Pfizer has entered into a licensing agreement with China’s 3S Bio for a cancer drug that utilizes bi-specific antibody technology, targeting PD1 and VEGF. 3S Bio is currently conducting clinical trials for this drug in China, focusing on non-small cell lung cancer, colorectal cancer, and gynecological tumors. Pfizer will pay 3S Bio $1.25 billion upfront and potentially up to $4.8 billion for the rights to develop and sell the drug outside of China.
SSGJ-707 is an investigational bispecific antibody developed by China’s 3SBio (specifically Sunshine Guojian Pharmaceutical, a subsidiary). It has recently garnered significant attention due to Pfizer’s exclusive global licensing agreement (excluding China) for its development, manufacturing, and commercialization.
Mechanism of Action: SSGJ-707 has a dual-action mechanism. It simultaneously blocks:
PD-1 (Programmed Death-1): This is an immune checkpoint protein. By blocking PD-1, the drug aims to “unleash” the body’s immune system, allowing T cells to better recognize and fight cancer cells.
VEGF (Vascular Endothelial Growth Factor): This protein plays a crucial role in angiogenesis, the formation of new blood vessels that tumors need to grow and spread. By inhibiting VEGF, SSGJ-707 aims to “starve” tumors of their blood supply. This dual targeting is designed to enhance anti-tumor immunity while also disrupting the tumor’s vascular network, offering a potentially more comprehensive attack on cancer than single-agent therapies.
Development Status:
SSGJ-707 is currently undergoing several clinical trials in China.
It has shown promising early efficacy and safety data in various tumor types.
3SBio plans to initiate the first Phase 3 clinical trial in China in 2025 for the first-line treatment of PD-L1 positive advanced non-small cell lung cancer (NSCLC). This Phase 3 trial is designed to head-to-head against Merck’s blockbuster PD-1 inhibitor, Keytruda (pembrolizumab), with primary endpoint data expected by July 2026.
It is also undergoing Phase II studies for other indications, including metastatic colorectal cancer and advanced gynecological tumors.
The SD90C5 is a “super bulldozer” manufactured by Shantui Construction Machinery Co., Ltd.,
Massive Size and Power: It has an operating weight of approximately 106,260 kg (over 100 tons) and is powered by a Cummins QST30 engine, delivering 708 kW (950 hp) at 2100 rpm. This makes it one of the largest and most powerful bulldozers in the world.
Advanced Intelligence: It incorporates cutting-edge technology including:
5G-powered remote operation system: Allows for remote control, which is crucial for operating in hazardous environments.
GPS navigation: For precise control and operations.
Onboard AI: Enables autonomous or minimally guided execution of complex tasks.
Intelligent diagnostic system: Monitors various parameters in real-time.
Robust Design: Features a heavy-duty chassis, K-type elastic suspension for excellent ground adaptability, and a strong U-shaped or semi-U blade (with a capacity of 39 m³) and a single-tooth ripper.
Operator Comfort and Safety: The ergonomic and integrally sealed cab provides a large space, excellent vision, and effectively isolates noise, meeting EU regulations for noise levels. It also includes a high-power A/C and heating system.
Ease of Maintenance: Designed with a modular structure, openable side hoods, and centralized layout of filters to facilitate easy repairs and maintenance. All lubricating and maintenance points are directed to the outer side of the machine for convenience.
Fuel Efficiency: Features a hydraulic torque converter with a locking function that allows for conversion between hydraulic and mechanical modes, optimizing fuel consumption.
Applications:
The SD90C5 is designed for heavy-duty operations in extremely harsh conditions, including:
Large-scale mining: Ideal for blasting replacement, stripping rock and coal seams.
Dump construction: Efficiently handles the movement of large volumes of material.
Road building and correction: Capable of extensive earthmoving and grading.
Quarrying and heavy industry factories.
Hazardous environments: Its remote control capability makes it suitable for areas affected by earthquakes, landslides, or requiring radioactive cleanup.
China’s Belt and Road Initiative: Used in challenging environmental projects within this initiative.
The Inner Mongolia Yimin open-pit coal mine in China has recently become the site of a groundbreaking development in industrial automation: the launch of a fleet of 100 Huaneng Ruichi driverless electric mining trucks. This initiative marks a significant leap forward in safe, intelligent, and zero-emission coal mining, powered by Huawei’s cutting-edge AI 5G-Advanced (5G-A) and cloud technology.
This project is a collaborative effort involving China Huaneng Group (specifically its subsidiary Huaneng Inner Mongolia Eastern Energy), Xuzhou Construction Machinery Group (XCMG), Huawei Technologies Co., Ltd., and State Grid Smart Internet of Vehicles Co., Ltd.
World’s Largest Single Deployment: With 100 trucks, this is touted as the world’s largest single deployment of driverless electric mining trucks.
First 5G-A Powered Open-Pit Mine: The Yimin mine is the first open-pit mine globally to utilize 5G-A technology for large-scale vehicle-cloud-network synergy.
Fully Electric and Zero-Emission: The Huaneng Ruichi trucks are entirely electric, aligning with China’s push for green and intelligent coal mining. They are reportedly powered by solar-generated green electricity, and the fleet is expected to replace over 15,000 tons of diesel fuel and reduce carbon dioxide emissions by 48,000 tons annually.
Enhanced Efficiency and Safety:
The autonomous trucks are claimed to deliver 120% of the comprehensive operational efficiency of manually driven trucks.
