I. THE LAW AND THE PROTESTS

<table cellpadding="0" cellspacing="0" width="100%" style="background-color:#f6f6f6; text-align:center"><tbody><tr><td style="max-width:600px"><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="20" style="height:20px; font-size:0">&nbsp;</td></tr><tr><td style="vertical-align:top"><table cellspacing="0" cellpadding="0" width="100%"><tbody><tr><td style="padding-left:3.5%"><a href="" style="border-bottom:none;" target="_blank" rel="noopener noreferrer" title="CHINADebate"><img width="100%" src="https://assets.website-files.com/5c864c33af62620dca1373ac/5d86577f82aa6e55afacb4ea_cd%20long-fit.png" alt="CHINADebate" style="width: 110px;"></a></td><td align="right" style="padding-right:3.5%"><a href="" target="_blank" rel="noopener noreferrer" style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"></a></td></tr></tbody></table></td></tr><tr><td height="30" style="height:30px; font-size:0">&nbsp;</td></tr><tr><td style="text-align:center; line-height:1"><span style="font-size: 44px; font-family: gorditamedium, sans-serif; color:#0970b3; letter-spacing: -1px; line-height: 1;">China Macro Reporter</span></td></tr><tr><td style="text-align:center; line-height:1.5; padding-bottom:30px; padding-top:10px;color:#001544; font-size:0.8125em; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;"><span style="color:#001544; font-size:13px; font-family:'gordita', sans-serif; text-decoration:none; border-bottom:none;">by Malcolm Riddell        <span style="margin:0 6px">·</span>Oct 26, 2019</span></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f5f5f5">&nbsp;</td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 2.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">EDITOR'S PICKS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 3.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;>EDITOR'S PICKS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">ECONOMY</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/8Q71Pc?track_p_id=7bUV5ius4hHC3y_mz3lY3ak&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/9TDP2wB0ex3oCkcu8UJ6nYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/8Q71Pc?track_p_id=1H4hHC3y_w3YzbOBDMTaksg&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China's economy in Q3: Negative effects of trade conflict are increasingly measurable&nbsp;</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">MERICS&nbsp;| Mercator Institute for China Studies</strong></h3><h3 style="text-align: right">October 23, 2019</h3><h3><br></h3><p><strong style="font-weight: bold">MERICS Economic Indicators </strong>is one of the best analyses there is. Here are some excerpts from the <a href='http://sco.lt/8cbN8S?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">overview</strong></a>.</p><h3><strong style="font-weight: bold">Terrific 13-page </strong><a href='http://sco.lt/8cbN8S?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">report</strong></a><strong style="font-weight: bold"> - great charts</strong></h3><h2 style="text-align: center"><strong style="font-weight: bold">‘Anxiety rises as GDP growth continues to slow.'</strong></h2><ul><li><strong style="font-weight: bold">‘China’s economic slowdown</strong> continued over the third quarter of 2019.’                          <ul><li><strong style="font-weight: bold">‘The minor uptick</strong> in key macroeconomic indicators seen towards the end of the second quarter proved to be short-lived.’</li></ul></li><li><strong style="font-weight: bold">‘The Chinese government</strong> has continued to roll out support measures to shore up growth, but their effectiveness is questionable as they have failed to lift either business or consumer sentiment.’</li><li><strong style="font-weight: bold">‘More stimulus measures</strong> can be expected in the coming months.</li><li><strong style="font-weight: bold">‘In 2019 the negative effects of the trade war</strong> have also become increasingly measurable in the manufacturing sector.’</li><li><strong style="font-weight: bold">‘The year was, so far, </strong>also marked by a deteriorating domestic and external economic environment: it saw rising consumer inflation, falling corporate profits, softening private investment, continued risks in the financial sector - including in local government finances.’</li><li><strong style="font-weight: bold">China will not be able </strong>to use yuan depreciation to shield its export sector from US tariffs.</li><li><strong style="font-weight: bold">‘It will also be a crucial</strong> and testing time for the private sector.’                          <ul><li><strong style="font-weight: bold">‘If private market players</strong> do not respond favorably to government stimuli, there is likely to be yet further expansion of state control over the economy.’