what did we start with that that issue on covid 0 do you think china will be able to materially relax that strategy here when it comes to the virus i think its possible especially after the chinese party congress so currently that at least we see the trend its like relaxing for example now the chinese allow us like had the apec like apec cardholders set to travel to china and those were the travelers with students visa and that company into china and also we see like how for the currency prb to shorten to like seven plus three so thats all this can off the positive side but now i think theres just like a five weeks to get before the party congress so i always think though many states now recently they actually tied to nina nikkei restrictions although that they they cases actually dropped to like 50 hundred from the city 500 like how you august so we still will see like how the more its more like cac district based lockdowns and we dont expect this kind of the peron the lockdowns like shanghai you still think though that or you no longer think that chinese equities can outperform asia that was a call that you made earlier this year what what made you change that call now i think first like how we as we are seeing a clear recovery for chinas economy but not that doesnt necessarily means we have a like a rebound off the capital markets clear recovery in the chinese economy youre still thinking you thats right yes cac definitely not a v shape ok so are you seeing recovery but always a bumpy road just like how you will say no currently like a re study yourself then restrict but to for example like how we see for these strong enough the like how the covid a restriction we say the limited the impact on the production side because its like how many manufacturers still can manage for this kind of closed loop close to like across the policies for next year and also ways high frequency detail with the cargo tom keene dax and then we say its quite stable but definitely i think the impact on the like our consumption and morbidity is increasing so we say for this kind of fright high frequency number for the fries and the for the cargo like how like a traffic congestion this kind of numbers actually is that decrease and also we see the auto sales to actually its not like it declining so i think the more impact on the consumption side can we use that data to determine which sectors you want to be invested in i think the first to say well these are preferred i think now its a kind of consensus in the market as property sectors and then we think i will continue to have the pressure so currently i mean we think that for the second half is still like a negative growth like a new sales saying the project company did for the land the sales to ever see but its amanda lang down so i think they see improving but just doing that like how in the pressure so its the least preferred and what we prefer i think is still cyclical and of value so we think that selections like energy and the selected are like a utility say in the banking i think its more like a defensive but we also like a positive for this kind of eevee and autos and also like how for china like a tech side are we still seeing thing the medium not long term us positive the trade numbers yesterday there was a lot of talk that you know this whole export boom that china was really leaning on support for for much of this year is basically fading can we rule that out now as a supportive measure or pillar yeah i think for the trade side actually its a we should see like half starting from second quarter of 2020 its almost like a pizza expectation almost every month so i think actually its already better than expected you know our view we think that for the second half actually should the chop to the like high single digit growth but its like how you know for dry its kind of a rebound very surprising so now i think its more like a normalized a trend and i think des thats two reasons why is high base but now its also like how we also feel the pinching of the like hard i think the weakening global demand because this time we see for the 3m like car the exports to the kebabs to economists job the most especially to the us and the european and also like for japan and also for some of the products especially like us they hold up the price and annulled because of that re opening its also feeding out and the for some laura and that labor intensive goods and its also like a transfer back to the awesome countries so i think two ways are several multiple factors still make making its like a suddenly job to the like car around them like a 7 percent but we still think it will keep to the like a high single digit growth for the rest of the month what do you think is a bigger headwind for the chinese equity market and as we speak to hang seng index just broke 13000 level is it is it the fed or is it the weakening domestic economy and earnings yeah i think mainly i think its the headwinds domestically i should this especially i think that we all always we think sets i like how a recovery off to consumption but because of the covid like her restrictions i think i saw the road is very bumpy yeah your thoughts are going to be real quickly 7 are you overhyping it or you know its gonna be eventuality its gonna get there for that i am yeah yeah i think to pick gave given recent stress dollar story and i think that its like how kind of fights all we can do for all the currencies and then we also expect to feel like a cny could overshoot 7 but we think that it will recover to six points nine like then by next march