On the Xi speech: The essence of the speech struck me as strikingly similar to Treasury Secretary Yellen’s friend-shoring program except it’s China-shoring instead. The common theme is that “security” considerations should trump commercial interests if not all interests. In my opinion, it implies at least that trade policy will be subordinate to geopolitical considerations and that the Chinese nation should focus more on self reliance and develop a more “homemade” attitude.