10/31/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 31, 2019</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">OPENING STATEMENT</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/59oiR6?track_p_id=czEOaipw5vrN54izquM_Y2M" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/A34-JXbCfNBw6jMh3VQmQIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/59oiR6?track_p_id=8yx1RvxDf4izquM_4nVmZM2" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">SOME HIGHLIGHTS</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Greetings!</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">The Chinese</strong> have announced progress toward completing the Phase One trade deal. A good sign, especially since this comes from the Chinese side.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Still amazed</strong> that markets move when the President and his team make similar announcements.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold"> Some</strong> highlights from inside today:</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Urbanization</strong> has been key to China's economic growth. And with the push for megacities will become key again. Check out AEI's excellent report.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Proposing a middle-ground</strong> for U.S.-China issues is a proposal by a group of leading Chinese and U.S. economists - including five Nobel laureates. Probably the most sensible plan yet.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Swine fever</strong> has become a factor in the trade deal - too few pigs to consume the proposed purchase of U.S. soybeans. </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Let me</strong> know what you think.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">And be sure</strong> to forward to your friends and colleagues.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Best,</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Malcolm</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112007200?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112007200?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112007200?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">'RISK REPORTS ARE BY THEIR NATURE GLOOMY'</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5Rz2lE?track_p_id=7qdSVFgE60Fmso_oTZymQYc" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/V-MuODuksiTh-7wlHnpPvoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/5Rz2lE?track_p_id=6DkR4ZY60Fmso_K3quxXO6z" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Global risks 2035 update: Decline or new renaissance?</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Atlantic Council</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><br></h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">The</strong><strong style="font-weight: bold">comprehensive </strong><a href="https://www.atlanticcouncil.org/wp-content/uploads/2019/10/Global-Risks-2035-Update.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">88-page report</strong></a> sets forth risks and scenarios that give context to the flow of individual events.</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Risk reports are by their nature gloomy,' </strong>writes Ambassador Thomas Pickering in the Forward to the assessment. </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Two major phenomena</strong> are related preoccupations.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘First is the rise of China</strong> in a planet of growing multipolarity, increasingly dominated by a bipolar China-US contention.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Some see this</strong> as a struggle for world hegemony.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘And others,</strong> more inspired by hope perhaps, see it as a development to be treated diplomatically to escape the rising-falling states, Thucydides trap.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Second is the much-anticipated disappearance</strong> or morphing of the US-installed “liberal progressive” order.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The replacement contender</strong> seems to be growing autocratic dictatorship, fueled and funneled by increasingly nationalist populism.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Taking these warnings lightly</strong> may mean a terminal decline for the United States, if not the world.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112002420?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112002420?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112002420?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/hLkVkLGd0sVMEU6aaIVcGDl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">BEWARE A FALTERING CHINA</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5k9N5M?track_p_id=3lu471fGJC_PgWScx3OQH%402" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/2P2LxiV-sg54VayqL9X2F4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/5k9N5M?track_p_id=071fGJC_k2jTOywPNHPXzJx" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Beware a Faltering China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Foreign Affairs</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.foreignaffairs.com/authors/michael-beckley" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Michael Beckley</strong></a> | Tufts University</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 28, 2019</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Beijing’s newfound assertiveness </strong>looks at first glance like the mark of growing power and ambition. But in fact it is nothing of the sort.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s actions</strong> reflect profound unease among the country’s leaders, as they contend with their country’s first sustained economic slowdown in a generation and can discern no end in sight.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s economic conditions</strong> have steadily worsened since the 2008 financial crisis.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The country’s growth rate</strong> has fallen by half and is likely to plunge further in the years ahead, as debt, foreign protectionism, resource depletion, and rapid aging take their toll.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China’s economic woes</strong> will make it a less competitive rival in the long term but a greater threat to the United States today.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘When rising powers</strong> have suffered such slowdowns in the past, they became more repressive at home and more aggressive abroad.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China seems</strong> to be headed down just such a path.’ </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111977463?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111977463?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111977463?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">THE TRUTH ON TRADE</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/62JhPU?track_p_id=8cvMWq4Hd8EY2zm_i%40PPzWV" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/8WwjtmvmqThJqiOU5eloN4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/62JhPU?track_p_id=6yipbjU8EY2zm_1nhrQZ3bX" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The truth on trade</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Credit Suisse</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 21, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">James Sweeney</strong> | Chief Economist, Credit Suisse</h3><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A trade shock</strong> propagates unevenly.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘First</strong> it is a sentiment shock disrupting investment and redirecting trade. ‘</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Next</strong> it is a price shock impacting margins, inflation, and consumers.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Ultimately</strong> it is an incidence shock, triggering longer term financial and economic rebalancing.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘News flow on the trade dispute</strong> has had a high noise to signal ratio.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Our recent </strong><a href="https://plus.credit-suisse.com/rpc4/ravDocView?docid=V7jDRe2AF-XYZ9" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Global Cycle Note</strong></a> was titled “The most important chart” because it showed the signal: the average planned tariff rate on US imports from China. (see Figure 1, below)</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111862300?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111862300?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111862300?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/iszpt52_yhH2RE3t0we_CDl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:none;">MORE INSIGHTS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">MORE IMPACT FROM SWINE FEVER</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6KU1jc?track_p_id=cT3kFR%40uA5feV81ZPlG_f3Z" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/6KU1jc?track_p_id=081ZPlG_TTuYv5GskZ3nLSq" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Pig Disease Means China Will Struggle to Meet U.S. Import Target </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 29, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><br></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Swine fever</strong> is creating challenges all through China's economy.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Here and below</strong> are two more examples of why you be tracking this closely.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘President Donald Trump</strong> touted China’s promise to buy as much as $50 billion in agricultural goods over two years in a trade deal, a boost to Midwest soybean farmers suffering from the current slump in trade.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But a deadly disease</strong> in China has killed off many of the pigs who would have eaten those American soybeans, possibly putting that target out of reach.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“Meeting this target</strong> will be quite challenging because around 70% of China’s agricultural imports from the U.S. before the trade war were soybeans” and almost all soybean imported into China are used for animal feed, Nomura economists write.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Hog stocks</strong> are down about 40% in the last year, and even though farmers are <a href="https://www.bloomberg.com/news/articles/2019-10-23/china-s-mammoth-pig-purge-to-shake-up-118-billion-pork-industry" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">restocking</a> it will take a while to return to earlier levels.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Chinese negotiators</strong> have made clear that their purchases will be based on real demand, and if there’s fewer animals to eat the feed, then that means imports may not rise as much as some expect.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112003947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112003947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112003947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/HZAtvabBC4NEkco79jwMHzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6ceM3k?track_p_id=bN1KCltNRUlU8NQWmE_3dwb" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/6ceM3k?track_p_id=aKfgVlpKg6A8NQWmE_3rRDZ" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China’s Monetary Policy Is Being Hamstrung By Swine Fever Inflation Surge </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 29, 2019</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China’s room</strong> to ease monetary policy to aid the slowing economy is being limited further by price rises due the ongoing swine fever epidemic.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Surging consumer inflation</strong> has become a major constraint on the People’s Bank of China, and the likelihood for major monetary easing in the coming months has declined, says Nomura.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“With surging pork prices,</strong> continued spill-over effects to other food prices, and the risk of a wage-price spiral, we believe the PBOC may become more reluctant to deliver any high-profile monetary easing in the coming quarters.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'China hasn’t followed</strong> the Fed since March 2018, and hasn’t adjusted its main benchmark rate since 2015.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">China is unlikely</strong> to follow today's Fed rate cut.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112005020?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112005020?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112005020?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/-Np86MZbNuBkgC3VnSk0iDl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">5G</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6uogNs?track_p_id=83Es%40dOoX4zwppe_G6bueq%40" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/6uogNs?track_p_id=adcXLQiACDX4zwppe_qwmSG" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">How 5G Will Change China </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 28, 2019</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘When China’s wireless carriers</strong> debut their <a href="https://www.bloomberg.com/news/articles/2019-04-08/why-5g-phones-are-arriving-with-subplot-of-espionage-quicktake" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">5G networks</a> this year, it will give a boost to China’s <a href="https://www.imf.org/en/Publications/WP/Issues/2019/01/17/Chinas-Digital-Economy-Opportunities-and-Risks-46459" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">digital economy</a>, including makers of telecommunications equipment, platforms and applications for the <a href="https://www.bloomberg.com/view/quicktake/internet-things" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">internet of things</a>, autonomous <a href="https://www.bloomberg.com/news/articles/2019-08-28/musk-to-join-china-ai-summit-despite-trump-ordering-firms-out" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">driving</a>, surveillance and factory automation.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'It’s the kind of head start</strong> that will be expensive at first but could pay off well into the future.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China is betting big</strong> on transforming itself from an economy that makes products using others’ patents to one that develops new devices based on its own technology.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘By expanding capacity</strong> for gathering and analyzing massive quantities of data on everything from consumers’ credit-worthiness to traffic patterns, buying habits and machinery wear-and-tear, 5G networks can enable devices that learn to predict and respond to events.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That should benefit</strong> local companies making gear for applications in autonomous driving, robotics, remote surveillance and virtual reality.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The China Academy of Information and Communications Technology</strong> estimates the 5G market could account for 1.1 trillion yuan ($156 billion) or 3.2% of mainland China’s economic growth in 2025, generating 8 million jobs and adding 2.9 trillion yuan in economic value by 2030.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112002817?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112002817?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112002817?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7Cz0i0?track_p_id=42dte8hktNW_EoWDaRi3pu1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/zxbyrGBKPhFFZLzMYqfYnYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/7Cz0i0?track_p_id=8CfHfW6Z38hktNW_xYYvvZV" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">US companies battle for control of 5G spectrum</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Financial Times</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 21, 2019 </h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Mobile carriers</strong> need exclusive access to particular frequencies so they can transmit data without fear of interference.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Lower frequencies</strong> travel further, while higher ones carry more data — those in the middle are particularly highly sought-after.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Paul Triolo,</strong> a technology policy analyst at Eurasia Group, said: “The US needs to sort out its use of mid-band frequencies.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If China</strong> is able to deploy at scale midband spectrum and this enables Chinese companies to get faster to deploying applications like autonomous vehicles, that is an advantage for other markets.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘But the country</strong> is already at a commercial disadvantage because much of the spectrum being used for 5G in other parts of the world is reserved exclusively in the US for government and military use.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The Pentagon’s technology advisory board</strong> warned this year this was likely to lead to China’s technology becoming dominant instead.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111709885?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111709885?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111709885?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">BELT & ROAD INITIATIVE</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7V9L28?track_p_id=6dPpcXx8Rc6wg_463jTch%40l" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/7V9L28?track_p_id=08Rc6wg_F2XcIfxlAdc56MR" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">BRI: China Is Determined to Reshape the Globe </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Hal Brands | </strong>School of Advanced International Studies</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 29, 2019</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Of all the factors</strong> that shape a country's global fortunes, <a href="https://www.amazon.com/Revenge-Geography-Coming-Conflicts-Against/dp/0812982223" rel="nofollow noopener" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">geography</a> is the most immutable.' </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Chinese leaders</strong> have realized that achieving Beijing's global potential requires changing the country's strategic geography.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This is the true meaning</strong> of China's Belt and Road Initiative - a collection of investment, trade and infrastructure programs spanning Eurasia and surrounding areas including the Horn of Africa, at an eventual total <a href="https://www.csis.org/analysis/how-big-chinas-belt-and-road" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">cost</a> of perhaps $1 to $2 trillion.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘At its core,</strong> it <a href="https://tnsr.org/2019/07/unlocking-the-gates-of-eurasia-chinas-belt-and-road-initiative-and-its-implications-for-u-s-grand-strategy/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">represents</a> an effort to build a more integrated Eurasian geopolitical space - with China at its center.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112003804?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112003804?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112003804?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">CITIES</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7nJfMG?track_p_id=d5nTjGfH%40fmbhc5GAVws_hW" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/qAD7kBqLceF6aukL4-Brm4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/7nJfMG?track_p_id=53Ni345GAVws_pYZMeX5gsl" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Urbanization with Chinese characteristics: Domestic migration and urban growth in contemporary China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">American Enterprise Institute (AEI)</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 22, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Nicholas Eberstadt</strong> | AEI</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.aei.org/wp-content/uploads/2019/10/Urbanization-with-Chinese-Characteristics.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Read</strong></a> the 142-page report</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">From the</strong><a href="https://www.aei.org/research-products/report/urbanization-with-chinese-characteristics-domestic-migration-and-urban-growth-in-contemporary-china/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Executive Summary</a>:</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Urban growth in China</strong> not only accompanied overall national socioeconomic development but also played a major role in catalyzing material advance.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s government</strong> regards urbanization as so central to the country’s prospects for continued rapid economic growth that Beijing is implementing an “urbanization drive,” as it is informally known: a long-term policy for accelerating the rise of cities and the increase of urban population.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Likewise,</strong> the proliferation of megacities in China is a phenomenon unmatched in absolute terms by any other country in the modern world.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘By 2015,</strong> according to UNPD estimates, China had more than a hundred million-plus cities, with a total of nearly 380 million inhabitants—seven times as many as resided in its 22 million-plus cities back in 1985, just three decades earlier, and over 25 times as many as in 1950.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111779057?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111779057?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111779057?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/EBIgkci-59uQzDpmYuLX9Dl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:20px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/85TzgO?track_p_id=4JV4T4pL82g_z%40WCgs41H%40x" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Tad6xj_ebVw7qqeNRLm3H4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/85TzgO?track_p_id=4jolF4pL82g_gTvoY5k6lN1" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Competition Among Chinese Cities </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Project Syndicate</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Andrew Sheng</strong> | Asia Global Institute</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Xiao Geng</strong> | Hong Kong Institution for International Finance</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 28, 2019</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China has a long </strong><a href="https://www.project-syndicate.org/commentary/china-urban-clusters-fuel-growth-by-andrew-sheng-and-xiao-geng-2018-08?a_la=english&a_d=5b8561b478b6c71d3828daa7&a_m=&a_a=click&a_s=&a_p=%2Fcolumnist%2Fandrew-sheng&a_li=china-urban-clusters-fuel-growth-by-andrew-sheng-and-xiao-geng-2018-08&a_pa=columnist-commentaries&a_ps=" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">tradition</strong></a><strong style="font-weight: bold"> </strong>of experimentation and adaptation, with competition among cities, in particular, bringing development breakthroughs.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The central government</strong> is now cultivating much larger urban clusters – the Greater Bay Area (covering nine cities around the Pearl River Delta in Guangdong province, plus Hong Kong and Macau); the Yangtze River Delta (centered on Shanghai); and the Beijing-Tianjin-Hebei cluster – to serve as platforms for further experimentation and competition.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111981168?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111981168?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111981168?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">CHINA AS GROWTH & TRADE DRIVER</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8NeK0W?track_p_id=08h4jZG_BHm34xHjTsyjoeh" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/JP1QmQOh6Yp6KRdpIktROoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8NeK0W?track_p_id=5G4iqV8h4jZG_ptH1rXbLQ1" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Asia as Global Growth Engine</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">IMF</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 22, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.imf.org/en/Publications/REO/APAC/Issues/2019/10/03/areo1023?utm_medium=email&utm_content=k2w2gjYKfeFOoJ3MrpOIk_K6KH_IbU1vTbDXd46vbNCmNEIm_9rIq50dMRrDjxCz" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Read</a> the 35-page report</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The IMF’s latest</strong> economic <a href="http://www.imf.org/en/Publications/REO/APAC/Issues/2019/10/03/areo1023" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">assessment</a> for Asia and the Pacific highlights rising downside risks to growth in the context of a synchronized global slowdown.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Headwinds</strong> from prolonged global policy uncertainty, distortionary trade measures, and growth deceleration in the economies of important trading partners are influencing economic growth in Asia and the Pacific.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Nonetheless,</strong> Asia still remains the fastest-growing major region in the world, accounting for more than two-thirds of global growth in 2019.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China alone accounts</strong> for 39 percent of global growth, India 16 percent, and ASEAN 10 percent.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111862957?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111862957?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a 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border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8foeKe?track_p_id=bqbqLzQvW3hc8EJmaE_aiqd" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/XR7a5Yek0bWko-ycHPZsfoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8foeKe?track_p_id=2Xk8EJmaE_5mb3Bd2mHjlrv" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Trade20</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Standard Chartered</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 20, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://av.sc.com/corp-en/content/docs/trade20-report.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Read</strong></a> the 35-page report, <em style="font-style: italic"><strong style="font-weight: bold">Trade20</strong></em></h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">And </strong><a href="https://www.sc.com/en/insights/trade20/#youtube-qLdVoYs8y2c" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">check out</strong></a><strong style="font-weight: bold"> Trade20's </strong>interactive website</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Crucially, exposure to China</strong> is a key factor in the high rankings of developing Asia-Pacific and African markets in the Trade20 index.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">With only a few exceptions,</strong> the higher the trade growth with China, the better these markets perform in terms of economic dynamism (Figure 1).</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China is clearly a major force</strong> for economic dynamism in other markets, not just in high-performing South-East Asian economies like Vietnam and Indonesia, but also in African markets.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This shows</strong> the potential of the US-China trade dispute to impact the trade of a wide range of other nations, affecting the markets that trade with China as well as China itself.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td 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cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRADE</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8xyyem?track_p_id=dn36ALVbenq43b912zra_nH" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/576cECmYmHK_6YYmTAiYloVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8xyyem?track_p_id=eV23OuVmCoL1XK%40912zra_C" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The US-China Trade Policy Working Group Joint Statement</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">U.S.-China Trade Policy Working Group</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 28, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Read</strong> the 7-page <a href="https://cdn.shanghai.nyu.edu/sites/default/files/_us-china_trade_joint_statement_2019_0.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">'The US-China Trade Policy Working Group Joint Statement'</strong></a></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><a href="https://www.bloomberg.com/news/articles/2019-10-27/economists-call-for-alternative-path-to-u-s-china-trade-wars" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Bloomberg</strong>:</a> ‘A group of prominent economists from the U.S. - including Joseph Stiglitz, Michael Spence and three other Nobel winners - and China called for the U.S. and China to abandon their trade war and agree to a new path forward.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><a href="https://cdn.shanghai.nyu.edu/sites/default/files/_us-china_trade_joint_statement_2019_0.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">'The US-China Trade Policy Working Group Joint Statement'</strong></a><strong style="font-weight: bold">:</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘We need to move away</strong> from the current intellectual approach that frames the US-China economic relationship as a choice between economic decoupling, on the one hand, and deeper economic integration on the other.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The first of these scenarios</strong> forsakes the gains from trade, while it does little to advance the national security of either nation.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The second seems unrealistic,</strong> as it presumes China will rapidly converge to a US- or European-style economy.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘There is a third option. </strong>We have sketched a proposal for a regime of “peaceful economic co-existence” between the US and China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This regime</strong> preserves policy space for both countries – for China to conduct its industrial and growth policies and for the US to safeguard its labor markets and technological systems.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111963854?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: 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background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/9G9Iyu?track_p_id=3WSM74wSNy_pYGj63IlsiVX" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/TiISon2f36FD5_ms-2WONoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/9G9Iyu?track_p_id=9E431cAZpl74wSNy_euYjX2" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The October Truce on US-China Trade Failed to Address Subsidies</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="text-align: right;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Peterson Institute for International Economics (PIIE)</strong></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 22, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.piie.com/experts/senior-research-staff/chad-p-bown" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Chad P. Bown</strong></a><strong style="font-weight: bold"> </strong>| PIIE</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The “Phase One” truce</strong> with China <a href="https://www.whitehouse.gov/briefings-statements/remarks-president-trump-vice-premier-liu-peoples-republic-china-meeting/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">announced</a> by President Donald Trump left many issues untouched, most notably the administration’s top priority of ending Chinese subsidies.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Trump’s silence</strong> was deafening.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘After all,</strong> unfair subsidies were featured dozens of times in the March 2018 <a href="https://ustr.gov/about-us/policy-offices/press-office/press-releases/2018/march/section-301-report-chinas-acts" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">report </a>that the administration continues to rely on to justify its tariffs on more than $360 billion of Chinese imports.’</li></ul></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Are Chinese subsidies</strong> imposing such large costs on the US and global economy to justify the disruption to Americans caused by the Trump administration’s trade war?’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Perhaps surprisingly, </strong>the answer is unclear. There are precious few reliable estimates of just how costly Chinese subsidies are to Americans.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But an independent</strong> economic assessment is sorely needed to introduce some real numbers into the mix.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'American policymakers</strong> are now negotiating blindly.’ </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111866152?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111866152?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111866152?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">MERICS WEEKLY CHINA UPDATE</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/4smmdE?track_p_id=24h8FyYc2_SpNonsMEu6USp" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">MERICS Weekly China Update</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">MERICS | Mercator Institute for China Studies</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 11-24, 2019</h3><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">Contents</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">METRIX</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Pork prices</strong> in China have surged 69.3 percent in September</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">TOPIC OF THE WEEK</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Merkel’s decision</strong> on Huawei creates a dilemma for the EU</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">CHINA AND THE WORLD</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">China-India summit</strong> takes place amid rising tensions over Kashmir</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Taiwan</strong> high on the agenda at Beijing’s Xiangshan Forum</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">POLITICS, SOCIETY AND MEDIA</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">The NBA affair:</strong> CCP’s reach in overseas censorship</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Internet summit</strong> in Wuzhen: Propaganda Minister condemns “Cold War mentality”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">ECONOMY, FINANCE AND TECHNOLOGY</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Weaker domestic consumption</strong> drags growth to new low in Q3</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Could US-China mini truce</strong> augur well for trade relations?</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">PROFILE: FAN BINGBING</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">From</strong> hero to zero</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4112006700?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4112006700?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4112006700?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div>