</li></ul></li><li><strong style="font-weight: bold">‘It looks</strong> as if the most challenging times are yet ahead.’</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/5Y3HrU?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/5qDcBc?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/68NwVk?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div  style="width:600px;"><img src="https://img.scoop.it/SQOiAecXFOGi8IR46gFnjzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""/></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:25px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">TRADE DEAL</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/8iHLjk?track_p_id=06P0Duw_Y4NxwS3Qbxq26ud&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/kcW-99ZDdif-ZXajy8GvZYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/8iHLjk?track_p_id=06P0Duw_vLHrr2JQ3W1xDw3&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">No Art to the US-China Trade Deal </a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Project Syndicate</strong></h3><h3 style="text-align: right"><strong style="font-weight: bold">Stephen Roach</strong> | Yale University and&nbsp;</h3><h3 style="text-align: right">former Chairman of Morgan Stanley Asia&nbsp;<br>October 25, 2019</h3><h2 style="text-align: center">‘The phase one deal announced with great fanfare is a huge disappointment.’</h2><p><strong style="font-weight: bold">‘Far from a breakthrough,</strong> these loose commitments, like comparable earlier promises, offer little of substance.’</p><ul><li><strong style="font-weight: bold">‘For years,</strong> China has long embraced the “fat-wallet” approach when it comes to defusing trade tensions with the US.’</li><li><strong style="font-weight: bold">‘In the past,</strong> that meant boosting imports of American aircraft; today, it means buying more soybeans.’</li></ul><p><strong style="font-weight: bold">‘But China’s open wallet</strong> won’t solve America’s far deeper economic problems.’</p><p><strong style="font-weight: bold">‘The&nbsp;</strong><a href='http://sco.lt/6QYGps?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow"><strong style="font-weight: bold">$879 billion US merchandise trade deficit&nbsp;</strong></a>in 2018 (running at $919 billion in the second quarter of 2019) reflects trade imbalances with 102 countries.’</p><ul><li><strong style="font-weight: bold">‘This is a multilateral problem,</strong> not the China-centric bilateral problem that politicians insist must be addressed in order to assuage all that ails American manufacturers and workers.’</li><li><strong style="font-weight: bold">‘Yet without resolving</strong> the&nbsp;<a href='http://sco.lt/6iibA0?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow"><strong style="font-weight: bold">macroeconomic imbalances</strong></a><strong style="font-weight: bold">&nbsp;</strong>that underpin this multilateral trade deficit – namely, a chronic shortfall of domestic saving – all a China fix could accomplish would be a diversion of trade to higher-cost foreign producers, which would be the functional equivalent of a tax hike on US consumers.’</li></ul><p><strong style="font-weight: bold">‘A macro perspective</strong> is always tough for politicians.’</p><ul><li><strong style="font-weight: bold">‘That is especially true today</strong> in the US, because it doesn’t fit neatly with xenophobic bilateral fixations, like China bashing.’</li><li><strong style="font-weight: bold">‘With new signs of&nbsp;</strong><a href='http://sco.lt/8ulhSa?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow"><strong style="font-weight: bold">Chinese resistance&nbsp;</strong></a>now surfacing, the phase one accord may never see the light of day.’</li><li><strong style="font-weight: bold">‘But if it does,</strong> it will hurt more than it helps in addressing one of the world’s toughest current economic problems.’</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/70svU8?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/7J3FoG?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/7bDa8O?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;">Editor's Pick</span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">CONNECTING ASIA</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/90Rg3s?track_p_id=cZeJ26jxfZUmF5v8lck_iJF&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/_puq8Fr8Stfk5P8k3HNYTIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/90Rg3s?track_p_id=8NmnfPJNw5v8lck_tThd3Ah&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Competing Visions | Reconnecting Asia</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">RECONNECTING ASIA |&nbsp;</strong></h3><h3 style="text-align: right"><strong style="font-weight: bold">Center for Strategic &amp; International Studies</strong></h3><h3 style="text-align: right">October 2019</h3><h2 style="text-align: center">&nbsp;‘A geoeconomic contest is underway to shape Asia’s future.’