 We're about to start our afternoon forum session. So we have different languages. We have English from Russian, and also we have Chinese languages. If you are now so accustomed to the multi-languages, so we do have our simultaneous translation. So you can switch to different channels for different languages. So I'm wondering which channel is for Russian. So channel 4 for Russian, number 4. So for this session, we'll talk about China's new vision for industrial cooperation. So we'll start this session. So what kind of a topic we have? It relates to globalization as well as the upgrading and cooperation of our industrial value chain. So for the process of globalization, about 30 years ago, so it's a big buzzword. So today, 40 years later, so the process of globalization, we all have witnessed. So this is at a high level of development. So at this moment, so we talk about our China's industries. So its industrial cooperation actually is an industrial capacity cooperation. So what does it mean? And what is our objectives? So what will be the future like? So the first speaker is from our minister Xu, from our National Development and Reform Commission, NDRC. So in our minds, maybe it's not so clear concerning the cooperation in China's industrial capacity. Now I'll hand over the floor to minister Xu. So thank you so much, our operators, our moderators, as well as all the audiences, and also our distinguished guests. So this WEF, our theme is to describe the new blueprint of the growth. So this is a lot of concerns of the people. So today's forum, so we'll talk about our cooperation in international industrial capacity and equipment. So with a few minutes, I will give you a brief introduction. So the first one concerning the cooperation of industrial capacity and equipment. So China really follows the trend of the industrial division and development around the world. As we know, in each industrial revolution in our history, some of the economies, all the industrial system will witness rapid development and also increase of their economic power. And also it brought about the in-depth adjustment and the destruction of our industries in history. And also some of the economies really seize those opportunities, try to bridge the gap of their infrastructure development to strengthen their own industrial system to improve the livelihood and the standards of their people. From the perspective of China's economy, we have about 30 years of reform and opening up. So China really sees this opportunity of the industrial restructuring and also a division. And we have deeply involved in the global economy in China. So we both are introduced and also we also go global. So we have quite complete and comprehensive systems and also very rich capacities in the industries. So with today's development of our economy, so China cannot fully rely on the export of our consuming products to increase our export demand. So we try to move from the export of the consumer products into a kind of cooperation, into the industrial capacity to really expand our export. So that really aligns with this big trend around the globe. So this is one point. Second point, so the international industrial capacity and the equipment cooperation really facilitates the recovery of the world economy. So we have the financial crisis around the year 2007. So seven years have passed. So up to now, we have not fully recovered and cannot really overcome those aftermaths or effect of financial crisis. So we always have a question. So what is the new growth engine for the recovery of the global economies after crisis? So China as the second largest economy. So in the past few years, we always maintain a two-digit growth. In the past two years, it's also around 7% GDP growth. So the fundamentals of our economy is quite healthy. And also our contribution rate to the world economy is around 30% from China. So now China will have more than 200 types of products rank very high around the world. We have a very full function systems. We have a very big introduction in industrial capacity. So they are not backward. They are quite excellent. So China has to seize this opportunity to push forward the cooperation in the industrial capacity and the equipment around the world. How about the developed economies for their industries themselves? They have to witness the transformation and also upgrading. So they have very advanced technology and management. And also they have very strong financing basis. So what is the problem with the developed countries? They have a very high cost. So how about the emerging countries? Or developing countries? They try to push forward the industrialization and urbanization. They need a large amount of infrastructure and also very comprehensive industrial systems. China do have these capabilities and advantages. And also the developing countries. They also have the advantages of the advanced management and also the growth. They also have a bigger market and also the opportunities. If we integrate those three factors together. So on a larger scale we can deeply push forward the cooperation internationally in terms of the industrial capacity and equipment to add new drivers for the recovery of the global economy. This is my second point. Thirdly, so our China's pushing forward of the cooperation is