in what wetrained can do and deliver in terms of economic policy.hy is the china slowdown in 2019 different from 2016, which was deeper and took real estate down? >> last year, the policy, the chinese economy is policy-driven. debt-contained, containing debt, celeste debt. so lesss see that -- debt, we always see that -- less debt. we always see that. companies that the local level really feel it. we deal with hundreds and hundreds of companies, and we can see they are bottom-line driven, not spending as much, and especially smaller companies are having a tough time. that was last year. >> how much of it is an internal slowdown? how much is trade? how much is it hitting consumer sentiment? >> it is a big deal. all eyes are on these trade talks. hopefully we hear some good news. it is more about confidence the numbers. area's exports to the u.s. 4% of the total gbp, not a big number -- gdp, not a big number. if you go down 1%, it is still not a big number for china gdp, but the economy is about confidence. once the confidence is th dulled, it factors