 大家来到财星辩论. Welcome everyone to the 财星 Debate Davos 2022. We have a full house and I believe there is a line outside the door as well. So we are very fortunate to welcome all of you and our speakers into this very important session. The year 2022 is eventful for any country China included. In China it started with the Winter Olympics in Beijing and then in spring there is COVID flare up and lockdowns and then later this year we have the relaxation and reopening and deadly flooding summer a reminder of more frequent extreme weather and the importance of climate change actions and the effort of Go Green and the 20-party Congress in October charting out China's blueprint in politics economy and society pledging continuous reform and opening up. And I'm sure you read the number this week that China for the first time in 60 years have the reduction of population and also the GDP number is three. It's challenging but within expectations. So with all this together 2022 will be very unforgettable. Some some year we will remember but the most important question is not just about what shaped our 2022 but really what's lying ahead. Hence our panel today China's next chapter I'll introduce our five distinguished guests with enormous insights and experience on China starting from my right hand side president and CEO of Asia Society Kevin Rod who needs little introduction. He's a former Prime Minister of Australia ending March will be the ambassador of Australia to U.S. a decade long China expert fluent Mandarin speaker known to many Chinese as Laulu. Yeah. Well I want to. And one day I mean the vice chairman of state owned assets supervision and administration commission which we call Sasek and then Nicholas Aguzin CEO of Hong Kong exchange and clearing good show. They're welcome and Jensen CEO of trip dot com the leading online travel agency. I'm sure many of you book your travel to Davos through trip dot com. So welcome Jen as well. And last but certainly not least Marcos three whole president of New Development Bank and also economist former deputy economy minister of Brazil. But let me quickly start from Kevin. You first came to China 1984. And came to the country numerous times since when was the last. I went now with the China's reopening. The one do you think is your next trip to China and a more serious note. What do you see a more open vibrant Chinese economy mean to the world. Well it's good to be back with our friends from Tsai Shun. It's great to have this forum here at Davos and all about Chinese friends back again. And all I can say is after three years China we've missed you. It's good to have you back. And it's good that we're in contact with each other again. It's been hard as you know to travel to China during that period. Yeah I've been in and out of China 100 150 times over the years I've lived and worked there. And I do love the place. But three years since I've been there so your question is when am I going back. Maybe before I take up the new position in Washington. Maybe next month I've got to do an Asia Society event in in Hong Kong. And so I may flip up to Beijing. We'll see how that turns out. What does it all mean. I think none of us in the world have had an easy time with COVID. Nobody. That's just the truth. And everybody has struggled in particular with how to handle this massively contagious variant called Omicron. So during China's struggles during 2022 I think the world is what with concern how China has handled this. The sudden nature of the decision on December the 7th to go 180 degrees from zero COVID to completely open and observing the impact in terms of the massive infection rates which is predictable. But also our concern as human beings with the impact on old people which we've seen in our own countries which we've seen in our own countries. So at a human level we have a real sort of feeling for what the Chinese people have gone through and what old people are now going through. For the economy then China obviously had no choice. Zero COVID was not working for China's growth numbers. The 2022 growth numbers were at best 3% possibly less. And we do expect now a bounce back the official numbers are probably around 5. We've seen the provincial numbers being projected around 5. I think this will be turbo charged by consumer demand. As Guccio and I were discussing just before coming on you've got something like a couple of trillion dollars worth of extraordinary savings by Chinese consumers accumulated over the last couple of years. And I assume they want to go to Jane's place and find a travel option for themselves. And so but that will be writ large in Chinese domestic consumption and frankly international private consumption. So I'm expecting a solid growth number for 2023. That will be good for China. Importantly in a world where growth will be challenged with Europe facing recessionary challenges. The United States question mark in terms of how soft or how the landing will be. And the rest of the world in the developing world struggling if China produces a solid growth number for 2023 five or five plus that will actually underpin much global growth for the year to come. Thank you. Thank you Kevin. And let me flip the question for Mr Wong what you think the post COVID high quality opening of China might mean for Chinese economy and Chinese companies. So wondering you think this high quality opening is the high quality opening of the post COVID-19 era for Chinese economy and Chinese companies. What does it mean. Hello. We still think the opening of the post COVID-19 era for Chinese economy is definitely good. But I think it's not only for China's economy and also for the world's economy is also a good example. I was around three years ago in Australia. In this process I think the door of China's world opening has always been opened. Our policy of the epidemic is also based on the security of the people's people. That you can see more and more constantly and certainly also changing based on the same situation has changed change, we will continue to improve. The