based on the mutual assistance and also mutual cooperation and establishment. So with the developed countries and developing countries we need our mutual discussion or consulting. And we can enjoy the benefit mutually. So we will give a full consideration. So the recipient countries, their requirement and also their concerns. So mainly we go through our investment for the local factories or the building of the infrastructure, the assembly lines and also the industrial value chain and also the industrial concentration areas. In order to implement this international cooperation. So how about our principles? As the international practice, the commercial practice, there are business operation and guidance by the local government. So the businesses, we have the following channels. All is direct investment or technology cooperation. And also we have other very rich methods of cooperation. So how do we push forward such a cooperation? At least in four areas we have to do. The first one is the setup of the cooperation mechanism. It's a country to country or business to business. We need such a mechanism. Secondly, we need a framework or solutions. So in the recent one year, two year or three years. So in this cooperation, what should we do and how to do it? Thirdly, we need a quite clear detailed list of the items, including a big project that is the industrial park or the industrial concentrated areas. So we have two parts. So the first one is our result, our performance. Another one is a long-term detailed list. And also, firstly, we need our arrangement of financing. So the capital and the finance is very important for the cooperation in the industrial capacity. With it of the Chinese standard or Chinese equipment and Chinese technology equipment, of course, we will give them the support. So with all those approaches, the government, including the central government and the local government, so we can sign the agreement on this mechanism of cooperation. Our businesses and organizations can also use this approach to set up a mechanism with these other parties for cooperation. We have both bilateral. It's a one country to one country, one region to one region. And also, we can have a three parties mechanism. So already with France, so we are discussing to cooperate to develop the third party market for the nuclear power and also the energy and also the railway transportation. So we already decided at the beginning of next year in Dakar, so we will organize China, France and also with the Dakar government, three parties meeting to jointly develop the third party country's market. And also we welcome the multilateral or international organizations or its financial institutions or local institutions to be involved. Those are my three comments. So for this, for that meeting, was held in northeast China. I mean, this forum is in northeast China, especially for Liaoning Province and Dalai and they have four major areas. They have the metallurgy and steel and also the equipment manufacturing. So those are the bases of our industry for our cooperation. And also I believe for the participants, we do have some from the businesses. So we are quite willing to work with those businesses. We can have an organization to organize the cooperation for the joint development. So that's my brief account. Okay, thank you so much. So I have a very quick question. So minister Xu said, so in terms of the financing, when the government cooperation, we have the state-owned enterprise and the private enterprises. So for the capacity export, so how to arrange the finance, whether it's on a equal basis for both SOE for our private companies, we'll have the same treatment and the same approaches. So in our country, our state-owned enterprise or the central government enterprises or the private enterprises. So for the government, trade all those enterprises equally on an equal footing. If our SOE, so the policies they enjoyed, could apply or could be effective for the private enterprises. Okay, thank you so much. So I forget there's a rule for this kind of a forum. So our panel, we have only one hour. So for further on, so maybe at the end of this one hour, so we might have some time for the Q&A from the audience. So about five to six minutes. So we can finish our short comments. The second panelist, from Russian Federation, the vice-premier Tuchnev, so as we know, for Mr. Tuchnev, he's in charge of the Far East region, the vice-premier. So two days ago, so in the first year's work, actually they have a Far East forum to talk about the project in Siberia. So it's a free trade, or we call it a special economic zone. So President Putin also attended that forum. After the military parade in Beijing, Mr. Putin flew back to the event. And in China, a lot of entrepreneurs were also there, led by our vice-premier Wang Yang. So I would like to hear from you, Mr. What's your take on the economic zone and also Russian cooperation with China in terms of economy? Please. First of all, I'm not quite sure about China's way of participating the economic growth and its up to the decision makers of the two countries. And more specifically, I would like to give you a picture of the Far East and Russia. Nowadays, what is the difference compared to the past? First of all, Russia and Far East boast abundant resources. We