 Yeah, because we just have a billion people in China. That means a billion, just a percent, one million. OK, I could have known. I would like to thank the wider gang for inviting me to this conference. So Feng told me that I just gave a brief introduction to the latest change in the income inequality in China in 10 minutes, that is. So Rory Campbell just talked about changing income inequality in China yesterday. He mentioned that in the last decade. Income inequality has been declined. I think, yeah, he's right. So if you just look at official data set, that is the figure of the genie coefficient of income inequality in the last 12 years. That is estimate by National Bureau of Statistics that based on the household survey conducted by National Bureau of Statistics. So the trend is very clear. That means the income inequality increased, you see, before 2008. Then after 2008, income inequality has been declined. Yeah, constantly, you see, in the 2008 genie coefficient, it close to 0.5. The non-death is less than 0.47, that is. So of course, a lot of people have debate on that whether this figure is accurate or not. We know the Chinese survey either conducted by the National Bureau of Statistics or by some universities. You have the common problem. Yeah, Francois just mentioned that. Just missing data on the top, your income growths, also having some ending reporting problem, that is the same problem with this official data. Also, if we look at the data from our surveys, Jimmy Davis just mentioned our surveys. We called the CHIPS, the China Household Income Project. We collected this data from 1988. That is the first year we conduct data. Then we have the conduct data in 2005, 2002, and 2007. The latest is from 2013. So yeah, then we calculate the genie coefficient just between in the year of 2007 and 2013. If you look at the genie, it's become smaller. In the 2013 compared to 2007. Also, if we look at the income ratio of the top desired to the bottom desired, also the ratio is declined. So the data from our surveys is a little different from the official data. We use the difference in the definition of the household income. In the official, the data is an imputed way. The rent of the private housing is not included. But we did. We included that. So that means from our data, we will get a little bit of high income inequality than official data. Also, if you look at the income growth curve for the different desires, also you can see that from 2007 and 2013, you see low income growth, have high income growth, then high income growth. Of course, our data also has a common problem. We have under representative of the top income growth. Also, we also have the problem of under reporting. But why income inequality decline? Then we just look at it. We say, whether it's happened in the rural area or in the urban area, or just between rural and urban area. So just we did some preliminary analysis, just to look at, you see, genie coefficient within the urban area and within rural area. Then we found that it's a genie coefficient either in rural area or the urban area. The genie continue rising. That means total income inequality in the country as whole, the likely come from decline of income gap between rural and urban area. So that means if we just look at income ratios between urban household and rural household, the figure is very clear. You will see that. That ratio, you see, rose till the 2009, something like that. After that, the ratio decline till now. That is. So the figure from last year is about, you see, less than three times. It's a significant decline in the income gap between rural and urban areas. So also if you just do some decomposition analysis, you will find it's a decomposite total inequality in the country as whole. In between rural and urban area and within rural and urban area, we will find a big job between inequality and the slightly increase within inequality. That means the decline between the rural and urban area is much larger than rising within rural and urban area. So what we have seen is the decline in income inequality between urban and rural areas. There are a lot of explanations, something like that. I just want to emphasize perhaps some important equalizing facts, something like that. That somewhat is a hypothesis indeed. So the first thing is that if you just look at the growth rate of GDP in China over time, you will see that from 2007, growth rate becomes slowed down indeed compared to previous year. So that means the slowdown in the economic growth may contribute to decline in the income inequality in China. That's why just because faster economic growth benefits more to urban people, to some large enterprise, to some state-owned enterprise, to some new industries like some IT and the financial sector, that is. Perhaps the slowdown in the economic growth without a negative impact on the unemployment that will benefit some even lower income growth indeed. Second important element is that you know that also while we kind of mentioned that, that is transitions from agriculture to the industries, you see migration from rural area to urban area, that really make a big impact on the reducing the income inequality. That is a number of rural migrants to the urban areas. You see, in the last decade, you will see that number increased, that means there are no surplus levels in the rural areas. You see, also if you look at the increase of the wages of rural migrants, it has a big increase, you see, in the last five years indeed. That means that will increase the income of rural household because they send remittances to home. Also, you see, a lot of reduced the laborers in the agriculture. That means increased labor productivity in agriculture sectors indeed. Also, we should realize that a lot of the public policy have been introduced in the last decade to supporting the rural household indeed. You see, at least the policy that is like in 2006, the government abolished agriculture tax. Also, you see, exempt school fees for students in the rural areas. Also, some debug programs, like you see, minimum income supporting program, also implemented in rural and urban areas. Also, government gave some agriculture subsidies to rural household and the hukou reform and the rural migration increase. Also, some new social security programs like new rural medical care scheme, new rural pension scheme. That means people living in a rural area, at over 60, they can receive subsidies from the government. Also, the government increased enormously financial support for some anti-political programs indeed. So if you just look at the income components for rural people, you will find transfer income as share of the total income increased significantly between 2007 and 2013. Yeah, close to 15% of the total income. Also, if you look at its contribution to the total inequalities, even a big increase, you see, the impact on the total inequality remain unchanged because, you see, that is transfer income more equalized, disappeared among the rural households. So that really has a big impact on the poverty indeed. That is low income for households receiving more transfer income from the government. This figure indicated, you see, the trend of the poverty reduction in China in rural area. You will see, whatever the poverty line we used, you will have a very clear trend. Poverty reduction is very clear. Either you use the low-income poverty line or the media poverty line or even the high poverty line. I should mention that, you see, from 2010, the government adopted the high poverty line equal to $2 per person per day, something like that. Even if you look at the poverty rate by using the new poverty line, you see, also the big decrease in the poverty incidence indeed. Okay, thank you.