The Peking order: Xi meets Putin after Trump

Summary

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Economist Podcasts – "The Peking Order: Xi Meets Putin After Trump"

Date: May 21, 2026
Hosts: Rosie Blore, Jason Palmer
Guests: Jeremy Page (Chief China Correspondent/Host, Drum Tower), Sonny Loughran (Britain Correspondent), Caitlin Talbot (Digital Culture Correspondent)

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Overview

This episode of The Intelligence from The Economist revolves around shifting dynamics of China's foreign relations as Xi Jinping meets both Donald Trump and Vladimir Putin in quick succession. The show delves into what these back-to-back summits signal for global power structures, the pragmatic and symbolic underpinnings of Xi’s diplomacy, and China’s aspirations for a central, powerful role on the world stage.

The episode also explores the business and culture of English football’s Premier League and the growing phenomenon of thrill-seeking, "adrenaline" holidays worldwide.

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Segment 1: China’s New Geopolitical Choreography

Xi Meets Putin After Trump: What These Consecutive Summits Signal

[01:44–10:42]

Key Discussion Points

• Summit Season in Beijing

  • Following Trump’s high-profile visit, Vladimir Putin arrives—both received with grand ceremony and Chinese pomp.
  • "It's good business for the Chinese marching bands… But this isn't just about pomp for China. There's politics too."
    —Rosie Blore [01:44]

• China-Russia Relationship: The Power Shift

  • Personal rapport: Xi and Putin’s camaraderie spanning over 13 years—numerous meetings, personal gestures (vodka, pancakes, hockey).
  • Both leaders share nationalist, anti-Western liberal democracy views and a desire to reshape the post-WWII US-led order.
  • Since Russia’s invasion of Ukraine (2022), China holds clear leverage as Russia grows reliant on Chinese economic and dual-use material support.
  • "Russia needs China far more than China needs Russia."
    —Jeremy Page [05:56]

• Putin’s Priorities in Beijing

  • Seeking assurance China will not compromise the Russia partnership for US relations, especially regarding Ukraine.
  • Securing continued economic/military-technical support—drones, electronics, engineering for Ukraine war effort.
  • Hope for movement on a new Russia–China gas pipeline, but "Xi Jinping stood firm" and China drove a hard bargain.
    —Jeremy Page [05:14]

• Xi’s Objectives

  • Demonstrate that China has a strong global ally against American power.
  • Coordinate with Russia on Iran, Venezuela, North Korea, and counter US military action.
  • Extract Russian support for China’s positions on Taiwan and criticism of Japan’s military policy.
  • Seek Russian technical/military know-how (nuclear subs, missile defense) and frontline battlefield experience/data from Ukraine.
  • "China was also almost certainly seeking more high end military assistance… Because it doesn’t have any combat experience of its own…"
    —Jeremy Page [06:52]

Notable Quotes and Analysis

• On China’s Diplomatic Symbolism

  • "On the surface, the treatment was quite similar… But for Putin, there was no equivalent of the private tours Trump got… and there were none of the personal touches…"
    —Jeremy Page [07:34]
  • Differences in summit choreography signal China’s nuanced balancing act, appeasing Trump’s vanity while signaling substance with Russia.

• Lengthy Joint Statement

  • Unlike the US visit, Xi and Putin issued a long, detailed joint statement: collaboration spanning AI, space, border infrastructure—even wildlife protection.
  • "There wasn’t a joint statement from the Trump visit, but there was an extremely lengthy one that came out of the Putin visit, which detailed cooperation in an extraordinary range of areas."
    —Jeremy Page [08:09]

• Geopolitical Motives

  • Xi wants China to be "the pivotal power in the strategic triangle of relations between Beijing, Moscow and Washington."
  • He shows better relations with both Putin and Trump than they have with each other—a message to the world and to domestic audiences.
  • "Having the American and Russian leaders coming to Beijing in quick succession… would have really boosted Xi Jinping’s standing at home and abroad."
    —Jeremy Page [10:18]

Memorable Moment

• "So a joint statement, but no vodka swigging then?"
  "Exactly."
  —Rosie Blore and Jeremy Page [09:04–09:07]

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Segment 2: The Premier League’s Global Dominance

Exploring the Business and Cultural Power of English Football

[11:51–17:52]

Key Discussion Points

• Premier League’s Reach and Impact

  • Broadcast in all but two UN member states; massive global viewership.
  • "A big game can reach more than 700 million people. That’s about three times the Super Bowl’s viewership."
    —Sonny Loughran [11:54]

• Transformation Since the 1980s

  • 1980s English football plagued by hooliganism, poor stadiums, racism.
  • In the 1990s, reforms and the 1992 launch of the Premier League led to a new era.