</h2><p><strong style="font-weight: bold">‘Regional powers</strong> are putting forward ambitious plans for building roads, railways, pipelines, and other hard infrastructure across the region.’</p><p><strong style="font-weight: bold">‘Drawing on official sources,</strong> CSIS experts developed the maps below to illustrate some of these competing visions.’</p><ul><li><strong style="font-weight: bold">‘Each map captures,</strong> in broad strokes, the major infrastructure priorities of a leading actor.’</li><li><strong style="font-weight: bold">Maps: </strong>ASEAN, China, EU, India, Iran, Japan, Russia, South Korea, and Turkey.</li></ul><p><strong style="font-weight: bold">‘Collectively,</strong> these maps preview a competition as wide-ranging as the region itself. As this story unfolds, the collection below will be expanded and updated.’</p><p><strong style="font-weight: bold">Here's 'Japan's Vision':</strong></p><ul><li><strong style="font-weight: bold">‘Prioritizing east-west connections</strong>, Japan’s vision stems from decades of investing in Southeast Asia, where existing infrastructure reflects the needs of Japanese supply chains, especially maintaining access to the sea.’ &nbsp;</li><li><strong style="font-weight: bold">‘Consistent with</strong> the <a href='http://sco.lt/9MDY5A?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'>Master Plan on ASEAN Connectivity</a>, Japan is backing a number of new land and maritime corridors that would increase connectivity between the Bay of Bengal and the South China Sea.’ &nbsp;</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/4gl6Bs?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/4yvQW0?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/5H5kq8?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div  style="width:600px;"><img src="https://img.scoop.it/9iJ-7Q-dPDZlXsb2fbYNzjl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""/></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:20px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;" /></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left;"><tbody><tr><td style="max-width:600px;"><span style="font-family: Georgia, serif; text-align:left; font-size:0.875em; font-weight:900; color:#c80000; letter-spacing:-0.1px; ;"></span><span style="display:block; background-color:#c80000; font-family:Georgia, serif; padding:3px 5px; border-left:0px solid #c80000; text-align:center; font-size: 2.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic; font-style:none;">MORE INSIGHTS</span></td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">PENCE CHINA SPEECH</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/9Ic0O0?track_p_id=81Btm1XoV5hrTCA_GGtp6FD&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/BcnPVNyATtCbCyNg2HNrJoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/9Ic0O0?track_p_id=dB36GaCnOTYQ3L5hrTCA_Fs&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Vice President Pence's China Speech</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Wilson Center</strong></h3><h3 style="text-align: right">October 24, 2019</h3><h3 style="text-align: right"><strong style="font-weight: bold">Mike Pence</strong> | U.S. Vice President</h3><h3 style="text-align: left"><strong style="font-weight: bold">Watch the speech </strong><a href='http://sco.lt/8oqr9U?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">here</strong></a> (1h)</h3><h2 style="text-align: center">"America will always believe that Taiwan’s embrace of democracy shows a better path for all the Chinese people.”</h2><h1 style="text-align: center"><strong style="font-weight: bold">'Selected Quotes'</strong></h1><p><strong style="font-weight: bold">“And in that spirit of candor,</strong> I must tell you that in the year since my Hudson speech, Beijing has still not taken significant action to improve our economic relationship.”</p><p><strong style="font-weight: bold">“The international community</strong> must never forget that its engagement with Taiwan does not threaten the peace; it protects the peace on Taiwan and throughout the region."</p><ul><li><strong style="font-weight: bold">"America</strong> will always believe that Taiwan’s embrace of democracy shows a better path for all the Chinese people.”</li></ul><p><strong style="font-weight: bold">“We respect the sovereignty of nations</strong>, but America also expects Beijing to honor its commitments, and President Trump has repeatedly made it clear that it would be much harder for us to make a trade deal if the authorities resort to the use of violence against protestors in Hong Kong.”