 But I would be tempted to ask, or try this guest, what is his view on where we are in terms of the recovery China has not had a recession experience. So it's a bit different of the major powers. What is also the situation in terms of what could be the macroeconomic consequences of the geopolitical situation with the USA? So what is the recovery in your mind? And how could you be in a situation where China finances the US? The trade has never been that high. The US deficit has never been that high. The interdependence has never been that high. Yet we have a major uncertainty on this relationship. Okay. Yeah. Yeah. Thank you for your introduction. And relative to other economies, China economy has been doing better since the outbreak of the pandemic last year, the GDP goes in China. It's 2.3%. As Mr. Vernon mentioned, China, Chinese government took very strict approach, even locked down whole city. So the fundamental reason behind the economic growth is Chinese government is taking approach we call zero cleaning approach. So in China, we are pretty much live a normal life, except when we enter the public affair, we have to wear masks or show our green code on our mobile phone. The success of the approach in China are due to several reasons. I guess probably due to China have a special social structure and a cultural habit. For example, most people are willing to give up partial personal freedom and partial privacy or collective interest. Also high tech play very important role in these areas because most Chinese are using smartphone everywhere. So it's unlikely for other countries to copy or use the approach in China. Also, the approach itself is not costly. Actually, the consumption in China lag behind while export became a major driving force. I think it cannot be successful, sustainable because when you look at the date in past two months in July and August, they have already show the growth, little bit of slowing down. For example, in fixed capital investment in August, only 8%, 8.9%, you have to remember in May, the fixed capital investment growth 15.4%. Also consumption in August only growth 2.5%. So China also facing some uncertainty and challenges. First of all, they have to transfer from zero cling approach to a more tolerator. Second, they have to make a balance between reasonable economic growth and prevent financial risks. Probably you heard some news happening in China. One of largest developed Hongda got a trouble in their date issue. So that's something Chinese government have to deal with. Another big issue or big uncertainty is the relationship with the United States. Since Trump administration talk regime, the relationship between US and China get worse until Biden administration, because Biden administration still try to effort to unite airlines to contain China. But good thing is we can see after second telephone call between Biden and Xi Jinping. It seems the tension is a little bit of easing up, at least in rentorics and service. For example, the release of Meng Wanzhou CFO of technology. Of course, the competition between US and China will last for many, many years in the future. The problem for US and Chinese government, they have to control managing the competition in order to avoid confrontation, which is very dangerous, not only to US and China, but also to the whole world. I guess in the future, the outlook of the political and economic outlook in the world pretty much depend on the tension, on the relationship between US and China, whether these two countries can well handle their relationship. I just stop here. Thank you very much. It was an impressive view of the Chinese situation and you mentioned how cultural has been the response. It's not purely a question of economics. It has been a very efficient cultural and political response in a sense. And it explains a lot of the recovery, very fast recovery. You also mentioned how much the exports are driving the economy. And on this US-China, and I think you will have questions in the audience, competition is there for many, many, many years. Already in the previous session, Mr. Thomas Gommar underlined the fact that China has become the first partner for trade and sometimes also for investments, namely infrastructures, but has become by far the number one trade partner. If you take a continent I know a bit better than others, Africa, China is the first partner of 48 countries out of 55. It's quite an achievement, quite an achievement. And if you consider the European Union as a whole and as one country, yes, here is the real competition, because the other major partner is the European Union. And then it's a totally different picture if you do not consider Germany, France and so on, isolated by the European Union and the real competition. And I was a bit surprised because it has not been evoked in the previous session. The European Union is the first player of the international trade challenged by China. The US is nowhere just because this simple addition of exports of Germany plus France or Germany plus Italy or Germany plus Benelux is more than the total of the US exports. Only two countries among the big countries, big economies of the European Union are enough to match the exports of the United States of America. So yes, it's very interesting this competition between China and US and it is there for a long time and it's very important in major sectors. Yet the main partners and probably for decades in the trade, as we see that in emerging countries, is the European Union versus China. And here it's more collaborative and less a problem. But thank you very much and I think you will have many, many questions.