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china was a real growth leader up until a few years ago, posting double digit growth rates. that s fallen by about half, maybe from about 10% to around 5%. you can imagine when such a large economy slows that much, it s going to have repercussions. the stock market is a particularly interesting story there. it s not like our stock market, it s heavily managed by the state, and they really orchestrated a massive bubble in the shanghai index which has now gone through a very big correction. why did they do that? because their state-run enterprises, automakers and factories, they re owned by the state. they wanted to reduce the debt to equity ratios in these companies. in other words, they wanted the companies to look less leveraged, so they basically