大家早上好大家早上好大家早上好超過10年前的手機能夠成為一個例子每年超過10年前的手機中國的三個網絡工作人員每年超過100億元現在是1.3億元手機在中國每年他們的業績增加包括電話號碼和SMS但現在的情況每個中國人都用手機所以每年都可以增加我們現在有新的項目例如WeChat、Weibo還有Voice還有Texas的訊息也增加了這些都是非常普遍的挑戰新的挑戰所以要怎麼處理在三個項目中我認為資訊技術仍然在增長10年前2005年TOMASFriedman寫了一本叫《Flat》《Flat》在世界上有10個駕駛力從2005年到現在一年已經過了同時我們也經歷了全球貿易但是唯獨沒有停止是技術和技術我可以再次加上Friedman寫的一本例如 smartphone4GLTD社交網站 cloud computing3D printingRobotInternet of ThingsOnline PaymentInternet FinanceBig Data所以我們現在說市場的要求其實有些重要的改變市場的要求這就是我們要注意的新的這些新的網絡技術或是資訊技術創造新的改變和解鎖第二我們要一個新的可行新的改變和技術新的麥克富特MIT提供價值銷售同時整個正常你能夠有力量,你能夠有努力這就是創造努力的基礎這是一個很普遍的理念我們已經在這裏提供了但現在,由於新的正常性今天我們應該將其他經濟系統和經濟系統改變所以我們不只在努力有任何的經濟系統另一方面,它是經濟系統的 analogy它很關注在聯繫和經濟系統之間在不同的生活中所以今天,我們討論新的新的經濟系統我們應該更關注經濟系統的經濟系統來回到我的經濟系統因為我對其他經濟系統有利人們在討論職業的聲音和信息我們不需要任何網絡的工作人員另一方面,我認為經濟系統已經增加了數年前,中國的經濟系統用了五個RMB的資料產品但是今天兩年後4G的經濟系統經濟系統的經濟增加了700MB的資料產品所以我不認為OTT或網絡的經濟系統或Telco是同一群人而他們的經濟系統是同一群人而Telco需要改變他們並學會網絡的經濟系統而且他們也應該在這種行業上我不認為Telcom在網路上提供了引發的使用因為他們有兩個不同的領域他們可以增加領域但也有不同的能力和技術還有最後一點自新的我們還有很長的系統在過去兩年 銷售購物市在中國發展得很好中國銷售購物市的大部分有這麼多公司和玩家在這個市場在過去我們只找了幾個銷售購物市在中國 今天有幾百個這不是壞事 每個人都可以活在這個市場第二 從整個銷售購物市到購物銷售購物市的大部分甚至購物銷售購物市的銷售購物市這是很大的進步因為我們有很多中國銷售購物市在過去一百塊錢的價錢是很難以想像的這四GLTD銷售購物市的價錢這是一個很好的進步仍然有很長的方式再回到銷售購物市很多銷售購物市購物市的銷售購物市但很多銷售購物市用同一個銷售購物市的銷售同一個銷售購物市的銷售銷售購物市這也是很相似的這很難以判斷銷售購物市的銷售購物市所以我們要先進行更深的進步再進行更多的研究和發展我們也要發展新的銷售銷售購物市第二 我們也要有更多的研究售購物市的銷售銷售購物市的銷售銷售購物市我們需要採取自己的技術和經驗尤其是售購物市售購物市的售購銷售購物市在中國製造和創造謝謝你 老師一般來說你意思是只要我們可以發展新的銷售銷售購物市銷售銷售購物市仍然存在對 市場要求我非常有自信我沒有提及要求網上的服務我們都知道要求很大很有趣的從IT的觀點售購物市的銷售銷售購物市有更多的銷售或銷售貨品網上的服務可以依靠網費富益在我們以後將用它的餐點修改成做所有 three areas紀念 大學也有中國的經濟增速中國的經濟增速銷售粉絲已下降從此國際投資林鄲美國 näch世物基金 ARM銷售知還有 meat銷售你告訴我 next year China's GDP growth will be about 0% or even negative growth.Do you agree with this pessimistic view?Not at all.First of all, there's a wide range of views in the rest of the world.I was speaking to a leader of a large international company last week who has a lot of business in Chinawho thinks the growth is quite optimistic around the growth.Goldman just came out with a report quite optimistic around the growth.I mean optimistic in the 6 to 7 range as opposed to around 0 that you said.I think we're witnessing a very substantial and appropriate transition in the Chinese economy right now.We're witnessing an economy that over the last decade was built largely on the backs of investmentand a lot of that investment going into infrastructure and real estate.And the latter part of that requiring lots of debt and not necessarily being able to use that capital particularly productively.And what we're watching right now is a transition that's appropriate to one that is more consumption ledand more service driven and less dependent on investment.But that has several implications that are playing through right now.One implication is that anytime you make a transition in an economy of that natureit's going to have uncertainty and volatility around it.And we're watching that happen in China right now and that would be natural.It's also worth noting that in the shift towards more consumption as a part of the economyinherently the government's ability to write a check to just solve it in a very centrally controlled way goes downand that in a sense the strong statement that's come out from the leadershipstarting at the third plenum that the market would be the decisive force in the economyis a recognition that there will have more volatility in China and more uncertaintyand we'll see some of that in the years ahead.And we're watching even now I think the government adapting to that new realityand growing a bit more comfortable with that uncertainty.How that exactly plays out what policies are put in place we don't know.I would like to stress a couple points.One is the stock market is important but it's not as important in driving the underlying economyas I think some in the western media think.Meaning the total market capitalization in China is about 40% of GDPin contrastthe total market capitalization of the US stock market is 140% of GDP.So it's just a very different role.I'm not minimizing that it's important but the degree to which it's importantis often overstated.Most Chinese