12/24/2017
<div><div style="background-color:#fff;text-align:center; margin:0 auto; padding:20px 0 0;"><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>Dec 24, 2017</span></div><div style="background-color:#fff;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#fff;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:20px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:20px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:180%;font-family:'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;padding-right: 20px;padding-left: 20px;padding-top: 20px;padding-bottom: 0px;"><div style="line-height:22px;font-family:'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;font-size:12px;color:#001F3E;text-align:left;"><p style="margin: 0;line-height: 22px;text-align: center;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 64px; font-size: 36px; color: rgb(185, 0, 0);"><span style="font-size: 36px; line-height: 64px;">Merry Christmas! </span></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 30px; padding-left: 30px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:150%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 30px; padding-left: 30px; padding-top: 20px; padding-bottom: 20px;"><div style="line-height:18px;font-family:Georgia, Times, 'Times New Roman', serif;font-size:12px;color:#001F3E;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong style="font-size: 18px; text-align: left; background-color: transparent;">It's Christmas Eve. </strong><span style="font-size: 18px; text-align: left; background-color: transparent; line-height: 27px;">I'm in my hometown, Sarasota, Florida. Sunny and clear, 77 degrees. For a Florida boy like me, the Christmas weather I grew up with.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">With Christmas naturally on my mind, I was taken aback by this headline, ''China's ruling communist party bans Christmas, calling it "spiritual opium"'</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Turns out, as you will see, not quite accurate. Though in the current, post 19th Party Congress environment, not all together impossible. </span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">As I wait to receive my first Christmas apple (the preferred Chinese Xmas gift), I put all concerns about how the Xi Era will unfold aside and wish you all... </span><br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Merry Christmas and Season's Greetings!</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Malcolm</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;"><em>Please invite your friends and colleagues to join the conversation. Tell me anything on your mind about China, including what you think about what you are reading here. Just reply to this email, or reach me at</em> malcolm.riddell@riddell-tseng.com. </span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:#fff;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 20px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color: #fff;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style="background-color:#ffffff; width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid #12325E; border-left: 0px solid #12325E; border-bottom: 0px solid #12325E; border-right: 0px solid #12325E;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: #ffffff; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid #12325E; border-left: 0px solid #12325E; border-bottom: 0px solid #12325E; border-right: 0px solid #12325E; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:150%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:18px;color:#001F3E;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 39px;">1. Headline: <em>'China's ruling communist party bans Christmas, calling it 'spiritual opium'</em> - not so fast...</span><span style="font-size: 16px; line-height: 24px;"></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center autowidth fullwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center autowidth fullwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/shutterstock_114437953_copy_0.jpg?1514134109" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 5px; padding-bottom: 0px;"><![endif]--><div style="color:#001F3E;line-height:180%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 10px; padding-left: 10px; padding-top: 5px; padding-bottom: 0px;"><div style="line-height:22px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;font-size:12px;color:#001F3E;text-align:left;"><p style="margin: 0;font-size: 22px;line-height: 40px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 22px; line-height: 39px;"><a style="color: #001F3E;/* text-decoration: underline; */border-bottom: 1px solid #008dc8;" href="http://www.scmp.com/news/china/policies-politics/article/2125526/why-chinas-war-christmas-gathering-pace" target="_blank" rel="noopener" data-mce-selected="1">'Why China’s war on Christmas is gathering pace.'</a></span><br data-mce-bogus="1"></p><p style="margin: 0;line-height: 22px;text-align: center;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><em>South China Morning Post</em></span></p><p style="margin: 0;line-height: 22px;text-align: center;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 12px; line-height: 21px;"><em>December 23, 2017</em></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#001F3E;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:22px;color:#001F3E;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 25px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Chinese love Christmas. </strong>They haven't necessarily embraced the holiday as the celebration of Jesus' birth, but they have definitely embraced the celebration -</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 14px;line-height: 16px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;">the shopping, the lights, the shopping, the dinners, the shopping, the karaoke, and, of course, the shopping.</span></li></ul></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center autowidth fullwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center autowidth fullwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/christmas-shopping-chengdu-located-chunxi-street-chinese-famous-business-walking-street-35842366.jpg?1514155765" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:180%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="line-height:22px;font-family:Georgia, Times, 'Times New Roman', serif;font-size:12px;color:#001F3E;text-align:left;"><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 32px; font-size: 18px; color: rgb(0, 31, 62);"><span style="line-height: 32px; font-size: 18px;"><strong>But, some local Party cadre</strong> don't share the their fellow citizens' enthusiasm.</span></span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 18px;line-height: 32px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px; color: rgb(0, 31, 62);"><span style="line-height: 32px; font-size: 18px;"><strong>They seem to be taking</strong> more anti-Xmas measures at the local level, in cities and at universities, than before.</span></span></li><li style="font-size: 18px;line-height: 32px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px; color: rgb(0, 31, 62);"><span style="line-height: 32px; font-size: 18px;"><strong>Probably inspired </strong>by Xi Jinping's call for Chinese 'cultural self-confidence.'</span></span></li><li style="font-size: 18px;line-height: 32px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px; color: rgb(0, 31, 62);"><span style="line-height: 32px; font-size: 18px;"><strong>Translation: </strong>Chinese good, Western bad, <em>ergo</em> Xmas bad.</span></span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong>These apparently isolated</strong>, local actions (not national policy, not yet anyway) resulted in misleading international headlines like,<span style="line-height: 32px; font-size: 18px;"><strong><span style="line-height: 32px; font-size: 18px; color: rgb(185, 0, 0);"> </span><a style="color: #001F3E;text-decoration: underline;border-bottom: 1px solid #008dc8;" href="http://www.rfa.org/english/news/china/xmas-12202017113540.html" target="_blank" rel="noopener">'</a></strong><a style="color: #001F3E;/* text-decoration: underline; */border-bottom: 1px solid #008dc8;" href="http://www.rfa.org/english/news/china/xmas-12202017113540.html" target="_blank" rel="noopener">China's Ruling Communist Party Bans Christmas, Calling it 'Spiritual Opium.'</a> </span><span style="text-align: initial; font-size: 18px; line-height: 32px;"></span></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"> </span><br></p><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 32px; font-size: 18px;"><strong>These headlines apparently</strong> grew initially out of a story that first appeared in the <em>Global Times</em>, the <em>People's Daily'</em>s English-language publication, <a style="color: #001F3E;/* text-decoration: underline; */border-bottom: 1px solid #008dc8;" href="http://www.globaltimes.cn/content/1080320.shtml" target="_blank" rel="noopener">'Shenyang university bans Christmas festival to "build cultural confidence."'</a></span></p><ul style="font-size: 12px;margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px;"><strong>A university in Shenyang</strong> 'notified its students' organizations that they are not allowed to organize any Western religious festivals, such as Christmas, on campus."'</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 32px; font-size: 18px;"><strong>This to</strong> 'enable the broad Youth League movement to establish cultural self-confidence.' </span><br></p></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"> </span><br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><span style="line-height: 32px; font-size: 18px;"><span style="color: rgb(0, 31, 62); font-size: 18px; line-height: 32px;"><strong>But wait there's more</strong>.</span> </span><span style="line-height: 32px; font-size: 18px;"></span></span><span style="line-height: 32px; font-size: 18px;">Police in Hengyang, Hunan Province, published a notice on December 14 ordering Party members, government officials, and their families not to celebrate Christmas.</span></p><ul style="font-size: 12px;margin-top: 0;margin-bottom: .5;"><li style="font-size: 18px;line-height: 32px;margin-top: .5em;margin-bottom: 0;"><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;">Instead, 'They must earnestly study the doctrine of cultural self-confidence introduced at the 19th Party Congress, and refrain from blindly celebrating foreign festivals or engaging in Western religions.'</span></p></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"> </span><br></p><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><span style="line-height: 32px; font-size: 18px;"><span style="color: rgb(0, 31, 62); font-size: 18px; line-height: 32px;"><span style="font-size: 18px; line-height: 32px;"><strong>And, my personal favorite.</strong></span> </span></span></span><span style="line-height: 32px; font-size: 18px;">In place of Christmas celebrations, students at Xian's Modern College of Northwest University had to attend a three-hour screening of propaganda films, with teachers standing guard at the door.</span></p><ul style="font-size: 12px;margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px;"><strong>'There's nothing we can do about it</strong>, we can't escape,' one student wrote in realtime on WeChat.</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="line-height: 32px; font-size: 18px;"><strong>If that doesn't persuade</strong> the students to ditch Xmas and build 'cultural self-confidence,' nothing will.</span></li></ul><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"> </span><br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><span style="color: rgb(0, 31, 62); font-size: 18px; line-height: 32px;"><strong style="text-align: initial;"><span style="font-size: 18px; line-height: 32px;">Why it's important.