10/26/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 26, 2019</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style=" display:block; /* background-color:#c80000; */ font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 3.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;>EDITOR'S PICKS</span> </td> </tr> </tbody> </table> </div><div><table cellspacing= " 0"="" cellpadding="0"></span></td></tr></tbody><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">ECONOMY</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7ugxgu?track_p_id=32y34hHC3y_kO2EKWywP4Eo" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/9TDP2wB0ex3oCkcu8UJ6nYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/7ugxgu?track_p_id=7L4461iz4hHC3y_l4ZnRNRK" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China's economy in Q3: Negative effects of trade conflict are increasingly measurable </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">MERICS | Mercator Institute for China Studies</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 23, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><br></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">MERICS Economic Indicators </strong>is one of the best analyses there is. Here are some excerpts from the <a href="https://www.merics.org/en/merics-trackers/economic-indicators-q3-2019" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">overview</strong></a>.</p><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Terrific 13-page </strong><a href="https://www.merics.org/en/merics-trackers/economic-indicators-q3-2019" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">report</strong></a><strong style="font-weight: bold"> - great charts</strong></h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">‘Anxiety rises as GDP growth continues to slow.'</strong></h2><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s economic slowdown</strong> continued over the third quarter of 2019.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The minor uptick</strong> in key macroeconomic indicators seen towards the end of the second quarter proved to be short-lived.’</li></ul></li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The Chinese government</strong> has continued to roll out support measures to shore up growth, but their effectiveness is questionable as they have failed to lift either business or consumer sentiment.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘More stimulus measures</strong> can be expected in the coming months.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In 2019 the negative effects of the trade war</strong> have also become increasingly measurable in the manufacturing sector.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The year was, so far, </strong>also marked by a deteriorating domestic and external economic environment: it saw rising consumer inflation, falling corporate profits, softening private investment, continued risks in the financial sector - including in local government finances.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">China will not be able </strong>to use yuan depreciation to shield its export sector from US tariffs.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It will also be a crucial</strong> and testing time for the private sector.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If private market players</strong> do not respond favorably to government stimuli, there is likely to be yet further expansion of state control over the economy.’</li></ul></li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It looks</strong> as if the most challenging times are yet ahead.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111874048?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111874048?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111874048?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/SQOiAecXFOGi8IR46gFnjzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:25px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">TRADE DEAL</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8CrI12?track_p_id=1U6P0Duw_zH5nYYogUlMfiW" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/kcW-99ZDdif-ZXajy8GvZYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8CrI12?track_p_id=a44NOsuDWiX6P0Duw_WqXBL" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">No Art to the US-China Trade Deal </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Project Syndicate</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Stephen Roach</strong> | Yale University and </h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">former Chairman of Morgan Stanley Asia <br> October 25, 2019 </h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘The phase one deal announced with great fanfare is a huge disappointment.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Far from a breakthrough,</strong> these loose commitments, like comparable earlier promises, offer little of substance.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘For years,</strong> China has long embraced the “fat-wallet” approach when it comes to defusing trade tensions with the US.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In the past,</strong> that meant boosting imports of American aircraft; today, it means buying more soybeans.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘But China’s open wallet</strong> won’t solve America’s far deeper economic problems.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The </strong><a href="https://www.bea.gov/news/2019/us-international-trade-goods-and-services-august-2019" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">$879 billion US merchandise trade deficit </strong></a>in 2018 (running at $919 billion in the second quarter of 2019) reflects trade imbalances with 102 countries.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This is a multilateral problem,</strong> not the China-centric bilateral problem that politicians insist must be addressed in order to assuage all that ails American manufacturers and workers.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Yet without resolving</strong> the <a href="https://www.project-syndicate.org/commentary/america-china-trade-deficit-negotiations-by-stephen-s--roach-2018-05" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">macroeconomic imbalances</strong></a><strong style="font-weight: bold"> </strong>that underpin this multilateral trade deficit – namely, a chronic shortfall of domestic saving – all a China fix could accomplish would be a diversion of trade to higher-cost foreign producers, which would be the functional equivalent of a tax hike on US consumers.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A macro perspective</strong> is always tough for politicians.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That is especially true today</strong> in the US, because it doesn’t fit neatly with xenophobic bilateral fixations, like China bashing.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘With new signs of </strong><a href="https://www.scmp.com/economy/china-economy/article/3033396/china-reiterates-us-must-lift-all-tariffs-end-trade-war" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Chinese resistance </strong></a>now surfacing, the phase one accord may never see the light of day.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But if it does,</strong> it will hurt more than it helps in addressing one of the world’s toughest current economic problems.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111866581?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111866581?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111866581?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">CONNECTING ASIA</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8V1cLA?track_p_id=bEZzvWO4tXzR5v8lck_gd3w" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/_puq8Fr8Stfk5P8k3HNYTIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8V1cLA?track_p_id=aWJbgiuiHJs5v8lck_vgks1" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Competing Visions | Reconnecting Asia</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">RECONNECTING ASIA | </strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Center for Strategic & International Studies</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 2019</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"> ‘A geoeconomic contest is underway to shape Asia’s future.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Regional powers</strong> are putting forward ambitious plans for building roads, railways, pipelines, and other hard infrastructure across the region.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Drawing on official sources,</strong> CSIS experts developed the maps below to illustrate some of these competing visions.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Each map captures,</strong> in broad strokes, the major infrastructure priorities of a leading actor.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Maps: </strong>ASEAN, China, EU, India, Iran, Japan, Russia, South Korea, and Turkey.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Collectively,</strong> these maps preview a competition as wide-ranging as the region itself. As this story unfolds, the collection below will be expanded and updated.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Here's 'Japan's Vision':</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Prioritizing east-west connections</strong>, Japan’s vision stems from decades of investing in Southeast Asia, where existing infrastructure reflects the needs of Japanese supply chains, especially maintaining access to the sea.’ </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Consistent with</strong> the <a href="https://reconnectingasia.csis.org/database/initiatives/master-plan-asean-connectivity/ec8895f2-d94c-4fde-8912-7b9d0e6f91c1/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Master Plan on ASEAN Connectivity</a>, Japan is backing a number of new land and maritime corridors that would increase connectivity between the Bay of Bengal and the South China Sea.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; 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width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/9iJ-7Q-dPDZlXsb2fbYNzjl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:20px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">PENCE CHINA SPEECH</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8nBwfI?track_p_id=7QXCxfHt5hrTCA_S3OZXBbD" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/BcnPVNyATtCbCyNg2HNrJoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/8nBwfI?track_p_id=4jO3c5hrTCA_ad%40Q1eFDg4p" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Vice President Pence's China Speech</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Wilson Center</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 24, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Mike Pence</strong> | U.S. Vice President</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Watch the speech </strong><a href="https://www.wilsoncenter.org/event/video-vice-president-pence-delivers-inaugural-frederic-v-malek-public-service-leadership?utm_medium=email&utm_content=R19-dro0zY9BL93ISO9OIfK6KH_IbU1vTbDXd46vbNA5phatWDmR-z_8GxLOWaZF" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">here</strong></a> (1h)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">"America will always believe that Taiwan’s embrace of democracy shows a better path for all the Chinese people.”</h2><h1 style="text-align: center;display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">'Selected Quotes'</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“And in that spirit of candor,</strong> I must tell you that in the year since my Hudson speech, Beijing has still not taken significant action to improve our economic relationship.”</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“The international community</strong> must never forget that its engagement with Taiwan does not threaten the peace; it protects the peace on Taiwan and throughout the region."</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">"America</strong> will always believe that Taiwan’s embrace of democracy shows a better path for all the Chinese people.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“We respect the sovereignty of nations</strong>, but America also expects Beijing to honor its commitments, and President Trump has repeatedly made it clear that it would be much harder for us to make a trade deal if the authorities resort to the use of violence against protestors in Hong Kong.”</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“Far too many American multinational corporations</strong> have kowtowed to the lure of China’s money and markets by muzzling not only criticism of the Chinese Communist Party, but even affirmative expressions of American values."</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“Now people</strong> sometimes ask whether the Trump administration seeks to decouple from China. The answer is a resounding no.”</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111862387?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111862387?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111862387?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/95MGzQ?track_p_id=5rOey48GhPiQ_VcqIRc1nDg" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/95MGzQ?track_p_id=eAhekG4Vedv15Ra8GhPiQ_h" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">'The Pence speech is a step in the right direction.'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Susan Shirk | </strong>UC San Diego</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 24</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=0sr_hsVWOV8" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Watch</strong></a><strong style="font-weight: bold"> Susan's video interview</strong> (6m 14 s)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'The Pence speech is a step in the right direction.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Basically VP Pence</strong> reprised the speech he'd given a year ago at the <a href="https://www.hudson.org/events/1610-vice-president-mike-pence-s-remarks-on-the-administration-s-policy-towards-china102018" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Hudson Institute.</a>’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘A long list of evil deeds</strong> that China has done, not just on human rights, but in the South China Sea, in its economic and trade policies, its military built up, as well as its efforts to try to influence public opinion outside of China, and so on.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘It was good that Vice President Pence</strong> did hold out the offer of restoring some balance in U.S-China relations, if China can take the hard steps to get its economic system more back in line with international norms.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">And it's interesting</strong> he even mentioned how the United States welcomed, supported, and helped boost China as an international player after Deng Xiaoping launched China's reform and opening back 1979 and the 80s.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">So if somehow Xi Jinping</strong> could act like Deng Xiaoping maybe we could get back on a decent relationship between the two countries.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘We make it a lot harder</strong> for the Chinese side to compromise, to get their own interest groups to go along with concessions when we take too harsh a hostile stance toward China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘So I think the Pence speech</strong> is a step in the right direction of taking a tough, principled stand but, at the same time, leaving the door open to getting back to cooperation.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"> </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111890492?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111890492?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111890492?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/4hzkdk?track_p_id=8%40GecAeu36uvb9K_YybcQWD" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/4hzkdk?track_p_id=7wto5w536uvb9K_UVqLmw3m" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Pence Speech: 'Human Rights Aren't Going Away.'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 24, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Lester Ross</strong> | WilmerHale</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"> ‘That's a major change in terms of VP Pence's remarks compared to last year: human rights aren't going away.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘There’s a very important difference</strong> in Vice President Pence's speech this time versus the last time.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Last time among the criteria</strong> that he listed for an improvement in relations was mutual respect for sovereignty, which the Chinese could take as the United States is not going to do anything about Hong Kong.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This time</strong> he changed it to international respect for the international commercial rules.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In other words,</strong> if China acts more responsibly economically with respect and trade and investment, then we can improve relations.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Other things,</strong> security, human rights, those aren't going away, but we can establish a floor.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That's a major change</strong> in terms of his remarks compared to last year: human rights aren't going away.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111858839?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111858839?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111858839?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">XI & THE FOURTH PLENUM</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/50A4xs?track_p_id=1A4m7kWE_gB3b3zB56u3ODG" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/50A4xs?track_p_id=ckNrcasPCV3SN4m7kWE_Upu" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Xi’s in Charge: What the Fourth Plenum Tells Us about Xi Jinping’s Hold on Power </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Center for Strategic and International Studies (CSIS)</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Jude Blanchette</strong> | CSIS</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 25, 2019 </h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Terrific background</strong> on the upcoming Fourth Plenum</p><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"> ‘If Xi is facing blowback from his mishandling of the U.S.-China trade tensions and the unrest in Hong Kong, it’s not manifesting.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">On October 28,</strong> the Political Bureau (Politburo) of the Chinese Communist Party’s (CCP) Central Committee will hold its long-awaited Fourth Plenum of the Nineteenth Party Congress.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><span style="color: #d0021b"><em style="font-style: italic"><strong style="font-weight: bold">Q4: ‘What does the meeting announcement </strong></em></span><span style="color: #d0021b"><em style="font-style: italic">tell us about Xi Jinping’s hold on power?’</em></span></p><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Jude Blanchette: ‘To have a plenary session</strong> specifically focus on a key component of “Xi Jinping Thought” is a strong signal that Xi continues to strengthen his hold on power.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘For years, narratives </strong>have swirled that the grumbling one hears emanating from the halls of the State Council or the board rooms from credit-starved private companies is coalescing into a more pronounced challenge to Xi’s authority.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘To date,</strong> none of these insurrections have materialized.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In fact,</strong> just weeks ago, Xi was glorified, Mao-like, in the massive parade commemorating the Seventieth anniversary of the founding of the People’s Republic of China.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Now,</strong> his theory of governance is being discussed by the entire Party leadership.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘If he is facing blowback </strong>from his mishandling of the U.S.-China trade tensions and the unrest in Hong Kong, it’s not manifesting in any observable way.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Indeed,</strong> it’s likely that the more overt narrative of “great power competition” emanating from the United States has allowed Xi to push a “fortress besieged” mentality back home that allows him to redirect, to some extent, criticism that would otherwise be directed his way.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111887424?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111887424?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111887424?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">'SACRIFICIAL LAM'</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5IKPI0?track_p_id=cMmPrLJBDRb4b5OG59i_rV1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/2x3UxbzwO3SDSWRGJgRXKoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/5IKPI0?track_p_id=ci%40DGNK5HixXK5OG59i_sJb" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">How China Can Install Another Loyalist in Hong Kong: QuickTake </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 23, 2019</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold"> </strong>'Replacing a Hong Kong chief executive is a complicated, closed-door affair.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Sacrificial Lam':</strong> thanks for that from <a href="https://triviumchina.com/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Trivium China</strong></a> - be sure to <a href="https://triviumchina.com/trivium-daily-newsletter/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">subscribe </strong></a>for its terrific newsletter <em style="font-style: italic">(free)</em></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Financial Times</strong> has <a href="https://www.ft.com/content/5ef0fc30-f4a3-11e9-b018-3ef8794b17c6" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">reported</a> that the Chinese government was drafting plans to install a new “interim” leader by March.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But replacing a Hong Kong chief executive</strong> is a complicated, closed-door affair that is deeply entangled with the central problem facing the Asian financial hub’:</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘How do you balance</strong> the people’s desire for autonomy with China’s demands for control?’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">This report </strong>gives some answers.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111779426?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111779426?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111779426?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">LIBRA VS CHINA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5aUjc8?track_p_id=exKbFVwCgKSRAR%408UENvq_4" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/7a6P4XgNxEpaRBUZwP38JIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/5aUjc8?track_p_id=cUDZgOYIWJzQB8UENvq_AEG" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">It’s not just Congress—China’s tech giants are scared of Facebook’s Libra too</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">MIT Technology Review</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 24, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">See also the FT's <a href="https://ftalphaville.ft.com/2019/10/24/1571913068000/Zuckerbuck-vs-PayPal-vs-China/#myft:my-news:page" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">'<span style="font-size: 14px">Zuckerbuck vs PayPal vs China.'</span></a></h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'Facebook’s Libra proposal <a href="https://www.technologyreview.com/f/614314/china-is-about-to-launch-its-own-digital-currency-heres-what-we-know-so-far/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">appears to have accelerated</a> China’s long-standing plans to issue a digital version of its currency.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'If Facebook’s digital currency</strong> ever gets off the ground, it will threaten the business of China’s massively popular digital payment platforms Alipay and WeChat Pay, according to Tencent, one of the country’s largest tech companies.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Coincidence:</strong> In a hearing in front of the US Congress yesterday, Facebook CEO Mark Zuckerberg <a href="https://www.technologyreview.com/f/614621/critics-say-facebooks-libra-threatens-americas-power-zuck-says-theyve-got-it-all-wrong/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">urged policymakers</a> to see the company’s proposed digital currency, Libra, as a potential instrument of US power.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><a href="https://www.technologyreview.com/s/613801/facebooks-libra-three-things-we-dont-know-about-the-digital-currency/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">'As currently envisioned</strong></a><strong style="font-weight: bold">,</strong> Libra will be backed by a reserve composed of several sovereign currencies.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'But since the reserve</strong> will “mostly” be made up of dollars, Zuckerberg argued, it will reinforce America’s substantial influence over the global financial system—particularly with respect to China.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Distributing the digital renminbi: </strong>Facebook’s Libra proposal <a href="https://www.technologyreview.com/f/614314/china-is-about-to-launch-its-own-digital-currency-heres-what-we-know-so-far/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">appears to have accelerated</a> China’s long-standing plans to issue a digital version of its currency.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Not only does China plan</strong> to release the currency “in the coming months,” but it has ambitions to “export” the digital money around the world, Zuckerberg told Congress.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"> </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111861756?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111861756?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111861756?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">REAL ESTATE FINANCE</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5sf3wG?track_p_id=agDpq4UAe4r5ncOg2_LLlyE" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp34VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href="http://sco.lt/5sf3wG?track_p_id=9ADtKczPYM5ncOg2_f4vfsj" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China’s Property Bond Boom Clashes With Housing Market Realities</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">Wall Street Journal</strong></h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 24, 2019</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"> ‘Developers have levered up.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China’s property developers</strong> have used falling U.S. interest rates this year to issue swaths of dollar debt.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Yet the state of the country’s housing market</strong>—now past its prime—suggests investors would do well to steer clear.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Developers in Hong Kong and mainland China</strong> account for 41% of the net issuance in Asian dollar-denominated bonds this year, rising to 67% in the high-yield segment, where they now make up almost half of the total market.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Developers have levered up</strong> in other ways as well this year: presales of housing, which act as <a href="https://www.wsj.com/articles/chinese-property-giants-could-regret-milking-the-countrys-middle-class-11568875710?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">a shadow funding mechanism </a>for property companies, have boomed even as completions of housing have been lackluster.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This is difficult to square</strong> with what is actually happening in the housing market.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Data released this week</strong> showed that house prices in the 70 cities monitored by China’s National Bureau of Statistics rose by 8.6% in the 12 months to September, the slowest pace in a little over a year.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Of those 70 cities,</strong> 12 reported price declines, the highest number since February 2018.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111870915?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111870915?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111870915?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/pQ84nyZkxc9_JXcaUKVodzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div>
10/23/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 23, 2019</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:'gordita', sans-serif; padding:5px; border-left:0px solid #c80000; text-align:center; font-size: 1.375em; font-weight:900; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:none; text-transform:uppercase;">Opening Statement</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6sXtLM?track_p_id=5o4hok553xU6_6Xxgnn%40F53" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/uhp7CvL-kYuJYdwsZTPG2YVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6sXtLM?track_p_id=9hXPRYOIFb553xU6_eSVYeC" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Five Free Tickets to the TCFA Conference</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">The </strong><a href="https://www.tcfaglobal.org/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Chinese Finance Association (TCFA)</strong></a> will hold its <a href="https://www.tcfaglobal.org/goEventDetail.action?chapterid=8a468a1e6c8f9c37016cd567142e000b&year=1" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">25th Annual Conference </a>on November 10 in New York City.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">TCFA's conferences</strong> are terrific - I strongly urge you to attend.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Our TCFA friends</strong> have allotted five complimentary tickets to the event for CHINADebate members.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Have a look at the </strong><a href="https://www.tcfaglobal.org/goEventDetail.action?chapterid=8a468a1e6c8f9c37016cd567142e000b&year=1" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">agenda</strong></a> – and email me if you would like one of the five free tickets. </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111746897?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111746897?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111746897?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRUMP IS BEIJING'S BEST ASSET!</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7AiDfU?track_p_id=dyGHZyGIpHpKdA5liBmI_Zc" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/G9EK0hBp39apwSTnloaxVYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7AiDfU?track_p_id=63pEkFb5liBmI_OuXWaXlNM" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">MUST READ | Trump Is Beijing’s Best Asset</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Carnegie Endowment </h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 15, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="http://https//carnegietsinghua.org/experts/490" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Paul Haenle</a> | Carnegie Endowment</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘These Chinese thinkers see Trump as a dog with a big bark but little bite.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘But for China,</strong> Trump’s weaknesses are more important than his bluster.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘During numerous</strong> off the record discussions with Chinese government officials and scholars, we are finding that an increasing number are hoping for Trump’s reelection next year.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Those who hope for a second term</strong> see an unprecedented strategic opportunity for China in Trump’s destruction of what they view as the key U.S. pillars of strength.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘By gutting </strong>U.S. political advantages at home, eviscerating America’s reputation and credibility abroad, and subverting the heretofore solid alliance structure in the Asia-Pacific, Trump is weakening the United States.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In doing so,</strong> he is granting China the opportunity to gain critical geopolitical advantages and create a more favorable international environment in which to advance its own interests.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘From a zero-sum standpoint,</strong> many Chinese have concluded that Trump’s policies are strategically very good for China in the long run.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘These Chinese thinkers</strong> see Trump as a dog with a big bark but little bite.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111745203?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111745203?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111745203?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">WISH I'D WRITTEN THIS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7SsXzc?track_p_id=dmaCSKrXURCOSb7wJ8AQ_pF" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/s0F5XO7Z0w1bP3h6sXbfTYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7SsXzc?track_p_id=1S7wJ8AQ_MsKYpQjlLUVPmF" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Trump's over-hyped trade-war deal with China keeps fooling Wall Street</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Business Insider</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 20, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Linette Lopez | Business Insider</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘Stocks leap every time Trump claims to have a trade deal with China.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><em style="font-style: italic"><strong style="font-weight: bold">Wish I'd </strong></em><em style="font-style: italic">written this. Sure thought it enough times.</em></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Stocks leap every time</strong> Trump claims to have a trade deal with China.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘And then</strong> it turns out the deal is vapor.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Meanwhile,</strong> US-China relations continue to deteriorate in the background, making anyone bullish on a deal look even more absurd.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Stop it, Wall Street</strong> — you're embarrassing yourself. And we hate to see it.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Wall Street</strong> — the so-called masters of the universe and the underlings who serve them — should be smart enough to know a real deal when they see one.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But no.</strong> So far they've bought just about every pump the president has sold them.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111669531?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111669531?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111669531?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">BAD INFO</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7l2sJk?track_p_id=a3IZafWPvKv7DFJGg_Asofc" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/zxbyrGBKPhFFZLzMYqfYnYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7l2sJk?track_p_id=8PDk1EK5J7DFJGg_ZpHuqOK" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China’s Xi Jinping has more to worry about than slowing economic growth</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Financial Times</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 20, 2019<strong style="font-weight: bold"> </strong></h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">“They appeared to have been given very bad information. They kept saying things that were flat-out false.” </h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘These crises</strong> - ranging from the continuing protest movement in Hong Kong to a nationwide African swine fever epidemic - have something in common.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">They arose in large part</strong> because the authoritarian system that Mr Xi inherited seven years ago — and has made far more rigid during his time in office — is <ins style="text-decoration: underline"><strong style="font-weight: bold">often hopeless when it comes to passing bad news up the chain.’ </strong></ins></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘One senior US official </strong>said he was shocked during a recent visit to Beijing at how badly briefed even politburo-level officials appeared to be.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“They appeared</strong> to have been given very bad information. They kept saying things that were flat-out false.” </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Even in private settings,</strong> Chinese officials cling to their official narrative that American and British “black hands” sparked the unrest in Hong Kong.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It is a narrative</strong> that conveniently absolves everyone, from Beijing’s representative office in Hong Kong to Mr Xi himself.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">And absolves them</strong> 'of the failure to appreciate the potentially destabilising consequences of Hong Kong’s unrepresentative political system, the chronic incompetence of its coddled civil servants-turned-politicians and its soaring economic inequality.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111670936?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111670936?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111670936?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">U.S.-CHINA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/83DCds?track_p_id=8oT2cEATp66usbW_INsj4z1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/83DCds?track_p_id=agpo%40CyRTe666usbW_eVP%40U" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Let’s Make a Deal! </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="text-align: right;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;">Center for Strategic and International Studies (CSIS)</p><p style="text-align: right;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;">October 21, 2019</p><p style="text-align: right;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;">Bill Reinsch | CSIS</p><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'We may be pretty much back where we started.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Putting all this together</strong> suggests that after a year and a half of drama and a boatload of collateral damage, we may be pretty much back where we started.