households don't earn shares and even those that dodon't own the majority of their financial assets in sharesand we've watched even through July so even after the June decline in the marketwe've watched actually underlying consumer demandand we can remain relatively strong.Autos have slowed but overall consumption has maintained a fairly good pace.The second point is we're witnessing two changes and it's important to recognizeboth of them.The first is the shift from investment to consumption that I said earlierbut the second is where is the consumption occurringbecause even a couple years ago people tended to talk about the consumptionin the context of the very big cities,the Tier 1 cities in the traditional retail distribution environmentin the context of the growing emerging middle classin China.We're actually watching all of that change before our eyesthat in fact most of the growth that's occurring will occurin the upper middle class.The people that are earning150,000RMB per year or higherwhich will continue to grow double digit over the next five yearsPresident Wang just spoke to in an IT context.We're watching the lower tier cities.Different people classify them this different waysbut still enormous growth potentialin the lower tier citiesand then finally we're watching massive growthin the online world.To put it in context,China consumption should grow about$320 billion this yearwhich is still quite substantial8-10% growth in consumption.Internet,the online world will be about half of that total consumption.Half of the growth will come from the online world.So for all companies,westernChinese,learning to adaptto the new environment of where growth is comingand how it's evolving will be incredibly important.And then the last thing I wanted to speak towas the policies ahead.There's a lot of focus on China.I would go back to what was said a couple years agoincluding what was said at this forum by Premier Liwhich is the market as the decisive forcein the economyis really important.And real reform is fundamental to getChina on a good growth pathfor the years ahead.And that's been stated policy for several yearsand we've seen good progress.We've seen some progress on the financial side.We've seen some progress in creating municipal bondsto create more transparencyinto local government debts.We now have some private banks that are authorized.But I would just go back to those two themesand sayI think the test for the coming yearsis to take those principlesand turn them into reality on the groundand to continue the progress that's been madeand to recognize thatwith the market becomingthe decisive forceit means creating more opportunitiesto support SMEs,to support small and mediumto ensure that the capitalthat goes into SOEsis effectively used.With real reformis reformin terms of supporting urbanizationfrankly in supportingSOE reformbecause many of theSOEs need to undertake reformto be more competitive,to have more effective governancemodels that enables themto undertakehard things like restructuringand to continue to make progress in that agenda.And so,from my standpoint,looking aheadfrom all the research we see,the underlying outlookshould have positive growth in it.The growth in the consumption sideshould continue.It will have more volatilityand the key success factorsare the ability to takewhat I think was a verygood stated policy of several years agoand continue to makethe very hard changesunderneath itto turn it into reality.And as a final note,when we talk about how hard it isto make reform happen in Chinawe shouldn't forget how hard it isto make reform happen everywhere elsein the world.We watch Europe right now really struggling.I mean,Europe's got a bigger growth challengethan Chinaand is still strugglingto make reform happen.We talk aboutthe third arrowin Japanand how hard it isto make that happen.We talk aboutreal reform in the U.S.and how difficultthat's been,or in India.So,the fact thatreform isdifficult here,yes it is,it'sdifficult everywhereto undertake these changes.But that doesn't make it any less importantto continue the growth patheven if it's at a slightly lower ratethan the one that China has been on.