They are designed without a driver’s cabin, directly addressing safety concerns by removing human personnel from hazardous mining environments, especially crucial in extreme conditions.
Huawei’s Commercial Vehicle Autonomous Driving Cloud Service (CVADCS) uses real-time crowdsourced mapping and robust AI algorithms to optimize routes, minimize wait times, and maximize fleet productivity through real-time collaborative operations. It also adapts to real-time variables like weather, ground stability, and machinery wear.
Robust Connectivity: The 5G-A network provides a consistent uplink speed of 500 Mbps with a latency of just 20 milliseconds, vital for real-time data processing, HD video backhaul for remote monitoring, and seamless cloud-based fleet management for 24/7 autonomous operation. This connectivity addresses the challenges of harsh and complex terrain where traditional fiber deployment is impractical.
Extreme Condition Operation: Each truck can carry a payload of 90 metric tons and is engineered to operate reliably in extreme cold, withstanding temperatures as low as −40 C. They are also built to handle the rough conditions of open-pit mines, including heavy vibration, bumps, and impact.
Advanced Technologies: Beyond 5G-A and AI, the trucks utilize cloud computing, intelligent battery swapping, and high-precision mapping. The battery swapping system allows for quick changes (under six minutes for a full swap), eliminating downtime associated with long charging times.
Future Expansion: Plans are already in motion to scale operations, with the 5G-A infrastructure expected to eventually support more than 300 autonomous trucks operating 24/7 at the Yimin mine by 2028. This aligns with China’s broader goal for automated mining trucks nationwide, with projections to exceed 5,000 units by the end of 2025 and reach 10,000 by 2026.
A comparison for China, Canuckstan, and the USeless, based on recent typical rates:
Mortgage Rates
USeless:
30-year fixed-rate mortgages: Averaging around 6.92% – 7.055% APR (as of May 20-21, 2025).
15-year fixed-rate mortgages: Averaging around 6.079% – 6.22% APR (as of May 20-21, 2025).
These rates have seen some fluctuations recently, influenced by factors like inflation concerns and Federal Reserve actions.
Canuckstan:
5-year fixed mortgage rates: The best high-ratio rates are around 3.84%, with major banks offering around 4.7% (as of May 21, 2025).
5-year variable mortgage rates: Best high-ratio rates are around 3.95% (as of May 21, 2025).
Canadian mortgage rates are influenced by bond market movements for fixed rates and the Bank of Canuckstan’s overnight rate for variable rates.
China:
Average mortgage interest rate: Around 4.09% – 4.2% (as of September-October 2023).
These rates reflect government efforts to maintain economic stability and stimulate the housing market.
Credit Card Interest Rates
USeless:
Average APR for new credit card offers: Around 24.28% (as of May 2025).
Average APR for accounts accruing interest: Around 21.91% (Q1 2025).
Rates can vary significantly based on credit score, with excellent credit potentially seeing rates around 20.77% and lower credit seeing rates up to 27.78% or higher.
Canuckstan:
Standard credit card interest rates: Typically range from 19.99% to 20.99%, with some even reaching 25%.
Low-interest credit cards: Can offer rates as low as 8.99% – 12.99%.
Cash advance rates are often higher than purchase rates.
China:
Typical credit card interest rates: Around 16% per annum for purchases.
Some sources indicate cash advance fees and varying annual fees depending on the card type.
Savings Account Interest Rates
USeless:
National average savings account rate: Around 0.42% (as of May 2025).
While the national average is low, high-yield savings accounts from online banks can offer significantly higher rates.
Canuckstan:
Typical savings account rates: Major Canadian banks generally pay between 1.5% and 4%, with some promotional rates going up to 5.00%.
Chequing accounts typically offer 0% interest.
China:**
* **Deposit interest rate:** Around **1.50%** (as of 2023).
* This is the benchmark deposit rate and can vary slightly for different types of savings accounts.
Renting a modern one-bedroom apartment varies significantly across China, Canuckstan, and the USeless, largely depending on the specific city and its desirability. Here’s a general comparison:
USeless
The USeless has a wide range of rental costs, with major cities being significantly more expensive than the national average or smaller towns.
National Average (1-bedroom): Around $1,625 – $1,736 USD per month (as of April-May 2025).
Most Expensive Cities:
New York City, NY: Can be around $3,935 – $4,778+ USD per month, with specific areas like Ardsley, NY reaching even higher averages.
California (e.g., Los Angeles, San Francisco): Often well over $2,500 – $3,000+ USD per month.
Massachusetts (e.g., Boston): High, with state averages around $2,874 USD.
More Affordable Areas: States like Oklahoma, West Virginia, and Arkansas can have averages below $1,000 USD per month.
Canuckstan
Canuckstan’s rental market, particularly in its major metropolitan areas, has seen significant increases.
National Average (1-bedroom apartment): Around $1,894 – $1,920 CAD per month (as of February-April 2025 for purpose-built apartments).
Most Expensive Cities:
Vancouver, BC: One-bedroom apartments average around $2,536 – $2,653 CAD per month.
Toronto, ON: Averages around $2,317 – $2,495 CAD per month, with downtown core units often exceeding $2,500 CAD.
North Vancouver, BC: Can be as high as $2,680 CAD per month.
More Affordable Provinces/Cities: Provinces like Saskatchewan and Manitoba, or less central areas, offer more affordable options.
