James Kynge

We have no clue what that means in real terms.

Another

of the articles in the latest legislation says that China would carry out action against anyone who quote, carries out information gathering activities related to industrial and supply chains in China.

So let's say a

foreign company working in China was subject to some kind of a trade war sanction or a tariff or something like that, and it wanted to investigate its Chinese supply chain, something I think companies do all the time all over the world, then it could potentially be breaking the law in China.

So there are several other articles here in this extremely vague piece of legislation the Chinese just put out.

And a lot of foreign companies, some of the biggest companies in the world, are very concerned about this.

So I don't know where this is going to go, Alice, but this seems a bit of a step change to me.

Maybe this will just...

Yeah, absolutely.

I think that's a very astute comment, Alice, because I mean, when it comes to the balance of power, China has the power in terms of its supply chain.

Its supply chain is of unrivaled superiority in the world.

Just a few numbers in terms of...

these generic drugs, China makes more than about 60% of the world's total.

In terms of sort of legacy semiconductors, so that's semiconductors above, I think, about 14 nanometers, China's making around 70%.

Rare earths, we've already mentioned, China makes about 80% to 90% of the world's rare earths.

In sector after sector, China has

potential chokeholds over the rest of the world economy.

And I think it's just showing the US that, hey, don't tangle with us.

We can beat you.