您对您How aboutthe economic consumption?You feel very positive,but we thinkthatthere are some indicatorsfor example,housing in the housing sector.For many years,they're not developing rapidlyfor the automobile consumption.In this area,for the automobile consumption,it's not also very good this year.You've also mentionedthe e-commerceand the contributionfor the consumption growth.But I believe thatmany retailerswould tell youthat this is to replaceactuallythe physical shop salesby way of online shopping.Well,the reallynew consumption or the new needis really limited.We do think aboutthis kind of negative factorsfor the growth of consumption.Thank you.So first,I think you're pointing outsome near-term challenges.But I would note,at least what I've seenof the recent market data on real estateis thatwe're starting to see a bit of a rebound.It's true auto sales have been flatterbut actuallyauto sales had up really welleven through the first quarter of this yearand we always see volatility in auto salesactuallynot at the extraordinary growth ratein autos that we saw in years pastbut that that can continueto be a strong market.And then,finally,I would saythe retailers who point to the challengeof the growth of onlineare exactly right.China is uniquein the wayit is growing a highly innovativeonline worldalmost in parallelwith the growthof its offline service infrastructure.In most parts of the worldthe service environment had developedover many decadesand when onlinecame alongit was challenginga very established,veryembedded,very well-developedoffline retail infrastructure.In China,the growth has beenso rapidthat in fact the twoare occurringin paralleland the onlinespace is thereforeeven more powerfuleven a higher shareof the growth.And I think the challenge forbothmanufacturers and traditionalretailersis going to be how theyadapt their innovation model,theirdistribution model,and their customerrelationships to deal with a worldwhere consumers hereareincreasingly living their livesonline,mobile is growingexponentiallyand makingmore and more of their decisions in that wayand that presents a very big challengefor traditional manufacturers and retailers.Thank you.Wang Jun.Mr.Wang,the new normalto many traditional sectorsthis is a big challengebut for you this may not be the casebecause the new normalto youprobably from differentperspectives we can imagineis something very positive.Soin the bioeconomicsin genomics,in innovationwhat are someof the big opportunities?can you tell us from your ownpersonal experience?what are someof the biggestopportunities?From my personalexperience,because I myselfhave been working for over 20 yearsin bioscienceand also gene researchand also I have been CEOof myresearch institute.In this processI really like tothink about social economyand biosciencecombined togetherin termsof the principles.Just nowfrom the moderator,I think you talked about some key terms.For example,in highgrowth,some of the enterprise experiencedhigh growth,but now they wereexperienced a sharp stopof the growth,for some enterprises.Soin this process,and also you talkabout the new normal,this termwhat does it mean?New meansthat the past situationhas been changedand also it will not go backto the back situationfor enterprises,individualsand also for society,if the designof which cannot adapt themselvesto the new normal,that isin the environmentif a space cannot adaptto the change of the situationof the environment,then it is doomed to dies.So in this kind of new situationin this evolutionif the design of the enterprisesof the institutions cannot adaptthemselves to the newnorm,to the new normalthey will experience many bottlenecksand difficulties or challenges.So in the natural worldif they encounter challenges like thisthe best way isyou know,because they don't knowwhat are the uncertaintiesin the future,but they don't knowwhat kind of change it's going to beso in the natural world,as an individualspecies,or the