</p><p><strong style="font-weight: bold">“Far too many American multinational corporations</strong> have kowtowed to the lure of China’s money and markets by muzzling not only criticism of the Chinese Communist Party, but even affirmative expressions of American values."</p><p><strong style="font-weight: bold">“Now people</strong> sometimes ask whether the Trump administration seeks to decouple from China. The answer is a resounding no.”</p></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/5ZG5AG?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/5rQPUO?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/69ajoW?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/4vFU2K?track_p_id=bjiBepN2%40al38GhPiQ_wtpE&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/4vFU2K?track_p_id=2cj8GhPiQ_SPpZAAa3scaOS&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">'The Pence speech is a step in the right direction.'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right"><strong style="font-weight: bold">Susan Shirk | </strong>UC San Diego</h3><h3 style="text-align: right">October 24</h3><h3 style="text-align: left"><a href='http://sco.lt/9Cw1mi?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">Watch</strong></a><strong style="font-weight: bold"> Susan's video interview</strong> (6m 14 s)</h3><h2 style="text-align: center">'The Pence speech is a step in the right direction.'</h2><p><strong style="font-weight: bold">‘Basically VP Pence</strong> reprised the speech he'd given a year ago at the <a href='http://sco.lt/4pZVR2?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">Hudson Institute.</a>’</p><ul><li><strong style="font-weight: bold">‘A long list of evil deeds</strong> that China has done, not just on human rights, but in the South China Sea, in its economic and trade policies, its military built up, as well as its efforts to try to influence public opinion outside of China, and so on.’</li></ul><p><strong style="font-weight: bold">‘It was good that Vice President Pence</strong> did hold out the offer of restoring some balance in U.S-China relations, if China can take the hard steps to get its economic system more back in line with international norms.’</p><ul><li><strong style="font-weight: bold">And it's interesting</strong> he even mentioned how the United States welcomed, supported, and helped boost China as an international player after Deng Xiaoping launched China's reform and opening back 1979 and the 80s.’</li><li><strong style="font-weight: bold">So if somehow Xi Jinping</strong> could act like Deng Xiaoping maybe we could get back on a decent relationship between the two countries.’</li></ul><p><strong style="font-weight: bold">‘We make it a lot harder</strong> for the Chinese side to compromise, to get their own interest groups to go along with concessions when we take too harsh a hostile stance toward China.’</p><ul><li><strong style="font-weight: bold">‘So I think the Pence speech</strong> is a step in the right direction of taking a tough, principled stand but, at the same time, leaving the door open to getting back to cooperation.’</li></ul><p>&nbsp;</p></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/57jplA?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/5PuA5I?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/5i4UPQ?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/5DPoMS?track_p_id=64VDUDa6uvb9K_zNTb2kKcy&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/Q7K3LvBpUHwYzkoXdXm2WYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/5DPoMS?track_p_id=06uvb9K_gJm6SlcyovExAQc&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Pence Speech: 'Human Rights Aren't Going Away.'</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right">October 24, 2019</h3><h3 style="text-align: right"><strong style="font-weight: bold">Lester Ross</strong> | WilmerHale</h3><h2 style="text-align: center">&nbsp;‘That's a major change in terms of VP Pence's remarks compared to last year: human rights aren't going away.’</h2><p><strong style="font-weight: bold">‘There’s a very important difference</strong> in Vice President Pence's speech this time versus the last time.</p><ul><li><strong style="font-weight: bold">‘Last time among the criteria</strong> that he listed for an improvement in relations was mutual respect for sovereignty, which the Chinese could take as the United States is not going to do anything about Hong Kong.’</li></ul><p><strong style="font-weight: bold">‘This time</strong> he changed it to international respect for the international commercial rules.’</p><ul><li><strong style="font-weight: bold">‘In other words,</strong> if China acts more responsibly economically with respect and trade and investment, then we can improve relations.’