Lujiazui

So Pan Gongsheng wrote a essay in Qiu Shu just a, you know, a, a few days ago.

And broadly speaking, the piece mostly just goes over his talking points from, uh, a speech that he gave at the Lujiazui Financial Forum back in June, which was mostly about needing to slow credit growth and allocate credit more efficiently.

But what really jumped out at us was that he started talking about specifically the debt to GDP ratio, really for the first time in ages any sort of senior Chinese official has, has really started talking about it specifically.

And his, his take was, look, r- it's risen a lot in recent years.

I know you've touched on it, but maybe tell us a little bit more about Pan's side and why do you think he's coming out saying this now?

Yeah.

When he, he gave that original speech at Lujiazui in June, the way that I read that was that was the first time that kind of put me onto the idea that Beijing might be de-leveraging.

He didn't say it explicitly, but there was a lot of talk about, "You know, it doesn't matter that credit growth is slowing.

Let's see what it's like." You know, I looked at some images of Shanghai.

You know, I saw, you know, the, the Bund, and, you know, Lujiazui, and, you know, I'm like, "Wow, it looks developed.

It looks great.

I'm ready for an adventure." And I went over to China and just started my journey.