komal: i hold three separate factors in referring to china risk.he first part is the debt position you talked about, namely that the debt to gdp ratio, including the unregulated sector, is probably well over 300% of gdp. that is on the high side. it essentially says that when the jet to gdp rises to the -- debt to gdp rises to that higher level, it increases their risk. the second risk coming from china is the crackdown we have seen recently. in some sense, you can understand the crackdown on tech because it has been competing with the overall government authority in terms of global dominance by the chinese administration, who would like to show that the government is dominant over any firm in the private sector. what i was surprised by was the fact that the tutoring area also came under attack. then it became clear that the reason was the tutoring is done for students to get into better places, better universities, and therefore the class consciousness is a matter of concern for the administration. the third area is the growing u.s.-china relation