Joe Leahy

In the ghost cities, maybe.

There is one.

I think I've been looking for this.

Where is this warehouse?

So just to answer your question, it is an incredibly formidable system in that sense.

If they say they want to produce something, they're going to produce it.

The flip side of that is the waste.

And also...

The domestic demand is not there.

What are they going to do about the domestic demand ultimately?

That's the question I wanted to ask you, if I may, Joe.

Does this system create the kind of prosperity that I'm sure the party also wants to see?

In other words, does it fulfill the economic side of the deal for the growing Chinese middle class or working class?

So I think it has provided huge prosperity over the past 40 to 50 years.

The question is really are they going to get to sort of a middle income status and can they go beyond that?

And I think that's what the party now is trying to do with this going to high-tech industries that were once the realm of Europe or the US.

They're trying to go up the chain and they believe that there's going to be some sort of trickle-down effect and they can double per capita income by 2035.

But I think traditional economists don't really see a clear path from what they're doing now to that fully prosperous economy that you were talking about there, Robb.

I think it is, and especially with this crisis, we've seen a lot of demand for green energy products.

I mean, for instance, in Australia, we've seen EV demand go through the roof just in the last year.