paul: we had some savage comments last week from haman saying china was in a bad place, the country onst credit binge in history. when you talk about bad loans, would you go that far or are they overcooking it? heree problem is people and others are saying for the last 10 years, since the global financial crisis after which to liftt rip on credit it out of the financial crisis, they predict a bad debt crisis in china but it is constantly deferred. i wouldn't say it is right around the corner because the chinese government has levers to pull to prevent it from happening. the credit growth which had been constrained in the last couple of years because it has been trying to ramp down on the credit growth in china were in the fourth quarter of this year it has taken off. the big banks have shown year to date loan growth of 6% in the quarter. if you were to annualized that, it would be 20% loan growth. that will not happen because we see frontloading in china. they lend in the first quarter when you quotas become available. the rest of the year, they tail off. will tail off in the second ha