 Good morning, everyone. Welcome. My name is Olivier Schwab. I'm the director for the World Economic Forum in China based in Beijing. Since 2001, after China entered the WTO, Chinese companies have been globalizing at an exponentially rapid rate. Well, at the same time, the topic of corporate global citizenship has become recognized the world over as a critical element when corporations do business all over the world. The World Economic Forum actually earlier this year launched a report on practices of Chinese companies globalizing. What we found is that it's a journey. We found some good practices, but we also found that there is still some learning that has to take place. And I'd like to hand over to our facilitator this morning, Professor Helmut Schuette, professor at the China European Business School. And he's going to lead the discussion on this topic this morning, Professor. Thanks very much, Olivier. And welcome to this panel discussion. I am looking around here and obviously we're missing Mr. May. If somebody can try to find him, he was around before we really go into detail. We're dealing with a rather complex issue. It's the nature of the topic. When one looks at the title, that's already rather complicated. It's not made easier by containing a number of different issues and terminologies. We talk about corporate governance. We talk about philanthropy. We talk about responsibility. We talk about sustainability. All of this we bunch together under the label of corporate citizenship. And now we're moving this topic from the Chinese environment into the global sphere. And that's the reason why the World Economic Forum has taken this up. China plays a more important role in the world economy. Chinese companies more go abroad and face this as a new challenge. So if we start with corporate citizenship in China, we're dealing fundamentally with a variety of stakeholders. It's the Chinese society and the broader sense, the government, the local communities, the customers, the workers. Everybody is somewhat involved. Now we see increasingly that through the international observers, fundamentally NGOs or also the international press, there is some influence in the sphere coming into China, even affecting companies which operate only in China. Now then we go abroad as a Chinese company where faced with very different local communities, local stakeholders and again international organizations such as multinational organizations such as internationally operating NGOs or the international media and the international social media. So lots of challenges here. We have a panel with distinguished experts who have a lot of experience in this field of great variety. And I would like to start with Claire Melford who is the CEO of a powerful organization which is called International Business Leader Forum. It's an association which has about 150 large multinationals as members and is I think mainly concerned with the question of sustainability. And although the organization is headquartered in London, it does a lot of work across the world. So I would like Claire to call on you to give us your view of how you see Chinese companies fitting into these new requirements which they are facing. Thank you very much and thank you for the opportunity to speak. As has been said, the International Business Leaders Forum works with global companies around the world to help their growth become more sustainable. And if we focus on China for a moment, the last two or three years in China has for us been characterized by I would say three changes. The first is we're seeing the emergence of a new generation of leaders, Chinese business leaders who are making that transition from philanthropy which is useful but ultimately unsustainable, to making sustainability both environmental and social sustainability a core competitive advantage of their business model which is ultimately of course much more sustainable in the long run. So the first thing that we're seeing is a new generation of leaders who are beginning to see sustainability both in China and in their international operations as a key competitive advantage. The second change that we've seen particularly in the last 18 months I would say, perhaps in part because of the economic situation around the world, is a very welcome increasing voice of Chinese business leaders in the global policy debate. So I'd quote as an example the speech given by the head of SinoPEC at the recent Rio plus 20 conference in Rio de Janeiro. And that is just one example of a much more prominent voice for Chinese business leaders in this global debate which is very welcome because there is much wisdom to share and that voice has been missing in previous years. And I think the third extremely welcome change over the last several years which SASAC has in fact been leading is enormous support from the Chinese government for incorporating sustainability into businesses and some of the regulations for state owned enterprises on reporting for example are frankly the envy of other countries around the world. So I think those three changes of a new generation of leadership are a greater voice for Chinese business leaders on the world stage around sustainability and that the great government support would be three of the very positive things that I would highlight as recent changes that Chinese multinationals are exporting abroad. Thanks very much Claire for this good introduction and also your short remarks. Mr. Huang you were already described as leading SASAC in a way that it is the envy of the world. You are the vice chairman of most probably the largest conglomerate if one may use that term in China and perhaps one of the largest groups of this nature in the world. You are pulling together all these central large state owned enterprises in China and you were at a very early stage introducing already guidelines for corporate citizenship in the country. When you look at this now are you happy with the progress your companies have made and secondly do you see them well prepared for now going into the next step and conquering if you want the world outside. Thank you. Thank you. I'm happy to discuss with you on this important topic. Indeed for state owned companies in China they