Xi and Biden articulate views on systems competition; Balloon mess; AI bubble
Summary of the Essential Eight:
Xi on Chinese-style modernization -More on Xi’s speech to newly-elected members and alternate members of the CPC Central Committee along with top officials at the provincial and ministerial levels at a post-20th Party Congress study session, as discussed in yesterday’s newsletter. Xi’s speech is as clear a declaration of a systems competition with the west and Capitalism as I can remember. And Xi’s comments this week are far more important than whatever was written for Liu He at Davos to tell the audience what it wanted to hear.
Biden on China in his State of the Union speech - The US president also sees a systems competition between the US and the PRC. The line "Name me a world leader who’d change places with Xi Jinping. Name me one. Name me one." was not in the prepared speech. I think Biden is wrong, not sure why that ended up in there. And the chants of "USA, USA, USA" after this China section say a lot about the mood in Congress.