 So now you are watching Duaihua from doubles. Hello, I am the leading host of Yang's Transparency Channel, Lisi Xuan. Now, the China New Era is a theme debate and seminar taking place in the World Economic Forum from doubles in 2018. So our theme today is China in the New Era. Why do we talk about the New Era? This is really the keyword. I think in the 19th CPC report, New Era has been highlighted 36 times, which means something. This is not just a jargon. It actually represents a very deep, it represents deepening and important reforms. And it's not only for China, it also means new opportunities for the world. Therefore, this is our subject matter today. I would like to make a brief introduction to our guests invited to the panel today. I believe that you all know the person right next to me very well, Mr. Xiaoyacin. He's the chairman of the SASC of China. And there are other guests here that you have already seen. Many of them are representatives from China's state and corporation. I believe that we're all here to share our experience and contacts to change. So I would like to welcome Mr. Xiaoyacin and welcome all the distinguished guests. The person right next to him is also an old friend. He is the secretary general of Angogulia of OECD. And the person in the middle is the group chair of HSBC. He was also a professional soccer player or football player. So he actually has a wide range of experience to share with our Chinese audience. Indeed, he was a professional athlete. And the very beautiful expert right next to him is Ms. Jin Keyu, who is a professor of economics from the London Economic and Political School, and the School of Economics and Politics. So although she appears to be very young, but she has very great insights to share with us today. And I have read many excellent work authored by her. The last one is Mr. Zhang Zhao, founder and chief executive office of Homi Capital. So we have a great panel here from the government, international organizations, academics, and many guests from different sectors are present here today. In fact, many people say that today marks the China Day of the Davos Forum. Why do we say that? Because today we have a series of seminars and sessions related with China. And this morning, Mr. Liu has given a great speech regarding the development of China. And last year, Chairman Xi was also present here. So I would like to ask you what's your take on what's being talked about this morning? Indeed, it's a great pleasure to be here to participate in this dialogue. And this morning, after hearing Mr. Liu's speech, I feel that I really agree that the opportunities for China means the opportunity for the world, as we could see from the past years. Last year, after the 19th CPC assembly, it has laid out a roadmap and the new goals for future developments of China. The economic development will be adjusted from high-speak growth to high-quality growth. I believe that representatives present here today, many of you are also going through adjustments and reform. And this is exactly what we're doing. Towards the domestic market, we would like to enhance the domestic-led simulation and growth. In terms of external actions, we would like to open up and cooperate more with multinationals and other sectors around the world. All these reforms and development will be able to bring new opportunities to enterprises and companies. But all these opportunities also mean renewed opportunities for the world. That's why I say opportunities for China is opportunities for the world. We know that today, this year marks the 40th anniversary of China's opening up and reform. So it's very timely that we talk about this issue. So if we want to summarize this new era in one sentence, how would you say it? And what are the most fundamental or significant reform that China will undertake? So what do you think this new era really means? New era, I think, means a new starting point in terms of historic transition that will take us up to the next level. We have new goals laid out in front of us, which will grant us more opportunities, more development, and we'll see the emergence of new servers, new products, and new companies as well as new entrepreneurs. Yes, I understand that you stressed the transitioning from high-speed growth to high-quality growth in terms of the economy. So I would like to raise the question to Mr. Gurria. So what would be your interpretation of China's new era? What are some of the key areas of reforms that you're looking at? Well, thank you for the invitation. The 19th Party Congress defined the new era, so we don't have to be reinventing the wheel all over the place. It's a greater focus on what I would call the quality of growth. And there was an express trade-off. They say, no longer will we sacrifice environmental and economic efficiency for the sake of short-term gains. We'll go for the medium and the long-term view, which is a very Chinese way to do things anyway, rather than maximizing the short-term gains because we understand that development is a medium and long-term challenge. So this is quite important. The word openness, together with coordination, sharing, innovation, and green development, those are the five key words of the 13th Five-Year Plan, where we had the question of the new era. So this is a key pillar of the Party Congress. And now we welcome this opening up, further opening up of China. We think it's a win-win prospect. We think that China should continue to make progress on things like the services, services trade risk index, the foreign direct investment, the regulatory side that made a lot of progress, but I think still in a number of areas, China remains more restrictive than most of the OECD countries. It's made a lot of progress, but again, more room for reform. In our FDI foreign direct investment restricting this index, China is one of the top reformers. That means it may not be at the top, but it has moved the most in terms of removing a considerable number of the restrictive measures. But still many services remain off limits, efficiency gains. For example, you