have been exploring efforts in CSR related areas since the second half of 2006. And in 2008 SASAC issued number one policy paper on this very subject. The Secretary General of United Nations Mr. Ban Ki-moon has highly recognized our efforts and the Secretary General has given high praise to our policy paper and I have heard that our number one policy paper of CSR has been translated into English. And has been circulated among UN organizations and so far I believe important progress has been made by state owned companies in this area and Chinese companies are working very hard to become leading global citizens in the world. By the end of 2011 up to 100 state owned companies have established 5,894 economic units, 5,894 branches in over 158 countries and regions around the world. And throughout their operations worldwide they have showed up their global citizen responsibilities in a responsible way. They have executed their operations in a way that abide by local laws and regulations, respect local customs, religions, protect the rights and interests of local companies and customers and support the development of local industries and local supply chains. State owned enterprises exploiting global markets work to protect the rights and interests of their local employees and all these companies have employed a total of 67,000 foreign employees in global markets. And 80% of their employees based in global markets are local residents and throughout their global operations they endeavor to improve operational efficiency, environmental sustainability at the same time. These Chinese companies have participated in local charity efforts, therefore they have supported the development, the economic, social and environmental development of local communities. In addition, a large number of Chinese enterprises have published CSR reports. So far, over 90 SOEs in China have published reports on CSR or on environmental sustainability including new mental China minerals. And these number of Chinese companies have even published CSR reports for individual foreign countries, for markets where they operate in and we have accumulated a large number of batch practices among SOEs. And these successful case stories have been recorded as case examples for academic programs at Harvard University. China Ming Mentors has been awarded the Environmental Pioneer Award by the United Nations. And the number of Chinese companies have won awards for their excellent CSR reporting. So I'm very happy to see Chinese state owned companies making the important first step in this endeavor at great momentum has already been achieved. But still we have a long way to go to our ultimate goals. In other words, within such a short time frame, Chinese companies have made huge progress in an efficient and rapid way. That is amazing and I'm very happy to see many things for Chinese companies to do. We face three challenges. The first challenge is that we need to become a good copper citizen and we face three challenges. Although for the arms enterprises, although they have achieved a lot of results, there are still other industries of development some of the Chinese enterprises do not have a deep understanding, a comprehensive knowledge of international markets and they do not have a rational planning for development and they do not have a sound development programs and they also lacked of expertise and personnel in this regard. The second challenge is that in the practice of global copper citizenship we still lacked enough experience and we still lacked sustainability. Some state owned enterprises are unable to combine their more expertise with global copper citizenship and to find a solution that can both solve the environmental problems but at the same time also create profit and values for the business. And the third challenge is that we still need to further improve our capacity in global copper citizenship. In particular, we need to think how to better improve the management of CSR, how to better encourage all the stakeholders to participate in this regard, how to have a better communication, how to improve the inference of our brand and our inference around the world. These are the challenges that we face in the future for our next steps because we have had the understanding of two points. First of all, in terms of the implementation of global copper citizenship, whether we can deliver a good global copper citizenship, we can determine whether we will have a good image around the world. So for every enterprise and cooperation that goes global, every cooperation is a name card for China. So if you deliver a good global copper citizenship, then your name card will be a positive one that exerts a positive inference. So if you deliver a bad global copper citizenship, you will haunt the reputation of China as well as the values and the prospects of the business. This is the first point. Secondly, the global copper citizenship has already become a very important point, a very cool element in improving our company's global reputation and their competitive advantage. Therefore, in the future, we still need to make great improvements in this regard. So Samsung will continue to push forward the development of CSR and global copper citizenship for the Chinese companies that go global. In particular, at the current stage, we must attach much more attention to this regard. So in the future, we are determined to further promote the development in global copper citizenship and CSR. Thank you. Thank you very much, Mr. Huang. Good progress, but still a lot of work to be done. Mr. Gao, you're the founder, chairman and CEO of Trina Solar, one of the very large companies involved in green technology. You are known to be a strong promoter of renewable energy, you have received a number of rewards, and you've been very successful across the board. However, recently you've run into problems in the international arena. You are at this very moment under investigation by the European Commission for, if I may put it this way, unfair trading practices. Now, how do you feel about it? I don't want to go into trade disputes here. That is not our topic. But as a good corporate citizen who is becoming a good global corporate citizen, this must