have freshwater resources in Asia Pacific, 30% of freshwater and also gold, biotechnology, natural gas, etc. Diamonds. At the same time, we are quite clear that for a very long period of time, we haven't taken advantage of all these resources. Back in 2013, Russian president gave the state of the affairs report and he said, Far East development should be the focus. And now present with us, we have the Minister of Development from Russia. We are faced with some difficulties and challenges, such as administration, the complications. And also, we are in lack of preferential treatment and also the infrastructure. That's why we are so clear nowadays that in this year for our economic mechanism, we have the free port and also the fundraising, as well as other mechanisms and measures. We also have some taxation preferential treatment, such as the income tax, VAT, land tax. For all these taxes in the past it was zero percent. And for some other taxes, there are also going to be huge cuts. And also we have simplified all those formalities and procedures, such as the custom clearance. In this way, we are laying the great foundation for the economic development zone. This basic structure will give the green card to enterprises. You can have the one-stop services. All those enterprises can, through the internet, participate in the Russian economic development zone. That is our recent work. And in terms of infrastructure, for sure, we are building some projects. Our government has set aside a lot of funds for us. And for those economic zones, we have our own way of fundraising. This year, we have already got 2.7 billion USD to support all those projects. And I'm not only paying lip services, I would like to do some really solid work. And time is very important. And for Russia and Far East, the return rate of the investment in Russia and Far East will be 110 percent. And the forum you just mentioned, actually we had signed 20 billion USD worth of contracts and agreements. And we still have great potential for development. As we all know, we are going to hold the second forum, which is a huge leap forward for us. Altogether, we have 5,000 guests. Actually, the list is only 1,000 guests. This shows how popular our forum was. Okay, thank you very much. As I listened to your presentation, and you have these kind of economic zones and also your measures, actually this is quite similar to what we have done back in 20 and 30 years ago. So we are quite familiar with this. Now I would like to give the floor to Mr. Zhou from Liaoning province. As I go through your CV, actually you are a PhD of economics. So you are quite an expert on this era. And from the development of Liaoning province, as we all know, in northeast part of China, at the very beginning of the founding of New China, it's the belt of heavy industries. And now 60 years have passed away because of the industrial upgrading and some other reasons. In this year and also in the past few years, the GDP growth in the northeast part of China lacked behind the average of GDP growth in China. So from the perspective of Liaoning province or the northeast part of China, how to go through the transition? How to boost the development momentum in your province? Mr. Zhou. Dear guests, first of all, I am very glad to see all of you in Dalian to participate in this session at the annual meeting of the new champions 2015. As the MC pointed out, Liaoning province is actually very important in terms of the heavy industry in China and we have an array of industries, primary industries. However, we have those petrol chemical industries with a large proportion. Just as President Xi Jinping mentioned, we have those primary industries which need to be upgraded. All these challenges and difficulties showcase that we need to restructure all these industries. However, to restructure takes time. It doesn't happen overnight. Restructuring and growth rate sometimes have conflicts with each other. So when we upgrade those traditional industries, we need to add up the information-based technologies. At the same time, we need to speed up high-tech industries. And maybe you have already read from the newspapers about the economic data in Liaoning province. The aggregate is still among the top 10. However, the growth rate actually is among the bottom ones. So that means we have to restructure and focus on doing this. Globally, we have upgrading and improving the structures of economies and industries. This is more true in Liaoning province because in Liaoning province, we had the planned economy at the very beginning of the founding of New China. And in last century, we also have the dew-track mechanism of the pricing. So in Liaoning province, actually we sold all those kind of products according to the pricing made by the government instead of market-oriented. So this kind of mechanism needs to be upgraded and changed. And we need to change the functions and roles of both government and the enterprises. How to boost Liaoning province economy? We are faced with huge challenges. However, we still have a very good foundation with great speed of the technological growth. And we also have really expertise labor. We have those heavy machine manufacturing industry with a proportion of 31% in the whole primary industry. After several years of development, some