David, thanks. I know Michael very wel (having lived in Beijing on and off from 2004). And I agree with much of what he writes. In fact, in 2005 I wrote about China’s demand side issue. The issue remains to a significant extent the same, though social safety nets have become stronger. The structural solutions are hard to do though, and basically require a lot of income/wealth redistribution among people, between people and enterprises and between generations. that involves SOE reforms, pension systems radomes and fiscal and intergovernmental fiscal reforms. All very hard, and basically not tackled since there 1990s.