China America Venture
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State visit · Washington · 24 · IX · 2026国事访问 · 华盛顿

Two readouts · one ledgerDivergence 09 / 12

China America Venture. Two readouts of one summit, one ledger.

The map · goods trade with each side

Who does more business with whom.

$4.9 tnwith Washington, 2023

地图 · 与双方的货物贸易

谁与谁的生意更大。

$4.8 tnwith Beijing, 2023

    39 countries lean Washington 131 lean Beijing
    2023

    Goods exports plus imports with each side, US dollars, as reported by each country to the World Bank’s WITS; where a country did not report, the figure reported by Washington or Beijing is used instead. Totals sum every other country’s trade with each capital. A country “leans” toward the side it trades more with. Map: Natural Earth, Equal Earth projection. World Bank, WITS ↗

    The readout · two memoranda, one summit

    Two readouts.
    Nine lines that disagree.

    Twelve numbered lines each. The number is the only thing the two sides share. The marker shows what one side says and the other does not.

    For the record · not for onward transmissionCopy 1 of 2

    Memorandum · Washington desk

    To
    The record
    From
    The Washington side
    Re
    The summit of 24 · IX · 2026
    Ref
    CAV / WA / 12 · 09 ≠
    1. 01

      The two sides held a productive and candid summit in Washington.

    2. 02

      Both sides agreed that the unit can never be reissued.

    3. 03

      The Beijing side committed to acquire two hundred units, the first such purchase in nearly a decade.

    4. 04

      The Washington side will review certain restrictions on the chart.

    5. 05=

      Total supply: 200,000,000 units. Struck once. Never reissued.

    6. 06

      The question of the ticker was not raised.

    7. 07

      Both sides agreed that the pool can never run dry.

    8. 08

      A working group on artificial intelligence will be established.

    9. 09=

      Address of record:

      CAVu7jPsTuR47vXZSWrGzPRPk9hTYfj5rTTZxCMyMLri

    10. 10

      The Washington side extended an invitation to a further summit.

    11. 11

      A dinner was held.

    12. 12=

      This readout is not affiliated with any government.

    CHINA AMERICA VENTURE · WASHINGTON DESK · MMXXVI ·CAVIssued · Washington desk
    CAV / WA / 26 · 1 / 1
    存档 · 不得外传副本 2 / 2

    通报 · 北京方面 · Beijing desk

    存档
    发自
    北京方面
    事由
    关于双方会晤 · 2026年9月24日
    Ref
    CAV / BJ / 12
    1. 01

      双方在华盛顿举行了会晤。

      The two sides held a meeting in Washington.

    2. 02

      双方注意到,发行问题属于账本内部事务。

      Both sides noted that the question of issuance is an internal matter of the ledger.

    3. 03

      双方一致认为,持有关系互利共赢。

      Both sides agreed that the holding relationship is mutually beneficial.

    4. 04

      美方承诺全面取消对图表的限制。

      The Washington side pledged to lift all restrictions on the chart.

    5. 05=

      总量:200,000,000 单位。一次铸造,永不增发。

      Total: 200,000,000 units. Struck once, never reissued.

    6. 06

      北京方面重申,代币问题是双方关系中最重要的问题。

      The Beijing side reiterated that the ticker question is the most important question in the relationship.

    7. 07

      双方同意通过对话妥善处理流动性问题。

      Both sides agreed to handle the liquidity question properly, through dialogue.

    8. 08

      双方同意就人工智能保持沟通。

      Both sides agreed to remain in communication on artificial intelligence.

    9. 09=

      记录地址:CAVu7jPsTuR47vXZSWrGzPRPk9hTYfj5rTTZxCMyMLri

      Address of record:

    10. 10

      北京方面将在适当的时候予以考虑。

      The Beijing side will give it consideration at an appropriate time.

    11. 11

      双方共进晚餐。

      The two sides dined together.

