ncent.h vicnen do you believe that after the people's party congress that things will be just as smooth as they are now? francine: there are three issues. first will he come out of the congress some of it is now? a shift fromwe see quantitative to qualitative targets? third, are we going to see an increased pace in terms of reforms? so far we are seeing reforms and some software areas and energy. these are the three dynamics that are crucial when you're trying to assess the potential outcome of the conference. francine: what is your take on china coast to mark -- your take on china? fundamentals seem pretty good. vincent: there have been some surprises on gross this year but i think this is about to cool off now. in particular is not as strong as it was six months ago. that is a major thing. there is a remarkable chart and the imf report that was published last week that shows that nonfinancial dad, their share, has increased by hundred points. along with that, the cost of the debt has incre