Canada-China Relations committee  Again, I would say it still depends on the investor's appetite for risk. Investors understand the risk. It's a bit more complicated for pension funds, which have to answer to future pensioners, especially when it comes to long-term planning.

Canada-China Relations committee  I will answer in French. It's pretty complicated to hedge your bets on this kind of thing. Investment funds sometimes go through third parties. So how can you really know what you're investing in, ultimately? That's one of the critical questions: how do you know, ultimately, if

Canada-China Relations committee  It really depends on what you would ask me to invest in.

Canada-China Relations committee  Yes, sure.

Canada-China Relations committee  It's really on a case-by-case basis. Just in general, if the due diligence is done and the documents are clear, yes.

Canada-China Relations committee  It's not about this, though I do understand your point. If you asked me if I would invest in China, it's yes, but it really depends on what the targeted investment is. It wouldn't be just random.

Canada-China Relations committee  It really depends on your appetite for risk at this point. You need to understand that if you invest in something that could be socialized or taken away from you, this is part, to a certain degree, of the investment gain if you are willing to risk it. Then if you lose, you lose.

Canada-China Relations committee  It's more than one person. It's more complicated than that. It's a bit more complex.

Canada-China Relations committee  Yes, that's what we monitor day in and day out. The party is still in a very delicate position. Broadly speaking, you have Xi Jinping and the new division of power, but how things develop within the party is something to pay careful attention to. The current team isn't especiall

Canada-China Relations committee  No, there's no substantial discussion on this, and we believe that even if this were to happen, maybe not much would come out of it, because—to complete the previous point—most of the firms you're talking about are usually not listed. Generally speaking, they won't be indexed; so

Canada-China Relations committee  I think it should apply. I think it does apply to both direct and indirect, yes. It's also a matter of whether you can disaggregate the fund to find it. I think that's the additional difficulty sometimes.

Canada-China Relations committee  Yes, we agree with this theoretical approach.

Canada-China Relations committee  As Mr. Arès pointed out, everything that's been said leads to one overarching conclusion: you can't not do business with the second-largest economy in the world. I realize that values are an important consideration for the committee, and understandably so. Again, though, you can'

Canada-China Relations committee  You have to know how to interpret growth in China. You need access, like us, to debt reports for local governments. You have to understand that China's economy still relies on steel and cement. The country is always launching major Keynesian projects to stimulate growth. Yes, it

Canada-China Relations committee  With certain listed Chinese companies, yes, you can. Some have very extensive disclosure. Some even have, I would say, compartmentalized disclosure regarding certain manufacturers. Some companies in China have really top-notch disclosure. Again, I think this is partly due to be