Alice Han and James Kynge start in Taipei, where the government has approved a record $35 billion defense budget for 2027 — an 18.2% jump — coming right on the heels of this year's Han Kuang drills, which mobilized nearly 22,000 reservists and adopted U.S.-style command tactics for the first time. They dig into what it means for Taiwan's military readiness, and whether this is more about deterring China or convincing Washington. Then: Evergrande founder Hui Ka Yan — once China's richest man — has been sentenced to life in prison for financial fraud on a staggering scale, closing the book on the world's largest corporate liquidation tied to the property sector. Alice and James ask whether the sentencing does anything to fix China's still-struggling housing market. Finally: China's humanoid robot industry is booming — Chinese vendors account for 97% of global shipments — but who's actually buying them, and how much of the demand is real versus a "circular financing" loop that inflates the numbers? 01:01 Vitals 01:28 The largest defense budget in Taiwan’s history 17:56 China's biggest property tycoon sentenced to life in prison 33:20 Who is really buying and using China’s humanoid robots 47:09 Predictions Subscribe to China Decode on Substack for weekly analysis, livestreams, and deep dives into the biggest story shaping the global economy: chinadecode.profgmedia.com.