Risks and struggle; Fentanyl and trade; FTZ blues; Local governments short of cash; Pork price rationing starts in Nanning

Xi Jinping gave a tough speech at the opening ceremony of a training program for young and middle-aged officials at the Party School of CPC Central Committee (National Academy of Governance). He talked about the risks to the Party and China and the need for struggle and for cadres who know how to struggle. The themes are similar to the ones we know about from the extraordinary multi-day meeting on risks Xi convened in January.

China is under a lot of pressure, the Party and Xi know this and the continue to harden the system. Will it be enough to withstand the internal and external challenges? I think it will, but not before things get much uglier.

At the same time, we should not ignore the opportunities Xi and the Party see for China. The oft-repeated phrase "当今世界正处于百年未有之大变局 the world today is undergoing major changes unseen in a century", used again in this speech, is worth paying attention to.

Another day, another series of China-related tweets from President Trump.