The China of Great Growth

China is facing the problem, that you can't have a lot of innovation and also maintain political control. So to the extent that they reassert communist control, or broadened communist control over what had been for the last two decades, free-ish markets, to that extent they'll get in their own way. They are doing research in STEM. We will see if you can do cutting-edge research in an unfree country. But we are also shooting ourselves in the foot. It is harder and harder to do academic research in the United States. It's harder to innovate in the U.S.