The reality of China...China is a study in contrasts. As you know, it's the second largest economy in the world now. Measured in market terms, that 7.7% is as big a contribution to the global economy in dollar terms as our forecast U.S. growth of 2%.
At the same time, China still has just under 300 million people who live in what would be described as poverty, and that is one of the factors that has allowed Chinese manufacturing enterprises to remain quite competitive. As those individuals move from the countryside—