</span> </strong></span>Local anti-Xmas efforts seem to be part of a broader ideological campaign to bring the citizenry even more under Party control.</span><span style="font-size: 18px; line-height: 32px;"></span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><span style="text-align: initial; line-height: 32px; font-size: 18px;"><strong>Relying on 'cultural self-confidence' </strong>shows that 'Xi Thought' may be beginning to intrude in people's lives.</span></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><span style="text-align: initial; line-height: 32px; font-size: 18px;"><strong>If the Party pushes too hard</strong>, expect the Chinese to push back.</span></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><span style="text-align: initial; line-height: 32px; font-size: 18px;"><strong>The question is:</strong> How?</span></span></li></ul></div></div><!--[if mso]></td></tr></table><![endif]--><div style="background-color:#F4F4F2;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#F4F4F2;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:30px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:30px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 30px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 30px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:120%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 30px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;color:#001F3E;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 31px;">2. First Xmas. Could pandas be next?</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:150%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:18px;color:#001F3E;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>Against: pandas stubbornly</strong> hold fast to their own way, not the Party's way</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/giphy-64.gif?1514150648" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 20px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:150%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:18px;color:#001F3E;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>Against: pandas aren't concerned</strong> with progress (toward a Marxist utopia) when the status quo will do </span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/giphy-65.gif?1514151020" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 20px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:150%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:18px;color:#001F3E;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>Against: pandas really love Xmas</strong> (especially when the shopping is for their gifts) </span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center autowidth fullwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center autowidth fullwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/Screenshot_2017-12-24_16.12.20.png?1514150025" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 20px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 20px; padding-bottom: 10px;"><![endif]--><div style="color:#555555;line-height:120%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 10px; padding-top: 20px; padding-bottom: 10px;"><div style="font-size:12px;line-height:14px;color:#555555;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 21px;"><strong> In favor: Pandas</strong> have Chinese 'cultural self-confidence' galore.</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 30px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 30px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:120%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 30px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;color:#001F3E;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 31px;">3. We love Christmas too</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#001F3E;line-height:120%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;color:#001F3E;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 21px;"><strong>All of us at CHINADebate</strong> wish you all the merriest of holidays </span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center autowidth fullwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center autowidth fullwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/aXmas_Card.jpg?1514131325" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 5px;padding-bottom: 5px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 30px solid #B90000;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><div align="center" class="img-container center fixedwidth" style="padding-right: 10px; padding-left: 10px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px;" align="center"><![endif]--><div style="line-height:10px;font-size:1px"> </div><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/cdn.png?1510958887" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 240px" width="240"><div style="line-height:10px;font-size:1px"> </div><!--[if mso]></td></tr></table><![endif]--></div><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 5px;padding-bottom: 60px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 30px solid #b90000;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div></div>
12/18/2017
<div style="background-color:#fff;"><div style="text-align:center;margin:0 auto;padding: 20px 0 0;"><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>Dec 18, 2017</span></div><div style="background-color:#fff;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#fff;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:20px; padding-bottom:20px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:20px; padding-bottom:20px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#020E1F;line-height:120%;font-family:'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 0px; padding-bottom: 0px;"><div style="line-height:14px;font-family:'Open Sans', 'Helvetica Neue', Helvetica, Arial, sans-serif;font-size:12px;color:#020E1F;text-align:left;"><p style="margin: 0;line-height: 14px;text-align: center;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 43px; font-size: 36px; color: rgb(232, 23, 48);"><span style="font-size: 36px; line-height: 43px;">China's Economy</span></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 30px; padding-left: 30px; padding-top: 30px; padding-bottom: 30px;"><![endif]--><div style="color:#020E1F;line-height:150%;font-family:Georgia, Times, 'Times New Roman', serif;padding-right: 30px;padding-left: 30px;padding-top: 20px;/* padding-bottom: 30px; */"><div style="line-height:18px;font-family:Georgia, Times, 'Times New Roman', serif;font-size:12px;color:#020E1F;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong><span style="font-size: 22px; line-height: 33px;">Welcome back! </span></strong></p><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 8px; line-height: 12px;"><strong><span style="line-height: 12px; font-size: 8px;"></span></strong></span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>Pieter Bottelier</strong> - top China economist, former World Bank head in China, and stalwart CHINADebate expert - set the theme today: Technocrats and their ability to continue to skillfully manage the economy are under threat. And, in turn, so is China's economy.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Here is summary of today's three parts.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>1. Pieter, in our interview</strong>, warned that China's shift from pragmatism to ideology could weaken the quality of the technocrats' economic policy making and regulation, and thereby hurt economic stability and growth.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>2. Pieter believes China</strong> has avoided a hard landing, thanks especially to technocrats who manage the property sector.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;"><strong>3. I employ one of my favorite real estate graphics</strong> to demonstrate - using data - just how well, in fact, the technocrats manage the property sector. And, the impact less competent technocrats could have.</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Read on! Then, let me know what your thoughts are!</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Best,</span></p><p style="margin: 0;line-height: 18px;text-align: left;font-size: 12px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 27px;">Malcolm</span></p><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;"><em>Please invite your friends and colleagues to join the conversation. Tell me anything on your mind about China, including what you think about what you are reading here. Just reply to this email, or reach me at</em> malcolm.riddell@riddell-tseng.com. </span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 18px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 15px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 10px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style="background-color:#ffffff; width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid #12325E; border-left: 0px solid #12325E; border-bottom: 0px solid #12325E; border-right: 0px solid #12325E;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: #ffffff; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid #12325E; border-left: 0px solid #12325E; border-bottom: 0px solid #12325E; border-right: 0px solid #12325E; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#120841;line-height:150%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:18px;color:#120841;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: left;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 39px;">1. Shift from pragmatism to ideology could make China's managed economy harder to manage</span><span style="font-size: 16px; line-height: 24px;"></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/db74f0fb-e568-4c15-9817-5836c482c26f.png?1513607062" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#555555;line-height:120%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:14px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;color:#555555;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 14px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 22px; line-height: 26px;">'Black cat, white cat. If it catches mice, it's a good cat.'</span></p><p style="margin: 0;font-size: 12px;line-height: 14px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong><span style="font-size: 22px; line-height: 26px;"><em>Not anymore.</em> </span></strong></p><p style="margin: 0;font-size: 12px;line-height: 14px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 0px; padding-bottom: 20px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif;padding-right: 20px;padding-left: 20px;padding-top: 0px;/* padding-bottom: 20px; */"><div style="line-height:22px;font-family:Georgia, Times, 'Times New Roman', serif;font-size:12px;color:#120841;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>The big idea. </strong>The shift from Deng Xiaoping pragmatism to Xi Jinping ideology and Party control could weaken the effectiveness of China's economic policy and decision making. This would undermine the foundations of China's Economic Miracle, a</span><span style="font-size: 18px; line-height: 32px;">nd, in turn, the stability and growth of China's economy.</span></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Pieter Bottelier</strong> - top China economist, former head of the World Bank in China, and stalwart CHINADebate expert - surprised me when he gave this issue as his sole concern when I asked him, </span><em><span style="font-size: 18px; line-height: 32px;">'What are the policy implications for China's economy from the 19th Party Congress?'</span></em></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>China is still, to a great extent, a managed economy</strong>, and the managers are the elite technocrats; they pull levers that in the West we leave to the market.