• Success Factors: Imports, Exports, Competition

  • Premier League aggressively secured international TV rights early ("first mover advantage").
  • Half of broadcast revenue comes from overseas—unusual compared to leagues like the NFL.
  • Attracts global talent: 75% of minutes played by foreign-born players (compared to 44% in Spain).
  • "Mo Salah… is called the Egyptian King and he’s a superstar in that part of the world."
    —Sonny Loughran [14:28]
  • TV revenue is distributed more equitably among clubs, driving competitiveness.
  • Smaller clubs have resources rarely seen in peer European leagues.

Notable Quotes

• "Anyone can beat anyone in the Premier League."
  —Sonny Loughran [14:50]

• "Only four of the league’s 20 teams made a pre-tax profit… they spend an average of 65% of their revenue on wages."
  —Sonny Loughran [15:53]

• The most lucrative step for clubs? Qualifying for European tournaments—this can make or break finances for mid-level teams.

• Coming Change:
  "The government has established an independent football regulator… stricter financial regulations, checks around owners… some fear that strict regulation will make the league less vibrant."
  —Sonny Loughran [17:09]

Memorable Moment

• "Like anything in football, it’s a bit of a gamble."
  —Sonny Loughran [17:47]

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Segment 3: The Rise of “Darecations” — Adventure Tourism

Why More People Are Seeking Holiday Terror and Thrills

[18:10–21:56]

Key Discussion Points

• Personal Account/Tourism Trend

  • Caitlin Talbot recounts a dramatic canyon swing in New Zealand—"obviously I sound quite frightened."
    —Caitlin Talbot [18:14]
  • "Darecations" (adrenaline-filled holidays) are a top international travel trend for 2026.
    —Caitlin Talbot [18:52]

• Industry Data

  • 14% of international travelers seek adrenaline activities.
  • Adventure bookings outpacing standard holiday categories; massive increase in sports travel insurance uptake.

• Psychology and Social Media

  • Key drivers: "Getting out of your comfort zone," the desire for unique, shareable experiences.
  • "People want to do something they can show off to their friends… something they can post on social media. They want new experiences."
    —Caitlin Talbot [20:18]

• “Soft Adventures” for the Less Bold

  • Increasing popularity of luxurious or less risky adventures (e.g., kayaking calm waters rather than whitewater rafting)—still experience-focused.

Memorable Moment

• "I have seen pictures on social media of people hanging off the side of hot air balloons. I don’t plan to do that."
  —Caitlin Talbot [21:34]

• Hosts and correspondents jovially admit partial participation in the adrenaline trend:
  "I have a little bit of adrenaline junkie still left in me to be satisfied…"
  —Jason Palmer [21:46]

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Timestamps for Important Segments

• China’s Diplomatic Ballet (Xi–Trump–Putin): 01:44–10:42
• Premier League’s Global Power: 11:51–17:52
• Darecations/Adventure Holidays: 18:10–21:56

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Episode Tone & Style

The conversation is incisive yet accessible, balancing news analysis with conversational wit. Notable is the use of vivid imagery (Chinese summits, stadiums packed for football) and pointed, sometimes humorous, commentary—especially around geopolitical theatrics and the passions of football and extreme tourism.

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Final Thoughts

For those seeking a snapshot of global realignment, from Beijing’s diplomatic maneuvering to culture-defining British sport and changing tourist appetites, this episode offers timely and deep insights. Xi’s balancing act between Trump and Putin is dissected with nuance, the Premier League’s business acumen is lucidly unpacked, and the psychology of modern adrenaline holidays is contextualized in the broader “experience economy.”

