it's not china's sort of guaranteed hard landing which people seem to be concerned about yesterday. it seems to be that cooler heads are prevailing. >> and in some ways, i guess in beijing, is there now a realization that after dropping $2.5 billion trying to prop up stock prices none of that really works and at the end of the day it only affects a small percentage of the population. >> i think that's a fair comment, difficult to know what's going on at that level in the minds of policymakers. but certainly, having thrown in many ways, the kitchen sink at the market earlier in the summer, after it came off its peak around june the 12th and really, really did tank. china announced a whole series of measures, and it looked like a panic reaction. it looked like a, they were making it up as they went along, basically, and it only had a limb limited effect, so they sort of botched that.