Good evening. On the 83rd floor of One World Trade Center, the office of Khan Funds — once one of China’s hot investment funds — sits empty. Our cover story this week delves into the strange saga of its CEO, Eric Dai, a man portrays himself as a courageous whistleblower who helped stop a Chinese plot to steal U.S. technology — but to his critics is an audacious thief. Elsewhere, we have infographics on the recent U-turns in China’s policies; an interview with Paul Heer about the danger of overstating China’s ambitions; a reported piece on how Jimmy Lai’s trial is reshaping Hong Kong’s judiciary; and an op-ed from Yuen Yuen Ang about the policy reforms China actually needs to sustain longterm growth. If you’re not already a paid subscriber to The Wire, please sign up here.
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Did Eric Dai expose a Chinese scheme to steal critical military technology? Or did he steal millions of dollars from a Chinese company by exploiting geopolitical tensions? It’s not entirely clear, but as Katrina Northrop reports, Dai’s saga hits all the high notes of current U.S.-China tensions, including convoluted plots to illicitly acquire U.S. semiconductor technology and extraterritorial schemes to harass, intimidate and coerce the Chinese diaspora. What is clear is that, for Dai, who founded a large investment fund but is now seeking asylum in the U.S., it feels like World War III.
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