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We have a feed through from the chinese economy to the rest of the world through chinese investment, particularly Property Investment and infrastructure investment, and the news on that front is not quite so positive yet. We are still seeing relatively sluggish investment in those areas. A lot of the recent improvement has actually come from the consumer sector, which is a good thing for chinas economy, where we are seeing some rebalancing away from investment, but in terms of chinese demand for what the rest of the world produces, it is not quite as positive a development. Having said that, despite the continued weakness in the property sector, there were some green shoots in the data today. I think we could see a bit of relief for the Housing Market over the next few quarters and that definitely will be a positive for the rest of the world as well. Todays gdp news comes as president xi hosts an anniversary belt and road forum in beijing. The meeting celebrates ten years of president

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