natural worldthat isthey arechanging themselvesin this process of change,they liketo see what are some of the arrowsso they try and learn by mistakesSo in a society this meansinnovation,innovationin essence is a kind oftry an arrow experienceso the nature of thisdetermines that actuallyif you tryand make experimentssometimes you failso if you want to do innovationyou want to selecta bigsector or a big directionwhy do I say sobecause the development of the societyincluding China from the agriculturalrevolution to industrial revolutionto informationinformationrevolutionmany experimentsand tries have been mademany mistakes have been madesoif youmake innovationin the pastdifferent rounds of revolutionsthe cost will be very high because many people have tried thatso the new thing is thatyou identify a sunrise industrya sunrise sectorthere are many ideasor there have not been many ideasso this provesposes a great opportunityfor you to be successfulwhen you are trying to make experimentsbut what are some of these sectorsI'm in the sector of gene sectorso I think houseand also the house lifeis actuallyposing a very good opportunitymyselfI have alreadycreated my job as a CEOfor my previous institutionI want to start my own businessagain soI want to look at the big datainternet and alsothe intelligence togetherwith life science, withhouse sector, house managementexceptionto digitalizethis kind of life informationthis to me in the futuremight be aa great opportunityand alsoin this areaif I make experimentsor trysometimes I might be making failuresbut it's worthwhilebecause it alsoposes opportunitiesfor me to be successfulso for a certain extentin the evolution of the natural worldyou can see thathuman beingsis just like a monkeythat is making arrowsto experimenteventually erected and be human beingswhere other monkeys failedin the process of natural evolutionbut personally I hopethat in my new careerin my new businessI can eventually be successfullike the successful monkeywho converted himself into human beingsso personally I hope I can be thatsowhether private enterprisesor SOEsif youcan fullydevelop your ownideas of innovationif you are not afraid of failuresif you correct yourself and learnin this pathto get new ideasto push aheadeven if you are individualsor if an enterprisesor the whole societythe society, the individual, all the enterprisewould be always full of opportunityso the termnew normalto evolve in the next 10 to 20 yearsthere will always be new normalsthank you你想得比较宽广也比较深刻那我也问你一个反复谈到的试错的两个字我想问你这个问题试错说起来就两个字什么样的试错跟试错是不一样的比如说我去试错你来买单利益是我的你觉得可以吗这样的试错现在在中国大地上普遍发生的因为有很多钱这些钱它会投到一些上面这些上面显然试错出的是利很多买单的是别人这是很自然的一个情况但它一定会有人成功所以它实际上我们可能不应该从个体角度来考虑它的试错错了以后我觉得更应该从一个群体角度来考虑就这一群这一群人在创新最终试试所以谁能耐心费用的钱所以我写了一本《保护笔记》这就是《生命笔记》中国的重要关系有很多专门的行为但是其实企业会呈现但如果有錯誤,政府會在議席內付出謝謝你兩年後,在真正的投資當貿易規則下降,當家庭價值下降,家族會向發言和解釋他們的責任他們獲得一些利益譬如 免費貢獻免費內容 等等所以 政府相信會把所有的財產和財產能夠允許利益如果財產好所以 有很多的貢獻在很多的地方有很多特殊活動的資金這就解釋了為何國際政府死亡然後再回答有很多發展在市場市場上為何在市場市場發展因為人們認為是安全的在中國市場市場政府會經常把你承擔這是市場經營是市場經營的這是政府的這是大致危險20年或30年後這是一個極端的在國際市場或市場市場或其他產品這種政府極端的這是一個極端的用來擁有重要的目標中國的經濟增加但現在中國已經是中央中央中央在很多市場的經濟情況下有很嚴重的能量為何國際政府死亡有兩大大牌一個是在國際文化中和時代另一個是國際貿易而國際資金的領域支持政府基本的例子是大壽和太陽電的領域這些領域無意間投資沒有預計在保留的危險所以我們必須真的學到這些教育並且尋找分析在政府的政策和市場之間所以市場可以擁有負責定性的責任在資料資訊上當我們談到資料資訊或是政府資料資訊的責任或是政府資料資訊的責任這些挑戰都會把你給政府的適合的責任所以市場可以擁有重要的責任所以,我叫王俊所以,就是現在朱寧給了一個非常地感動的誇張特別是他在政府資料資訊的責任有關企業的責任有關責任的責任如果政府負責責任政府資料資訊不會受到責任的責任所以,要將責任的責任給政府,當他們開始工程How do you respond?Personally, I think the entrepreneurs have a great ideaand try to implement the idea.Logically, this person should bear the risks for themselves,economic risks or moral risks.So, to some extent, the government's decision should be changedon entrepreneurship.You want to encourage innovation,but you should not offer guarantee to any innovation activities.This is some risks the individual people or the businesses should bear.So, this is the responsibility of the entrepreneur instead of the government.We can offer some better mechanisms so that we can align the incentivesto the human nature.Otherwise, people think that I can take whatever risks.This is just a trial and error