Thank you, Mr. Chair.
I want to thank the witnesses and also acknowledge the time that Mr. Leduc spent with me about a week or two ago. I appreciated going over some of the issues respecting the CPPIB.
I want to ask a question around some of the points I raised with Mr. Leduc during our meeting. In that regard, I understand that at present about 11% of the CPPIB's portfolio is invested in China. I have seen some projections of how this is set to increase to 20% of the portfolio as soon as 2025. In light of the current geopolitical climate and having regard for China's blameworthy conduct in the COVID pandemic, coupled with the fact that other pension funds are doing exactly the opposite—for example, the Federal Retirement Thrift Investment Board, which administers the Thrift Savings Plan, the largest pension plan in the U.S. has recently halted all investments in China—what is the position of the CPPIB going forward vis-à-vis China?