Dear Changyi,

Thank you for taking the time to read my work and for expressing your thoughts on the matter.

As I am sure you must have noted by reading my work that I did not predict a Chinese collapse. I merely alluded to the substantial systemic risks when an economy the size of China’s carries so much debt. The lack of accurate and reliable economic figures and statistics is also sufficient cause for concern.

Quite the contrary, as an ethnic Chinese myself, nothing would make me happier than to see 5,000 years of civilization live up to its true and fullest potential.

Please do not be mistaken, this century will be a Chinese century, provided that Chinese leaders do not squander the opportunity. And it is in this specific regard that I have particular concern.

Off balance sheet debt and massive amounts of credit funneled to (at times) projects of doubtful economic value should no doubt concern anyone who would like to see China’s rise and be part of that wave of opportunity.

I hope that the above helps to clarify my specific position.

Thank you and have a pleasant day.

Yours,

Patrick Tan