I live most of the year in Wuhan. Everyone in China knows what's going on, but the garbage I read from every Western fund manager that thinks they have a handle on the situation is mistaken. This is the first piece by anyone in the West that is starting to connect the dots. Good job.
Western elites (and many in the media who report on them) are unable, as a matter of instinct or training, to take others' ideological or moral commitments seriously. That's led them into such confusion during the Trump years and so it's no surprise to see them stuttering in confusion by the same in China.
This is the essay that turned me into a paying subscriber. Brilliant. Your substack has more and better information and analysis than entire prestigious publications put together.