 If you were one of the pioneers, but what is now the next step? And I think you have 600 million people coming on your platform in China alone every month. So what is the next? Do you want to conquer the world or what? Well, if you look at the context of the first industrial evolution, actually it's totally in line with what we envisioned and what our mission is. Actually, when our company was set up 20 years ago, we had a very important, I think, very important mission, which is making it easy to do things anywhere. So this mission in the past 20 years never changed. And in recent years, actually three years ago, when I took over the CEO role, I actually add one more context into this mission. I said, let's say in the digital era, to make it easy to do business anywhere. So actually today, we are all in the digital era. And so everybody talk about how can we transform the society or the business into a digital way. So I think these two things actually is totally in line with the context of the first industrial revolution. And how to take this advantage, use the data technology, use the new technology to make a good transformation in this first industrial revolution. Daniel, when I'm going to China, and I'm going off to China, and I talk to government leaders, business leaders, or government leaders, even up to the highest levels, you feel China has fully embraced this notion of the first industrial revolution. Do you feel there's a gap between China and the rest of the world, which, I mean, if you think of the consequences, which would lead to a supremacy of China in the first industrial revolution? Well, to be honest, I do feel a gap. If people spend some time in China, living there for six months, I have high confidence that people will have the same experience. And take example, like today when we live in China, and you don't have to take water with you. You have your phone. You can do anything. You can make payment. You can buy some food. You can go to cinema. You can take subway. Anywhere you go, you just with the phone. But now I think what we talk about in the developing economies, and most people still living with a credit car. But that's a real example to show why we move faster in China, because actually credit car is not that well-punitrated in China, even now, which means that we skip pretty much the credit car society and into a mobile society. Just like today in some Southeast Asia country, they just skip the PC time and go directly to mobile time. So I think if we look at the development history, if the existing infra is not good enough, which also creates a new opportunity, which is you just go direct ahead to the next stage, and maybe you can be even better. So that is the situation today. But I feel some people are very afraid of how data are used in this context. And yesterday, Chancellor Merkel spoke about the question, who is actually owning the data? Is it the supplier of the data? Is it the receiver of the data? Or is it the platform in between? What is your opinion? Well, I think the most important thing is that we all recognize that if no interaction between the relevant parties, no data, why data generally is because of behaviors. Because of behaviors, you get the data. Because of interaction with the different parties that you create the data. So I think today people talk a lot about ownership. I think the most important first is if the data is there, let's think about how can we better usage of this data? How can we make the usage of data to be transparent to everybody, not just to a few parties? But everybody are inclusive to know how to use the data and how to protect the data. I think that's very, very important. Do we have trust in data? I just want to make, to see with the audience, who is not on Facebook? Ah, yeah. Very interesting. Who is not on Twitter? You see, people do not trust them. So what is your reaction? Well, which means that the people sitting in this room, we need to know more about the millennials, about people. If such a high percentage, which means that both of these two companies cannot have so many users around the world, I think young people today, they are living on internet. That's the fact. Look at what happened in our family. Look at what happened in our kids in their life. They are the generation living on the internet, living on mobile internet. Just like when we were born, we think electricity, light, are so natural. And today, the younger generation, the generation Z, when they were born, they think the iPad, the iPhone, is such a natural thing to be used. So I think that's today's lifestyle. I could follow up now with another question. Who knows of you that his children are not on Facebook? You see? No one. Very few, very few. So as you said, it's also a generational issue. Professor, actually, for the young generation, Facebook is just one of the choices, but not all. And they think if their parents are on Facebook, they will never go there. But let's generalize this issue. And you have made the transition from a, how shall I say, please excuse the expression, from a relatively narrow-minded auditor to a tech-savvy leader of one of the biggest companies. So it needs also an internal transformation to embrace this new world. What would you, out of your experience, tell the audience what they should to be really at the forefront of the first industry revolution? Well, I think whether or not you like or not, it is happening. That's the most important thing. So rather than we question it, we hesitate, I think we just go ahead and to embrace this, to try to find a way and try to find a good way in terms of how to use the new technologies, in terms of how to better use of AI, so on and so forth. So I think that's the most important thing, to be an innovator. If not and someone else, they will be innovative and they will be ahead of us. And take my experience in Alibaba, actually, this is the same thing, as you said, Professor. I joined the company with a financial background and at the CFO of the company. But