Executive Summary: Beijing views control over the platforms, standards, and data flows of the Internet of Things (IoT) era as a source of lasting structural leverage, and has spent more than a decade positioning itself at the center of this emerging system. The PRC’s share... MORE

Executive Summary: Hong Kong launched a new stablecoin regime on August 1, continuing its cautious embrace of emerging financial products nearly three years after declaring its intention to become a digital assets hub. In anticipation of the new regime, July saw a flurry of fundraising... MORE

Executive Summary: The concurrent deployment of the Liaoning and Shandong aircraft carriers beyond the First Island Chain represents a significant strategic milestone, highlighting the People’s Liberation Army’s (PLA) improved capability to coordinate complex naval operations and signaling a shift towards more sophisticated Anti-Access/Area-Denial (A2/AD) operations... MORE

Executive Summary: Philippine officials declared the island of Basilan free of Abu Sayyaf on June 10. Basilan was formerly one of the group’s strongholds and represents another example of the group’s near-complete degradation. With the war on Islamist radical groups in Southeast Asia largely won,... MORE

Executive Summary: Beijing’s maritime strategy hinges on expanding what it calls the “blue economy,” which is increasingly integrated with broader strategic ambitions under the rubric of becoming a “strong sea power.” Central government policies and five-years plans call for deeper cross-regional integration to support the... MORE

Executive Summary: Xi Jinping continues to dominate the Chinese Party-state system, based on an assessment of evidence from spring and summer 2025. Despite high-level purges, unusual military reshuffles, and persistent rumors of elite dissatisfaction, there is no visible indication that Xi’s personal authority has meaningfully... MORE

Executive Summary: For the first time, public security authorities in the People’s Republic of China (PRC) are targeting Taiwanese military personnel and so-called “Taiwan independence” (台独) forces through a law enforcement framework. Akin to techniques previously used in Hong Kong, the Guangzhou Public Security Bureau... MORE

Executive Summary: The PRC is exporting an integrated system of smart devices, data infrastructure, and governance standards. Through industrial policy, state-backed overproduction, and strategic data asymmetry, Beijing is building a global IoT architecture designed to embed PRC standards, influence, and governance into the connected environments... MORE

Executive Summary: In June 2025, the Liaoning and Shandong carrier strike groups conducted operations in the Western Pacific, achieving three major milestones with significant strategic implications for the U.S. military and Indo-Pacific regional states. The three key milestones include the first simultaneous deployment of two... MORE

Executive Summary: Beijing has tracked Russia’s response to what it perceives as financial warfare from the United States and its allies and has begun mitigating its vulnerabilities and building an offensive toolkit in response. Chinese experts take confidence from Moscow’s resilience in face of more... MORE