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I would say “profit” is almost a meaningless figure for the industrial sector in China due to sometimes massive account receivables logged as “revenue” and various subsidies. Cash flows are more meaningful but can be faked…

The Rise of the Russian Hawks by Juliette Faure Studies the evolution of the interplay between ideology and politics in Russian governance from the former USSR to contemporary times. 📚 cup.org/440DDkb

Exactly, you can do that anywhere in the world outside of the US

Congrats! Will read!

Alright i actually do that as a shortcut when I run out of time 😭😭

That’s scary. Sticking to the short end of the curve then

Well some of the “two new” policies should alleviate this somewhat but it’s a short term solution. There still has to be consolidation

Wow he might reach world record soon, definitely the oldest for any senior CCP member

In this episode of China's DeepSeek Moment, Asia Society Policy Institute (ASPI)'s #CCA experts Paul Triolo & Pascale Massot speak with 李其 Lizzi to unpack how Beijing's rare earth policy is turning raw materials into strategic tools in a high-stakes standoff with Washington. youtube.com/watch?v=LUtXAH…

Yes so outflows, but 100-200 bln is fairly “normal” over 6 months right? In other words l, w/o the large surplus, the FX reserve might well be down

Interesting to figure out who is doing the FDI and destinations…

One source of those additional outflows is simple: I think China is adjusting the current account surplus down to artificially reduce reported errors/ the statistical discrepancy. Having errors at normal levels alone adds over $200b to the outflows in the financial account 7/

Well that’s what you get when you buy Pakistani debt etc

To me though this is the biggest puzzle as the PBOC has been very careful with that after 2015-16. And now they allow it? Perhaps there is “investment” in HK based entities which then take the cash in HK listed shares of Chinese companies…

Read this 👇

“As Chinese (and eventually other) AI models grow more powerful and penetrate global markets, Washington cannot simply highlight the risks of censorship and espionage and expect U.S. and foreign companies to refuse to adopt them.” foreignaffairs.com/united-states/…

This is somewhat surprising given tech innovations. Are there just a lot of privately held 小巨人？

Congratulations Howard French !

Some very helpful numbers out from Gallup today about AI use in the workplace. Since last year, the portion of workers who use AI a few times a week has nearly doubled--to 19%. That figure for white-collar workers has increased from 15 to 27%. gallup.com/workplace/6916…

Our director Victor Shih talks about China’s massive local debt crisis, the CCP’s views on AI, what happens after Xi and more in this insightful and wide-ranging podcast episode focused on research. Click the video below to watch! ow.ly/6AUi50WaiNF