PELLEY: One of China's largest real estate developers just went bust, and I wonder how you see the Chinese economy.
POWELL: Chinese economy's meeting some challenges now, obviously. And growth has slowed. They've got away -- gotten away from a market-led, led growth model. It's more about the state-owned enterprises now. And it's still too much associated with real estate investment and things like that. And you're seeing -- you're seeing issues around commercial real estate there.
So, the question is, "How much does that matter for the United States?" You know, we have -- our economic relations with China are important, but they mostly consist of our, you know, buying Chinese manufactured product. So, our financial system is not deeply intertwined with theirs.
Our economic, you know, our production systems are not deeply intertwined with theirs. So, as long as what happens in China doesn't lead to significant disruptions in the economy or the financial system, then the implications for the United States -- we may feel them a bit, but they shouldn't be that large.