next step should be to follow our policy of full-fledged land, production, life, and the continued normalization of life. Then we can interact with more foreign friends in the current situation. Of course, I actually want to express a point. Even during the pandemic, we can still interact with foreign friends in many different ways. China has a similar project in 180 countries and regions. This project is still a part of both efforts to promote. The next step is to continue to interact with each other and not only improve the global economy, but also improve China's economy and industry. This can be expressed in several ways. For example, our foreign companies work together to create a stable supply chain for the world. For example, the development of our joint technology, which is also beneficial for us to continue to build or improve the quality of public health. Of course, it is also beneficial for us to help the Chinese super-large-scale market to achieve the mutual benefit between the companies. Of course, the development must be double-edged. China must be a great force to promote the development of high-level products. But we also hope that in this process, the countries must be equal. Only equal, only common, open areas can we continue to work together to achieve mutual benefit. Thank you. Thank you. He mentioned about supply chain innovation, reciprocity. Some of the points will come back in our later discussion. I want to turn to the far right to Marcos. When we talk about China's economy recovery, it's so important to the world. Someone, a speedy recovery, someone a more long-lasting, slower-paced recovery that's more sustainable. For either scenarios, what do you see are the key areas for China to focus to overcome the obstacles? Well, Lee, once again, it's a pleasure to be here. Thank you, Saicin, for putting this together. Lee, perhaps the single most important obstacle for China is the temptation to shy away from globalization. And this is something that China should avoid and that I think China will avoid. The most dramatic example of economic rise we've had over the past 40-plus years has been that of China. And China accomplished that by engaging more with the world, by opening its borders, by keeping an intense flow of trade and investment. But now globalization itself is shifting. The way for recovery to be sustainable over time, as I see it, will take four very important drivers in consideration. So the first one is, it is true, 2022 and 2023 are very tough years. But there's one certainty out there is that emerging economies will have a bigger and bigger share of the global GDP pie. By the way, in 2022, if you take account of the GDP numbers by purchasing power parity terms, the E7 is already about 20% bigger than the G7. The E7 being the seven biggest emerging economies of the world. And you might think that is only happening because of the relative size of China. But if you take China away from the equation of the emerging economies, and you take, of course, the United States out of the G7, the E6 is bigger than the G7. So doing more trade, doing more investment, being there for emerging economies is a way for recovery to be sustainable over time. Second thing, there's a new generation of trade agreements out there. It's no longer only about tariffs and quota, but it's also about standards, it's about parameters. China has to be there as a shaper of those trade agreements in the future. Third drive, a very important one. We're talking about a talent-intensive economy. The good thing about having borders open, more exchange with the rest of the world, is that these flows of talents can keep pouring in to China and vice versa. And fourth, of course, we're talking about a global economy in which we see more and more the marriage between physical and tech-intensive infrastructure. And China can also lead the way in that particular regard. Once again, we'll ensure long-term growth. And in short, Lee, I would take it that, since this panel is titled The Next Chapter for China, so if China is an architect of the next chapter of globalization, instead of avoiding, and avoid, therefore, the temptation to shy away from it, not only recoverable, but sustained growth over time will be this. Thank you, thank you, Marcos. And I want to also zoom into the market. We talk about the economy in general, which the market watches very closely. And I know the market has been anticipating the post-COVID growth in China for a long while. So what's the sentiment now? Tell us the secrets beyond the indices that are showing us. Are people excited or still remain a little bit cautious? Yeah, yeah. Mitchell, please. Thank you. And we all know that 2022 was a difficult year, and we just heard today about the growth rate of 3% last year. And the reality is that this post-COVID reopening of China is probably the most positive catalyst for global markets that there is in 2023. It's very significant. It was faster than most people expected. And it came accompanied by a long list of policy initiatives and Kevin and I were discussing some of the discussions that took place in the Central Economic Workforce Conference, which took place in December and where it's a place where there's discussions about key initiatives for 2023. And besides the fact of having an active monetary policy, a very supportive fiscal policy, a focus around the areas that have been a drag in the economy in 2022, like for example, the real estate sector and initiatives aimed at really trying to resolve some of the issues in that area and facilitate increased activity for an area that is so important for the whole economy. And also the fact that a lot of the issues identified in the technology sector platform companies, it's a process that took a couple of years. They're coming to the end of it and there's a lot of positive messages around the resolution and the fact that there may be reactivation of those sectors. That combination of things together with international investor sentiment becoming more positive, and just to give