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Chinese agriculture purchases</strong> will resume at either normal or higher levels, new U.S. tariffs will be postponed (but not permanently tossed aside), old Chinese promises will be recycled, while some tariffs on both sides will remain in effect.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘And all the problems</strong> that we began with remain.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111743956?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111743956?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111743956?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8LNWy0?track_p_id=45dqA6d6hZe_ce26ZVAphJb" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8LNWy0?track_p_id=4RpRe6d6hZe_zsPCjaWPXcu" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">"The White House is still pretty delusional."</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 20, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Jim McGregor | APCO Worldwide </h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Another great Jim McGregor<a href="https://www.bloomberg.com/news/videos/2019-10-21/china-is-going-to-ride-it-out-for-a-while-says-apco-worldwide-s-mcgregor-video" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> video interview</a> (5m 19s)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘What are they going to do? Build soybean mountains around different cities in China?’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The White House</strong> is still pretty delusional.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The White House</strong> thinks that we are bringing the Chinese economy down to its knees and we just gotta hang in there.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘I think</strong> Kudlow and Lighthizer know better.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This $50 billion</strong> in agriculture - there was $9 billion in American farm goods exported to China last year. We're going to bring that up to 50 billion?’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘What are they going to do?</strong> Build soybean mountains around different cities in China?’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111782310?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111782310?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111782310?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8dXrI8?track_p_id=6vLz33H7qVg34_3zDyMD1Br" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/KauwTw9lpHmKBMLWixSnmYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8dXrI8?track_p_id=8mAuJZ2yj7qVg34_aqINUT4" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">'US-China Relations: Reflections on a Gathering Storm'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">World Affairs</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 17, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> David Lampton | School of Advanced International Studies, Johns Hopkins University</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Great far-ranging discussion (1h 5m)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'We call it decoupling. The Chinese call it autonomy.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘David M. Lampton,</strong> expert on Chinese politics and US-China relations, currently at Stanford University, takes a closer look at the growing rivalry and how we might evaluate the more than forty years of Sino-American engagement since Nixon went to Beijing in 1972.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Why has engagement</strong> weakened so precipitously in the last several years? What may be the costs of this mounting friction; and, what steps could be taken by both Beijing and Washington to move in more productive directions?’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111747018?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111747018?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111747018?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8viBcG?track_p_id=agSwAxFQGiM6gwc4k_y643o" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/R2honJU3MXkzC1EUKtMivoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8viBcG?track_p_id=9a1owrKkYH6gwc4k_CoK16g" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Our overdue reckoning with China </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Washington Post | Op-Ed</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 20, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">John Burtka | executive director of The American Conservative</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘It’s long past time to render a value on the United States’ 40-year relationship with the People’s Republic of China.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The United States</strong> is at a crossroads.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘We live in a country</strong> where the titans of industry have betrayed the national interest in search of profits from a communist dictatorship.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘It’s long past time</strong> to render a value on the United States’ 40-year <a href="https://www.politico.com/story/2018/12/15/us-recognizes-communist-china-dec-15-1978-1060168" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">relationship</a> with the People’s Republic of China (PRC).’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘What result of it has come to the American heartland</strong> besides an opioid epidemic, rising suicide rates, the destruction of the world’s greatest manufacturing base, low-wage service jobs, and the big-box stores that have killed the American main street?’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Not to mention</strong> the hundreds of billions of dollars <a href="https://money.cnn.com/2018/03/23/technology/china-us-trump-tariffs-ip-theft/index.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">lost</a> to stolen technology, the dumping of excess product in markets to destroy U.S. industries, as well as egregious human rights abuses.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘No matter how the trade talks</strong> turn out, the sun is setting on the United States’ trade relationship with China.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111714262?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111714262?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111714262?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRADE20</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/9DsVwO?track_p_id=de3GqR6M42xBzF8EJmaE_A3" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/8bY58l9SuTa1iMqrbri1CIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/9DsVwO?track_p_id=8Mz6v1nch8EJmaE_h1draV6" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Trade20</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Standard Chartered</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> October 20, 2019</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://av.sc.com/corp-en/content/docs/trade20-report.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Read</a> the 35-page report, <em style="font-style: italic">Trade20</em></h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">And <a href="https://www.sc.com/en/insights/trade20/#youtube-qLdVoYs8y2c" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">check out</a> Trade20's interactive website</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'The higher the trade growth with China, the better these markets perform.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><a href="https://www.ft.com/content/b7c8d400-f01a-11e9-a55a-30afa498db1b" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">FT</strong></a><strong style="font-weight: bold">: ‘A new study by Standard Chartered, </strong><em style="font-style: italic"><strong style="font-weight: bold">Trade20</strong></em><strong style="font-weight: bold">,</strong> shows that a wide range of economies in Asia-Pacific, Africa and the Middle East have significantly improved their potential for trade growth by opening up their markets, diversifying their exports, improving their economic dynamism, and strengthening their physical and digital infrastructure,' wrote <strong style="font-weight: bold">J</strong><a href="https://www.ft.com/stream/5d939ea2-2fb8-469e-9e40-31d30a62b860" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">osé Viñals, </strong></a>Chairman, Standard Chartered.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">From the </strong><a href="https://www.sc.com/en/media/press-release/our-new-trade20-index-reveals-the-rising-stars-of-global-trade/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">press release</strong></a><strong style="font-weight: bold">: ‘Crucially, exposure to China</strong> is a key factor in the high rankings of developing Asia-Pacific and African markets in the Trade20 index.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'With only a few exceptions,</strong> the higher the trade growth with China, the better these markets perform in terms of economic dynamism (Figure 1, below).'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111779612?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111779612?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111779612?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/JUoC7PRFYmZQB97QQVNXTzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">ECONOMY</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/4qVzai?track_p_id=aGwvvbfoxNA5FzVza_jYLHu" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/4qVzai?track_p_id=aCX41W2BYsW5FzVza_xwmeZ" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">VanEck CEO Jan Van Eck on Expansion Opportunities in China </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 22, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.vaneck.com/about-vaneck/company-founder-john-van-eck/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Jan Van Eck</a> | CEO Van Eck </h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg video interview (15m 27s)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">"I oversimplify the world into the U.S. and China."</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘I oversimplify</strong> the world into the U.S. and China.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Cyclically the Chinese economy</strong> is doing fine.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The service sector</strong> is really doing phenomenally well. The China consumer sector is really is really booming.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s PMI,</strong> it's in the high fifties. it's been that way for a decade. No signs of slowing down, lots of innovation.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Let's put that in a global context.</strong> China's one of the best markets in the world.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111745521?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111745521?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111745521?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/58gJuq?track_p_id=eEYuYktebVTqPC38mEqcw_G" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/LVEdRSpgxX4CbqTrlPycNIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/58gJuq?track_p_id=b6RQqsBC3Ira8mEqcw_cwjd" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Why China isn't cutting lending rates like the rest of the world</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">CNBC</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 23, 2019</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">“China doesn’t have an inflation problem. It has a pork problem.”</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The </strong><a href="https://www.cnbc.com/peoples-bank-of-china/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">People’s Bank of China</strong></a><strong style="font-weight: bold"> </strong>is choosing not to follow many other major central banks in cutting interest rates as it tries to navigate a challenging economic environment.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“Overall, October’s unchanged rate</strong> reflects that the central bank is still in a period of observation,” said Chaoping Zhu, J.P. Morgan Asset Management. “This monetary policy transmission (of financing to economic growth) still has some problems.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Easier monetary policy</strong> typically results in higher inflation, which is already on the rise in China due to soaring pork prices.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The jump in pork prices</strong> sent the consumer price index to a near six-year-high. But excluding food and energy prices puts CPI at a moderate 1.5%.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“China doesn’t have an inflation problem.</strong> It has a pork problem,” EIU’s Dan Wang said.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111779325?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111779325?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111779325?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/zNOfNSHFB2wXLhwkA8EHrjl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">SOUTH KOREA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5QqeEy?track_p_id=9iaSp5WC%40Q7pe3Vm_4Jd43M" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/DKFLL_WFNIxtoniJ10LrLoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5QqeEy?track_p_id=9XAVEuFxxH7pe3Vm_DVeIfy" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">South Koreans and Americans Agree on How to Deal With China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Council on Foreign Relations</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> October 21, 2019</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘A portion of South Korea’s manufacturing supply chain of exports to the United States runs through China.'</h2><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China’s more muscular approach</strong> toward regional security has induced a backlash among the South Korean public.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Prior to 2016</strong> held a relatively rosy view of China’s future influence and impact on the region.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In the most recent Asan survey,</strong> over 78 percent of South Koreans said their government should prioritize strengthening ties with the United States over China.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China and the United States</strong> are South Korea’s number one and two trading partners, together accounting for almost 40 percent of South Korean exports.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘A portion</strong> of South Korea’s manufacturing supply chain of exports to the United States runs through China, making South Korea one of the biggest potential victims of a Sino-U.S. trade war.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111743930?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111743930?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111743930?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5j0yZ6?track_p_id=bkxuD5Hk3CT17yWqTO_gVXp" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5j0yZ6?track_p_id=07yWqTO_wNb1XGVFRjVfTeE" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">What's Happening with Japan-South Korea Relations </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic and International Studies (CSIS)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 22, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Victor Cha and Michael J. Green | CSIS</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video presentation (4m 35s) </h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘From trade spats and historical grievances to weakened security cooperation, the relationship between Japan and South Korea is at a new low.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Japan-South Korea relations</strong> have deteriorated rapidly over the last year.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘From trade spats</strong> and historical grievances to weakened security cooperation, the relationship between Japan and South Korea is at a new low.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘CSIS's Victor Cha and Michael J. Green</strong> dive into the roots of the conflict, the strategic implications for the United States, and where we go from here.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘To see an in-depth breakdown</strong> of each incident that brought Japan and South Korea to where they are today, check out CSIS's timeline on this subject: <a href="https://www.youtube.com/redirect?q=https%3A%2F%2Fjapankorea.csis.org%2F&redir_token=2dYoYJQTAyvcQIKxutX9_Wh1UYV8MTU3MTg2OTA1MUAxNTcxNzgyNjUx&event=video_description&v=75ljyWX4igM" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">https://japankorea.csis.org/</a>’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111747131?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111747131?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111747131?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div>
10/16/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 16, 2019</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/83d4Iy?track_p_id=5Tz%404C7xIlFm_HsOoGwymd6" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/uhp7CvL-kYuJYdwsZTPG2YVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/83d4Iy?track_p_id=aeD3e5pZYbj7xIlFm_wTxfP" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Editor's Take</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Greetings!</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Two related</strong> but contrasting things have caught my attention.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">First are the IMF reports</strong> that signal slowing global growth. This slowing, the IMF contends, comes in large part from trade tensions between the U.S. and China – and the extraordinary uncertainty that comes from these tensions. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Note that uncertainty</strong> is sapping more from the world economy than the trade war itself.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Second is the recently announced Phase 1 trade deal</strong> between the U.S. and China - what Scott Kennedy of the Center for Strategic and International Studies called <em style="font-style: italic">“a nothing-burger,” </em>echoing the sentiments of most commentators other than President Trump.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Looking at these together</strong> I thought: How much damage this trade war has caused the world, and how little the U.S. has gotten – or is likely to get - for it.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">My next thought</strong> was that, try as I do, I cannot fathom the reasoning of President Trump and his advisors. In that I am not alone.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Have a look at the expert insights</strong> here and let me know what you think.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Malcolm</strong></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111537963?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111537963?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111537963?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRADE DEAL</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8LnOd6?track_p_id=05gyZo6_deb6nWUnAW1M2Ez" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/R2honJU3MXkzC1EUKtMivoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8LnOd6?track_p_id=9Aiu%40Ym%40Xq5gyZo6_tY4Tbf" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">‘Nothing-burger’: US-China truce leaves big issues for later </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 14, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Washington Post</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'But closer inspection<strong style="font-weight: bold"></strong>suggests there isn’t much substance, at least not yet, to the temporary truce</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'President Donald Trump</strong> heralded a breakthrough in U.S.-China trade talks, and markets rallied in relief over a de-escalation in tensions between the world’s two biggest economies.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'But closer inspection suggests</strong> there isn’t much substance, at least not yet, to the temporary truce Trump announced Friday at the White House after the U.S. and China wrapped up their 13th round of trade talks.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Scott Kennedy</strong>, Center for Strategic and International Studies: </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><em style="font-style: italic"><strong style="font-weight: bold">“A nothing-burger.</strong></em><em style="font-style: italic"> I call it the ‘Invisible Deal.’... The only thing that happened Friday was that the U.S. delayed the tariff increase.”</em></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Wendy Cutler</strong>, a former U.S. trade negotiator now at the Asia Society Policy Institute: </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><em style="font-style: italic"><strong style="font-weight: bold"> “It’s curious that Washington and Beijing</strong></em><em style="font-style: italic"> have not yet put this ‘deal’ in writing. That suggests that the details may not be worked out yet. If that’s the case, we should expect more bumps in the road in the lead up to a mid-November meeting between Trump and Xi.”</em></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Jeff Moon</strong>, a former U.S. diplomat and trade official, now president of the China Moon Strategies consultancy:<em style="font-style: italic"> </em></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><em style="font-style: italic"><strong style="font-weight: bold">“The bottom line</strong></em><em style="font-style: italic"> is that both sides (on Friday) gave themselves permission to do what they wanted to do. China really needs the food, and Trump doesn’t want to impose the (increase in) tariffs. That’s the bottom line.”</em></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">David Dollar</strong>, senior fellow at Brookings and a former official at the World Bank and U.S. Treasury in China: </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><em style="font-style: italic"><strong style="font-weight: bold">“It’s in the two countries’ interests</strong></em><em style="font-style: italic"> to dial down the hostilities. I don’t think China is willing to fundamentally change its system.”</em></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111502947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111502947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111502947?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8dxixE?track_p_id=aS3OXYwkNB68m1ARa_ne4UN" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/sVPJ4ecEord_tHO5RDJrboVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8dxixE?track_p_id=5g2j1P8m1ARa_bY5NmObcMJ" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">This Is China's Last Chance for a Trade Deal</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 14, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">George Magnus | Oxford University</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video interview (5m 39s)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘Really, this is a deal that could have been done two years ago.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">GEORGE MAGNUS: ‘This is the last chance</strong> for any kind of agreement.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If it is an agreement</strong> that can be signed, it's going to be small, limited.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘And there won't be</strong> any phase two or phase three.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This is basically it,</strong> and the Chinese know it.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Chinese</strong> are getting almost everything they want for an increase in relatively minor agriculture purchases – with no real concessions on some of the bigger issues that the U.S. had been pushing for earlier this spring.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Remember that the African swine flu</strong> has affected China really badly – perhaps half of their hog stock of hogs has had to be slaughtered.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘They want pork</strong> and they want soy bean imports.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘They're quite keen,</strong> you know, to source additional supplies quickly because it's politically is quite sensitive in China.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Chinese</strong> have got everything they want.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Really,</strong> this is a deal that could have been done two years ago.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111508221?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111508221?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111508221?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRADE WAR THREATENS THE WORLD'S ECONOMY</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8w83HM?track_p_id=ev4t%40ga553Z2vFV6If6NC_e" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/3QKIJ28TXRxlm_PNLipujIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8w83HM?track_p_id=06If6NC_YAcu3mZ2XJKwaSs" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Former World Leaders: The Trade War Threatens the World’s Economy </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 11, 2019 (updated)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Op-ed | New York Times</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Kevin Rudd, Helen Clark and Carl Bildt</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">The authors are former prime ministers of Australia, New Zealand and Sweden.</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘The 18-month trade war between the United States and China represents the single greatest threat to global economic growth.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The 18-month trade war</strong> between the United States and China represents the single greatest threat to global economic growth.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Despite an interim deal,</strong> global peace and prosperity remain at risk if the United States and China do not fully resolve their conflict.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘President Trump </strong>announced on Friday a <a href="https://www.nytimes.com/2019/10/11/business/economy/us-china-trade-deal.html?action=click&module=inline&pgtype=Homepage" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">preliminary trade détente</a> with China, saying that the two countries have a verbal agreement for an initial phase of a deal.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This is an encouraging sign,</strong> but a verbal agreement is just a first step.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘A failure</strong> to bring the trade war to a final conclusion significantly increases the risk of recession next year.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘America’s and China’s prosperity</strong> have been built on global free trade. Now, however, we see global growth in trade lagging behind general economic growth for the first time in decades.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In part,</strong> this is the product of the expanding trade war between America and China, the world’s two largest economies.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In part</strong>, it is because of a more general outbreak of protectionism around the world.’</li><li style="margin-top: .5em;margin-bottom: 0;">‘B<strong style="font-weight: bold">oth these factors </strong>threaten continued global prosperity.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘We recognize,</strong> as former leaders of countries with longstanding economic relationships with China, the real difficulties regarding a number of Beijing’s trade and economic practices.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘At the same time,</strong> as countries long committed to the principles of free trade, we do not see the ever-widening tariff war, started by the United States, as an effective way to resolve trade and economic disputes.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Tariffs, by definition,</strong> are the enemy of free trade.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Their cumulative impact</strong>, particularly combined with the current resurgence of protectionism worldwide, only depresses economic growth, employment and living standards.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Tariffs raise the cost of living</strong> for working families as consumer prices are driven up.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The tariff war</strong> has been creating economic uncertainty, depressing international investor confidence, compounding downward pressure on growth and increasing the risk of recession.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The disruption</strong> of global supply chains is already profound, and it may continue until a final deal is reached.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘For these reasons,</strong> and given the gravity of the global economic outlook for 2020, we urge both countries to exercise every effort to reach a substantive agreement this year.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘We also urge</strong> the United States to withdraw the punitive tariffs it has imposed — and that China do the same with the reciprocal tariffs it has enacted.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Beyond trade,</strong> we are anxious about the wider strategic impact of any further decoupling of the Chinese and the American economies, particularly in technology and finance.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Such a decoupling</strong> would present a long-term threat to global peace and security.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘It would also effectively constitute</strong> the first step in the declaration of a new Cold War. As with the last Cold War, many nations would be forced to choose between the two powers.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘And</strong><strong style="font-weight: bold">that is a choice</strong> none of us wants to make.’<strong style="font-weight: bold"> </strong></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Our group</strong> of former prime ministers and presidents includes':</p><ol><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Kevin Rudd</strong> of <strong style="font-weight: bold">Australia</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Helen Clark</strong> of <strong style="font-weight: bold">New Zealand</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Carl Bildt</strong> of <strong style="font-weight: bold">Sweden</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">François Fillon</strong> of <strong style="font-weight: bold">France</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Joe Clark</strong> of <strong style="font-weight: bold">Canada</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Enrico Letta</strong> of <strong style="font-weight: bold">Italy</strong>,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Jan Peter Balkenende</strong> of the Netherlands,</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Felipe Calderón</strong> of <strong style="font-weight: bold">Mexico,</strong></li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Ernesto Zedillo</strong> of <strong style="font-weight: bold">Mexico</strong>, and</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Han Seung-soo</strong> of <strong style="font-weight: bold">South Korea</strong>. </li></ol><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111511941?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111511941?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111511941?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">THE PRICE OF UNCERTAINTY</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/9EINbU?track_p_id=62EQW2%406NqYXu_P3bMeEZY5" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/zxbyrGBKPhFFZLzMYqfYnYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/9EINbU?track_p_id=3J3U6NqYXu_RASj2dsaxIE2" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Too much of what ails the world economy is the result of ‘stupid stuff'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 15, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Financial Times</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Martin Wolf | FT</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'Depressingly, much of what threatens the world economy is due to “stupid stuff”.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“Don’t do stupid shit.”</strong> With the last word turned demurely into “stuff”, this became known as the <a href="https://www.theatlantic.com/magazine/archive/2016/04/the-obama-doctrine/471525/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">“Obama doctrine”</a>. Depressingly, much of what threatens the world economy is due to “stupid stuff”.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Donald Trump’s trade policy</strong> is wrecking the underpinnings of the postwar trading system, thereby creating huge uncertainty, in pursuit of the silly aim of bilateral balancing.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Brexit is stupid:</strong> it will destroy a fruitful partnership with the UK’s neighbours and partners.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The burgeoning friction</strong> between Japan and South Korea is stupid, too: it weakens both countries in a region ever more dominated by China.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘What is driving this slowdown,</strong> particularly stark in industry and trade? A big part of the answer seems to be rising uncertainty.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This</strong>, argue the Brookings authors [see the post below], is due to the “persistent trade tensions, political instability, geopolitical risks, and concerns about the limited efficacy of monetary stimulus”.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Such uncertainty</strong> has, <a href="https://www.ft.com/content/b56b71e8-ded8-11e9-9743-db5a370481bc" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">notes Gavyn Davies</a>, become “entrenched”.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111510213?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111510213?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111510213?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff; "><tbody><tr><td style="max-width:600px;background:#ffffff;"><img src="https://img.scoop.it/uejKcURYP4e9njtxwibjizl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="padding-bottom:0px; margin-top:-15px;margin-bottom:30px;"></td></tr></tbody></table></div><div><hr style="margin:0px; border-width:0px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/4qvrFo?track_p_id=eK1TQacWH5AkGCA8LnUMw_3" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/c_SiTkiGen_SsT6cnw5F6IVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/4qvrFo?track_p_id=75ShPKzX8LnUMw_Gv35Fz2N" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">October 2019 update to TIGER: Sliding into synchronized stagnation</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 13, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> Brookings & Financial Times</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Eswar Prasad | Brookings</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Note: the report has a terrific interactive chart. Click a country and then click the popup to get a set of great charts.</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘A worldwide slowdown is giving way to a synchronized stagnation.' </h2><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A worldwide slowdown</strong> is giving way to a synchronized stagnation characterized by weak growth in some major economies and essentially no growth or even mild contraction in others.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Fears of an imminent global recession</strong> seem premature, but policymakers seem at a loss about how to revive growth, with little appetite for fundamental reforms and limited room for effective macroeconomic stimulus.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Persistent trade tensions,</strong> political instability, geopolitical risks, and concerns about the limited efficacy of monetary stimulus continue to erode business and consumer sentiment, holding back investment and productivity growth.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘International trade flows</strong> have been directly impacted as well. The WTO has slashed its forecast for world trade growth in 2019 to just 1.2 percent.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The Baltic Dry Index,</strong> a forward-looking metric based on bulk commodities shipping, nearly doubled in the first eight months of the year, but it has fallen by about 30 percent since August, erasing hopes of a rebound in trade.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The U.S. economy</strong> is presenting a dichotomous picture, with labor market performance and household consumption still relatively robust but activity in both the manufacturing and services sectors slowing visibly.