Hello Rory. Hi Harry, team well little good, how's it going? Yeah it's it's it's been called duokay good. Great in Shanghai now actually. So you're you're in London. Yeah. Hi, shall I? Yeah shgood be cold. But well, compared to the south and south earlier on in the week, but Shanghai is good. Shanghai is I mean, not too cold. I mean, I guess not even like what we're like Madrid or London, basically. So it's seven or eight degrees this way. He's not colder, a little bit more cold. I feel Shanghai is poder than Madrid or Spain. Colder. It depends. It depends though, because Spain is quite continental kind of climate is in where a high up imagery will high up 600m above sea level, which is people most people like wouldn't expect that. And like Spain is quite warm, but in the summer and then also in the south, Yeah war most of the time, right? But Madrid, it's a bit cold, a little bit cold, right? And it's not bad. So it's not bad. The south was nice, so was very good weather. Guangzo is in guangzo. And that was like, Yeah, pretty good mania. Oh good. Yeah, I was in gubefore Gudo say Hong Kong is it's like very way more to the south, right? And it's good good weather now in Shanghai. It's not bad. It's not that cold, but it's obviously much colder than going journey. That sounds pretty good. Yeah Yeah are you guys at Beijing? You're from Beijing, right? Lauare you from you're from Beijing, right? Okay. Maybe I was thinking in tomorrow or Tuesday machine or not sure, but maybe I'm maybe maybe I'm not sure. Actually don't really need to have a massive plan this next week, but and then I'm going back on Friday next Friday from but other than that, I'm not sure. I'm not really sure it's gonna cold Yeah that that's definitely cold der that's Yeah three mamum that's colder than Spain why was there loss Chinese New year last February? So 2025 and that was really cool that we we particularly called I think for Beijing right I mean not like extreme but I think it was pretty cold and it was like maybe we were in the Forbidden City my girlfriend night and it was like minus six, minus seven and then it was there was like chlike the chill I don't know what called but you know like when you check on the Internet what the weather is and there's something that call like the the chill factor or like the real temperature, which is basically not just the degrees but also in terms of the wind to the perception of cold. Yeah, exactly. And it felt it supposedly it was like -15. So that was pretty cold. That was cold and I we weren't I had a nice cothat, was not equipped fully for the for that cold in the Forbidden City, which is like open and it's think like very open space. And now was, Yeah, that was pretty cool. But Yeah, I think Yeah, it's normally like sometimes even been colder than that. When I was in Beijing, like we had like -15 actual temperature, -50, 60, 17. Well, Yeah. I know there's a lot of people. Yeah, I know there's a lot of people. I'm on Chinese social media on little redbook and I saw people posting a lot of around this city further up, right further north called herbee. Is that the name of the city? Yeah. Hubby, it's okay. I want to say hubby is really nice because it's it's just is is I don't I don't know. It just doesn't give me the get. Viper cala, no, no, but Yeah, people would post a lot now in the winter, it's like snowing and her basiit's like basically like in Siberia, most in Mongolia, right? And there's like there's a winter, let's say like winter, let's say, I don't know, I have to call it, but like winter wonderland in London, but like ice dishes. Rehelping ping, Yeah, right. But been Hoby, there's a lot of like posts on social media. There's like ice cities where they've sculpted like constructions would be nice and it off chwhat. I don't know if there's a lot lot of people going but did off post like it's kind kind of a little read a book. It is quite nice that those posts but I mean, it is freezing. I mean, I saw the temperatures the the day it was like -22 max and then mminimum of the day -30, which is crazy right? I mean apparently I didn't know this was a seminina but you have to have like heat patches on your phone. I don't know. I guess to make different to work out I don't know isn't you need to like really plan ahead. It's not just enough to wear a coat right? Like you need to you need like propagate right with -30 and night weather right? But but Yeah Yeah I think it's not mean it looks very good for the social media, but I don't know if it's worth making that hike up north to her bay. Yeah Beijing. Maybe maybe I'm not sure. Yeah where are you from in Beijing? What's part of Beijing? Northwest hi okay. So when did you move to the uk? When did you stop living in Beijing? Three years ago. Three years ago I moved to I'm Hungary and I came to the uk like two years ago. Yeah you talking about Hungary so how come you you're in Hungary for a year, right? Yeah because hungry my parenlike it's we got the what you told like we're just trying to move to another country and my my parents want to leave China for a while. So we just moved to Hungary. It's not for work or anything. We came to Hungary for the okay k for work because there isn't like a really good job opportunity in Hungary anyways. There is like essentially no ri, see, I see, I see. I see. Okay, so now they live in the uk with you. Yeah they do okay. They enjoyed the uk more than hungry, I imagine. Or it's both the same. Where did you where did you live in the uk before you? No, I so my story is like basically born in Canada, then moved to Madrid, then London from age six to age eleven, and then eleven to 18 in Spain, back in Spain, and then 18 to 21 in Cambridge. Then I'm 28 now, so seven years after graduation, basically in Madrid that's kind of the mostly in Madrid and Yeah, no, I mean he came into London. Yeah but how can we have like the English accent if you're not born a race? I mean, I guess I mean I read a lot about this, but apparently the your accidental kind of this stuff is formed before the age of twelve. So it's quite important to if in the accent is set quite early. And I guess I did live in London from like six to age eleven and I think that probably had some kind of bearing on it. But but Yeah, I mean, I guess that really Yeah then