"Xi Jinping has always aspired to put China at the center of global affairs… and essentially moved him closer to his dream of a more Sino-centric global order."
—Jeremy Page [10:27]

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Transcript

[Caitlin Talbot]

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[Jason Palmer]

The economist.

[Rosie Blore]

Hello and welcome to the Intelligence from the Economist. I'm Rosie Blore.

[Jason Palmer]

And I'm Jason Palmer.

[Rosie Blore]

Today on the show, how did the Premier League become so successful? And why people choose holidays that are terrifying. First up, though, It's definitely summit season. Last week, fanfare for Donald Trump's visit to China. Only days later, Vladimir Putin got in there too. And once again the red carpet was rolled out in Beijing. It's good business for the Chinese marching bands, all those singing children, and of course, the sumptuous banquets. Putin was waved off yesterday with smiles, handshakes and waving flags. But this isn't just about pomp for China. There's politics too.

[Jeremy Page]

The timing of Putin's visit to Beijing really sends an unmistakable signal that China is not going to sacrifice its close relationship with Russia just for the sake of better ties with the U.S. jeremy

[Rosie Blore]

Page is a host of Drum, our China podcast, and our chief China correspondent.

[Jeremy Page]

But it also shows how China is now moving much closer to the role Xi Jinping has always craved as the fulcrum of global geopolitics.

[Rosie Blore]

Let's fill in some context, Jeremy. Tell me about the relationship between Xi Jinping and Vladimir Putin.

[Jeremy Page]

Yeah, it's a remarkably close relationship. They've known each other for more than 13 years now. They've met something like 40 times. And in the past we've seen some unusual displays of camaraderie. They've swigged vodka together, they've made pancakes, they watched a hockey game. And I think there's a genuine personal connection. They have similar views on a lot of things. I think similar views on history, the collapse of the Soviet Union. They've definitely got a similar leadership style. They're both very strong nationalist leaders, but they also have this deep hostility towards Western liberal democracy and a determination to challenge the the US Led global order that was established after the end of World War II to basically give their countries greater say in world affairs, but also to allow them to survive as autocratic regimes. That said, I think the balance of power in the relationship has really shifted dramatically since Russia's full scale invasion of Ukraine in 2022, because Russia is now increasingly reliant on Chinese economic support as well as dual use materials that are needed for that war in Ukraine.

[Rosie Blore]

So it's still something of a bromance. What do you think Putin specifically wanted from this visit?

[Jeremy Page]

I think one of his main goals was probably to get a readout on the Trump visit to make sure that China and America aren't planning anything that might jeopardize Russian interests, especially in Ukraine. He definitely wanted to ensure that China would continue to provide that economic support and dual use items like drones, electronics, engine parts that are needed for the war in Ukraine. Ukraine. He probably wanted to coordinate positions on the war in the Middle east and American policy in Latin America and Asia, and he got most of that. But the other big priority for Putin, which he doesn't seem to have made progress on, was trying to get a deal to launch this long delayed project to build a new gas pipeline between Russia and China. They've been wrangling over that for years. Basically, China's been driving a hard bargain over price and volume and other terms. And the Russians were hoping that China might show a bit more flexibility since the closure of the Strait of Hormuz showed the vulnerability of China's seaborne energy imports. But it looks like Xi Jinping stood firm on that issue and his demands for better terms. And that's a real demonstration of the power dynamics and the relationship. Basically, Russia needs China far more than China needs Russia.

[Rosie Blore]

So if China very much has the upper hand, then what did Xi Jinping want out of Putin's visit?

[Jeremy Page]

So Xi Jinping, I think, wanted to demonstrate that he still has a powerful partner in opposing American leadership in the world. China's often tried to hide behind Russia in international affairs. So it's useful for him not to be on his own in criticizing American policy in other parts of the world. I think he also wanted to coordinate positions on Iran, Venezuela, North Korea and other issues. These are countries that China and Russia both have very close ties to, and they've both been unnerved by America's military action against both Venezuela and Iran. Xi Jinping definitely would have wanted Russia to reiterate its support over Taiwan and to join China in criticizing Japan over its rearmament. But China was also almost certainly seeking more high end military assistance in areas like nuclear submarine propulsion, ballistic missile defense. China's also very keen to get access to drone data and tactical lessons from the frontline in Ukraine because it doesn't have any combat experience of its own, having not actually fought a war since 1979.

