 Hi all, Salvatore here. You asked me to talk about China, so I'll take you back to September 2011, when I published my first major article on the Chinese economy in Foreign Affairs magazine, unfortunately on the 10th anniversary of the 9-11 attacks. But if you go to the bottom there, you can see my article paired with that from Arvind Subramanian, this China's rise inevitable debate. Subramanian argued in his article that China would inevitably become a challenger to the United States with a GDP per capita of $30,000 per year. Now that is in 2011 dollars, adjusted for inflation today, that would be $40,000 GDP per capita going to reach that level. And I said so in my article, the middling kingdom, the hype and the reality of China's rise. Now of course, Arvind Subramanian went on to become chief economic advisor of the government of India, and I went on to make videos for you guys. So there you go. But in my article, I pointed out that China's economy was not really growing because of good policy. It was merely bouncing back from 200 years of severe disruptions and repression. Remove that repression and China would bounce back to a GDP per capita similar to the level of other middle income countries like Mexico that were its peer economies. And in fact, that's what China's done. China's economy is now stalled at around $10,000 GDP per capita. Don't believe the 12,000 figures you see economists degree that China's GDP is overreported by about 20 to 30%. Now, I've applied the same argument to the understanding of India's economy. That is to say, economies if left alone will rise to the level of their societies, or in the case of, for example, the former Soviet Union fall to the level of their societies. India's economy is about 12 years behind China's on the growth trajectory because India's economic liberalization started about, but India is rapidly catching up. And I suspect that by the 2040s, by between 2040 and 2050, India will actually overtake China, if not necessarily in GDP per capita, certainly in total GDP.