1. / The focus on loyalty reminded me a lot of the team that Putin has built around himself. We may see similar behaviour. Xi listening to selected voices and shredding people but not kicking them out completely. 2. / I thought that this might be more aimed at investors, but the reality is the foot stamping on the face of private enterprises. The increased involvement and golden shares held by the state exhibit everything you really need to know. The Mark Mobius comments on money, given the timing and how bullish he has been on China historically was interesting https://www.bloomberg.com/news/articles/2023-03-07/mobius-s-banking-headache-highlights-scrutiny-on-china-outflows 3./ China is accelerating an adversarial stance - driving a national focus against an external enemy also helps deal with internal pressures on growth, opportunities, local government debt, inequity etc 5./ Air blockade and naval exercises. China works like a one way ratchet. 6. / I suspect that they may not send anyone. The party of Carter is the party of Biden. It will be viewed as 'China standing up' 7./ Sanctions are a game of whack-a-mole think of this as a journey not a destination 8./ Can you talk about https://www.theguardian.com/world/2023/feb/16/trial-of-the-hong-kong-47-symbolises-chinas-attempts-to-dissolve-civil-society https://www.scmp.com/news/hong-kong/law-and-crime/article/3212918/wife-jailed-hong-kong-opposition-politician-arrested-national-security-officers-after-prison-visit & https://www.ituc-csi.org/Hong-Kong-Chinese-government-anti-trade-union-laws