[Rosie Blore]

Now, Jeremy, you're an expert in the semiotics of the Chinese Communist Party and indeed of Russia. I'm interested in your thoughts on how China's treatment of Trump and Putin differed.

[Jeremy Page]

It was very interesting to watch the choreography of the two summits. On the surface, the treatment was quite similar. They had very similar welcomes. They were both met by senior officials at the airport court. They had welcoming ceremonies on Tiananmen Square with military honor guards, small military parade, waving children, a 21 gun salute. And then they both had formal talks in the Great hall of the People next to Tiananmen Square. But for Putin, there was no equivalent of the private tours that Trump got of the Temple of Heaven and the Chinese leadership compound Zhongnan High, where Trump was shown one of the gardens there, which is considered a rare privilege. And there were none of the personal touches between Xi Jinping and Putin that we've seen in their previous meetings. I think that's partly because China wanted to avoid upsetting Trump, who puts a lot of emphasis on the pageantry of these meetings and probably would have been disappointed if he'd seen Putin getting exactly the same thing a few days later. And China and Russia were probably also trying to show that their relationship is a bit more mature and less superficial, more based on substance. So there wasn't a joint statement from the Trump visit, but there was an extremely lengthy one that came out of the Putin visit, which detailed cooperation in an extraordinary range of areas, everything from artificial intelligence and space to border infrastructure and even the protection of tigers and leopards.

[Rosie Blore]

So a joint statement, but no vodka swigging then?

[Jeremy Page]

Exactly.

[Rosie Blore]

What do you think, then, that these consecutive visits say about how China is positioning itself geopolitically?

[Jeremy Page]

Xi Jinping, I think, is trying to show that he can improve relations with America without sacrificing his so called no limits partnership with Russia. And that's important to him partly because he's aware that some Trump advisors advocate rebuilding ties with the Kremlin to try to isolate and weaken China in what they call a reverse Nixon strategy, the reverse of what the US did in isolating the Soviet Union by building closer ties with China from the early 1970s onwards. At the same time, he wants to demonstrate that China is now the central power, the pivotal power in the strategic triangle of relations between Beijing, Moscow and Washington, which really shaped those geopolitics in the Cold War. He demonstrated in these two summits that he now has better relations with Putin and with Trump than they have with each other. So that puts him in a very strong position. And more broadly, Xi Jinping has always aspired to put China at the center of global affairs. So having the American and Russian leaders coming to Beijing in quick succession, both seeking business deals and help with their foreign wars, I think that would have really boosted Xi Jinping's standing at home and abroad and essentially moved him closer to his dream of a more Sino centric global order.

[Rosie Blore]

Jeremy, thank you very much for talking to me.

[Jeremy Page]

Thank you, Rosie.

[Rosie Blore]

And you can hear more about Trump's visit to China on this week's episode of Drum Tower, our China podcast, in which Jeremy goes deep into the significance of that summit and what it achieved. You'll need to be a subscriber.

[Sonny Loughran]

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[Rosie Blore]

Sonny Loughran writes about Britain.

[Sonny Loughran]

The Premier League is broadcast to all but two of the UN's 193 member states. North Koreans might not get to tune in, but a big game can reach more than 700 million people. That's about three times the super Bowl's viewership. Arsenal are champions of England for the first time in 22 years. And if you look at Google's worldwide trends data, you can really see how much of a cultural superpower the Premier League is. Last year, more people searched for Manchester United, one of the Premier League's most famous teams, than for Taylor Swift and the Harry Potter book series combined. And if you want a more recent indicator, the government of Botswana has issued a statement debunking a fake government press release granting all Arsenal supporters a day off work to celebrate them winning the Premier League.

[Rosie Blore]

Sunny, Very few people are talking about anything other than football right now. Take us back a bit. Remind us how the Premier League changed football in Britain.

