China's Industrial Policy Reset: Autonomy and Productivity | Look Forward Ep. 38

In this episode, host Aries Poon is joined by Jocelyn Lewis and Chris Sparenberg, hosts of S&P Global's Private Markets 360° podcast to discuss their series namesake, Private Markets. Together, the trio to unpacks why Private Markets continues to gather so much attention, as well as the themes that have emerged throughout 2026 and beyond. More From the S&P Global Private Markets 360° The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

Host Naki Mendoza talks with Lindsey Hall, Global Head of Thought Leadership at S&P Global Horizons, about why "resilience" has become the organizing idea of sustainability in 2026 and the anchor theme of the new edition of S&P Global's Sustainability Quarterly. Together, they unpack how the language has evolved from ESG to sustainability to resilience, and what S&P Global's research shows about energy scenarios, climate adaptation planning, power generation, and exposure to climate hazards. More From the S&P Global Sustainability Quarterly Third-Quarter 2026 Edition | S&P Global All Things Sustainable: What to expect from Climate Week NYC: Why resilience is high on the agenda | S&P Global S&P Global @ Climate Week NYC: The Resilience Imperative at the Climate Infrastructure Forum | S&P Global The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

In this episode of the Look Forward podcast, host Naki Mendoza turns the tables on regular co-host Aries Poon, one of the lead authors of the research, to unpack what's actually changed in Beijing's industrial playbook — and why it matters for global supply chains, competitors, and policymakers. The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

Private credit has grown from a post-financial-crisis gap-filler into a roughly $2 trillion market — and with investor redemptions and AI disruption fears making headlines, it's facing fresh scrutiny. Host Molly Mintz is joined by S&P Global Ratings' Matthew Mitchell, Managing Director for Structured Finance, and Evan Gunter, Managing Director and Head of Private Markets Research, to unpack where the real pressure points lie. The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

Artificial intelligence is accelerating demand for data center power at a pace that is reshaping the global energy agenda. In this episode of the Look Forward podcast, host Aries Poon speaks with Tony Lenoir, data center expert at S&P Global, about whether AI growth can coexist with decarbonization goals — and how hyperscalers are rethinking their energy strategies in response. The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

In this episode of the Look Forward podcast, S&P Global experts Deepa Kumar and Gauri Jauhar examine how the Middle East conflict is stress-testing India's economy through energy dependence, trade exposure, remittances, currency pressure, inflation, and geopolitical balancing. They discuss why this shock is more multi-layered than past crises and how India's resilience is being challenged even as government support, infrastructure spending, and private-sector cost absorption continue to provide buffers. The conversation also explores how India is using the crisis to accelerate longer-term reforms in energy security, industrial policy, and global trade strategy. From diversifying oil and gas suppliers and expanding storage capacity to leveraging free trade agreements, production-linked incentives, renewables, nuclear, and domestic exploration, the episode frames the current moment not only as a test of resilience but as a potential catalyst for India's next phase of transformation. The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

In this episode of the Look Forward podcast, host Naki Mendoza speaks with Daniel Yergin, vice chair of S&P Global Energy, founder and chair of CERAWeek, and Pulitzer Prize-winning author of The Prize, The Quest, and The New Map. Together, they examine a volatile moment for global energy, shaped by conflict in the Middle East, the Strait of Hormuz disruption, shifting supply chains, and renewed focus on energy security. The Look Forward Podcast is powered by the S&P Global Institute. The S&P Global Institute is the center for enterprise-wide thought leadership that brings together expertise from across S&P Global to provide insights on the trends reshaping markets, industries, and the global economy.