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Trade tensions</strong> with major trading partners, including China and the European Union, and uncertainties related to the trade deal with Canada and Mexico have sapped business confidence, hurt corporate profits, and led to a contraction of business investment.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">And read</strong> Eswar Prasad's analysis of this report <a href="https://www.project-syndicate.org/commentary/global-economy-synchronized-stagnation-risk-by-eswar-prasad-and-ethan-wu-1-2019-10?a_la=english&a_d=5da4600b08d52a18d86e1588&a_m=&a_a=click&a_s=&a_p=homepage&a_li=global-economy-synchronized-stagnation-risk-by-eswar-prasad-and-ethan-wu-1-2019-10&a_pa=curated&a_ps=" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">'</strong><span style="font-size: 14px"><strong style="font-weight: bold">Can Synchronized Stagnation Be Stopped?'</strong></span></a></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111540364?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111540364?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111540364?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:center; margin-top:-15px;background:#ffffff; "><tbody><tr><td style="max-width:600px;background:#ffffff;"><img src="https://img.scoop.it/K21cRhuYK_M57pkkr9wliTl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="padding-bottom:0px; margin-bottom:30px;"></td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/596BZw?track_p_id=5%403ACJ4pPL6U_aZyHeXaydF" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/16SHq1HjKQDa4VIwHGRJJYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/596BZw?track_p_id=evWLpFTRgogtUqa4pPL6U_v" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Trade uncertainty hangs over the global economy. This new index explains what that means for you.</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 9, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> IMFBlog</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘Rising trade uncertainty is cited as a driving factor for “sluggish global growth.” </h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘We construct</strong> the <a href="https://www.policyuncertainty.com/wui_quarterly.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">World Trade Uncertainty</a> index for 143 countries starting in 1996.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Rising trade uncertainty</strong> is cited as a driving factor for “<a href="https://blogs.imf.org/2019/07/23/sluggish-global-growth-calls-for-supportive-policies/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">sluggish global growth</a>.” Globally, the trade policy uncertainty index is rising sharply, having been stable at low levels for about 20 years.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The index [see the chart below] shows</strong> increased uncertainty starting around the third quarter of 2018, coinciding with a heavily publicized series of tariff increases by the United States and China.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It then declined</strong> in the fourth quarter of 2018 as US and Chinese officials announced a deal to halt the escalation of tariffs at the G-20 meeting in December in Buenos Aires.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It significantly spiked again</strong> in the first quarter of 2019 following a substantial expansion of American tariffs on imports from China on March 1.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><a href="https://www.policyuncertainty.com/index.html" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Check out</strong></a> the 'World Trade Uncertainty.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111510384?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111510384?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111510384?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:center; margin-top:-15px;background:#ffffff; "><tbody><tr><td style="max-width:600px;background:#ffffff;text-align:center;"><img src="https://img.scoop.it/XrNXqa86xMlF0shc2D2CJjl72eJkfbmt4t8yenImKBX-tBJWIKMczNlRswaKUz45" style="padding-bottom:20px; margin-bottom:10px;"></td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">IFM GROWTH FORECAST</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5RGVu4?track_p_id=aUI6yNWmkQE8L77lu_ph52h" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/JP1QmQOh6Yp6KRdpIktROoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5RGVu4?track_p_id=9UhC4L6tIc8L77lu_ASk4%40X" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">'The World Economy: Synchronized Slowdown, Precarious Outlook'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 15, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">IMF</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Gita Gopinath | IMF Economic Counsellor and Director of the Research Department (on leave from Harvard)</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=Y1m5NDLDKxE" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Watch a nifty video intro</a> to the 'Outlook' (1m 25s)</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.imf.org/en/Publications/WEO/Issues/2019/10/01/world-economic-outlook-october-2019" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Read the IMF's</a> 'World Economic Outlook, October 2019<br> Global Manufacturing Downturn, Rising Trade Barriers' - especially 'Chapter 1: Global Prospects and Policies' </h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=VxDx7WfaLsc" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Watch Gita's</a> Bloomberg interview (4m)</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=CZubifV7puk" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Watch Gita's</a> press conference introducing the 'Outlook' (42m)</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘The weakness in growth is driven by a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods.'</h2><p style="text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The global economy</strong> is in a synchronized slowdown and we are, once again, downgrading growth for 2019 to 3 percent, its slowest pace since the global financial crisis.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Growth continues</strong> to be weakened by rising trade barriers and increasing geopolitical tensions.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘We estimate</strong> that the US-China trade tensions will cumulatively reduce the level of global GDP by 0.8 percent by 2020.’</li></ul></li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Growth is also being weighed down</strong> by country-specific factors in several emerging market economies, and by structural forces, such as low productivity growth and aging demographics in advanced economies.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In contrast</strong> to extremely weak manufacturing and trade, the services sector continues to hold up almost across the globe.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The weakness in growth</strong> is driven by a sharp deterioration in manufacturing activity and global trade, with higher tariffs and prolonged trade policy uncertainty damaging investment and demand for capital goods.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In addition,</strong> the automobile industry is contracting owing also to a variety of factors, such as disruptions from new emission standards in the euro area and China that have had durable effects.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Overall,</strong> trade volume growth in the first half of 2019 has fallen to 1 percent, the weakest level since 2012. [see the chart below]</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘To rejuvenate growth,</strong> policymakers must undo the trade barriers put in place with durable agreements, rein in geopolitical tensions, and reduce domestic policy uncertainty.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111501180?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111501180?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111501180?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:center; background:#ffffff; "><tbody><tr><td style="max-width:600px;background:#ffffff;"><img src="https://img.scoop.it/w0S2Y6ADbihu8EFTAUS6Gjl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="padding-bottom:10px; margin-top:-15px;margin-bottom:10px;"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff"><tbody><tr><td style="max-width:600px; height:0px;background:#ffffff"></td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5jQqEC?track_p_id=5kJgWS5AyItK_CbygdYZPJq" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/JP1QmQOh6Yp6KRdpIktROoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5jQqEC?track_p_id=165AyItK_ojYM2Bd3K5x6kQ" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Annual Meetings 2019 "Curtain Raiser" Speech</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">IMF</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Kristalina Georgieva | IMF Managing Director</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=kK_Uj-26JD0" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> Watch Kristalina's</a> 'Curtain Raiser' speech & interview</h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘The results are clear. Everyone loses in a trade war.’ </h2><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Uncertainty</strong> — driven by trade, but also by Brexit, and geopolitical tensions — is holding back economic potential.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Even if growth picks-up in 2020,</strong> the current rifts could lead to changes that last a generation — <strong style="font-weight: bold">broken supply chains, siloed trade sectors, a “digital Berlin Wall” that forces countries to choose between technology systems.’</strong></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘I said trade tensions</strong> were now taking a toll. Let me show you what I mean.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This graphic [below] shows</strong> the projected global GDP loss from the escalating trade conflict between the US and China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The blue, yellow, and purple blocks</strong> show the direct costs on businesses and consumers from the three rounds of implemented and announced tariffs.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Now, look at the red blocks.</strong> This is what happens when the expected secondary effects are added in — including the loss of confidence and market reactions.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The results are clear</strong>. Everyone loses in a trade war.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘For the global economy,</strong> the cumulative effect of trade conflicts could mean a loss of around $700 billion by 2020, or about 0.8 percent of GDP.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘As a reference,</strong> this is approximately the size of Switzerland’s entire economy.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111502241?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111502241?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111502241?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff; "><tbody><tr><td style="max-width:600px;background:#ffffff;"><img src="https://www.imf.org/~/media/Images/IMF/News/RC/2019/sp100819-chart.ashx?h=338&w=600&la=en" style="padding-bottom:20px; margin-top:-15px;margin-bottom:10px;"></td></tr></tbody></table></div>
10/12/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 12, 2019</span></td></tr></tbody></table></div><div><hr style="margin:10px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">TO KOWTOW OR NOT</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/61bAYK?track_p_id=bgRMn41O6MxJ7r4haQ_vgik" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/DKFLL_WFNIxtoniJ10LrLoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/61bAYK?track_p_id=deyB5GvzKQ1ZbI7r4haQ_xu" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Game On: The NBA Runs Afoul of China but Scores Big</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> Elizabeth Economy | Council on Foreign Relations (CFR)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘In its criticism of Morey’s tweet,</strong> China’s state-run broadcasting company CCTV <a href="https://www.apnews.com/cacbc722f6834e64814f82b14752682c" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">stated</a>, “We believe that any remarks that challenge national sovereignty and social stability are not within the scope of freedom of speech.”</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘As I </strong><a href="https://www.foreignaffairs.com/articles/china/2019-10-01/chinas-neo-maoist-moment" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">wrote recently</strong></a><strong style="font-weight: bold">,</strong> Beijing is increasingly seeking to force multinationals to align their political values and priorities with China’s.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘While Beijing’s traditional priority</strong> in this regard has been sovereignty issues, it is easy to imagine political obeisance required on other potentially sensitive topics, such as the Belt and Road initiative, human rights and religious practices, labor and employment, or Internet governance.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Any issue</strong> can become one that seemingly threatens social stability.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111359946?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111359946?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111359946?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6JlUsS?track_p_id=eoAQ1CNjoGxXOJ%4057Dyd4_Y" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/1zv3QsJblcG1W02bdppO44VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6JlUsS?track_p_id=53dBDK57Dyd4_NETZ4ayy3U" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">NBA Offends China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 11, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> China Uncensored</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> video commentary (6m)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Best - succinct</strong> - visual summary of the issue I've seen.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111390321?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111390321?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111390321?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">POLITICS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6bvpCa?track_p_id=ceK4vaYc4XcMO5T0ize_xI3" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Tad6xj_ebVw7qqeNRLm3H4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6bvpCa?track_p_id=1F5T0ize_4tKkIfbgQq6453" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China’s Corrupt Meritocracy</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 4, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Yuen Yuen Ang | University of Michigan</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Analysts of China's political economy</strong> tend to fall into two camps, with one side describing it as a genuine meritocracy, and the other arguing that the regime is corrupt to the core. In fact, neither view is correct.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Corruption and competence</strong> do not just coexist within China’s political system; they can be mutually reinforcing.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘What both camps fail to grasp</strong> is the symbiotic relationship between corruption and performance in China’s fiercely competitive political system.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘For political elites</strong> whose formal pay is low, cronyism not only finances lavish consumption but also helps advance their careers.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Wealthy cronies</strong> donate to public works, mobilize business networks to invest in state construction schemes, and help politicians complete their signature projects, which improve both a city’s physical image and the leader’s track record.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:9px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">HONG KONG</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6u69Wi?track_p_id=5OB2bU5Rf87q_Q2Qox4hwFC" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/TandLxoQxxBXwPyzfDjz8IVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6u69Wi?track_p_id=3gJV5Rf87q_%40VfQvLThc2fW" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Beijing will have its revenge on Hong Kong</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 6, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Financial Times</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The conclusion Beijing</strong> has drawn from the past four months of rage is the only one possible in an authoritarian — increasingly totalitarian — system: they were far too soft last time around.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘When the moment is right,</strong> they must act ruthlessly to punish Hong Kong.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The calculus of Communist rule</strong> does not allow for concessions to unruly provinces.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If President Xi Jinping</strong> were to compromise and grant Hong Kong the right to vote for its leaders then what about Shanghai or Shenzhen?’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If he does not harshly punish the territory</strong> then the rest of the nation and his many political enemies would smell weakness, rather than applaud his restraint.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:9px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; text-align:left; margin-bottom:-2px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">EUROPEAN CHAMBER POSITION PAPER</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7CGTqq?track_p_id=7djMpfXd6VLaJS_iPqoq2sJ" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/dDrWU2yerQnLU4Mag2NRT4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7CGTqq?track_p_id=6T4dmo36VLaJS_1i3PehZQm" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">European Business in China – Position Paper 2019/2020</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 24, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">European Chamber of Commerce in China</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">As some earlier posts show,</strong> 'competitive neutrality' seems to a front-burner issue in China.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘One of the biggest challenges</strong> facing European companies in China is the perpetuation of a legal regime that distinguishes companies by ownership and favours state-owned over private and local over foreign.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Fortunately,</strong> there are some signs that a re-examination of China’s current economic course is needed, with loud and prominent voices from within the government having voiced support for the concept of<strong style="font-weight: bold"> ‘competitive neutrality’</strong>, a principle that government should not provide special treatment to any given enterprise.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111364918?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111364918?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111364918?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:9px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#ffffff"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">ECONOMY & MONETARY POLICY</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7UQoAy?track_p_id=5WNbWs6UZjnq_xVk5cjfOnt" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7UQoAy?track_p_id=06UZjnq_Cn1JCseYbDq3DkD" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Market Metrics: A Fact-Based Approach to the Chinese Economic Challenge </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Scott Kennedy | Center for Strategic & International Studies (CSIS)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Dan Rosen | Rhodium Group</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The path back</strong> to productive negotiations and a constructive future must be illuminated with an objective, quantitative reckoning of China’s economic policy trajectory, one that economists inside and outside China can agree on.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The place to start</strong> is with a clear understanding of “reform,” which we define in its most traditional sense—as marketization domestically and liberalization internationally.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘There is no room</strong> for a separate but equal mirror-economy of significant size where politics sets the prices, manipulates market participation, and commandeers property at will.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Viewed from these foundational principles,</strong> a dispassionate look at China’s economic core shows that behind piecemeal improvements reform is regressing.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111374630?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111374630?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111374630?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7mb8V6?track_p_id=9s1PixxNUi8D1Ja2_I3P1ok" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/G9EK0hBp39apwSTnloaxVYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7mb8V6?track_p_id=bpjuRnhKcTCH8D1Ja2_Y4W3" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">MMT Heaven and MMT Hell for Chinese Investment and U.S. Fiscal Spending</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 11, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Michael Pettis | Peking University</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘For an example</strong> of Modern monetary theory (MMT) working under the first scenario - that is, the government implements central bank or fiscal policies that effectively deliver additional income to the rich, who (by definition) save all or most of these proceeds - consider China in the 1990s.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Money creation and debt</strong> went mostly to fund businesses and the rich (as ordinary households were forced to heavily subsidize borrowing costs), thus forcing up Chinese savings rates; the proceeds were then poured into productive investment, generating enough growth to trickle down to the poor at a substantial rate.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘In the second scenario,</strong> government spending on infrastructure is largely nonproductive and creates little value for the economy—as is the case in China today.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111373580?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111373580?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111373580?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><hr style="margin:9px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TRADE WAR</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/84lSpE?track_p_id=eb6%40tkrBnDrfSVQ7TFDo6_W" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/aAnPTLzZf0sVHGSukmEafIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/84lSpE?track_p_id=cYeFRywkHZDTQ7TFDo6_GmN" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">US-China trade conflict is overrated</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 11, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Caixin</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Derek Scissors | American Enterprise Institute</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Large countries</strong> are less vulnerable to global economic shifts. ‘This is obvious, but has been lost in the hype over the US-China trade conflict.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The conflict</strong> is not yet important to China, as the world’s second-largest economy. It’s even less important to the US, as the largest.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The chief harm</strong> from the trade conflict to China is not domestic but to the balance of payments.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This is a notable issue</strong> but it pales against China’s domestic choices.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111363961?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111363961?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111363961?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8Mvn9M?track_p_id=auhwdj3AT6N8x0KeU_aOEr3" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Ig_GMHyvZqk4XgwGF2ozj4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8Mvn9M?track_p_id=7drncYeS8x0KeU_QRturaBb" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Michael Pillsbury on U.S.-China Relations</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Washington Journal | C Span</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Michael Pillsbury | Hudson Institute</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">video interview (42m)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Hudson Institute's Michael Pillsbury,</strong> an outside adviser to President Trump on China policy, discusses the latest on trade talks and the growing rift between the NBA and China.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111375758?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111375758?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111375758?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">PORK</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8f67TU?track_p_id=8zQcc4r3V8I85vC_PObOn6N" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8f67TU?track_p_id=4LNEy8I85vC_F3iotx2b2jb" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Bringing Home the Bacon: High Pork Prices Stir Up Tensions in China </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic & International Studies (CSIS)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Pork prices in China</strong> have reached record highs as African swine fever has decimated Chinese pig supplies.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The high prices</strong> have been worsened by the U.S.-China trade war, which has slowed U.S. agricultural exports to China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This case showcases</strong> ways in which tariffs and trade tensions can unintentionally exacerbate domestic issues.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘While tariffs</strong> did not directly cause the pork shortage in China, the lack of access to U.S. pork—with the United States being the world’s second largest exporter—has worsened the crisis.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China has recently stated</strong> that it would reduce tariffs on U.S. pork products, among other goods, as trade negotiations restart.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111375692?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111375692?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111375692?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TO KOWTOW OR NOT</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8xGRnc?track_p_id=5%40LcUy7dYaeE_rp%40oqzmurD" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp34VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8xGRnc?track_p_id=07dYaeE_w4FzB4Yab4%40OOot" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The Rules of Kowtowing to Outrage in China Are Changing</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> Wall Street Journal</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The NBA is discovering</strong> that groveling to Beijing is no longer a one-way street, as American politicians <a href="https://www.wsj.com/articles/the-nba-responded-u-s-politicians-roared-now-its-chinas-move-11570473531?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">weighed in supporting Mr. Morey</a>.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The company’s strong brand</strong> in the U.S. could be tarnished if its executives are seen to be in the pocket of an autocratic government.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Broad bipartisan support</strong> for Hong Kong protesters places businesses in political crosshairs they’d rather avoid.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Prostrating oneself to the government</strong> has been the go-to tactic for companies faced with anger in China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Facing an American backlash</strong> to the Chinese backlash, the NBA and many other firms must learn to tread an even more careful line in the future.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/9FQm7k?track_p_id=baQSJOIO5zkw7pGVdG_i3zh" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/3QKIJ28TXRxlm_PNLipujIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/9FQm7k?track_p_id=2A%407pGVdG_5wF2l6WED5cYP" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">‘South Park’ Creators Offer Fake Apology After Show Is Erased in China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">New York Times</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“South Park,”</strong> the long-running Comedy Central cartoon whose mockery has spared few touchy topics, was erased from major platforms in China after an episode last week taunted Chinese censors and the far-reaching effect they often have on American entertainment.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Last week’s episode</strong>, called <a href="https://southpark.cc.com/full-episodes/s23e02-band-in-china" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">“Band in China,”</strong></a> [definitely worth a watch] appeared to cross a new line for the Chinese authorities.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111390394?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111390394?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111390394?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:302px;"><img src="https://img.scoop.it/YxCcaLTFK8Snic3LvT8gLTl72eJkfbmt4t8yenImKBWK1xWPB5Rc6aDOZY6Hquzm" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/4s4Fm4?track_p_id=4ulxZ84sRmo_ccyS2ZycZk2" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K2D3BG9npNhhz9-HLQikIoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/4s4Fm4?track_p_id=ey2G24gLLs2LddW84sRmo_4" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The NBA’s Full-Court Drama with China</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 9, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">The Daily Show</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Comedy video (7m 16s)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Trevor Noah's</strong> take on the controversy. </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Senior NBA Correspondent'</strong> Ronnie Chang (at about 5m) is laugh-out-loud funny.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Tried to find</strong> other takes NBA/China from late night TV - Colbert, Fallon, Conan O'Brien, Seth Meyers, and other - nada. If you know of any, please let me know.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111389339?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111389339?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111389339?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TECH</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5AEa6C?track_p_id=9Xws4vmb1U7K4piQ_T5ggYg" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/V-VJ6x85mNwNW2FRin27uoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5AEa6C?track_p_id=5laNGd7K4piQ_loGJxzhkmi" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">What’s Pushing China’s Tech Sector So Far Ahead?</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 9, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Wharton</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Rebecca Fannin | <a href="http://www.silicondragonventures.com/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Silicon Dragon Ventures</a></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'China’s technology sector</strong> has grown so rapidly in the last two decades that it is pushing the United States out of its long-held position at the top of the digital food chain.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Advancements by companies</strong> like Huawei, WeChat, Baidu, Tencent and others are helping the Chinese economy grow at an unprecedented rate and influencing the global economy.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'China and the U.S.</strong> are battling to be the leader in 5G technology, a fight it seems that Chinese tech companies are winning.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111359736?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111359736?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111359736?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5SOuQK?track_p_id=056lNXi_2X4o2U2cYxLRu2m" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/fT8DySfKfRttY-U-TpJFkIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5SOuQK?track_p_id=34ob56lNXi_jPc1qjBcEEfg" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The U.S.-China technology relationship in flux</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 4, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Brookings</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video conference (1h 29m)</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Read the transcript <a href="https://www.brookings.edu/wp-content/uploads/2019/10/fp_20191004_china_tech_transcript.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">here</a></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Chinese telecommunications companies</strong> like Huawei and ZTE have taken actions that have attracted strict sanctions from Washington, prompting Beijing to intensify efforts to develop advanced indigenous semi-conductors.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘As a result,</strong> global supply chains in the technology sector face unprecedented strain.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘U.S.-China innovation systems</strong> have also come under scrutiny with new U.S. government concerns over Chinese-funding of U.S.-based research.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111359841?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111359841?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111359841?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/5kZEkS?track_p_id=5FdmWt9Ml9eo_z54JovDxhP" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/G9EK0hBp39apwSTnloaxVYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/5kZEkS?track_p_id=dnOQCqSvjhEhai9Ml9eo_JW" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Competing With China on Technology and Innovation</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Carnegie Endowment</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China is striving</strong> to become a global technological leader using state-led policies such as Made in China 2025 or the New Generation of Artificial Intelligence Development Plan.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘One of Beijing’s </strong><a href="https://supchina.com/2018/06/28/made-in-china-2025/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">objectives</strong></a><strong style="font-weight: bold"></strong>is to raise the domestic content of core components and materials in high-tech manufacturing to 70 percent by 2025.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘To help achieve this,</strong> China is eclipsing the United States as the world’s largest overall (public and private) R&D investor.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘New U.S. rules and scrutiny</strong> meant to curb high-tech investment involving China have not yet significantly slowed the flow of bilateral venture capital—especially from the United States to China.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111362047?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111362047?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111362047?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">HONG KONG</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/62jZ4a?track_p_id=cQfS5gWEVRQZq8st9GY_1ZP" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/DKFLL_WFNIxtoniJ10LrLoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/62jZ4a?track_p_id=08st9GY_vasZSWNs1FqfeCT" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">BACKGROUNDER: Democracy in Hong Kong</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 20, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Council on Foreign Relations</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Hong Kong</strong> is largely free to manage its own affairs based on “<a href="http://english.peopledaily.com.cn/dengxp/vol3/text/c1210.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">one country, two systems</a>,” a national unification policy developed by Deng Xiaoping in the 1980s.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'The concept</strong> was intended to help reintegrate Taiwan, Hong Kong, and Macau with sovereign China while preserving their unique political and economic systems.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'In recent years</strong>, many in Hong Kong have become concerned with intensifying economic inequality and with what they see as efforts by Beijing to encroach on the city’s political system.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'As China’s</strong> economic and military might continue to grow, some fear that Hong Kong’s significant autonomy could erode.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111373150?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111373150?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111373150?