Good evening. Binance, the crypto exchange, is everywhere right now. The $ 92 billion company recently took a significant stake in Forbes magazine and is one of the backers of Elon Musk’s Twitter offer. According to some estimates, its CEO, “CZ,” is only next to Musk in net worth of $ 225 billion. And yet, since he fled his founding city of Shanghai, Binance has existed essentially nowhere – without any official headquarters. Our cover story this week asks how long Binance and CZ can stay on the run. Elsewhere, we have infographics about PAG, one of Asia’s largest private equity firms; an interview with Charlene Barshefsky on why it is more important than ever to get involved in China; a report on how Russia’s invasion of Ukraine is testing Taiwan; and a statement by Michael Spence on the bright side of strategic competition between the United States and China. If you are not already registered Threadsign up here.
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born to run
After cashing in on China’s crypto boom, Binance CEO “CZ” fled China just in time. But critics say he has been driving ever since and “jumps jurisdiction” while authorities around the world try to capture the $ 92 billion cryptocurrency exchange. In this week’s cover story, Katrina Northrop examines Binance’s Shanghai past, nomadic present, and unknown future.
Overview: the new punch from PAG
Shan Weijian’s craftsmanship has taken him far from surviving the Cultural Revolution to climbing the top tier of the financial industry. But the co-founder of PAG, one of Asia’s largest private equity firms, is now in the spotlight after his criticism of the Chinese government’s handling of the economy and its zero- Covid has found its way into FinancialTimes. This week, our infographic of Eliot Chen examines PAG’s history and investments.
Interview with Charlene Barshefsky
Charlene Barshefsky, the U.S. Trade Representative under President Bill Clinton, was the architect and chief negotiator of the deal that paved the way for China’s accession to the World Trade Organization. In this week’s Q&A with Bob Davis – part of a new special series called “Rules of Engagement” – she reflects on the surprises and failures of this historic deal; why engagement with China is more important than ever; and why she believes the United States can remain prominent, even if it is not prevalent.
Artwork by Kate Copeland
How did Russia’s invasion of Ukraine affect the people of Taiwan? As Jordyn Haime reports, Russia’s attack triggered a new sense of realism surrounding Taiwan’s readiness for a possible future war with China, and whether it could count on the help of the United States and its allies.
Good strategic competition between the United States and China
In this week’s edition, Nobel laureate in economics Michael Spence claims that if the United States and China fight a zero-sum battle for long-term technological dominance, they will both fail, hampering technological progress and economic growth everywhere. They feel much better, he says, striving to reach or stay at the limit of innovation without preventing others from challenging them.
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