lets bring in cliff i know youre not supposed to fight a central bank but im wondering how supportive of these latest comments from the pboc for markets right now cliff chinas economy is on a different fiscal cliff compared to the us china central banks tend to have more favor toward policy easing maybe it will also be cut and mandatory tools will be used according to the press release yesterday the central banks vice governor has a more supportive tone yvonne you are saying the window is now in the first half of this year for reratings what areas do you think warrant that right now cliff i think to sectors may benefit the first is especially chinese properties the big developers have a good condition to enjoy that rating they have suffered bouts of policies have increased from the beginning of the year and we believe there is potential to rebound david i just wanted to push a little further on that note you mentioned that the financially healthy property developers country garden is one of the higher rated companies yet it is coming under some stress when it comes to refinancing some of its debt would you add another filter to determine which of these developers might be a better buy than others cliff i think some state owned enterprises  on top of that it is done by large private firms its comparatively good their financial position compared to other distressed companies these two kind of companies will benefit david im looking at your market outlook for hong kong and i have to say the benchmark is quite wide basically saying it could go anywhere do you think there is upward or downside buyin cliff i think hong kong is trading at a very attractive variation compared to the downside potential in the evaluation rating stage we believe the market will tend to come back to 26000 in the second half especially the downstream companies that will benefit from the spread so this kind of growth will drive the market to a higher level yvonne how close are we when it comes to the earning picture looking a little more favorable is it likely to bottom soon cliff yes we believe earnings will bottom later in the year especially with stabilizing policy coming out regularly for the new economy sectors it may take a longer time to bottom out so maybe in the second half we believe it will be around 10 growth this year