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TAIWAN 'DOUBLE 10 DAY'</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6KttOi?track_p_id=7fQvAZtu92gaIo_INdNsdRL" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp34VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6KttOi?track_p_id=7wWTt6DY92gaIo_bGKnEe2f" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Hong Kong Unrest an Ominous Lesson on Chinese Rule: Taiwan Leader</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Wall Street Journal</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘In a fiery speech</strong> likely to upset Beijing, Taiwan President Tsai Ing-wen called on the island’s people to draw lessons from <a href="https://www.wsj.com/graphics/hong-kong-protests-from-kill-the-bill-to-revolution-of-our-time/?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">the violent protests</a> in Hong Kong and pledged to defend Taiwan’s sovereignty.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Speaking on</strong> the self-governed island’s National Day, Ms. Tsai said the Hong Kong protests illustrated the failure of Beijing’s “one country, two systems” governance of the Chinese special administrative region.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘She said Taiwan</strong> had to stand up and defend itself against Beijing’s goal of one day putting the island under a similar system.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“We are witnessing</strong> China’s rise and expansion, as they challenge free, democratic values,” said Ms. Tsai. “Taiwan has become the first line of defense for democratic values.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111371742?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111371742?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111371742?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6d4Diq?track_p_id=axNl4fl4pdw9HdYAY_CvIBG" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/DKFLL_WFNIxtoniJ10LrLoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6d4Diq?track_p_id=3dAc9HdYAY_gzFaHplMMr5g" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">BACKGROUNDER: Unpacking the China-Taiwan Relationship</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 4, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Council on Foreign Relations</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Beijing and Taipei</strong> sharply disagree on the island’s status.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The PRC asserts</strong> that there is only “one China” and that Taiwan is an inalienable part of it.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Beijing says Taiwan</strong> is bound by an understanding reached in 1992 between representatives of the Chinese Communist Party (CCP) and the Kuomintang (KMT) political party then ruling Taiwan.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Referred to as the </strong><a href="http://en.people.cn/200410/13/eng20041013_160081.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">1992 Consensus</strong></a><strong style="font-weight: bold">,</strong> it states that there is only “one China” but allows for differing interpretations, by which both Beijing and Taipei agree that Taiwan belongs to China, while the two still disagree on which entity is China’s legitimate governing body.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The tacit agreement</strong> underlying the 1992 Consensus is that Taiwan will not seek independence.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The island’s current president,</strong> Tsai Ing-wen, leader of the Democratic Progressive Party (DPP), has rejected the consensus.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In a </strong><a href="https://english.president.gov.tw/News/5621" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">January 2019 speech</strong></a><strong style="font-weight: bold">,</strong> she declared the “one country, two systems” framework advanced by Beijing unacceptable.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Her rejection of the consensus,</strong> along with that of other leading voices in the governing DPP, leaves open the possibility of future Taiwanese independence.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Note: Taiwan’s KMT</strong> still accepts the consensus as a starting point for future negotiations with the CCP.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111359919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111359919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111359919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6vEY2y?track_p_id=2wF6uKYoA_ztKnvBi3l%40ZKU" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/G9EK0hBp39apwSTnloaxVYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6vEY2y?track_p_id=dZy5cTSYZVHNDN6uKYoA_T2" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Remaining Aligned on the Challenges Facing Taiwan</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://carnegieendowment.org/experts/119" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Michael D. Swaine</a> | Carnegie Endowment</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘As a statement of policy,</strong> Washington refuses to support any unilateral, non-agreed-upon efforts by either Beijing or Taipei to alter the status quo regarding Taiwan toward either formal independence or unification.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Alongside this understanding with China,</strong> the United States, as part of the Taiwan Relations Act (TRA), is required to maintain its capacity to assist the island if coerced or attacked by China and to sustain Taiwan’s self-defense capabilities.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The United States</strong> is not obligated, however, to protect Taiwan from Chinese military attack.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That said,</strong> under the TRA, any U.S. administration is obliged to consult with Congress on the appropriate response if it is deemed that Taiwan faces a serious security threat.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘For its part,</strong> Beijing is expected to continue to seek a peaceful resolution to the Taiwan issue through negotiations and to avoid any actions that would coerce or seriously threaten Taiwan.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Nonetheless,</strong> Beijing has also repeatedly reaffirmed its commitment to peaceful unification as a priority, without relinquishing its sovereign right to employ force if necessary.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111360919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111360919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111360919?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7DOsN6?track_p_id=155FRFCo_WQEaaFcQcTWddy" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/fT8DySfKfRttY-U-TpJFkIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7DOsN6?track_p_id=dA2MYsn2b2j3cz5FRFCo_IM" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">GO DEEPER: One China Policy Primer</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">March 2017</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Richard C. Bush | Brookings</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The One-China policy</strong> of the United States is not the same thing as the One-China principle of the People’s Republic of China (PRC).’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The One-China policy</strong> contains more elements, such as the U.S. interest in a peaceful process of cross-Strait dispute resolution, and its differing interpretation of Taiwan’s legal status as compared to Beijing’s interpretation.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Today, the U.S. One-China policy</strong> is a distillation from key documents such as the three U.S.-China joint communiqués and the Taiwan Relations Act (TRA), and a series of policy statements made over the years, such as the “six assurances.”</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111375073?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111375073?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111375073?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">SOUTH KOREA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7VZChE?track_p_id=9QuL6%4012iI5I429u_ym4Can" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7VZChE?track_p_id=d6ISXvZTi6mczA5I429u_qI" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Collateral Damage: What U.S.-China Competition Means for Korea </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic & International Studies (CSIS) </h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Victor Cha | Georgetown University</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The current trajectory</strong> of U.S.-China relations under Donald Trump towards strategic competition spells dire consequences for Korea.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Caught between</strong> its security patron and its giant neighbor, Koreans will be increasingly forced to choose between the two, and in ways that are detrimental to the longstanding alliance.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘South Korea’s preferred position</strong> has always been to hedge between the United States and China.’ Choosing one or the other is difficult because of three dilemmas that Korea faces.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The first</strong> is the power dilemma. The strategic reality for South Korea is that China is a behemoth neighbor that will never go away.’ </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Second, ‘the economic dilemma</strong> for South Korea is that it cannot delink from the Chinese economy even as it maintains a strategic relationship with the United States.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The third dilemma</strong> relates to unification. South Koreans believe that even though Beijing remains allied with Pyongyang, eventually Seoul will need to purchase Chinese acquiescence and strategic understanding in order to execute unification.’ </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111376130?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111376130?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111376130?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">SOUTHEAST ASIA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7njX1M?track_p_id=86eORbVJn5ZW5bq_OfP5gmZ" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/fT8DySfKfRttY-U-TpJFkIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7njX1M?track_p_id=23z5ZW5bq_ZkI3hj%40IYJa2n" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Don’t make us choose: Southeast Asia in the throes of US-China rivalry</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.brookings.edu/experts/jonathan-stromseth/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Jonathan Stromseth</a> | Brookings</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘U.S.-China rivalry</strong> has intensified significantly in Southeast Asia over the past year.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Focusing especially</strong> on geoeconomic aspects of U.S.-China competition, the report investigates the contending strategic visions of Washington and Beijing and closely examines the region’s response.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China presents</strong> a binary choice to Southeast Asia and almost certainly aims to create a sphere of influence through economic statecraft and military modernization.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111361027?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111361027?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111361027?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/85trLU?track_p_id=5eBTqd7SK1dO_33VKcWzYV2" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/fT8DySfKfRttY-U-TpJFkIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/85trLU?track_p_id=4EVak7SK1dO_jRAVEffSQtm" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The story of Vietnam’s economic revolution</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">David Dollar | Brookings</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">podcast (27m)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'In 1992,</strong> 53 percent of Vietnam’s population was living in extreme poverty according to World Bank estimates. Today, that number is less than 2 percent.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'In this episode of </strong><a href="https://www.brookings.edu/series/dollar-and-sense-podcast/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Dollar & Sense</strong></a><strong style="font-weight: bold">,</strong> Senior Fellow <a href="https://www.brookings.edu/experts/david-dollar/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">David Dollar</a> is in Hanoi, Vietnam to interview Madame Pham Chi Lan, the former secretary general of the Vietnam Chamber of Commerce and Industry, about the reforms that underpinned Vietnam’s economic revolution.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111360633?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111360633?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111360633?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">XINJIANG REPRESSION</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8O4Bfc?track_p_id=73Z4lYHq5x9TEk_oVJ4kCUE" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/DKFLL_WFNIxtoniJ10LrLoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8O4Bfc?track_p_id=5r254W5x9TEk_XtS5jcdZOP" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">BACKGROUNDER: China’s Repression of Uighurs in Xinjiang</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 9, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Council on Foreign Relations </h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Some eight hundred thousand</strong> to two million Uighurs and other Muslims, including ethnic Kazakhs and Uzbeks, have been detained since April 2017, according to <a href="https://www.reuters.com/article/us-china-xinjiang-rights/15-million-muslims-could-be-detained-in-chinas-xinjiang-academic-idUSKCN1QU2MQ" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">experts</a> and <a href="https://www.foreign.senate.gov/imo/media/doc/120418_Busby_Testimony.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">government officials</a> [PDF].’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Outside of the camps,</strong> the eleven million Uighurs living in Xinjiang have continued to suffer from a decades-long crackdown by Chinese authorities.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Most people in the camps</strong> have never been charged with crimes and have no legal avenues to challenge their detentions.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Often,</strong> their only crime is being Muslim, human rights groups say, adding that many Uighurs have been labeled as extremists simply for practicing their religion.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111372884?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111372884?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111372884?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">INVESTMENT</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8gEVzk?track_p_id=2Er8BAeBa_T6kWisc1mymCo" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/TiISon2f36FD5_ms-2WONoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8gEVzk?track_p_id=1f8BAeBa_XBQ4WCkoTaxkqr" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">New CFIUS Regulations: More Powerful, Transparent, and Complex</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Peterson Institute for International Economics (PIIE)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.piie.com/experts/senior-research-staff/martin-chorzempa" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Martin Chorzempa</a> | PIIE</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘This month, </strong>the US Treasury <a href="https://home.treasury.gov/news/press-releases/sm779" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">proposed</a> detailed regulations to implement part of CFIUS's new powers, aimed at safeguarding investments without stifling legitimate and beneficial transactions—and without overwhelming a strapped bureaucracy with a mountain of countless minor investigations.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111362795?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111362795?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111362795?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">WORLD ORDER</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8yOqJs?track_p_id=5iZJrh73YWXG_Kylf6ZaDhu" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/G9EK0hBp39apwSTnloaxVYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8yOqJs?track_p_id=82I6kEmqU73YWXG_JBjVp2%40" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Responding to China’s Complicated Views on International Order</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.225em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 10, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Carnegie Endowment</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Mira Rapp-Hooper | Council on Foreign Relations & Yale Law School</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘If China appeared</strong> to be a revolutionary power, seeking to overturn the rules of various regimes of the international system broadly, this would undoubtedly be seen as a profound threat in both the United States and Japan.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s behavior</strong> toward the regional and international orders is, however, far more complex.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Some international observers </strong>believe that China is not a revolutionary power, but a revisionist one that aims to increase its influence, adjust some rules in its favor, and change aspects of the order that it views as undermining its interests, rather than seeking to upend the system entirely.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘China, for its part,</strong> asserts that it supports the aspects of the existing order that center on the UN and related institutions, but not other components of this order, notably the international promotion of human rights and the U.S. alliance system.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111361304?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111361304?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111361304?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div>
10/9/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://cdn.prod.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 9, 2019</span></td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="text-align:center; line-height:1; font-size: 24px; font-weight:bold; font-family: gorditamedium, sans-serif; color:#c80000; letter-spacing: 0px; padding:3.5% 5%;">'Beijing will have its revenge on Hong Kong'</td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div></div><div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6pQIue?track_p_id=7YHwn3Ss5zIb2U_qxNeUoU4" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/LVEdRSpgxX4CbqTrlPycNIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6pQIue?track_p_id=9iOIdRd36y5zIb2U_XaY4LG" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Reinsch & Scissors on the Trade Talks</a></td></tr></tbody></table></td></tr><tr><td style="text-align:right; padding:0 3.5%; line-height:1.3; font-size:0.8125em; color:#848484"></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 7, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">CNBS</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bill Reinsch | Center for International & Strategic Studies</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Derek Scissors | America Enterprise Institute</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">video interview (5m 10s)</h3><h2 style="display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'I don't think anybody's prepared to make any concessions right now on the major issues.'</h2><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">Q: </strong>'Bill, what is best we can expect if China really has narrowed the scope of what they're going to be willing to even talk about.'</p><p style="margin-top: 5px;margin-bottom: 5px;display: block;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">BILL REINSCH: </strong>'I think the best you get in the short run is that nobody walks away and they agree to have another meeting. I don't expect a huge progress at this one.'</p><p style="margin-top: 5px;margin-bottom: 5px;display: block;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Sometime in the next couple of months</strong> there'll be some kind of an interim deal.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Chinese agrees</strong> to buy more stuff, agriculture mostly. They make some modest concession on intellectual property. The president gets himself off the consumer hook and agrees not to impose new tariffs.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'That kicks</strong> the can on all the major issues.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'But I don't think anybody's</strong> prepared to make any concessions right now on the major issues.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">Q: </strong>'President Trump is dealing with a lot of things domestically. Is he more likely to agree to less to get it off the table?'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">REINSCH: </strong>'Well, eventually. But I think the timing is important here. If he agrees to something too early - meaning early before the election - then it's got time to fall apart.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'The political success</strong> for him is to agree to something about a year from now so it doesn't fall apart before people vote.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'What that means</strong> is he's got to keep things alive for the next year - an interim agreement that will kick the can for a few months. Then he’ll have to come up with something else.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'I think their only assessment</strong> of the president's current troubles can be is that he's in a weaker position now than he was in May.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">Q: </strong>'What incentive do they have to do anything?'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold; font-style:italic;color:#c80000;">REINSCH: </strong>'Because if China leaves, then it gets Trump off the political hook. It allows him to blame China for failure. And they expose themselves to further retaliation.'</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Why do that?</strong> It's easier to talk'.</p><p style="margin-top: 5px;display: block;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111257716?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111257716?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111257716?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6TpQqe?track_p_id=135esIow_zoObWTXjbNeUGr" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/sVPJ4ecEord_tHO5RDJrboVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6TpQqe?track_p_id=05esIow_u1ea4JhcYlOVdnw" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">U.S.-China Trade War Tangle Seems to Be Getting Worse </a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> Bloomberg</h3><h2 style="text-align: left;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘The economic wars, in other words, are also becoming culture wars.’</h2><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">Trump’s War on China Keeps Broadening</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The move on Monday</strong> to <a href="http://sco.lt/8Yt7o0?_tmc=h0_-4fYCtynFXEqvmscpOsxL6S-nB0WnzYbzZc4pawE&track=1" rel="nofollow noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">blacklist</a> Chinese tech giants took the Trump administration’s economic wars against China in a new direction.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Not only did the U.S.</strong> provocatively invoke its right to address human rights violations “within China,” as Commerce Secretary Wilbur Ross did, it also targeted a new swathe of Chinese technology champions.’ </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That came alongside </strong><a href="http://sco.lt/8r3S88?_tmc=h0_-4fYCtynFXEqvmscpOsxL6S-nB0WnzYbzZc4pawE&track=1" rel="nofollow noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">more news</a> Tuesday that, despite White House denials, the conversation over how the U.S. can restrict financial flows into China continues.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘But there is a barely-hidden goal</strong> behind both moves. China hawks inside the administration and on Capitol Hill want to restrict Chinese access to U.S. technology and capital. That isn’t going away.’</p><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">The Anti-China Drums Beat Louder and Louder in Washington</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The moves against Chinese tech companies</strong> reflect growing bipartisan anxiety in Washington about China’s crackdown in Xinjiang. But it’s the worsening situation in Hong Kong that is really helping to crystallize things.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Conservatives</strong> have long seen Hong Kong as a bastion of relative economic liberty inside Communist China and been early backers of the protests there. So too have Democrats, albeit generally for broader reasons related to human rights.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That’s one big reason</strong> that a bill that would remove Hong Kong’s special trade status has plenty of backing on Capitol Hill and could pass through Congress within weeks, presenting Trump with a dilemma over whether to sign it into law.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The other reason</strong> that bill looks like an increasing certainty is the shift of those China concerns into popular culture.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s angry response</strong> -- and the NBA’s subsequent bending to Beijing -- following a Houston Rockets executive’s <a href="http://sco.lt/99DmSG?_tmc=h0_-4fYCtynFXEqvmscpOsxL6S-nB0WnzYbzZc4pawE&track=1" rel="nofollow noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">tweet</a> backing the protests in Hong Kong has already fed further anger about how American companies often have to kowtow to do business in China.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It’s only been reinforced</strong> by the fact it came alongside comedy show “South Park” <a href="http://sco.lt/4lrG6a?_tmc=h0_-4fYCtynFXEqvmscpOsxL6S-nB0WnzYbzZc4pawE&track=1" rel="nofollow noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">getting caught</a>in the Chinese censor’s net.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The economic wars,</strong> in other words, are also becoming culture wars.’</p><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">A Big China Deal Grows More Distant</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Even before this week’s moves</strong> by the Trump administration, Chinese negotiators were <a href="http://sco.lt/541aQi?_tmc=h0_-4fYCtynFXEqvmscpOsxL6S-nB0WnzYbzZc4pawE&track=1" rel="nofollow noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">signaling</a> they were only prepared to discuss a much narrower deal than the grand rebalancing that the Trump administration has been pursuing.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Recent visitors to Beijing</strong> have been told any discussions over Chinese government subsidies are off the table, for example.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Those subsidies</strong> are one of the “seven deadly sins” that Trump trade adviser Peter Navarro rails against and were a target of U.S. complaints long before Trump took office.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘If the Chinese</strong> are not willing to even discuss them it’s hard to see how a credible deal is possible.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111261779?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111261779?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111261779?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">TO KOWTOW OR NOT</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/6lzlAm?track_p_id=2xC7dYaeE_sKQtEYyUFUyub" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp34VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/6lzlAm?track_p_id=bEnv4SkSJtKV7dYaeE_MLlO" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">The Rules of Kowtowing to Outrage in China Are Changing</a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Wall Street Journal</h3><h2 style="text-align: left;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">'American businesses now risk alienating their home base of fans over how they respond to a crisis in China.'</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Houston Rockets</strong> general manager Daryl Morey Friday <a href="https://www.wsj.com/articles/the-nba-feels-a-backlash-in-china-after-a-tweet-supporting-hong-kong-11570396236?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">tweeted and swiftly deleted</a> a message of support for Hong Kong’s antigovernment protesters, prompting Chinese sponsors and broadcast partners to abandon the NBA, and generating a swift expression of sorrow from the league.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The Chinese Consulate General</strong> in Houston expressed shock and urged “immediate concrete measures to eliminate the adverse impact.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The National Basketball Association</strong> is the latest of many companies to cause a political firestorm in China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But the response at home</strong> to the league’s handling of the crisis shows the rules are changing for how American companies react to foul calls in Beijing.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This time,</strong> the predictable cycle of upset, uproar, regret and genuflection is generating a backlash of its own.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The NBA is discovering</strong> that groveling to Beijing is no longer a one-way street, as American politicians <a href="https://www.wsj.com/articles/the-nba-responded-u-s-politicians-roared-now-its-chinas-move-11570473531?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">weighed in supporting Mr. Morey</a>.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The company’s strong brand</strong> in the U.S. could be tarnished if its executives are seen to be in the pocket of an autocratic government.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Broad bipartisan support</strong> for Hong Kong protesters places businesses in political crosshairs they’d rather avoid.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Prostrating oneself to the government</strong> has been the go-to tactic for companies faced with anger in China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Facing an American backlash</strong> to the Chinese backlash, the NBA and many other firms must learn to tread an even more careful line in the future.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><a href="https://www.axios.com/newsletters/axios-pm-1cf9bcfa-a2c9-44aa-a2e7-58bb1803557b.html?utm_source=newsletter&utm_medium=email&utm_campaign=newsletter_axiospm&stream=top" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Axios Update:</strong></a>The NBA, after initially backing away from Houston Rockets GM Daryl Morey's tweet, is standing its ground — even though there are billions at stake if the league loses its Chinese audience.<br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111257882?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="10"><td width="10"></td></tr><tr><td width="10"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/y2HC25niaP0lhhsZDztlgjl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="10"></td></tr><tr height="10"><td width="10"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/74A5Uu?track_p_id=d6L6Xa%40yx611no8pVN54_q3" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/3QKIJ28TXRxlm_PNLipujIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/74A5Uu?track_p_id=5a5LBO8pVN54_oWN3JI2%40FY" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">‘South Park’ Creators Offer Fake Apology After Show Is Erased in China </a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 8, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">New York Times</h3><h2 style="text-align: left;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">“Like the N.B.A., we welcome the Chinese censors into our homes and into our hearts. We too love money more than freedom and democracy. Xi doesn’t look just like Winnie the Pooh at all.”</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">“South Park,”</strong> the long-running Comedy Central cartoon whose mockery has spared few touchy topics, was erased from major platforms in China after an episode last week taunted Chinese censors and the far-reaching effect they often have on American entertainment.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Last week’s episode</strong>, called <a href="https://southpark.cc.com/full-episodes/s23e02-band-in-china" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">“Band in China,”</strong></a> appeared to cross a new line for the Chinese authorities. '</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'The censorship</strong> occurred as the N.B.A. was unintentionally demonstrating how protecting business interests in China can chill speech back in the United States.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Whereas the N.B.A</strong>. has struggled to respond to the geopolitical fracas, the creators of “South Park” appeared to relish the fight.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'In their statement on Monday,</strong> the “South Park” creators parodied the apologies that businesses have often made after crossing the Chinese government.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“Long live</strong> the Great Communist Party of China! May this autumn’s sorghum harvest be bountiful!"</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">"We good now China?”</strong></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111254318?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111254318?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111254318?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">POLITICS</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7MKPp2?track_p_id=1n5T0ize_OM314GoYDDBeaa" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Tad6xj_ebVw7qqeNRLm3H4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7MKPp2?track_p_id=05T0ize_p44WuMu2h35Wocm" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China’s Corrupt Meritocracy</a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 4, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Yuen Yuen Ang | University of Michigan</h3><h2 style="text-align: left;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"> 'Analysts of China's political economy tend to fall into two camps, with one side describing it as a genuine meritocracy, and the other arguing that the regime is corrupt to the core. In fact, neither view is correct: in a land of paradoxes, cronyism and strong economic performance go hand in hand.'</h2><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Portrayals of China’s political system</strong> are sharply divided.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘One camp describes China</strong> as a Confucian-style meritocracy where officials are selected, as Daniel A. Bell of Shandong University <a href="https://press.princeton.edu/titles/9173.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">puts it</a>, “in accordance with ability and virtue” through a top-down process, rather than by elections.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘According to Bell,</strong> meritocracy presents an alternative – even a challenge – to democracy. He recommends that the Chinese government export this model abroad.’</li></ul></li><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The second camp</strong> comprises naysayers such as <a href="https://www.project-syndicate.org/columnist/minxin-pei" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Minxin Pei</a> of Claremont McKenna College and author Gordon G. Chang, who have <a href="https://foreignpolicy.com/2011/12/29/the-coming-collapse-of-china-2012-edition/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">insisted</a> for decades that the CPC is <a href="https://www.project-syndicate.org/commentary/crisis-of-chinese-communist-party-by-minxin-pei-2019-09" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">decaying</a> from corruption and will soon collapse.’ <ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘In dire terms,</strong> Pei <a href="https://books.google.com/books?id=OscZDQAAQBAJ&pg=PT5&lpg=PT5&dq=minxin+pei+looting,+debauchery,+and+utter+lawlessness&source=bl&ots=2CiG_7iR65&sig=ACfU3U3bWxI3SJyEY8zmX7fhqbdlHbFxow&hl=en&sa=X&ved=2ahUKEwisn77Kgf7kAhUOm-AKHd6FDjIQ6AEwAHoECAgQAQ#v=onepage&q=minxin%20pei%20looting%2C%20debauchery%2C%20and%20utter%20lawlessness&f=false" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">describes</a> the regime as filled with “looting, debauchery, and utter lawlessness.”</li></ul></li></ul><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘In fact,</strong> neither view is correct.