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China News Media 中外商业资讯
English and Chinese coverage of Chinese brands expanding abroad and of Southeast Asian companies working with China. 中英双语报道中国品牌出海，以及东南亚企业与中国的合作。
Latest stories appear here automatically. 发布文章后，最新报道会自动显示在这里。
China News Media is an independent site operated by X Media Asia. It is not affiliated with China News Service or any government agency. 本站由 X Media Asia 独立运营，与中国新闻社及任何政府机构无关。Editorial standards 编辑准则.
Written by our editors. Companies cannot pay to change these stories. 编辑独立撰写，企业不能付费修改。
Supplied by the company, checked and labelled. 由企业提供，经核查后发布并标识。
Paid content with the sponsor named. 付费内容，注明赞助方。
Links in paid content carry rel="sponsored". 付费内容中的链接均带 rel="sponsored" 标记。
Press release distribution 新闻稿发布
For Chinese brands going global and Southeast Asian brands reaching Chinese readers. 适合出海的中国品牌，以及面向华文读者的东南亚品牌。
Quoted on request 价格请询问
One release in English and Chinese. 一篇稿件，中英两个版本。
Quoted on request 价格请询问
Adds X Media Asia and regional channels. 加发 X Media Asia 及区域渠道。
Quoted on request 价格请询问
Interview written by our team. 由编辑采访撰写。
Pickup by other media, search rankings or a set number of views. Paid content is never presented as independent reporting. 不承诺其他媒体转载、搜索排名或阅读量；付费内容不会伪装成独立报道。
Published monographs · 研究专著与公开方案
Simon's Scarcity Law, Power-Law Networks and Conversion Funnels in Creator Commerce
Simon's scarcity law and a daily attention budget, preferential attachment and power-law audiences, information cascades and tipping points, the conversion funnel as an absorbing Markov chain, two-sided platforms and stacked commissions, machine-readable reputation and the merchants of the Shiji, with a four-week attention ledger and a pre-registered trial.
从西蒙的稀缺定律、优先连接与幂律、信息级联与阈值相变，到马尔可夫转化漏斗、双边市场与《货殖列传》，附四周注意力账本与预注册随机试验。
Disclosure: this site and 5D Library are run by the same group, founded by the author. 说明：本站与 5D Library 同属作者创办的集团。
Relational Contracting, Optimal Stopping Thresholds and Institutional Distance, Read Beside the Art of War
Why the same exit can read as prudence to one partner and betrayal to another: commitment games and adaptive search, real options and when staged entry beats a single commitment, optimal stopping and why the best exit rule is more patient early on than a three-month stop-loss, incomplete and relational contracts and when a hybrid contract helps, delay and gain in fast iteration, institutional distance across Southeast Asia, and multitask agency, read beside the Art of War, the Book of Changes and the Analects, with a four-step contract alignment checklist and a pre-registered vignette experiment in five countries.
为什么同一次退出，在一方看来是审慎、在另一方看来是背信：承诺博弈与适应性寻优、实物期权与分阶段进入何时优于一次性投入、最优停时与「最优退出规则在早期比三个月止损线更有耐心」、不完全契约与关系型契约以及混合契约何时有利、快速迭代中的延迟与增益、东南亚的制度距离与多任务委托代理，与《孙子兵法》《周易》《论语》并读，附四步契约对齐核查表与五国预注册情景实验。
Not legal, financial or investment advice. Disclosure: this site and 5D Library are run by the same group, founded by the author, whose companies Asia Influencer X and Yafu Global sign cooperation agreements with local partners in Southeast Asia; the book's experiment does not recruit from their clients, partners or creators. 非法律、财务或投资建议。说明：本站与 5D Library 同属作者创办的集团；作者创办的 Asia Influencer X 与 Yafu Global 经常与东南亚本地伙伴签订合作协议，书中的实验不从其客户、合作伙伴或达人中招募。
From Itô's Lemma on Geometric Brownian Motion and Ruin Barriers to Barbell Portfolios, Read Beside the Shiji's 'Biographies of the Money-Makers'
Why a bet with a positive expected return can still ruin almost everyone who keeps playing it: ensemble against time averages, Itô's lemma and volatility drag, leverage and the growth rate, the Kelly criterion and why twice Kelly earns only the risk-free rate, fractional Kelly under estimation error, cash buffers and the probability of ruin, Shannon's demon and rebalancing, and fat tails and the real costs of a barbell, read beside the Shiji's 'Biographies of the Money-Makers', with a four-step survival-and-compounding checklist and a pre-registered behavioural experiment.
