China's Consumption Story Over the Last Months

There was an expectation when COVID policies were suddenly lifted, we were going to see this massive rebound in pent-up consumption. To some of that has happened but as Andrew was just saying and as indicated in the meeting readout Beijing is still would like to see more progress there. There is rapid, comparatively rapid consumption growth but it's actually not all that fast by China standards. It's keeping it back as a combination of weak and consumer sentiment which Andrew mentioned. And frankly just income growth is lower than it was before COVID. So basically households are wary.