 I'm the last presenter for this panel. Obviously I guess I have some disadvantage because so many issues have been covered by previous panelists. Now I'm going to try to turn this disadvantage into advantage. So I decided to do as the following. Based on what panelists say, based on my understanding, I tried to summarize four issues currently international community are much concerned. There is some question on these important issues we are facing. First issue regarding the recovery of world economy. It's obviously everybody recognize now world economy under the recovery. The question people raise is these recovery can be sustainable or not. Also, so-called secure stagnation claimed by Larry Summers still exist or not. Furthermore, we see the sign, the monetary policy in advanced country has already started to change. People summarize maybe different speed in same direction. That means the QE will gradually exist. These QE exist. What's the impact on the global liquidity, particularly on developing countries? That's kind of question people raised on the first issue. Second issue is how to deal with possible negative part of globalization. Even people support globalization, recognize some possible negative outcome from globalization. Particularly, although globally the income equity has been reduced, I mean among the different countries, the equity will be reduced. But in each of countries, no matter advanced or developing countries, income equity, the gap wide, how to solve the issue. Some people propose to take, they call UBI, universal base income. That means every citizen can get a minimum income from government. Of course, people argue whether these can be affordable to do that. So some people propose or maybe take another measure, tax credit, encourage people hard-working, but at least give some minimum income. That's the second issue. Third issue, what's the impact of new technology, particularly artificial intelligence, FinTech? The second panelist described maybe not necessarily obviously have some positive impact or benefit in terms of labor productivity or total productivity. Furthermore, even people argue maybe AI itself will threaten the human being existence, whether it's the exaggerate or not. Some people are very much concerned of these positive or negative impact of new technology. The last issue I guess how to prevent in the future against financial crisis. People mention almost 10 year pass since auto break, global financial crisis. People argue what's the next time for Minsky time come. So some sign people worry about. For example, people mention is still we have a very high leverage level. Also in fluctuation of cross-border capital, yes you can see immediate before and after global financial crisis. The fluctuation of cross-border capital is very dramatically. Later on after the auto break of global financial crisis, yes the fluctuation will come down. But among the developing countries, the fluctuation is still very high. So people still worry about that. The next part of my presentation I wanted because I'm Chinese, I want to talk about some Chinese economy. Although some panel have already touched upon. I guess one or two years many people international community worry about the possibility of hard landing for Chinese economy. But now nobody talk about that because so far Chinese economy perform relatively well. Last year the GDP growth was 6.9%. In the first third quarter this year also GDP growth reached same 6.9%. The IMF raised their forecast four times this year. Now they forecast maybe at the end of this year GDP growth of China can reach 6.8%. But don't forget the target for Chinese government set at the beginning of this only 6.5%. So I don't see any problem for growth rate. That means generally the Chinese economy have already stabilized even next year I guess is the same situation. Obviously another issue people raise many times about debt ratio in China. Even SP downgrade of Chinese sovereign rating. Generally speaking the debt ratio in China generally is okay. Particularly government debt and household debt relative to other country is low. The easier people worry about is the debt ratio of non-financial sector. Probably now they reach 160% of GDP which is very high. The easier yes we should be take care of that issue. At the same time I don't think we should exaggerate the issue because in China there is some difference with other countries. First of all these business or corporate debt high. One of reason is SOE stay on enterprises has a very high debt issue. But among them actually is the local government use this SOE as a platform to raise to get money. We have to understand that the local government in China they have a lot of resources. They have assets so they can cover this debt. That's first reason. Second reason is some people calculate in terms of size of financing for this corporation. Almost same with the United States, with the EU. Because China we use more indirect financing rather than direct financing. So it's hard for Chinese corporation to get funding from the store market rather than just bottoming it from the bank. So the example, it's very interesting example I guess last week. I guess one week ago Chinese government in many years issued the US dollar. Solving ban in Hong Kong for two billion US dollars. Actually at the end the year is very low. Only a little bit higher than US treasure I guess by 0.1 to 5. That means the market still treats solving debt of China is high. So I guess that's the general description on Chinese current situation. Of course tomorrow we have another workshop. I'm going to talk about long term what's the outcome of the National Congress of the Communist Party from economic interpretation. That's tomorrow. I stop here.