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Ant Financial back in the news again.

"China makes crappy clothes anyway, so who cares?" This is a very outdated view. Let me show you just one shop in Beijing, which I think makes clothes that surpasses Loro Piana, The Row, or whatever luxury ready-to-wear brand you can name. 🧵

There, the verdict.

For what it’s worth, I still think a U.S.-China deal—some form of one—is very much possible in the near term. I’m going to go out on a limb here and say it’s still very much in the works. From what I hear/understand, there’s mutual willingness to deescalate. The catch is this:

TikTok, un réseau sous influence... That’s the name of a recent ARTE documentary exploring the geopolitical and cultural forces behind TikTok. I was invited to contribute, offering context on ByteDance's early days and its founder, Zhang Yiming. Zhang was once a prolific

The US is trying to reindustrialize with tariffs, especially on China. But China has lessons to teach the US about industrial strategy. Our new RAND Commentary on applying six lessons from China's experience to the current moment in US economic policy... 🧵 1/

Look forward to participating on this Information Technology and Innovation Foundation panel discussion.

Our cover this week.

China's Ministry of Commerce responds to viral “Factory Direct” TikToks TikTok is buzzing with videos claiming you can buy international luxury goods directly from Chinese "factories" at ultra-low prices. Millions of views. Thousands of comments from curious American shoppers.

It was a pleasure to speak on the panel this week.

Read on for an example of how NOT to Substack. Spoiler alert: the Substack I wrote about has been deleted.

Why is China’s central bank chief tuning in to CNBC every day? Why are Beijing's top trade envoys honing their public speaking skills—from Li Chenggang’s “good meal worth the wait” quip to He Lifeng’s shift from straightjacket formalism to a more relaxed, relatable tone? Why is

Indeed. Fun chatting with Kinling Lo 盧建靈

"The United States needs to realize that neither tariffs nor other trade pressure will get China to abandon the state-driven economic playbook that has worked so well for it and suddenly adopt industrial and trade policies that Americans consider fair." An excellent op-ed by

Important public announcement.

Sure isn't. I'm interested to see the impact on the luxury industry, tourism, and endowment donations for all the Ivy League universities. Calling all Asian tiger moms out there--what's the new plan?

In early April @xueqiao1994 and I travelled from Shanghai out west to Chengdu to meet a remarkable new Chinese literary talent. Here is the story of Hu Anyan and the curious freedom of China's wild writers. ft.com/content/03507b… (via Financial Times FT Weekend Magazine )

Chinese economy and industrial policy expert Kyle Chan makes the case that China is poised to dominate high-end technology and manufacturing and that factories worldwide will reorganize their supply chains with China at the center, as the soon-to-be preeminent technological and

From Baidu’s PR disasters to botox dreams—disgraced comms chief now runs a cosmetic clinic near Huawei HQ in Shenzhen. Claims it’ll make you look “3–5 years younger.” All under her name. The rebrand is real. 👀💉

What does consumer behavior look like in a downturn? In China, the answer might be Labubu. I’ve been back in China for almost a month, and I couldn’t help noticing how quiet the mood felt—less hustle, more resignation. But in every Pop Mart store across the five cities I