 My name is Magnus Renfrew. I'm director Asia for Art Basel, and I'll be speaking about the state of the arts in China. The international market for Chinese contemporary art really took off between 2006 and 2008 and was primarily auction driven. The auction houses moved in to fill a vacuum that was left by the fact that there is very little by way of curatorial or critical framework for evaluation of artworks. Between 2008, when we launched the first edition of Art HK, we had 19,000 visitors. This year, with the inaugural edition of Art Basel in Hong Kong, we had 67,000 visitors. So it really demonstrates that there's a need and an interest in seeing modern and contemporary art. There's a great need for art education in China for a number of reasons. Firstly, it's important in terms of audience building for contemporary art. People learn about art through having the opportunity to see art. One of the things that's really becoming apparent is the necessity to have a very strong gallery framework. Artists need to be able to build their careers beyond just the commercial to have exposure in institutions and museums, not only within China, but also internationally. There are many museums that are being built in China at the moment, with hundreds of being built in the last three years alone. But there is a dearth of skills in terms of the curatorial and critical skillset. At a time when China is moving from a manufacturing-based economy to services-based economy, innovation is going to be of primary importance. Art and arts education is vitally important in unlocking people's creativity. So it's very important to provide people with an opportunity to engage with art on a regular basis.