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sovereign wealth funds. arechinese banking assets 47% of world gdp. instability does instability in the chinese banking industry pose a threat to the global financial system, is it a virus like they already contributed a physical virus? chair powell: generally, as i am sure you are a where, as i am sure you are aware, china has had a high debt to gdp for this stage in the economy. the government has actually been by the central bank to try to control the growth of debt. they stuck to that through the last couple of years, even those even though they were challenging years economically. it is something they were addressing. the other thing to say is they have plenty of physical space. , they have power to respond to downturns. i would not go so far as to say their debt is a systemic threat to the world economy or anything like that. it is something they need to address. rep. hill: it is something that deserves review. mr. barr talked about their misallocation of re ....