The Challenge of a Slowdown in China's Economic Growth

The key is whether much slower GDP growth comes with much slower household income growth. I think while a lot of Chinese may be very uncomfortable with and mistrustful of local government officials, I think the central government has a great deal of credibility. We're probably not going to see the kind of things that maybe we've seen in Egypt or Turkey or elsewhere. Now, any government can mis-manage a crisis and many do. But it's possible to manage much slower growth without the kinds of disruptions that we would immediately imagine.