</li><li><strong style="font-weight: bold">‘Other things,</strong> security, human rights, those aren't going away, but we can establish a floor.’</li><li><strong style="font-weight: bold">‘That's a major change</strong> in terms of his remarks compared to last year: human rights aren't going away.’</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/6Rl48e?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/6jvOSm?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/725imu?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">XI & THE FOURTH PLENUM</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/5Va8ga?track_p_id=04m7kWE_G6NoAwSH64ca1gy&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/VcdAHHrWxK2Oai7z2r1MjYVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/5Va8ga?track_p_id=8HML1hFxB4m7kWE_Vabq4BO&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">Xi&rsquo;s in Charge: What the Fourth Plenum Tells Us about Xi Jinping&rsquo;s Hold on Power&nbsp;</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Center for Strategic and International Studies (CSIS)</strong></h3><h3 style="text-align: right"><strong style="font-weight: bold">Jude Blanchette</strong> | CSIS</h3><h3 style="text-align: right">October 25, 2019&nbsp;</h3><p><strong style="font-weight: bold">Terrific background</strong> on the upcoming Fourth Plenum</p><h2 style="text-align: center">&nbsp;‘If Xi is facing blowback from his mishandling of the U.S.-China trade tensions and the unrest in Hong Kong, it’s not manifesting.'</h2><p><strong style="font-weight: bold">On October 28,</strong> the Political Bureau (Politburo) of the Chinese Communist Party’s (CCP) Central Committee will hold its long-awaited Fourth Plenum of the Nineteenth Party Congress.</p><p><span style="color: #d0021b"><em style="font-style: italic"><strong style="font-weight: bold">Q4: ‘What does the meeting announcement </strong></em></span><span style="color: #d0021b"><em style="font-style: italic">tell us about Xi Jinping’s hold on power?’</em></span></p><p style="text-align: left"><strong style="font-weight: bold">Jude Blanchette:&nbsp;‘To have a plenary session</strong> specifically focus on a key component of “Xi Jinping Thought” is a strong signal that Xi continues to strengthen his hold on power.’</p><p><strong style="font-weight: bold">‘For years, narratives </strong>have swirled that the grumbling one hears emanating from the halls of the State Council or the board rooms from credit-starved private companies is coalescing into a more pronounced challenge to Xi’s authority.</p><ul><li><strong style="font-weight: bold">‘To date,</strong> none of these insurrections have materialized.’</li><li><strong style="font-weight: bold">‘In fact,</strong> just weeks ago, Xi was glorified, Mao-like, in the massive parade commemorating the Seventieth anniversary of the founding of the People’s Republic of China.’</li><li><strong style="font-weight: bold">‘Now,</strong> his theory of governance is being discussed by the entire Party leadership.’</li></ul><p><strong style="font-weight: bold">‘If he is facing blowback </strong>from his mishandling of the U.S.-China trade tensions and the unrest in Hong Kong, it’s not manifesting in any observable way.’</p><ul><li><strong style="font-weight: bold">‘Indeed,</strong> it’s likely that the more overt narrative of “great power competition” emanating from the United States has allowed Xi to push a “fortress besieged” mentality back home that allows him to redirect, to some extent, criticism that would otherwise be directed his way.’</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/60EojY?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/6IP93g?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/6aZTNo?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">'SACRIFICIAL LAM'</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/5nkT0i?track_p_id=05OG59i_J5E2M%40egnBNKRuX&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/2x3UxbzwO3SDSWRGJgRXKoVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/5nkT0i?track_p_id=czod6fO3kb1IN5OG59i_6%40l&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">How China Can Install Another Loyalist in Hong Kong: QuickTake&nbsp;</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Bloomberg</strong></h3><h3 style="text-align: right">October 23, 2019</h3><h2 style="text-align: center"><strong style="font-weight: bold">&nbsp;</strong>'Replacing a Hong Kong chief executive is a complicated, closed-door affair.'</h2><p><strong style="font-weight: bold">'Sacrificial Lam':</strong> thanks for that from <a href='http://sco.lt/6Aj8Km?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">Trivium China</strong></a> - be sure to <a href='http://sco.lt/6StSeu?