</span></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Elite technocrats</strong> are the unsung heroes who guided China's Economic Miracle and navigated the crises that could have derailed it at any point.</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong> 'One of the pillars</strong> of China's Economic Miracle has been the quality of the technocratic elite in the civil service since the start of the economic reforms under Deng Xiaoping in the late 70's.'</span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Beginning in the Deng era</strong> of economic reforms, technocrats </span><span style="font-size: 18px; line-height: 32px;"> operated in an environment of, '... free debate and free research, as well as unrestricted exchanges between Chinese technocrats and overseas technocrats and intellectuals.' Black cat, white cat.</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Pragmatism trumped</strong> Party power and ideology.</span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> </p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Now, Party power</strong> and ideology trump pragmatism.</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'The policy environment</strong> and intellectual climate within which economic policy is made have definitely changed.'</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'The recent 19th Party</strong> decisions confirmed the political changes that had been underway for some time.'</span><br><span style="font-size: 18px; line-height: 32px;"></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Politics has moved</strong> to center stage.'</span><br><span style="font-size: 18px; line-height: 32px;"></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Party priorities have changed</strong> from economic growth, economic development to party power, party prestige, party control over everything - the economy and, of course, the political system.'</span><br><span style="font-size: 18px; line-height: 32px;"></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'That has potentially </strong>very significant implications for the economic policy making environment.'</span></li></ul></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"></div></div>
600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid mixed-two-up "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="400" style=" width:400px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num8" style="display: table-cell;vertical-align: top;min-width: 320px;max-width: 400px;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 20px; padding-top: 35px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 20px; padding-top: 35px; padding-bottom: 10px;"><div style="font-size:12px;line-height:22px;color:#120841;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 25px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Beyond the technocrats. </strong> The enshrinement of <strong>'Xi Jinping Thought'</strong> in China's constitution further solidifies 'the shift in priorities from pragmatism to party power that translates into an ideologically underpinned party power.'</span><span style="font-size: 18px; line-height: 32px;"></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td><td align="center" width="200" style=" width:200px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num4" style="display: table-cell;vertical-align: top;max-width: 320px;min-width: 200px;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><div align="center" class="img-container center autowidth fullwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center autowidth fullwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/Xi_Jinping_Thought.gif?1512844593" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 200px" width="200"><!--[if mso]></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div><div style="background-color:#fff;padding-bottom:20px;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #FFFFFF;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#FFFFFF;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#F4F4F2;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#FFFFFF;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><div style="line-height:22px;font-size:12px;color:#120841;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><ul style="margin-top: 0;margin-bottom: .5;"><li style="line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>For example, 'Chinese universities </strong>have all hurried to create institutes for the study of 'Xi Jinping Thought.' <strong><br></strong></span></li><li style="line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Because of this, 'I worry </strong>that the very positive and open intellectual climate in China's universities and think tanks in China will become a thing of the past.'</span></li><li style="line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Important because Chinese academics </strong>and think tank experts, unlike those in the West, wield greater influence and have an outsized role in policy making.</span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>What this means. </strong>'Because ideology and<strong> </strong>party power have drifted back to center stage, the environment within which intellectuals and policy makers have to debate policy options and consider alternatives has changed fundamentally.'</span></p><ul style="font-size: 12px;margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'This may lead</strong> to the very strict narrowing of the intellectual climate within which the technocrats can operate in the years ahead.'</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'And that could undermine</strong> a significant part of the foundations of China's economic miracle of that last few decades - </span><span style="font-size: 18px; line-height: 32px;">the freedom of debate, the freedom of research, and the open exchange between Chinese technocrats and foreign intellectuals.'</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'If that climate</strong>, which has been so positive and so open in the last several decades, is jeopardized, we have to worry about the quality of the economic decision making in the years ahead.'</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>And, the stability</strong> and growth of the economy.</span></li></ul></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:22px;color:#120841;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>New problems in analysis. </strong></span><span style="font-size: 18px; line-height: 32px;">China's technocrats have proven capable of managing most every problem the economy has thrown at them. They have done such a good job that we don't even notice them or factor their abilities into our analyses. They are just so much background; we take them for granted. </span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>That's changed.</strong> From now on, figuring out what's happening and what might happen in the economy just got more complicated.</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>We have to understand</strong> better how the bureaucracies that manage and regulate the economy work, and then dig down a layer or two in.</span><br><span style="font-size: 18px; line-height: 32px;"></span><span style="font-size: 18px; line-height: 32px;"></span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>We have to assess</strong> the technocrats and pay attention to who is appointed - competent economist or ideologue?</span><span style="font-size: 18px; line-height: 32px;"></span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><br data-mce-bogus="1"></span></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Be ready</strong> for some bungling, weak policies, and inept regulation that could put the stability and growth of China's economy at risk.<br></span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>And, catch these</strong> before they ripple through the economy. </span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p></div></div><!--[if mso]></td></tr></table><![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 15px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 25px; padding-top: 10px; padding-bottom: 20px;"><![endif]--><div style="color:#120841;line-height:120%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 10px; padding-left: 25px; padding-top: 10px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;color:#120841;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 31px;">2. No hard landing for China's economy - </span></p><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 31px;">'thanks, technocrats'</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/giphy-61.gif?1513607970" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 20px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:22px;color:#120841;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"> '</span><span style="font-size: 18px; line-height: 32px;"><strong>Two years ago</strong> we were all speaking about, all worried about the possibility of a hard landing,' Pieter Bottelier also told me in our interview. </span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Very few people</strong> are talking about that today.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Even though the risk</strong> has not disappeared completely from the horizon, it's no longer on the top of the agenda of most pundits.'</span><span style="font-size: 18px; line-height: 32px;"></span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>What's changed?</strong> 'The major factor that has worked out differently from what had been expected is the property sector.'</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Real estate markets</strong> have recovered instead of deteriorated.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;">'<strong>They have pulled demand</strong> for raw materials much more strongly than expected, and exports have been stronger than expected.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'All together manufacturing,</strong> gross exports, and the real estate sector, particular the urban property sector, are the main factors explaining why the objective economic situation has improved rather than deteriorated as many people had expected.'</span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>How about the real estate bubble?</strong> 'That risk is certainly there. There is in a way a bubble, but the bubble is not about to burst.'</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'We have seen</strong> is a more positive regular evolution of development in the real estate markets. Partly as a result of strong demand and partly as a result of very capable administrative regulation.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'Very astute management</strong> of the administrative environment at the local level is the main explanatory factor, plus the underlying demand remains very, very, very strong.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'The stock of unsold properties</strong> as a percentage of the total supply side has declined a lot in recent, in the last eighteen months. So we have a much more healthy supply-demand balance situation than we had two to three years ago.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'And the prospects,</strong> of course, remain uncertain, but the likelihood is that markets will weaken in the next several quarters in 2018.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Total turnover and prices</strong> will probably slacken.'</span></li><li style="font-size: 12px;line-height: 14px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>'But, I don't expect</strong> a collapse as we did a few years ago.'</span></li></ul></div></div><!