industries in Liaoning province, including mining infrastructure, high-voltage machinery and also marine operation machineries and all these have the cutting-edge technologies with them. And a lot of enterprises in Liaoning are the leaders in their own industries. So we have very good foundation. We have a promising future. So in terms of the international cooperation, this is also one way and also the motivation for us to restructure our economy. We need to learn from others, from the perspective of the investors and also the recipients. This is a win-win solution supported by NDRC in recent years. We have been conducting the going global strategy and we also have 431 projects overseas with an investment of 3.6 billion USD. Some Liaoning enterprises have invested in other countries like the investment in India worth of 160 million USD. And Shenyang Group also acquired a company from Germany in Berlin to attract those foreign talents. So the international cooperation not only includes going global but also includes attracting foreign talents. This is a very good driver for our economic restructuring. So we are quite confident about the Liaoning provinces economic development. We have to stick to the principle of reform and opening up technological R&D innovation and institutional innovation. I believe Liaoning will contribute to the China's economy and world economy at large. So as we can see the first three are panelists. So they are from government officials. So we still have another two from foreign countries. One is our local Chinese enterprise. So from the enterprise or business perspective for those cooperation in the industrial capacity from your respective cases point of view so what can you share with us? America, Lomondom, Franckler. I mean your own cases I mean as a manufacturing capacity cooperation to create a win-win situation. Well I think what China does is to design some cross-border and then some innovation. For China's rise in the past there is a lot of work to be done. And we will continue to do so. But of course there are some knowledge, some innovation and some very good some of the best ways to do it. These enterprises are available on China's web. For example, we bring in some the media is very important. In the past 40 years in the United States some of the sales cars and some of the gold is now Lomondom. And then there is a lot of weight a lot of weight a lot of some steel and a lot of fuel. And then here we can bring this technology to China to reduce the weight. We can have a cooperation with some of the companies in Biadia. It is a kind of electric car called Lvhexing some of the big cars. And then you can have a 40% of the weight. Compared to the steel one. This is a very big thing. And then this Comac this is a very good Chinese company. It can go to the C919 some of the big planes there are a lot of innovation needed. We have a lot of friends from the Lvhexing industry to the Taihexing industry to the Lvhexing industry and some of the engines and so on. Why do we say that Comac can have a very good cooperation partner for a very long time. These are some examples. I also want to point out you have both mentioned including Mr. Chen and Mr. Chen this kind of concept. Since then how can we use China to use some very good talents this kind of education and it has improved very quickly. Chinese culture is a kind of creative culture. The young Chinese you see all over the world they are going to create their own businesses. If we can guarantee more of them to be able to achieve this kind of success we have mentioned before it is not easy to build this kind of culture. We are going to build a group of this kind of culture. I think the biggest shortcoming as Mr. Chen just said is the financing. The financing is to allow people to get these kind of capital to get a competitive advantage in the early stages. I also know that many provinces are working hard to encourage people to have some kind of prosperity and to create their own business. These are the kind of innovation that I have been talking about for a long time. But the last point I also think some of these companies we are very proud we are becoming a leader about some security some security and so on. Our concept is to guarantee that in our environment we won't hurt anyone. We are going to make this environment a better environment. This kind of environment we know that China hasn't reached this point yet. On the one hand we can learn from each other and combine our economic development with some ecological development. These are the ways. On the second point about our industrial structure we should cooperate with each other. You can put these old places out there to make some new developments. This is what we are going to do. Unfortunately, in our industry the tourism industry has a lot of work to do and needs to be done to develop. For example, a ton of tourism can be produced in China and it can bring two-fold prosperity to the outside world. We are now trying to develop some of these developments. We are very open and the technology can be open to help Chinese companies to go to the outside world and not to put all of them into Chinese production. There are many places that can be produced in China. It's the right thing to do. On the other hand, we know that there