 Can I first invite Eric Eric you have a background in the West you have a background in China Tell us what what does that mean in today's day and age for China to be part of the globalized world? Okay, well, thank you Ronnie. I'll be brief It shouldn't take me to tell you that globalization is in deep trouble It's not going anywhere. In fact, we may be I think we're also going to face De-globalization as Professor Blanchard pointed out this morning and globalization In the last two or three decades has had great successes And many beneficiaries China obviously is one of the greatest beneficiaries But so are the US and much of the developed world And that's obvious if you just look at the data and how people live So why is it in trouble? I think globalization this round of it has also had many great failures In fact, most of the developing countries in the last 20 30 years of globalization had not really benefited that much Not as much as they should at least the peoples of the many developing countries have not benefited poverty persists and And inequality is increasing You know China Succeeded in lifting 700 800 million people out of poverty in the last 30 years But if you take China's number out The world had gone backwards on poverty alleviation. There's even more poor people After this round of globalization And the same is in developed countries in America and Europe The inequality is increasing tremendously. That's why there's a backlash Interestingly, you know, it's China joined the WTO in 2002 from 2002 to 2018 Chinese GDP went from 1.4 trillion to 13 trillion so huge increase But the US made just as much money if you will in terms absolute dollar amount US GDP went from 10 trillion to 20 trillion obviously from a higher base So absolute dollar amount increases is a close yet Chinese medium income in the same period went up 7x The US stagnant had declined So why is that? What's the problem? And and also globalization in the last 20 30 years have shattered many communities If you go to develop the most developed countries in America people are opiates They've lost hope in Europe 20 30 year olds are getting on the streets to fight for their pensions so So globalization said many failures and why had globalization failed in so many respects and I like to Suggest that that this last round of globalization has been run on a universal vision of neoliberal doctrines which essentially is consisted of political liberalization With endless elections that don't produce good leaders Total marketization privatization of businesses a retreat of the state In fact, I'll let Mr. Liang speak to Hong Kong But Hong Kong is a separate economic entity in China had very much suffered from neoliberal approach to economic development in the last 20 30 years that have left they have enriched the elites but left so many people behind That's probably you know, I see that the current Situation in Hong Kong is very much a Chinese version of the legend In Hong Kong so What do we do? Do we turn back and Say no more globalization or do we find a new approach? And I think the Chinese proposition is that we need to find a new approach to Revitalize globalization, but we have to abandon What we've been doing in the last 30 years and the Chinese proposition Includes a few main Aspects one is to dramatically increase interconnectivity among the countries and economies that have been left behind in globalization and and in concrete form is in bi Belenro initiative where China has Being in investing tremendous amount of money and resources into building infrastructure to connect previously Disconnected economies, okay improving interconnectivity second is to reject ideological imposition I always say that you know China has Engaged globalization in the last 30 years on its own terms. That's why it's been successful It's important to point out What China said no To the last round of globalization. It's just as important To what China said yes to China said yes to you to rely on market to allocate resources But China said no to giving up national sovereignty to political liberalization to come total marketization and the retreat of state power China said no to many things And therefore China's proposition for a new round of global globalization will be a reliance revitalization of national sovereignty To give different countries their own room and space to pursue their own paths to choose their own models and on that basis Third is that we create a more networked world. So it's a it's a a network Way of networked pluralism as opposed to a Hegemonically led universal universalism and that is I think what China's proposition will be and and it's still a nascent stage And I think the world should Should be open to it and work with China with this. Thank you