Union and Chinese flags together.

Transcripts available at: https://ciw.anu.edu.au/podcasts/little-red-podcast

Britain is the latest country to be plunged into yet another espionage scandal after an MP&rsquo;s husband was arrested on suspicion of spying for China. Beijing&rsquo;s long been known for its &lsquo;thousand grains of sand&rsquo; strategy relying on amateur intelligence collectors, but it&rsquo;s now increasingly employing cognitive warfare to shape public opinion. This month, we analyse changes to China&rsquo;s spying ground game on three continents. Louisa is joined by former Australian diplomat Sam Guthrie who&rsquo;s the author of The Peak, a spy thriller set in Australia and China, national security expert Dennis Molinaro, the author of Under Assault: Interference and Espionage in China's Secret War Against Canada, and human rights activist Lyndon Lee, who has been targeted by Chinese agents in the UK.
Image: c/- Sergeant Paul Shaw LBIPP/MOD, under Open Government License version 1. Union and Chinese flags together.
Transcripts available at: <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>

State Capture or Mind Capture? China's Spy Strategy on 3 Continents

In 2013, to mark International Consumers Day, China’s state-run TV network labelled Apple a ‘bad company’. More than a decade later, despite claiming to rely on multinationals from 50 different countries, Apple still has nearly 100% of its supply chain in China. In this episode, we look at how Apple became so dependent on China, what it did to rehabilitate its image in the eyes of the Chinese government, and how it has influenced China’s aspiring global tech giants. Graeme is joined by Jianggan Li, the founder and CEO of Singapore-based Momentum Works, and the co-author of Seeing the Unseen: Behind Chinese Tech Giants’ Global Venturing and Patrick McGee, Financial Times journalist and the author of Apple in China: The Capture of the World’s Greatest Company.

Image: c/- Gerd Eichmann, 2020. Apple Store on Nanjing Lu, Shanghai.

Transcripts are available at https://ciw.anu.edu.au/podcasts/little-red-podcast

In 2013, to mark International Consumers Day, China&rsquo;s state-run TV network labelled Apple a &lsquo;bad company&rsquo;. More than a decade later, despite claiming to rely on multinationals from 50 different countries, Apple still has nearly 100% of its supply chain in China. In this episode, we look at how Apple became so dependent on China, what it did to rehabilitate its image in the eyes of the Chinese government, and how it has influenced China&rsquo;s aspiring global tech giants. Graeme is joined by Jianggan Li, the founder and CEO of Singapore-based Momentum Works, and the co-author of Seeing the Unseen: Behind Chinese Tech Giants&rsquo; Global Venturing and Patrick McGee, Financial Times journalist and the author of Apple in China: The Capture of the World&rsquo;s Greatest Company.
Image: c/- Gerd Eichmann, 2020. Apple Store on Nanjing Lu, Shanghai.
Transcripts are available at <a href="https://ciw.anu.edu.au/podcasts/little-red-podcast">https://ciw.anu.edu.au/podcasts/little-red-podcast</a>

Bad Apple? How the World’s Greatest Company Changed Chinese Tech

China’s college exam, the gaokao, is fetishized as the ultimate test, yet a lesser-known story is how it entrenches regional education discrimination. Its role at social engineering is also clear, with AI suddenly becoming the sixth most popular major in China, on command from above. This month, the Little Red Podcast sets the first ever podcast gaokao. The intrepid test-takers are Edward Vickers from Kyushu University, co-author of Education and Society in Post-Mao China and host of the Asian Education Podcast, Karron Huang, who is studying for a Masters in early childhood education at the University of Melbourne and sat the gaokao in 2015, and Ruixue Xia from the University of California San Diego who coauthored The Highest Exam: How the Gaokao Shapes China.

Image: c/- Karron Huang. Morning gaokao study session, Foshan No. 1 High School, Guangdong, 2015.

Transcripts are available at https://ciw.anu.edu.au/podcasts/little-red-podcast

China&rsquo;s college exam, the gaokao, is fetishized as the ultimate test, yet a lesser-known story is how it entrenches regional education discrimination. Its role at social engineering is also clear, with AI suddenly becoming the sixth most popular major in China, on command from above. This month, the&nbsp;Little Red Podcast sets the first ever podcast gaokao. The intrepid test-takers are Edward Vickers from Kyushu University, co-author of&nbsp;Education and Society in Post-Mao China and host of the Asian Education Podcast, Karron Huang, who is studying for a Masters in early childhood education at the University of Melbourne and sat the gaokao in 2015, and Ruixue Xia from the University of California San Diego who coauthored The Highest Exam: How the Gaokao Shapes China.
Image: c/- Karron Huang. Morning gaokao study session, Foshan No. 1 High School, Guangdong, 2015.
Transcripts are available at https://ciw.anu.edu.au/podcasts/little-red-podcast

Education Nation: China’s Exam Fetish

The Little Red Podcast: interviews and chat celebrating China beyond the Beijing beltway. Hosted by Graeme Smith, China studies academic at the Australian National University's Department of Pacific Affairs and Louisa Lim, former China correspondent for the BBC and NPR, now with the Centre for Advancing Journalism at Melbourne University. We are the 2018 winners of podcast of the year in the News & Current Affairs category of the Australian Podcast Awards. Follow us @limlouisa and @GraemeKSmith, and find show notes at www.facebook.com/LittleRedPodcast/

The Little Red Podcast: interviews and chat celeb…

The Little Red Podcast

Award-winning interviews and chat celebrating China beyond the Beijing beltway. Hosted by Graeme Smith, China studies academic at the Australian National University's Department of Pacific Affairs and Louisa Lim, former China correspondent for the BBC and NPR, now with the Centre for Advancing Journalism at Melbourne University. We are the 2018 winners of podcast of the year in the News & Current Affairs category of the Australian Podcast Awards and we're funded by the Australian National University's Centre on China in the World. Find us on your favourite platforms: we're on Stitcher, Spotify and even Podbean. Follow us @limlouisa and @GraemeKSmith, and find show notes at www.facebook.com/LittleRedPodcast/. Our editor is the Saturday Paper's Andy Hazel, background research is by Wing Kuang, Juliette Baxter looks after our socials and transcripts, our stirring theme tune was composed by Susie Wilkins and our iconic art is courtesy of Seb Danta.

Award-winning interviews and chat celebrating China beyond the Beijing beltway. Hosted by Graeme Smith, China studies academic at the Australian National University's Department of Pacific Affairs and Louisa Lim, former China correspondent for the BBC and NPR, now with the Centre for Advancing Journalism at Melbourne University. We are the 2018 winners of podcast of the year in the News &amp; Current Affairs category of the Australian Podcast Awards and we're funded by the Australian National University's Centre on China in the World. Find us on your favourite platforms: we're on Stitcher, Spotify and even Podbean. Follow us @limlouisa and @GraemeKSmith, and find show notes at www.facebook.com/LittleRedPodcast/. Our editor is the Saturday Paper's Andy Hazel, background research is by Wing Kuang, Juliette Baxter looks after our socials and transcripts, our stirring theme tune was composed by Susie Wilkins and our iconic art is courtesy of Seb Danta.

The Little Red Podcast

Social links:

Follow the podcast:

125 clip(s)