for more, let's join malcom scott from hong kong. , can i ask you first of all about the quality of the data here? i was talking to one of my colleagues earlier who highlighted the fact that there are a few anomalies in the hong kong numbers. malcom: that is right. that is often where these anomalies will show up. it is taking some of the optimism out of this trade recovery that we have seen. the data we saw for december will tell us that shipments to the city of hong kong in dollar value was worth more to the entire united states in the month. an increase of about 11% from the euro. currency tensions spur some invoicing, but we don't have any confirmation that this is what happened this time. we have economists saying these numbers don't seem to add up. we will get the import numbers from hong kong. matching those against one other can often reveal some discrepancies. guy: i will look forward to seeing those numbers. talk to me regarding the currency story more broadly and the effects of whether or not we see the weaker currency star

malcom scott is with me now. it was the provincial level.hanged on that level, i guess the hope is it kind of floats up. malcolm: it seems to be a reflection of what policymakers have been saying -- let's reprioritize toward quality growth. they don't want to adjust to just gone for 9% like they used to. they want quality growth, sustainable growth. the provincial targets we have suggests there is a bit of a change in tone. of the 31 provincial level authorities, 10 have held the study. nine are interestingly looking for growth ranges. rishaad: nationally, what does this tell us? growth imperatives themselves? malcolm: we are all waiting for that growth target at the start of march. we surveyed economists in september and many did say there might be a range. they looked at 7%. the advantage is 6.5%, giving the bottom level, the level they must make to make these longer-term goals. 7% gives them a bit of an upside. the current targets don't give them that in terms of where growth expired. 13 provinces didn't meet 2013 goals. stand up once in

malcom scott out of hong kong. the chief investment officer of global investments. $150 million under management. let's start off big picture. is the global economy in a recession? >> i think it is too early to say it is in a recession, we are simply slowing down. the world forecast came out two weeks ago, suggesting a slowdown. the reason is clearly that post financial crisis, the market s contributed to slow growth, and that is the drag we see -- guy: are we going there? >> in terms of recession? i think we are heading in that direction. say the jury is still out. guy: where is the growth going to come from? >> that is the problem. i think it will eventually come from people benefiting from low oil prices. the u.s. is continuing to grow pretty strongly, although that is the expansion starting in 2009. slowdown, a slower period of growth. guy: the markets seem overly obsessed with the industrial sector. this is where the data are really negative. we are seeing what's happening in the commodity sector, a ripple eff