[Sonny Loughran]

So English football wasn't always the powerhouse that it is today. In the 1980s, it was known for all of the wrong things. Hooliganism, dangerously rundown stadiums and racism. Around the 1990s, English football started to clean up its act. They clamped down on racism in the stands, they banned drinking in the stands. And the Premier League was created in 1992 and it's just been on the up ever since then.

[Rosie Blore]

And why is it so much more successful or so much more popular than other international leagues?

[Sonny Loughran]

So it really comes down to three things. Imports, exports and competition. On the exports front, for the first eight years of the league's existence, it made basically no profit on international broadcast rights. The Premier League is quite unique in that about half of its broadcast revenue comes from overseas. If you look at the NFL, for example, that 98% is domestic. And the Premier League was really a first mover on that. By the time that a lot of other European leagues realized that there was a buoyant overseas market for live football, the Premier League had already established itself as the dominant football league in the world. So the Premier League is quite unique in that about half of its revenue comes from TV rights and about half of that comes from overseas. So a lot of it comes down to first mover advantage.

[Rosie Blore]

And you mentioned also imports and competition.

[Sonny Loughran]

Yes. So the Premier League is unusually open to foreign capital coaches and players. Fourteen of the league's 20 managers are foreign born. An Englishman has never won the Premier League, and 75% of the league's minutes this season were racked up by foreign born players, compared to 62% in Germany and 44% in Spain. In total, 128 countries have been represented in the Premier League from Iceland to Togo and Suriname to Venezuela. And when you have big name foreign players who might be the star of their national team, they bring with them fans from those countries. Mo Salah, who's been one of Liverpool's most successful players over the last few years is called the Egyptian King and he's a superstar in that part of the world.

[Rosie Blore]

And you mentioned competition, which I would think is the very point of the Premier League.

[Sonny Loughran]

Yes, the Premier League is especially competitive. It's a bit of a cliche that anyone can beat anyone in the Premier League. And the reason for that is that the Premier League distributes its TV money more equitably than a lot of foreign leagues. In a lot of European leagues, the money tends to get funneled to just a few top clubs, but in England it's spread out much more evenly. I think the least broadcast revenue that any team got last season was £100 million. And what that means is that even mid tier teams in England can spend a lot more money than they can in Spain. For example, if you look at Sunderland, they were promoted from the championship last season, they spent more than 200 million pounds in the summer, whereas Spain's three promoted teams spent just 15 million euros between them.

[Rosie Blore]

So you said that the Premier League makes about half of its money from TV rights. Where does the other half come from?

[Sonny Loughran]

Partly it's tickets. The Premier League is the most well attended league in Europe and tickets are notoriously expensive. And it's merchandising and sponsorships. They're global businesses with global audiences.

[Rosie Blore]

So are all clubs making just as much money as each other?

[Sonny Loughran]

Definitely not, no. There is a big range. Liverpool, I think, became the first Premier League team to make £700 million worth of revenue last year. Not all clubs are making that. And to be honest, most clubs bring in a lot of revenue, but they don't make much profit. Last year only four of the league's 20 teams made a pre tax profit. And the reason for that is that they spend a lot of money on player wages. Last season clubs spent an average of 65% of their revenue on wages. And if you look outside of the Big six, which is sort of the elite clubs, that rises to 76%. So a lot of that money is coming in and going straight back on players.

[Rosie Blore]

But we've heard about clubs going into the red as well. So what is it that makes the difference?

[Sonny Loughran]

One of the biggest ways to make money in the Premier League is to get into the European places. The Champions League, for example, European football massively increases your prize money and your TV broadcast revenue. So clubs are spending so much money on players because it's pedal to the metal to try and get into those top places. But because everyone's doing that, it's such a competitive league, if you have one bad season, you fall out. It can be a real spiral for teams that then don't have the money to reinvest to catch up with the rest of the league.

[Rosie Blore]

So, as they say, it's a game of two halves. But, Sunny, there's change on the way, isn't there? The government might move the goalposts.