could curtail competition in a number of sectors. I think we can go into some of the details later, but then I think you made a very important point. About globalization with things like global playing field, defining rules-based inclusive globalization, where China is benefiting, and of course, which was heralded here last year by President Xi Jinping in his address to the plenary of Davos. All different areas of high-quality development. You had a very close study of the report, and thank you very much for your input. And Mr. Tucker, I actually have a more specific question for you about China's significant move in terms of financial opening, because we know that last November, Beijing announced a new set of policies to lift foreign ownership limits for the financial sector. So what does that mean for global players like HSBC? Thank you. I think just to support what both Mr. Xiao and Mr. Goree have said, I think the... And let me take the answer to the question in sort of in context of what's happened and the 19th National Congress. Again, we, consistent with my two colleagues on the panel, I think view this as a clear shift in both social and economic development and the way also significantly that China engages with the world. Domestically, as has been said, the emphasis is now on building, I think, again, the words used some for the first time, a sustainable and inclusive economy, where, again, the quality of growth is just as important as the quantity. And again, that is a very clear move. Interesting internationally, and coming to your point, China is becoming more active, and it's advancing its own form of multilateralism, which I think, again, the presidency has called a new option for the world. And we believe that the main impact of this is pretty profound and something that can lead to the creation of a more integrated global economy. So it's very significant. So I think the elements of, to the past 70 years or so, China's relationship with the rest of the world has been defined by the objective of moving to a great modernized socialist country, and its strategy in international affairs has been clearly managed to do that. The approach hasn't changed, but continues to evolve, and we're seeing that as the economy internationalizes, it's natural that China will play a larger role in a more active approach to foreign affairs. And again, the impact of that is profound, and I'm sure we'll talk about that. Within the financial services space, clearly we saw at the end of last year, opening up on the banking side to a degree on the insurance side very significantly. I think moving over three to five years to 100% ownership in China is a major step. It's something we have been talking about for 15 or 20 years. So I think it's profound in its implications and indicative of a positive and constructive approach. So all of this is a consistent backdrop to the 19th party congress speech. Yeah, thank you for the input. Kou. So let me start in English because of what I want to address in terms of what we perceive as a new era. I think that we are focused too much on a financial story of yesterday. The dollar is a reserve currency, the US financial crisis and aftermath. The financial history or the financial story of today and tomorrow is going to be about China, China's financial integration. So what is new, and I'm not sure the world is yet prepared for it, is a first, a few firsts of an emerging country. Number one, it is the first time a country with only 25% of GDP of the US is leading in many core areas of technology. Number two, it is the first time ever that the second largest economy is a middle income superpower. That has enormous consequences for the global financial arena. As we encourage China to open up more, are we prepared for potentially greater volatility, exchange rate volatility, capital controls? Because what I think is lacking still, even though we've heard so many positive aspects and I'm completely in agreement, is that China still lacks the micro foundations in the financial industry with many more speculators than institutional investors. And in that kind of situation, when China opens up completely, is the world ready to absorb the kind of shocks and volatility that even a little tremor of China can send shockwakes to the global economy? So I would pose it as China's ready for opening up, but it's the rest of the world. This is a very interesting point of view. Yes, this morning, Mr. Liu has stressed the core of China's opening and reform. And in fact, the openness of China really is the world ready to see and embrace that, are we all ready for the new China? So please, Mr. Zhao, please share your experience with us. In fact, over the past decades, I have been actively participating in investment in China and I have been participating in Davos forum for more than a decade. But this time, I have a whole new feeling. In 2008, when the financial crisis hit, we can see that people had high expectations of the Chinese market and hoping that as a rising power, China will shoulder our share of responsibilities. And our premier also said that China will of course take its responsibilities, and that means doing our job well, doing what we do well. Ten years later, now, we saw that when the economy came to recovery and we still faced with governance issue, he said, our representative said, we have to participate in the sharing, coordinating, and the consultation of the new world order. So if we compare the statement of the two points of time between one decade, you can see the shift in the point of stance of China. The economy needs to be shared worldwide and this was true in the past and will be true in the future. Most importantly, China can play a greater part in contributing to the governance. For example, what does the market do? What does the technology or private sector do? Technology or private sector do. I think this in these aspects, China can contribute more in its governance. This is more important than the GDP growth of China. Some people said in 2017, in 2017 we're doing much better than the past. But