went to International Space. I mean, but Yeah, I mean it was international, but we everyone, most people were Spanish, right? Yeah just did a little bit. I associate international school as well, but usually in the international nationalist and outside of the uk, they tend to have American acent, even in their British school. Even in the British, they have American accent. I've I had the categexperience of it. I was in the international school before. Yeah, Yeah. I mean in my school it was just not even an American or British. It was more like it was mostly Spanish people back then. I mean, so it was a Spanish accent speaking English, right? And was a more American maybe, I don't know, but it was never like very close to any like, you know, people wouldn't speak that word. Actually it was okay, but the school was quite academic, but it was very Spanish in terms of the language. It wasn't nobody was wanting to study history, English literature. It was a classic, more like Chinese relic foreigners wanting to do science, engineering, this kind of stuff, right? I mean, I was one of the, it was some people, right? So a been more than than Chinese students. There were some wanting to like Econ or history or joa little bit more, right? But not that many. Most people would, most of us would go to uk to study, maybe 80% and Yeah, really 80% going the uk to be fair, there are lots of Spanish people in other Italian people. I don't really, I don't really know why because you not really see a lot of German and Dutch people here, but you see a lot of Spanish, Italian maybe because like here's more it's got more job opportunities than Yeah best education. I mean, like I think look, I think the international schools in Spain, it's look, it's very small, okay? So if you think of China and the people going abroad, it's a lot of people, right? It is a lot of people people in Spain and France. I don't want to say other kind and and also Germany too, really, people don't go abroad to study. So the normous to study in Italy if you're Italian and Spain if you're Spanish. Rhowever, given that we, I was an international school, the people there were looking the great intention, my opinion was never me as a whole for most of my classmates was was not, Oh, I want, I'm a Spanish parent. I want my kids to go abroad because it's better than here. It was just okay. I think the school is better than maybe the one I would to take public school or take them here at Spanish school. I think I want them to speak English. I want them to continue this kind of system. Let's go for it, right? Then some people would decide to stay. Most people just decide to go because I think the universities then end up being better, right? They are better than the Spanish ones. It's a very small market. I mean, international schools when I was done, but certainly like six, seven they're actually good. Then there's like more some schools that speak a bit of English and but there's arenthat many six or seven if you think about it, right? And like very small schools. So it's a very small market then about special people going to the to live in in the uk because all kinds, right, there's people may be more wanting to to improve their English a bit different that have immigration within Europe than from China to the uk, right? It's a bit different but most people don't go to study in the uk. It's more, Oh, I might go for a few months to improve my English and do some kind of job or those are professionals going to work and London and stuff. That's bit of a mix, right? Yeah, now it's a bit harder, right, because of the European Union stuff, the Brexit. It's not as easy, I believe, to live in the uk, even if you're Italian, Spanish, French, German, but it can be done, but it's not as easy, especially maybe I don't know what happened with those kind of people, theygo to be a waiter and this kind of stuff, right? Just for a few months. I don't know if that really exists anymore. I don't think it's as easy, right? People that want to study get that, get sorry, stuthey get sponsored by their company because they're professionals and that's okay. I don't think that's that much of a fai think that's relatively easy. But Yeah, I don't think the uk is good. I mean, I think there that the University is a good it's a good system. I think for a lot of the difference that I see. Go ahead. Go ahead. Yeah, they speak English here as well as it's very international. A lot of people want to just try me to to see like the international environment and improve their English. And it's very amazing in this, but definitely more Italian, let's say, or German just Yeah it it is more international. It is like a melting pot mall than let's say look, continental Europe is still continental Europe. There's much less immigration. These are very local culture, local cities. Madrid is opening up massively, doing very well actually recently, right? There's a lot of South Americans spending money sending their kids to University in Madrid, which is never a thing. I mean, you see a lot of mix, especially like South Americans love South American immigration in whether it's good and bad, right? There's like very rich immigration and very poor immigration, a bit of both, right? But it's definitely changing. Madrid home, very modern Barcelona, it's still more local, right? As in in Spain, it's still strange to for example, and this is like an thing, an interesting example, I mean, in Spain when I was a kid to maybe growing up 2010, 2012 at school, if you were not ethnically Spanish with Spanish surnames and you said you were Spanish at school, people would think, what's wrong with this? Like what's happening with this person saying they're Spanish and they're not Spanish, right? Okay, now you have kids that are ethnically not Spanish, have no Spanish surnames that say they're Spanish because they are Spanish and they have a passport to born in Spain, whatever. Have the second generation right? And this is something that I'm 28, I'm not very old. When I was growing up that was strange. We didn't have immigration. That was, well, we was starting to have immigration, but it was first generation right now. These these people that came to Spain in the early two thousands, but having kids or have kids that have Spanish, possible