I think there are two specific issues. The United States was addressing these very same issues roughly, I think, one or two years ago, 18 months maybe. They basically found themselves at a very similar point where they had discovered a significant number of transactions either in minority states or, as Mr. Balsillie has alluded to, and I believe Mr. Wakil also alluded to, technology licensing, various things like that which were designed to avoid review.
Even in the United States, it was basically on the honour system, so that foreign investments were submitted by the acquirer for review. They basically reviewed that system, found a lot of the same gaps that I'm hearing about today and tightened up in a lot of the same way, so whether it was licensing of sensitive technologies, whether it was minority stakes or whether it was through things like venture capital funds that would take stakes through third parties. I would agree with the previous witnesses, Mr. Balsillie and Mr. Wakil. I think there are probably gaps and tightening that should be used.
I think specifically in the case of China, we need to make sure that it's not simply state-owned enterprises but whether the state has a stake or whether it's a state-linked firm like Huawei, which is not technically state owned but is in reality state owned. There are a lot of definitional issues around what exactly is state owned.