为什么一个期望收益为正的赌局，仍会让几乎每个一直玩下去的人走向归零：集合平均与时间平均、伊藤引理与波动率税、杠杆与增长率、凯利准则与「两倍凯利只剩无风险利率」、参数估计误差下的分数凯利、现金缓冲与破产概率、香农恶魔与再平衡、肥尾与杠铃策略的真实代价，与《史记·货殖列传》并读，附四步生存与复利核查表与预注册随机行为实验。
Not investment or financial advice; the book recommends no security, fund or product. Disclosure: this site and 5D Library are run by the same group, founded by the author, who uses these books as a methodological reference for his community courses, the 5D Ascension Cards (Dimensional Shift Card Decks) and the Yafu AI knowledge base. He holds no financial-services licence and provides no investment advice, account management or trading-signal service. 非投资或财务建议；本书不推荐任何证券、基金或产品。说明：本站与 5D Library 同属作者创办的集团，作者以这些书作为其社群课程、升维牌卡（5D Ascension Cards）与 Yafu AI 知识库的方法论参考。作者不持有任何金融服务牌照，不提供任何投资顾问、代客理财或交易信号服务。
From Minsky's Financial Instability Hypothesis and Sandpile Power-Law Avalanches to Implied-Volatility Skew, Read Beside Classical Chinese Thought on Rise and Decline
How stable growth can breed fragility, modelled without pretending to predict: Minsky's hedge, speculative and Ponzi finance and the Goodwin–Keen model, in which nearby starting points either settle down or end in a debt explosion; sandpiles and how to fit a power law properly; margin and liquidity spirals; GARCH and fat tails; Black–Scholes implied volatility and the skew; and critical slowing down and why log-periodic fits find 'crash dates' even in random walks, read beside the Book of Changes, the Daodejing and the Discourses on Salt and Iron, with a portfolio-fragility checklist and a pre-registered randomised experiment.
稳定增长如何孕育脆弱性（只建模机制，不假装预测）：明斯基的对冲、投机与庞氏融资，古德温–基恩模型中相近起点或收敛、或走向债务爆炸，沙堆模型与幂律的正确拟合，保证金与流动性螺旋，GARCH 与肥尾，布莱克–斯科尔斯隐含波动率与偏度，以及临界慢化与「对数周期拟合连随机游走也能找出崩盘日期」，与《周易·泰》《道德经》《盐铁论》并读，附组合脆弱性核查表与预注册随机对照实验。
Not investment advice; the book predicts no market level or date and recommends no product. Disclosure: this site and 5D Library are run by the same group, founded by the author, who uses these books as a methodological reference for his community courses, the 5D Ascension Cards (Dimensional Shift Card Decks) and the Yafu AI knowledge base. He holds no financial-services licence and provides no investment advice, account management or trading-signal service. 非投资建议；本书不预测任何市场点位或时间，不推荐任何产品。说明：本站与 5D Library 同属作者创办的集团，作者以这些书作为其社群课程、升维牌卡（5D Ascension Cards）与 Yafu AI 知识库的方法论参考。作者不持有任何金融服务牌照，不提供任何投资顾问、代客理财或交易信号服务。
No. China News Media is an independent site operated by X Media Asia. 没有关系。本站由 X Media Asia 独立运营。
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No. Other outlets decide independently. 不能，其他媒体自行决定。
We confirm the publication date when we accept your release, after the checks. 稿件审核通过、确认接收时，我们会告知发布日期。
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