you some indicators, since the beginning of November when the reopening was starting to be indicated until today, the Hansen index increased around 40%. The Hansen tech index, which tracks the new economy companies, increased 60%. And in just like the first 10, 12 days of the year, we've seen more influence, international influence, through our connect program into China than in the whole of 2022. So it's quite a remarkable turnaround. Now, when we add all this up and we combine it with the fact that and we have some experience on a recovery, because remember that at the beginning of the pandemic, the first few months when China suffered quite a bit, but eventually then the next year growth was over 8%. There was a quick rebound. Now, this time over the last two years, there's about $2 trillion, as Kevin mentioned, that has been accumulated on excess savings. Chinese people typically save a lot, 20%, 25% of their disposable income. Over the last two years, it got up to 35%. That's huge. That's about $2 trillion of money waiting to be spent. When all that comes together with all the other conditions, it should be a very encouraging environment for the markets. So we're quite optimistic. We have to contrast that also with the fact that international outlook is a bit more subdued in developed countries, developed economies. And with the rates going up, I mean, the expectation is that there will be a slowdown. We'll have to see how this plays between international developed markets and China and other Asian developing economies that are also having very positive results. Thank you. Thank you, Gucho. Let me turn to Jane and see of the private sector and the company's performance can really substantiate the strong interest on the market and the capital market rebound. What kind of political and economic measures you think Chinese private sector hopes to see and what can effectively shore up confidence among business leaders like you? Yeah, in the past three years, as every country, travel was very difficult industry to be in because in order to isolate the spread of the virus, pretty much the world put a stop on the international travel. However, as soon as the policy is announced to open up the door, we have seen tremendous surge in the travel demand. So so far for our domestic travel, we're already back to 2019 level or even more. And for people travel from foreign to foreign, for example, people from London travel to New York, from New York to Tokyo, from Tokyo to Hong Kong. These areas, we already seen three digits growth already. Now the most challenging piece is cross-border transactions that demand is already there. We have seen three digits growth in search, in demand. However, we are working very closely with our global partners, such as international airlines, international airports, international hotels to ramp up the capacity so that we can bring more people from China to the rest of the world and from the rest of the world to China. In the past, the cross-border transaction was reduced significantly. So we love to welcome more international friends to come back to China and visit with us and conduct business activities in many years to come. Thanks, Jen. So you can see a very rosy picture of the rebonding of the economy and the enthusiasm from the private sector. But what are the headwinds? Turn to Kevin. China relies on export, especially during COVID, first two years that the strong international demand pushed up Chinese economy. Now we are entering many of the advanced economies are facing risk of recession. What kind of external environment China's economy is facing in 2023? I think in 2023, China's going to face a combination of residual domestic headwinds but also the international headwinds you just referred to. If we look, Gucce just referred to the Central Economic Work Conference in December, which we spend a lot of time analysing in the Asia Society Policy Institute and compared it, for example, with the one 12 months before. So the changes there are quite dramatic, which I think point in a positive direction for Chinese growth. The platform economy, Pingtai Jingjing, seems to be, shall I say, in a now less regulated phase. For the property sector, you begin to see the evaporation or the reduction of the so-called free red lines. So that's going to unleash some activity in property, some activity in the platform economy. Consumption we've just spoken about in terms of saving. So these drivers will be strong. The one which the international community will be looking at carefully is what will happen with Chinese domestic private fixed capital investment and whether that will recover from the doldrums of recent years and whether private investors will have the confidence to invest in new plant and equipment for the future. So that's still a question mark. On the international headwinds, as we, if you listen carefully to what Kristalina Georgieva and others are saying from the International Monetary Fund, we're in the balance in terms of what the shape of the global economy will be in 2023. China's traditional reliance on net exports as a driver of growth remains, but it will face a 2023 which will be export challenged, primarily driven out of Europe, partly out of the United States and some other markets. So it will not be as strong a driver for China's own domestic growth performance as perhaps some Chinese economic planners would want. The last factor is just geopolitics and I sure we'll come to that later in our conversation. If China and the United States can keep geopolitics within a certain equilibrium, then we should see reasonable growth. If we don't, then I think that will also act as an external headwind. We can talk about that later. Exactly, if we start talking about geopolitics, we're gonna consume the rest of our panel time. But it is relevant to the economy, which is why it needs a one line reference. Of course, we'll come back to that later. And Marcos, Kevin mentioned about just now that export is challenging in 2023 and you indicated also that China