--[if mso]></td></tr></table><![endif]--><table border="0" cellpadding="0" cellspacing="0" width="100%" class="divider" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;min-width: 100%;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td class="divider_inner" style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;padding-right: 0px;padding-left: 0px;padding-top: 0px;padding-bottom: 0px;min-width: 100%;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><table class="divider_content" align="center" border="0" cellpadding="0" cellspacing="0" width="100%" style="border-collapse: collapse;table-layout: fixed;border-spacing: 0;mso-table-lspace: 0pt;mso-table-rspace: 0pt;vertical-align: top;border-top: 15px solid #F5F5F3;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><tbody><tr style="vertical-align: top"><td style="word-break: break-word;border-collapse: collapse !important;vertical-align: top;mso-line-height-rule: exactly;-ms-text-size-adjust: 100%;-webkit-text-size-adjust: 100%"><span></span></td></tr></tbody></table></td></tr></tbody></table><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 25px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:120%;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif; padding-right: 10px; padding-left: 25px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:14px;font-family:Arial, 'Helvetica Neue', Helvetica, sans-serif;color:#120841;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 31px;">3. Technocrats manage China's property sector pretty well</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/NBS_Price_Movements_Jan2012-May2017.gif?1511126379" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#120841;line-height:180%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><div style="font-size:12px;line-height:22px;color:#120841;font-family:Georgia, Times, 'Times New Roman', serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 25px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Pieter Bottelier credits</strong> 'very astute management of the administrative environment at the local level' for managing China's real estate bubble.</span></p><p style="margin: 0;font-size: 14px;line-height: 25px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 18px;line-height: 32px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Have a look</strong> at one of my favorite charts, above, courtesy of Robert Ciemniak of <a style="color: #020c1b;text-decoration: underline;border-bottom: 1px solid #008dc8;" href="http://www.realestateforesight.com/" target="_blank" rel="noopener">Real Estate Foresight</a> in Hong Kong.</span></p></div></div></div></div></div></div></div></div>
<span style="font-size: 18px; line-height: 32px;"></span><p></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>We can see</strong> that the real estate market is not a 'market' as we understand it. </span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Rather than the invisible hand</strong> at work, local technocrats pull their many levers, tightening and loosening at will.</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Loosen</strong>, markets go up. Tighten, markets go down. </span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Never</strong> out of their control.</span></li></ul><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 32px;"><strong>Riffing on Pieter's worry</strong> that the shift from pragmatism to ideology could weaken economic decision making...</span></p><ul style="margin-top: 0;margin-bottom: .5;"><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Imagine</strong> that competent technocrats might substitute their best judgement to toe the Party line and keep their jobs.</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Or that</strong> they are replaced with cadres who are more ideological than competent.</span></li><li style="font-size: 12px;line-height: 21px;margin-top: .5em;margin-bottom: 0;"><span style="font-size: 18px; line-height: 32px;"><strong>Then, </strong>the real estate bubble really might...</span> </li></ul><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/giphy-62.gif?1513612956" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 600px" width="600"><!--[if mso]></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--><!--<![endif]--><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]-->
10/21/2017
<div style="background-color: rgb(253, 255, 250)"><div style="color:#020c1b;line-height:100%;font-family:Tahoma, Verdana, Segoe, sans-serif; margin:0 auto; text-align:center;padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="padding:20px 0;"><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 21, 2017</span></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/XJP.jpg?1508538261" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 390px" width="390"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><![endif]--><div style="color:#b90000;line-height:120%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 10px; padding-left: 10px; padding-top: 10px; padding-bottom: 10px;"><div style="line-height:14px;font-family:Tahoma, Verdana, Segoe, sans-serif;font-size:12px;color:#b90000;text-align:left;"><p style="margin: 0;line-height: 14px;font-size: 12px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 24px; line-height: 28px;">'Welcome to my China.'</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:#B90000;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: #B90000;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:#B90000;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#B90000;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:#B90000;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid #FDFFFA; border-left: 0px solid #FDFFFA; border-bottom: 0px solid #FDFFFA; border-right: 0px solid #FDFFFA;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid #FDFFFA; border-left: 0px solid #FDFFFA; border-bottom: 0px solid #FDFFFA; border-right: 0px solid #FDFFFA; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#FDFFFA;line-height:200%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:24px;font-family:Tahoma,Verdana,Segoe,sans-serif;color:#FDFFFA;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 28px;text-align: center;display: block;/* margin-top: .5em; *//* margin-bottom: .5em; */margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #ffffff;font-family: gorditamedium,sans-serif;"><span style="font-size: 20px; line-height: 40px;"><span style="line-height: 40px; font-size: 20px;"><span style="line-height: 40px; font-size: 20px;">Tele/Video Conferences Invitation</span></span></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:#F3F5EB;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:#F3F5EB;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 5px; padding-left: 5px; padding-top:30px; padding-bottom:30px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent;border-left: 0px solid transparent;border-bottom: 0px solid transparent;border-right: 0px solid transparent;padding-top:30px;padding-bottom: 10px;padding-right: 5px;padding-left: 5px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;font-family:Tahoma,Verdana,Segoe,sans-serif;color:#020c1b;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 20px; line-height: 30px;"><span style="line-height: 30px; font-size: 20px;"> China's 19th Party Congress is Over</span> </span></p><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 39px;"><strong><span style="color: rgb(185, 0, 0); line-height: 39px; font-size: 26px;"><span style="line-height: 39px; font-size: 26px;"><span style="line-height: 39px; font-size: 26px;">HOW WILL XI JINPING RESHAPE CHINA?</span></span></span></strong></span></p><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 26px; line-height: 39px;"><strong><span style="color: rgb(185, 0, 0); line-height: 39px; font-size: 26px;"><span style="line-height: 39px; font-size: 26px;"><span style="line-height: 39px; font-size: 26px;">What You Should Know</span></span></span></strong></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div style="padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 15px;"><!--[if (mso)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px;padding-left: 0px; padding-top: 15px; padding-bottom: 15px;"><table width="80%" align="center" cellpadding="0" cellspacing="0" border="0"><tr><td><![endif]--><div align="center"><div style="border-top: 3px solid #FDFFFA; width:80%; line-height:3px; height:3px; font-size:3px;"> </div></div><!--[if (mso)]></td></tr></table></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 28px; line-height: 42px;"><strong><span style="font-size: 26px; line-height: 39px;">Three Top China Experts Give Their Perspectives</span> </strong></span></p><p style="margin: 0;font-size: 12px;line-height: 18px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><br><span style="font-size: 18px; line-height: 27px;"><em><span style="line-height: 27px; font-size: 18px;">in three tele/video conferences</span></em></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><div style="padding-right: 5px; padding-left: 5px; padding-top: 5px; padding-bottom: 5px;"><!--[if (mso)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 5px;padding-left: 5px; padding-top: 5px; padding-bottom: 5px;"><table width="100%" align="center" cellpadding="0" cellspacing="0" border="0"><tr><td><![endif]--><div align="center"><div style="border-top: 1px solid #FDFFFA; width:100%; line-height:1px; height:1px; font-size:1px;"> </div></div><!--[if (mso)]></td></tr></table></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color: #F3F5EA;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="580" style=" width:580px; padding-right: 0px; padding-left: 0px; padding-top:10px; padding-bottom:10px; border-top: 10px solid #F3F5EB; border-left: 10px solid #F3F5EB; border-bottom: 10px solid #F3F5EB; border-right: 10px solid #F3F5EB;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: #F3F5EA; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="padding-top:10px; padding-bottom:10px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 10px;"><![endif]--><div style="color:#3E3C39;line-height:120%;font-family:Georgia, Times, 'Times New Roman', serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 10px;"><div style="font-size:12px;line-height:14px;font-family:Georgia,Times,'Times New Roman',serif;color:#3E3C39;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><em><span style="font-size: 22px; line-height: 26px;">My invitation to you</span></em></p></div></div><!--[if mso]></td></tr></table><![endif]--><div style="padding-right: 60px;padding-left: 60px;/* padding-top: 10px; *//* padding-bottom: 10px; */"><!--[if (mso)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 60px;padding-left: 60px; padding-top: 10px; padding-bottom: 10px;"><table width="60%" align="center" cellpadding="0" cellspacing="0" border="0"><tr><td><![endif]--><div align="center"><div style="border-top: 1px solid #ABA898; width:60%; line-height:1px; height:1px; font-size:1px;"> </div></div><!--[if (mso)]></td></tr></table></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 20px; padding-left: 20px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#3E3C39;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif;padding-right: 20px;padding-left: 20px;/* padding-top: 10px; */padding-bottom: 20px;"><div style="line-height:18px;font-family:Tahoma, Verdana, Segoe, sans-serif;font-size:12px;color:#3E3C39;text-align:left;"><p style="margin: 0;font-size: 12px;line-height: 18px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;">Greetings!</span><br></p><p style="margin: 0;font-size: 12px;line-height: 18px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;">I am writing to invite you to subscribe to CHINADebateTV's new three-part, tele/video conference, series, <strong>'How Will Xi Jinping Reshape China? - What You Should Know.'