are some higher some of the old kind of production in this space. Sometimes one of them is going to reform the international business. We have been talking for a long time. This is a correct path. But the progress is very slow. The reform of this country I encourage you to continue to go to the government and maybe make it faster. The second thing is the training management. As you can see, some of the leaders of China and some of the business leaders are not satisfied to work with them outside of China. It's not something straight-forward. It's not that they can't speak English. Because you can translate it to any other place. What's more, is how to face the outside world. How do you cooperate with these companies outside of China? You can learn from them. You can continue to learn from them. I think some of the Chinese in Shanghai they may need more time. But I encourage you to speed up the progress. This is a obstacle. There are a lot of opportunities for some overseas companies. We are very open. But there will be some obstacles in the future. What do you have here? I have joint managers in China. Amina. Well, we had or you have we have six facilities in China, right? And they are really around the industries that I mentioned. Automotive plays a big role. Aerospace plays a big role. We have some stuff for the marine market. You know, so the commercial transportation plays a role. In regards to corporations, the interesting thing is we had a very strong cooperation with two companies, Yoshinako as well as CPI, right? But that's where my last point came in. I mean, both are undergoing transformations by themselves. And that's certainly not making it very easy. I am extremely hopeful with what I've just read in the last weeks in regards to what's going on there that this will now, I mean, be accelerated. No, I mean, why I'm asking your question is that, I mean, you were saying the SOE reform is slow. Why did you get that impression? I mean, it was slow. Well, because I think that from the start on, we have been talking about, I'm for two years now, the discussion is, let's consolidate the SOEs, let's make them faster. And I totally believe in that, totally believe in that. But look, I mean, if China has had the speed, right, in the last 40 years, right, that it takes this long to get that done, we would not be sitting in facilities like this. This has been built in less than nine months, if I remember that correctly, right? This is the speed that I'm, I'm impressed by in China, right? Okay, yeah. So now we have our last distinguished guest, Chairman Chen. So from Minister Xu, from Governor Zhou, so can you give us a concrete case for the industrial capacity cooperation? You also go to the U.S. to set up your production base in the U.S. So my question is that, why you did it? So my initial ideas in the U.S. to set up your manufacturing base, in theory, maybe it's easier to do it in China in terms of the labor force. So in China it's cheaper. You set up your manufacturing base in U.S. So what is your purpose and also target for their marketing or for the American R&D capabilities? So I would like to hear your introduction. So first of all I should say, in 2002 we acquired the American company, a very famous American company. We had acquisition. So during our acquisition, so we add our more investment. So set up such a local manufacturing enterprise. At that time, so that is the value chain. We see the value chain of the industrial restructuring. Some of them is produced in China and also the others was produced in America. So for the enterprises in China, so the international industrial capacity cooperation, so we have gone through several stages. So at the very beginning, the first stage, so our Dalian machine tool group, when we went global for the overseas acquisition, so with our peers in Dalian, we set up several joint ventures first with such acquisition, with joint ventures set up. So our companies acquired a lot of patents in technology and very quickly, we really reduced our gap between China and all those advanced countries. So in this process, so we do have experience of a certain stage. So now it's the second stage. So the second stage, with our overseas acquisition and also the joint venture cooperation, try to improve our in-house innovation. We try to introduce and also try to digest those foreign technologies. So our company will fully push forward our technology progress, our management progress, our manufacturing models and the commercial models progress. So when we acquired foreign companies with the worldwide famous companies, our good cooperation experience, we try to spread those experiences across our businesses so that we can set up our advantages of heritage and innovation. So to interrupt you, Mr. Chen, we will set up the manufacturing base. So dates back to our foreign acquisition. And then later, with such a quite a company, you set up the American base. So when you do the acquisition, such an American company, is it a machine tool company? Yeah, that is in a machine tool area. So what is our basic ideas? So focus on their technology or their R&D capabilities. So what are your major considerations? So at that time in China, our local manufacturing industry, we have to improve our manufacturing level. So our traditional product