needs to transit as the best example of success in export oriented strategy switching to a more innovation oriented strategy. So is innovation happening? Do you see that transition happening in 2023? Well, yeah, so when the opening up policy was first implemented back in 1978, if you added everything that China exported to everything that China imported, that was only about 12% of China's GDP. China was one of the most insular countries in the world. So this goes up all the way to 2006 where the sum of exports and imports were 67% of GDP, 2022 down to 35%. So there is already a very structural transition in place from an export oriented economy towards an innovation oriented economy. Of course, the overall numbers are still pretty big. Look at imports, for example, President Xi Jinping during the Shanghai Export-Import Conference two years ago predicted that all the way from 2022 to 2032, China will import about 28 trillion dollars. So China's growth and China's demand vis-a-vis the rest of the world, I'm not only talking about export oriented but trade based will still be very strong. So the question is will this transition mean more value addition to China? Now, one of the things that I like to look is, for example, when I started out working as a diplomat 32 years ago, we looked at the overall level of GDP investment in research development innovation. So China accounted for about 0.6% of its GDP going to R&D. Now it's close to 2.5%, which is the average of the OECD. You look at the number of patents that China deposits every year at the World Intellectual Property Organization. So there is indeed a transition towards innovation. And it's not only destructive creation, creative destruction, sympathy theory like innovation. It's also about frugal innovation that's taking place. So yes, I think this is happening. Once again, I go back to my initial point. If China remains open, if China is there playing the role of an architect of globalization, so this transition will be made easier and easier. Thank you. Thank you, Marco. Underneath the macroeconomy, the reviving of the service sector, that's one example of the consumption that we're talking about. The momentum is there, but there are also a lot of challenges, including that many, for example, for the travel industry, quite a few companies went out of business already. There are people laid off during the last three years. Other signs of rebirth that you can capture from the market, Jiang, and also, what does that tell us about the overall economy? Yeah, in the past three years, the travel industry has suffered a lot. So for airlines, airports, hotels, many part-time workers have been laid off. For trip.com, we adhere to a principle that we always put customer first, our partner second, and trip.com the third. Customer first, during very difficult times, three years ago, when COVID happened, our customers were on the border trying to travel out. They already paid airlines for the fees, but all of a sudden, they couldn't do it. So even before the airlines and hotels refunded trip.com, we already made a promise to give 100% refund to our customers. So altogether, we refunded 20 billion to our customers. Partner second, in order to preserve the ecosystem, we also established a two billion partnership fund to help our small partners with their cash flow. And trip.com the third, our employees were suffering quite a lot. So our chairman and myself volunteered to our board. We'll take zero salary. And our VP echoed, they volunteered to take 50% of the pay cut. And our employees also volunteered to work four days, stay at home for one day, work three days, stay at home three days. It is this, we are all together, weather the storm, which help us to preserve our talents and workforce. So now the border opens, we are able to very quickly recover our workforce ability, build up our capacity to host millions of customers who are ready to travel. Now the challenge is that our partners also need to be very quickly rebuild their capacity. So this morning we're working with the airline partners, hotel partners and airport partners to make sure they have a plan to recover maybe 30% in Q1, 60% in Q2. And by Q3, we hope the capacity will be back to normal. So these are the challenges. We work very closely with government around the world, with our partners around the world. And hopefully by the end of this year, we'll be back to normal. Thank you. And like Kevin just mentioned, the tech sector, especially the platform economies have been under a lot of pressure in the last two to three years. And of course, Hong Kong we all know is one of the favorite destination of Chinese tech companies. So what is your feeling about their sentiment? What's your view on the Chinese tech sector moving forward, Gu Chou? Yeah, so the technology sector is and innovation sector is moving full steam ahead. Especially as it relates to Hong Kong and a lot of the innovation taking place in the mainland. And we see this by the number of companies that on a regular basis want to come to our market. We have 100 companies now lining up to go public. Last year was, as I mentioned, the difficult year. But despite all that, there were 90 companies that actually came and listed in the market. And if we look at the combination of Shanghai, Shenzhen, and Hong Kong, about 70% of the capital raised in the world came from these three markets. And a lot of that was directed towards the innovation technology sectors. Since we changed our listing reforms in 2018, about 254 companies actually went public, raising almost a trillion Hong Kong dollars. So that's about 120, 130 billion US dollars, a very, very significant amount. And the technology sector, especially platform economy, it's a sector that's been increasingly regulated around the world in the US, in Europe. China took some steps to regulate that sector. And a lot of the remediations that needed to be done has been for the most part done. So we've seen some very encouraging and positive comments that were getting to the end of the