feel like being a setback in your attempts to really become a global player. How do you feel about it? First of all, I would like to share with you the idea when I established Trina Solar in 1997. I was then concerned what kind of industry can contribute most to human development at that time. The Q2 powerful conference was held, and CO2 emission reduction has become a very heated topic, and people realized that tackling climate change is a very important issue. And then I realized that solar industry can provide clean energy and help with the reduction of CO2 is very beneficial and helpful for us to tackle global warming. And after hard efforts during the past 15 years, the cost of solar energy has increased from 10 RMB per kilowatt to 1 per kilowatt, and in the next three to five years, the cost of solar energy will be the same as other renewable energies. It is very possible to achieve that. So if that happens, it will mean a great deal to the system of development around the world. I remember one thing clearly in 2003. At that time, we established 40 independent solar power generating plants in Tibet. Because at the local region there is no electricity supply, so when electricity was delivered, I have seen the exciting phase and happy phase of the local children when they first watched the TVs and listened to the radio. And then I realized it's a very meaningful thing to develop solar energy. Currently there are still 1.5 billion people around the world that do not have electricity supplies. Many of them are in Africa and Asia, so I believe that the development of solar industry could provide values to those people. Currently, just as the professor has just pointed out, because at the international level there are very fierce competitions, therefore there are some investigations of the solar industry in China. I think this phenomenon is not powerful to make solar energy become as cheap as other renewable energies, because our aim is to make solar energy cheaper so that Arab people can have access. So any kind of trade protectionism will hinder the development of solar energy. And value that we provide to society. So we need to think, how should we solve the problem? First of all, what is for developed countries for emerging economies such as China and other developing countries? For the government and the general citizens, they should understand what is the future development trend for solar energy and what kind of value that solar energy can provide to people. So in this perspective, Trilo's owner is also carrying our work. For example, we have already carried out communications with European companies in 2004. And now it has decreased. And I know with this result, on thanks to the cooperation at international levels, and China also play a very huge part in international cooperation. And in your opinion, you and we have already seen that the subsidies for the solar energy is decreasing. This is a very positive development. And we also talked to leaders from Latin America and Africa countries, because this country is lacking electricity, and we said we can totally establish energy mix with solar energy as the dominant role and the fossil fuel plate as a complementary role. So if we can establish such an energy mix, it will be very helpful for those regions. I believe solar energy is the best energy we have. I would like to give you one example. After a few months, last year we have seen that after the earthquake, the electricity supply was disrupted, but we quickly provide electricity for hospitals and for public utilities in Haiti with solar energy. So the development of solar energy will provide a lot of meaning to the development of society. And we also need to think what other approach that we can adopt to better increase the value of solar energy. For example, in some African nations, because they are lack of electricity, so we are cooperating with Columbia universities and connected with communication to provide much more energy to the local people. So all in all, China, Sona is focused on renewable energies and our hope is that by the international level through cooperation between different countries, much more people can have access to clean energy and the solar industry can benefit the home world. So do you see it more as a short setback, but in the long run, companies like you will continue to provide the world with cheaper energy? Yes, indeed. I think for China's solar, the reason that we survive is not only for profits. We also have a much more fundamental purpose that is to make the solar energy benefit the home world. So indeed, currently we see a short setback. It is because of fierce competition, but this is not important. Because for trade protectionism, it is only a very small barrier of obstacles in the international cooperation. However, in the future, no matter what happens, China Sona will stay to our vision that is to say around the world we will adopt all kinds of approaches and to provide the world with clean energy technologies and clean energy and to guide the world to better use clean energies and to integrate clean energy into the energy mix and to better counter the climate change. Thank you. I should add here in Shanghai, in my office, I look at the TCL computer which you donated to CIBS. Thank you very much. You are also very well known in China as heading one of the very first companies of China to go abroad. You went in a fairly spectacular way into France. And if I may be honest, it wasn't a great success story. Now, when you look back from the point of view of global corporate citizenship, what are the learnings for you? Obviously, France, as we all know, is not an easy country to deal with. French society has its own values. What have you learned from it? Thank you. Thank you, Professor. Yes, indeed. In 2004, our acquisition of Thomson's business in France and our acquisition of Alcatel's mobile phone business has not been a successful case story. But we have learned many experiences and lessons from this experience. Now, Professor, you want me to talk about my learnings from all these global experiences, especially from a global citizenship perspective. Indeed, we did this global amandé back in 2004. We considered this amandé