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China vs the US: Kishore Mahbubani on a Zero-Sum Rivalry (Transcript)

Read the full transcript of former diplomat Kishore Mahbubani’s interview on The Mishal Husain Show, May 15, 2026.

Editor’s Notes: In this episode of The Mishal Husain Show, esteemed academic and former diplomat Kishore Mahbubani joins the program to dissect the unprecedented geopolitical rivalry between the United States and China. Mahbubani shares his unique perspective from Singapore, reflecting on how the shift from a “cat” to a “tiger” in China’s power necessitates a new global strategy beyond a zero-sum game. He also offers a deeply personal look into his own life story, from growing up in a poor, “third-world” Singapore to witnessing the country’s miraculous economic transformation into a global leader. Finally, Mahbubani provides critical insights into the long-term strategic differences between American and Chinese leadership, urging both powers to focus on internal flourishing rather than external confrontation.

INTRODUCTION

MISHAL HUSAIN: From Bloomberg Weekend, this is The Mishal Husain Show. By now, you’ve probably seen a fair amount of news emerging from Beijing, where President Trump has been meeting China’s Xi Jinping. One-to-one, face-to-face meetings of this kind don’t come around often, but there is a much bigger story to tell than that of these two men, or any two leaders of these countries, actually.

The real story is an epic tale that has been unfolding for about 30 years, and it’s about supremacy, the battle to be the world’s number one power. That’s what we wanted to dive into this weekend, the story beyond the handshake, the readout, the Truth Social posts. And we wanted to do it from the perspective of someone who is neither American nor Chinese, but has witnessed the rise of China from his own country, which is tiny in comparison, Singapore.

Kishore Mahbubani was for 3 decades a Singaporean diplomat, rising to become its ambassador at the United Nations. He’s from Singapore’s minority Indian community. And although I’ve known him for years, I only recently understood the circumstances, the tough circumstances in which he grew up in the 1950s and ’60s. He’s written many books. His most recent is called Living the Asian Century, and it’s also his most personal.

As ever, for the context beyond the conversation, for more on the people, the places we talk about, have a look at bloomberg.com/mishal. That is where you’ll find the written version of this with my reflections and pictures which add to the story. But here’s Kishore Mahbubani in his own words, talking first about why the US and China matters so much right now.

The Most Important Contest of Our Time

KISHORE MAHBUBANI: It is by far the most important contest of our time. And I think what most people don’t realise is that never before in human history have we had two powers of the size, the scale, and reach of United States and China confronting each other in the way that they are today. Because the United States is a remarkably powerful country, much more powerful than any other great power has been in human history.

And of course, when the Soviet Union collapsed, the United States was left alone as the sole superpower in the world, and few expected China to come up so quickly. But now China has clearly achieved near parity with the United States in the scope and scale of its power too. And therefore, you notice when President Trump launched his tariff wars on all the countries in the world, only one country stood up to the United States, and that was China.

Power Beyond Economics

MISHAL HUSAIN: In this contest then, do you see it as bigger than the economics of it, the desire on the part of the United States to maintain its position as the world’s biggest economy? Are you talking about power as something broader than that, a quest to become the world’s only superpower?

KISHORE MAHBUBANI: Geopolitics has been around for about 2,000 years or so. And so there are certain habits of behaviour that all great powers share in common. And the number one power of the time always wants to preserve its number one position and not give it up gracefully and say, “Okay, my turn is up. Why don’t you take over?” It’s not like in the world of business where IBM will give way to another company, for example.

But in geopolitics, it’s a zero-sum game, sadly. And so even though Washington, D.C. today is a very badly divided capital politically, but when it comes to China, there’s a near-universal consensus that it is in the interest of the United States to stop the rise of China. And that’s why the actions against China remain consistent whether or not you have President Trump or President Joe Biden. It makes no difference. It’s not about personalities, it’s about the logic of geopolitics.

Can China’s Rise Be Stopped?

MISHAL HUSAIN: And would you say that that is a foolish desire to stop the rise of China because this is the way the world is going, that China is on a path to become the dominant economic power and the demography is on its side?

KISHORE MAHBUBANI: Well, no, I would say it’s not wise policy of the United States to stop the rise of China because China can no longer be stopped. And the only way to stop China is to ask the Chinese government to stop improving the livelihood of its own people. If you want China to — that’s the only way that China will stop growing. But China still has a long way to go. Its per capita income is way behind that of the United States. It has a long way to go. So clearly, the Chinese people want to improve their lives, and the Chinese economy will keep growing. Of course, there will be ups and downs like in any other economy.

But equally importantly, and this is the key point: we live now today in a small, interdependent, fragile planet Earth.