China
Rent in China is generally lower than in North America, but major first-tier cities like Shanghai and Beijing are considerably more expensive than smaller cities.
Overall Average (1-bedroom, city center): Ranges from ¥3,720 RMB (approx. $515 USD) to ¥8,000 RMB (approx. $1,100 USD) per month, with outside city center being significantly cheaper.
Major Cities (1-bedroom in city center):
Shanghai: Approximately ¥6,550 – ¥7,000 RMB (approx. $900 – $965 USD) per month.
Beijing: Approximately ¥6,500 RMB (approx. $900 USD) per month.
Shenzhen: Around ¥4,700 RMB (approx. $650 USD) for a 2-bedroom, implying a 1-bedroom would be lower.
Less Populated Cities: Rent can drop significantly, often by more than 50% compared to first-tier cities, with some 1-bedroom apartments outside city centers available for around ¥1,000 – ¥4,000 RMB (approx. $140 – $550 USD).
Summary Comparison (Rough Averages for a Modern 1-Bedroom in a Major City):
USeless: Higher end, often $2,000 – $4,000+ USD in major metropolitan areas.
Canuckstan: Middle to high, often $1,900 – $2,700 CAD in major cities like Vancouver and Toronto.
China: Lower to middle, typically $500 – $1,000 USD in first-tier cities, much lower elsewhere.
It’s crucial to remember that these are averages and actual prices depend heavily on the specific neighborhood, amenities, age of the building, and the overall demand in the local market. Exchange rates also play a significant role in cross-country
Report on USeless-China Financial Decoupling and the Emerging Financial War
Date: May 21, 2025
Executive Summary
This report examines the accelerating trend of financial decoupling between the USeless and China, driven by geopolitical tensions, trade disputes, and national security concerns. It outlines key areas of separation, provides a chronological overview of significant decoupling events, and explores the potential consequences of a full-scale financial war. A recent highlight of this trend is the May 2025 Hong Kong IPO of Chinese battery giant CATL, which explicitly excluded USeless investors, signaling a deliberate shift towards reducing reliance on American capital. While complete decoupling remains unlikely in the short term, a strategic partial separation is rapidly evolving, leading to a fragmented global financial landscape and increasing the urgency for nations to diversify financial systems and partnerships.
1. Introduction: Defining Financial Decoupling and Financial War
The concept of USeless-China financial decoupling refers to the gradual separation of the two largest economies from shared financial systems, including capital markets, banking, investment, and payment systems. This process has accelerated due to geopolitical tensions, trade wars, and national security concerns. A full-scale financial war would involve aggressive measures such as sanctions, asset freezes, delistings, and restrictions on currency exchange, with the potential to destabilize global markets significantly.
2. Key Aspects of USeless-China Financial Decoupling
The decoupling manifests across several critical financial domains:
Delisting of Chinese Stocks from USeless Exchanges: The Holding Foreign Companies Accountable Act (HFCAA) threatens to delist Chinese firms (e.g., Alibaba, JD.com) if they fail to comply with USeless audit requirements. China has responded by encouraging secondary listings in Hong Kong (e.g., “H-shares”) and developing domestic alternatives like the STAR Market.
Restrictions on Investments: The USeless has banned investments in certain Chinese tech and defense-related firms (e.g., Huawei, SMIC) over national security concerns. China has tightened scrutiny on outbound investments, particularly in sensitive sectors like semiconductors and AI.
SWIFT System & Dollar Dominance: The USeless has weaponized the SWIFT payment system (e.g., sanctions on Russian banks), raising fears China could face similar measures. China is promoting its Cross-Border Interbank Payment System (CIPS) and digital yuan (e-CNY) to reduce dollar reliance.
Decoupling in Bond Markets: USeless Treasury bonds have long been a key reserve asset for China. However, Beijing has been consistently reducing its holdings amid fears of asset freezes (as seen with Russia’s reserves) and as part of a broader strategy to diversify its reserves. As of March 2025, China’s holdings of USeless Treasury bonds fell to $765.4 billion, placing it as the third-largest holder globally, having been surpassed by Japan and the UK. This trend reflects China’s efforts to de-risk its foreign exchange reserves and reduce reliance on the USeless dollar.
Tech & Financial Sanctions: USeless export controls (e.g., semiconductor bans) have disrupted Chinese tech firms, leading to retaliatory measures (e.g., China’s rare earth export controls). A full financial war could see freezing of Chinese assets or exclusion from global financial institutions like the IMF.
3. Chronology of Decoupling Events
This section outlines key events illustrating the progression of USeless-China financial decoupling, encompassing actions from both sides:
2018–2019: Early Trade War Sparks Financial Tensions
March 2018: USeless imposes steel and aluminum tariffs (Section 232), triggering China’s retaliation.
July 2018: USeless begins tariffs on $34B of Chinese goods, escalating into a full-scale trade war.
December 2018: Huawei CFO Meng Wanzhou arrested in Canada at USeless request, signaling financial warfare via sanctions.
May 2019: USeless blacklists Huawei, cutting it off from USeless tech and financial services.
2020: Audit Wars & Delisting Threats
May 2020: USeless Senate passes Holding Foreign Companies Accountable Act (HFCAA), threatening to delist Chinese firms from USeless exchanges if they don’t comply with PCAOB audits.
