Alice Han

And I think it was a decision to have a clean, complete clean slate of the CMC going into the 21st Party Congress, which is in 2027, when Xi will have to bring in more people to replace the empty chairs.

That materially, and this takes me to my conclusion, which is materially it matters for the timeline and probabilities of Taiwan.

Because right now, he's gotten rid of his most experienced military commanders and generals.

He doesn't have the operational experience.

or combat readiness now, to go in and take Taiwan, let alone do a quarantine or a blockade.

So I think this probably delays a Taiwan showdown for the next couple of years.

But my concern, if we look to beyond 2027,

And the new generation that you got, so to speak, of generals, might we end up with an outcome in which we have wolf warriors in the CMC and the PLA that are going to be much more bellicose and ready for a Taiwan showdown?

That is my concern.

But I think...

Mark had shrugged it off.

The CSI 300 was in the green today.

It's not an economic, I think, issue, but it certainly is a military geopolitical issue and at its heart a political issue about Xi Jinping's security and longevity as the president.

One thing that I'll end on is that I certainly think that this further reinforces his power and it delays any talk about a succession because he's effectively wiped out

any contenders for that role.

Yeah, certainly.

I think the gold story might be more associated with American waning influence and dollar weakness.

Maybe it's a risk-off attitude that people have to U.S.

assets.

But to sort of add to what we were discussing about power and the military, I think it can't be overstated how important this is and how, I hate using this word, but I have to use it, unprecedented this is in modern Chinese history.