Is There a Slowdown in China Growth?

China still has relatively low per capita GDP, or I would say relative to developed economies. But you are actually expecting pretty sharp slowdown in Chinese growth over the next decade. So what's driving that if the income is still suggests they have a lot of catch-up? The major force in China is demographic. We're in around the peak population level in China this year. And there has already been quite a slowdown in the aging of the Chinese population and that is likely projected to continue going forward.