Today’s top items:

1. Outbreaks - Shenzhen is seeing a small rise in cases and Macao is locking down except for casinos. Several cities are pulling back on the aggressive testing plans, mostly because they do not have the money.

2. Xi’s speech at the BRICS summit - The themes in this speech are consistent with those in his Wednesday speech to the BRICS business forum, including criticizing the US with statements like “Those who seek to create monopoly, blockade and barriers in science and technology in order to disrupt other countries' innovation and development and hold on to their dominant position are doomed to fail”. I thought it was interesting that Xi says “China would like to work with BRICS partners to operationalize the GSI [推动倡议落地见效] and bring more stability and positive energy to the world.” Xi clearly sees the BRICS as yet another lever in his quest to reshape the global order to the PRC’s advantage: “As representatives of emerging markets and developing countries, we must make t…