ples are Spanish who speak Spanish, don't speak their local. Now, I mean, this, it's not, this is a MaaS movement of people from China to Spain. But now, given that I go to China every so often, I was in in the queue for the passport kind of line to last time I came, maybe a few months ago, and there was a Spanish, what Chinese family kids were being Spanish among them, amongst themselves, very good Spanish. So native Spanish, ethnically Chinese. And the parents were there, mom and dad. This was for Chinese New year, actually last year. And they they spoke to the kids in Chinese, right? And they said they would say a few words in Spanish, obviously with a bit of accent, not very good Spanish, but the kids with flu and native flu, and obviously they went to school in Spain, Spain ring. So this something that went out 15 years ago would have been very strange, very strange, right? In Spain or in Italy, in the uk is different, right? So obviously we have third generation immigrants in the uk, fourth generation that have completely assimilated into culture and also not, but people have been the uk through age for nearly 100 years, right? Really since the Second World War, since just the post war period, embraced it like Yeah embrit's more long term. It's been it's been them for longer. Immigrants have been a part of the uk, the longer right in Spain, I mean, shuof scotwas shuoff until a dictator until 1975, no migration until the early two thousands from South America, right? Yeah France had more immigrants for Arab immigrants a bit earlier on and the uk much only with South Asia, Indian immigrants, lots of more immigrants in Spain ish or so. What what what lots of more. Okay, that's interesting. Okay, so Moroccan influence, Moroccan immigrants more recent, so I'd say like South American immigrants and or more towards now influence. I would say, look, this is interesting more in the south of Spain, well, I don't know, maybe everywhere in the big city still, right? Obviously. And I look, I would say there's way more South American immigrants given the the language and stuff also, you know, notice the South American immigrants as much because they are Christian, sometimes the same physically, and you just don't realize it. And I think they assimilate quite well. Moroccan immigrants, I don't really have a lot of experience with Moroccan immigrants. You do notice them more visually on the street, rithe bit more different. And they are Muslim. And I think this religious thing, how can I put it? Maybe they don't integrate as much. Maybe it's a bit different. The integration process, it's a bit of a mix. It's hiand miss, right? I think the South American, the immigration is is it for Spain has been quite easy compared to other countries and their immigration. I mean, you're talking people that speak the language and to share the same religion, right? Maybe it's like a different culture for sure, or very different culture, but very much similar. So I think immigration is quite good. They're not particularly rich rbut. It's been playable, I think depends quite hardworking people, Moroccan immigration. I mean, I talk to people and obviously this is a big thing, right? I haven't really seen that many, I think, in some specific areas, but there are a lot of Moroccan immigrants here, you know. It's changing a law in Spain. I mean, we talk a lot about the Spanish football team, National Football team. I don't know if you know layeah. I know. I mean, when I was growing up, the Spanish football team was all White, ethnically Spanish, 100%. One player was like nationalized Spanish was actually Brazilian. That was like a talking point, right? He was playing in the toznet European championships that we won. The first one that we won, then 2010, 2012 when we won the other stuff, the World Cup and the other eo, he wasn't part of the team, but it was all ethnically Spanish, every single one. Now, if you look at the team, it's very different. You've got lamean ya mount, son of a Moroccan immigrant, poor, Moroccan immigrant, poor subb, Saharan African mother. This is completely different. I mean, this is a new, new, new, new thing. Great. It's great thing, right? But it's very new. And I think only expansion side seen this before. It's I think it's all European countries are going toward that direction. And if except from Eastern Europe, like Poland and Hungary, this to have various tricks immigration, like they still have various tricks immigration processes and and the policies. But and still it can't stop the globalization or immigration MaaS flow, let's say, because like you know it, Spain and the Netherlands and Germany, they've got lots of like right now, I don't think spin's got lots of immigrants, but Germany and Netherlands has got lots of immigrants already. And Spain and more and more immigrants going immigrating to Spain and Italy and Portugal, and they're all in schenggen. So basically they can move to the other Schengen countries like Hungary, Poland, Slovakia without a visa and stuff. So there's just going to be more and more immigrants in any countries in Europe. Yeah. I mean, I think, look, as the countries get richer and countries open up or are allowed to, well, I mean, look, I think immigration is always happened, right? The history of mankind, even if was very local now with if you think of it like in the history of mankind, if we don't think of the last 50 years, but the past 500 years, right? Look at, look at America, right? A country of immigrants, right? So I think if there's opportunity somewhere else, there's always be economic immigration looking for a better future. I mean, I'm here in China in part for that reason as well. I'm not moving now today, but people move and look for opportunities, right? I think it's a good thing and it will continue to happen, especially as countries start developing more. And at some point people will move to China and MaaS as well. I don't think that was gonna to happen anytime soon, but it will happen, right? And it's a process. It's a process. I think it's what I'm actually interested in. I don't know a lot about is also immigration. We wouldn't see Rory like maybe immigration between like developing countries. Apparently that's a big thing now, right? I there's a lot of immigration, weird