[22]In 1919 he demonstrated as part of the May Fourth Movement against the Chinese government being so weak in allowing the Treaty of Versailles, which carved up the world for the winners of World War I, to give the eastern part of Shandong province to the Japanese rather than give it back to China. Also, when on a study program in France, he demonstrated against the Chinese government for not sustaining the program. All through his life he was a revolutionary until he won and became part of the establishment. [23]https://www.lowyinstitute.org/the-interpreter/chart-week-global-trade-through-us-china-lens [24]To clarify, while Madame Gu’s first husband passed, she remarried so I’m referring to her second husband. [25]https://www.worldbank.org/en/news/feature/2010/03/19/results-profile-china-poverty-reduction [26]https://data.worldbank.org/indicator/SI.POV.DDAY?locations=CN [27]I never asked questions that would put them in the awkward position of having to choose between conveying confidential information and having to decline my request. I just wanted to see things through their eyes and help, like a doctor looking at cases with other doctors would discuss what’s happening and what one in these positions should do about them. [28]https://www.cnbc.com/2019/02/28/1-in-5-companies-say-china-stole-their-ip-within-the-last-year-cnbc.html [29]Relevant studies include “How China’s Economic Aggression Threatens the Technologies and Intellectual Property of the United States and the World,” “Section 301 Report into China's Acts, Policies, and Practices Related to Technology Transfer, Intellectual Property, and Innovation,” “China’s Technology Transfer Strategy: How Chinese Investments in Emerging Technology Enable a Strategic Competitor to Access the Crown Jewels of US Innovation,” and “The Report of the Commission on the Theft of American Intellectual Property.” [30]Total returns vs USD are calculated using tradable market returns where available, extended back with data on interest rates and spot exchange rates. Total returns vs gold are constructed using data for interest rates, spot exchange rates, and USD gold prices. Bridgewater Daily Observations is prepared by and is the property of Bridgewater Associates, LP and is circulated for informational and educational purposes only. There is no consideration given to the specific investment needs, objectives or tolerances of any of the recipients. Additionally, Bridgewater's actual investment positions may, and often will, vary from its conclusions discussed herein based on any number of factors, such as client investment restrictions, portfolio rebalancing and transactions costs, among others. Recipients should consult their own advisors, including tax advisors, before making any investment decision. This report is not an offer to sell or the solicitation of an offer to buy the securities or other instruments mentioned. Bridgewater research utilizes data and information from public, private and internal sources, including data from actual Bridgewater trades. Sources include the Australian Bureau of Statistics, Bloomberg Finance L.P., Capital Economics, CBRE, Inc., CEIC Data Company Ltd., Consensus Economics Inc., Corelogic, Inc., CoStar Realty Information, Inc., CreditSights, Inc., Dealogic LLC, DTCC Data Repository (U.S.), LLC, Ecoanalitica, EPFR Global, Eurasia Group Ltd., European Money Markets Institute – EMMI, Evercore ISI, Factset Research Systems, Inc., The Financial Times Limited, GaveKal Research Ltd., Global Financial Data, Inc., Haver Analytics, Inc., ICE Data Derivatives, IHSMarkit, The Investment Funds Institute of Canada, International Energy Agency, Lombard Street Research, Mergent, Inc., Metals Focus Ltd, Moody’s Analytics, Inc., MSCI, Inc., National Bureau of Economic Research, Organisation for Economic Cooperation and Development, Pensions & Investments Research Center, Renwood Realtytrac, LLC, Rystad Energy, Inc., S&P Global Market Intelligence Inc., Sentix Gmbh, Spears & Associates, Inc., State Street Bank and Trust Company, Sun Hung Kai Financial (UK), Refinitiv, Totem Macro, United Nations, US Department of Commerce, Wind Information (Shanghai) Co Ltd, Wood Mackenzie Limited, World Bureau of Metal Statistics, and World Economic Forum. While we consider information from external sources to be reliable, we do not assume responsibility for its accuracy. The views expressed herein are solely those of Bridgewater as of the date of this report and are subject to change without notice. Bridgewater may have a significant financial interest in one or more of the positions and/or securities or derivatives discussed. Those responsible for preparing this report receive compensation based upon various factors, including, among other things, the quality of their work and firm revenues.