how we behave when things are going well really indicates the level of governance we have. Which means when you're doing well, you have to think about fixing the system and not to wait until it's too late. And China in this regard is doing a great deal of work which can provide us reference. So sharing our economic growth, contributing to new concept and the participation in forming new governance rules will be these three arenas where China will have a positive impact in the world. Indeed, this is a very good opening to our discussion. As you know, in this new era, in the wave of globalization, China is already an integral part of the world. I have a survey by the people of Staley and the Research Institute of Beijing asking how China is influencing the world. We talk about the responsibilities of superpower, the economy, infrastructure, technology, and enhancing people's life. So indeed, I would like to start with infrastructure inviting Mr. Xiao to speak. Since five to 10 years ago, China has been going abroad to work in the area of infrastructure. And as our state-owned corporation expands overseas, what difference do we bring to the world? Yeah. Over the... Over 10 years, our technology and our model have changed. And lots of SOE, Chinese SOE, at the top level, we have 100 SOE or 100 Chinese enterprises among top 500. So in this going global and international, Chinese enterprises bring not only the infrastructure and the equipment, but also their experiences. And their vision for the future to the country that receive investment. So the impact is very strong locally to the economic, local economy and the local society and the local development. So I think this is our policy of going global that bring changes. So I realized that President Zhao agree because you have lots of experience in this regard. As investor of a private company, you participated in the SOEs project. So can you share with us some experiences? So I will give you some examples. So you said we have the contribution to the global economy. I create a fund for the glass industry for the One Road, One Belt initiative. I restructured a company located in Jiangsu, a glass maker. And after the restructuring, this company is getting better. So we want that this company become an international company. As President Zhao said, we wanted to create a major and strong company. So lots of strong and big Chinese company. This company can take care of the local development and also take part in the international rule development. We found with 300 million yuan, maybe. And with this One Road, One Belt initiative, we said the Chinese SOEs have lots of experiences and technologies. So we take care of lots of projects along the line from China, Africa and Europe to improve the sector of glass. So this is different from what we did before because what we did before had some conflict with other countries. But now we share our experience and the technologies with the local companies and we share our talent and our human resources. So I think this is an approach that we can adopt as Chinese enterprises, especially for the SOE. What's the return on investment? We are private companies, so we should give interesting return on investment. This should be good and should be beneficial, profitable. So this is a good example to show that we can have a complementarity and we can cooperate together to make more money. So not only the SOE, but also private companies that can take care, take part in. For being the best overall international bank for the Belt and Road initiative, but I was also reading a report from your chief China economist, Xu Hongbing, and then he was actually writing about that. Currently, over 90% of investment for Asian infrastructure projects are funded by the public sector. And usually the private sector, they're looking at very incentive-driven risks and returns. And then how do you justify that from a private sector perspective? Yeah, I think the significance of Belt and Road is, again, we view profound for China and for the region and the rest of the world. I think the Belt and Road, in some instances, has spoken about 60, 65 countries. We've seen in our own discussions with people, this goes far wider, this goes to 90, 100-plus countries. It has the ecosystems that are created are very significant. The elements that are important from the private sector view, and I think, as John has said, the two elements that we look at in Belt and Road are around the design of the instrument itself and the risk mitigation of that. So the design, looking at the tenure, looking at the slice of the special project that is looked at, putting this into a form that is increasingly standardized to be able to allow others to come in and make a market, this is still in process. And it may be, I think this is months, years, not days in fixing. This will take a long time to get the design right such that it will become an asset class of significance. And the other element, I think, is for the private sector. I think the other element is clearly risk mitigation and ensuring that we, to the best of the ability, the risk are mitigated and whether there are guarantee and other mechanisms that are put in to be able to resolve this, again, it's related to the design. I think there's huge, huge appetite from private investors to come into infrastructure, but I think the challenge is adjusting, finding, designing the right instruments that, again, will allow them to ensure that they're investor-based. The owners of the assets themselves, not the asset managers, have comfort and the additional risk they're taking is rewarded appropriately. I want to ask you, President Zhao, Chairman Zhao, did you cooperate with HSBC before? We collaborated with banks, including SHBC in Leveraged Buyout when we did the acquisition of Peace Express, which is a UK-based consumer brand and multiple bankers, including HSBC, participated. With Belt and Road Initiative, the opportunity is vast, especially, like I just said earlier, with the Glass Fund, we as a private sector player, we needed to see it's economically