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Corruption and competence</strong> do not just coexist within China’s political system; they can be mutually reinforcing.’</li></ul><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘What both camps fail to grasp</strong> is the symbiotic relationship between corruption and performance in China’s fiercely competitive political system.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘For political elites</strong> whose formal pay is low, cronyism not only finances lavish consumption but also helps advance their careers.’</li><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Wealthy cronies</strong> donate to public works, mobilize business networks to invest in state construction schemes, and help politicians complete their signature projects, which improve both a city’s physical image and the leader’s track record.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Like a supersized game</strong> of Whac-A-Mole, Xi’s crusade against corruption has netted a staggering number of officials, and is still ongoing.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'But the campaign ignores</strong> a crucial reality: politicians’ performance is dependent on sponsorships from corporate cronies and political patronage.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Nor has the spate of arrests</strong> reduced the power of the state over the economy, which is the root cause of corruption.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'On the contrary,</strong> Xi has ratcheted up state intervention to a level not seen in years.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Paradoxes define</strong> China’s political economy.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'China is ruled</strong> by a communist party yet it is capitalist.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'The regime</strong> has a meritocracy yet it is also corrupt.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Understanding China</strong> requires that we grasp such seeming contradictions, which will persist well into the next decade.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111260066?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">HONG KONG</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7eUk9A?track_p_id=05Rf87q_OL%403qn63guFpUCP" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/zxbyrGBKPhFFZLzMYqfYnYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7eUk9A?track_p_id=05Rf87q_cy3auguaP%40tZyrR" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Beijing Will Have its Revenge on Hong Kong</a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 6, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Financial Times</h3><h2 style="text-align: left;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘When the moment is right, they must act ruthlessly to punish Hong Kong.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Chinese phrase </strong><em style="font-style: italic">qiu hou suan zhang</em> is literally translated as “to balance the books after the autumn harvest”. But in common parlance it means “to take revenge when the time is ripe”.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘China’s leaders</strong> use the aphorism to discuss the problem of Hong Kong.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The protesters, steeped in Chinese history,</strong> are well aware of this impending retribution. It has given their movement a hard, nihilistic edge. “If we burn, you burn with us,” reads one of the most common slogans spray-painted across the central business district.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘For its part,</strong> the ruling Communist party has learnt a powerful lesson from its response to the earlier, peaceful “umbrella movement” of 2014 and its aftermath.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Not only did that movement fail</strong> in its objective, it prompted Beijing to tighten its grip over Hong Kong in a way that eroded the freedoms and rights that exist nowhere else in the People’s Republic of China.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The conclusion Beijing</strong> has drawn from the past four months of rage is the only one possible in an authoritarian — increasingly totalitarian — system: they were far too soft last time around.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘When the moment is right,</strong> they must act ruthlessly to punish Hong Kong.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The calculus of Communist rule</strong> does not allow for concessions to unruly provinces.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If President Xi Jinping</strong> were to compromise and grant Hong Kong the right to vote for its leaders then what about Shanghai or Shenzhen?’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘If he does not harshly punish the territory</strong> then the rest of the nation and his many political enemies would smell weakness, rather than applaud his restraint.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Because the people of Hong Kong </strong>instinctively understand what is coming, they are unlikely to quietly return to their ordinary lives.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">''Asia’s world city’,</strong> braced for impending retribution, will never be the same again</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111259282?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">COMPETITIVE NEUTRALITY</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/7wf4TI?track_p_id=dW1qLU4mKFfOrL6yBpUM_O2" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/aN9S1afqBvdU_d9-Wv_Pn4VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/7wf4TI?track_p_id=2h36yBpUM_Wm3XrQiQ3LaZI" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">2,100 Years of Debate about the Role of the State in China's Economy</a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 23, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">The Market</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">The issue of 'competitive neutrality'</strong> is once again being debated among China's leadership.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Jörg Wuttke </strong>here illustrates that - like the millenia-old question of central versus local government - 'competitive neutrality' is also a central theme in traditional Chinese political discourse.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Jörg </strong>is one of the eminent commentators on China. </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Not only,</strong> as this essay shows, is he a fine China scholar, he brings an on-the-ground understanding derived from 30 years of living and working in China.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Add to that practical experience</strong> in dealing with China business and the Chinese government as the President of the European Union Chamber of Commerce in China and as the Chief Representative of BASF in China. </li></ul><h2 style="display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘How little things have changed in the intervening twenty-one centuries.</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘«Competitive neutrality»,</strong> the idea that the government should provide equal treatment to all enterprises, regardless of state or private ownership, suddenly boomed as a public topic of discussion in leadership circles after former and current People’s Bank of China Governors Zhou Xiaochuan and Yi Gang spoke in public about the principle.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Since then,</strong> the new and powerful State Administration for Market Regulation and the State Council have both promoted the concept, as did Premier Li Keqiang in his 2019 Work Report.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Some leaders clearly understand</strong> the need to implement competitive neutrality to allow market forces to do their job while preventing the distortions that monopolistic and privileged SOEs exert on the economy.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘A simple look</strong> at the booming and dynamic economy of Southern China, which has leaned heavily towards market liberalisation, in comparison with the industrial rustbelt in Northeastern China, which retained much of the structure of the state-planned model, tells us clearly which economic system produces better results.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘2,100 years ago, in 81 BC, </strong>the «Discourses on Salt and Iron» were held to determine the economic course of the Western Han Dynasty. Two factions argued over the role of the state in the economy.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘One faction</strong> called for the court to abandon its state-run monopoly on the production and sale of salt and iron goods.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The other</strong> called for the status quo of state control to endure.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘How little things</strong> have changed in the intervening twenty-one centuries.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The salt monopoly </strong>in China only saw the start of proper liberalisation two years ago.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The Chinese steel industry</strong> remains utterly dominated by the state-owned sector.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111256263?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111256263?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111256263?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5%; border-bottom: 0px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:0px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href="http://sco.lt/8EpOnQ?track_p_id=4MYpu4yV7Yk_GYSVdVePVvO" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/TiISon2f36FD5_ms-2WONoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"></a></td><td width="100%" style="padding:0 3.5%; line-height:1.375"><a href="http://sco.lt/8EpOnQ?track_p_id=04yV7Yk_Kzwv3ieoRSVYaw%40" style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.425em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Achieving Competitive Neutrality in China</a></td></tr></tbody></table></td></tr><tr><td height="0" style="height:0px; font-size:0"></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.piie.com/experts/senior-research-staff/nicholas-r-lardy" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Nicholas R. Lardy</a> | Peterson Institute for International Economics (PIIE)</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">From his chapter in the People's Bank of China and International Monetary Fund Seventh Joint <a href="https://www.imf.org/en/News/Seminars/Conferences/2019/04/19/7th-pbc-imf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Conference</a>volume, <a href="https://www.imf.org/~/media/Files/Countries/ResRep/CHN/e-book-pbc-imf-conference-on-opening-up-and-competitive-neutrality.ashx" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Opening Up and Competitive Neutrality: The International Experience and Insights for China</a> </h3><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;">‘But Chinese practice has fallen short of these ideals.’</h2><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Chinese policy</strong> has long emphasized that the state should protect the ownership rights and legal interests of all enterprises, regardless of their ownership status, allowing them equal use of factors of production and to openly and fairly participate in a competitive market.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But Chinese practice</strong> has fallen short of these ideals.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The first</strong> and perhaps most obvious dimension in which China’s current economic policy falls short of competitive neutrality is the huge share of loss-making state firms.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A second</strong> dimension in which China’s current economic policy falls short of competitive neutrality is that the state as shareholder does not demand that state enterprises earn the same return as it would get on a commercial investment.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A third</strong> dimension is that, while by 2017 private firms were more than twice as creditworthy, on average, as state firms, the share of new bank loans going to state firms soared, and bank lending to private firms collapsed.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It appears</strong> that the state began to provide at least an implicit guarantee of borrowings by state companies from state banks, again another violation of the principle of competitive neutrality.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;font-family: gorditamedium,sans-serif;"></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tbody><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/twitter/4111256560?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/facebook/4111256560?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"></a></td><td width="28" style="text-align: center"><a href="https://www.scoop.it/share/post/linkedin/4111256560?forceAnonymous=1" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></tbody></table></td></tr><tr><td height="5" style="height:5px; font-size:0; border-bottom:10px solid #f6f6f6"> </td></tr></tbody></table></div>
10/5/2019
<div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://assets.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 5, 2019</span></td></tr></tbody></table></div><div><!--- start INTRO_wrapper---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin-top:5px;margin-bottom:10px; padding:2% 5%; text-align:left; background-color:#fff;"><tbody><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.025em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong>Welcome</strong> to the first <span style="font-weight:700; color:#c80000;">CHINA Macro Reporter</span>.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong>Here you can browse</strong> this week's' best China analyses.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong>Look forward</strong> to your thoughts.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;">Best,</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;">Malcolm</p><p style="display: block;margin-top: .5em;margin-bottom: 1.5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table><!--- end INTRO_wrapper---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; background-color; text-align:left; margin-bottom:-20px; "><span style="font-family:Georgia, serif; text-align:left; font-size:0.9em; font-weight:900; color:#ffffff; line-height:0em; letter-spacing:.4px; padding:2px 4px; background-color:#C80000;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">‘Global China’: Brookings</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="$post.getUrl()" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/c_SiTkiGen_SsT6cnw5F6Al9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="$post.getUrl()" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Brookings' 'Global China' Project</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Brookings</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">With the start of its Global China project,</strong> Brookings has gone into overdrive. And should be for some time.</p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'To better address</strong> the implications for American policy and the multilateral order, Brookings scholars are undertaking a two-year project—“Global China: Assessing China’s Growing Role in the World”—intended to furnish policymakers and the public with a new empirical baseline for understanding China’s regional and global ambitions.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">There are analyses, podcasts, and conference videos</strong> - all for the Global China projects.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">These are</strong> organized by themes.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Only a few reports</strong> are included here today. So<a href="https://www.brookings.edu/interactives/global-china/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> go to the site and browse</a>. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Also</strong> be sure to bookmark the site - more coming.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; background-color; text-align:left; margin-bottom:-20px; "><span style="font-family:Georgia, serif; text-align:left; font-size:0.9em; font-weight:900; color:#ffffff; line-height:0em; letter-spacing:.4px; padding:2px 4px; background-color:#C80000;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">Hong Kong</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/9HmDvk?track_p_id=33SJ6h07Nm_jqoS64StpEJO" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/kKuTPZJHxeMj48nMguAcHAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/9HmDvk?track_p_id=3izq6h07Nm_JCuv%40tP1aOyY" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Hong Kong: the Future of One Country, Two Systems | Tony Saich</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 19, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.hks.harvard.edu/faculty/anthony-saich" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Tony Saich</a> | Harvard Kennedy School</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://www.youtube.com/watch?v=mj8OuK82G14&utm_medium=email&utm_content=skyXwsfNkXzbO2GUqbq3dZv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><em style="font-style: italic">Video discussion</em></a><em style="font-style: italic"> (1h 4m)</em></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Terrific discussion</strong> on Hong Kong with great China expert Tony Saich.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff;"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/4uPha4?track_p_id=9F3hW53xab7O4iEw_oWM3p3" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/QET_CknZT-EEqQh4szWePgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/4uPha4?track_p_id=84MizQ6YZ7O4iEw_XRKmpZI" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Real Reasons Behind China’s Restraint in Hong Kong | Andy Nathan</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Foreign Affairs</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Andy Nathan | Columbia University</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'China’s response</strong> has been rooted not in anxiety but in confidence. Beijing is convinced that Hong Kong’s elites and a substantial part of the public do not support the demonstrators and that what truly ails the territory are economic problems rather than political ones—in particular, a combination of stagnant incomes and rising rents.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Even so,</strong> Beijing considers disaffection among Hong Kong’s residents a natural outgrowth of the territory’s colonial British past and also a result of the continuing influence of Western values.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Indeed, during the 1984 negotiations</strong> between China and the United Kingdom over Hong Kong’s future, the Chinese leader Deng Xiaoping suggested following the approach of “one country, two systems” for 50 years precisely to give people in Hong Kong plenty of time to get used to the Chinese political system.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px;margin: 0 auto;"><span style="font-family:Georgia, serif; text-align:left; font-size:0.9em; font-weight:900; color:#ffffff; line-height:0em; letter-spacing:.4px; padding:2px 4px; background-color:#C80000;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><!--- start BLUE_BOX ---><tr><td style="max-width:600px; margin: 0 auto;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">POLITICS</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px; border-bottom:1px solid #dfdfdf"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5Ca1uC?track_p_id=a%40h2yIF3Dlo5dfrtW_eJ4R3" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/c_SiTkiGen_SsT6cnw5F6Al9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5Ca1uC?track_p_id=83ApIUssA5dfrtW_kIpO%40B4" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Xi Jinping’s “Proregress”: Domestic moves toward a global China | Cheng Li</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.brookings.edu/experts/cheng-li/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Cheng Li </a>| Brookings</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'In ruling the world’s most populous country</strong>, full of divergent views and conflicting interests, Xi has likely realized the imperative of maximizing public support by aligning with diverse constituencies and socioeconomic trends.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'This paper focuses</strong> on Xi Jinping’s two most recent parallel domestic policy moves': </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'shifting his identity</strong> from a princeling to a populist by launching an ambitious program for poverty elimination on the one hand, and' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'enlarging</strong> the country’s largest metropolis clusters for economic growth on the other.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="$post.getUrl()" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/2P2LxiV-sg54VayqL9X2Fwl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="$post.getUrl()" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;border-bottom: 1px solid #008dc8;">How China's President Xi Jinping Is Reviving Maoist Traditions to Accomplish What His Predecessors Could Not | Elizabeth Economy</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Elizabeth Economy | Council on Foreign Relations </h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Xi has revived </strong>the methods and symbols of Maoism not in service of a return to the past but in order to advance his own transformative agenda, one that seeks to ensure that all political, social, and economic activity within, and increasingly outside of, China serves the interests of the CCP.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'He is creating a model </strong>that reasserts the power of the Communist Party; progressively erases the distinction between public and private in both the political and economic spheres; and seeks to integrate foreign actors, including private businesses, more deeply into a system of CCP values and institutions.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Xi also aspires</strong> to accomplish what Mao and his successors could not: to render irrelevant the political and physical boundaries separating Taiwan and Hong Kong from the mainland, and to offer China as a legitimate model for other countries disinclined toward liberal democracy.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Watch</strong> Liz's Bloomberg interview (2m) <a href="https://www.bloomberg.com/news/videos/2019-09-30/china-s-xi-faces-pockets-of-pretty-significant-discontent-cfr-video" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">China's Xi Faces 'Pockets of Pretty Significant Discontent'</a></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px; border-bottom:1px solid #dfdfdf"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5UkMEK?track_p_id=62lxvK46zfz0I_zbsVmkaxS" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/ohddhZS_FxQLYTIJ6GKMLQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5UkMEK?track_p_id=7fzrOQl%406zfz0I_HMlyr61K" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Party leads on everything </a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 24, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Mercator Institute for China Studies (MERICS)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'The Xi administration</strong> is anxious to maintain political stability and the CCP’s capacity to govern China; both are presented as necessities to achieve national material and social goals. It views the integration of state administration and CCP organization as the precondition of a more efficient governance system.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'The CCP under Xi</strong> believes a unified governance system under tighter party leadership and ideological guidance is the optimal set-up to deliver on policies to satisfy the population’s needs. Their rapid reforms re-set political developments in a different direction and are more wide-reaching than seen under Xi’s immediate predecessors.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div style="width:600px;"><img src="https://img.scoop.it/VCCAz_e3_lXcKkpyjsAOojl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:0px; border-width:30px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; background-color; text-align:left; margin-bottom:-20px; "><span style="font-family:Georgia, serif; text-align:left; font-size:0.9em; font-weight:900; color:#ffffff; line-height:0em; letter-spacing:.4px; padding:2px 4px; background-color:#C80000;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">GLOBALIZATION IN ASIA</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5mugYS?track_p_id=bnfUUE52sFkw6zkNmo_ulVM" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/hqcb7kJYiDYn7Mrr5RTueAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5mugYS?track_p_id=4QWbZ6zkNmo_qIjcO2j1rhY" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Asianized World Has Arrived | Jonathan Woetzel</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 3, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Jonathan Woetzel & Jeongmin Seong | McKinsey</h3><p style="text-align: right;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Jonathan and Jeongmin give a summary for the findings in <a href="https://www.mckinsey.com/featured-insights/asia-pacific/the-future-of-asia-asian-flows-and-networks-are-defining-the-next-phase-of-globalization" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">'The future of Asia: Asian flows and networks are defining the next phase of globalization,' </a>discussed in the post below.</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'New McKinsey Global Institute </strong><a href="https://www.mckinsey.com/featured-insights/asia-pacific/the-future-of-asia-asian-flows-and-networks-are-defining-the-next-phase-of-globalization" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">research</strong></a><strong style="font-weight: bold"></strong>shows the extent to which the global center of gravity is shifting toward Asia. Today, the region has an increasing global share of trade, capital, people, knowledge, transport, culture, and resources. Of eight types of global cross-border flows, only waste is flowing in the opposite direction, reflecting the decision by China and other Asian countries to reduce imports of garbage from developed countries.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'By 2040, Asia is likely to generate</strong> more than 50% of world GDP, and could account for nearly 40% of global consumption. This progress reflects the integration of at least four “Asias,” each at a different stage of economic development – and each playing a unique role in propelling the region’s global rise.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6550sa?track_p_id=56vRUS8dj3JW_AVop6ZXOCQ" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/x7OkWmGpfqqa6FOFa9Ze3Ql9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6550sa?track_p_id=2LP8dj3JW_OEdfUV5AxNA25" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Globalization in Asia: Flows and networks shaping the Asian Century</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">McKinsey Global Institute</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Another terrific pape</strong>r from the MGI. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><em style="font-style: italic"><strong style="font-weight: bold">Best viewed on the website</strong></em><em style="font-style: italic"> by clicking the title above. And you read the 20-page report </em><a href="https://www.mckinsey.com/~/media/McKinsey/Featured%20Insights/Asia%20Pacific/Asias%20future%20is%20now/Asias-future-is-now-final.ashx" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><em style="font-style: italic"><strong style="font-weight: bold">here</strong></em></a><em style="font-style: italic">.</em></p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'This paper provides</strong> an overview of Asia’s role in four areas: trade flows and networks, corporations in Asia, technology, and the Asian consumer. MGI will return to each of these topics with more extensive stand-alone research reports in the months ahead. Yet combining these perspectives, as we do here, provides a wider view of how the region is evolving—and a hint of how it might define the future.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><hr style="margin:9px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><!--- start Editor's_Pick ---><tr><td style="max-width:600px; display:block; background-color; text-align:left; margin-bottom:-20px; "><span style="font-family:Georgia, serif; text-align:left; font-size:0.9em; font-weight:900; color:#ffffff; line-height:0em; letter-spacing:.4px; padding:2px 4px; background-color:#C80000;">Editor's Pick</span></td></tr><!--- end Editor's_Pick ---><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">ECONOMY</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6NFLCi?track_p_id=7hLX1RJO8Rh5tG_XceNKOb2" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/KLAK3bh_VqtwQE7To9B8PQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6NFLCi?track_p_id=d1Epk2Kt2jYLai8Rh5tG_i4" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Innovative China : New Drivers of Growth </a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width: 600px;padding: 0 3.5%;margin: 0 auto;font-size: 1.0em;color: #001544;line-height: 1.5em;letter-spacing: -0.1px;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 16, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">World Bank</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><em style="font-style: italic"><strong style="font-weight: bold">'“Innovative China”</strong></em><em style="font-style: italic"> is the product of more than two years of cooperation between the Development Research Center of the State Council, the Ministry of Finance, and the World Bank Group.' </em></blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">The 186-page report</strong> does do a very good job of analyzing China’s economy today and in great detail, with some excellent charts and graphs. On recommended reforms, not so much.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Why?</strong> China held up the report until the reform proposals were toned down. Interesting backstory - <a href="https://www.washingtonpost.com/world/asia_pacific/china-is-blocking-world-bank-report-that-calls-for-state-owned-enterprise-reform/2019/03/01/15607f9a-3b72-11e9-b10b-f05a22e75865_story.html" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> 'China is blocking joint World Bank report that calls for state-owned enterprise reform.'</a></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">It is not</strong> “<a href="https://www.worldbank.org/content/dam/Worldbank/document/China-2030-complete.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">China 2030: Building a Modern, Harmonious, and Creative Society,” </a>a 2012 report published before President Xi Jinping took power. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6fPfWq?track_p_id=dzxUq5Sdeibzhy5VUXj4_oa" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/hqcb7kJYiDYn7Mrr5RTueAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6fPfWq?track_p_id=9be%40WwvblD5VUXj4_6Pzrrn" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China's digital consumers</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">McKinsey</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Succinct</strong> but comprehensive <strong style="font-weight: bold">24-page report on China e-commerce. Great graphs.</strong></p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'China’s rise as a global leader</strong> in e-commerce has been nothing less than stunning. This year, online retail sales are expected to swell to $1.5 trillion, representing a quarter of China’s total retail-sales volume, and more than the retail sales of the ten next largest markets in the world—combined.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">And </strong><a href="https://www.youtube.com/watch?v=vujbYXr9i78" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">watch</strong></a> the short video laying out the report's findings (4m 47s).</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6xZzqy?track_p_id=7ZMrKrW34wn54g_fMf3Mqus" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/HnYdWCzT4Ohcn5KhAyJpSgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6xZzqy?track_p_id=5VYNaH4wn54g_wbPF2tB3ed" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">How dominant are Chinese companies globally?</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">China Power | Center for Strategic & International Studies (CSIS)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Another</strong> great interactive resource from CSIS.</p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'In conjunction</strong> with China’s emergence as an economic superpower, Chinese companies have climbed the ranks to become key actors in the global economy.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'This interactive</strong> uses aggregate data from the Fortune Global 500 and Brand Finance Global 500 to visualize the growth of China’s leading companies in terms of total revenue and brand value. It also compares the number of Chinese companies listed on the Fortune Global 500 to that of other countries. Click the play button to animate change over time'.</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left;"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">U.S-CHINA</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7FkKB6?track_p_id=2ad65frmI_DYjotjSNdGrP%40" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/_UHXqIfFomDPTH9OMq5qfgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7FkKB6?track_p_id=5fOCx265frmI_EuFYYzLTgY" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">If you're a Chinese trade negotiator right now, you're a little confused | Kevin Rudd</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 27, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">CNBC Video</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://asiasociety.org/policy-institute/honorable-kevin-rudd" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Kevin Rudd</a> | president of the Asia Society Policy Institute & former Australian PM</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=Si9J_d0o1_g&utm_medium=email&utm_content=BTr8D5MZy3P7lVKDvIOaopv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><em style="font-style: italic">Video interview</em></a><em style="font-style: italic"> (5m 27s)</em></h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Kevin Rudd is, as usual, excellent</strong>. He discusses the impact of the impeachment inquiry, the possible limiting of U.S. portfolio flows into China, and more. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7XueVE?track_p_id=dJO25MeZMcohP34yYoec_1p" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/bBTGcf3c8wAIFi3fGzAp-gl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7XueVE?track_p_id=cLWlPzDOZcmgk4yYoec_RUS" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Trade Deal Is Least Likely of Possible Outcomes for U.S.-China Ties | Ian Bremmer</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 26, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg Video & Podcast</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://www.eurasiagroup.net/people/ibremmer" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Ian Bremmer</strong></a><strong style="font-weight: bold">,</strong> Eurasia Group, and <a href="https://www.vontobel.com/en-ch/about-vontobel/our-company/group-executive-management/cv/1303/Staub%20Zeno/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Zeno Staub</strong>,</a> Vontobel, discuss what they see as the three possible outcomes for China-U.S. relations. </p><ol><li style="margin-top: .5em;margin-bottom: 0;"> <a href="https://www.bloomberg.com/news/videos/2019-09-26/why-a-trade-deal-is-the-least-likely-of-three-possible-outcomes-for-u-s-china-ties-video" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Trade Deal Is Least Likely of Possible Outcomes for U.S.-China Ties</a> (video 7m)</li><li style="margin-top: .5em;margin-bottom: 0;"><a href="https://www.bloomberg.com/news/audio/2019-09-26/us-china-relations-and-international-order-podcast" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> US-China Relations and International Order</a> (podcast 8m)</li></ol><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width: 600px;padding: 20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7q4ypM?track_p_id=08FIE50_eC53bq5AEwqwsbh" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp3wl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7q4ypM?track_p_id=1e8FIE50_MGbCoiKN6pAl3c" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Impeachment Probe Could Shift China Trade-War Dynamics</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Wall Street Journal</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘The House impeachment investigation</strong> could put new pressure on President Trump <a href="https://www.wsj.com/articles/trump-heads-into-2020-election-in-search-of-a-blockbuster-deal-11569329148?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">to seek a limited trade deal with China</a> as a means of shoring up political support ahead of what could be the <a href="https://www.wsj.com/articles/democrats-face-critical-day-on-pursuing-impeachment-11569336620?