Sharp China with Bill Bishop

On today's show Andrew and Bill begin with takeaways from the SCO Summit, including Xi's announcement of the Global Governance Initiative (GGI), outreach to the global south, and the PRC's warming relationship with India as Modi's first trip to China in seven years spawns anxiety in the US, and a variety of structural tensions remain. From there: Context for Beijing's recent efforts to correct the views of World War II, including efforts to recognize China's role in defeating Japan, contested accounts of the Communist Party's contributions, and contested understandings of the Potsdam Declaration. At the end: Mexico moots tariffs of their own, the US rescinds a waiver for SK Hynix and Samsung factories in China, and a few takeaways from Nvidia's earnings call last week. ---------------------------------------- Get all episodes of Sharp China, Sharp Tech, Stratechery Updates and Interviews, Greatest of All Talk, Asianometry and the Dithering Podcast as part of Stratechery Plus [https://stratechery.passport.online/member/plan/4ycW4SE71Cy6ryrijywbTG] for $15/month or $150/year. ---------------------------------------- Bill Bishop is the author of Sinocism [https://sinocism.com/] ---------------------------------------- To email the show: email@sharpchina.fm [email@sharpchina.fm] ---------------------------------------- To subscribe to Stratechery, click here [https://stratechery.com/stratechery-plus/]. To subscribe to Sinocism, click here [https://sinocism.com/subscribe]. ---------------------------------------- @SharpTechPodcast Channel — YouTube [https://www.youtube.com/@SharpTechPodcast] @Stratechery Channel — YouTube [https://www.youtube.com/@Stratechery] ---------------------------------------- SCO Summit in Tianjin; Xi proposes the Global Governance Initiative (GGI) 全球治理倡议; Xi in the media; Central Social Work Department — Sinocism [https://sinocism.com/p/sco-summit-in-tianjin-xi-proposes] Xi Uses Summit, Parade and History to Flaunt China’s Global Pull — New York Times [https://www.nytimes.com/2025/08/30/world/asia/xi-putin-modi-china-summit.html] India Was the Economic Alternative to China. Trump Ended That. — New York Times [https://www.nytimes.com/2025/09/01/business/india-china-trump-tariffs.html] Scoop: White House believes Europe secretly undoing Ukraine war's end — Axios [https://www.axios.com/2025/08/30/trump-accuse-european-leaders-prolong-ukraine-war?] Upholding the correct view of WWII history — People's Daily [https://en.people.cn/n3/2025/0827/c90000-20358193.html] Military parades and memory wars: China and Russia commemorate history to reimagine international order — Brookings [https://www.brookings.edu/articles/military-parades-and-memory-wars-china-and-russia-commemorate-history-to-reimagine-international-order/] Where were you in the World Anti-Fascist War? — The Strategist [https://www.aspistrategist.org.au/where-were-you-in-the-world-anti-fascist-war/] Forgotten Ally: China’s World War II, 1937-1945 — Rana Mitter [https://www.amazon.com/Forgotten-Ally-Chinas-World-1937-1945/dp/061889425X] Mexico to Raise Tariffs on Imports From China After US Push — Bloomberg [https://www.bloomberg.com/news/articles/2025-08-27/mexico-plans-to-raise-tariffs-on-chinese-goods-in-2026-budget-proposal?sref=5KSwFgaY] Samsung, SK Hynix Lose US Waiver on Chip Gear for China Use — Bloomberg [https://www.bloomberg.com/news/articles/2025-08-29/us-removes-china-waivers-for-intel-samsung-and-sk-hynix?sref=5KSwFgaY] Nvidia earnings beat Wall Street’s sky-high expectations, but the stock fell because ‘there were no H20 sales to China-based customers’ — Fortune [https://finance.yahoo.com/news/nvidia-earnings-beat-wall-street-222351252.html] Why Nvidia Wants to Sell Chips to China, Answering Intel Objections, KPop Demon Hunters Conquers the World — Sharp Tech [https://sharptech.fm/member/episode/why-nvidia-wants-to-sell-chips-to-china-answering-intel-objections-k-pop-demon-hunters-conquers-the-world] Special coverage of China's grand gathering celebrating 80th anniversary of victory - YouTube YouTube [https://www.youtube.com/watch?v=hsYpf7_E1KY]