viable. When we have that, work-down banks typically like to work with us so that we could have a balanced capital structure. So, more to come. And again, I want to just also emphasize Belt and Road Initiative actually demonstrated the strategic responsibility that China is carrying for the future world, where you share the economic growth, but you also share the way to do things and then establish new rules in terms of collaboration. Okay, Mr. Guria, in fact, your home country, Mexico sits on the Belt and Road. So, I was reading that the OECD actually got a framework for the governance of infrastructure and it actually laid out 10 key challenges, such as having a strategic vision, useful life of assets, resilient public demand and the right use of data, et cetera. So, how would you assess China's Belt and Road Initiative? Well, first of all, it's in the context of a already happening transformation of the production model in China. Now it's been three, four years where it was announced, even from the five-year plan before, that there will be a shift from exports to consumption, that there will be also a shift from investment to more services. That means a kind of a better China for the Chinese. And this is actually happening. You see investment as a total in the GDP coming down, you see consumption going up and you see more people moving into the cities under better conditions with the normalization of the hookahs that were pending and now densification, urbanization, et cetera. So I would say what is changing now is that all these discussions about growth, infrastructure and the Belt and Road and about recovery and everything is in the context of a more of a more considerate, a more careful China about people, people more at the center. For example, poverty in China has declined substantially from 30% in 2005 to maybe about 6%. Now, but what Liu He told us over lunch is that there's a specific target of 30 million Chinese that are under the extreme poverty line to be rescued over the three-year period to 2020, 10 million per year. So this is beyond whatever progress you can have because you've got a new job or whatever. Now, the social mobility, the revitalization of rural areas, for example, the urbanization process. Now, cities are now holding more people even in China. Majority of Chinese people now live in cities rather than in the rural areas. So you have to catch up in there. And this question of lifting all the boats, the middle class, the middle class, which is foreseen as a major driver of this pattern of more consumption and because it has more income available. So in that context, you have the Belt and Road Initiative which is both domestic but also for as was mentioned here, about 100 countries that really could be touched by this initiative. So it's like a win for all and then it could be very much people-centered. And the multidisciplinary approach to issues, but very importantly, balance between productivity and growth and inclusion, balance between productivity and growth and inclusion. This is a very important new approach and new emphasis in this new era of China. Thank you very much, Mr. Greer. I also want to ask about the language. A question to Ke Yu. You are making research on the Chinese economy, but also your father took part in the One Road, One Belt Initiative. You said that we have to connect all the countries in the world to make this initiative more efficient. Now we know there are different voices about this initiative. So you said that we need a convincing, data convincing reason for the world. What's your reasons? I think lots of people talk about the One Road, One Belt, but I think we lack the communication with the world. This is the main reason behind the One Road, One Belt Initiative. For many pressures, reasons, including political pressure, lots of countries need our support. So I can say it's from political perspectives that there is a real need. And there is also economic need behind this initiative. So I would like to elaborate a little bit. So this initiative is about a network. Network has an effect, an impact, like the internet. If you have more participation in the network and you can have more effect. If you have infrastructure in Kenya, but if Angola cannot be connected to Kenya, you cannot do more. And very often lots of projects are in small countries. And these small countries have no capacity, enough capacity to do their infrastructure. And China, with this initiative, tries to create a platform with the participation of all other countries. And for the states, for instance, when the states helped the Europe, the country tried to create a platform with the participation of other countries, like now China. Please, Mr. Xiao, I agree with her. Belt and Road Initiative has been proposed by China, but it should belong to the world. So Belt and Road Initiative is really initiative for the world. It's not only with the participation of Chinese enterprises, it's also counting on the participation of the world so that it could benefit the world. And Belt and Road Initiative is a long-term strategic project. It's not only a short-term project. Of course, we're talking about infrastructure. We have to build them together. We have to share it together. But to make the content more concrete and more enriched, we have to take a longer stand. We have to look at it from a long-term perspective. It will be able to contribute to the development of the world economy as well as the businesses who are involved and bring more market opportunities to those involved. I think that there are many guests who show their interests in the Belt and Road Initiative. And in fact, some of them said that they are not aware that on this forum, in this Davos forum, we will have a lot more. We would have so much more to talk about in terms of Belt and Road Initiative. So I believe that our discussion today have already answered many of your questions or echoed with some of your opinions. Infrastructure indeed is more felt by the external world, world external to China, in terms of the Belt and Road