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'><strong style="font-weight: bold">subscribe </strong></a>for its terrific newsletter <em style="font-style: italic">(free)</em></p><p><strong style="font-weight: bold">‘The Financial Times</strong> has&nbsp;<a href='http://sco.lt/6l3mz2?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">reported</a>&nbsp;that the Chinese government was drafting plans to install a new “interim” leader by March.’</p><ul><li><strong style="font-weight: bold">‘But replacing a Hong Kong chief executive</strong> is a complicated, closed-door affair that is deeply entangled with the central problem facing the Asian financial hub’:</li><li><strong style="font-weight: bold">‘How do you balance</strong> the people’s desire for autonomy with China’s demands for control?’</li><li><strong style="font-weight: bold">This report </strong>gives some answers.</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/73E7JA?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/7LORdI?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/7dYlxQ?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">LIBRA VS CHINA</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/65unKq?track_p_id=6GNPhBV8UENvq_HyYiWnvwl&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/7a6P4XgNxEpaRBUZwP38JIVxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/65unKq?track_p_id=9JhfGAHXru8UENvq_ia6OnA&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">It&rsquo;s not just Congress&mdash;China&rsquo;s tech giants are scared of Facebook&rsquo;s Libra too</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">MIT Technology Review</strong></h3><h3 style="text-align: right">October 24, 2019</h3><h3>See also the FT's <a href='http://sco.lt/6sjnhw?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">'<span style="font-size: 14px">Zuckerbuck vs PayPal vs China.'</span></a></h3><h2 style="text-align: center">'Facebook’s Libra proposal&nbsp;<a href='http://sco.lt/6eJ7tA?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1'>appears to have accelerated</a>&nbsp;China’s long-standing plans to issue a digital version of its currency.'</h2><p><strong style="font-weight: bold">'If Facebook’s digital currency</strong> ever gets off the ground, it will threaten the business of China’s massively popular digital payment platforms Alipay and WeChat Pay, according to Tencent, one of the country’s largest tech companies.'</p><p><strong style="font-weight: bold">'Coincidence:</strong>&nbsp;In a hearing in front of the US Congress yesterday, Facebook CEO Mark Zuckerberg&nbsp;<a href='http://sco.lt/7Au824?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">urged policymakers</a>&nbsp;to see the company’s proposed digital currency, Libra, as a potential instrument of US power.'&nbsp;</p><ul><li><a href='http://sco.lt/7T4SMC?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow"><strong style="font-weight: bold">'As currently envisioned</strong></a><strong style="font-weight: bold">,</strong> Libra will be backed by a reserve composed of several sovereign currencies.'</li><li><strong style="font-weight: bold">'But since the reserve</strong> will “mostly” be made up of dollars, Zuckerberg argued, it will reinforce America’s substantial influence over the global financial system—particularly with respect to China.'</li></ul><p><strong style="font-weight: bold">'Distributing the digital renminbi:&nbsp;</strong>Facebook’s Libra proposal&nbsp;<a href='http://sco.lt/6eJ7tA?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">appears to have accelerated</a>&nbsp;China’s long-standing plans to issue a digital version of its currency.'</p><ul><li><strong style="font-weight: bold">'Not only does China plan</strong> to release the currency “in the coming months,” but it has ambitions to “export” the digital money around the world, Zuckerberg told Congress.'</li></ul><p>&nbsp;</p></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/7lEmgK?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/83P70S?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/8LZRKa?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:10px auto 0 auto; text-align:left; background:#fff"><tbody><tr><td style="max-width:600px;"><span style="display:block; background-color:#00123C; font-family:Georgia, serif; padding:3px 5px; border-left:10px solid #c80000; border-bottom: 0px solid #c5c5c5; text-align:center; font-size: 1.2em; font-weight:700; color: #ffffff; line-height:1.5em; letter-spacing:-0.1px; text-align:center; font-style:italic;">REAL ESTATE FINANCE</span></td></tr><!