The era of corporate activism is fading. On most issues, this shift toward political neutrality is welcome, but not when the issue is China. Virtually every major global firm now carries dependencies on both Washington and Beijing, and in a genuine crisis, both governments will move to leverage those dependencies to their own advantage. Companies that imagine neutrality will preserve their independence will find there is no sideline to stand on. Which sectors are most exposed to U.S.-China competition? Is foreign ownership of U.S. companies something we can live with, or is it a problem Washington should address? And can regulation ever move fast enough to keep pace with the competition it is meant to manage?

In this episode, Paul Saunders speaks with Isaac Stone Fish, the CEO and founder of Strategy Risks. Formerly a Beijing correspondent  ...