On today’s show Andrew and Bill begin with Li Chenggang in Washington for another round of meetings with American negotiators. Topics include: Outreach to soybean farmers and rumors of Boeing purchases, why the PRC may sense an opportunity for dealmaking, President Trump's plans to welcome 600,000 PRC students, 200% tariffs and the stakes surrounding rare earths, and more details on the EU-US trade deal. From there: Investors are all-in on Cambricon's upside, the FT reports on big chipmaking plans in China, while additional reports of a ban on Chinese H20 purchases spawn more questions about Beijing’s motivations and the state of domestic chips. At the end: Reactions to an extensive New York Times investigation of PRC interference in New York politics, and Labubu news for Tashi. ---------------------------------------- Get all episodes of Sharp China, Sharp Tech, Stratechery Updates and Interviews, Greatest of All Talk, Asianometry and the Dithering Podcast as part of Stratechery Plus [https://stratechery.passport.online/member/plan/4ycW4SE71Cy6ryrijywbTG] for $15/month or $150/year. ---------------------------------------- Bill Bishop is the author of Sinocism [https://sinocism.com/] ---------------------------------------- To email the show: email@sharpchina.fm [email@sharpchina.fm] ---------------------------------------- @SharpTechPodcast Channel — YouTube [https://www.youtube.com/@SharpTechPodcast] @Stratechery Channel — YouTube [https://www.youtube.com/@Stratechery] ---------------------------------------- SCO Summit; PRC trade negotiator invites himself to DC; Trump wants more PRC students; AI+ Initiative; Nvidia - Sinocism [https://sinocism.com/p/sco-summit-prc-trade-negotiator-invites] Top Chinese Trade Negotiator Set to Head to U.S. as Talks Resume - WSJ [https://www.wsj.com/world/china/top-chinese-trade-negotiator-set-to-head-to-u-s-as-talks-resume-b2c3f913?mod=hp_lead_pos6] Ambassador Xie Feng attended the U.S.-China Soybean Industry Partner Breakfast Reception and delivered remarks - PRC Embassy to the U.S. [http://us.china-embassy.gov.cn/eng/dshd/202508/t20250827_11696463.htm] China’s Soy Crushers May Be Facing a Winter Without US Beans - Bloomberg [https://www.bloomberg.com/news/articles/2025-08-27/china-s-soy-crushers-may-be-facing-a-winter-without-us-beans] Trump to allow 600,000 Chinese students entry to US for college as trade talks with China press on - New York Post [https://nypost.com/2025/08/26/us-news/trump-to-allow-600000-chinese-students-entry-to-us-for-college-as-trade-talks-with-china-press-on/] Send Harvard’s Chinese Students Home - WSJ [https://www.wsj.com/opinion/send-harvards-chinese-students-home-national-security-risk-research-2e43313d] China has to give US magnets or face 200% tariff - Reuters [https://www.reuters.com/world/china/trump-says-china-has-give-us-magnets-or-face-200-tariff-2025-08-25/] Joint Statement on a United States-European Union Framework on an Agreement on Reciprocal, Fair, and Balanced Trade - The White House [https://www.whitehouse.gov/briefings-statements/2025/08/joint-statement-on-a-united-states-european-union-framework-on-an-agreement-on-reciprocal-fair-and-balanced-trade/] Meet Cambricon: how 2 ‘genius brothers’ created China’s potential rival to Nvidia - SCMP [https://www.scmp.com/tech/big-tech/article/3323173/meet-cambricon-how-two-genius-brothers-created-chinas-potential-rival-nvidia] China Nvidia rival Cambricon adds to $40 billion rally with 4,000% revenue jump - CNBC [https://www.cnbc.com/2025/08/27/china-nvidia-rival-cambricon-posts-record-profit-4000percent-revenue-jump.html] Changing times: Cambricon tops Moutai as China’s costliest stock as chips trump baijiu - SCMP [https://sc.mp/ehlgh] China turns against Nvidia’s AI chip after ‘insulting’ Howard Lutnick remarks - FT [https://on.ft.com/47DV7pK] Nvidia Orders Halt to H20 Production After China Directive Against Purchases - The Information [https://www.theinformation.com/articles/nvidia-orders-halt-h20-production-china-directive-purchases] Opinions of the State Council on Deepening