ian brepl smer the of eurasian group. i am pleased to have them all here to talk about china, the plit currents and i begin with you. tell me how you think chinese economy looks over the next several years. what are the challenges? >> i think 2011 we had one of the most challenging years. in the 17 years i have become... i've been doing i have never seen credit so tight. banks are not lending because, you know, china was fighting against inflation so the way to do it is to tighten the credit. as a developer, of course, even worse, residential developers, you cannot sell home. for those who have one home, you can simply not buy a second home no matter what your need. so that was how the chinese government was so strict in controlling the inflation. but by the end of last year inflation is pretty much under control. i think this year we're looking ahead. i would be surprised if the credit is not going to be eased because chinese government needs to target... they have a target 7.5% g.d.p.. to reach that, when the european m