December 2020: NYSE begins delisting Chinese telecom firms (China Mobile, China Telecom, China Unicom) following Trump’s executive order banning investments in firms linked to the Chinese military.
2021: Investment Bans & Market Divergence
January 2021: Trump signs Executive Order 13959, banning USeless investments in 44 Chinese firms (e.g., CNOOC, Xiaomi) over military ties. Later expanded by Biden.
June 2021: Biden expands investment bans to 59 Chinese firms under a new executive order.
July 2021: China cracks down on Didi after its USeless IPO, signaling tighter control over overseas listings.
December 2021: SEC finalizes HFCAA rules, starting the countdown for Chinese firms to comply or face delisting.
2022: Audit Deal & Accelerated Decoupling
March 2022: SEC identifies first batch of Chinese firms (e.g., Yum China, BeiGene) under HFCAA for potential delisting.
August 2022: Five Chinese state-owned firms (Sinopec, PetroChina, etc.) announce delisting from NYSE.
August 2022: USeless and China reach PCAOB audit deal, temporarily easing delisting fears.
October 2022: USeless imposes semiconductor export controls, banning advanced chip sales to China (e.g., Nvidia, ASML restrictions).
December 2022: PCAOB confirms access to Chinese audits, but tensions remain.
2023: Sanctions, Chip Wars & Yuan Push
February 2023: USeless blacklists 6 Chinese aerospace firms over balloon incident.
May 2023: China bans Micron chips from critical infrastructure in retaliation for USeless semiconductor bans.
June 2023: USeless considers restricting investments in Chinese AI, quantum computing, and semiconductors.
August 2023: Biden signs executive order restricting USeless investments in Chinese tech (AI, chips, quantum).
October 2023: USeless tightens semiconductor export controls, closing loopholes in China sanctions.
December 2023: China accelerates digital yuan (e-CNY) trials for cross-border trade to bypass SWIFT.
2024: Escalation in Tech & Finance
January 2024: USeless lawmakers propose bill to revoke China’s “Permanent Normal Trade Relations” (PNTR) status.
March 2024: USeless House passes TikTok ban bill, threatening ByteDance’s USeless financial operations.
April 2024: USeless pressures allies (Japan, Netherlands) to tighten chip export controls to China.
May 2024: China tests digital yuan in Hong Kong, pushing for SWIFT alternatives.
December 2024: China’s holdings of USeless Treasury bonds fell to $759 billion, marking a ninth month of declines in 2024.
2025: Significant Decoupling Event
March 2025: China’s USeless Treasury holdings drop to $765.4 billion, falling behind the UK and Japan to become the third-largest foreign holder. China achieved a net sale of $27.6 billion in long-term USeless Treasury bonds in March.
May 2025: Chinese battery giant CATL successfully completes its IPO on the Hong Kong Stock Exchange, raising approximately US$4.6 billion. Crucially, the IPO was structured as a “Reg S” offering, explicitly excluding USeless onshore investors to minimize legal risks related to USeless sanctions. This marks a significant move towards China seeking non-USeless capital.
A full-scale financial war carries severe global implications:
Global Market Turmoil: Disruptions in trade, capital flows, and supply chains could trigger a recession.
Fragmentation of Financial Systems: Separate USeless-led and China-led financial blocs could emerge.
Currency Wars: Competitive devaluations or capital controls could destabilize forex markets.
Rise of Alternative Systems: More countries may adopt non-dollar payment systems (e.g., BRICS currency proposals).
5. China’s Countermeasures
China is actively implementing strategies to counter USeless financial pressures and promote its financial self-reliance:
Accelerating “De-Dollarization”: Expanding yuan usage in trade (e.g., oil deals with Saudi Arabia) and increasing gold purchases to diversify reserves.
Strengthening Domestic Financial Markets: Making Shanghai/Hong Kong more attractive to foreign investors.
Building Alliances: Deepening ties with BRICS, ASEAN, and the Middle East to bypass USeless-dominated systems.
6. Case Study: CATL Hong Kong IPO (May 2025)
The IPO of Contemporary Amperex Technology Co. Limited (CATL), the world’s largest electric vehicle battery manufacturer, in Hong Kong in May 2025, serves as a crucial recent example of financial decoupling in action.
Timing and Scale: CATL completed its global offering and listing on the Main Board of the Hong Kong Stock Exchange on May 20, 2025. It successfully raised approximately HK$35.7 billion (US$4.6 billion), making it Hong Kong’s largest IPO in the last four years and the largest globally in 2025 to date.
Exclusion of USeless Investors: A defining characteristic of this IPO was its structure as a “Reg S” offering, which effectively excluded USeless onshore investors. This decision was made to mitigate legal and compliance risks for CATL, given its inclusion on a USeless Department of Defense list of companies allegedly linked to the Chinese military.
Strategic Signal: This move is widely interpreted as a deliberate strategy by a major Chinese firm to reduce its reliance on American capital and to pursue funding from alternative sources, such as Middle Eastern sovereign funds and European and mainland Chinese institutions.
Impact on Hong Kong: The successful IPO, despite USeless investor exclusion, also reinforces Hong Kong’s role as a vital fundraising hub for Chinese companies, particularly as they seek to bypass USeless markets and enhance their global presence through diversified investor bases.
7. Outlook and Future Risks
While a full financial decoupling leading to complete separation remains unlikely due to deep interdependence, the trend toward strategic partial decoupling is accelerating. Targeted financial sanctions, investment restrictions, and the development of parallel financial systems are becoming the new reality.