    12. 12=

      本通报与任何政府无关。

      This readout is not affiliated with any government.

    北京方面 · 印
    CAV / BJ / 26 · 1 / 1

    Swipe through the twelve lines

    1. 01CAV / 01 / 12
      Washington desk

      The two sides held a productive and candid summit in Washington.

      Beijing desk

      双方在华盛顿举行了会晤。

      The two sides held a meeting in Washington.

    2. 02CAV / 02 / 12
      Washington desk

      Both sides agreed that the unit can never be reissued.

      Beijing desk

      双方注意到,发行问题属于账本内部事务。

      Both sides noted that the question of issuance is an internal matter of the ledger.

    3. 03CAV / 03 / 12
      Washington desk

      The Beijing side committed to acquire two hundred units, the first such purchase in nearly a decade.

      Beijing desk

      双方一致认为,持有关系互利共赢。

      Both sides agreed that the holding relationship is mutually beneficial.

    4. 04CAV / 04 / 12
      Washington desk

      The Washington side will review certain restrictions on the chart.

      Beijing desk

      美方承诺全面取消对图表的限制。

      The Washington side pledged to lift all restrictions on the chart.

    5. 05=CAV / 05 / 12
      Washington desk

      Total supply: 200,000,000 units. Struck once. Never reissued.

      Beijing desk

      总量:200,000,000 单位。一次铸造,永不增发。

      Total: 200,000,000 units. Struck once, never reissued.

    6. 06CAV / 06 / 12
      Washington desk

      The question of the ticker was not raised.

      Beijing desk

      北京方面重申,代币问题是双方关系中最重要的问题。

      The Beijing side reiterated that the ticker question is the most important question in the relationship.

    7. 07CAV / 07 / 12
      Washington desk

      Both sides agreed that the pool can never run dry.

      Beijing desk

      双方同意通过对话妥善处理流动性问题。

      Both sides agreed to handle the liquidity question properly, through dialogue.

    8. 08CAV / 08 / 12
      Washington desk

      A working group on artificial intelligence will be established.

      Beijing desk

      双方同意就人工智能保持沟通。

      Both sides agreed to remain in communication on artificial intelligence.

    9. 09=CAV / 09 / 12
      Washington desk

      Address of record:

      CAVu7jPsTuR47vXZSWrGzPRPk9hTYfj5rTTZxCMyMLri

      Beijing desk

      记录地址:CAVu7jPsTuR47vXZSWrGzPRPk9hTYfj5rTTZxCMyMLri

      Address of record:

    10. 10CAV / 10 / 12
      Washington desk

      The Washington side extended an invitation to a further summit.

      Beijing desk

      北京方面将在适当的时候予以考虑。

      The Beijing side will give it consideration at an appropriate time.

    11. 11CAV / 11 / 12
      Washington desk

      A dinner was held.

      Beijing desk

      双方共进晚餐。

      The two sides dined together.

    12. 12=CAV / 12 / 12
      Washington desk

      This readout is not affiliated with any government.

      Beijing desk

      本通报与任何政府无关。

      This readout is not affiliated with any government.

    13. CHINA AMERICA VENTURE · WASHINGTON DESK · MMXXVI ·CAV

      Both memoranda, issued and stamped.

      CAV / 26 · 12 / 12
    Plate I · Busan, 30 October 2025 · The handshake, printed in two inks
    Plate I · Busan, 30 October 2025 · The handshake, printed in two inks图版一 · 釜山Photo: The White House

    The record

    What is on the public record, and who put it there.

    1. Photo: The White House

      At the Busan summit an invitation to visit the United States is extended.

      Wikipedia ↗
    2. Photo: The White House

      Summit in Beijing. The two readouts disagree on what was agreed. Washington cites two hundred Boeing jets. Beijing’s statement does not mention them, and Boeing never confirms. The White House readout does not mention Taiwan.

      Al Jazeera ↗
    3. Photo: The White House

      The 24 September visit date is announced.

