The Chinese Economy Is in a Difficult Environment

Is the government doing enough to restore confidence in the growth picture? I think if under our base case expectation, no dramatic increase or no policy measures then it's very hard for confidence to turn around. This is not something we have seen in previous cycles that this entrenched and pervasive lack of a confidence playing out in the Chinese economy. We are also trying to think through what are the options unfortunately, doesn't seem to be at easy effects here.