</strong> </span></p><p style="margin: 0;font-size: 12px;line-height: 18px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;">Each part will bring you a top China expert giving his perspective on an aspect of Xi's likely actions to change China's politics and economy...</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:50px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:20px; padding-bottom:0px; padding-right: 0px; padding-left: 1px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#c90000;line-height:180%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:22px;color:#c90000;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 25px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 22px; line-height: 39px;"><strong><span style="line-height: 39px; font-size: 22px;">HOW WILL XI JINPING RESHAPE CHINA?</span></strong></span></p><p style="margin: 0;font-size: 14px;line-height: 25px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 20px; line-height: 36px;"><strong><span style="line-height: 36px; font-size: 20px;">What You Should Know</span></strong></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0"style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:0px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><div style="padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 15px;"><!--[if (mso)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px;padding-left: 0px; padding-top: 15px; padding-bottom: 15px;"><table width="80%" align="center" cellpadding="0" cellspacing="0" border="0"><tr><td><![endif]--><div align="center"><div style="border-top: 1px solid #AFAD9F; width:80%; line-height:1px; height:1px; font-size:1px;"> </div></div><!--[if (mso)]></td></tr></table></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid three-up"><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="200" style=" width:200px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num4" style="max-width: 320px;min-width: 200px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#b90000;line-height:120%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;color:#b90000;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><em><span style="font-size: 16px; line-height: 19px; color: rgb(201, 0, 0);"><strong><span style="line-height: 19px; font-size: 16px;"><span style="line-height: 19px; font-size: 16px;">1. </span></span></strong></span></em></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="color: rgb(62, 60, 57); font-size: 12px; line-height: 14px;"><span style="line-height: 14px; font-size: 12px;">October 31 | 11am EDT<br>4pm GMT/CST 11pm</span></span></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="color: rgb(201, 0, 0); font-size: 16px; line-height: 19px;"><strong><span style="line-height: 19px; font-size: 16px;">Can Xi Jinping Sustain China's Economic Growth?</span></strong></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/Yukon_Huang__bw.jpg?1508540973" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 110px" width="110"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;"> <strong><span style="line-height: 24px; font-size: 16px;">Yukon Huang</span></strong></span><br><span style="font-size: 14px; line-height: 21px;"> <span style="line-height: 21px; font-size: 14px;">Carnegie Endowment</span></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td><td align="center" width="200" style=" width:200px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num4" style="max-width: 320px;min-width: 200px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent;border-left: 0px solid transparent;border-bottom: 0px solid transparent;border-right: 0px solid transparent;padding-top:5px;/* padding-bottom:5px; *//* padding-right: 0px; *//* padding-left: 0px; */"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 25px;"><![endif]--><div style="color:#020c1b;line-height:120%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 25px;"><div style="font-size:12px;line-height:14px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><em><span style="font-size: 16px; line-height: 19px;"><strong><span style="color: rgb(201, 0, 0); line-height: 19px; font-size: 16px;"><span style="line-height: 19px; font-size: 16px;">2. </span></span></strong></span></em></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 12px; line-height: 14px; color: rgb(62, 60, 57);"><span style="line-height: 14px; font-size: 12px;"><span style="line-height: 14px; font-size: 12px;">November 1 | 11am EDT<br>4pm GMT/CST 11pm</span></span></span></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 19px;"><strong><span style="color: rgb(201, 0, 0); line-height: 19px; font-size: 16px;"><span style="line-height: 19px; font-size: 16px;">How Will Xi Continue To Reshape China Politics?</span></span></strong></span></p><br></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/Cheng_Li.jpg?1508540977" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 110px" width="110"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 24px;"><strong>Cheng Li</strong></span><br><span style="font-size: 14px; line-height: 21px;">Brookings Institution</span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td><td align="center" width="200" style=" width:200px; padding-right: 0px; padding-left: 0px; padding-top:5px; padding-bottom:5px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num4" style="max-width: 320px;min-width: 200px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:5px; padding-bottom:5px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 20px;"><![endif]--><div style="color:#555555;line-height:120%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 20px; padding-bottom: 20px;"><div style="font-size:12px;line-height:14px;color:#555555;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong><span style="line-height: 19px; color: rgb(201, 0, 0); font-size: 16px;"><span style="line-height: 19px; font-size: 16px;"><span style="line-height: 19px; font-size: 16px;"><em>3.</em></span></span></span></strong></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 12px; line-height: 14px; color: rgb(62, 60, 57);"><span style="line-height: 14px; font-size: 12px;"><span style="line-height: 14px; font-size: 12px;"><span style="line-height: 14px; font-size: 12px;">November 2 | 11am EDT<br>4pm GMT/CST 11pm</span></span></span></span></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p><p style="margin: 0;font-size: 14px;line-height: 17px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong><span style="color: rgb(201, 0, 0); line-height: 19px; font-size: 16px;"><span style="line-height: 19px; font-size: 16px;">How Will Xi Reshape China's Economy</span></span></strong></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="img-container center fixedwidth" style="padding-right: 0px; padding-left: 0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px;" align="center"><![endif]--><img class="center fixedwidth" align="center" border="0" src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/Pieter_P._Bottelier.jpg?1508561490" alt="Image" title="Image" style="outline: none;text-decoration: none;-ms-interpolation-mode: bicubic;clear: both;display: block !important;border: 0;height: auto;float: none;width: 100%;max-width: 110px" width="110"><!--[if mso]></td></tr></table><![endif]--></div><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 15px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;text-align: center;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><strong><span style="font-size: 16px; line-height: 24px;"><span style="line-height: 24px; font-size: 16px;"><em></em>Pieter Bottelier</span></span></strong><br><span style="font-size: 14px; line-height: 21px;">School of Advanced International Studies </span><br></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 0px; padding-left: 0px; padding-top:50px; padding-bottom:10px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:20px; padding-bottom:20px; padding-right: 0px; padding-left: 0px;"><!--<![endif]--><div align="center" class="button-container center" style="padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing: 0; border-collapse: collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px;" align="center"><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://www.chinadebatetv.online/19th-party-congress-webcasts" style="height:36px; v-text-anchor:middle; width:316px;" arcsize="9%" strokecolor="#020C1B" fillcolor="#020C1B"><w:anchorlock></w:anchorlock><center style="color:#FDFFFA; font-family:Tahoma, Verdana, Segoe, sans-serif; font-size:18px;"><![endif]--><a href="https://www.chinadebatetv.online/19th-party-congress-webcasts" target="_blank" style="display: block;text-decoration: none;-webkit-text-size-adjust: none;text-align: center;color: #FDFFFA;background-color: #020C1B;border-radius: 3px;-webkit-border-radius: 3px;-moz-border-radius: 3px;max-width: 570px;width: 60%;border-top: 0px solid transparent;border-right: 0px solid transparent;border-bottom: 0px solid transparent;border-left: 0px solid transparent;padding-right: 15px;padding-left: 15px;font-family: Tahoma, Verdana, Segoe, sans-serif;mso-border-alt: none;"><span style="font-size:16px;line-height:32px;"><span style="font-size: 18px; line-height: 36px;" data-mce-style="font-size: 18px;">LEARN MORE & REGISTER HERE</span></span></a><!--[if mso]></center></v:roundrect></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 30px; padding-left: 30px; padding-top:0px; padding-bottom:0px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:0px; padding-right: 30px; padding-left: 30px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#3e3c39;line-height:150%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:18px;color:#3e3c39;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 21px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 24px; font-size: 16px;"><span style="line-height: 24px; font-size: 16px;">The series </span><span style="line-height: 24px; font-size: 16px;">will be held on October 31, November 1, and November 2, all at 11am EDT/4pm GMT/11pm CST.</span></span></p><p style="margin: 0;font-size: 14px;line-height: 21px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="line-height: 24px; font-size: 16px;">You can subscribe for one or two tele/video conferences. Or, subscribe to all three and save. (And, if we do not meet your expectations, I will give you a full refund.) Firm rates are available for more than two persons from the same firm - please contact me.</span><span style="line-height: 24px; font-size: 16px;"></span></p></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center"--></div></div></div></div>width="600" style=" width:600px; padding-right: 30px; padding-left: 30px; padding-top:0px; padding-bottom:0px; border-top: 0px solid #ABA898; border-left: 0px solid #ABA898; border-bottom: 0px solid #ABA898; border-right: 0px solid #ABA898;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid #ABA898; border-left: 0px solid #ABA898; border-bottom: 0px solid #ABA898; border-right: 0px solid #ABA898; padding-top:0px; padding-bottom:0px; padding-right: 30px; padding-left: 30px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 15px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#020c1b;line-height:200%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 15px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:12px;line-height:24px;color:#020c1b;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><strong><span style="line-height: 32px; font-size: 16px;"> </span><span style="line-height: 32px; font-size: 16px;">You can learn from the experts in three ways...</span></strong><ol style="margin-top: 0;margin-bottom: 0;"><li style="font-size: 12px;line-height: 18px;margin-top: .5em;margin-bottom: 0;"><strong><span style="line-height: 32px; font-size: 16px;">JOIN IN THE LIVE TELE/VIDEO CONFERENCES</span></strong></li><li style="font-size: 12px;line-height: 18px;margin-top: .5em;margin-bottom: 0;"><strong><span style="line-height: 32px; font-size: 16px;">CAN'T MAKE IT? - WATCH OR LISTEN TO THE REPLAYS.