why I moved to the business role is because, actually, we have so many young business. I have to be part of them. And I have to take responsibility to make sure this could be a sustainable, successful business. So that's why I switched, it's a very, very natural way from the financial role to business role. Just think about, we need to be survived. We need to go ahead. We need to win in the market. Because the market changed, we have to go ahead. No choices. So maybe after 10 years, I realize, okay, it's good to be a good, it's much better to be a business leader compared to just a financial professional. But the key thing is how to embrace the change. How to think differently and not just wait for something to happen. In order to do so, do you have challenges inside your, let's say, narrow CEO's office? What culture do you establish? Because the age of the new technology is much more fluid and you have to take decisions before you have 100% knowledge about the situation. So how do you make sure that you have all the controversial inputs into your decision-making process? Well, I think today we are facing a lot of uncertainties and we are in a very fast-changing world and we also have a lot of questions about the future. But the key thing is we make concrete steps to move forward. We try. Try is very important. Maybe this try will be a good or even bad result. But at least we try, we know this is wrong. Then we can make some adjustment and try again. So actually we always say don't avoid, don't be afraid of making mistakes. Then the more mistakes you make, then the more corrections you have and you know the direction. But the big picture is always there, which is like, as I said, as today we are all in this era, in this digital era, in this first industrial evolution era. So the big picture is always there. It's all about how can we try? How can we find a path to get there? So we have a lot of young people around us. So don't be afraid, be challenged by the young people. And they may bring you some ideas you never heard of. But just don't not simply say no. But we have advantage. We are actually working on internet. We are living on internet. And we can enjoy the lifestyle they have. Even if you don't like, for example, today, if I have time, I just enjoy the live streaming. Because today on our platform, people don't just have a listing to sell their products. People do live streaming. And the ladies just do the live streaming to show how to make up. Then over one hour they can source tens of units of products to the followers. Maybe you don't like it, but I have to enjoy this to understand why people like it. To have some curiosities. Then you will try to find some fun. That's it. So I remember when I was a professor for business policy. I mean, the first strategy setting, the conventional way was get the facts, plan, and execute. Today, it's probably experiment, adapt, and scale up. Would you agree? Yes. I think it's very important that we take some experimentation in a smaller space. Then we see some good and bad results. And again, because of data, we know how good it is and how bad it is. Then we can make a right correction and move forward. And there is no direct way can lead us to a future success. I think a strategy-wise, every big direction is the right thing. But it's all about, can we find a way, find a path to get there? The path is always around. It's working around to the final destination. You have to make some mistakes during the journey. But the key thing is you cannot go back to the original. If you always go back to the original, you will never move forward. Now, in some ways, the big elephant today in any business unit looking at the future is artificial intelligence. How you are one of the leading companies, how do you see the impact of artificial intelligence on business? And I will ask you later on jobs, but first on business. Well, actually, Alibaba's all the business is empowered by artificial intelligence. But to be honest, for many, many years, we don't know, we didn't know that this is artificial, so-called artificial intelligence. So when all the world, suddenly we realize all the world is talking about artificial intelligence, then I take a look at what people are talking about. Then I said, okay, to us, it's not artificial intelligence, it's Alibaba's intelligence. Because we, our all operations are powered by data technology. And we facilitate the transaction on our retail platforms, for example. And we give people a lot of recommendations based on the personal preference. And we even use the voice recognition technology to do the voice chat box, to enable the customer service. This is part of our business. So artificial intelligence to us is everywhere. And we do believe that with the new technology, we can create a better experience, both for our customers, but also to improve the operating efficiencies of the merchants. Now, if we look more at, let's say, the issue of chops, and when I take also the vice president yesterday, in many speeches, it was expressed how we have to find an equilibrium between innovation and the social justice. Now, if I look at companies like yours or Amazon and so on, you have a very, let's say, intelligent top team, and you have hundreds and thousands of people doing the very low paid work. So are you a dis-equalizer, if I may say so, in terms of society? Do you create the polarization in society by taking away this middle section? Well, actually, the fact is that we try to make the technology to be more inclusive on a platform, to remember our mission. Our mission is to make it easy to do business anywhere, which is we are not trying to make ourselves to do a better business. The key thing, Ali Barbar, is to be a good enabler, to enable the participants on the platform to do a better business. But how can we be a good enabler is the technology. Because of technology, we can help our merchants, our sellers to have efficient operation on our platform. Because of this, we can help the farmers, for example, from