immigration, weird immigration, immigration that I didn't know about. So I went to Cambridge and there's lots of different people, right? There's a Kenyan minority, sorry, an Indian minority in Kenya. So there's immigration in the Commonwealth during the twentieth century where I had a friend who was Kenyan, Indian Kenyan, right? That's a big minority, right? And Indian, Malaysian, I mean, there's lots of very interesting immigration kind of patterns in the past and Yeah. Tell me out. Maybe I think people wouldn't go to Micle. The uk itbe more spread out as other countries developing. You find there are more immigrants in China. I was in Shanghai right now. Do because after, because I've heard last year they open up the k visa, working visa for people to come and visit and work and and to do business in China. That's that was like a shock in for a lot of Chinese mediand. They all reported the thing in China. I think it did have a slight impact. So I don't know because I haven't been back to China for half more than half a year. So I don't know if that if there's actually impsomenow, do do you see like they're more like foreigners or not foreigners, but like like different people, like you see them there, more diversity in China right now or not. So what do you mean there wasn't in the media? Like was it like was was it a controversial thing? How did the media perceive it? How do you it was a controversial thing. It was a controversial thing because people in China tend not to like immigrants and they do open up the kvisa for the foreigners to come and work to come to work to China. So that's when it became like, okay, okay, that's interesting. Okay. So my opinion, Rory, is that, look, and I'm talking from what I see and look, by the way, you probably know more about this than I do, because I have the intention of moving to China soon, but I've spent very little time in China, really, okay. I personally think that there's no immigrants in China, really. I mean, I'm talking like, let's say, about western immigrants. Maybe there's other bits and pieces, right? But western migrancy means someone might come as an exppawith, a foreign company. I'm sure some people kind of find their way to China and stays in some capacity teaching or stuff, right? But I don't think there's a MaaS movement into China because there's no need for floring gers, right? It's also not easy to come to China even if it's technically allowed, right? It's so different. I think it's such a different country. I don't think there's much need. And I'm not saying this is because it's not not welcome. I think it's just there's really unless you're doing something very specific, there's no real need for for for migrants in China. That's my take. West timate, I'm sure there's a bit of like different levels of immigration. And I'm sure there's a kind of maybe low I don't say low, there's a bag, but like low level immigration, like people, they're quite poor, going to certain parts to work. And maybe there's like like in Dubai when there's like a lot of like very poor Bangladesh immigrants from Nepal working, making all these buildings in Dubai, right? The under the 50 degree weather. I mean, I don't know if there's a bit of that in certain areas in the south, which I have no idea, right? But I mean, there's like also like stud people on studying visas that kind of in a bit of a there's different layers, right? They're at western immigrants in Shanghai. I'm sure people coming in, going, spending a few years, right, who's actually staying? I think the community is still quite small. And this is my impression from afar, right? I'm I'm like I'm I'm basically tourist, right? I was here in Shanghai 2018 for a bit longer. And I don't know. Look, I think eventually it will open, everything will open up and there be opportunities. But right now, I don't think there's immigration. I mean, how can I. Someone might find their way to China, but I don't think you come to China looking for opportunities because there are many, but I don't think it's that easy to capitalize on them, right? Yeah. I mean, the MaaS movement people, the MaaS movement of immigrants in the world are impoverished people, people that are non poverilooking for better opportunities and maybe don't have the University studies. Okay. Kind of think the MaaS movement historically, if you don't have University studies and you're looking to be a way iter somewhere or do this kind of job, you don't come to China. It's just not possible, right? So you that's kind of my take. Yeah know what do you think? I mean, there's just no immigration. I don't think there's much immigration in China. Western immigration at least. Anything think. Yeah, I mean, it's not I'm not making giving you an opinion. It's just more like like I just don't think there is that much and I don't think it makes much sense, right, for China. Don't think it makes much sense. I don't think it makes much sense for western people to come to China to live. I mean, it's a great country, right? I'm not I love it. But Yeah, I don't it makes much sense for the average person to come to China, right? I mean, the average person stays in their country and might go to another country in the worst, right? I think that's like the standard kind of movement. And Yeah, without making a valid judgment, I think you go to a country with, let's say, to make it economics. So a country with a higher GDP per capita, that tends to be the case, right? Yeah. Not to say China has not developed, definitely is. I mean, walk out around Shanghai, it's much better than Europe, right? But I don't think you come to China to work to find an opportunity without something very clear. You come to China for a specific opportunity. Maybe not not speculatively, right? You can't come to China speculatively. That's that's a big thing, right? So I doubt that people come China it as more developed because look at I don't know, even though the infrastructure feels better, but it's still like, I don't, I don't know. I feel like Europe in general with dk, like let's do a comparison to London and Shanghai. I'd say London gits more the the sense of, I don't know, the London gives more of the vibe of the developed country, developed country than China. Shanghai still even Shanghai is very