deal. We primarily considered the financial factors and funding factors, but we didn't give full consideration to CSR aspects of the deal. In other words, we did not pay full attention to labor regulations and rules and how local labor organizations could impact our local operations in France. Actually, we found subsequently that it was much more challenging than we expected to operate our business in France, which is a totally different market. Of course, there are challenges related to post-merger integration, logistics, supply chain, and at that time, there was a big transformation in TV industry and mobile phone industry. At that time, there were major technology breakthroughs in the TV industry, and also for mobile phone business, there was also a big technology revolution from 2G to 3G mobile phone technology. And during the post-merger integration process, layoffs were necessary and unavoidable. Well, there were things that we could have done better. We expected to cut off to lay off some local employees, but out of our business strategy, we found that it was still necessary to fire some local employees in France. So during this process, we found that actually in Europe, especially in France, the public have very high expectations for businesses in terms of CSR. Their expectations for social responsibility of companies are much higher than those in China. Of course, their labor laws and regulations are much more developed than those in China. So in that process, we were in a learning process. We were learning the European, especially French labor rules and the local expectations on the company's citizenship responsibilities. On the whole, I think we have basically fulfilled our CSR responsibilities. Of course, we have gone through many disputes or problems or contradictions, but all these challenges have been effectively tackled. Two years ago, we settled the disputes with the French local employees on some labor contracting issues. At the same time, for our M&A deals, we have been working very hard to fulfill our global citizenship responsibilities and we have been pushing very hard to integrate our multiple business lines, including TV and mobile phone business. Up till now, our business performance has been very good, in particular from our mobile phone business. As you know, after our acquisition of our cartel's mobile phone business, the overseas sales volume was about 7 million units of headsets in overseas markets. And as you know, last year, our sales volume of TCL mobile phones has reached 38 million units of headsets in overseas markets. And TCL has ranked one of the top players in the handset industry. We are one of the top five in Europe and in the United States. So in this process, we have been continuously learning, trying to adapt to local circumstances, trying to fulfill our local responsibilities. We have to change our mindset, respect local tradition, local ways of doing business. And here, I want to share with all of you how a manufacturing company, an industrial company can do to contribute to environmental sustainability and fulfill its social responsibilities indeed in China. Our economic success over the last decade has been achieved to some extent at the expense of the environment. Therefore, the Chinese government has proposed higher targets for carbon reduction, and the government has expressed higher expectations for companies to fulfill their global citizenship responsibilities. From my perspective, we have been highly influenced by European markets when we tried to understand the concept of a corporate global citizenship. Actually, from a very early stage, European companies have focused not just on quality of products, quality efficiency of their manufacturing processes, but more importantly, their social responsibilities. TCL has started its overseas operations very early on. And from the very beginning, the customers have made a specific request to us that our products must be both of high quality and at the same time meet the stringent European environmental standards. That is the first stage. In the second stage, while striving to stay green and pursue carbon reduction goals, how can companies contribute to local communities and work with local communities on their environmental agendas? On that front, the Chinese government has encouraged Chinese companies to adopt best practices and that is very helpful. The Chinese government has provided financial subsidies to Chinese companies for their green products, and for those not-so-green products that do not meet the environmental green standards, companies are encouraged by the government to upgrade their product portfolio by adopting new technologies. For example, in the consumer electronics industry, the Chinese government has introduced huge sums of fiscal subsidies to Chinese companies and Chinese consumers alike. Thirdly, we have been investing continuously in building a circular economy in China. Thank you. Sorry, we are not so good with the timekeeping, so therefore I'm a bit rude here in slowing you down, Mr Lee. Thanks very much. So it's learning, somewhat painful learning, but you have adjusted now quite considerably. Mr May, thank you for being here and standing for Mr Du from your organization. You come from an organization which is called Beijing Environment Exchange, which deals with environmental issues, but is also involved in carbon trading. You're not one of the globalizers, but you have fairly recently very much been in the limelight for a clash between international standards and Chinese standards. You have made headlines in the press not only in China but worldwide by insisting on a pollution standard in Beijing, which was different from the pollution standard used by the American Embassy and communicated to the outside world. That has given you a lot of room in the international press. I do not want to go into the technicalities here, what is right or wrong. The issue is here that international standards through international media have come into sovereign territory of China, and you have the task then as an organization to communicate correctly to the Chinese audience, to those who are interested. How do you manage that? That is almost like mission impossible. Thank