It's a bit risky, isn't it? Is there any reason to be positive on China right now?

First, you're absolutely right on the demographics.

India and China currently have the same population, 1.4 billion, but one is growing in India, one is decreasing in China.

So China has this aging population problem, which explains why they are so much focused on technology and productivity, and why they have become the leading force of robotics.

China has a pattern that looks a little bit like Japan decades ago.

they have this population issue, but also a large domestic savings rate, 40% of the GDP, which gets invested massively in domestic bonds.

The Chinese rates are 1.6%.

What would a meaningful repatriation of Japanese capital mean for Japanese assets?