Corruption poses a significant problem. I don't comment on the system of punishment. Let me give you, though, a sense of the magnitude of the change that the agreements would insure. Take, for example, insurance. Today, we have two U.S. insurers that operate in China.
China today reserves the right to deny licenses on entirely arbitrary grounds.
It restricts operations to certain cities and China today has the right to terminate, without question, existing rights of insurance services providers whenever China chooses to do so. Under the agreement, No. 1, all existing rights are grandfathered, regardless whether those rights were approved by the central government or provincial government. Second, China is going to have to award licenses solely on the basis of published credential criteria, no economic-needs test, no quantitative limits on the number of licenses that can be issued, the eventual elimination entirely of all geographic restrictions on the provision of insurance services throughout the country and, permitting internal branching as the restrictions lift. Foreign insurance, for the first time, would be able to offer group and health and pension lines of insurance. On the life side, joint ventures are permitted at a 50-50 split.