The fact that they can have 6% growth and think that's depressing and we can have 2% growth and think that's good is a reflection of the difference in our competitiveness.
El-Erian:
The critical issue is can china navigate the middle income transition. only five countries have navigated this middle income transition at high speed ... our gut feeling is yes, they'll be able to but it's going to be really bumpy and this is one of the big five risks that the market faces going forward ... It's always good to remember that most countries, Brazil, the Indonesias, failed at that level. So this is an important stage in history.
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