without any cost,without any pressure.Then they will take two risky activities.If you don't offer such a guarantee, they might succeed.But if you are offering such a guarantee, they are doing some silly things.So, in Sili,I think in Shenzhen,the Shenzhen municipality,the municipal government offers a lot of guidance and support,enabling policies for innovation instead of sponsoring innovation all the time.So, we need the capital market support in terms of VCE or PE orandro investment for entrepreneurship, for startups.So, finally, the exit in the healthy stock market.Since the bubble burst in Chinese stock market,China and the whole world,do you think there will be a cool down in the passionfrom the stock market on startups?I think there is some new change.Yes, the environment has changed a little bit.The stock market is volatile and the capital becomes more conservative.This is something good because in this case, people will focus on thoseworthy deals and it's more rational and more successful if you are really contributing value and the price will come back to the value and sometimes even undervalued,then there's a lot of potential for you to do.So, for different people,it means different possibilities.So, you mean more choices for the entrepreneurs less?Do you have any comments about this?Yes, actually, just to build exactly on that point.When you talk to people who lived in Silicon Valley after the bubble burst in2000 and the NASDAQ went down 70% in a very short space of time,they would say the environment for innovation got better,not worse.Because then it was only,then the capital was smarter and it wasfunding really good entrepreneurs with good ideas,but it wasn't justfunding anything and there weren't 10 people chasing every idea.So,I think the idea that because the stock market is down,there'll be no more innovation is not correct.I think there's no reason.There's still everybody can look at China and see the underlying potential and I think that we'll continue to see it,but hopefully we'll see smarter money going after better deals rather than any經營的經營,and that's healthy.Yes,I'd like to follow up.Apart from the Life Science field,another hot field is the Internetor Internet Plus or Internet Finance,my profession.So,there's the issue how to make evaluation about innovation.So,life science means a lot of technology breaks through,butInternet is more about redistribution and reshaping the resources and industries.Internet finance or P2P is now very hot,including crowd finance.Not only it assembles information so that capital can easily find investment opportunities.In addition,Mr. Lesser mentioned about volatility.This is very important.To some extent,crowd finance or P2P has covered some risks or shifted some risks,which should be borne by investors and the platforms.So,it's not only social behavior and enterprise behavior.We need more regulation on the market so that we can serve the new technology and the business model innovation better.So,you are leading to a new question.Just now,a few panelists all mentioned about the volatility in the market.So,or uncertainty,whether the government has strengthened their capabilities in response to such volatility or uncertainty.Howto increase such capabilities?Yes.I think the response,I mean,look,this is a new environment.And the government had indicated that it wanted to make real changes,that it wanted to drive reform,it wanted to strengthen the market.And we see an underlying transition in the economy from investment to consumption.And those represent major transitions.And we should expect that there will be some moreu will be sometime,while the government is figuring out the right set of policy moves and the right actions to respond in that different environment andade spar of the economy.And I fully agree with the comments.That what you don't wanna do is have risk so subsidized that people take the unnecessary risks.They don't deploy capital smartly.