Initiative. And China has also defined its new era as the era of innovation. Innovation can be brought by science and technology, but the other one is the new business model. For example, last year, we have the quantum satellite and FAS, and we are also seeing new models such as shared biking and shared transportation. All these new models of business or service are not only enhancing the quality of life of Chinese citizens, but across the world. As Mr. Xiao said, the innovation and improvement of state-owned corporations are ongoing. So what should we do that will allow states and companies to have that kind of competitiveness necessary in this world of innovation? What kind of innovation should we do? Well, Davos as a platform is really an opportunity for all businesses to come together and exchange our views and learn from each other. In terms of innovation, I believe that we need new paradigm. Although we are state-owned businesses or state-owned enterprises, it doesn't mean that we're rigid. We need to be more energetic. The second innovation will come from not only products, but mechanisms. We have to seek new business models, new economic development models. Thirdly, this innovation process should be an open one. It should be in a globalized one. No one business or one type of business can conduct or undertake innovation alone. That kind of innovation would be limited. Therefore, China's opening up itself in itself is innovation. It's renovation means reform and it's combined with openness. This is a perfect combination. I believe that that will lead us to this new world. So I would like to ask Mr. Xiao, as you are standing on the forefront of the market and investment. In the past, when we talked about investment and innovation, we always think about Silicon Valley of the U.S. But now today, we're seeing that in terms of technological innovation and the funding as well as investments, we're seeing a more integrated global community. And in this new context, where does China stand? Firstly, allow me to clarify. China is a very big market. It has over 400 million middle class families. This will be able to support quite a bit of weight. In the past, the economic development of China was growing on a very high speed. Normally, it's the locomotive of the world economic growth. So you can say that, for example, it would, we are talking about speed and quantity. We can say that state-owned enterprises who accounts for a very big part of the Chinese economy, they are trying to revolutionize, they're trying to reform, they're trying to become better and enhance the quality. This would have an important impact. China's market is very big and our technological advancement is beyond, its speed is really beyond description. About two years ago, we bought land in South Carolina of the U.S. and invested 300 million U.S. dollars to establish a factory there. And it has been quite popular among the local populations. It's welcomed. So what really, really moved me is that we produce actually our goods here and we export that to the U.S. But if you think about it, decades ago, people bring their goods to be produced in China. So now we're seeing a reversal trends here. So without a big market, without the long-term strategy of state-owned enterprises, I believe that this would be hard to achieve. So in the future, China, the world will feel the potential that China is yet to unleash. Over the past decades, our development has focused much on the technological development, especially the application in terms of consumption goods and services. Of course, in the past, we had certain disadvantages. Regulatory, legislative aspects are still sort of lacking behind compared with more advanced economies. But when there is a disruptive technology, if we have to start from scratch, our regulatory response will be more effective than the Western countries because we can start from scratch. Yes, indeed. Just like you said, the founder of Uber also talked about this. I can echo that now. He said that this is a new business, a disruptive business. All the countries he has visited, China has the most open attitudes toward this new business model. And in fact, China has already developed that kind of similar model, which is the DDTaxi app. So in the future, I believe the technological advantage China would have, it's really in the application front. And based on these technological advance plus the economic development, this will lead the future growth of China. And we as an economics power will be able to share the fruit with other countries or other parts of the world through our Belt and Road Initiative. And now I would like to ask you because you have always been the elite, let's say, of the economic world. And you understand very much both Western and the Eastern world. You understand China and the Western world. And many people said that in the future the economic competition will take place mainly between the US and China. And many say that B2C service and products are more developed in China. But in terms of B2B, China is still lagging behind. So what's your view on these business models and the future? What's the trend for these development? Indeed, this is very important. When we talk about trade and financial aspects, the more concrete point is really the technological cooperation or competition. China indeed is a great market for internet-driven businesses. It's even more optimal compared to, even more suitable compared with the US market or other Western markets. And second, let me come to big data. Big data allows consumers to provide the data and the way we manage and gather data is different from other countries. A few days, a few years before Alexander Gershon, this is a economist who proposed an economic backwardness theory, stating that when your current framework is not yet fully established, it's more likely for that country or for that economy to leap forward and jump through certain development stages. So this is exactly what China is doing. And of course, our economy in China has certain restrictions due to the controls and the current