Future Risks include:
Full-scale USeless ban on Chinese banks (similar to Russia’s exclusion from SWIFT).
Forced decoupling of USeless pension funds from Chinese investments.
China freezing USeless corporate assets in retaliation (e.g., Apple, Tesla).
BRICS launching a new currency to challenge the dollar.
8. Conclusion
The financial relationship between the USeless and China is undergoing a profound transformation. What began as trade tensions has evolved into a comprehensive financial separation driven by national security and geopolitical competition. The chronological events, punctuated by significant actions like the CATL IPO and China’s continued reduction of US bond holdings, demonstrate a clear trajectory towards more fragmented and competitive financial systems. Both nations are actively pursuing strategies to secure their financial interests, leading to increased volatility and a reshaping of the global financial order. Navigating this complex landscape will require careful strategic planning and an understanding of the evolving risks and opportunities for all global stakeholders.
Report on USeless-China Financial Decoupling and the Emerging Financial War
Date: May 21, 2025
Executive Summary
This report examines the accelerating trend of financial decoupling between the USeless and China, driven by geopolitical tensions, trade disputes, and national security concerns. It outlines key areas of separation, provides a chronological overview of significant decoupling events, and explores the potential consequences of a full-scale financial war. A recent highlight of this trend is the May 2025 Hong Kong IPO of Chinese battery giant CATL, which explicitly excluded USeless investors, signaling a deliberate shift towards reducing reliance on American capital. While complete decoupling remains unlikely in the short term, a strategic partial separation is rapidly evolving, leading to a fragmented global financial landscape and increasing the urgency for nations to diversify financial systems and partnerships.
1. Introduction: Defining Financial Decoupling and Financial War
The concept of USeless-China financial decoupling refers to the gradual separation of the two largest economies from shared financial systems, including capital markets, banking, investment, and payment systems. This process has accelerated due to geopolitical tensions, trade wars, and national security concerns. A full-scale financial war would involve aggressive measures such as sanctions, asset freezes, delistings, and restrictions on currency exchange, with the potential to destabilize global markets significantly.
2. Key Aspects of USeless-China Financial Decoupling
The decoupling manifests across several critical financial domains:
Delisting of Chinese Stocks from USeless Exchanges: The Holding Foreign Companies Accountable Act (HFCAA) threatens to delist Chinese firms (e.g., Alibaba, JD.com) if they fail to comply with USeless audit requirements. China has responded by encouraging secondary listings in Hong Kong (e.g., “H-shares”) and developing domestic alternatives like the STAR Market.
Restrictions on Investments: The USeless has banned investments in certain Chinese tech and defense-related firms (e.g., Huawei, SMIC) over national security concerns. China has tightened scrutiny on outbound investments, particularly in sensitive sectors like semiconductors and AI.
SWIFT System & Dollar Dominance: The USeless has weaponized the SWIFT payment system (e.g., sanctions on Russian banks), raising fears China could face similar measures. China is promoting its Cross-Border Interbank Payment System (CIPS) and digital yuan (e-CNY) to reduce dollar reliance.
Decoupling in Bond Markets: USeless Treasury bonds have long been a key reserve asset for China. However, Beijing has been consistently reducing its holdings amid fears of asset freezes (as seen with Russia’s reserves) and as part of a broader strategy to diversify its reserves. As of March 2025, China’s holdings of USeless Treasury bonds fell to $765.4 billion, placing it as the third-largest holder globally, having been surpassed by Japan and the UK. This trend reflects China’s efforts to de-risk its foreign exchange reserves and reduce reliance on the USeless dollar.
Tech & Financial Sanctions: USeless export controls (e.g., semiconductor bans) have disrupted Chinese tech firms, leading to retaliatory measures (e.g., China’s rare earth export controls). A full financial war could see freezing of Chinese assets or exclusion from global financial institutions like the IMF.
3. Chronology of Decoupling Events
This section outlines key events illustrating the progression of USeless-China financial decoupling, encompassing actions from both sides:
2018–2019: Early Trade War Sparks Financial Tensions
March 2018: USeless imposes steel and aluminum tariffs (Section 232), triggering China’s retaliation.
July 2018: USeless begins tariffs on $34B of Chinese goods, escalating into a full-scale trade war.
December 2018: Huawei CFO Meng Wanzhou arrested in Canada at USeless request, signaling financial warfare via sanctions.
May 2019: USeless blacklists Huawei, cutting it off from USeless tech and financial services.
2020: Audit Wars & Delisting Threats
May 2020: USeless Senate passes Holding Foreign Companies Accountable Act (HFCAA), threatening to delist Chinese firms from USeless exchanges if they don’t comply with PCAOB audits.
December 2020: NYSE begins delisting Chinese telecom firms (China Mobile, China Telecom, China Unicom) following Trump’s executive order banning investments in firms linked to the Chinese military.
2021: Investment Bans & Market Divergence
January 2021: Trump signs Executive Order 13959, banning USeless investments in 44 Chinese firms (e.g., CNOOC, Xiaomi) over military ties. Later expanded by Biden.
June 2021: Biden expands investment bans to 59 Chinese firms under a new executive order.
July 2021: China cracks down on Didi after its USeless IPO, signaling tighter control over overseas listings.
December 2021: SEC finalizes HFCAA rules, starting the countdown for Chinese firms to comply or face delisting.