優惠負責優惠然後他們期待保障但進行不同的模式需要一些時間進行進行我認為在最近的幾個星期在市場和市場中有機會更加努力是最適合的我明白這個目的在更加努力的方式不斷轉換整個系統是一個很大的經濟想把整個系統轉換但我認為在那邊讓市場在自己的場地中我們談到市場的措施是50%從那邊一年前有幾個部分市場的措施是50%在去年措施的措施太遠了太遠了跌倒了沒有人知道市場的措施是最適合的還是需要跌倒更遠但我認為政府會有更多的平衡但會有更多的影響然後會有更多的努力最高的市場更多的小和 medium 公司更多的市場會有更多的努力再次措施甚至在未來更多的市場更多的措施再次措施還有更多的努力再來可以做再次措施我以為我想再次措施那件事政府至少要計算有什麼選擇還要做いく的問蔡先生蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平蔡長平Better conditions compared to SOEsUnder the new normalWhat mechanisms should the SOEEmploy in response to that?One is institutional changeOr merge and acquisitions of central SOEsWe hear a lot of rumorsAbout such mergers in the marketGiven the new normalThere are a lot of volatilityIspecially central SOEsThey are very huge insides and very hard to turn aroundhow to adapt to the new normal?This is a good questionSo me personally I worked for SOEs for several decadesafter I had been retired from dumpI'm also the Chairman of the Chinese Public listed company associationA lot of central SOEs in this association also我們有很高的希望在中國的SoE不過媒體似乎很失望當他們提到SoE的改變就像你提到的他們提到的交易和貢獻SoE的概念就是交易和貢獻而你必須買它所以我認為唯一的交易和貢獻就是交易和貢獻其實這只是一個小部分SoE的改變首先SoE的改變在過去幾十年我們必須了解大部分的貢獻從中國的SoE第二我們必須了解SoE的改變而最注重的是據我們的社會更多的幾百多個公司最注重的是經營的即使是 private business或SoE我們都很興奮和經營的改變其實我們已經第一步有很多的SoE的改變有很多的介紹公司但是我們必須了解更多的所以根據改變我們有國內的貢獻國內的貢獻國內的貢獻所以這樣的改變在很多人中有很大的希望但是更多的希望是改變SoE的改變我們可以改變經營的貢獻例如我們在貢獻貢獻貢獻貢獻貢獻貢獻貢獻如果我們可以當我們有貢獻貢獻也一樣所以這次失去貢獻貢獻所以在我們的研究中我們也找到那些公司有非常貢獻貢獻的貢獻貢獻但後來他們的貢獻貢獻也一樣今天SoE他們完全能夠通過貢獻貢獻貢獻而不是用貢獻貢獻貢獻而且他們的貢獻貢獻他們也很興奮他們很興奮在這些貢獻貢獻他們必須有聲音而不是貢獻貢獻所以SoE的貢獻貢獻他們都很興奮他們的貢獻貢獻所以在我們的研究中我們在廉政財經找到貢獻貢獻的貢獻我們知道以來我們也知道市場價值貢獻貢獻貢獻貢獻我們想他們有更多貢獻貢獻他們在他們的貢獻貢獻貢獻貢獻貢獻貢獻貢獻貢貢獻但是有些人不願意讓市場進行貿易的作用在難度的情況下所以這是你的意見從經濟的意見我們會談論反正的選擇當我們談論錯誤的類別這是一個非常出色的問題從 private capital他們希望他們可以在SOE並非只是一個貿易的資源而是想讓市場進行貿易的作用所以這是一個每個人都願意每個人都願意進行貿易的作用而人們都不願意進行貿易的作用所以當你進行貿易的作用肯定SOEs不太興趣在這個貿易方面這是一個問題市場進行貿易的作用但其實SOEs沒有貿易如果是 private capital或者是 private enterprises如果是他們的貿易如果他們不可以控制貿易以貿易的作用或使用自己的貿易的作用以貿易的作用這是一個問題這也是為何當他們制裁這是為何當他們制裁但是免貿易的工作是從政府的政府的面子從市場的眼瞭我們必須顧慮市場的速度短暫時間 chatteringanes11% growth rateWe talk about this kind of growth rateBut after this round of big adjustmentStill we are doing very wellOn a global scaleThe performance is goodSo we look at thisWe need to have a rational expectationOf our growth rateOnly when we have a rational expectationWhen we experience volatilityWe can have the wisdom and patienceTo allow time for this kind of adjustmentAs has been said by Mr. WangPeople made research about the bankruptcy enterprisesIn the United StatesAnd also if the enterprise go bankruptIt's okayWe should allow those kind of bad enterprisesTo be phased outSo as to speed up the reformAnd secondlyThis is also somethingHas something to do with the relationshipOf China and the rest of the worldFor example, the R&B exchange rate adjustmentAlso has repercussions around the worldActually, this is somethingHere in China for China's economyFor the policy formulationWe also need to think about our decisionOur adjustment and its impactOn the global worldAnd also the global responses in returnBut also have some implicationsOn China's export, on China's investmentSo as China is encouraging moreWith the rest of the worldWe need to make more scientific decisionsYeah, I agree with what we have saidActually getting publicOr to do M&A, etc.For SOEsSOEsWelcome this kind of mixed ownershipIt's not only because that they want capitalBut rather, through this kind of mixed ownershipThey want to learn and attract the advantagesFrom other types of ownershipSo that they complement each otherSo when the enterprises get listedPeople often think about getting listedOf the Chinese enterprises is to get moneyBut this is not only to get money and capitalBut rather to changeTheir institutions and the governanceSo I think this really meansThat SOEs want to get this opportunityTo improve themselves in this processPresident Wang's pointI was talking to the CEO of a ChineseLarge SOE earlier in the yearAnd they had grown by acquiringOther companies around ChinaBut as a resultMany provinces owned parts of the companyAnd those provinces were quite concernedAbout any changes that would be disruptiveTo being to lose jobsTo lose, you know, local headquartersAnd other thingsSo the result of the governance