it was 40%, maybe? I have reversed. Maybe 45%. I have reversed. Okay. So close to half. The market collapsed in China. So what have we seen since then? Well, essential stability for them. The central government and its deputies spent trillions of RMB supporting the Shanghai market value to make sure that they couldn't quite pull off 4500 for the index, but they pulled off 3000. So it's been hanging out at that level. And they've been keeping all the debt rolling over. So you essentially have a situation where China, the return on capital invested just goes down every year. So in the best of circumstances, you have roughly seven to one ratio for investment to GDP growth. So you have to invest 40% of the economy to get a 6%, 6 to 7% GDP growth. That's a reflection also of the inefficiency of the deployment of the capital. Exactly. So you figure that, if you put it in really simplistic terms, you figure that GDP growth should be roughly on a par with lending growth. So if you were to (29/57)
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