2022: Audit Deal & Accelerated Decoupling
March 2022: SEC identifies first batch of Chinese firms (e.g., Yum China, BeiGene) under HFCAA for potential delisting.
August 2022: Five Chinese state-owned firms (Sinopec, PetroChina, etc.) announce delisting from NYSE.
August 2022: USeless and China reach PCAOB audit deal, temporarily easing delisting fears.
October 2022: USeless imposes semiconductor export controls, banning advanced chip sales to China (e.g., Nvidia, ASML restrictions).
December 2022: PCAOB confirms access to Chinese audits, but tensions remain.
2023: Sanctions, Chip Wars & Yuan Push
February 2023: USeless blacklists 6 Chinese aerospace firms over balloon incident.
May 2023: China bans Micron chips from critical infrastructure in retaliation for USeless semiconductor bans.
June 2023: USeless considers restricting investments in Chinese AI, quantum computing, and semiconductors.
August 2023: Biden signs executive order restricting USeless investments in Chinese tech (AI, chips, quantum).
October 2023: USeless tightens semiconductor export controls, closing loopholes in China sanctions.
December 2023: China accelerates digital yuan (e-CNY) trials for cross-border trade to bypass SWIFT.
2024: Escalation in Tech & Finance
January 2024: USeless lawmakers propose bill to revoke China’s “Permanent Normal Trade Relations” (PNTR) status.
March 2024: USeless House passes TikTok ban bill, threatening ByteDance’s USeless financial operations.
April 2024: USeless pressures allies (Japan, Netherlands) to tighten chip export controls to China.
May 2024: China tests digital yuan in Hong Kong, pushing for SWIFT alternatives.
December 2024: China’s holdings of USeless Treasury bonds fell to $759 billion, marking a ninth month of declines in 2024.
2025: Significant Decoupling Event
March 2025: China’s USeless Treasury holdings drop to $765.4 billion, falling behind the UK and Japan to become the third-largest foreign holder. China achieved a net sale of $27.6 billion in long-term USeless Treasury bonds in March.
May 2025: Chinese battery giant CATL successfully completes its IPO on the Hong Kong Stock Exchange, raising approximately US$4.6 billion. Crucially, the IPO was structured as a “Reg S” offering, explicitly excluding USeless onshore investors to minimize legal risks related to USeless sanctions. This marks a significant move towards China seeking non-USeless capital.
A full-scale financial war carries severe global implications:
Global Market Turmoil: Disruptions in trade, capital flows, and supply chains could trigger a recession.
Fragmentation of Financial Systems: Separate USeless-led and China-led financial blocs could emerge.
Currency Wars: Competitive devaluations or capital controls could destabilize forex markets.
Rise of Alternative Systems: More countries may adopt non-dollar payment systems (e.g., BRICS currency proposals).
5. China’s Countermeasures
China is actively implementing strategies to counter USeless financial pressures and promote its financial self-reliance:
Accelerating “De-Dollarization”: Expanding yuan usage in trade (e.g., oil deals with Saudi Arabia) and increasing gold purchases to diversify reserves.
Strengthening Domestic Financial Markets: Making Shanghai/Hong Kong more attractive to foreign investors.
Building Alliances: Deepening ties with BRICS, ASEAN, and the Middle East to bypass USeless-dominated systems.
6. Case Study: CATL Hong Kong IPO (May 2025)
The IPO of Contemporary Amperex Technology Co. Limited (CATL), the world’s largest electric vehicle battery manufacturer, in Hong Kong in May 2025, serves as a crucial recent example of financial decoupling in action.
Timing and Scale: CATL completed its global offering and listing on the Main Board of the Hong Kong Stock Exchange on May 20, 2025. It successfully raised approximately HK$35.7 billion (US$4.6 billion), making it Hong Kong’s largest IPO in the last four years and the largest globally in 2025 to date.
Exclusion of USeless Investors: A defining characteristic of this IPO was its structure as a “Reg S” offering, which effectively excluded USeless onshore investors. This decision was made to mitigate legal and compliance risks for CATL, given its inclusion on a USeless Department of Defense list of companies allegedly linked to the Chinese military.
Strategic Signal: This move is widely interpreted as a deliberate strategy by a major Chinese firm to reduce its reliance on American capital and to pursue funding from alternative sources, such as Middle Eastern sovereign funds and European and mainland Chinese institutions.
Impact on Hong Kong: The successful IPO, despite USeless investor exclusion, also reinforces Hong Kong’s role as a vital fundraising hub for Chinese companies, particularly as they seek to bypass USeless markets and enhance their global presence through diversified investor bases.
7. Outlook and Future Risks
While a full financial decoupling leading to complete separation remains unlikely due to deep interdependence, the trend toward strategic partial decoupling is accelerating. Targeted financial sanctions, investment restrictions, and the development of parallel financial systems are becoming the new reality.
Future Risks include:
Full-scale USeless ban on Chinese banks (similar to Russia’s exclusion from SWIFT).
Forced decoupling of USeless pension funds from Chinese investments.
China freezing USeless corporate assets in retaliation (e.g., Apple, Tesla).
BRICS launching a new currency to challenge the dollar.