the Implementation of the “Artificial Intelligence+” Initiative - Sinocism [https://vivid-green-408.notion.site/Opinions-of-the-State-Council-on-Deepening-the-Implementation-of-the-Artificial-Intelligence-Init-25b84ece41d7804b84eaf56c60ff9d55] How China Influences Elections in America’s Biggest City - N.Y.T. [https://www.nytimes.com/2025/08/25/nyregion/china-consulate-new-york-elections.html] Inside Our Investigation of China’s Influence Campaigns - N.Y.T. [https://www.nytimes.com/2025/08/25/insider/investigating-china.html] Red Envelopes With Cash Are Changing Hands at Adams Campaign Rallies - N.Y.T. [https://www.nytimes.com/2025/08/21/nyregion/eric-adams-chinese-cash-envelopes.html] How a Criminal With Close Ties to China Became a New York Power Broker - N.Y.T. [https://www.nytimes.com/2024/12/09/nyregion/chan-china-nyc-influence.html] Red Packets in the USA! - Image Thief [https://williammoss.substack.com/p/red-packets-in-the-usa]

On today’s show Andrew and Bill begin with a raft of news on Nvidia that came during the podcast’s vacation, including reports the company was summoned to meeting with the Cyberspace Administration of China, sources saying the same regulators have warned PRC companies against purchasing the H-20 chips, and news that the US is now granting licenses to sell H-20 chips to PRC companies in exchange for 15% of China chip revenue. Topics include: Jensen Huang’s successful lobbying, criticism of the 15% tax, questions about the motivation in Beijing, and thoughts on the near future in Washington. From there: Checking in with the real estate market and stock market as Beijing pledges more support for real estate and the SSE Index hits a 10-year high. At the end: Liu Jianchao is reportedly under investigation, Bao Fan has reportedly been released, India and China move to improve relations in the face of US tariffs, and an email about the Labubu phenomenon and PRC soft power exports ---------------------------------------- Get all episodes of Sharp China, Sharp Tech, Stratechery Updates and Interviews, Greatest of All Talk, Asianometry and the Dithering Podcast as part of Stratechery Plus [https://stratechery.passport.online/member/plan/4ycW4SE71Cy6ryrijywbTG] for $15/month or $150/year. ---------------------------------------- Bill Bishop is the author of Sinocism [https://sinocism.com/] ---------------------------------------- To email the show: email@sharpchina.fm [email@sharpchina.fm] ---------------------------------------- @SharpTechPodcast Channel — YouTube [https://www.youtube.com/@SharpTechPodcast] @Stratechery Channel — YouTube [https://www.youtube.com/@Stratechery] ---------------------------------------- Rectifying the PV industry; Youth unemployment; Wang Yi in India; September 3 — Sinocism [https://sinocism.com/p/rectifying-the-pv-industry-youth] Beidaihe break over; New Xi books; Support for real estate; Liu Jianchao; PRC-India — Sinocism [https://sinocism.com/p/beidaihe-break-over-new-xi-books] China Demands Companies to Halt Nvidia Chip Orders Over Security Concerns — The Information [https://www.theinformation.com/articles/china-demands-companies-halt-nvidia-chip-orders-security-concerns?rc=gtxu6q] Nvidia's China prospects undimmed by Beijing's H20 worries — Nikkei [https://asia.nikkei.com/business/technology/nvidia-s-china-prospects-undimmed-by-beijing-s-h20-worries] DeepSeek’s next AI model delayed by attempt to use Chinese chips — Financial Times [https://www.ft.com/content/eb984646-6320-4bfe-a78d-a1da2274b092] Exclusive: Nvidia working on new AI chip for China that outperforms the H20, sources say — Reuters [https://www.reuters.com/world/china/nvidia-working-new-ai-chip-china-that-outperforms-h20-sources-say-2025-08-19/] Exclusive: US embeds trackers in AI chip shipments to catch diversions to China, sources say — Reuters [https://www.reuters.com/world/china/us-embeds-trackers-ai-chip-shipments-catch-diversions-china-sources-say-2025-08-13/] April Politburo Study Session on AI is bad news for Nvidia — Sinocism [https://sinocism.com/p/april-politburo-study-session-on] China’s Stock Rally Has