circumstances. In the future, we can see that service sector will be very important because it brings job creation and stimulates consumption. In the future, I believe China and the US need to cooperate in terms of technology. Of course, currently we have political factors at stake and we have big businesses to China and the big US businesses to China and big Chinese businesses to the US. There are still roadblocks, but there are still blockheads, but we need further cooperation. UBS as a leading global fintech firm. But then speaking of innovation in the financial sector, we know that a lot of these emerging markets, they're leading the pack, especially talk about mobile payments. China, back in 2016, the size of mobile payment is actually 50 times of that of the United States. And also these countries are trying really, really hard in terms of adopting all these new technologies like artificial intelligence. So from your perspective, a traditional financial institution perspective and how do you cope with that and how do you see the competitive landscape and how do you see possible collaboration? Yeah, I think it is a very different landscape to the one we've seen previously. I think if I can just take a step back, the one thing that we didn't talk about, which I think is just worth just two or three seconds on, is the point about Belt and Road and the President Xi's note that it should be green, low-carbon, non-circular and sustainable. The whole area of sustainability, given the Paris commitments and the need for $100 trillion of infrastructure investment, particularly in energy, and China is very significant to this, I think it's an area, another whole area, but I think we would be remiss in not including this in the general discussions. With regard to the fintech side, I think as with all innovation, we have to embrace not fight. We have to look for partnerships, we have to look for different arrangements, structurally, organizationally, et cetera. The investment and we have been working with different prototypes, whether it's artificial intelligence, whether it's big data, whether it's genetics and genomics, there's a whole series of different projects, the whole Bitcoin technology, all of this I think is something that we have embraced and ultimately in its extreme, between the established companies, the bricks and the cliques, the newer companies, the Alibaba's and others of the world, there is somewhere between the two extremes. It is the winner of this and there may be when many winners will have to find ways to work with new technology, will have to look to reinvent, will have to look at their current business model and tear some of it up to start again in some instances. And as you said, the payment space, I think is one of those. Ultimately, where value can be added and the efficiency of the Chinese systems and others, can we be competitive in that space? These are the questions that I think we're asking as established banks, but I think there are many advantages, but I think there's a constant need to look to reinvent, a constant need to think about the model and an ensuring that for not for one second do we remain complacent. The investment in technology, the market leading, whether it's artificial intelligence, or any other aspect of the technology, we know how much investment is going in from the Chinese side. We need to look at matching that if not exceeding it. Yeah, thank you. And on that note, I want to ask Mr. Guria. I know you, in a lot of your recent speeches, you talk about the emergence of global value chains. And also you talk about that in your speech when you visited China last September on challenges and solutions for globalization. So how do you perceive the shift in global value chains and where do you see China positioning itself? This is about the way in which we have already organized and are continuing to organize production. Production of what? Of everything, okay? Now global value chains means that businessmen and women have found partners that they trust, that they feel comfortable, but they're also competitive, cost, you know, cost efficient. And where the proverbial division of labor among the different countries, depending on your comparative advantage is going to be produced. And therefore you have, as the name suggests, a chain where you are adding value in each one of the segments of the chain. In the end, it may go back to the original where the technology is coming from, perhaps, and then they will be in charge of, for example, marketing or selling, et cetera. But what you're having here is particularly a very challenging situation for SMEs. Now, remember, every time you see that two big giants are going to merge, what happens? This includes, you know, Chinese companies, German companies, American companies, they say the first thing that they say is big synergies. What does synergies mean? That they're gonna have 20,000 people laid off and the price of the stock goes up. It's kind of a perverse logic, you know what I'm saying? Now, what happens with the SMEs? SMEs are the place where jobs are being created. SMEs is the place where you're adding to the jobs, where you're compensating for these consolidations of the large economies, et cetera. But they have to be multiplied by tens of thousands in every single country in order to actually make a difference in terms of the numbers. So you have to have a system. But are these SMEs in each country part of the global value chains? And the answer is, in many cases, no. They are isolated, SMEs in many countries means small, but staying small, low technology, very low number of employees, et cetera. And you basically are talking about public policies and also the larger companies, which many of which are around here, to be integrating on the supply chain to have this global value chain, which in the end makes the final product competitive, not the company in its headquarters competitive, but the final product competitive to compete where? In the headquarters of that company, and in China, in Europe, all over the world. This is why