</span></strong></li><li style="font-size: 12px;line-height: 18px;margin-top: .5em;margin-bottom: 0;"><strong><span style="line-height: 32px; font-size: 16px;">READ THE TRANSCRIPTS AND OUR SUMMARIES.</span><span style="line-height: 32px; font-size: 16px;"></span></strong></li></ol></div></div><!--[if mso]></td></tr></table><![endif]--><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--><div style="background-color:transparent;"><div style="Margin: 0 auto;min-width: 320px;max-width: 600px;overflow-wrap: break-word;word-wrap: break-word;word-break: break-word;background-color: transparent;" class="block-grid "><div style="border-collapse: collapse;display: table;width: 100%;background-color:transparent;"><!--[if (mso)|(IE)]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="background-color:transparent;" align="center"><table cellpadding="0" cellspacing="0" border="0" style="width: 600px;"><tr class="layout-full-width" style="background-color:transparent;"><![endif]--><!--[if (mso)|(IE)]><td align="center" width="600" style=" width:600px; padding-right: 30px; padding-left: 30px; padding-top:0px; padding-bottom:60px; border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent;" valign="top"><![endif]--><div class="col num12" style="min-width: 320px;max-width: 600px;display: table-cell;vertical-align: top;"><div style="background-color: transparent; width: 100% !important;"><!--[if (!mso)&(!IE)]><!--><div style="border-top: 0px solid transparent; border-left: 0px solid transparent; border-bottom: 0px solid transparent; border-right: 0px solid transparent; padding-top:0px; padding-bottom:20px; padding-right: 30px; padding-left: 30px;"><!--<![endif]--><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><![endif]--><div style="color:#555555;line-height:120%;font-family:Tahoma, Verdana, Segoe, sans-serif; padding-right: 0px; padding-left: 0px; padding-top: 0px; padding-bottom: 0px;"><div style="font-size:18px;line-height:22px;color:#555555;font-family:Tahoma, Verdana, Segoe, sans-serif;text-align:left;"><p style="margin: 0;font-size: 14px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <span style="font-size: 18px; line-height: 21px;"><span style="font-size: 16px; line-height: 19px;">Hope to see you there, as we truly enter the Xi Jinping Era.</span></span></p><p style="margin: 0;font-size: 14px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 19px;">Please write if you have any questions, or any problems registering.</span></p><p style="margin: 0;font-size: 14px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 16px; line-height: 19px;">All the best,</span></p><p style="margin: 0;font-size: 18px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"><span style="font-size: 18px; line-height: 21px;"><a style="color: #007FBC;text-decoration: none;border-bottom: 1px solid #008dc8;" href="https://www.chinadebatetv.online/about/#malcolm-riddell" target="_blank" rel="noopener">Malcolm</a></span></p><p style="margin: 0;font-size: 18px;line-height: 22px;display: block;margin-top: .5em;margin-bottom: .5em;margin-left: 0;margin-right: 0;font-weight: normal;letter-spacing: -0.1px;color: #001544;font-family: gorditamedium,sans-serif;"> <br></p></div></div><!--[if mso]></td></tr></table><![endif]--><div align="center" class="button-container center" style="padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px;"><!--[if mso]><table width="100%" cellpadding="0" cellspacing="0" border="0" style="border-spacing: 0; border-collapse: collapse; mso-table-lspace:0pt; mso-table-rspace:0pt;"><tr><td style="padding-right: 0px; padding-left: 0px; padding-top:0px; padding-bottom:0px;" align="center"><v:roundrect xmlns:v="urn:schemas-microsoft-com:vml" xmlns:w="urn:schemas-microsoft-com:office:word" href="https://www.chinadebatetv.online/19th-party-congress-webcasts" style="height:36px; v-text-anchor:middle; width:316px;" arcsize="9%" strokecolor="#020C1B" fillcolor="#020C1B"><w:anchorlock></w:anchorlock><center style="color:#FDFFFA; font-family:Tahoma, Verdana, Segoe, sans-serif; font-size:18px;"><![endif]--><a href="https://www.chinadebatetv.online/19th-party-congress-webcasts" target="_blank" style="display: block;text-decoration: none;-webkit-text-size-adjust: none;text-align: center;color: #FDFFFA;background-color: #020C1B;border-radius: 3px;-webkit-border-radius: 3px;-moz-border-radius: 3px;max-width: 510px;width: 60%;border-top: 0px solid transparent;border-right: 0px solid transparent;border-bottom: 0px solid transparent;border-left: 0px solid transparent;/* padding-top: 15px; */padding-right: 15px;/* padding-bottom: 15px; */padding-left: 15px;font-family: Tahoma, Verdana, Segoe, sans-serif;mso-border-alt: none;"><span style="font-size:16px;line-height:32px;"><span style="font-size: 18px; line-height: 36px;" data-mce-style="font-size: 18px;">LEARN MORE & REGISTER HERE</span></span></a><!--[if mso]></center></v:roundrect></td></tr></table><![endif]--></div><!--[if (!mso)&(!IE)]><!--></div><!--<![endif]--></div></div><!--[if (mso)|(IE)]></td></tr></table></td></tr></table><![endif]--></div></div></div>
9/26/2017
<div><table cellpadding="0" cellspacing="0" width="100%" style="background-color: rgb(253, 255, 250); text-align:center"><tbody><tr><td style="max-width:600px"><div><table id="template" style="" width="600" cellspacing="0" cellpadding="0" align="center"><tbody><tr><td style="" valign="top"><!-- HEADER --><!-- ONE COLUMN SECTION --><table class="responsive_section_1" style="background-color: rgb(240, 243, 233);" rbl-attribute="responsive_wrapper" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="padding: 0px 15px 0px 15px;" class="section-padding" align="center"><table class="responsive-table" width="500" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td><!-- HERO IMAGE --><!-- COPY --><table rbl-attribute="image" style="border-collapse:collapse;" class="rbl_image" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="text-align: center; padding: 20px 0px 0px;" valign="top"><img src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/1505781989969-4dsxy52mr57-5249271002a09071e5e3b5606064e7db.png?1505781993" alt="" class="img-max" style="cursor: pointer; width: 168.8px; height: 16px; background-image: none;" width="168.8" border="0" height="16"></td></tr></tbody></table><table rbl-attribute="spacer" width="100%" cellpadding="0" cellspacing="0" style="border-collapse:collapse;"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 60px;"><div style="padding:20px 0;"><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>Sep 26, 2017</span></div></td></tr></tbody></table><table rbl-attribute="text" rbl-type="headline" style="background-image: none; ;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td class="padding-copy" style="padding: 0px; background-image: none; ;" align="center"><div style="line-height:48px"><div><div><div><div style="line-height:39px"><span style="font-size:36px" class="span_font"><span class="span_font_wrapper"><em><span style="color:#b90000"><span style="font-family:arial,helvetica,sans-serif"><strong>INVITATION</strong></span></span></em></span></span></div></div></div></div></div></td></tr></tbody></table><table rbl-attribute="spacer" width="100%" cellpadding="0" cellspacing="0" style="border-collapse:collapse;"><tbody><tr><td style="height: 10px" class="spacer" height="10px"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="divider" style="border-collapse:collapse;" class="rbl_divider" width="100%" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; padding: 0px 100px;" class="" valign="top"><div class="divider_block" style="height: 1px; background-color: rgb(2, 12, 27); font-size: 0px; background-image: none;" height="1"> </div></td></tr></tbody></table><table rbl-attribute="text" rbl-type="headline" style="; background-image: none;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; background-image: none;" align="center"><div style="line-height:48px"><div><div style="line-height:38px"><span style="font-family:trebuchet ms,helvetica,sans-serif"><strong><span style="color:#020c1b; font-size:28px"><span style="color:#020c1b; font-size:28px"><span style="color:#020c1b; font-size:28px">China Party Congress</span></span></span></strong></span></div><div style="line-height:22px"><em><span style="font-size:22px" class="span_font"><span class="span_font_wrapper"><span style="font-family:trebuchet ms,helvetica,sans-serif"><strong><span style="color:#020c1b"><span style="color:#020c1b"><span style="color:#020c1b">Why your assumptions about </span></span></span></strong></span></span></span></em></div><div style="line-height:22px"><em><span style="font-size:22px" class="span_font"><span class="span_font_wrapper"><span style="font-family:trebuchet ms,helvetica,sans-serif"><strong><span style="color:#020c1b"><span style="color:#020c1b"><span style="color:#020c1b">China's economic reforms are wrong</span></span></span></strong></span></span></span></em></div></div><div style="line-height:31px"><br></div><div style="line-height:39px"><span style="color:#b90000"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><em><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">an afternoon with</span></span></span></em></span></span></span></span></div><div style="line-height:18px"><span style="font-size:22px" class="span_font"><span class="span_font_wrapper"><span style="color:#b90000"><strong><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">Yukon Huang</span></span></span></span></strong></span></span></span></div><div><div><div><div><div style="line-height:18px"><span style="color:#b90000"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">Carnegie Endowment</span></span></span></span></div></div></div></div></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><!-- TWO COLUMN SECTION --><table class="responsive_section_2" style="padding:0 3.5%; background-color: rgb(253, 255, 250);" rbl-attribute="responsive_wrapper" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="padding: 0px 15px 0px 15px;" class="section-padding" align="center"><table rbl-attribute="divider" style="border-collapse:collapse;" class="rbl_divider" width="100%" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; padding: 10px 0px;" class="" valign="top"><div class="divider_block" style="height: 1px; background-color: rgb(171, 168, 152); font-size: 1px; background-image: none;" height="1"> </div></td></tr></tbody></table><table class="responsive-table" rbl-attribute="responsive-table" width="500" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td><table width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="padding: 0;" class="mobile-wrapper" valign="top"><table class="responsive-table" width="47%" cellspacing="0" cellpadding="0" border="0" align="left"><tbody><tr><td style="padding: 20px 0 20px 0;"><table rbl-attribute="image" class="rbl_image" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="text-align: center; padding-top: 0px;" valign="middle" align="center"><img src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/1504215097049-10pe5y3ijq8b-3b5f5f3ea8560ceae26e26117eb2b51a.gif?1504215110" style="width: 235px; height: 132.188px; cursor: pointer; background-image: none;" alt="Fluid image 1" class="img-max" data-href="" width="235" border="0" height="132.1875"></td></tr></tbody></table><table rbl-attribute="text" style="; background-image: none;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="4px" style="border-collapse: collapse; height: 4px;"><div style="font-size:4px;"> </div></td></tr><tr><td style="padding: 0px; background-image: none;" class="" align="center"><div style="text-align:center"><div><div><span style="color:#b90000"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper">'Here's why.'