I enjoyed the analysis, a lot of interesting details to think about here. I was wondering how you think about analyzing financial statements of Chinese companies like this. Do you have a way of avoiding fraudulent accounting, and ensuring that the statements are accurate? I've encountered problematic accounting in Chinese companies a number of times, and I'm curious what an experienced person like you has to say about this issue.

Thanks!

I enjoyed the article. I was wondering if you know the current state of SEC regulations for ICOs. It seems like the SEC has been leaning in a more lenient direction with these types of offerings, but I'm not clear on the conclusions. Do you have any opinions on where they may go in terms of regulating such situations?

Great article, very clear. I was wondering- What is the underlying basis for the 9.7% predicted growth for 2019? It seems like a very specific value difference from both the 12% predicted for this year, as well as the updated prediction of 22.4% now expected. The update of 22.4% indicates corporate expansion (presumably spurred by the tax breaks, among other factors, as you pointed out), but that trend will probably take some time to contract. 9.7% seems like a pretty sharp difference. If it is an underestimate, that would imply that the equity index is even cheaper. Any thoughts?