China's sluggish real estate market and its subsequent effects on the finances of local governments represent a formidable problem for China. Ray Dalio, founder of Bridgewater Associates, understands this problem will affect people's willingness to contribute to the economy through consumption. But Dalio argues that if anyone can manage to overcome these problems, it is the Chinese. Dalio points to his experience first coming to China in 1984. He said, "I would give $10 calculators to leaders. They thought these were miracle devices." Fast forward 40 years, he points to the development of Chinese technologies in wind, electric vehicles and semiconductors as evidence of the power of Chinese inventiveness.