</span></span></span></span></div></div></div></td></tr></tbody></table></td></tr></tbody></table><table class="responsive-table" width="47%" cellspacing="0" cellpadding="0" border="0" align="right"><tbody><tr><td style="padding: 20px 0 20px 0;"><table rbl-attribute="text" width="100%" cellspacing="0" cellpadding="0" border="0" style="; background-image: none;"><tbody><tr><td style="padding: 0px; ; background-image: none;" class="" align="center"><div style="line-height:27px; text-align:center"><div style="line-height:31px"><span style="font-family:century gothic,apple gothic,sans-serif"> <em><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="color:#020c1b">'Everything you think you understand about China's economy is wrong.' </span></span></span></em></span></div><div><div style="line-height:56px"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:trebuchet ms,helvetica,sans-serif"><span style="color:#020c1b">- Yukon Huang -</span></span></span></span></div></div></div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table rbl-attribute="divider" style="border-collapse:collapse;" class="rbl_divider" width="100%" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; padding: 0px 0px 10px;" class="" valign="top"><div class="divider_block" style="height: 1px; background-color: rgb(171, 168, 152); font-size: 1px; background-image: none;" height="1"> </div></td></tr></tbody></table><table rbl-attribute="text" width="100%" cellpadding="0" cellspacing="0" style="border-collapse: collapse; ; background-image: none;"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; display: block; word-wrap: break-word; font-family: "helvetica neue", helvetica, arial, sans-serif; -webkit-font-smoothing: antialiased; background-image: none;" valign="top"><div style="display:block; line-height:27px; text-align:center; word-wrap:break-word"><span style="color:#020c1b"><span style="font-size:26px" class="span_font"><span class="span_font_wrapper"><strong>Spend an afternoon challenging your views on China's economy</strong></span></span></span></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr></tbody></table><table rbl-attribute="text" style="background-image: none; background-color: rgb(238, 244, 238);" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; font-family: arial, helvetica, sans-serif; line-height: 22px; background-image: none; background-color: rgb(238, 244, 238);" align="center"><div style="line-height:22px"><div style="line-height:50px; text-align:center"><span style="font-size:28px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="color:#020c1b">CHINARoundtable</span></span></span></span><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="color:#020c1b"> </span></span></span></span></div><div style="line-height:25px; text-align:center"><span style="font-size:22px" class="span_font"><span class="span_font_wrapper"><span style="color:#b90000"><strong><span style="font-family:arial,helvetica,sans-serif">September 28, Thursday</span></strong></span></span></span></div><div style="text-align:left"><div><div style="line-height:25px; text-align:center"><span style="font-size:22px" class="span_font"><span class="span_font_wrapper"><span style="color:#b90000"><strong><span style="font-family:arial,helvetica,sans-serif">Penn Club of NY</span></strong></span></span></span></div><div style="line-height:25px; text-align:center"><span style="color:#b90000"><span style="font-size:14px" class="span_font"><span class="span_font_wrapper"><span style="font-family:arial,helvetica,sans-serif">30 W 44th (across from the Harvard Club)</span></span></span></span></div></div></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="text" style="background-image: none; background-color: rgb(238, 244, 238);" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="2" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td rbl-attribute="padding_left" valign="top" width="130px" style="border-collapse: collapse;"><div> </div></td><td class="padding-copy" style="padding: 0px; font-family: arial, helvetica, sans-serif; line-height: 22px; background-image: none; background-color: rgb(238, 244, 238);" align="center"><div style="line-height:22px"><div style="line-height:28px; text-align:left"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">4:00-4:15 registration</span></span></span></div><div style="text-align:left"><div><div><div style="line-height:28px; text-align:left"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">4:15-6:15 presentation/discussion</span></span></span></div><div style="line-height:28px; text-align:left"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">6:15-7:30 cocktail reception</span></span></span></div></div></div></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="2" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr></tbody></table><table rbl-attribute="text" style="background-image: none; ;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; font-family: arial, helvetica, sans-serif; line-height: 22px; background-image: none;" align="center"><div style="line-height:22px"><div style="line-height:26px; text-align:left"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:arial,helvetica,sans-serif">To help you prepare for the upcoming China Communist Party Congress, we have invited <a href="http://carnegieendowment.org/experts/?fa=533" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Yukon Huang</a> to present his provocative views about China's economy at a special CHINARoundtable.</span></span></span></div><div style="text-align:left"><div style="line-height:24px"><div style="line-height:24px"><br></div><div style="line-height:24px"><span style="font-family:arial,helvetica,sans-serif"><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">A Princeton </span></span></span></span><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:arial,helvetica,sans-serif">PhD</span></span></span></span><span style="font-family:arial,helvetica,sans-serif"><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">, Yukon is the former World Bank's Country Director for China and now a senior fellow at D.C. think tank, the Carnegie Endowment. </span></span></span><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">Here is what Yukon, in his own words, will cover...</span></span></span></div></div></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="text" style="background-image: none; background-color: rgb(238, 244, 238);" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td rbl-attribute="padding_left" valign="top" width="13px" style="border-collapse: collapse;"><div> </div></td><td class="padding-copy" style="padding: 0px; font-family: arial, helvetica, sans-serif; line-height: 22px; background-image: none; background-color: rgb(238, 244, 238);" align="center"><div style="line-height:25px; text-align:left"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">Drawing on my latest book <a href="http://carnegieendowment.org/2017/07/21/cracking-china-conundrum-why-conventional-economic-wisdom-is-wrong-pub-68586" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><em>Cracking the China Conundrum</em></a>, I will highlight the reform challenges facing the next Party Congress. </span></span></span></div><div style="line-height:25px; text-align:left"><br></div><div style="line-height:25px; text-align:left"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">These include... </span></span></span></div><ul style="margin-top: 0;margin-bottom: .5;"><li style="line-height: 25px;text-align: left;margin-top: .5em;margin-bottom: 0;"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">options for dealing with China’s debt problems, </span></span></span></li><li style="line-height: 25px;text-align: left;margin-top: .5em;margin-bottom: 0;"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">sustaining rapid growth, </span></span></span></li><li style="line-height: 25px;text-align: left;margin-top: .5em;margin-bottom: 0;"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">curtailing corruption, </span></span></span></li><li style="line-height: 25px;text-align: left;margin-top: .5em;margin-bottom: 0;"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">moderating trade and investment tensions with the West, and</span></span></span></li><li style="line-height: 25px;text-align: left;margin-top: .5em;margin-bottom: 0;"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">coping with pressures for political liberalization. </span></span></span></li></ul><div style="line-height:25px; text-align:left"><br></div><div style="line-height:25px; text-align:left"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><span style="font-family:century gothic,apple gothic,sans-serif">Many of the mainstream assumptions for addressing these issues are misguided and thus the related policy prescriptions are flawed.</span></span></span></div></td><td rbl-attribute="padding_right" valign="top" width="13px" style="border-collapse: collapse;"><div> </div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="spacer" width="100%" cellpadding="0" cellspacing="0" style="border-collapse:collapse;"><tbody><tr><td style="height: 10px" class="spacer" height="10px"><div style="font-size:10px;" class=""> </div></td></tr></tbody></table><table rbl-attribute="divider" style="border-collapse:collapse;" class="rbl_divider" width="100%" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; padding: 0px 100px;" class="" valign="top"><div class="divider_block" style="height: 1px; background-color: rgb(171, 168, 152); font-size: 0px; background-image: none;" height="1"> </div></td></tr></tbody></table><table rbl-attribute="text" style="background-image: none; ;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; font-family: arial, helvetica, sans-serif; line-height: 22px; background-image: none;" align="center"><div style="line-height:22px"><div style="line-height:22px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">To give you a preview of Yukon's provocative views, please have a look at his recent essay in <em>Foreign Affairs</em>, <a href="http://carnegieendowment.org/2017/09/14/what-west-gets-wrong-about-china-s-economy-pub-73109" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><strong>'What the West Gets Wrong about China's Economy,'</strong></a> and watch my CHINADebateTV interviews with him, below.</span></span></span></div><div style="line-height:22px; text-align:left"><br></div><div style="line-height:22px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">Seats are limited. Please let me know as soon as possible if you would like to join us. </span></span></span></div><div style="line-height:22px; text-align:left"><br></div><div style="line-height:22px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">Hope to see you on September 28 at the CHINARoundtable.