AI Race & Tech Diplomacy: Reflection AI says its Nvidia-backed open model Beam matches top benchmarks while claiming big efficiency gains, as the U.S. tries to keep pace with China’s fast-moving open-model ecosystem. National Day Economy: China’s weeklong holiday keeps pulling crowds and spending into “longer trips, richer experiences,” with box office topping 800 million yuan by day five. Trade & Tariffs: France and Germany push the EU toward a faster “rapid-response” trade tool aimed at market distortions, with China likely in the crosshairs. Crypto Despite Crackdowns: Chainalysis reports China’s peer-to-peer stablecoin wallets surged 43x, with stablecoins increasingly used like working capital even as regulators tightened rules. Security & Espionage: The FBI arrested a California realtor accused of spying for China by surveilling Taiwan President Lai Ching-te’s family. Cross-border Finance: Hong Kong’s HKMA hosts CargoX talks to improve trade-data connectivity and digital trade finance links across the region. Energy & Industry: Tsingshan’s Zimbabwe unit signs a rail deal to expand coal and steel haulage, underscoring China-linked industrial push abroad. Public Safety: Police in Chongqing say seven died in an illegal mine after rain-triggered flooding.