multilateral approach of which global value chains is a very important part is a much better, more efficient approach than going it alone or trying to keep all the production in any single country. The businessmen and women have a certain wisdom that they have been practicing and that is integrating these global value chains all over the world. China is a very big player in the global value chain. So is my own country, Mexico. And that should continue to be the case rather than trying to keep individual countries, from isolated from the rest of the world and doing all the production in a single place. Thank you, Mr. Gurea. Thank you very much. We talk about the inclusive development and indeed that has been reflected in your remarks. And now we have a very short, we have very little time left. I welcome anyone in the audience to raise a question or make a comment. Thank you. So thank you so much everybody, sharing us a very fantastic dialogue. Can I have a question to Mr. Gurea Angel? So you have mentioned that the openness very important. But to today, China, although it's a second largest economy in the world and a very strong engine for the global economy, but to today we cannot be the member of OECD. So what are your comments on that? Very simply that the reason why you're not a member of the OECD is because you have an ost. Actually, let me just say, Li Keqiang came to the OECD and he brought a message by the Chinese government that they were willing to join the development center. So China is a member of the development center like Brazil and Indonesia and India, South Africa, et cetera. But of the so-called key partners, those five countries, Brazil, China, India, Indonesia, South Africa, the only country that has asked to join the OECD is Brazil. And so we are in that process. Hopefully, we can promote Brazil to start the process of joining. In the case of China, we have said repeatedly, we are not going to be pushing the membership of China. We just work more and more with China. We have been working for 23 years with China. You know, I visit China two, three times every year or go to the China Development Forum. All our people go to Boao, they go to Dalian, they go to all these, but also they work individually with each of the ministries. So the partnership with China is very strong and growing and getting stronger all the time. I would say partnership, membership, maybe it will come naturally. We are creating a room for comfort where the Chinese will feel comfortable, will feel at home, and maybe then they will ask for full membership. Right now, it doesn't matter. We will still continue to work with China closer and closer. Then there will be a time when they decide, like they did to join the Development Center. They're now members. Now maybe they will be asking to join the full OECD and they will be very welcome. Okay. We still have about three minutes left. So we still have one question to touch upon. Perhaps Mr. Zhang, Mr. Xiao could briefly address this issue. We talk about global integration, but in this progress, in this process, do we see any cultural integration or coherence or some kind of opportunities that could be brought by this kind of cultural convergence? Culture is related to history. China has a very long history and we also have a wealth of culture and it is the kind of wisdom that we could provide as a value when we go abroad. For example, we have now just invested in a Hollywood film production film and they realize that we represent the opportunity for them so they want to go digital and now they are going global with Chinese fund and now they can even compete with other larger filmmakers in the market. So they are leveraging on the growth of economy and the rise of China. Let me come to the common human's common destiny. Share the future of mankind, proposed by Mr. Xi, which is really in line with the Davos Forum. Just as I said, 10 years ago, when I attended the forum for the first time, China, the world welcomed China's participation but China accepted passively the world order. But last year, China has taken on a more proactive view. For example, we proposed this common future, common destiny for mankind. We proposed the initiative of one built and one rolled and in establishing a more inclusive and equitable as well as equal society. So this would be the largest contribution China can bring to the world. So after our debate, I would like to invite Mr. Xiao to make a summary. So in this new era, what exactly is the opportunity that China can bring to the world? It's development and prosperity. Development, as we have all talked about, is to build together and share the fruit together. And I would like to echo what Mr. Xiao and yourself just said. We, Chinese people, touch great importance to harmony. Of course, competition is one thing in this era and the future. I think we cannot only talk about competition, we must also talk about collaboration and cooperation without the cooperative framework and without the cooperative paradigm. It's hard for us to achieve any progress alone. Therefore, in the future, in this new era, cooperation is the key. Thank you. Thank you very much. I didn't notice that there's a clock there. So we are right on time. So you'll have one minute. I believe that all these issues can be further discussed at a more in-depth level. But from the remarks this morning and the remarks of our leader this morning and Chairman Xi's remarks last year, all highlighted the subject and the principle of openness coming from China. So this time, we have been able to outline more detailed content. For example, the three pillars and set a timeline three to five years. This is very concrete objectives. In the past, most of the content would focus on a more long-term approach, but without laying very specific timeline. And this time, it's indeed have seen new progress. This has sent out more concrete and certain messages to the world. And the world can expect China to display this kind of attitude of openness and inclusiveness to contribute to the prosperity and opportunity of the world.