</span></span></span></div><div style="line-height:22px; text-align:left"><br></div><div style="text-align:left"><div style="line-height:22px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper">All the best,</span></span></span></div><div style="line-height:22px; text-align:left"><br></div><div style="line-height:22px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><a href="https://www.chinadebatetv.online/about/#malcolm-riddell" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;">Malcolm</a></span></span></span></div></div><div style="text-align:left"><div><div style="line-height:22px; text-align:left"><br></div></div></div></div></td></tr></tbody></table><table rbl-attribute="divider" style="border-collapse:collapse;" class="rbl_divider" width="100%" cellspacing="0" cellpadding="0"><tbody><tr><td style="text-align: center; padding: 0px 0px 40px;" class="" valign="top"><div class="divider_block" style="height: 1px; background-color: rgb(171, 168, 152); font-size: 1px; background-image: none;" height="1"> </div></td></tr></tbody></table><table rbl-attribute="text" rbl-type="headline" style="border-collapse: collapse; background-color: rgb(2, 12, 27); background-image: none;" width="100%" cellspacing="0" cellpadding="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td rbl-attribute="padding_left" valign="top" width="20px" style="border-collapse: collapse;"><div> </div></td><td style="padding: 0px; display: block; overflow-wrap: break-word; font-family: palatino, "palatino linotype", "palatino lt std", "book antiqua", georgia, serif; background-color: rgb(2, 12, 27); background-image: none;" class="" valign="top"><div align="center" style="display:block; line-height:20px; overflow-wrap:break-word; text-align:center"><div><div><div><span style="color:#fdfffa"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><strong>More of Yukon Huang's Provocative Perspectives on</strong></span></span></span></span></div><div><span style="color:#fdfffa"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><strong>CHINADebateTV</strong></span></span></span></span></div></div></div></div></td><td rbl-attribute="padding_right" valign="top" width="20px" style="border-collapse: collapse;"><div> </div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="text" rbl-type="headline" style="border-collapse: collapse; background-color: rgb(2, 12, 27); background-image: none;" width="100%" cellspacing="0" cellpadding="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td rbl-attribute="padding_left" valign="top" width="20px" style="border-collapse: collapse;"><div> </div></td><td style="padding: 0px; display: block; overflow-wrap: break-word; font-family: palatino, "palatino linotype", "palatino lt std", "book antiqua", georgia, serif; background-color: rgb(2, 12, 27); background-image: none;" class="" valign="top"><div align="center" style="display:block; line-height:20px; overflow-wrap:break-word; text-align:center"><div><div><div><div><div><div><span style="color:#fdfffa"><span style="font-size:20px" class="span_font"><span class="span_font_wrapper"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><strong>Yukon's Terrific New Book</strong></span></span></span></span></div></div></div></div></div></div></div></td><td rbl-attribute="padding_right" valign="top" width="20px" style="border-collapse: collapse;"><div> </div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="3" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table rbl-attribute="text" rbl-type="headline" style="background-color: rgb(240, 243, 233); background-image: none;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; background-color: rgb(240, 243, 233); background-image: none;" align="center"><div style="line-height:48px"><div><div><div><div><div style="line-height:48px"><div><div><div style="line-height:31px"><em><a href="http://carnegieendowment.org/2017/07/21/cracking-china-conundrum-why-conventional-economic-wisdom-is-wrong-pub-68586" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><span style="color:#b90000"><span style="font-size:28px" class="span_font"><span class="span_font_wrapper"><span style="font-size:28px" class="span_font"><span class="span_font_wrapper"><strong><span style="font-size:28px" class="span_font"><span class="span_font_wrapper">Cracking the China Conundrum:</span></span></strong></span></span></span></span></span></a><br><a href="http://carnegieendowment.org/2017/07/21/cracking-china-conundrum-why-conventional-economic-wisdom-is-wrong-pub-68586" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><span style="color:#b90000"><span style="font-family:lucida grande,lucida sans unicode,lucida sans,geneva,verdana,sans-serif"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper">Why Conventional Economic Wisdom Is Wrong</span></span></span></span></a></em></div></div></div></div></div><div style="line-height:22px"><br></div><div style="line-height:25px"><span style="color:#3e3c39"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><strong><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">Yukon Huang</span></span></span></span></strong></span></span></span></div><div><div><div><div><div style="line-height:19px"><span style="font-size:14px" class="span_font"><span class="span_font_wrapper"><span style="color:#3e3c39"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif"><span style="font-family:palatino,palatino linotype,palatino lt std,book antiqua,georgia,serif">Senior Fellow, Carnegie Asia Program<br>Carnegie Endowment for International Peace</span></span></span></span></span></span></span></div></div></div></div></div></div></div></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr></tbody></table><table style="" rbl-attribute="responsive-table" class="responsive-table" width="500" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="padding: 0;" class="mobile-wrapper" valign="top"><table class="responsive-table" width="24%" cellspacing="0" cellpadding="0" border="0" align="left"><tbody><tr><td style="padding: 5px 0 5px 0;"><table rbl-attribute="image" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr><td style="text-align: center; padding-top: 50px;" valign="middle" align="center"><a href="http://carnegieendowment.org/2017/07/21/cracking-china-conundrum-why-conventional-economic-wisdom-is-wrong-pub-68586" title="" target="_blank" style="color: inherit;text-decoration: none;border-bottom: 1px solid #008dc8;"><img src="https://d2zhgehghqjuwb.cloudfront.net/accounts/17618/original/1501191873781-h2iy1nnjpn4-badb33be1c815e5e43edef0dc4ddb6bf.jpg?1501191876" alt="" class="img-max" data-href="http://carnegieendowment.org/2017/07/21/cracking-china-conundrum-why-conventional-economic-wisdom-is-wrong-pub-68586" style="cursor: pointer; background-image: none; width: 120px; height: 182px;" data-title="" width="120" border="0" height="182"></a></td></tr></tbody></table></td></tr></tbody></table><table class="responsive-table" width="73%" cellspacing="0" cellpadding="0" border="0" align="right"><tbody><tr><td style="padding: 5px 0 5px 0;"><table rbl-attribute="text" style="background-image: none; ;" width="100%" cellspacing="0" cellpadding="0" border="0"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="2" valign="top" height="10px" style="border-collapse: collapse; height: 10px;"><div style="font-size:10px;"> </div></td></tr><tr><td rbl-attribute="padding_left" valign="top" width="2px" style="border-collapse: collapse;"><div> </div></td><td style="padding: 0px; background-image: none;" class="" align="center"><div style="line-height:24px; padding:5px 0px 0px; text-align:left"><em><span style="font-family:arial,helvetica,sans-serif"><span style="color:#3e3c39"><span style="font-size:14px" class="span_font"><span class="span_font_wrapper">'Yukon Huang trenchantly addresses widely accepted yet misguided views in the analysis of China’s economy. </span></span></span></span></em></div><div style="line-height:14px; padding:5px 0px 0px; text-align:left"><br></div><div style="line-height:24px; padding:5px 0px 0px; text-align:left"><em><span style="font-family:arial,helvetica,sans-serif"><span style="color:#3e3c39"><span style="font-size:14px" class="span_font"><span class="span_font_wrapper">'He examines arguments about the causes and effects of China’s possible debt and property market bubbles, trade and investment relations with the Western world, the links between corruption and political liberalization in a growing economy and Beijing’s more assertive foreign policies.'</span></span></span></span></em></div><div style="line-height:24px; padding:5px 0px 0px; text-align:left"><span style="font-family:arial,helvetica,sans-serif"><span style="color:#3e3c39"><span style="font-size:14px" class="span_font"><span class="span_font_wrapper">Oxford University Press</span></span></span></span></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="2" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table><table rbl-attribute="text" width="100%" cellpadding="0" cellspacing="0" style="border-collapse:collapse;"><tbody><tr rbl-attribute="padding_top"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr><tr><td class="padding-copy" style="padding: 0px; display: block; word-wrap: break-word; font-family: "helvetica neue", helvetica, arial, sans-serif; -webkit-font-smoothing: antialiased;" valign="top"><div align="left" style="display:block; line-height:27px; text-align:left; word-wrap:break-word"><div style="line-height:22px"><span style="font-size:18px" class="span_font"><span class="span_font_wrapper"><strong><span style="color:#666666"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">What the Experts are Saying</span></span></strong></span></span></div><div style="line-height:22px"><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">'In spite of repeated warning by many well-known economists of coming collapse of the Chinese economy, China has maintained dynamic growth in the past four decades and contributed yearly more than 30 percent to world growth since the global financial crisis erupted in 2008. Huang's book provides an insightful analysis about the secrets of China's success. This is a must-read for anyone who wants to know about the future of China and the world.' -- <strong>Justin Yifu Lin, Director, Center for New Structural Economics, Peking University and Former Chief Economist, the World Bank </strong></span></span></span></span></div><div style="line-height:22px"><br><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">'Yukon Huang has written a most perceptive volume on the dynamics of China's economic transformation and their global implications. Accessible, authoritative, and timely, this is a must-read book for our time.' --<strong>Dali L. Yang, William C. Reavis Professor of Political Science, The University of Chicago</strong></span></span></span></span></div><div style="line-height:22px"><br><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">'For years, foreign analysts have underestimated China's economic potential and its ability to conquer problems that have stunted growth in other developing countries. Yukon Huang's excellent book helps us understand why. Cracking the China Conundrum is essential reading for anyone who wants to understand how China has got this far, and what its chances are for evading the middle-income trap.' -- <strong>Arthur R. Kroeber, Author of <em>China's Economy: What Everyone Needs to Know</em></strong></span></span></span></span></div><div style="line-height:22px"><br><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">'Cracking the China Conundrum is a much-needed work: it takes the conventional wisdom regarding the world's second biggest economy and subjects it to a clear and rigorous analysis that forces us to rethink what China's role means for world trade, and the way that it will address issues such as debt. Yukon Huang's analysis is clear and powerful. This is an essential read on a topic that nobody on earth can now afford to ignore.' -- <strong>Rana Mitter, Director, University of Oxford China Centre</strong></span></span></span></span></div><div style="line-height:22px"><br><span style="color:#666666"><span style="font-size:16px" class="span_font"><span class="span_font_wrapper"><span style="font-family:helvetica neue,helvetica,arial,sans-serif">'Yukon Huang's Cracking the China Conundrum achieves balance in age of imbalance, arguing that: China has substantial room for growth with efficiency-promoting reforms; political change not entirely conforming to western expectations will occur; Beijing will seek to maintain features of the post-War order that spurred its success while seeking to modify others; and, America needs to adapt to this growing power, while maintaining strategic balance. This is wise analysis.' -- <strong>David M. Lampton, Professor and Director, China Studies, Johns Hopkins-SAIS</strong></span></span></span></span></div></div></td></tr><tr rbl-attribute="padding_bottom"><td align="center" colspan="1" valign="top" height="20px" style="border-collapse: collapse; height: 20px;"><div style="font-size:20px;"> </div></td></tr></tbody></table></td></tr></tbody></table></td></tr></tbody></table></div></td></tr></tbody></table></div>