April 27, 2011

Given the high growth rate and the income gains made by China during the last few years, as well as the deepening of their capital markets, we expect the capital markets to close the gap. “Incomplete” capital markets, where borrowing and other forms of financing is very expensive and usurious, tends to discourage the development of capital markets and thus lowers the discounted value of future income relative to those of the developed world, where better developed capital markets result in a lower discount rate.

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