modelMade it very cumbersome to doWhat the leadership of the companyKnew they should doWhich is streamline the headquartersMake it more efficientMake it more productiveAnd so part of it may be attractingOutside capital and mixed ownershipBut part of it is just cleaning upThe governanceSo that company leadershipCan take the kinds of importantBut sometimes challenging callsTo become more efficientAnd productive and innovativeTo be able to drive growth in the futureAnd it's a very important elementOf the broader SOE reform agenda現在還有些時間We have some time left for the audienceYou can raise your handAnd also introduce yourselfAnd also target your questionTo our speakersMicrophone, microphone pleaseMy name is Wang Jianzhong from Boa HaiI am still a groupWe are talking about innovation and reformI want to talk about thisActually the state councilHad an opinion documentTo deepen SOE reformsWhether you are using Shanghai modelBeijing model and Tennessee modelMr. Wang JianzhongYou've been working for SOEs for many yearsI want to ask youAnd as well as the rest of the panelistsTo talk about SOE reformsWhat's your suggestionsFrom your own perspectivesI think the SOE modelHas manyMost importantlyWe need to knowWhy we want toLet SOE to conduct reformI thinkIf we talk about the ultimate aimOf SOE dreamWe want to haveThe value to keep the value of SOEAnd also to increase efficiencyAnd productivityExactureBut from the direct aimOf SOE reformThis is really to better realizeThe resource allocationThat is letting the marketTo play a decisive roleIn the allocation of the resourcesSo I think there are different waysOf SOE reformNow based on the currentSOE reform modelsWe can also innovateFor exampleWe have the group companyAnd also they have a lot of listed companiesAnd also the group companyGetting listed holisticallyTherefore in terms of the managementThis will increase efficiencyAnd also at the group company levelThey can also have the investmentOperating company to regulateThe managementRight now the listed companyThey have a parent companyThey have a listed companyThe parent companyAnd also the listed companyIn terms of the managementIt's sometimesNot very clearBecause if there is a meetingThey don't know whether it's the meetingFor the listed companyOf the parent company or for bothSo this is kind of chaosSo this kind of thingsNeeds to be further clarifiedIn the improvedI want to add one thingThat is we need to believeThat in the long termThe market can eventually have aRational allocation of resourcesBut this allocation should have mobilitySome of the equity should be tradedIn the marketplaceNext questionSecond rowI'm from Tencent FinanceI'm a reporterI want to ask Mr. Wang JianzhouThere are two realistic thingsTo be addressedThe chairmanAnd also the senior management teamsWho will appoint themAnd also for this teamHow can you give them incentivesHow can you make improvementThat's a very good questionI also want to follow upThat is for SOEsThey want to further stimulateIt's the quality of the SOEsBut then you knowFor SOEsThey have senior managementSenior management teamsHow can we govern themSo this questionYou ask meI'm retiredI only get my retirement feesSo you don't have toChallenge me with thatWell, actually starting from last yearThe summer doublesTalking about SOE management teamSenior management teamsSelleries, etc.To be frankFor big SOEsTheir management teamsSenior management teamsActually the key personThey're not paying a lot of attentionFor their salariesBecause they have many things on their headThinking about the management of the enterprisesWhile for the personal interestThey might not be that kind of interestIf it's high, they workIf this salary is lowThey still work very hardSo for private enterprisesAnd also sometimes the CEOsThey only getOne yuan or one dollarAs a salary, as a symbolSo when people talk about the SOE reformWe talk about MNAWhen we talk about SOE reformWe want to askWhether the CEO or the chairmanIs getting a very high salarySo this is only one partThis is not the whole picture of SOE