On today’s show Andrew and Bill begin with the call between Trump and Xi last week, a subsequent call between Trump and Japanese Prime Minister Sanae Takaichi, and the PRC’s ongoing tensions with Japan. Topics include: Conflicting reports surrounding both calls last week, PRC rhetoric that continues to escalate, contested history surrounding Okinawa, and PRC behavior that may be clarifying for the rest of the world. From there: Various points of emphasis at the Politburo study session on strengthening internet governance, DeepSeek’s new AI model, and a recent Crowdstrike investigation that appears to highlight the risks of building on Chinese models. At the end: More bad news in the real estate sector as Vanke struggles make international news, waiting for the Central Economic Work Conference later this month, an FT op-ed makes Europe’s trade problems clear while solutions remain elusive, and a note from a NASA employee adds context to a previous discussion on space rescues.

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Bill Bishop is the author of Sinocism

To email the show: email@sharpchina.fm

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Hong Kong fire; Politburo study session on strengthening Internet governance; Japan-China; Cloud loophole for advanced AI chips; Xu Qinxian — Sinocism

Who initiated the Trump-Xi call?; PRC-Japan; Loosening loan standards; CrowdStrike questions DeepSeek coding security — Sinocism

Trump, After Call With China’s Xi, Told Tokyo to Lower the Volume on Taiwan — Wall Street Journal

Japan Denies Report That Trump Asked PM Not to Provoke China — Bloomberg

China, Evoking World War II, Urges Europe to Take Its Side Against Japan — New York Times

The PRC’s Diplomatic Offensive Against Japan Over Taiwan — Global Taiwan

China’s AI is built for control — and it’s going global — Red Packet

CrowdStrike Research: Security Flaws in DeepSeek-Generated Code Linked to Political Triggers — CrowdStrike

China Tells Stats Providers to Halt Home Sales Data Publication — Bloomberg

China Vanke Jolts Bondholders Again With Plan for One-Year Delay — Bloomberg

Beijing orders China’s banks to lend to debt-burdened state-owned entities — China Banking News

China is making trade impossible — Financial Times

China’s growing trade surplus: why exports are surging as imports stall — European Central Bank

Three Futures — Watching China in Europe

Weeks from homecoming, Boeing Starliner astronauts want to set the record straight — CNN