developed s in terms of infrastructure. I don't know why. What do you think about that? Like compared are London to to Shanghai. I mean, I have a very specific like view because look at my views. I think it's informed, but take take my opinion is someone that basically works with students, maybe a bit like yourself, rather either have ambitions to study in the uk or are in the uk, this kind of stuff. So I don't talk to the average Chinese person, right? I talk still like that, say maybe not the 1%, but the 5%. Definitely, right. Or, well, 1% most of the time. Look, or we're walking around Shanghai now, I don't think anyg's wrong with that. I think it's very developed, but it can't be the whole, even the central Shanghai contour be developed because it's so big, right? Give me a second. They're just 1s worry. They're just knocking on my dog. Give me a second. Sorry, 1s. Sorry it just knocked on my door to make up the make the room if the tidy the room it was that's what time is in it five it's a bit late usually they do it in the morning but apparently they didn't come so but Yeah I told them to come late and no I mean like I think look Shanghai mean very developed but what one thing that you realiis that London is very homogenous because it's the city of London has been there for so long, right? And it's slowly developed and it makes much. It's all more homogyous China. Look, you have an amazing building and the next door you have like an empty plot of land or you have a weird kind of combination of stuff because it's all been done, grown so fast. The urban planning is all a bit all over the place even within it's not crazy planning, but the urban planning is a bit different to Europe where it is a bit more. It's been more gradual, right? I mean, the growth has been very fast, right? Very so I feel like I prefer the European type of building, even though they don't have a lot of tall buildings, but still, they're they're more aesthetic. They're more like aesthetic than Chinese. Builyou know what I mean? The mean buildings, they're like out forms, but they give you a Bible, not cdeveloped, even though there are lots of tall buildings, because you have like very, very rare tall beadings right next to maybe fill a place like fourth, like I don't basically, I don't I don't know if the word slam fted, but it's like very, very short buildings. And next, very tall beaand. Sometimes that is like an area of people living there, living in very, very short buildings, and very low income people live there. And then right next to it, it's like a very tall building. It's it's not like it's not like city of London or it's not like the uk, because in the uk people live in the similar places and people working the talk being China, I don't know how to explain, but it's just a different other. It's a bit of a, it's a bit of a it's all kind of mixed and all kind of all over the place. Not in a bad way, but Yeah, in a bit of a bad. I'm not saying it's bad, but it's all kind of, you know, and I think because it's been development been too fast, like you've seen this, right? And in like in any city in China, you walk into massive shopping more than 11:00 and it's open the security got opened. You know, he's taking an app opened and then he's you have access to the massive shopping mall. There's a mix of everything and you go up to the seventh floor and there's a restaurant that's open, right? And it's kind of, I didn't see it from from back in the ground level, but it's just, it's open. People know it's open. It's a, it's different, right? And you go to these like massive office buildings, whatever. You've got a massage parlor next door. You have a lawyer's firm. It's all kind of then you have a hotel within the same car. It's it's a bit, it's interesting, right? I think that also is interesting for foreigners visually, aesthetically, but it is a bit more not as structured. But I think that's part of it. I think that's not a bad thing. I think the spontaneous kind of part of it is, is it good? And I think the fact that China developed too fast is is that is the best thing I mean, out of this. And also, I feel, is the quality as good? Maybe not. Whereas watching this this video the other day, I think this is interesting thinking of AI, right? And maybe this is interesting as a whole, right? America in ner, AI still dominates their research, the pure research side, but China dominates the application right side. So I think that's interesting. I think, look, I think maybe the the real pure research aspect in life, in a lot of fields, the west still dominates. But the application in putting it to market, putting it into use, I think China, I mean, way better, right? It's much faster, more agile, right? So will the quality of these buildings be that good? Look, sometimes I feel it looks really good, but I don't know if the quality is that good. Do you get what I mean? It's not as robust as my feeling physically of a lot of stuff you see, but it looks very good and it does work most of the time, right? Yeah, okay, heavy. Yeah, I can hear. I can hear you. Yeah, Yeah, sorry. My computer te, my laptop, just my laptop died. Okay. You remain in the room. I didn't see you leave. So okay, but I was saying, Yeah, I was just saying that I think I was watching a video about AI, right? And America dominates the research, China dominates the application of this research, of this AI stuff, right? I think that's very in life, not just an AI. It's just kind of as much more agile like you can get something done and made in a factory today the same day, right? Which is crazy. It's it's really efficient in you can't get this nerbecause. It's based on the governyeah Yeah it's it's not based on the economic driven factors like in the uk or in the other developed countries like western countries. If you build like infrastructure, you have to get approved. You have to get the approval from the private land owners because you don't want to just build the road on their private lands and you're not allowed. So you have to get you have to get the permission to build to build it. So that's going to cost a lot of them. That's going to waste a lot of time because perhaps you negotiate with the land owners, you have to negotiate with, in fact, with the older like landowners, or