reformAs to how can we realizeThe reform of theNumeration system for SOEsRight now we do not see a very concrete planAt the momentBut on the wholeI thinkWe need to narrow down the gapOf the salariesBetween the senior management teamWith that of the ordinary staffThis indeed is a directionI rememberI interviewed an SOE bankThey talk about their internal financeThe strategiesExactureI asked him one questionWhat is their incentives?Whether their incentivesIs different from the marketplaceThey think that actuallyIs similar for this CEOHe thinks this is his careerThis is something to motivate himTo work on a daily businessSo I thinkThis might raise some doubtIn the marketplaceBecause people are not very familiarWe have time for only last questionI'm from GEGeneral MotorsActuallyI have listened to your discussionsI was thinking about the SOEsWhether SOEYou can use SOE asset and capitalTo make mistakesThat is trial and errorLike has been saidBecause SOEsThey have a lot of social responsibilitiesAnd this is something that isA must for the SOEsTo undertake social responsibilitiesBy the governmentBut it makes mistakesSo this is actually differentFrom really operating on the market placesI would like to take up this questionThis question actuallyIs something I would really muchWant to addressQuite oftenWe hear that people sayThat SOE made a lot of progressAnd made a large contributionIn terms of the taxExactureIf I am an SOEI can create a lot of profitAnd make big successBut the SOE leadersAre also thinkingWhen they think about the internet companiesThey think about the companiesHeaded by Mr. WangjunThey have a lot of innovationsThey thinkOr if I have your mechanismsAnd governance modelWe can also do thatSo for meMy experience is thatAs an enterpriseI want to create valueIf I'm an SOEI want to create valueFor the state-owned capitalIf I'm a listed companyI want to create valueFor my shareholdersAlso in doing soWe want to take social responsibilitiesFor the societyAnd also for our own employeesSo for SOEsWe want to try very hardTo workTo create valueFor the investorsFor the consumersAnd also to create valuesFor our staffChina's had remarkable successIn the decades to dateOn a modelThat leveraged its enormous labor forceA low-cost labor forceA very very hard-working cultureAnd a willingness to investOver and over againAnd as a resultIs achieved remarkable transformationIn a few decadesBut looking at the decade aheadThe key element will beNot the competition based on costBut the ability to driveTotal factor productivityThe productivity of labor and capitalAnd the ability to drive innovationIn a very deep wayIn the economyAnd the SOEs place such an important roleIn the overall economy of ChinaThat anything that can be done in reformIn terms of how capital is deployedIn terms of how governance models workThat will encourage them and incent themTo make these hard movesTo driving overall productivityOf capital and laborAnd will encourage themTo be more innovativeMaybe not as innovativeAs we heard hereBut to be able to continueTo push that forwardAs many have doneBut there's still a ways to goI think will be an important elementOf the future growth in ChinaIn the years ahead我就在Let me just add two commentsNumber one, a trial and errorWill be costlySo of courseIn order to change somethingNot all of the essential SOEsHave to change overnightBut we can have a pilot projectAt the smallest scale in the beginningJust like evolution of a natural speciesThey actually started with a very small scaleAnd secondlyTo some extent either the enterprisesOr the government need a trial and errorFor reformSo government reformAlso need to trySo we cannot assumeThat the government will never changeActually government will changeBased on trial and errorSo just one sentenceMr. CoaseNovel Laureate mentionsThat the nature of corporate businessesIs to reduce transaction costSo for reform of SOEOr economyIt's aimed to reduceTransaction cost in the marketExcellent presentationsAnd discussionsLet us thank the panelistsFor the great discussionsThank you very much