the Makings of a Durable Bull Run — Bloomberg [https://www.bloomberg.com/news/articles/2025-08-18/china-s-stock-rally-has-the-makings-of-a-durable-bull-run?embedded-checkout=true&sref=5KSwFgaY] China Detains Senior Diplomat Who Aided U.S. Relations — Wall Street Journal [https://www.wsj.com/world/china/china-detains-senior-diplomat-who-aided-u-s-relations-ca110bfc?st=LRzyKF&reflink=desktopwebshare_permalink] High-profile Chinese dealmaker Bao Fan released from detention after two years, source says — Reuters [https://www.reuters.com/markets/asia/high-profile-chinese-dealmaker-bao-fan-released-detention-after-two-years-source-2025-08-08/] Modi Hails ‘Friend’ Putin and Boosts China Ties in Tilt From US — Bloomberg [https://www.bloomberg.com/news/articles/2025-08-18/china-india-seek-better-ties-as-us-policies-add-to-uncertainty?sref=5KSwFgaY] At Wang meeting, China asked India not to deal with Taiwan. What Jaishankar said — Hindustan Times [https://www.hindustantimes.com/india-news/at-wang-meeting-china-asked-india-not-to-deal-with-taiwan-what-jaishankar-said-101755617719070.html] How These Little Elves Turned Into a Global Sensation — New York Times [https://www.nytimes.com/2025/04/27/style/labubus-pop-mart-toys.html] The curious case of Labubu's Chinese identity — Following the Yuan [https://www.chineseconsumers.news/p/labubus-chinese-identity]

On today’s show Andrew and Bill begin with July’s Politburo Meeting, including a date for the Fourth Plenum, more condemnations of “disorderly competition,” and signals that party leadership remains confident despite the tumultuous year. From there: The U.S.-China meetings in Stockholm, the latest moves from Trump to moderate on chips and possibly Taiwan, and debating a spate of reports suggesting that Trump is working toward a deal and a meeting with Xi and adopting a softer approach to China. ---------------------------------------- Get all episodes of Sharp China, Sharp Tech, Stratechery Updates and Interviews, Greatest of All Talk, Asianometry and the Dithering Podcast as part of Stratechery Plus [https://stratechery.passport.online/member/plan/4ycW4SE71Cy6ryrijywbTG] for $15/month or $150/year. ---------------------------------------- Bill Bishop is the author of Sinocism [https://sinocism.com/] ---------------------------------------- To email the show: email@sharpchina.fm [email@sharpchina.fm] ---------------------------------------- @SharpTechPodcast Channel — YouTube [https://www.youtube.com/@SharpTechPodcast] @Stratechery Channel — YouTube [https://www.youtube.com/@Stratechery] ---------------------------------------- July Politburo meeting; 4th Plenum set for October; US-China; AI safety — Sinocism [https://sinocism.com/p/july-politburo-meeting-4th-plenum] No drama in Stockholm; Rare Earths and Trump's China shift; Beijing floods; Ok to say overcapacity, New Shaolin Temple Abbot — Sinocism [https://sinocism.com/p/no-drama-in-stockholm-rare-earths] China Politburo Holds off on Further Stimulus — Wall Street Journal [https://www.wsj.com/world/china/china-politburo-holds-off-on-further-stimulus] China struggles to break its addiction to manufacturing — Financial Times [https://www.ft.com/content/f7979a8f-874a-4b47-8304-d93d30171980] Trump softens stance on China amid trade talks and summit push — Washington Post [https://www.washingtonpost.com/national-security/2025/07/29/china-trade-ai-taiwan-trump/] Trump Is Shifting to Dealmaking Mode on China — Wall Street Journal [https://www.wsj.com/economy/trade/trump-china-trade-dealmaking] Donald Trump freezes export controls to secure trade deal with China — Financial Times [https://www.ft.com/content/a13ba438-3b43-46dd-b332-4b81b3644da0] Donald Trump blocks Taiwan’s President Lai Ching-te from New York stopover — Financial Times [https://www.ft.com/content/21575bec-5cdd-47ee-9db2-3031c4ea7ca7] US cancelled military talks with Taiwan — Financial Times [https://www.ft.com/content/baf4a261-1fce-4c38-b05f-ccd01d3be750] EU, US to form metals alliance to counterbalance Chinese overcapacity — Reuters [https://www.reuters.com/world/china/eu-us-form-metals-alliance-counterbalance-chinese-overcapacity-2025-07-28/] Is This the Start of a U.S.-China Friendship? — Foreign Policy [https://foreignpolicy.com/2025/07/29/us-china-trade-war-talks-trump-xi-summit-partnership-cooperation/] Post by the Ministry of Foreign Affairs — X: @MFA_China [https://x.com/MFA_China/status/1907585840752013507]

