firms from going out of business. Small medium sized enterprises who typically couldn't get credit, they were given credit. Private firms who couldn't get as much credit as state firms, they were given credit. Agricultural firms, they were given credit. So there was stimulus, there was more credit provided, but you didn't see a resort to the old playbook of just building things, which is what scares a lot of people in Beijing about the non-performing loans and the debt to GDP ratio. It scares people in Beijing a lot more than it does in the West in terms of views of China's economy. They're much more cognizant of their problems in China than they are outside of China. Well, they've stimulated that sector so much that they've actually had to go abroad to find places to build stuff. That's right. And they know that. And so this, until coronavirus took hold, I think their playbook had moved away from this. They thought it was a danger to the party to continue to rely on this lever. But I (35/57)
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