And I guess importantly from U.
Very high-skilled folks. What are its likely implications.
I'd like to push you to the next stage. If you keep pushing on the export share, which is now over 35 percent of the Chinese GDP, it's a recipe for trade frictions and protections. Okay, Pete. So unlike before, where we were concerned that trade was causing a loss of jobs and a loss of wages at the bottom of the skill distribution -- when we look forward, I suspect it is the case that it's going to be much more across the broad -- across the board, not just concentrated at the bottom.
But again, there's real -- I think there's been -- when you look at kind of a lot of the microeconomic reforms that have gone on in terms of market trading mechanisms for currency, in terms of trying to introduce -- especially through foreign investment -- a set of companies and institutions that have the technology and techniques to implement a lot of financial services that are needed, from a policy standpoint to have a broader mix of what they can do with their monetary policy, because unlike in the United States and other countries, they don't quite have a sufficiently developed financial sector to have monetary policy work through interest rate mechanisms like we do with the Fed in the U.
How does a trade war affect the global value chain and industrial division of labor?