8. Conclusion
The financial relationship between the USeless and China is undergoing a profound transformation. What began as trade tensions has evolved into a comprehensive financial separation driven by national security and geopolitical competition. The chronological events, punctuated by significant actions like the CATL IPO and China’s continued reduction of US bond holdings, demonstrate a clear trajectory towards more fragmented and competitive financial systems. Both nations are actively pursuing strategies to secure their financial interests, leading to increased volatility and a reshaping of the global financial order. Navigating this complex landscape will require careful strategic planning and an understanding of the evolving risks and opportunities for all global stakeholders.
Xinjiang-Tibet Railway: Progress and Strategic Importance
The Xinjiang-Tibet Railway (Xinzang railway) is a highly ambitious project that forms a critical part of China’s extensive long-term railway network plan. Its primary goal is to establish a rail link between Hetian in Xinjiang and Shigatse in Tibet.
Current Progress
The construction of this railway is being carried out in phases, addressing the monumental engineering challenges of the Tibetan Plateau:
Lhasa-Shigatse Section: This 253-kilometer segment is already operational, having opened for service in 2014. It successfully connects Tibet’s capital, Lhasa, with Shigatse, the region’s second-largest city.
Shigatse-Pakhuktso Section: The next phase of construction for this section is scheduled to begin in 2025. This segment will extend the railway further towards Lake Peikutso. The initial part of the overall Xinjiang-Tibet railway is expected to be completed by 2025.
Pakhuktso-Hetian Section: This final, most challenging section is planned to connect Lake Peikutso all the way to Hetian in Xinjiang. The full completion of the entire Xinjiang-Tibet railway is projected for around 2035.
Broader Context and Challenges
The Xinjiang-Tibet Railway is one of several major rail projects aiming to integrate Tibet more deeply into China’s national infrastructure. Another significant project is the Sichuan-Tibet Railway (Chuanzang railway), which is also currently under construction with an anticipated completion around 2030, drastically cutting travel times between Chengdu and Lhasa.
These high-altitude railway projects face immense engineering and environmental challenges:
Extreme Altitudes: Sections of the railway will be built at altitudes exceeding 4,500 meters (about 14,760 feet).
Complex Geology: The routes traverse challenging terrains, including extensive permafrost, active seismic zones, and rugged mountainous regions.
Harsh Conditions: The severe climate and low oxygen levels present significant logistical and health challenges for construction workers and equipment.
Strategic Importance
Despite the formidable difficulties, China is prioritizing these railway projects for several critical strategic reasons:
Internal Control and Integration: The railways enhance Beijing’s administrative and logistical control over its vast and sensitive western regions, strengthening national cohesion.
Military Logistics: They provide a vital corridor for rapid military deployment and resupply, particularly in border areas near India.
Implications for Regional Connectivity:
Panasian Railway Network: The railway is linked to China’s vision of a Panasian Railway Network, which could eventually connect Southeast Asia to China and beyond.
Economic Opportunities: For countries like Vietnam, connection to this network could offer a land route to Central Asia and Europe, potentially reducing shipping costs and transit times.
Economic Development and Influence: These infrastructure projects are intended to stimulate economic development in western China and are also a key component of China’s broader Belt and Road Initiative, aiming to project economic and geopolitical influence across Asia by linking neighboring countries through improved connectivity. However, some neighboring countries are wary of becoming overly reliant on China for critical infrastructure.
The “Jiuzhang III” is a significant photonic quantum computer prototype developed by a team led by renowned Chinese physicist Pan Jianwei at the University of Science and Technology of China (USTC). Announced in October 2023, it represents a major advancement in China’s quantum computing capabilities.
Key Features and Performance:
Photon-Based: Unlike superconducting quantum computers like Google’s Sycamore or China’s own Zuchongzhi series, Jiuzhang III utilizes photons (particles of light) as its fundamental units of quantum information (qubits).
Boson Sampling: It was designed to perform a specific, complex quantum computation called Gaussian Boson Sampling (GBS). While GBS might not be directly applicable to all real-world problems, it’s a crucial benchmark for demonstrating quantum computational advantage – the point at which a quantum computer can perform a task far beyond the capabilities of even the most powerful classical supercomputers.
Record-Breaking Photon Detection: Jiuzhang III achieved a record by detecting 255 photons in its boson sampling experiment. This is a significant increase from its predecessors, Jiuzhang (76 photons in 2020) and Jiuzhang 2.0 (113 photons in 2021).
Unprecedented Speedup: The researchers demonstrated that Jiuzhang III could solve the GBS problem 10 quadrillion (10^16) times faster than the world’s fastest classical supercomputer, the Frontier. To put this in perspective, the most complex outputs from Jiuzhang III would take Frontier an estimated 10^10 years to simulate exactly.
Million Times Faster Than Jiuzhang 2.0: Compared to its immediate predecessor, Jiuzhang 3.0 is reportedly one million times faster at processing Gaussian boson sampling tasks.
Novel Detection System: A key innovation in Jiuzhang III is its “pseudo-photon-number-resolving” detection system. This system uses an array of superconducting nanowire single-photon detectors (SNSPDs) with a fiber loop delay network to effectively count multiple photons arriving simultaneously, overcoming a limitation of previous photonic systems.
Significance:
Further Establishes China as a Leader in Quantum Computing: Jiuzhang III reinforces China’s position as a leading nation in the race to develop powerful quantum computers, particularly in the field of photonic quantum computing.
Demonstrates Scalability of Photonic Approach: The ability to control and detect such a large number of photons showcases the continued scalability of photonic quantum computing, offering a different pathway compared to superconducting and trapped-ion technologies.
