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00:00The Chinese government has really deep pockets, let's be honest, and state companies are vowing
00:07to buy stocks to stabilize the market. How crucial is this government intervention at such a time of
00:14uncertainty for China? I think it's going to be really important. I think the area where we're
00:19going to see a lot of focus in is how to boost domestic demand. If China can unlock that,
00:24it can mitigate some of the worst elements of this escalation in the trade wars. I would say
00:32from Beijing's perspective, the good news is it will probably take a while for Chinese consumers
00:35to feel the brunt of the tariffs. What China tends to import from the US is more manufacturing parts
00:42rather than your everyday consumer goods. That's a key difference to the US where actually
00:47they're buying Chinese toys, Chinese clothing, Chinese electronics. I think consumers will feel
00:51the brunt much quicker. But the trickier challenge, right, is that Beijing's already dealing with
00:58weak consumer confidence. Boosting that is going to be key to unlocking domestic demand,
01:03but it's going to be really tricky when your country is trapped in a trade war.