remediation process and therefore a lot more optimism about companies being able to tap the international market, fundamentally the bigger platform economies. So we're very optimistic. There are a lot of changes that we are actually doing to our markets to make sure that we can continue attractive innovation, one of key initiative. And remember, this is a sector that has a ton of support from a policy point of view. In addition to that, we have a situation where you have something called the Greater Bay Area. Some of you may know, which is essentially part of Southern China and Hong Kong. It's a region of about 87 million people with a GDP of close to $2 trillion. That is a little bit like it's the second most significant innovation hub in the world. It's having Silicon Valley together with Wall Street, almost all in one, because you have Hong Kong and Shenzhen and all that innovation happening in one place is pretty remarkable. But what we're doing is we're also changing our rules, our listing regime to be able to attract companies that perhaps have no revenues. They may not have any income, but they have significant spending on R&D, companies in quantum computing. There may be in space technology, artificial intelligence, areas that are very, very important, but they may not have the profitability or revenue to qualify for our main market. So what we're doing is like developing a new chapter that we'll be able to attract those companies. So when I look at technology innovation, I echo what Marco said, China has the biggest patents today of any country around the world. I see a very vibrant sector and a lot of opportunities going forward. Thank you. Thank you, Kucho. And let me focus on the major players of the economy and turn to one of the large player, that is SOEs, Mr. Wong. So in the party congress report, the 20th party congress report, President Xi called on to build a stronger, better and larger state-owned enterprises. In your view, you're running all those SOEs. What role do SOEs play in China's growth in 2023 and beyond? And what they need to do to become more competitive players in a leveling play field, both at home and abroad. So how do you keep the state-owned enterprises competitive? And what role does the state-owned enterprises play in the development of the future economy? Mr. Wong. I just listened to the guests of the speech and some of the views. I'm very happy to see that everyone is very interested in China. Of course. Some guests have also talked about that in 2022, China's economy is in a difficult year. And they even think that GDP is growing by 3%. It's a number that they're not willing to see. That's what I think. From the perspective of China, 3% is of course not a high number. But from the perspective of Hengxiang, it's the same. In a relatively large economic system, 3% is basically still ahead of me. Of course, I'm also very happy. Some of us are very confident in the development of China's future. I can say this. Heroes are the same. As a part of China, we are more confident in the development of our country. Just now, the hostess also talked about the use of China's central enterprises and state-owned enterprises in 2023. In the future, how are we going to participate in the competition? We see it this way. The central enterprise in China's economic system is in a relatively special position. From the perspective of its development, we think that the first is that the central enterprise is going to do everything for all companies and for China's 1.6 billion economic units. The main thing in the market is that the basic security is especially the water, electricity, and gas supply areas to make the contribution to the supply. You know that any enterprise, any citizen, if they want to make the contribution, they will not be able to remove the water, electricity, and gas supply. You all know that in addition to oil, oil prices in China may be on average in the world. But the water, electricity, and gas supply are basically on the low level in the world, the lowest level in the world. We say that the oil prices. The reason why such a system is formed is that our central enterprise provides the corresponding services. Electricity, according to the RMB calculation, we, the residents of China, maintain about 5 cents. This is unimaginable in many countries. Even in recent years, the global energy price has been rising. But the enterprise and the people of China have no feelings. They all think that we are at a very low level in the cost of this area. So, the central enterprise will make great contributions in this area. For example, electricity. We actually got 62% of the electricity generated by electricity. This is the only thing we can do. This is the first point. The second point is to promote economic development. The people and the people of our central enterprise will be able to achieve 4 times the average level of the market. It should still be a better growth. Last year, the central enterprise received nearly 400,000 million RMB in revenue. The total revenue is 8.3 million. Our profit total is 2.55 million. The total revenue is 5.5 million. In 2023, our goal is that the profit of the central enterprise must exceed the current GDP. And we hope to achieve a better level in order to create conditions for the development of the entire Chinese economy. In fact, we also want to create conditions for cooperation in all aspects of the world. Third, we also want to face a consensus through investment and other actions to make our industries more efficient like the theme of this meeting. New energy, new materials, artificial intelligence, high-end manufacturing and so on. Through this direction, we can work with more foreign companies and private enterprises to strengthen this cooperation. And through our technological innovation, some of the guests just talked about it, technological innovation will become an important factor for the overall development of our next step. Fourth, we want to develop all kinds of companies together. We can work from the perspective