China. In small places where you don't hear about the people, like a bunch of people invest in a private P2P platform in some locality, sure, those people lose, but if you go to your bank and you buy a wealth management product that's actually not sold by the bank, but it's not the bank's product, maybe it's some dodgy coal firm that actually went bust two years ago, you're not going to lose on that because the government won't let you. So all of the investment managers know that, and they take risks accordingly. Do you spend any time thinking about, I'm sure to some extent you do, the context of China within the global economy? Sure, of course. Yeah, it would make sense. I mean, I'm just throwing it out there because we were so bogged down here in China itself, but what do you see as the effect of Fed policy, for example, and any type of contraction in US GDP, or if we have any kind of recession here, what would be the knock-on effects in China and emerging economies, and how does (40/57)
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