Great analysis. I will disagree with your last point though. The intangible remains; China is not an open society by any means, and its companies are under gov surveillance (just look at DeepSeek). I met a very smart man at a conference a few weeks ago. We were discussing evs in China. His response was he wants to stay in the US and does not use DeepSeek due to its surveillance. He feared if he visited China he would get in trouble. This transcends my anecdote. Private companies operating under oppressive regimes will not prosper. The chains of oppression are not to be underestimated