This week we present the report on Xi's speech at Bo'ao. We think this is worth a read because it forces you to balance what you see with respect to China's response to the Russian invasion of Ukraine with Xi's outward language of rejecting bloc politics, cold war mentality, and double standards, while respecting territorial sovereignty and integrity, and promoting non-interference. It can be an enormously frustrating read, but important to see how Xi is trying to straddle this widening gap between actions and words.