developing nations. brazil's economy contract it by point one percent in the last quarter for andrew collier is the author of shadow banking of the rise of capitalism in china. he says the chinese government is partly to blame for the economic slowdown. one of the key issues is that, in fact, the pandemic has not been the deal killer for china. that people would have expected, their exports were quite strong, even though the global economy is struggling and retail sales domestically. we're up for point 4 percent. so things are slower than they used to be, but in fact, the pandemic related stuff is doing okay. apart from the supply disruptions because of the sharp locked downs and china, most of the problems in china with the economy are, but a lot of them are actually engineered by the government itself. they've done a number of restrictions and crackdowns that have slowed economic growth in order to improve the long term ability of the economy to survive in china. they've got this huge debt bubble, mainly property field, which is about a 3rd of the economy. and they made a strong effort in

andrew collier is managing director of orient capital research, a research house which conducts independent studies on china. he's also the author of shadow banking and the rise of capitalism in china. he joins us now via skype from hong kong. andrew, good to have you with us. okay. 4.9 percent a little lower than economists had predicted, but it's still not bad. there are many economies who will look on enviously at a growth rate of 4.9 percent. is the contraction in china, a blip or indicative of longer, more systemic problems. while it is definitely a systemic in a mill and symbolic of longer term problems. but one of the key issues is that, in fact, the pandemic has not been the deal killer for china. that people would have expected their exports were quite strong, even though the global economy is struggling and retail sales domestically. we're up for point 4 percent. so things are slower than they used to be. but in fact, the pandemic related stuff is doing ok apart from the supply disruptions because of the sharp locked downs and china. most of the problems in china with the economy