. >> it's tim seymore.ast time we met you called rrr easing that china has a lot of tools to get their economy going and almost 40% has been locked up. how aggressive are they going to be on that front? >> they are adopting a nuance policy approach. they won't unleash a lot of that. they learned a lesson from 2009 when too much money flooded into the economy and we have inflationary problems. the central government will take small steps to simulate the economy. they will release more money from the rrr cuts and under take tax reform and in the meantime they will help the enterprises get better funding. overall the economy will be in reasonable shape. they are much more concerned about the corporate sector. >> brian kelly, you are curious about the deceleration in earnings among the materials and banking sector. how does that filter into a hard landing that won or a soft landing and most importantly, what do you define as a hard or soft landing? 5% gdp growth? >> anything below 5% or 6% could be a hard landi