Why not put a tax on carbon emissions. It would raise a lot of money, it would reduce the environmental damages in the future, it would solve so many problems, and it would be a much more constructive thing to do than to think about raising the income tax.

As we get rich, the basics of life - food, clothing and shelter - become a very small part of total expenditure. And people have enough money to purchase things that enhance them spiritually, and I mean the word 'spiritual' not necessarily in a religious sense but in the sense that it adds to your feeling of well-being.

If the Chinese economy can be opened so that currencies are convertible, Chinese tourists can take money and go see the world. Chinese businessmen can go and buy property in the U.S. and France and every place. All of a sudden, it's just going to be a blossoming global economy. I think it's going to be good for everybody.

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