4/5. how to read it.• a signal, not a shock—continuity since 2012, sharpened in the post-Beidaihe moment.• Investors: equal treatment + debt clean-up matter only if backed by concrete steps.• major test points: private-firm credit share, arrears resolution speed, local.

3/5. what it says.• steady backing for private firms + fair market access.• clearing arrears and easing financing strain.• boosting innovation and ‘new quality productive forces’ over low-road competition.• countering involution 反内卷 by shifting from price wars to product.

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2/5. Qiushi 求是 ran a new Xi Jinping commentary on support for the private economy, released on 15 Aug, right after the annual Beidaihe 北戴河 retreat. That gathering is where current and retired leaders quietly align policy; the first moves after the retreat often set the tone.

1/5 see🧵 Beidaihe’s first policy signal dropped

5/5. Now, Macau aims to bridge China and Portugese-speaking markets, using its bilingual workforce and legal-financial edge to blend e-commerce virality with European business culture—helping diversify its casino-based economy. original source .follow.

4/5. In Rongchang, iShowSpeed's livestream turned marinated goose into a sensation, attracting 100+ new firms and C¥900 million in factory deals. Even local leaders like Party secretary Gao Hongbo 高洪波 promote regional specialties live.

3/5. This taps into Beijing’s ‘foodie season’ push, using short videos and digital tools to boost demand and link online buzz with real-world sales. Locally, viral hits—from Zibo barbecue to Harbin ice sculptures—are driving tourism, investment, and new manufacturing.

2/5. Macau is exporting the PRC livestream e-commerce model to Portuguese-speaking markets. A July 2025 Portugal winery campaign raked in 6,000 orders worth over C¥1.1 million.

1/5 see🧵 can foodie livestreams diversify Macao’s casino culture?

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6/6. We’re reposting our 2020 analysis detailing Beijing’s clear to-do list to make the PRC a global auto leader: extend NEV tax breaks, expand charging networks, pilot hydrogen, and build global brands. It was a good idea from the centre that local governments and industry ran.

5/6. The auto sector was to be the test case for ‘dual circulation.’ #dualcirculation. Goal: build domestic supply chain strength while still leaning on foreign investment like Tesla’s Shanghai Gigafactory. See our earlier post:

4/6. Hydrogen looked like a small side bet in 2020—but it was rising fast. Targets: 50,000 fuel cell vehicles and 200 refuelling stations by 2025. Modest, but a clear signal of ambition.

3/6. At the same time, Beijing doubled down on autonomous driving. The promise: conditionally autonomous cars in scaled production by 2025, powered by 5G roads and smart city projects. Beijing is on track to meet or exceed the 2025 goals and is poised to become a global leader.

2/6. Fast-forward to 2025—did it work out the way Beijing planned?. In 2020 the vision was for NEVs to hit 20% of car sales by 2025. That meant 7 million EVs out of 35 million projected sales… requiring over 40% growth every year. What happened? H1 2025 saw NEVs account for.

1/6 see🧵 Beijing’s auto vision back in 2020

7/7. Bottom line: this is state capitalism in action — using command power to fix market faults. In a global, tech-led EV race, can top-down mergers outpace bottom-up change? . Involution remains intractable, it would seem. #China #ElectricVehicles #StateCapitalism.

6/7. BYD is the elephant in the room. Its output and pricing sway shape the market more than SOEs. Even with the Price Law, Beijing fails to hold private firms in line. #pricelaw. The new SOE alone is unlikely to end involution, which has complex drivers.

5/7. export to fix involution, or export it?. Shift to quality and tech and eschew price cuts, urges Zhu Huarong 朱华荣 China Changan Automobile Group chair, phrasing this as ‘以外卷破内卷’ — ‘crack involution with ex-volution’. The point is to go global, growing in larger.