2026年冬季洞察

BUSINESS P.14Shane Tedjarati on more thanthree decades in China ECONOMY P.05Lizzi Lee on Big Health'seconomic potential 2026 BOARD OF GOVERNORS INSIGHTThe Journal of the American Chamber of Commerce in Shanghai - Insight Winter 2026 AMCHAM SHANGHAI ECONOMY ERIC ZHENGVP of Administration & FinanceHELEN RENVP of Corporate & Commercial China’s Post-property Growth Era: Can “Big Health” Fill the Gap?Lizzi Lee of the Asia Society Policy Institute examines whether “Big Health” can become China's05 POLICY Geological Gambit: Escaping the Trap of Critical Mineral DependencyCory Combs of Trivium China analyzes the global competition for critical mineral supply chains09 KAREN QIUGovernment Relations & CSRMARK WANGTrade & Investment CenterLEON TUNG Lessons from 35 Years in China: Growth and Leadership in a Fractured WorldShane Tedjarati of Prologis reflects on a career that defies the traditional global executive path14 INSIGHT The Emotion Imperative: Why Consumer Connection is More Important Than EverRetail Committee vice-chair Ted Hopkins assesses how emotional value is changing the consumer19 The China Clarity Playbook: Insights Without the PitfallsZak Dychtwald of BridgeWorks on translation gaps in headquarters’ China strategy26 Thinking Outside the Jar: Hormel on Peanut Butter, Meat and Much MoreNorman Gu, head of Hormel’s China operations, chats F&B innovation and localizing classic31 Culture Shift: Öarmilk’s Yogurt RevolutionDairy veteran Wang Weijian on his trailblazing Greek yogurt brand34 (86 21) 6169-3000Story ideas, questions orcomments on Insight: Please contactrachel.rapaport@amcham-shanghai.org Cornbread and Coffee: An American Food Startup Looks Towards ChinaKabod, a newcomer at this year’s CIIE, discusses how it's bringing American classics to the Chinese market38 Insight is the quarterly publication of TheAmerican Chamber of Commerce in Shanghai.Editorial content and sponsors' announcementsare independent and do not necessarily reflect CHAMBER From Ping Pong to Track II: A Lifetime of Cultural DiplomacyJan Berris of the National Committee on US-China Relations reviews more than 50 years at thecenter of the world’s most consequential relationship40 27F Infinitus Tower168 Hubin RoadShanghai, 200021 Chinatel: (86 21) 6169-3000 PRESIDENT’SLETTER As we turn the page on another year, Iwrite with a mixture of reflection, resolve andcautious optimism. 2025 was a year of con-sequential change for US-China trade rela- ber companies, a key challenge is navigatinga landscape where opportunity and risk coex-ist — where China is both an essential marketand innovation hub, yet a locus of heightened Amid these challenges, AmCham Shang-hai has stayed true to its core mission: servingas a constructive bridge between businessand government. This focus was especially After over half a year of escalating tradetensions, the meeting resulted in meaningfulprogress for the trade relationship. The USagreed to reduce its fentanyl tariffs on Chinafrom 20% to 10% — lowering the average ef-fective tariff rate on Chinese imports to around47% — and to suspend the recently imple-mented “50% affiliates rule” regarding export Meanwhile, AmCham Shanghai has deep-ened its engagement with both MNC andSME members. We have also expanded ourservice coverage across the Yangtze RiverDelta region and neighboring provinces. With into China’s economic direction, policy signalsand evolving industry trends. Lizzi Lee of theAsia Society Policy Institute considers wheth-er “Big Health” can become the next engineof growth while Trivium China’s Cory Combsexamines the global race for critical mineralssupply chains. Shane Tedjarati of Prologis and Most notably, President Trump confirmeda visit to China in April, followed by Presi-dent Xi’s planned trip to the US in late 2026.While the meeting in Busan did not resolvedeep-rooted differences, the resumption of ERIC ZHENGPresident of The American Chamber of 2025 also marked the final year of China’s14th Five-year Plan (FYP). By and large, Chinahas made significant progress in all six prior-ity areas including economic development,green ecology, industrial development, in-novation, people’s wellbeing and social de-velopment. Except in a few categories suchas a reduction in carbon dioxide emissions In line with our recent Food & AgriculturePavilion at the CIIE, we look at three very dif-ferent companies: American food giant Hor-mel, Chinese yogurt pioneer Öarmilk, andAmerican snack startup Kabod Foods. Lastbut not least, Jan Berris of the National Com- Lookingahead,Washington and Beijinghave a pivotal opportunity to build on recentprogress in stabilizing the bilateral relation-ship. AmCham Shanghai is committed to sup-porting this dialogue and advancing Americanbusiness interests in China. I extend my sin- However, the external environment remainschallenging on many fronts. Policymakers onall sides are rebalancing national security pri- China’s Post-property Can “Big Healt