Welcome back to The Breakdown with me, NLW.

It's a daily podcast on macro, Bitcoin, and the big picture power shifts remaking our world.

The breakdown is sponsored by nexo.io, circle, and FtX, and produced and distributed by CoinDesk.

What's going on, guys? It is Saturday, October 29th. That means it's time for the weekly recap.

Now, before we get into the weekly recap, there are two ways to listen to the breakdown.

You can find us on the Coin Desk podcast Network, which comes out every afternoon, and which also

features other great Coin desk shows, or you can hear it on the breakdown-only feed, which comes

out a few hours later in the evening. Wherever you are listening, I would so appreciate it

if you would take the time to leave a rating or a review, it makes a big difference.

Also, a disclosure, as always. In addition to them being a sponsor of the show, I also work with FTX.

All right, folks, happy Saturday. As you probably know, if you've listened to any shows this week,

I am currently on my way down to South America with the family. And so for this weekly recap, I wanted

to use this chance to talk about a fairly big geopolitical topic in China, specifically what's been going on

in terms of the power dynamics inside of China. Now, the normal caveats extra apply here. I am not a

China expert by any stretch of the imagination, and so even more than usual, will not be embedding

tons of my own op-ed or opinions here. Also, apologies in advance for what

I can only assume will be rampant mispronunciation. So last weekend saw the end of the 20th

Party Congress for the Chinese Communist Party. The culmination was that President Xi Jinping

was elected to a third five-year term as head of state. She's election is being viewed broadly

as a massive

consolidation of power, the likes of which we haven't seen for many, many years. A small but

substantive example is that party rules that were established in 1982 were abandoned to enable

...