They're very much dependent upon the government for their welfare benefits. If they move toward the private sector they have to give up those benefits. The challenge isn't so much how to manage the pension assets but how to accumulate the assets. If you look at what else has been done in this region, Taiwan is a good example. They happen everywhere.
China is now a very interesting country.
It's moving very fast with all sorts of reforms. That's why it's important to pick the right partner. We like Guotai Securities. They have a good name, good distribution power. We've worked closely with them for a number of years now.