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Hello and welcome to another episode of the Adlots podcast. I'm Joe Weisenthal.

And I'm Tracy Alloway. So Tracy, we've been talking about China a fair amount lately. We had

that recent episode with Dan Wong about some of the specific industries that China's

cracking down on, like online education and video games and so forth. And we talked to Travis

Lundy, specifically about the stress to say the least at the real estate developer Evergrande.

But really, it feels like we can't get enough of the China story. And every time we do one of

these episodes, my head is just like filled with like 100 more questions. All China all the time.

I mean, both of those stories provoke some pretty big sort of existential questions about China

and its economy. I mean, specifically the crackdowns, you know, we saw a lot of people sort of

scratching their heads and basically going, well, China built up, you know, this market economy.

It built up its stock market, its technology sector. It's all supposed to be kind of

capitalist in style. And now it seems to be cracking down in a very centrally ordered way. And

what does that mean for China's market reforms? And then on the other hand, we saw a lot of people

going, well, you know, it was never that free market. It's always been a centrally ordered economy.

And this is everyone just sort of waking up to that fact. But I think there is a big question

mark over where exactly the Chinese model is going right now.

Yeah. And it kind of occurred to me like there is this tension. So one of these things,

one of the things that Dan Wong points out is, okay, China is like very keen to remain an

industrial powerhouse to be good at manufacturing. And of course, that's been a theme of all the

...