Yes. The situation is actually very serious. I think talking about a war between the U.S. and China and Taiwan is the worst scenario. But I think even without that, even with a trade blockade, that would be a huge blow to the world economy and to our pension funds. A blockade would hurt the supply chains, for example, from Taiwan and China, and also the trade finance. I think a lot of the time we only talk about goods, but we forget about the finance behind the trade. When something happens like that, even the finance will stop—we can see the situation in Russia. If we're talking about outright war, that will be very serious. I would see Chinese stocks actually wiped out, the same as the situation in Russia especially.
I want to go back to your first question.
Actually, there are many pension funds in Canada. They have holdings in emerging market funds. So, 27% of emerging market funds actually invest in China. Also, they possibly have investments in individual stocks as well.
I can give you some lists. Actually, it's a very long list. I don't want to use a lot of time. Of course, there are the Canada Pension Plan Investment Board, the Alberta Investment Management Corporation, Manitoba Civil Service Superannuation Board, the Public Sector Pension Investment Board, British Columbia Investment Management Corp., and the Investment Management Corporation of Ontario.
I think it's very important that there should be a regulation that pension funds need to have disclosure. We have done research and looked into the holdings, but a lot of them do not show up. The Canada Pension Plan Investment Board shows the plan's stock holdings, and find there are 589 Chinese stocks among them, the second-largest holding after U.S. stocks. That is striking.