[Sonny Loughran]

Yes. The government has established an independent football regulator, which is setting up a licensing regime for clubs that's due to come in around the 2027, 2028 season. We're not exactly sure what that's going to mean, but people are expecting stricter financial regulations, checks around owners and things like that. And some fear that strict regulation will make the league less vibrant. The regulator says it's trying to ensure the long term sustainability of English football and people worry about dodgy owners coming in. People worry about clubs being laden with unsustainable levels of debt, and those are the problems that it's trying to solve. Whether it will remains to be seen. Like anything in football, it's a bit of a gamble.

[Rosie Blore]

Sonny, thank you very much.

[Sonny Loughran]

Thank you, Rosie.

[Jeremy Page]

All right, so arms out to the side, bend your knees in so your

[Sonny Loughran]

feet don't hit the deck and you just want to go rag.

[Caitlin Talbot]

A few years ago, I went to Queen's Town in New Zealand, which is sometimes called the adventure capital of the world. What you can hear is the sound of me falling around 70 meters and then swinging over a vast canyon. Obviously I sound quite frightened.

[Jason Palmer]

Caitlin Talbot is a digital culture correspondent for the Economist.

[Caitlin Talbot]

But I'm not the only person who wants adrenaline and adventure filled holidays. Darecations are becoming more of a trend.

[Jason Palmer]

It sounds like you were ahead of the trend then. Tell me what the trend is like now.

[Caitlin Talbot]

So Pinterest says that these adrenaline inducing holidays are a top tourism trend for 2026. And according to the Adventure Travel Trade association, around 14% of international travelers are keen to do such pursuits as bungee jumping, canyoning, mountaineering, and on Airbnb, bookings for nature and outdoo experiences are outpacing all other categories.

[Jason Palmer]

So what do you think's going on there? Why do people want to, I don't know, terrorize themselves?

[Caitlin Talbot]

So I think for me, I've always been a bit of a adrenaline junkie. I've always liked roller coasters and this is what industry experts told me as well. People want to get out of their comfort zone. People are trying more physical activities. Hiking, ab, sailing, mountaineering. That requires a lot of kit. And at the more extreme end, people are being extra careful taking out more sports travel insurance. One insurance provider called Sports Cover Direct claims that the number of people buying sports travel insurance has nearly tripled from 2023 to 2025. So a big leap in people doing those more strenuous activities where something could go wrong and they feel they need to be covered for that.

[Jason Palmer]

But what do you suppose is going on psychologically? That a much higher fraction of people want to put themselves at risk and. And be insured.

[Caitlin Talbot]

So I think that there's a kind of move away from these holidays where you just get by a pool. People want to challenge themselves. People want to do something they can show off to their friends. They want to do something that they can post on social media. They want new experiences. And this is something we're seeing across the entire experience economy. You know, everybody wants to do something their friends haven't done, something new. And I think the adrenaline side comes into this. These are often experiences that you can capture and post on social media. I can't say I personally did that because the screen was too embarrassing, but they're often something very different. And, yeah, you're getting an experience you couldn't maybe get at home.

[Jason Palmer]

And for those who don't like to be terrified, though, there's still plenty of market for them.

[Caitlin Talbot]

Yeah. So if you're not quite up to the swing or something like that, then there are these kind of soft adventures coming around. That's what industry people are calling them. And that might be where there are added luxuries, or, as one person put it to me, you're kayaking down a calm estuary rather than whitewater rafting or something like that. So you're still outside and you're still getting that rarer or more exclusive experience than you might get on your traditional poolside holiday.

[Jason Palmer]

And as for you, what's your next element of terror you're seeking out?

[Caitlin Talbot]

So I'm actually going on a safari, which I guess would count as a soft adventure, but I am also doing a hot air balloon as part of the safari. I have seen pictures on social media of people hanging off the side of hot air balloons. I don't plan to do that. Would you be tempted by a swing, Jason?

[Jason Palmer]

Oh, yeah, totally. I have a little bit of adrenaline junkie still left in me to be satisfied, so I'm on board with this trend. Thanks very much for joining us, Caitlin.

[Caitlin Talbot]

Thank you, Jason.

[Rosie Blore]

That's all for this episode of the Intelligence. See you back here tomorrow.

[Jason Palmer]

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