"China Isn’t Rising, It’s Re-Ascending." 🚀🇨🇳

I don't think China is a rising power. I think China is a reasscending power. And the reason I say that is if you go back to 1500 to now, over all of those years, China had the world's largest GDP 70% of those years. If you think about it in that context, especially as a Confucian society, I think the Chinese think about this as hold on, this is reasserting the dominance that we've always had. The other interesting thing which I learned studying China is how they allocate capital. The capital allocation system is both rigid but it's incredibly flexible. What do I mean? You have Xi

Jinping and his close circle of people. They dictate the priorities. Right? Xi is personally right now helping to draft the 5-year business plan of China. But what happens is is it goes from that central group of like 7 8 nine people to the pala bureau. And when it gets approved by the pallet bureau, it gets sent to all the provinces and then it gets sent to the prefectures. So an example was in 2006 and 7 when they decided to prioritize EVs, what you effectively have is a cascading set of venture capitalists who are operating against a national priority and then they are rewarded for it. And so you essentially have 300 VCs running around organizing human capital in all of these

different provinces against all of these different priorities. And at the end of that, you get a BYD or you get a Xiaomi or you get these great companies.