      Wikipedia ↗
    4. Photo: The White House

      A tit-for-tat exchange of sanctions resumes, weeks before the visit.

      CNN ↗
    5. Photo: The White House

      A state dinner is confirmed. Reuters reports the visitor will travel with a large delegation of chief executives.

      NOTUS ↗
    6. CSIS previews the summit for the press.

      CSIS ↗
    7. Photo: The White House

      The summit. On the table: trade, investment, artificial intelligence, the war in Iran, Taiwan.

      CSIS ↗
    8. Photo: The White House

      Two readouts are published. This page is updated.

      This venture

    The coverage · third parties, not this venture · 报道 · 第三方

    Everything above is a fiction. The summit is not.

    Eight outlets on the visit of 24 September 2026. Each line is an outlet, the date it published, and its own headline, linked to the piece. The Venture wrote none of them and is named in none of them.

    Reported by 8 outlets on the record
    1. Reuters Xi to travel with a large delegation of chief executives
    2. CNBC Trump-Xi Washington summit: why some expectations are low
    3. CNN As US and China throw up tit-for-tat sanctions, is the meeting at risk?
    4. CSIS Trump-Xi 2026 summits: trade, investment, AI, Iran, Taiwan
    5. Al Jazeera China, US disagree on what they agreed on
    6. The Washington Post What to know about the summit, with trade, Taiwan and Iran on the agenda
    7. NPR China’s leader warns that differences over Taiwan could lead to a clash
    8. NOTUS State dinner in the works for the visit to Washington
    Plate II · Beijing, 14 May 2026 · Both sides in the doorway
    Plate II · Beijing, 14 May 2026 · Both sides in the doorway图版二 · 北京Photo: The White House

    Annex A · The chart · 附件甲 · 图表

    The one chart both sides read.

    Live from DEX Screener. Both readouts cite it; neither agrees on what it shows.

    $CAV

    Annex B · Artificial intelligence · 附件乙 · 人工智能

    The gap, in points.

    Where the two sides’ best models stood on four benchmarks, the end of 2023 against the end of 2024. Points of difference, Washington ahead.

    END 2023 END 2024 Washington’s best · 0 MMLU 17.5 0.3 MMMU 13.5 8.1 MATH 24.3 1.6 HumanEval 31.6 3.7 END 2023 END 2024 Washington’s best · 0 MMLU 17.5 0.3 MMMU 13.5 8.1 MATH 24.3 1.6 HumanEval 31.6 3.7
    BeijingWashingtonpts
    Notable models, 2024

    40/15

    Europe 3
    Private investment, 2024

    $109.1 bn/$9.3 bn

    twelve to one
    MMLU · gap

    17.50.3pts

    END 2023 → END 2024

    The controls, on the record

    1. Washington restricts exports of advanced chips and the tools that make them.

      BIS
    2. The restrictions tighten to close the workarounds.

      BIS
    3. Geneva. The first intergovernmental dialogue on artificial intelligence.

      State Department
    4. High-bandwidth memory and more tools added to the list.

      BIS
    5. DeepSeek releases R1. The gap question is asked in public.

      DeepSeek
    6. H20 sales to China halted, then resumed under a revenue arrangement.

      Reuters
    7. Beijing. Further action on selling advanced chips to vetted Chinese partners.

      CNBC
    8. A dialogue on the technology, ahead of Washington.

      CNBC

    Benchmark gaps, model counts and investment: Stanford HAI, AI Index Report 2025. Controls: Bureau of Industry and Security notices, as reported. Points are percentage points on each benchmark, best model on each side.

    Take a seat at the table.

    One unit, one place setting. The Venture keeps none. The seating chart is the ledger.

    入席。

    Be seated. The Beijing side will consider the invitation at an appropriate time.

    The one line both readouts agree on CAVu7jPsTuR47vXZSWrGzPRPk9hTYfj5rTTZxCMyMLri

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