the likes ofgiven s&p having downgraded china's sovereign rating, we're moving backwards rather than forwards in that sense, so a real test will be the willingness of foreign investors to want to own china's government bonds in particular, as part of the move toward the internationalization ultimately and .ssuming proper status with the imf did earlier this year is fairly meaningless, reservey in terms of managers and how they want to distribute their portfolio. part of the perceptions of the credit worthiness of financial assets in china ties very much into the degree of corporate leverage and the extent to which that is effectively underwritten by the central government. if that commitment to deleveraging is something where we really see more tangible actions and it does mean potentially less credit availability to state owned enterprises, that is meaningful because from the macro level, that will impede the process of maintaining a 7% growth rate, for example, indefinitely, and the other thing i think is this excess capacity. the more it happens, the more it creates demand for hig