The Chinese Economy Is Going Through a Transition Period

The Chinese economy is going through a transition. It's waiting to happen, but we don't really know what the end game will look like. I think the Chinese leadership became very cognizant of the fact that they could not carry on with this sort of overly heavy dependence on credit creation. The worry is that if the authorities are now kind of backing away from deleveraging a little bit, that it just exacerbates the problem down the road.