--- end BLUE_BOX ---></tbody></table></div><div><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; text-align:left; background:#fff"><tbody><tr><td height="10" style="height:10px; font-size:0"></td></tr><tr><td><table cellspacing="0" cellpadding="0" style="max-width:600px; width:100%; margin:0 auto; padding:0 3.5% 2% 3.5%; border-bottom: 1px solid #ddd; text-align:left; background:#fff"><tbody><tr><td width="80px" style="display:block; overflow:hidden; margin-top:5px; border-radius:10%; box-shadow: 0 4px 8px 0 rgba(0, 0, 0, 0.2), 0 2px 6px 0 rgba(0, 0, 0, 0.19);"><a href='http://sco.lt/6O57ey?track_p_id=1e5ncOg2_gjKVkUajoTR%40xj&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img height="80px" width="auto" src="https://img.scoop.it/K9fKxwrt-0GqvuYSovNp34VxfvstQ3JFlDT8iY_Dcjs=" style="display:block; border:none; width:auto;"/></a></td><td width="100%" style="padding-left:5%; line-height:1.425"><a href='http://sco.lt/6O57ey?track_p_id=1C5ncOg2_pxxd3HP5A3X6zQ&_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="text-decoration: none; color: #001544; font-weight: bold; font-size: 1.475em; font-family: gorditamedium, sans-serif; letter-spacing: -0.1px; line-height: 1.375; border-bottom:none;" target="_blank">China&rsquo;s Property Bond Boom Clashes With Housing Market Realities</a></td></tr></tbody></table></td></tr><tr><td style="padding:0 3.5%; margin: 0 auto; font-size: 1.125em; font-family:Georgia,serif; color: #001544; line-height: 1.575em; letter-spacing:-0.1px"><p><h3 style="text-align: right"><strong style="font-weight: bold">Wall Street Journal</strong></h3><h3 style="text-align: right">October 24, 2019</h3><h2 style="text-align: center">&nbsp;‘Developers have levered up.'</h2><p><strong style="font-weight: bold">‘China’s property developers</strong> have used falling U.S. interest rates this year to issue swaths of dollar debt.’</p><ul><li><strong style="font-weight: bold">‘Yet the state of the country’s housing market</strong>—now past its prime—suggests investors would do well to steer clear.’</li></ul><p><strong style="font-weight: bold">‘Developers in Hong Kong and mainland China</strong> account for 41% of the net issuance in Asian dollar-denominated bonds this year, rising to 67% in the high-yield segment, where they now make up almost half of the total market.’</p><ul><li><strong style="font-weight: bold">‘Developers have levered up</strong> in other ways as well this year: presales of housing, which act as&nbsp;<a href='http://sco.lt/6U1rBA?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' rel="nofollow">a shadow funding mechanism&nbsp;</a>for property companies, have boomed even as completions of housing have been lackluster.’</li></ul><p><strong style="font-weight: bold">‘This is difficult to square</strong> with what is actually happening in the housing market.’</p><ul><li><strong style="font-weight: bold">‘Data released this week</strong> showed that house prices in the 70 cities monitored by China’s National Bureau of Statistics rose by 8.6% in the 12 months to September, the slowest pace in a little over a year.’</li><li><strong style="font-weight: bold">‘Of those 70 cities,</strong> 12 reported price declines, the highest number since February 2018.’</li></ul></p></td></tr><tr><td style="text-align:center; width: 100%"><table style="width: 100%;"><tr><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td><td width="28" style="text-align: center"><a href='http://sco.lt/6mCBVI?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/twitter@2x.png" alt="Tweet this Story"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/74MVpQ?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/facebook@2x.png" alt="Share on Facebook"/></a></td><td width="28" style="text-align: center"><a href='http://sco.lt/7MWq9Y?_tmc=70-Xhlao1x8mmN3OCxt0UtBeNRRyBz7YysmN-XzM4SY&track=1' style="border-bottom:none;" target="_blank"><img width="24" height="24" border="0" src="https://static.axios.com/img-email/social/linkedin@2x.png" alt="Post to LinkedIn"/></a></td><td style="vertical-align: bottom;"><div style="height: 5px; width: 100%;"></div></td></tr></table></td></tr><tr><td height="10" style="height:10px; font-size:0; border-bottom:10px solid #f6f6f6">&nbsp;      </td></tr></tbody></table></div><div><table align="center" border="0" cellpadding="0" cellspacing="0" width="100%"><tbody><tr height="0"><td width="0"></td></tr><tr><td width="0"></td><td align="center"><div  style="width:600px;"><img src="https://img.scoop.it/pQ84nyZkxc9_JXcaUKVodzl72eJkfbmt4t8yenImKBXdhNIf0Yl8YfRAVzhohB7e" style="border-style: none;" alt=""/></div></td><td width="0"></td></tr><tr height="0"><td width="0"></td></tr></tbody></table></div><div><hr style="margin:20px; border-width:1px; border-color:transparent;border-top:0px;border-style:solid;" /></div></td></tr></tbody></table><img src="https://www.scoop.it/mv?id=nPlphMrktVHrYvvyEbWFcAgekh8fkpeNOv90kQkMTjw"/>

II. POTENTIAL BACKLASH FROM THE U.S.
III. CONGRESS & THE PRESIDENT REACT
IV. EXTRADITION LAW:PRO & CON