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">defining fight of his administration</a>, according to close observers in both Washington and Beijing.’</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘At the same time,</strong> these people say, prospects even for a so-called mini-deal are clouded by resistance on both sides to any significant compromise.’</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘What’s more,</strong> China might be even less inclined to cut a deal if it determines that Mr. Trump is politically vulnerable, analysts say.’</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px; border-bottom:1px solid #dfdfdf"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="$post.getUrl()" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/vCQOBh2lj9gb4ehpwPhXbAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="$post.getUrl()" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">U.S.-China Relationship Won’t Be Same as it Was | Tim Stratford</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Tim Stratford | partner, Covington & Burling & chairman at the American Chamber of Commerce in China</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video interview (4m)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Tim Stratford,</strong> chairman at the American Chamber of Commerce in China, discusses the U.S.-China trade talks, the relationship between the two countries and where he sees the negotiations heading.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/88FJ9U?track_p_id=cj5yqdIVCT5fY7rkLQk_KWS" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/88FJ9U?track_p_id=c3CVdX6AjB1J%407rkLQk_1G4" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China and the United States: Cooperation, Competition, and/or Conflict</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family:gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic and International Studies (CSIS)</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">A 625-page treasure trove of U.S. and Chinese documents. Divided into sections, so not as daunting as it might seem.</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Aside from</strong> a brief one-page introductions to each major section and some subsections, the report does not make independent comments about the Chinese and U.S. official statements that it presents, or the analytic material that follows. It lets each country speak for itself, and the provides a range of graphics, charts, and tables to address key trends and issues without making judgments or interpretations of their content.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Its purpose</strong> is to provide a range of official views, and of expert data on the course of Chinese progress and competition with the U.S. and other states with only a minimum of comments and value judgement by the authors.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">FINANCIAL RESTRICTIONS</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/8QPdTc?track_p_id=2EC8weSCM_y1iVx3giw3bij" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/qAD7kBqLceF6aukL4-Brmwl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/8QPdTc?track_p_id=2ry8weSCM_3XqD5s215t3Hn" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">We won’t restrict investment in China, but we should | Derek Scissors</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">American Enterprise Institute </h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Derek Scissors | AEI</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘Yes, there is a Congressional</strong> attempt to fix <a href="https://www.rubio.senate.gov/public/_cache/files/87600faa-153e-43db-aae1-9b42e03df612/DBC911B002D667ECFF793F7B9A94AE75.20190826-final-rubio-shaheen-letter-to-frtib-on-tsp-china.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">certain flaws</a> in financial relations with China. Yes, the White House held discussions on the matter. No, the White House won’t do anything meaningful, unless stalling Congress counts (see <a href="https://www.wsj.com/articles/american-tech-companies-find-ways-around-huawei-ban-11561517591" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">telecom sanctions</a>).’ That’s what won’t happen.’</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘What should have already</strong> happened is delisting the Chinese firms which will not obey US disclosure rules. If foreign firms can’t comply with US law, they shouldn’t list here.’</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/8iZxnk?track_p_id=1l8Q2mdC_KidvGq52GDKcKA" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/J7pcHlwt1rQSnXmrLB2g6Al9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/8iZxnk?track_p_id=26g8Q2mdC_n2OW2V35AeEtO" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Threat to Limit Capital Flows to China and Pending Impeachment Conflict | Ray Dalio</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Ray Dalio | Bridgewater Associates, L.P.</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'I believe that</strong> we are on a classic journey that we haven’t seen in our lifetimes but has happened many times before, most recently in the late 1930s. It is being driven by the same big forces that drove the dynamics in the late 1930s. In particular, now, like in the late 1930s and unlike any period since, these three big forces are converging.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">ECONOMY</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/90kI7s?track_p_id=4wTa36aKVh8_fdRcohMKDWm" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/BLvfNGtsZx523n8rt5brrAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/90kI7s?track_p_id=9VGXTuKbpf6aKVh8_eMUZIq" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China’s 70 Years of Progress | Keyu Jin</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Keyu Jin | London School of Economics</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Yet much of the West, </strong>as well as Asia, continues to assume the worst about China – a habit of mind that could have catastrophic consequences. As Albert Camus once <a href="https://www.worldcat.org/title/actuelles/oclc/29091760" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">wrote</a>, “Mistaken ideas always end in bloodshed, but in every case it is someone else’s blood.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'That is why some of our thinkers</strong> feel free to say just about anything.”To avoid falling into the trap of war, Western political and intellectual leaders must not blindly believe those who assume that confrontation with an ascendant China is inevitable.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/9IucS0?track_p_id=8lIscIaky8Lcqis_N11bZsL" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/aAnPTLzZf0sVHGSukmEafAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/9IucS0?track_p_id=22p8Lcqis_YIRB53ZHof1Av" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China in Charts: A 70-Year Journey to Economic Prominence</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Caixin</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'China in Charts</strong>: A 70-Year Journey to Economic Prominence - Tracing the data shows how China’s economy expanded more than 450-fold to become the world’s second-largest.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/4vY66K?track_p_id=eVJZSqaOwAcwZRg75iEZC_z" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/TiISon2f36FD5_ms-2WONgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/4vY66K?track_p_id=3He375iEZC_pAD4cBVxcjRs" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Achieving Competitive Neutrality in China</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Nick Lardy | Peterson Institute for International Economics(PIIE)</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Nick's chapter in</strong> the People's Bank of China and International Monetary Fund Seventh Joint <a href="https://www.imf.org/en/News/Seminars/Conferences/2019/04/19/7th-pbc-imf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Conference</a> volume, <a href="https://www.imf.org/~/media/Files/Countries/ResRep/CHN/e-book-pbc-imf-conference-on-opening-up-and-competitive-neutrality.ashx" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><em style="font-style: italic">Opening Up and Competitive Neutrality: The International Experience and Insights for China</em></a></p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Competitive neutrality</strong> means that any action taken by a government should have a similar effect on both private and state enterprises.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Chinese policy</strong> has long emphasized that the state should protect the ownership rights and legal interests of all enterprises, regardless of their ownership status, allowing them equal use of factors of production and to openly and fairly participate in a competitive market.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">POLITICS</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5DiQQS?track_p_id=e6cZivQnvmhC2Ez5ur9MU_B" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/3QKIJ28TXRxlm_PNLipujAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5DiQQS?track_p_id=eOTDsmPGpaSv6QL5ur9MU_2" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Tenacity of Chinese Communism | Ian Baruma</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 28, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">New York Times Op-ed</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right:0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Ian Baruma | Bard College</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'How the party</strong> revived an ancient philosophy to extol order and compel obedience.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'There is a deeper historical reason</strong> for the success of Communist Party rule in China. Imperial power in China was always backed by a quasi-religious dogma. Chinese emperors, acting as mediators between heaven and earth, were treated as semi-divine figures, holy popes as much as earthly rulers.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Confucianism,</strong> originally a moral as well as a political philosophy, became an ideology imposed to <a href="https://asiasociety.org/education/confucianism" rel="noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">instill obedience to authority</a> — from <a href="https://china-journal.org/2016/03/14/filial-piety-in-chinese-culture/" rel="noopener noreferrer" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">fathers in families</a> to clan chiefs all the way up to the emperor'.<br></blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5Vskka?track_p_id=3QvF8VC2Pe_l2ddwAOcDmmx" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/c_SiTkiGen_SsT6cnw5F6Al9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5Vskka?track_p_id=08VC2Pe_WUbWa3y6e5CD11Y" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Party leadership and rule of law in the Xi Jinping era | Jamie Horsley</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Jamie Horsley | Brookings</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Read the 20-page analysis<a href="https://www.brookings.edu/wp-content/uploads/2019/09/FP_20190930_china_legal_development_horsley.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> here</a></h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'The Chinese Communist Party</strong> has largely observed a technical, de jure separation between itself and the state, including the legal system — even while de facto controlling the state apparatus and often disregarding and devaluing the law — for much of the 70 years it has ruled the People’s Republic of China (PRC).'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Party General Secretary Xi Jinping</strong> is dismantling that pretense through assertion of comprehensive party leadership over everything, including law.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px; border-bottom:1px solid #dfdfdf"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/5o354i?track_p_id=e2DknBz1uXzkWxs8V8Pa2_D" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/70Mx3kjMW7MujEpRqYWUwgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/5o354i?track_p_id=7XnSB4AK8V8Pa2_CjYaxkhC" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The People’s Republic of China Was Born in Chains | Frank Dikötter</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Foreign Policy</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Frank Dikötter | University of Hong Kong</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'The Communist Party</strong> calls 1949 a liberation. But China was far freer beforehand.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Instead of collective poverty </strong>and marching Red Guards, there are skyscrapers, new airports, highways, railway stations, and bullet trains. Yet scratch the glimmering surface and the iron underpinnings of the one-party state become apparent. They have barely changed since 1949, despite all the talk about “reform and opening up.” The legacy of liberation is a country still in chains.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;margin: 0 auto;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">TECH</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/66DPOq?track_p_id=dRxjyHoZc2pFnw8cNBOg_Fp" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/siJfRwdTjiD1kUGrth4G7gl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/66DPOq?track_p_id=7u3ORpOC8cNBOg_V6ozjjuq" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Next 10 Years: Predictions From 10 Experts On China's Artificial Intelligence Future</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 2, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">China Money Network</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Artificial intelligence in China</strong> has entered a stage of rationalization and recalibration, leading to greater unpredictability. China’s AI industry is poised at an inflection point. The question of how China’s AI industry will be shaped in the future becomes more significant, yet less visible.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'China Money Network</strong> has invited 10 industry leaders in China’s AI sector to share their predictions for the next 10 years in a special report "Next 10 Years: China’s Artificial Intelligence Future". They have the most recognizable names in AI, being founders and CEOs of China’s leading AI unicorn companies.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6ONjiy?track_p_id=3PaL70srdO_3OXcOxmW1hko" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/1-0MGQqWFAsdivKjomMohwl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6ONjiy?track_p_id=bzSfWeq1yH5c70srdO_ksjv" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Tech Titans of China</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 23, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">China Institute</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.silicondragonventures.com/about-2/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Rebecca Fannin</a> | Silicon Dragon</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=uTOe7lIlRks&utm_medium=email&utm_content=BW-LU-7y4Rqqmy5CkZy8lpv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Video discussion</a> (1h 21m)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><em style="font-style: italic"><strong style="font-weight: bold">'Rebecca Fannin, founder of Silicon Dragon</strong></em><em style="font-style: italic"> and author of Tech Titans of China, and Wei JIANG, Managing Partner, Momentor Ventures, explore China’s biggest tech successes, the challenges entrepreneurs face, and the country’s enormous high-tech ambitions.'</em></blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6gY436?track_p_id=2h48CmaOk_XoJawGdlU6yIR" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6gY436?track_p_id=08CmaOk_3xduLYBErrbo4ub" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Smart Money on Chinese Advances in AI</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic & International Studies (CSIS)</h3><h3 style="display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://csis-prod.s3.amazonaws.com/s3fs-public/publication/190930_SmartMoneyChinaAdvancesInAI_interior_v3_WEB.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Read</a> the 46-page report.</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Numerous misconceptions</strong> and competing narratives around China’s innovation economy have made it difficult for U.S. policymakers to understand the AI ecosystem in China and its links to AI innovation in the United States.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'This report</strong> seeks to improve this understanding by examining China’s progress toward achieving its four strategic goals. We find that while China’s progress towards AI leadership remains uneven, its commitment to building domestic innovation capacity could allow the country to become a world-leading AI power in the coming decades.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/6yiONE?track_p_id=6fionSZ8pbER4_JmG1fdPyR" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/6yiONE?track_p_id=3DHd8pbER4_aH3dwiYYq1vj" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China's AI Innovation Ecosystem </a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic and International Studies (CSIS)</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video discussion (1h 23m)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'China sees an opportunity</strong> to catapult itself into a position of global leadership in the AI age. The world has taken notice. AI has taken center stage in the “technology cold war” between the United States and China, and the “AI race” between them has become a central theme in global debates around the future of emerging technologies.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start TITLE_HEADER_wrapper ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">HONG KONG</span></td></tr><!--- end BLUE_BOX ---></tbody></table><!--- end TITLE_HEADER_wrapper ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7GsihM?track_p_id=eGjWJLhnTMYylNC9JR4ZC_W" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7GsihM?track_p_id=3UXK9JR4ZC_dorEfDt1gLOB" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Hong Kong on Edge</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5% 0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 27, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Bloomberg Special Report</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.youtube.com/watch?v=POAgMKvOJHg&utm_medium=email&utm_content=8ElDW_GgRLAq3_m4sL9MDpv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Video</a> (47m 46s)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">Bloomberg Television</strong> goes inside the protests in Hong Kong that have transformed from opposition to an extradition bill, to wider anger over civil rights and China's influence.' </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'In this special program</strong>, correspondent Stephen Engle talks to key players from all sides, unearthing the causes of the violent unrest, and seeking possible solutions to a crisis that's threatening the future of this unique city.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7Z331U?track_p_id=ev1Rr52sIa3bAUA7O6daA_q" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/tYs11nu25u2uGqSHHEsD7Al9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7Z331U?track_p_id=81LvR4VVO7O6daA_YWWI6Gv" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China has a 'real challenge' of optics with Hong Kong's unrest | Bob Kapp</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">CNBC</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Robert Kapp | Robert A. Kapp & Associates & former president of the U.S.-China Business Council</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Video interview (2m 34s)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘The forces that animated</strong> reform and opening from 1979 to about 2013 have played out. That era is over.’</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"> <strong style="font-weight: bold">‘China is now much stronger.</strong> It’s not clear to me that the Chinese leadership is thinking, “Oh gee, we better make nice to the Americans to do a deal so that we, get some of the pressure off ourselves.’ </blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">‘Instead,</strong> they are acting as though if it, if push comes to shove, they feel they can outlast the United States, which is the principle source of pressure upon them.’ </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="$post.getUrl()" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/wAWWGvF03iE4Uy8ttPDT-Ql9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="$post.getUrl()" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">It Is Time for the United States to Stand Up to China in Hong Kong | Elizabeth Warren</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 3, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Foreign Policy</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Elizabeth Warren | U.S. Senator</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Tweets aren’t enough.</strong> Washington must make clear that it expects Beijing to live up to its commitments—and it will respond when China does not.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'What is happening in Hong Kong</strong> illustrates the challenge posed by China and the limitations of the United States’ current approach. In many cases, the United States will need to cooperate with China—for example, on climate change—but it must also stand firm when its interests and values are threatened.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr><!--- end CONTENT ---><!--- start SHARE BUTTON ---><!--- end SHARE BUTTON ---></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/7rDNLc?track_p_id=1P57Us4U_3Obl3cuNWrp6M1" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/Tad6xj_ebVw7qqeNRLm3Hwl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/7rDNLc?track_p_id=e2NEepu1GX4rpQR57Us4U_U" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">China’s Hong Kong Problem | Chris Patten</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Chris Patten | last British governor of Hong Kong</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'By now, the CPC</strong> must understand that although most people in Hong Kong are not seeking independence from the mainland, they hate the sort of brutal communism that led many of them to flee to the city as refugees. Nor can they abide a dictatorship threatening the freedom and high degree of autonomy that distinguish their citizenship from that of mainland Chinese.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'It must be galling</strong> for the regime in Beijing to realize that as the CPC prepares to celebrate the 70th anniversary of its takeover, so many Chinese citizens in Hong Kong deplore what it stands for. Unlike on the mainland, people in Hong Kong can say what they think and see what is happening around the world.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/89Nhfk?track_p_id=4vgbc8RVFio_%40N11toNbaLb" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/576cECmYmHK_6YYmTAiYlgl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/89Nhfk?track_p_id=8TXAPvOna8RVFio_ANH5JVW" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Hong Kong in the Balance | Michael Spence</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Project Syndicate</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Mike Spence | NYU Stern & Nobel Laureate</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Notably absent</strong> from this list is any direct reference to the economic circumstances of Hong Kong’s people. The protesters most likely regard a greater role in choosing Hong Kong’s leaders as a step toward addressing inequality. The widely held perception among ordinary citizens is that Hong Kong’s political and economic elites have been more focused on pleasing the central government in Beijing than on achieving more inclusive growth patterns.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'Hong Kong is hardly unique</strong> in confronting the need to restore inclusive growth patterns. Many high-income economies have experienced years of rising economic inequality, which has been followed by social fragmentation and a broad rejection of established political parties and elites.'</blockquote><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'There is a striking similarity</strong> between the Hong Kong demonstrations and the “yellow vest” protests in France, which were triggered by a modest increase in tax on diesel fuel, but driven by a part of the population’s deeper anxieties about economic disparities and declining prospects.'</blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr></tbody></table></div><div><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start BLUE_BOX ---><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:20px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:0.4px; text-align:center; font-style:italic;">U.S. BUSINESS IN CHINA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px;"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/8RY1zs?track_p_id=e%40kWqQpaXqrrPVe5Vq0be_u" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/zNQVUClF8OsPS3qhM1DEqAl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/8RY1zs?track_p_id=2X45Vq0be_5SWXCBQKXSklP" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">US-China Trade War from the Trenches</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 24, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Peterson Institute for International Economics (PIIE)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.uschina.org/erin-ennis" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Erin Ennis</a> and <a href="https://www.uschina.org/jacob-parker" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Jake Parker</a> | US-China Business Council</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.tradetalkspodcast.com/podcast/103-us-china-trade-war-from-the-trenches/?utm_medium=email&utm_content=OzVKlbxoY70HfgCuOik43pv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Podcast interview</a> (27m)</h3><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;">'Erin and Jake explain results from the USCBC’s annual survey of its members of American companies doing business in China.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: 1.5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">And read the</strong> US-China Business Council. 2019. <a href="https://www.uschina.org/reports/uscbc-2019-member-survey" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">USCBC 2019 Member Survey</a>.</p></span></td></tr></tbody></table><!--- end Article_1 ---></div><div><!--- start Article_1 ---><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; width:100%; margin:20px auto 0 auto; text-align:left; background:#fff"><tbody><!--- start TITLE ---><tr><td style="max-width:600px; padding:20px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="font-family:'Lato',sans-serif; padding-bottom:10px; border-bottom:1px solid #dfdfdf"><tbody><tr><td valign="middle" style="margin-top:5px; width:50px; height:50px; overflow:hidden; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19); border-radius:10%;"><a href="http://sco.lt/8jiMK0?track_p_id=6dvbGzr7bzMnG_EpSpdlbl3" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="50px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjQl9cL8Mn1YpzrsrjJvQLXA=" style="display:block; width:auto;"></a></td><td valign="top" style="text-align:left; padding-left:24px;"><a href="http://sco.lt/8jiMK0?track_p_id=07bzMnG_C2SIdB1Mm4QbArJ" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.275em;font-weight: 900;line-height: 1.375em;letter-spacing: -0.2px;text-align: left;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">American Business and China: The View From Shanghai | Ker Gibbs</a></td></tr></tbody></table></td></tr><!--- end TITLE ---><!--- start CONTENT ---><tr><td style="max-width:600px; padding:0 3.5% 10px 3.5%;margin: 0 auto;"><span style="margin-top:0px; margin-bottom:0px;"><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 25, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Center for Strategic and International Studies (CSIS)</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.amcham-shanghai.org/en/article/ker-gibbs-named-next-chamber-president" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Ker Gibbs</a> | president, AmCham Shanghai and others</h3><h3 style="text-align: left;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.csis.org/events/american-business-and-china-view-shanghai?utm_medium=email&utm_content=Qw0pX5VGt__cOsw-Y5__Epv1KZumMsFU29vFGa1PymMiecF12Tedrx6S6g9dnZc9" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Video discussion</a> (1h 25m) </h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Excellent</strong> discussion of business - and the impact of the trade war- in Shanghai by practitioners in Shanghai.</p><blockquote style="display: block;margin-top: .5em;margin-bottom: 1em;margin-left: .5em;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;border-left: 5px solid #ddd;padding: 0 0 0 .83em;"><strong style="font-weight: bold">'AmCham Shanghai President Ker Gibbs</strong> presents the results of the chamber's <a href="https://www.amcham-shanghai.org/sites/default/files/2019-09/2019%20China%20Business%20Report.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">2019 China Business Report</a>, a business climate survey of the chamber's members.' </blockquote><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></span></td></tr></tbody></table></div>
10/2/2019
<div><table align="center" cellspacing="0" cellpadding="0" width="100%" style="border-collapse: collapse;width: 100%;text-align: center;margin: 0 auto;"><tbody><tr><td style="height:10px; border-bottom:10px solid #f5f5f5;"></td></tr></tbody></table><!--- end of table_b1 ---><!--- start table_b2 post_area ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; margin:0 auto; text-align:left; background-color: #fff; "><tbody><tr><td style="max-width:600px; background-color: #F5F5F5;"><div></div><div></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0"> </td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%" a=""><a href="" style="border-bottom: none;color: inherit;text-decoration: none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://assets.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0"> </td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 42px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell<span style="margin:0 6px">·</span>Oct 2, 2019</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="text-align:center; line-height:1.25em; font-size: 24px; font-weight:bold; font-family: gorditamedium, sans-serif; color:#c80000; letter-spacing: 0px; padding:3.5% 5%;">How Will Inpeachment Inquiry Impact the Trade Talks?</td></tr></tbody></table></div><div><hr style="margin:5px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;"></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3.5%; margin-bottom:0px;"><tbody><tr><td style="max-width:600px; padding:10px 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="$post.getUrl()" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/y4610Onrkt4OZXDm0RRInTl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="$post.getUrl()" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Coming soon: 'China Analysis Roundup'</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5% 10px 3.5%;margin: 0 auto;"><h2 style="text-align: center;display: block;font-size: 1.25em;margin-top: .8em;margin-bottom: 1.0em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #c80000;border-top: 1px solid #ddd;padding-top: .6em;letter-spacing: -0.1px;line-height: 1.35em;"><strong style="font-weight: bold">NEW: 'China Analysis Roundup'</strong></h2><h1 style="text-align: center;display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">How can you keep up with all the great research churned out by China experts all over the world?</strong></h1><h1 style="text-align: center;display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">Answer: the 'China Analysis Roundup.</strong></h1><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Each week</strong> I read, watch, and listen to hundreds of insights from China experts all over the world.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">The best go</strong> into the CHINADebate research library. </li><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">But only a few</strong> of these reports can be highlighted in our newsletter.</li></ul><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold"> To bridge that gap</strong>, we will soon introduce the <strong style="font-weight: bold">'China Analysis Roundup.'</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Each week, the 'China Analysis Roundup'</strong> will bring you the best of the best analyses from top China experts.</li><li style="text-align: left;margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">All in an format</strong> that will make your browsing easy and efficient.</li></ul><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">So, watch your inbox</strong> for the first issue of the <strong style="font-weight: bold">'China Analysis Roundup.'</strong></p><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Best,</strong></p><p style="text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Malcolm</strong> </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div><div><p style="display: block;background-color: #001544;font-family: Georgia, serif;padding: 7px 10px;border-left: 20px solid #c80000;border-bottom: 0px solid #c5c5c5;text-align: center;margin-top: 10px;margin-bottom: 0px;font-size: 1.25em;font-weight: 700;color: #ffffff;line-height: 1.5em;letter-spacing: 0.9px;font-style: italic;margin-left: 0;margin-right: 0;">Wall Street: the Next Battleground</p></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3% 5% 5% 5%; border:1px solid #ececec; margin-bottom:10px;"><tbody><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="http://sco.lt/4tHJ3o?track_p_id=08jNhrq_NuHvABWoxCXHTwb" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp3zl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="http://sco.lt/4tHJ3o?track_p_id=4dpBL8jNhrq_GJIq3KcZJC4" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Worst China Trade Idea</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:10px 3.5%;margin: 0 auto;"><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 29, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Editorial Board | Wall Street Journal</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">In July,</strong> I highlighted <a href="https://asia.nikkei.com/Opinion/Wall-Street-will-be-the-next-US-China-battleground2" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">'Wall Street will be the next US-China battleground'</strong></a> by Fraser Howie of the Lowy Institute and Roger Garside.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Senator Marco Rubio</strong> fired the first major salvo in June by introducing legislation that would increase oversight of Chinese companies listed on American stock exchanges, delisting those that fail to comply with the new requirements.' <em style="font-style: italic">Good idea.</em></li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Other politicians</strong> would go further than Rubio. Some voices are demanding that Trump restrict U.S. pension funds and other such asset managers from investing in Chinese companies or at least blacklist state-owned ones.' <em style="font-style: italic">Bad idea.</em></li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">My friends </strong>who manage funds told me both would die. Just too disruptive to global markets. They may have been too hasty.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Trump Administration</strong> is looking for ways to pressure China to change its trade practices, but how about not hurting the U.S. along the way?’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The latest shoot-self-in-foot</strong> moment came Friday when word leaked that the White House may restrict bilateral U.S.-China investment.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Bloomberg News</strong> reported that the Administration may also block Chinese companies like Alibaba from listing on U.S. stock exchanges.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The delisting</strong> of Chinese companies is especially foolish.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘American financial exchanges</strong> are sources of U.S. economic strength, but they compete in a global market.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Foreign firms</strong> can choose to list in London or Hong Kong or Frankfurt as easily as on the Nasdaq or the New York Stock Exchange.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Banning Chinese companies </strong>from U.S. exchanges would merely hurt those American businesses and U.S. capital markets.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The damage to the Chinese firms</strong> would be minor because investors would still be able to raise capital elsewhere.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A ban on bilateral capital flows</strong> would be even more destructive.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Hundreds of American firms</strong> already do business in China, many of them profitably, and they will need to keep investing to stay competitive.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Direct U.S. investment in China</strong> from 1990 to June 2019 was $276.38 billion, according to the U.S.