On today's show Andrew and Bill begin with comments from Xi Jinping and renewed emphasis on building more rational marketplaces across key sectors in tech and beyond. Topics include: The implication that not every province has to participate in new growth areas, cadres parsing conflicting guidance from Beijing, and efforts to stimulate a healthy investment ecosystem for startups as U.S. venture investment recedes. From there: Thoughts on two high-profile exit-bans on American citizens traveling in China, why the two cases are different, more chatter that the Trump administration is softening on China, counterpoints to that argument, and a bit more news on "The Big Tariff," Yang Hansen. ---------------------------------------- Get all episodes of Sharp China, Sharp Tech, Stratechery Updates and Interviews, Greatest of All Talk, Asianometry and the Dithering Podcast as part of Stratechery Plus [https://stratechery.passport.online/member/plan/4ycW4SE71Cy6ryrijywbTG] for $15/month or $150/year. ---------------------------------------- Bill Bishop is the author of Sinocism [https://sinocism.com/] ---------------------------------------- To email the show: email@sharpchina.fm [email@sharpchina.fm] ---------------------------------------- @SharpTechPodcast Channel — YouTube [https://www.youtube.com/@SharpTechPodcast] @Stratechery Channel — YouTube [https://www.youtube.com/@Stratechery] ---------------------------------------- PLA to try again to eliminate "toxic influences"; Tibet dam project; Involution; Trump’s softening approach to China; More Americans exit banned — Sinocism [https://sinocism.com/p/pla-to-try-again-to-eliminate-toxic] PLA Daily on political cadres; EU-China summit expectations; US-China talks next week; Lab-grown diamonds — Sinocism [https://sinocism.com/p/pla-daily-on-political-cadres-eu] Life Atop China’s Car Market Starting to Look Shaky for BYD — Bloomberg [https://www.bloomberg.com/news/articles/2025-07-21/life-atop-china-s-car-market-is-starting-to-look-shaky-for-byd?embedded-checkout=true&sref=5KSwFgaY] Cover Story: A New Gold Rush Begins in China’s Hard Tech Sector — Caixin [https://www.caixinglobal.com/2025-07-21/cover-story-a-new-gold-rush-begins-in-chinas-hard-tech-sector-102343179.html] China VC Funds Tap Global Investors for $2 Billion in Comeback — Bloomberg [https://www.bloomberg.com/news/articles/2025-07-18/china-vc-funds-tap-global-investors-for-2-billion-in-comeback?sref=5KSwFgaY] U.S.-Based Wells Fargo Banker Blocked From Leaving China — Wall Street Journal [https://www.wsj.com/world/china/wells-fargo-banker-china-89824413?mod=hp_lead_pos11] U.S. citizen who works for Commerce Dept. ensnared in Chinese exit ban — Washington Post [https://www.washingtonpost.com/national-security/2025/07/20/china-exit-ban-commerce-department-trump-xi/] Chinese Officers Questioned U.S. Government Employee About His Army Service — New York Times [https://www.nytimes.com/2025/07/21/us/politics/china-exit-ban-us-government-employee.html] China says Wells Fargo banker under exit ban is involved in criminal case — Reuters [https://www.reuters.com/business/finance/china-says-wells-fargo-banker-under-exit-ban-is-involved-criminal-case-2025-07-21/] Post by Desmond Shum — X: @DesmondShum [https://x.com/DesmondShum/status/1946153896898138322] As Trump Courts a More Assertive Beijing, China Hawks Are Losing Out — New York Times [https://www.nytimes.com/2025/07/20/us/politics/trump-china-technology.html] Navigating the President’s Policy Whiplash on China — Wall Street Journal [https://wsjchina.cmail20.com/t/d-e-suhslt-drjjjyiym-r/] No joke: Chinese rookie Yang Hansen is the NBA’s biggest summer star — Washington Post [https://www.washingtonpost.com/sports/2025/07/20/yang-hansen-trail-blazers-nba/]