jinny: clearly there is huge challenges.e have seen struggle particularly as the property sector, as land revenue is down, for local governments to address this sustainable fiscal revenue story. that is why the central government is very much supportive of local governments to issue bonds to lift local government spending. what we may see is more projects, particularly infrastructure projects supporting the transition story. we will see more investment, and particularly into higher manufacturing and other encouraged sectors to transition towards that new economy next year. lizzy: you've got lots of data to digest out of china this week. it is too early to call a bottom for growth? jinny: it is still too early, i would wait until at least after china's new year, one we see more activity after that long holiday in china to really see whether that fundamental sentiment is existent. the key is confidence, without revival of confidence, it's difficult to call this a bottom. any policy for the nation has been the primary focus of