-oriented growth to a more con-
sumption-based growth model; and reform and open up their finan-
cial sector, including their capital …, financial sector
and capital market reform. Inefficient financial intermediation re-
mains the Achilles heel of the Chinese … specifically whether this process might spur
needed reform in China?
Mr. BHATIA. Thank you, Mr. Chairman. Yes. We do have a trade …