Independent commentary on industry, technology, and capital — what happened, and what I think it means.https://capacityletter.comhttps://capacityletter.com/blog/china-auto-supplier-payment-termshttps://capacityletter.com/blog/china-auto-supplier-payment-termsChina's listed carmakers promised 60-day supplier payment in June 2025. On the fiscal-statement measure it is 187 days. Battery makers moved the other way.Mon, 28 Sep 2026 09:00:00 GMThttps://capacityletter.com/blog/china-data-property-registrationhttps://capacityletter.com/blog/china-data-property-registrationChina's national data registry issued 56 certificates in September. Provincial pilots had already issued more than 40,000. The difference is recognition.Mon, 28 Sep 2026 09:00:00 GMThttps://capacityletter.com/blog/match-act-asml-fab-cutoffhttps://capacityletter.com/blog/match-act-asml-fab-cutoffThe MATCH Act would exempt allied-owned fabs already in China, but not ones built later. That is a stricter rule than Washington applies to itself.Mon, 28 Sep 2026 09:00:00 GMThttps://capacityletter.com/blog/metamaterial-crossover-train-and-fighterhttps://capacityletter.com/blog/metamaterial-crossover-train-and-fighterChina's 400 km/h CR450 uses acoustic metamaterials to hold cabin noise down. The same material family sits on the J-35. The train is the harder case.Mon, 28 Sep 2026 09:00:00 GMT