In this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz explores the rapid evolution and enduring resilience of global fixed income markets. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, the conversation examines how geopolitical disruption, technological innovation, and  new market innovations and infrastructure are transforming the bond market for issuers, investors, and portfolio managers alike.  Alexandre Birry of S&P Global Ratings provides the macro-credit perspective, explaining that bond markets have remained orderly and functional despite geopolitical uncertainty, energy price volatility, and broader macro risks. He discusses the surge in tech and AI-related issuance, the growing importance of selectivity in credit markets, and the longer-term potential of infrastructure innovations such as tokenization, DeFi, stablecoins, and digital settlement rails.  Matt Chessum of S&P Global Market Intelligence unpacks the growth of global fixed income ETFs, which have expanded into a multi-trillion-dollar market by offering investors diversified bond exposure through a single tradable vehicle. Chessum explains how bond ETFs can improve accessibility, transparency, and price discovery (especially during periods of stress), while also pointing to a future in which digitalization and tokenized market infrastructure further enhance market liquidity and flexibility.  Jeffrey Johnson of Vanguard takes listeners inside the mechanics of bond index fund management, explaining why fixed income indexing is far more complex than it may first appear. With benchmarks like the Bloomberg U.S. Aggregate Bond Index containing roughly 14,000securities, Johnson describes the "art and science" of sampling, risk alignment, trading, and cost management required to closely track a benchmark. He emphasizes why low-cost bond index funds remain a critical source of diversification and ballast in uncertain markets.  Chapters:  [00:00] - Introduction to Partner Perspectives and the evolution of fixed income  [03:00] - Alex Birry on bond market resilience amid geopolitical uncertainty  [05:25] - Tech issuance, AI disruption, and the new status quo in credit risk  [07:50] - The future of bond market infrastructure: DeFi, stablecoins, and tokenization  [10:45] - Matt Chesham on how fixed income ETFs work and why they've grown so quickly  [13:20] - Structural cost advantages, diversification, and the appeal of bond ETFs  [16:00] - How bond ETFs improve liquidity, price discovery, and market access  [20:10] - ETFs in volatile markets: resilience, stress scenarios, and risk transfer  [24:10] - Looking ahead: digitalization, modular bond investing, and market evolution  [29:45] - Jeffrey Johnson on the complexity of managing bond index funds  [31:45] - Why fixed income indexing lagged equities and what's driving adoption now  [35:10] - How investors use broad and targeted bond index funds  [37:10] - The "art and science" of tracking the Bloomberg US Aggregate Bond Index  [41:20] - Why active decision-making powers passive bond portfolios  [43:20] - Why bonds remain essential as portfolio ballast in uncertain times  [45:00] - Final takeaways and the importance of collaboration across markets  This podcast was authored by a cross-section of representatives from S&P Global and in certain circumstances external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the products and services those entities offer. This research is a publication of S&P Global and does not comment on current or future credit ratings or credit rating methodologies. 