-China FDI Project.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘An arbitrary ban on investment</strong> could make much of that a stranded investment that would hurt those companies and inevitably their employees in America too.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘An investment ban</strong> sounds like something from the mind of Peter Navarro, the White House trade adviser who wants to decouple the U.S. and Chinese economies.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘He sees tariffs</strong> as a way to break up existing supply chains, and an investment ban would over time sharply reduce U.S.-China economic interaction.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This is misguided</strong> as a strategy for promoting change in China, and it’s not what President Trump says he’s trying to achieve.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘A smart policy</strong> would punish Chinese companies that break the rules while allowing access to those that play fair.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The 2018 revisions</strong> to the Committee on Foreign Investment in the U.S. statute give the Trump Administration plenty of authority to restrict investment on national security grounds.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3% 5% 5% 5%; border:1px solid #ececec; margin-bottom:10px;"><tbody><tr><td style="max-width:600px; padding:10px 3.5% 0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="http://sco.lt/5BRdNw?track_p_id=5coMbu8weSCM_Q%40WYezxHq3" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/q_4Ow2oS7wyjwcqKOnSgkTl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="http://sco.lt/5BRdNw?track_p_id=asUz13WMBf68weSCM_G23Y3" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">We won’t restrict investment in China, but we should</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:10px 3.5%;margin: 0 auto;"><p style="font-family: Georgia, serif;font-size: 1.05em;color: #001544;line-height: 1.825em;letter-spacing: -0.1px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"> American Enterprise Institute</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Derek Scissors | AEI</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Yes, there is a Congressional attempt</strong> to fix <a href="https://www.rubio.senate.gov/public/_cache/files/87600faa-153e-43db-aae1-9b42e03df612/DBC911B002D667ECFF793F7B9A94AE75.20190826-final-rubio-shaheen-letter-to-frtib-on-tsp-china.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">certain flaws</a> in financial relations with China.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘Yes, the White House</strong> held discussions on the matter.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘No, the White House</strong> won’t do anything meaningful, unless stalling Congress counts (see <a href="https://www.wsj.com/articles/american-tech-companies-find-ways-around-huawei-ban-11561517591" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">telecom sanctions</a>).’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘That’s what</strong> won’t happen.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘What should have already</strong> happened is delisting the Chinese firms which will not obey US disclosure rules.’ </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘In June,</strong> a bipartisan group of Senators introduced a <a href="https://www.congress.gov/bill/116th-congress/senate-bill/1731/all-info" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">short bill</a> essentially requiring firms listed in the US to disclose properly.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘This seemed odd</strong> — a law to enforce the law?’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘But 10 months ago,</strong> the Securities and Exchange Commission indicated why — lack of <a href="https://www.sec.gov/news/public-statement/statement-vital-role-audit-quality-and-regulatory-access-audit-and-other" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">information from China</a>. This did not seem odd — even friendly observers admit the Communist Party <a href="https://www.scmp.com/comment/insight-opinion/article/2041439/lack-transparency-remains-core-problem-communist-party" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">can’t accept transparency</a>.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Unlike some American accusations,</strong> this one names names.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘The latest list of firms </strong>the Public Company Accounting Oversight Board cited as <a href="https://pcaobus.org/International/Inspections/Pages/IssuerClientsWithoutAccess.aspx" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">not meeting US requirements</a>is a little over a year old. It contains 11 companies with auditors located in Belgium, 137 in mainland China, and 93 in Hong Kong.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘If foreign firms</strong> can’t comply with US law, they shouldn’t list here.’</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Some attacks</strong> on this simple requirement are ugly.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It’s expected</strong> from the Chinese government, which has said in US court that <a href="https://www.supremecourt.gov/opinions/17pdf/16-1220_3e04.pdf" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Chinese law should trump American</a>.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘It’s more surprising</strong> from <a href="https://www.wsj.com/articles/the-worst-china-trade-idea-11569786243" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">the Wall Street Journal</a> [above], which denounced non-existent proposals for a “blanket ban” on investment and ignored disclosure failures.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The Journal editorial</strong> did finish on a constructive note — the US should act only against Chinese entities which pose a risk of espionage or to national defense.’ </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘They could have added</strong> supported human rights violations or engaged in <a href="https://www.aei.org/economics/international-economics/the-tough-alternatives-to-china-tariffs/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">anti-competitive behavior</a>, but the basic point is correct: American action should focus on serious offenders.’ </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div><div><p style="display: block;background-color: #001544;font-family: Georgia, serif;padding: 7px 10px;border-left: 20px solid #c80000;border-bottom: 0px solid #c5c5c5;text-align: center;margin-top: 20px;margin-bottom: 0px;font-size: 1.25em;font-weight: 700;color: #ffffff;line-height: 1.5em;letter-spacing: 0.9px;font-style: italic;margin-left: 0;margin-right: 0;">Trade Deal: Impact of the Impeachment Inquiry</p></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3% 5% 5% 5%; border:1px solid #ececec; margin-bottom:10px;"><tbody><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="http://sco.lt/5Tbxi4?track_p_id=08FIE50_uc%40xbwSwLeWRqW6" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp3zl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="http://sco.lt/5Tbxi4?track_p_id=6e%40HCcC8FIE50_fdhNwNHFG" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Impeachment Probe Could Shift China Trade-War Dynamics</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:10px 3.5%;margin: 0 auto;"><p style="font-family: Georgia, serif;font-size: 1.05em;color: #001544;line-height: 1.825em;letter-spacing: -0.1px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">October 1, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Wall Street Journal</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Will the impeachment inquiry</strong> make President Trump over eager for a win, or will he hold out for a 'complete deal,' as he has said, to avoid additional criticism?</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Will China see President Trump</strong> as weakened and press for all advantages, or will it hang back to see what happens with the inquiry, or will it just wait until after the 2020 elections?</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">The answer</strong> from the experts: all of the above.</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘The House impeachment investigation</strong> could put new pressure on President Trump <a href="https://www.wsj.com/articles/trump-heads-into-2020-election-in-search-of-a-blockbuster-deal-11569329148?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">to seek a limited trade deal with China</a> as a means of shoring up political support ahead of what could be the <a href="https://www.wsj.com/articles/democrats-face-critical-day-on-pursuing-impeachment-11569336620?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">defining fight of his administration</a>, according to close observers in both Washington and Beijing.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘At the same time,</strong> these people say, prospects even for a so-called mini-deal are clouded by resistance on both sides to any significant compromise.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘What’s more,</strong> China might be even less inclined to cut a deal if it determines that Mr. Trump is politically vulnerable, analysts say.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘“Someone is going to have to present</strong> a pretty good argument to suggest China needs a deal and that they want to help Trump,” said Scott Kennedy, senior China expert at the Center for Strategic and International Studies in Washington.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘“They may have an interest</strong> in a tiny deal, but they don’t trust the U.S. enough to make the concessions required for a major deal.”’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘As he </strong><a href="https://www.wsj.com/articles/house-committees-seek-documents-about-ukraine-aid-delay-11569608326?mod=article_inline" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">fights to retain the presidency</strong></a><strong style="font-weight: bold">,</strong> some supporters of Mr. Trump believe he should try to reap some benefits from his hard-knuckle negotiations with China and assuage Republican lawmakers who have backed him.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘“For the president’s own political reasons,</strong> some sort of interim deal, while they keep talking about other hard issues—and both sides could claim victory between now and the election—makes sense,” said Sen. John Cornyn of Texas, a Republican member of the Senate’s trade-focused committee.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘“In the near term,</strong> that would be in the best interest of the president.”’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Wang Huiyao,</strong> founder of Beijing-based think tank Center for China and Globalization, takes a similar view.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘“He needs to complete trade deals</strong> to show he’s made some progress,” Mr. Wang said.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">‘Few see signs</strong> of an all-encompassing pact anytime soon, given the increasingly adversarial interactions between the two countries and the Trump administration’s firm backing for tariffs.’</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘President Trump</strong> may even harden his stance toward China as a way to distinguish his record and energize his political base, Chinese experts say.’</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">‘“An even stricter stance</strong> on China could be coming,” said Wang Yong, international studies professor at Peking University.’</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">More</strong> from China experts:</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://moneyandmarkets.com/impeachment-us-china-trade-deal/" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Willy Lam</strong></a>, <strong style="font-weight: bold">Chinese University of Hong Kong:</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“Even though the likelihood</strong> of impeachment going through is low, the Chinese will think they hold some kind of advantage over the U.S., and Trump might tend to be more conciliatory given his domestic troubles.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“He needs a triumph</strong> overseas to burnish his position.”</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“Xi Jinping is anxious</strong> to have something to show the Central Committee members on the Sino-U.S. front.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://finance.yahoo.com/news/china-leveraging-trump-impeachment-desperation-in-trade-talks-120355244.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Edward Alden</strong></a><strong style="font-weight: bold">,Council on Foreign Relations,</strong> said that an impeachment investigation would make Trump more cautious on trade negotiations with China.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">"Especially with Elizabeth Warren</strong> rising in the polls, Trump will likely be even more sensitive than he already is to any accusation that he is weak on China.”</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“The only realistic deal</strong> is a fairly modest interim deal, which will be politically risky for Trump, especially in the midst of impeachment proceedings.”</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“The big question</strong> is whether there will be further escalation. That could be costly to the president if it hurts the economy going into 2020.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://finance.yahoo.com/news/china-leveraging-trump-impeachment-desperation-in-trade-talks-120355244.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Michael Hirson</strong></a><strong style="font-weight: bold">, Eurasia Group,</strong> said he was skeptical that the two sides will reach a comprehensive deal by 2020 as it takes tremendous effort from Trump and Chinese President Xi Jinping. He said neither side seems desperate enough to compromise.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“Trump may be a bit</strong> more inclined now to strike a 'mini-deal' with Beijing that features agricultural purchases by Beijing and provides some relief to U.S. farmers.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“He will also be somewhat</strong> more cautious about sharp escalation of tariffs.”</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“If Trump seeks out</strong> a deal because he is politically vulnerable, Beijing will likely drive a harder line and insist on fewer concessions -- and a weak deal will be criticized by many in the U.S.” </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://finance.yahoo.com/news/china-leveraging-trump-impeachment-desperation-in-trade-talks-120355244.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Geng Shuang</strong></a><strong style="font-weight: bold">, China's Foreign Ministry</strong> spokesman, in an analysis published in China's state-run Xinhua News Agency:</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“If [China] thinks [Trump]</strong> is in really deep trouble, and essentially no deal is going to get through Congress or any deal with Trump may be vulnerable to be revisited by the next president who might have very different views, then it creates an incentive not to make a deal.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><a href="https://finance.yahoo.com/news/china-leveraging-trump-impeachment-desperation-in-trade-talks-120355244.html" rel="nofollow" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">Jacques deLisle</strong></a><strong style="font-weight: bold">, University of Pennsylvania:</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“But I think the most likely</strong> immediate thing is wait and see, because as Trump's opponents in the U.S. have discovered on many occasions, a lot of things that looked like they will be very politically damaging seem to fade quickly.”</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">“If I'm sitting in China,</strong> I will probably not do anything dramatic soon to just see where this is headed and how much trouble Trump is in.”</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div><div><p style="display: block;background-color: #001544;font-family: Georgia, serif;padding: 7px 10px;border-left: 20px solid #c80000;border-bottom: 0px solid #c5c5c5;text-align: center;margin-top: 20px;margin-bottom: 0px;font-size: 1.25em;font-weight: 700;color: #ffffff;line-height: 1.5em;letter-spacing: 0.9px;font-style: italic;margin-left: 0;margin-right: 0;">The Real Reasons Behind China’s Restraint in HK</p></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3% 5% 5% 5%; border:1px solid #ececec; margin-bottom:10px;"><tbody><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="http://sco.lt/5lmI2C?track_p_id=exdG63SIrMwPGpl7O4iEw_h" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/V_IWFb4-adVNGY_4nCjj8Dl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="http://sco.lt/5lmI2C?track_p_id=cOOUguhMGtqV%407O4iEw_a4c" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">The Real Reasons Behind China’s Restraint in Hong Kong</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><p style="font-family: Georgia, serif;font-size: 1.05em;color: #001544;line-height: 1.825em;letter-spacing: -0.1px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 30, 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Foreign Affairs</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">Andy Nathan | Columbia University</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Andy Nathan</strong> gives by far the most cogent analysis of Beijing's position on the Hong Kong protests. All based on his communications with Chinese government insiders. </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'China's response</strong> to the Hong Kong protests has been rooted not in anxiety but in confidence.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Beijing is convinced</strong> that Hong Kong’s elites and a substantial part of the public do not support the demonstrators and that what truly ails the territory are economic problems rather than political ones—in particular, a combination of stagnant incomes and rising rents.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Beijing therefore</strong> thinks that its local allies will stand firm and that the demonstrations will gradually lose public support and eventually die out.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Meanwhile,</strong> Beijing is turning its attention to economic development projects that it believes will address some of the underlying grievances that led many people to take to the streets in the first place.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Chinese decision-makers</strong> are hardly surprised that Hong Kong is chafing under their rule.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Beijing believes</strong> it has treated Hong Kong with a light hand and has supported the territory’s economy in many ways.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Even so, Beijing considers</strong> disaffection among Hong Kong’s residents a natural outgrowth of the territory’s colonial British past and also a result of the continuing influence of Western values.' </li><li style="margin-top: .5em;margin-bottom: 0;"><ins style="text-decoration: underline"><strong style="font-weight: bold">'Indeed, during the 1984 negotiations</strong></ins><ins style="text-decoration: underline"> between China and the United Kingdom over Hong Kong’s future, the Chinese leader Deng Xiaoping suggested following the approach of “one country, two systems” for 50 years precisely to give people in Hong Kong plenty of time to get used to the Chinese political system.'</ins> </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Chinese leaders</strong> do not blame themselves for these shifts in public opinion.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Rather, they believe</strong> that Western powers, especially the United States, have sought to drive a wedge between Hong Kong and the mainland.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Chinese leaders</strong> do not fear that a crackdown on Hong Kong would inspire Western antagonism.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Rather, they take such antagonism</strong> as a preexisting reality—one that goes a long way toward explaining why the disorder in Hong Kong broke out in the first place.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'</strong><a href="https://www.foreignaffairs.com/articles/china/2012-08-16/how-china-sees-america" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">In Beijing’s eyes</strong></a><strong style="font-weight: bold">,</strong> Western hostility is rooted in the mere fact of China’s rise, and thus there is no use in tailoring China’s Hong Kong strategy to influence how Western powers would respond.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'The view that Xi has not deployed</strong> troops because of Hong Kong’s economic importance to the mainland is also misguided, and relies on an outdated view of the balance of economic power.' </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'There is little indication</strong> that the top leadership in Beijing is divided over the handling of Hong Kong or that Xi’s position has been weakened by the upheaval there.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Barring a flare-up</strong> of prolonged and large-scale violence, Beijing is determined to stay the course, relying on the Hong Kong government, police, and business community to keep pressure on the demonstrators until the pro-democracy movement dies out.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div><div><p style="display: block;background-color: #001544;font-family: Georgia, serif;padding: 7px 10px;border-left: 20px solid #c80000;border-bottom: 0px solid #c5c5c5;text-align: center;margin-top: 20px;margin-bottom: 0px;font-size: 1.25em;font-weight: 700;color: #ffffff;line-height: 1.5em;letter-spacing: 0.9px;font-style: italic;margin-left: 0;margin-right: 0;">Cheng Li on Xi Jinping</p></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="max-width:600px; text-align:left; background-color:#fff; padding:3% 5% 5% 5%; border:1px solid #ececec; margin-bottom:10px;"><tbody><tr><td style="max-width:600px; padding:0 3.5%;margin: 0 auto;"><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr><td valign="middle" style="display:block; width:70px; height:70px; align:center; overflow:hidden;"><a href="http://sco.lt/63wcMK?track_p_id=8eELWyPxq5dfrtW_%406Q514a" target="_blank;" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img height="70px" src="https://img.scoop.it/Kg5bhC-NIldbI1VsWncxbjl72eJkfbmt4t8yenImKBWpnB4YU4myT9-8UqDpoJyK" style="display:block; align-self: center; width:auto"></a></td><td style="padding-left:20px;"><a href="http://sco.lt/63wcMK?track_p_id=5UoQnN5dfrtW_Wbhk4REth3" target="_blank;" style="text-decoration: none;color: #001544;font-size: 1.575em;font-weight: 900;line-height: 1.4em;letter-spacing: 0.2px;font-family: 'Lato', sans-serif;border-bottom: 1px solid #008dc8;">Xi Jinping’s “Proregress”</a></td></tr></tbody></table></td></tr><tr><td style="max-width:600px; padding:0 3.5% 10px 3.5%;margin: 0 auto;"><p style="font-family: Georgia, serif;font-size: 1.05em;color: #001544;line-height: 1.825em;letter-spacing: -0.1px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;"></p><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;">September 2019</h3><h3 style="text-align: right;display: block;font-size: .85em;margin-top: 0;margin-bottom: .1em;margin-left: 0;margin-right: 0;font-weight: normal;font-family: Georgia,serif;color: #5d5d5d;letter-spacing: -0.1px;line-height: 1.35em;"><a href="https://www.brookings.edu/experts/cheng-li/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Cheng Li </a>| Brookings</h3><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Brookings</strong> has a new initiative called<a href="https://www.brookings.edu/interactives/global-china/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold"> 'Global China.</strong></a><strong style="font-weight: bold">'</strong></p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'To better address</strong> the implications for American policy and the multilateral order, Brookings scholars are undertaking a two-year project—“Global China: Assessing China’s Growing Role in the World”—intended to furnish policymakers and the public with a new empirical baseline for understanding China’s regional and global ambitions.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">So far, it's excellent</strong>. Browse the content to date <a href="https://www.brookings.edu/interactives/global-china/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">here</a>.</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">And watch</strong> the short video introducing the initiative <a href="https://www.youtube.com/watch?v=_PhUwSHMZbU" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">here</a>.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">One of the first reports</strong> - and by far the most insightful - is by <a href="https://www.brookings.edu/experts/cheng-li/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Cheng Li,</a> director of Brookings' John L. Thornton China Center and foremost scholar on China's elite politics.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">Excerpts are below,</strong> but you should read the entire 15-page report<a href="https://www.brookings.edu/wp-content/uploads/2019/09/FP_20190930_china_domestic_reform_li.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"> here</a>. </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">Also, here's a </strong><a href="https://www.brookings.edu/podcast-episode/chinese-domestic-politics-in-the-rise-of-global-china/" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong style="font-weight: bold">podcast interview</strong></a> with Cheng on this essay.</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">And here's</strong> the <a href="https://www.brookings.edu/wp-content/uploads/2019/10/0925_ChengLi_global-china.pdf" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">transcript</a>.</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'“Proregress,”</strong> a word coined by the American poet E.E. Cummings in 1931, combining “progress” and “regress.”'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'The word reflected</strong> the profound contradictions and anxieties manifested in both the imperative for change and the stagnation facing the world during the early decades of the 21st century.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Xi Jinping’s leadership</strong> has been marked by ambiguity and unpredictability. Since becoming general secretary of the Chinese Communist Party in 2012, he has pursued fragile balances': </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'portraying himself</strong> as inheritor of the legacies of both Mao Zedong and Deng Xiaoping;' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'consolidating power</strong> based on both his communist “red nobility” and his understanding of “ordinary people”;'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'promoting market reform</strong> in some ways while asserting greater state control in others; and' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'offering contradictory clues</strong> as to whether China seeks to be a revisionist power or to preserve the status quo in the post-Cold War international order.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'In ruling the world’s most populous country</strong>, full of divergent views and conflicting interests, Xi has likely realized the imperative of maximizing public support by aligning with diverse constituencies and socioeconomic trends.' </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'This paper focuses</strong> on Xi Jinping’s two most recent parallel domestic policy moves': </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'shifting his identity</strong> from a princeling to a populist by launching an ambitious program for poverty elimination on the one hand, and' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'enlarging</strong> the country’s largest metropolis clusters for economic growth on the other.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Arguably the most important</strong> political maneuvering that Xi Jinping has employed since becoming party boss in 2012, and especially during his second term beginning in 2017, has been his shift in identity from princeling to populist leader.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xi’s dual identities</strong> as both princeling and peasant now serve as a political asset, enabling him to switch between one and the other when it benefits him to do so.'</li></ul><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><br></h1><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">1. SHIFTING IDENTITIES AND XI’S POPULISM</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'As soon as Xi consolidated power</strong> during his first term, he began keeping his distance from princelings and drastically reducing their representation in the leadership.'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'At the 19th Party Congress</strong> formed in 2017, the number of princelings in the Politburo dropped by more than half —from nine in the 18th Party Congress to four.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'To bolster his reputation</strong> as a “leader of the people,” Xi needs to deliver on his socioeconomic policies.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xi’s pledge to eliminate poverty</strong> in China by 2020 has endeared him to the general public, particularly in the rural inland areas where Hu Jintao’s protégés have traditionally had the upper hand in garnering support.' </li></ul><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><br></h1><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">2. STRETCHING CHINA’S SIX SUPER METROPOLISES</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'The Xi administration</strong> has apparently grasped the strategic importance of Chinese urban development at a time when China confronts not only an economic slowdown due to structural changes in the Chinese economy, but also the devastating effects of a trade war with the United States.'</p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'China’s urbanization rate</strong> is about 60% at present, but Chinese cities have constituted a large portion of GDP.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'According to</strong> a recent Chinese official report, China’s top 10 cities contributed almost a quarter of GDP to the national total in 2018.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Beijing, Tianjin, Shanghai, Chongqing, Shenzhen, and Guangzhou</strong> are the country’s top cities in term of contributions to gross domestic product (GDP), and the Chinese media have often branded them as the “six super megacities.”'</p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'They have formed</strong> the four most important “megacity circles” across the country.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'It is often said</strong> that a megacity is to China what a country is to Europe.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Given the fact</strong> that most of these top municipal leaders are his confidants, Xi apparently intends to grant them decentralized authority — and a much greater degree of autonomy, compared with other regions — to pursue somewhat different approaches in their respective metropolis clusters.' </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'These ambitious new plans</strong> will potentially lead to a new round of far-reaching economic reforms in the country that merit more international attention. The Chinese official media has widely publicized these plans': </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'the Beijing-Tianjin-Hebei (jingjinji)</strong> development strategy with new initiatives embracing Xiong’an as China’s third special economic zone and making Tongzhou city an annex to Beijng;'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'the Shanghai and the Yangtze River Delta</strong> economic integration plan with its concentration on an “entity economy” (shiti jingji) and the modern, high-tech manufacturing industry;'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'the Guangdong-Shenzhen-Hong Kong-Macau Bay Area</strong> strategy with its goal of strengthening urban connectivity through the flow of people, logistics, capital, and information in the Greater Bay Area; and' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'the Chongqing-Chengdu</strong> corridor development scheme with plans to integrate megacity development with the establishment of so-called “characteristic towns” (tese xiaozhen).'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Some urbanization plans</strong> for China’s super megacities have been more controversial.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'This is particularly true</strong> for Xi’s ambitious plan to establish the Xiong’an New Area.'</li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xi played a pivotal role </strong>in launching the Xiong’an New Area in 2017. Just as Shenzhen and Pudong are considered the economic gems of the Deng era, Xi aspires to see his name associated with a new urban miracle.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xiong’an is expected to help</strong> accelerate the development of the wider Beijing-Tianjin-Hebei area, which is intended to be the northern version of the regional powerhouses driving China’s economy, akin to the Pearl River Delta in the south and the Yangtze River Delta in the east.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><br></p><h1 style="display: block;font-size: 1.5em;margin-top: .1em;margin-bottom: .5em;margin-left: 0;margin-right: 0;line-height: 1.35em;font-weight: normal;font-family: gorditamedium,sans-serif;color: #001544;letter-spacing: -0.1px;"><strong style="font-weight: bold">CONCLUSIONS</strong></h1><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'The conclusions of this study</strong> — including drastic changes in the composition of the national and key municipal leadership, massive budget increases to eliminate poverty, a more populist approach to handling inland rural areas, and preferable policy incentives for super megacities — reveal the pragmatic and adaptive side of the leader who holds the reins of the preeminent emerging power in today’s world.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'One may reasonably argue</strong> that it is not so much that Xi’s position in leadership could have been precarious when he became party boss in 2012.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'From a broader perspective,</strong> Xi’s insecurity — his shifting identity from a princeling to a populist — stems from the CCP’s precarious hold on the country, an insecurity shared among the party elite as a whole.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'That observation</strong> can help explain the way in which Xi is clamping down to control an increasingly pluralistic, mobile, and restless society on the one hand while he and his leadership are simultaneously pressing to resolve the combined economic, demographic, and technological problems that portend stagnant growth on the other.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Xi’s sweeping anti-corruption campaign</strong> and his decisive removal of rivals in leadership positions (beginning with tuanpai and followed by fellow princelings) have undoubtedly created many enemies.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xi’s personality cult</strong> and tight control over civil society and the media have further alienated many liberal intellectuals in the country.' </li><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'Xi’s tendency toward autocratic rule</strong> has invited pervasive and persistent resistance, even from the political establishment.' </li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Meanwhile, however,</strong> one should not underestimate the domestic popular support for this powerful leader, resulting from his nationalistic appeal and socioeconomic policies.' </p><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-weight: bold">'Furthermore,</strong> Xi is backed by the central party leadership, which has long led by consensus during the reform era.' </p><ul style="margin-top: 0;margin-bottom: 0;"><li style="margin-top: .5em;margin-bottom: 0;"><strong style="font-weight: bold">'That leadership</strong> has pursued a series of policies and priorities such as an ambitious poverty alleviation effort and urbanization drive deemed essential to preserving the CCP’s legitimacy and hold over the country, while also advancing its wealth and power globally.'</li></ul><p style="display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-size: 1em;font-weight: normal;letter-spacing: -0.1px;line-height: 1.5em;color: #001544;font-family: gorditamedium,sans-serif;"></p></td></tr></tbody></table></div></td></tr></tbody></table><!--- end of table_b2 ---><!--- start 2column ---><table align="center" cellspacing="0" cellpadding="0" width="100%" style="max-width:600px; background-color:#fff; "><tbody><tr><td style="max-width:600px; border:0 none; background-color:#f5f5f5;"><table><tbody><tr class="responsive2column"><td class="column" width="300" valign="top"></td><td class="column" width="300" valign="top"></td></tr></tbody></table></td></tr></tbody></table></div>