Is China Reopening a Good Thing?

I would say investors should view it as something that is good at the margin. We're not talking about a dramatic economic expansion like we saw in 2009 post-ponential crisis, where growth rates went to double-digit numbers. We're really talking about whether Chinese growth is going to be 5% or 5.5%. So I think it's positive. China reopening is positive combined with a number of other positive things that China has done for emerging markets. It is not something that will by itself drive returns in emerging markets going forward.