cannot meet that requirement in order to shorten those distance. So we have to go through the shortcut. The shortcut is acquisition. And also the joint ventures. It's not only the technology progress. Actually, we have acquired very mature and developed the international selling and the marketing. So technology is a very important thing. So you have a digital machine tools. So with the acquisition, with the cooperation, so for your own technology in the area of machine tools, so your own products, so it helps you a lot. So for your past few years, output and also artists for great assistance or not. So that is a great help to improve our own quality of our products. So we have the digital machine tool for the iron steel works and also for the smarter manufacturing. We have already mastered all the technologies. So it's a tribute to our acquisition and also our cooperation with our foreign partners. So right now, our level of equipment, both in China and around the world, could be accepted by more customers. That means our products have a great potential for development. Okay, that's it for the first round. And if we have some spare time, we will have the Q&A session and give the audience a chance. And first of all, I have a question to Mr. Xu. You have mentioned that the China's economic growth from this point of view, if we can maintain 7% of GDP growth, actually, this is already a huge contribution edging out the United States as the number one in the world. And the direct investment of China is also number one larger than the United States. So if we would like to improve the value chain because in the past, we were the world factory. However, although we created a lot of jobs, at the same time, it caused us huge problems such as air pollution and some other aspects. So from the industrial upgrading and also the industry capacity cooperation as well as the planning, as you just mentioned, what kind of work have we already been doing? Mr. Xu, thank you very much. Capacity cooperation is relatively a new thing. However, we have already got off to a very good start. As you may be familiar with the fact that our State Council has already stipulated a report open to the general public about the capacity cooperation with international partners focusing on 12 priority industries, including steel, mining, building materials, shaping, railway, electricity, etc. All these 12 industries have already been investigated by us together with the Ministry of Foreign Affairs. We would like to know what kind of requirements do we have to meet in order to cooperate with international partners. We have conducted the investigations with almost 60 countries. Nowadays, we have already selected major projects, major zones overseas. After the country reports and country investigations, we would like to narrow down to some countries with great willingness to cooperate with China with great foundation for cooperation, including Asia, Africa, Latin America, and Europe, altogether 15 countries. One country is Kazakhstan. We have investigated this country and we had altogether 25 early harvest projects with 25 billion USD. And this round, we have altogether 30 billion USD worth of projects like the petrochemical projects. So in Central Asia, we would like to conduct the capacity cooperation and we are now building the economic corridor between China and Pakistan, including ports, railways, airports worth of 30 billion USD. The reason why I gave you so many examples is that we have already chosen some countries which is also in line with our principle of one belt, one road. At the same time, we are going to learn from some countries with great managerial experiences and also multinationals. Like I mentioned, we had already cooperated with France in nuclear power. Well, actually, we are cooperating with France to build nuclear projects to support the UK, which is a third party market. And we also cooperate with the EU because in EU, they have two strategies. One is the connectivity and the other one is the African Union because African Union is building airlines and railways and also ports and we are cooperating with Tanzania, Ethiopia and some other Eastern African countries. Apart from this, we are also cooperating with ASEAN countries. These are our neighboring countries. We are also cooperating with Central and Eastern Europe countries and also cooperating with Latin American countries. We have established a batch of funds to support all these corporations. Thank you very much. Our guest from Russia, in this round of capacity cooperation, do we have some projects cooperating with Russia? Well, yes, Russia has always been our old friend. We have a long history of friendship and especially in recent years, we have frequent high-level mutual visits and also agreed on many things like what Vice Minister just said in Vladivostok, our Vice Premier Wang Yang attended this forum bringing with him 700 Chinese entrepreneurs. So you can see that we are cooperating with Russia, not only in the industry of energy but also aviation industry, nuclear, machine tools, equipment, as well as recently we are cooperating with the high-speed railway from Kazan to Moscow, 700 kilometers. We have already agreed on the preliminary items and also we are going to cooperate on aviation industry. So this is