this is a concern about more regulatory curves and where back with rick lacaille of state street. do you view china? we're talking about growth. authorities -- rick: it is a wrenching transformation. when you have a boom, there is a danger of that being distorted. i would agree that the only tool is interest rate policy or macro prudential policy that they can directly engage with the bank. temperate down. what is the underlying reason for that? people switching out of the stock market. the rate of growth has been spectacular but the stock started at a very low level. idea thein that is the world trade with china front and center. country to country, world trade is down. how do we reversed that? how does china reversed that? richard: that is a big worry for investors. global traders down for the wrong reasons. reviving china is going to be a very slow process. the sentiment around trade has been improving. to support the idea that this is very beneficial. you got people pushing in the opposite direction on both sides of the atlantic. tom: i am sorry, rick. rick: i think that is imp