James Kynge

Absolutely.

And I think quite a few people in the U.S.

will be looking at the fact that the founder of this company, Moore's Threads, used to head up the operations of NVIDIA in China and thinking, you know, how much American technology and know-how is kind of going out the back door to Chinese companies?

I'm not saying this is illegal.

But, you know, as China begins to catch up, and you've mentioned some of the cases there, you mentioned Cambricon, and of course, Huawei has got some chips which are now competing and gaining some big contracts in the China market, now competing also with NVIDIA.

I think quite a lot of people in the U.S.

are wondering, you know, how do we stop know-how and technology going out of the back door of some of our biggest companies to Chinese competitors?

And I think that this is another case that really will concentrate the minds of policymakers in Washington and other people in the industry as well.

Yeah, no, I mean, we're speaking just a few hours after China announced its trade surplus for November.

And that means that in the first 11 months of this year, the Chinese trade surplus for goods already is in excess of one trillion U.S.

dollars.

And that means that for the full year, it might be about $1.2 trillion, which, according to various estimates that I've been looking at, means that this could be one of the highest trade surpluses in history, roughly equivalent to some of the huge surpluses we saw the U.S.

have.

in the last years of the Second World War.

So we're really talking about exceptionally high trade surpluses.

And one of the reasons for that, of course, is that the renminbi, the yuan, the CNY, whatever we call it, is undervalued.

That means that all of China's exports to the world are much cheaper than they should be, according to various different estimates that economists make.

And I think the reason that this is so key right now is that some people, just a few, not that many, inside China are starting to talk about a window for renminbi appreciation.

So the person that really came onto my radar was a man called Mao Yen Liang.

He is