| 1 | But neither should anyone minimize the problems confronting us. | |
| 2 | The political argument in favour of reform is strong. | |
| 3 | The scale of the modernisation challenge facing the PRC should not be underestimated. | |
| 4 | But really, we're only reacting to you trying to downsize us. | |
| 5 | The ripple effects arising from China' s deflating housing sector cannot be underestimated. |