The Volatility of China's Growth

I think the economic cycle in China is just so driven by investment cycles because household demand is such a weak contributor to Chinese growth. There have been, in my view, a series of booms and busts after 08 and 09 in China that have been smoothed in the official data. But I do think there's actually been a certain amount of volatility in China's growth. The state is actually in China, doesn't provide very significant or meaningful benefits. Low migrant workers who move into urban China who work in the factories aren't paid as much as they should be inside China. They pay an enormous Social Security contribution for pretty miserable benefitsJust because it's a lump sum payment into the system