Rwanda. And the President just showed me a recent example. We had some collaboration, and we helped the Rwanda coffee producer to sell directly to China. And the one-day sales equal to the last year's volume on our platform. So actually, if we can connect the supply with the demand directly, we can create a lot of synergies. But the key thing is to make it more inclusive. And when we do this, actually, you can add more value in the whole value chain. For example, if you want to help the farmers, if you really understand you can help them to sell enough products to the end customer, then you will feel more comfortable to give them microlending, to help them to grow their business. So if that is the case, then you can create a lot of values, synergies to the whole society to make it even better. Mr. Tsang, we discussed a lot about environment here. And I think environment was at the forefront to a certain extent of our concerns. How is your company, which has such an impact, taking environmental responsibility seriously? Yes, actually, we started from 2011. We publicly announced that we built up a fund. We donated our 0% to 3% of our total revenue, which today is a very big number, and into this fund for social welfare purpose and for environmental protection matters. So today what we do is not only just to use the money to do some projects as many other companies are doing, but what we do is leverage the commerce platform we built up. For example, we encourage the merchants on our platform to use the green material to do the packaging. And also we help the people living in the poverty areas to help them to create their business and to sell the organic agriculture products into the urban cities. So to do it in a more sustainable way is always our view. But we do have a very strong commitment to, again, to make this environmental protection mission not only a job for our own self, but also because of us, we can initiate all the participants on our platform to be part of this. What do you do concretely to eliminate, you mentioned it partially, but I say concretely to eliminate plastics in your business? Well, actually, the first thing is about green material packaging. How to incentivize the merchants to use the green material packaging. I think today with the development of e-commerce, everybody understands there are so many packages flying in the air. So how to use the green materials, that's the first thing. And we have a very sophisticated program to incentivize the merchant to use the green material. Second is about, we always said, can we use the technology to synchronize the stock online or offline to reduce the packaging flying in the air. But all the fulfillment and delivery can be from the nearest brick motors, from the nearest warehouse of the merchants. By this way, you can substantially reduce the materials you use for the packaging. So, again, technology needs to play a very, very important role in the environmental protection. I think this is a very important aspect for everybody. How to use technology and how even in your supply chain or in your distribution chain, you make sure, not only inside your company, you make sure that you behave in an environmentally very responsible way. Let me come, I just watched it at the time. Let me come to the last but very essential question. Many people say that the present trade war between the U.S. and China is only a symptom of a much larger, let's say, fight. It's a competition about the mastership of the forced-interest revolution. And if you interpret it in such a way, this war may have even more negative consequences on the digital industry, because that's where the war is fought out. What is your thinking here? Well, I think today, if you look at the trade war, you look at the U.S.-China relationship, I think actually from China's side, I would say most of the Chinese people want to expect a better, a good resolution between the two countries. I think because people all realize that these two, I mean the world's largest economies, if they can get better with each other and create a value and benefit for all the people around. And not only for these two countries, but also for many other countries. But today, but for China itself, I think China has a lot of opportunities and the trade war, all of this is one matter. But the most important thing is can we make a better economy? And China is such a huge market with over one billion consumers. And if we can make China the whole market in the right condition, it's a self-sufficient market. And as long as the consumption power is there, U.S., Europe, all the world, people want to come to China because the opportunity is there. So the most important thing is that the consumption power, which I believe today is China's strong growing driver in the future. Because if you look at the real rich increase in the past few years in China middle class families, if you look at the household debts for Chinese families as compared to the U.S., actually it's very low. And the consumption power is there. People well know that Chinese people is used to a higher saving rate. People want to save money. So make sure to give a good guarantee of their life quality. So the market is there and today with the digital platform, Chinese people can access the worldwide information. They can follow the latest fashion. They even create a fashion for the world. So how can we make this, I mean, consumption power to be a good engine for the future growth and especially leverage the power of the digital technology to make the world transparent and the flat? I think that's where the opportunity is. I think this is a good ending of our discussion and it brought out, let's say, what is the essence of the World Economic Forum, business success and social responsibility. So thank you very much and I would say we wish you and Alibaba a good new Chinese year of the peak. I'm sure if we talk about the peak that Alibaba will not get fat but will remain agile. So thank you very much for joining us this morning.