if you want to build a like railway, if you want to build a rail and you have to a road at the same thing, it takes it takes like ages to negotiate and to and also to plan. And also the labor our, the labor, our price at efficiency, it's lower because you in western countries, that they tend to have better protection workers, protection laws, something like that. It means that you have to work. You can't work excexceeding the regular regulator time, you know like specific and appointed by the Workers Association and stuff that that's like very strict law in the other countries. But in China, it's not existent. And also it's related to economic factors as well. Obviously, if you want to build a road in, if you want to be able to roll in China, then you have to you just build it like the government just can order it and everybody just do what the government said. But in the uk, you, it's basically the railway the rail companies and the rail companies are owned by the private enterprise. And lots of people they don't even lots of people, they they. They because it's owned by the private enterprise. So the people who work the in the company tend to be more a profit driven. You know what I mean? Like if you if been in this road can't give back the profit of what or it's the profit is less than the money originally invested into the projects, then obviously it's not going to work and no one's going to build it because you're not making money. So what's the point? But in China, it's like the government said, Oh, we're working for the people, so that's why we're building it. Even we don't really care about the profit loss and stuff. But essentially, I think in China, why people build a lot of the infrastructure is because first of all, to to represent China, to give to give the whole world a good image of China. And secondly, that that's the most importantly, it's to, it's another, on another hand, trying to improve the economy. Like why are you beating that money, real estate? Like why you beating that many houses while you're building that many roads? Because a real estate sais the one, the one of the three main economic sectors in Chinese economy. So that's why building houses can actually improve or like to stimulate the GDP growth. Because chartting people love invest people loinvesting in houses, the money to houses. China I'm the infrastructure like the road, the roads that have they I don't know. They obviously better roads can lead to better shorter commuting time and shorter transport time as China is a huge country. So it can on another hand, improve the stimulate the GDP growth as well. Something like that. I agree. Look, I mean, I think that China is more agile and you mentioned the central kind of look, even if the companies are private, it's just more. I think it's more the companies are more lean faster, whether that's because of the government coordination, some kind of implied tacit kind of central element of stuff and authority, like more like philosophically. But you're right, I agree. And I think these European economies, American economies are more mature. But I think that was like in life. If you are, I'm talking like more beyond business. If you rest on your laurels, if you're basically think you're very good, you end up not working as hard and pleasing as much, right? So that's, I think, how I would take, I think, European companies and the way of doing business. It's more I'm a big player, you have to pay me, you depend on me. I think even big Chinese companies or you go to restaurant, whether it's a big chain or small restaurant, they're always willing to please, always giving discounts, whether it's at a real discount or not. But I feel it's more like this competition and it's you really have to serve the customer. If not, they will complain. Everything. Complaints are online. You're always reviewing everything. And Yeah in Europe, you might not be getting a good service. And that's kind of is what it is almost, right? And that's not good. The same time, I also think it's because, look, labor, our costs are different, right? I think that's a big thing. I think here everything can be faster because labis very cheap or cheaper than Europe, right? I think that's one thing. I also think customer protection laws and the fact the regulation is there, is there for a reason. Is it excessive? Most of the time in Europe maybe. And in China, everything is quicker. Also the cost of the consumer sometimes when things go really bad, right? If that makes sense, I'm sure there's always people that miss up. I think, look, in China, if you're the top 5% or whatever, x percent, you do very well of opportunity. Well, I think I must. I imagine what China is a bit of an exception because I feel China has at least what I'm told, I don't know. But so the social security, the protection of letting the poor rest not is quite good, at least in the big cities. However, I do feel there are pockets, but I'm sure big pockets that are being left behind a little bit. I'm sure like anywhere. I think the welfare state in Europe does exist and as say that because there's no homeless people in China, that's why people think like, Oh, China start a very good welfare system. But I think I don't know specific reason, but there's just no homeless people in China. That's like the biggest difference in the uk. I don't I don't even know what's the reason behind. So what is homelessness? We have to define homelessness, right? For me, it's not necessarily by the homeless. For me, it's the really poor people in urban areas or rural areas to have a house, but a very poor way. That for me is bigger issue. Homelessness is is a complex thing. I mean, I don't know a lot, but for me, look, the homelessness in the uk and America and Europe, a lot of the time, I don't want to generalize, but it seems to be a bit like mental health, drug abuse and certain issues, right? I think homelessness, and this might sound bad, maybe it can't be said on the news, but but homelessness is somewhat chosen in Europe, right? Somehow people have the ability to choose it. It's not something that is as a consequence of them when you get to the point where they can't find a job. Yeah, most definitely. And I agree. And then it ends up being a really this bad advicious cycle. But