 My name is Karl Halding. I'm leading the research theme on rethinking development at the Stockholm Environment Institute. I was part of the group that developed the framework for the new climate economy. And then further along I've been focusing on a couple of studies we've done in China following various aspects of the Chinese development. The two studies that we have been leading here from SEI is one on the broader coal envelope for China, so the development of coal demand supply. And the other one is focusing on the greater metropolitan region of Beijing, it's called the Jingjingi region, and ambitious plans there for reducing carbon emissions and improving air quality. The coal envelope study has reviewed different projections for demand for coal and supply of coal in China, and it points towards a growing gap between supply and demand, which is very troubling for Chinese economic development. The Jingjingi study has reviewed initiative by the Chinese leadership, the current leadership under President Xi Jinping, to hold up the broader Beijing region as a development template for urbanisation in China. So we have followed the plans and looked upon how realistic they are. The economic miracle in China started off with, in light industry and toys and things like that, where China had a comparative advantage. But in the last 15 years it switched over to heavy manufacturing, very energy intensive and resources intensive heavy manufacturing, and that's an area where China actually doesn't have comparative advantage, and that has led to accelerating emissions of carbon dioxide, for example, and very resources intensive development that has not been good for China and not good for the world. The Jingjingi is a very interesting region in China, and that's particularly because the Hebei province, which is the province surrounding Beijing and Tianjin, the two big cities, is producing one-eighth of steel output in the world, and they were fairly minor producers as late as the early 1990s. So there is a remarkable boom in steel production capacity in that very province that is global scale, and that's a development that's been driven largely by subsidies, Chinese subsidies. So it's very important for China to restructure from that type of heavy manufacturing pathway into something where they could combine value added with more labour intensive type of economic activity.