 All right, Ed, thank you very much. The time here, 25 minutes past the hour. Let's say good morning to Fred Newman, chief Asia economist at HSBC, for a few choice words about the third plenum. Fred, thank you for coming on. Boy, what a contrast between the very public and freewheeling Republican National Convention and the third plenum in Beijing. It's rather opaque. It's kind of a black box. We don't know exactly what we'll get. What are you expecting?