I think it's the communists in Europe is the interpretation for me is why is it bad? It's bad because we have mental health issues that not being addressed and abuse of drugs, abuse of other substances and and this kind of thing. For me, that's the thing, right? In China, does homelessness not exist? Maybe maybe it's also shunned and kind of kept away on purpose. For me, what's worse is like people in urburn areas maybe be living a bit of like bad bad existences, right? In like more like really small flats, really bad conditions within cities, even top cities in China. And we're in the rural areas, people still not being at subsistence anymore, right? But being quite impoverished, that is a big issue, I feel. And it does does I guess this still exists and that's fine that it exists, right? I think there's still some way to go, right? And especially in other cities in China, right? Yeah. But at the same time, I don't think I don't know about west China right now, western China, if you go really west, but I think people, even if it's a simple life in villages, that it's okay, right? People are are fine. The education system is there. I think the quality of opportunity element in China does exist. I believe even if you come from a poor background, I think you can look, education is the best motor for social development. First, sorry for what do you call it for social like advancement or for like improving your socioeconomic kind of advancement, right? Improving your situation. So Yeah, I mean, in the uk and Europe, people are also being left behind massively, right? And I think there's communities also racial communities, right? What immigrants that are being shunned to think of racism in American Europe, it's a massive racial question as well, right? When there's so much to mix, it goes back to any clarity. We spoke about rorory yesterday award on Friday. Yeah, I think does inequality exist in China? Yeah, it doesn't matter as much. Yeah, it does it does matter a lot still. China is very moderas racially. I think it's just economic inequality, right? But also, I mean, there is a lot of inequality because you can't move from city to city as much, right? There is like very much a system where what are called the, what are called the the you can't move from a rural area to a big city and receive the same education and health care. Yeah. What's it code? What's that system called? It has a name. Do you know what I'm talking about? It has a name. No. Yeah. So this is laws. These are very like it's a very well known name. It's talked a lot about economics. It's it's a system where you and I guess it's that protect China historically, maybe not too much now, but historically from MaaS movements to urban areas, okay, it's basically makes it not that easy to move to big cities and the receivers some level of health care, education and which basically stops people from moving to big cities and it becoming unsustainable, right? What's the name? Let me check. Let me check 1s. Let me check. Let's search this in deep seek. What is the name of the system in China that limits immigration, domestic immigration, in between rural areas and cities? I think you've definitely heard of the name. Yeah. Okay. Okay. Who cosystem a buco? Yeah, Yeah, Yeah. Sorry. I've heard of it now. I'm right. Yeah, I've heard of that. Yeah. What do you know about the who co system? What have you heard? Like if you had a hook of this problem specifically, then you can't go to another problems. You work and go to school, whatever. You have to stay in your own hook. Toproblems ce, but if you go into, if you want to work or go and and get the hook off to another province, you have to go study there and live there for specific. It's like a visa basically. Like if you have to like go to another, Yeah, right. What do you think of the Hooker system? Now I know I know I don't like from an economist standpoint from afar, right? So I don't know about the practical restrapeople's movement, but at the same time, it guarantees the quality of people in the cities. Like even though it's it's getting loose, it's getting loose and definitely it's been getting loosing for quite a while now. But because for a lot of like you know people from outside Beijing to Shanghai, as you come to Shanghai or Beijing to work as as the based jobs like deliverer drivers and stuff, and then there's no deliverdrivers from Beijing. They're all from outside Beijing, but they they all have out. None of them have I bet none of them have Beijing, who everyone probably has like poorer provinces. But it kind of works because it guarantees like in the city, people all have the Beijing qto and people are all like you know educated and more like developed countries vibe. But you know it's getting loosened up right now and people are coming to big cities from the small towns. And I feel like that's more leaning toward the European style because you don't even need a visa to go to another European country. Like why would you do the same thing within the one country? That just doesn't make sense to me right now. But it used to be because it used to be the governments want to restrain the movements of people, just it's better for them to control and to regulate, you know, right? I mean, I never have an opinion. If it's a battle, good. I just think, look, historically, I think that it made sense, I imagine, from afar without knowing a lot about it. Okay, given that so many people that live in China, as we all know it has, it has to be in place because people will still find a way. So you have to kind of stop it somehow, okay? I'm not stoppable like container, and I agree that you can't have a million people coming into city every year or 2 million. I'm sure that even happened at some point in Shanghai. I'm sure Shanghai population grew by half a million some years or a million and maybe right in the in the peak years, right? Not now in the peak years, right? And you can't have this number of people coming into the city to live every single year. I mean, it's impossible, right? But I think China has to have had this central kind of control and still has a central control for things to work well. And I do think when I talk to my students about, well, like some of the Oxbridge students I talk about like other stuff for