 The commercialization of space is a key focus area for both the United States and China. Power dynamics and domestic politics have created an environment of mistrust between the two countries. As the global commercial space sector continues to develop, the decisions these two countries make will have significant implications for the rest of the industry. The Secure World Foundation and KALIS Foundation are excited to preview our paper, Lost Without Translation, identifying gaps in US perceptions of the Chinese commercial space sector. Since 2019, organizations have collaborated with the Chinese Society of Astronautics to establish a dialogue on the commercialization of space. With this dialogue, it is our goal to help build a better understanding of how both countries approach and perceive commercial space activities in order to yield a more informed strategic picture for commercial competition. It may also help to identify areas in which both countries have shared interests in developing a domain conducive to commercial activity, despite the overall competitive relationship. While the US remains the most space-capable country across all dimensions, China is rapidly increasing in developing capabilities in all aspects of space activities. In recent years, Chinese commercial space economies have increased in the scope, scale, and number of companies in the amount of investment capital. Both countries consider the other strategic decision-making, but there are significant gaps in understanding between stakeholders on their respective goals, positions, and approaches to commercial space development. As this occurs, the potential for misunderstanding misrepresentation exists. These obscurities limit the ability of commercial space stakeholders in both countries to fully navigate and participate in the emerging global space economy. SWF and KALIS perceived a need to introduce nuance into this discussion. Fifteen interviews with professionals across the US commercial space industry provide a glimpse into perceptions, concerns, and questions about the potential impacts of China's space activities on their business realities. We found both openness and skepticism within US commercial space stakeholders to get the idea that there might be such thing as a Chinese commercial space sector. Interviewees describe Chinese companies as acting in commercial ways, or as giving the veneer appearance of being commercial, but remained concerned about the role of the Chinese government in ownership and control of these companies. Overall, interviewees were concerned about Chinese competition as a future threat, but few saw much active actual competition in their current business. For example, interviewees in the geospatial segment described current competition, but none of the launch segment representatives that we spoke with did. Most interviewees express a general attitude of being open to, or even welcoming Chinese competition, but looked for that to be under failure, or at least defined in terms. These interviewee perspectives were compared to an investigation of research, analysis, and discourse on Chinese commercial space dynamics in order to identify significant gaps in understanding. At the most basic level, interviewees we spoke to wanted to know who their competition will be, what resources they'll have, and what rules they'll operate by. The answers to these questions are important, but ranking them as not easy as the Chinese commercial space ecosystem is far more complex than is widely recognized, and is rapidly evolving. Multiple US stakeholders perceive that they are at a comparative disadvantage in terms of central government support, access to funding, and long-term vision. However, in many cases the opposite may be true. There's compelling evidence of a growing private Chinese commercial sector that is still finding its footing and carving out its place in both the Chinese and the global space ecosystems. As many struggles currently, but it as it expands, this emerging private sector will likely play a significant role within China's commercial space development. We firmly suggest that this area would be monitored more closely so that the policy and business community can have more nuanced and accurate information about the global commercial space ecosystem. This research shows that there is a clear need for further efforts to better understand the nature of commercial space activities in China. This information might be developed through two primary needs, conducting further detailed research studies on China's commercial space dynamics, and hosting and developing opportunities for bilateral dialogue. In order to develop this improved understanding, we suggest four research questions through which future competition between the US and Chinese space industries might be better understood. First, is there such a thing as a private space sector in China, and if so, how is commercial space defined in the Chinese context? Second, what is the nature of internal competition in China's space sector? Third, what is the role of the Chinese government, both central and provincial, in ownership and control of commercial or private space companies? And finally, what resources do and will Chinese private space companies have access to, and will that create an unfair advantage? This report will be available via the SWF and KALIS websites on February 18th, and we invite you to the discussion events we have planned. We thank those who contributed their time to be interviewed as well as those who served as reviewers for this paper. This work was funded by our internal resources and was not directly supported by any source of external or grant funding.