andrew collier is the managing director and joins us now.hind the reopening, you point out it is some tried-and-true concerns about china that are at the top of your list like local government debt and bad asset quality. has it been slipped under the rug the last few years? >> exactly. the short-term data is relatively optimistic, a lot of european goods makers are doing quite well in china and then the actual activity, people are out of their houses. but unfortunately, and export data was ok for march but the recent data shows slowing. diesel consumption down 8% drop in shipctivity so i'm concerned about the short-term data going in. the second part of the equation is the property sector and debt. you can fill margins with conceptions but unless you make structural changes which the government won't do, you will have a huge underlying problem that will push the economy down of slow property sales. so you are starting to see a strong the split between the rich in the bigger cities where property is doing ok and they are buying gucci handbags

andrew collier is the managing director of orient capital research, which conducts independent research on china. he says, many structural problems remain that could stifle china's economic growth. is quite healthy. but most of that increase was due to people leaving their homes post covered and going out dining in various places, their actual sales of hard goods, like autos and things like washing machines has been pretty weak. the other part of the story that is worrisome is that a lot of this is being driven by a debt raised by local governments. their expenditure was up 6.8 percent, but their actual revenue was up only owe point 5 percent. so they're borrowing money from the banks. the property market has been ok. that's been the one slightly bright markets. it's now in positive territory after being in negative territory for a long time. but i'm still worried that under the cover there's a lot of structural problems and china, i don't trust their g d p number anyway because most of that is pretty heavily manipulated in beijing. so i look at what's going on at the one good figure wa