like the interview preparation, the Oxbridge interviews, we talk a lot about like the different systems and thinking of the institutions. For example, as a famous economist that won the Nobel Prize in 2024, and they wanted, based on their theory of development through institutions, right, through economic institutions and political institutions, they wrote a book called Why Nations Fail, which you might have heard, Why Nations Fail. And basically they talk about economic institutions as being like the free market of versus planned economy. And China has obviously changed the planfree market economy for many years now. Hello, politically, you know it's still a bit of a you know authoritarian regime and maybe that's a good thing in some I'm not saying I want to say for the Chinese case, but I'm of the opinion that sometimes having not having a Democratic system is not necessarily a bad thing. It's probably the best thing, at least temporarily. I think having a central government that is very powerful in here here or in some countries is actually a good thing. And yes, you have to control the people. And having these visas within a country in Europe will not be admissible, right? People will not accept this, right? But in China, maybe it was necessary or maybe it has to happen. I'm not saying it, I'm not defending it, but I can kind of understand it, right? Yeah, because you're comparing between countries in Europe. But let's not forget, we're not comparing countries in Europe, we're comparing within a country, right? So Yeah, within the Europe you can kind of move, but maybe not it depends, right? But that's with between different countries right now. Obviously in the uk, if you're the British or whatever, you can move wheryou have to tell anyone, right? Same thing in other countries, right? But I mean, I think with 1 million, 1.5 billion people in here, I think you have to have had some control at some point. Yeah. There's a famous economic model called the Lewis one that talks about demographic movements, especially in China. Very famous model, international economic model, because basically talking about these demographic movements in China, which is I don't know if it's the number one movement demographic, sorry, the domestic immigration process in the world in history, but I think it's up there. But probably number one, the MaaS movement of people from rural areas in China to cities in the twentieth century in China, I think it's number one. I don't know. But unquestionably, I think it is number one, right? I mean, how many people moved from rural areas to urban areas? Hundreds of millions, right? Hundreds, exactly. I don't know. Are your parents nes Beijing from Beijing or do they come with their grandparents? Your grandthey came from, they had originally, their hotel was from another promise next to, next to her bay is called shxi but they went to University because their grades was really good. So they all went to universities in Beijing and they got the Hotel Beijing after finish University. Okay, cool. So Yeah, it's interesting kind of time in China and I think it's, this is why I enjoyed development economics. If you go study Econ and University where I, you'll enjoy what I enjoat least was development economics a lot. That's the thing I did the most kind of specialized in development at Cambridge. And it's very I it was always very interested in thinking about how societies work. Yeah different ideas, different theto explain different things. Go ahead, go ahead, go ahead. Yeah, sorry, I said it's the same for me. Okay. Yeah. I mean, do you prefer micro or macro with an icon? Macro? Yeah. I mean, I think macro is a bit of a mixer University, right? But I think definitely the development economic side of macro like economic growth theory, that's really interesting. I think I really enjoyed that University. Okay. How you you've applied, right? You've applied and you're waiting on some on some universities now or you're still waiting on a couple Yeah I've got offer that from ucl and Manchester. Okay, for which subject again? Sorry it's I'm waiting for global I'm waiting for business and health. I'm mean just applying another subject to ucl just to guarantee that I'm poi can get into ucl I apply ed to your global Health Study which has got nothing related to the subjects I'm doing right now but still isn't. It is a ucl subject. So that go that and you got your offer for which subject for this one or for another one? Or for another one, not not business and health. Another one business business and health is the one that we want to we want to go with aiming for right now. And what did you go your offer for which subject? I've got global Health Study. Oh, okay, so you got your offer for global health at a ucl, but you're waiting on another subject of ucl Yeah and which is that subject management tool or Econ? Econ Oh sorry wait, wait. Okay, so so you've applied to okay, I'm a bit confused. So you've applied to ucl for two subjects, right? Yeah two different courses. One is global health and the other is on business and health. Okay, so you you're waiting on business and health and you already receive an offer for health. That's it. Yeah, okay okay. Yeah, that was a bit confused. Okay, cool. Yeah okay, that's great. Good good news. I mean, look, I mean, Yeah, I am of the opinion that what did you study? A University does not matter unless you want to be an engineer or a doctor doesn't remember that go to the best University you can. The subject, the honesty, I didn't really masses. I mean, it really doesn't, especially with given these choices, you know, business kind of finance, staff management only matters well, matters more as a signaling aspect. What do you signal and that that gets signaled basically from the University name. So Yeah, Yeah, that's okay. Yeah, okay. Well, let me know. Give me some, send me some upor, tell me some updates. Next lesson about this, the University stuff. And as you hear over the next couple months from the other unis. So Yeah, good, good, good. Do you have any questions? I know I've talked a lot today, but it's interesting. Do you have any questions? No, Yeah, okay. No, no, no, no questions. We'll have a good Sunday and see you next week. See you next week. Bye. Thank you, Rory. Bye.