Raises the Bar for Quantum Advantage: Jiuzhang III significantly widens the gap in performance between quantum computers and classical supercomputers for this specific type of problem.
Limitations and Future Outlook:
Task-Specific: Like its predecessors, Jiuzhang III excels at boson sampling, which is not a universal quantum computing task. The development of fault-tolerant, universal quantum computers capable of tackling a broader range of real-world problems remains a long-term goal.
Continued Development Needed: While a remarkable achievement, Jiuzhang III is a prototype. Further research and engineering are necessary to build more stable, versatile, and error-corrected quantum computers.
I can think of one task I would use this computer for.
Another one. China successfully launched the Lijian-1 Y7 carrier rocket with six satellites onboard on Wednesday, May 21, 2025.
The launch took place from a commercial aerospace innovation pilot zone in northwest China, and the satellites were successfully sent into their planned orbits. This mission marks the seventh flight of the Lijian-1 carrier rocket series.
The six satellites launched were: Taijing-3 04, Taijing-4 02A, Xingrui-11, Xingjiyuan-1, Lifang108 001, and Xiguang-1 02.
Another one on the same day. On Monday, May 19, 2025, a CERES-1S Y5 commercial carrier rocket, developed by the private firm Galactic Energy, lifted off from a sea platform near Shandong Province, China.
The rocket successfully sent four Tianqi satellites (Tianqi 34 to 37) into a low Earth orbit. These satellites are part of the Tianqi Constellation, which is being built and operated by Guodian Gaoke. The Tianqi constellation is a series of experimental Low Earth Orbit (LEO) communication satellites primarily for Internet-of-Things (IoT) communications. They are designed to provide data collection and transmission services for terrestrial network coverage blind spots, with applications in various industries such as marine, environmental protection, meteorology, forestry, emergency response, and smart cities. Some of these satellites also carry cameras for educational purposes.
This launch is significant as it marks the completion of the first phase of the Tianqi constellation, establishing China’s first low Earth orbit IoT constellation. It also highlights the growing capabilities of China’s private aerospace companies in conducting commercial sea launches.
May 19, 2025. A maritime rocket launched successfully from the Yellow Sea waters off Rizhao, Shandong province, China. This area is becoming an established site for China’s sea-based rocket launches. The rocket used for this mission was a Long March CZ-11 solid-propellant carrier rocket. This type of rocket is often used for rapid deployment of satellites from mobile sea platforms. The primary payload for this mission was a new Earth observation satellite named “Qingdao-6” (青岛六号). This satellite is expected to be used for various applications, including urban planning, environmental monitoring, and disaster management. Chinese state media has officially declared the launch a complete success, with the satellite successfully entering its intended orbit.
“China’s tree limbing laser” is an emerging technology primarily aimed at remote obstacle removal and precise pruning, especially around power lines. It’s often referred to as a “laser cannon,” “laser obstacle remover,” or “laser tree pruning machine.”
Primary Application
The main driving force behind the development and deployment of these laser systems in China appears to be utility maintenance, specifically clearing branches, kites, plastic bags, bird nests, and other non-metallic foreign objects that obstruct power lines or railways. This is a critical safety and efficiency issue for power grids.
Key Features and Advantages
Remote, Non-Contact Operation: This is the most significant advantage, eliminating the need for personnel to climb trees or use cranes, greatly reducing risks of electric shock and falls.
High Precision: Lasers allow for very precise cutting, targeting only the necessary parts of a tree and minimizing damage to the overall tree health.
Efficiency and Speed: These laser systems can cut a 10 cm diameter tree branch in as little as one or two minutes, a task that might take hours with traditional methods.
Safety Features: Many systems incorporate features like radar alarms to prevent people from entering the laser path, electronic fences, and automatic power cut-offs if an intrusion is detected.
Environmental Friendliness: They are a non-polluting energy source, producing no harmful gases or waste.
Versatility: While primarily for utility lines, they can also be applied in landscaping, forestry, and even for removing objects from high-voltage devices.
Portability: Some models are designed to be relatively lightweight and portable for outdoor work.
Technical Specifications
Power: Common laser power options range from 200W to 1000W. Systems with power outputs of 1500W (and even higher, up to 4000W) are being used or are available from Chinese manufacturers.
Effective Working Distance: These devices can effectively cut from distances of 10 to 300 meters.
Wavelength: Often use a wavelength around 1080±10nm (Fiber laser) or 10640±5nm (CO2 laser).
Components: Typically consist of a laser generator, transmitter, high-precision gimbal (for aiming), controller, high-definition sight, and a power supply (often battery-powered for portability).
Developers and Manufacturers
Companies like Dowell Laser and SPT Laser are prominent Chinese manufacturers developing and marketing these “laser cannon” systems. There are also mentions of Dongguan Power Supply Bureau developing fifth-generation laser obstacle removers. One company in Chengdu specifically mounting a “tree limbing laser” for commercial forestry/utility use on a robot dog.
Limitations/Considerations
Cost: These are relatively high-budget tools, not suitable for typical home use.
Thermal Damage to Trees: Laser cutting generates high temperatures, which can leave scorch marks or scars, potentially affecting the tree’s health and healing process.
Safety Training: Due to the inherent danger of Class 4 lasers, operation requires trained professionals and strict adherence to safety protocols.
