Chinese exports are surging worldwide—and particularly in emerging markets, says Trina Chen, co-head of Greater China Equity Research. In the Goldman Sachs Exchanges podcast, Chen also explains which sectors face the biggest challenge from growing Chinese competition. Key takeaways: 1. In emerging markets, revenue growth for Chinese companies may be increasing 15-times that of the local market: Goldman Sachs Research’s analysis of more than 10 sectors across industries reveals Chinese product market share has probably reached 24% in emerging markets. 2. Chinese exports are not always cheaper: The perception that Chinese exports are gaining market share because they are cheaper may be true when they first enter the market, but prices in some cases rise over time. Improvements in product quality, for example, can close the price gap between the Chinese export and the local product. 3. Domestic stock prices tend to respond rapidly when companies lose market share: Market capitalization can shrink by 50% or more when Chinese competition causes a company’s revenue to fall 10%-15%. [00:00] Introduction [00:30] Where are Chinese companies gaining market share? [02:17] Chinese exports and price deflation [05:39] Incumbent positioning and strategy [07:26] Vulnerable regions and sectors [08:50] Expansion through disruptive innovation [11:31] How much of this growth is priced in markets? [13:05] Investing strategy Also available on Spotify (https://click.gs.com/myyr) and Apple Podcasts (https://click.gs.com/7x11) Date of recording: October 7, 2026 The opinions and views expressed herein are as of the date of publication, subject to change without notice, and may not necessarily reflect the institutional views of Goldman Sachs or its affiliates. The material provided is intended for informational purposes only, and does not constitute investment advice, a recommendation from any Goldman Sachs entity to take any particular action, or an offer or solicitation to purchase or sell any securities or financial products. This material may contain forward-looking statements. Past performance is not indicative of future results. Neither Goldman Sachs nor any of its affiliates make any representations or warranties, express or implied, as to the accuracy or completeness of the statements or information contained herein and disclaim any liability whatsoever for reliance on such information for any purpose. Each name of a third-party organization mentioned is the property of the company to which it relates, is used here strictly for informational and identification purposes only and is not used to imply any ownership or license rights between any such company and Goldman Sachs. A transcript is provided for convenience and may differ from the original video or audio content. Goldman Sachs is not responsible for any errors in the transcript. This material should not be copied, distributed, published, or reproduced in whole or in part or disclosed by any recipient to any other person without the express written consent of Goldman Sachs. ⁠ Disclosures applicable to research with respect to issuers, if any, mentioned herein are available through your Goldman Sachs representative or at http://www.gs.com/research/hedge.html © 2026 Goldman Sachs. All rights reserved.

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