◎ The CCP appears to be gambling that U.S. domestic elections play out in a manner that allows it to avoid a consequential clash with America.
◎ The Sino-U.S. trade conflict will reveal more instances of corruption in China’s food supply system, and expose a food crisis.
◎ SOEs cannot pay interest on their financing liabilities even if they are granted very favorable interest rates, let alone pay principle.
◎ The new U.S.-EU trade agreement, while still being finalized, would likely come to be seen as a watershed in Trump’s effort to rebuild the global order.
◎ The trade war forces Xi and the CCP to face an intractable political contradiction.
◎ Based on our estimate, implicit debt in some cities and counties was three to four times higher that of their public debt.
◎ The Sino-U.S. trade war is proving to be a quagmire for the CCP propaganda apparatus.
◎ The Sino-U.S. trade war is underway. And China lacks “ammunition.”
◎ The timing and tempo of the U.S. strategies is vital to ensure mission success.