China has a long way to go. The government has yet to bring Chinese refined product prices up to international levels. They are about 40 percent lower than the U.S..

These are both welcome measures in the A-share market.

There is a lot of pressure on Chinese manufacturers.

There’s no pricing capacity for anything. Food prices are falling; manufactured prices are seeing stagnation at best.

You have the foreign capital coming into China in the form of QFII. That’s also positive for the A-share markets.