also one of our pillars in terms of the capacity cooperation. So Russia is very important to us. Thank you very much, Mr. Xu. Now we still have a few minutes left. So we are willing to hear some questions from the audience. Identify yourself first. Thank you. I'm from Tansung. My name is Liu Lipin. I would like to ask Mr. Xu. For the capital market, the central government has always prevented the systematic risks. What is systematic risks? How to quantify this? Don't ask any questions unrelated to capacity cooperation. Okay, so next, what is the biggest uncertainty and risks in the future for China? As I just mentioned, the fundamentals in China's economy is very good. However, we're faced with huge pressure of downward facing. So one is the overcapacity. As I mentioned, all those capacity are not outdated. They are actually in line with the environmental protection standards. However, it's just overcapacity. And second is the growth rate of industries and also investment will decrease because it's related to real economy. And also, for the past few years, we have accumulated some risks and other challenges because of the high-speed growth rate in China's economies. However, we are still confident about China's economy. Okay. I'm from Tsaijin Magazine. This is not on purpose. It's our correspondent. Because we have a lot of SOE present here, so I would like to know when we have the ownership reform, what kind of industries can be open, what kind of industries cannot. And also for Liaoning Province, SOEs, they have done a lot of work and contributed to China's economy. So what kind of issues do we have and also what about the reforms in the future? Yes, the SOE reforms have already been started and we will have the documents very soon. And faced with the downward pressure, especially in the first half of this year, we have very fast speed of MNA and the increase rate was 16 percent. And SOE reform in Liaoning Province is our priority. And in our province, we have already set out our requirements because the SOEs in Liaoning Province has already been there for a long period of time. So it's a little bit difficult for us to do this. We have to research into all those SOEs and then we can know how to go through the reforms. And it's a case-by-case scenario. And according to the market and efficiency and competitiveness, we have to conduct this. Next, I wish you are not a Cai Jin correspondent. Hello, I'm from Dalian. My name is Xiaoman. Two questions. One is to Mr. Xu because we are actually for the national new economic zones. For the development of the new economic zones, what kind of priorities do we have to do and also what kind of expectations do you have? Well, the national level new economic zone is a very important way for us to nurture the growth point. And our economic zone has been new, approved by NDRC. And this year NDRC has already set out requirements for 12 zones nationwide. In terms of the institutional innovation, we have to do something. And also we have to deepen reforms. In this way, the new economic zones can contribute to the economic growth and also nurture new growth points and new growth policies. No second question, only one. Because time is really limited. So we only have 60 minutes. So that's it for, okay, a foreigner. Raise your hand. I'm from South Africa, Nanfei. Yeah, I wanted to know with the international corporations that China and the developing economies have, in particular with Africa, is it a win-win or does it only favor China? You know that it has, well, inclusive growth, job creation, skills transfer, does it factor in all of that, or is it replacing China having a place in an African country and not assimilating and integrating? So when China goes to Africa, whether it's a zero-sum game, so that means African people lose and 20 people win. So thank you so much. I know you are from South Africa. I'm so happy. So we have very good corporations and consensus with South Africa, with the Haiyangbu Marine. We have signed a cooperation agreement on the marine. So we also have the second stage construction of iron steels about three million or five million tons. And also with South Africa, we're talking about the nuclear power project. So it is said, so by the end of this year, South Africa will have the China African summit. So for sure, we'll have somebody there. So as you asked this question, so at the opening remarks, I've already made it very clear for the international industrial capacity and the equipment cooperation. Our principle is the win-win and also joint discussion and joint construction, and also sharing the result of this construction. So in this process, we will give full consideration to the requirement of South Africa. So for example, to use local labor forces to improve the local employment and the local acquisition of your products and also increase your tax revenue and also will perform our corporate social responsibility to help your development for the local industry and the community. So we have the government policies and also the enterprise will follow the law and also pay our tax. So that will solve your questions. We will have inclusive growth. It's a win-win. So thank you so much. Now it's time for a wrap up. So thank you so much to our distinguished guests. Thank you all. So thank you for coming.