of supply chain. At the same time, we want to work from the perspective of equity cooperation. We want to improve competitiveness. To improve competitiveness is a problem that all companies face together. We need to improve. Other companies need to improve, too. China's central companies are equal market bodies. The government has no specific policy. We hope that we can work with all kinds of companies to make the same progress together. Specifically, time relationship, I will point out a few topics. First, we want to be more active and efficient to improve our value of creativity. Second, we want to start a new round of three-year-old national reform. To make our companies more active and more creative. Third, we want to focus more on technological development and make our development more active. Now, China's central companies and industry have already reached 3% of their income. Technology companies are all above 10%. So, we need to progress in the next step. Another one is that we hope that we can work with more companies and companies to strengthen our cooperation. In this process, we are all together to achieve global development, especially the red light of China's development. Thank you. That's a very welcoming open message to all players. And now we have only three minutes left. And as promised, we will devote all that into geopolitics. Kevin, you have one minute to talk about U.S.-China competition. And my question is more specific than that. U.S. restrict China's access to critical technology, chips manufacturing especially, and also lobbying allies and partners to cut Chinese tech firms out of their supply chains. If you or Chinese government, what should you think China should respond to this? Well, these measures in the United States don't occur in a vacuum. I mean, it's part of a bigger picture. And the bigger picture is the strategic competition between the United States and China, which has been underway now for at least five years, whether we choose to politically recognise it or not. That's just the reality. And so, the challenge for geopolitics, and I'm mindful of the clock here, is can we find a stabilising mechanism, given the reality of that competition, to prevent it from escalating into some future crisis, conflict or war? That's the essential challenge for us all. I think the encouraging thing coming out of the summit between President Biden and President Xi Jinping in Bali in November, was to take some tentative steps in that direction. If you look carefully at the text of what the Americans said and what the Chinese said, there is a predisposition to try and put some guardrails around this relationship. Xi Jinping used terms like a new entrainwong, a new security safety net underneath the relationship, some new fenghu, some new protections around the relationship. So I think this is encouraging. Secondly, on the critical question of technology, and I'll conclude on this, China launched back in 2015 its determination to become self-sufficient in 10 critical technologies. That's the China 2025 plan. If you look carefully at the Central Economic Work Conference report of December last year, its aspirations for national self-sufficiency and semiconductors in quantum computing and artificial intelligence, it remains China's policy. So these measures by and large predated the American reactions which we've seen in recent times. I do not see therefore an ability to return the technology competition between the two states to a steady state until we resolve the underlying geopolitical stabilization question. Otherwise, that competition will continue and it may go into new areas such as quantum computing and artificial intelligence. In other words, there is a real risk that we will still face a high level of technological decoupling. Thank you, Kevin. And also, I'll turn to you, Marcos, you also have one minute to talk about the little question about supply and chain challenges China is facing. So facing all the French shoring China plus one strategy, all this and that. What would be your advice for China to cope? Well, Lee, I'm not there to say the geopolitics are not important in the way that supply chains are being redrafted, but I think there is one structural change that's far more impactful in redesigning something that's actually bigger. We should talk about value networks and not only supply chain, which is once again the bigger and bigger chunk of global GDP that's going to the bigger emerging economies. I'll give you an example of my country, for example, Brazil. Back in 2002, China-British trade was a billion dollars a year. Today it is a billion dollars every 60 hours, right? If you look at emerging economies, about two out of every three emerging economy country has China as more of a trading partner than the United States. So this creates a new web of collaborations that extend beyond supply, that touch demand, that touch R&D flows, that touch the way in which you organize your strategies. So there's a web of competition out there and I think at the end of the day, more important than the geopolitical discourse, the reallocation of supply chains will be determined. The GPS, the most important GPS will be the balance sheet, right, where it makes sense to allocate your resources here and there. Thank you. We're definitely running out of time, but I want to have one last word. Not just from one person, but from everyone that our topic today is China Next Chapter. So what would you, which word would you pick to describe China's Next Chapter? Start with Marcos, please. Evolution. Evolution and Jen. Innovation. Innovation. Guqiu. Vital. Vital. Vantel. Vital, vital. Vital, vital. And, and what's your name? Kaifang. Kaifang. Liangzi is Kaifang. Wugezi is Gaoshui Ping Kaifang. I love that. Extend and, and well, the final, final word, Kevin. If the, if we're asked for a word about China's Next Chapter, I would say still uncertain. There you go. Thank you. Was that optimism and also caution? Please join me. Thank you. Oh, I distinguished guests for joining us today.