In this episode of Partner Perspectives, a special miniseries within the Look Forward podcast, the conversation explores one of the most foundational yet rapidly evolving forces in modern investing: indexing. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, this episode examines how market concentration, changing corporate leadership, and expanding index tools are reshaping the way investors access markets and build portfolios.  Tim Edwards of S&P Dow Jones Indices opens with a historical perspective on U.S. equity concentration—noting that by mid-2025 the 10 largest companies in the S&P 500 accounted for nearly 40% of the index's market capitalization, a level not seen since the mid-1960s. He explains how enthusiasm around AI, technology, and productivity has fueled today's market leaders, while also showing that concentration is not static: Over time, equity markets undergo a constant "changing of the guard," as old leaders fade and new giants rise. His core message is that broad, capitalization-weighted benchmarks remain powerful because they adapt alongside the market rather than trying to predict its future winners.  The episode then shifts to Jim Rowley of Vanguard, who traces how indexing has evolved over the last 50 years—from the first simple S&P 500 index mutual fund to today's far more targeted landscape of sector, size, style, and total-market strategies. Rowley explains how investors increasingly use "passive for active" approaches to build portfolios with precision, while emphasizing that investors should look beyond labels and understand the underlying methodology of any index they own. He also points to direct indexing as the next frontier, offering greater customization for tax-loss harvesting, ESG preferences, and factor tilts.   Chapters:  [00:00] - Introduction to Partner Perspectives and the evolution of indexing  [02:00] - Tim Edwards on concentration in the S&P 500 and why this moment matters  [04:30] - The role of AI, technology, and market optimism in today's top companies  [06:10] - Looking back to 1965: what happened to the prior top 10 giants  [08:00] - How a small number of stocks drive a large share of long-term market growth  [09:55] - The "changing of the guard" and how concentration evolves over time  [11:20] - Does underperformance by today's giants threaten the broader market?  [13:10] - Why broad cap-weighted benchmarks like the S&P 500 remain resilient  [15:20] - Jim Rowley on the launch of the first index mutual fund and why it was revolutionary  [17:10] - How index investing expanded from simple market access to targeted exposures  [18:20] - Using "passive for active" in portfolio construction  [20:00] - Why index methodology matters more than the label on the fund  [21:55] - A small-cap example: how similar index labels can produce very different outcomes  [22:50] - The future of indexing: direct indexing and portfolio customization  [24:20] - Why traditional index funds remain central in a more differentiated market  [25:00] - Key portfolio takeaways for investors and advisors  [26:00] - Final reflections and where to find the full research  This podcast was authored by a cross-section of representatives from S&P Global and in certain circumstances external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the products and services those entities offer. This research is a publication of S&P Global and does not comment on current or future credit ratings or credit rating methodologies. 

In this premiere episode of Partner Perspectives, a special miniseries within the Look Forward podcast, host Molly Mintz examines how private markets are reshaping capital formation, portfolio construction, and long-term investment strategy. Drawing on S&P Global and Vanguard's joint research, Partner Perspectives: Unlocking Potential Ahead, this conversation explores why companies are staying private longer, how private equity has expanded in scale and influence, and what today's higher-rate environment means for returns and risk.  Vanguard's Bill Stout outlines an optimistic but measured view on private equity—emphasizing that disciplined underwriting, operational execution, diversification, and manager selection matter more than ever as the era of easy exits fades.  S&P Global's Evan Gunter and Ilja Hauerhof discuss private credit's rapid expansion, the rising trend of manager concentration, and how asset-based finance has emerged as a major growth engine. In addition, they highlight risks that are shaping this market evolution—including liquidity constraints and structural complexity—and explain why greater transparency, standardized reporting, and data-driven insights will be essential to unlocking the next phase of private market growth.   Chapters:  [00:00] - Introduction to Partner Perspectives and the future of private markets  [02:55] - Bill Stout on how capital formation has shifted from public to private markets  [05:15] - The biggest risks facing private equity in a higher-rate, slower-exit environment  [07:25] - Public vs. private equity performance, illiquidity premiums, and return dispersion  [08:50] - Why Vanguard's outlook for private equity is optimistic but measured   [10:55] - The case for manager selection and diversification across strategies, vintages, and regions  [13:25] - What's next: secondaries, democratized access, and fee compression  [16:15] - Transition to private credit with Evan Gunter and Ilja Hauerhof  [17:45] - How private credit evolved after the GFC and why private companies are getting bigger  [20:35] - Concentration risk and the growing dominance of the top five credit managers  [22:45] - Asset-based finance, fund finance, and infrastructure as the next frontier  [27:35] - Key risks in private credit: liquidity, transparency, and complexity  [32:35] - Why standardized data and clearer reporting are critical for future growth  [35:15] - Final takeaways and where to find more research from S&P Global and Vanguard  This podcast was authored by a cross-section of representatives from S&P Global and in certain circumstances external guest authors. The views expressed are those of the authors and do not necessarily reflect the views or positions of any entities they represent and are not necessarily reflected in the products and services those entities offer. This research is a publication of S&P Global and does not comment on current or future credit ratings or credit rating methodologies.