you, Professor. I would like to thank WEF for inviting me here. We are also a member of the World Economic Forum. On this subject matter, first I want to say we are an organization, we are a company regarding the difference between PM2.5 versus PM10. These standards are something that the government and NGOs and companies are working on at the moment. I believe it requires multi-stakeholder collaboration to resolve all the issues and challenges we face today. That is the first point I want to express. Secondly, regarding standards, in my opinion, well, today in Beijing, Shanghai and elsewhere, well, many citizens are monitoring levels of PM2.5 versus PM10 as indicators of local pollution levels. Well, if we look at these standards from an objective point of view, we have to admit that both Chinese government and Chinese enterprises have been quite aggressive in their environmental protection endeavors and a great progress has been made so far. There are some statistics we can share with you. The carbon disclosure organization, CDP, would rank large companies in terms of their carbon emissions. They have been operating in China for four years. Out of the 100 large Chinese companies, 46 companies have published their carbon emissions numbers, of which 11 have fully disclosed all their carbon emissions statistics, compared with the 2008-2009, Chinese companies have become much more transparent in disclosing their carbon footprint-related statistics. Just as Vice Chairman Huang from SASA has said, a great many Chinese enterprises have published their CSR reports and have greatly improved their green awareness, therefore compared with the previous years, more regress measures have been adopted to pursue environmental sustainable targets. Thirdly, we are also keenly aware of the fact that China lacks developed markets in its green standards, but I think that is very easy to understand, because China, in fact, is still a developing country while developing our economy. We are trying to protect our environment, so we face a dilemma as we all are familiar with the phenomena in environmental economics. In the initial stage of economic growth, the cost in environmental protection efforts outweigh the output, and it is only in the later stages would the cost equal or be higher, or the cost equal or be lower than the output. Therefore, in the environmental area, we have to apply the common but differentiated responsibility to China, which is a developing country. Well, thoughtfully, in terms of standards, I believe in statistics, this is a basic principle. For example, at what kind of periods, what location is the average for a year or a day or a month? Well, there are many different centers involved, therefore we need to adopt much more rational and reasonable approach to locating environmental protection is using China, because China is a huge developing country and China is still developing. Therefore, in terms of environmental protection, we face a lot of pressures in this respect. Thank you. Thanks very much. Now, when I try to summarize what you have said, first point is this is work in progress. There is a lot to be done still. And Mr. Huang, you made the point of this affecting the image of the firm, which has a lot to do with how organizations communicate to the greater public. Therefore, my question to Mr. Wei about the communication. How do you do this? How do you link up with society in general? My question to all of you would like to have a quick answer. When you look at the media scene today and the speed with which work is done and the presence of, if you want, the mobile phone, which can take photographs and send a message through the internet and Twitter and other organizations to the world, how do you think you have to cope? Is that also requiring a revolution in your own policies? How do you deal with that? Can you move on just as you have done in the past? Or do you have to accelerate? Mr. Gao, you are now at this very moment in the fire, so to say. You built up this great image and now this image is negatively affected. How do you work with this? What do you do with this from the communication point of view? And I would also like to have some comments from the others. First of all, no matter what kind of circumstances or environment, this is the environment that you see, we always stick to our visions, the development of our company and our decision-making will always base on our visions and our goals. And now the European Union has launched anti-dumping cases investigation and also because of the fear competition in this industry, sometimes we see the loss of profits from some side-backs. And many people are concerned of the night and people might think that they have to doubt whether the solar industry can continue to develop whether China, so we can continue to develop. Can you really achieve your vision that is to benefit human society with solar energy? Well, on this kind of circumstances, first of all, we need to communicate with the media and government and to pay attention. What exactly is the problem that we are facing? For example, in terms of the loss of profits in this industry and in terms of anti-dumping investigations, what is the root cause of that? When you should look at whether this problem still exists after five years, it's just a short-term issue that will last only for one year, because for the development of every industry, there are ups and downs. Well, maybe the problem that we are seeing now is because of the over-competitiveness in the past. So we see the losses and close-downs of some companies and we see the launch of the unification cases. And I believe this kind of problems can be solved for communications, not loss. So when we solve these problems, the industry can revise themselves and can continue to develop this future. Well, maybe in the future, the solar energy will become cheaper. The solar energy will better integrate with the electricity grid. But in the developed countries or developed countries, I believe solar energy will become the majority of the energy mix. So we just need to have more communication with the media and the government so that people can realize that the solar energy in the future, it will have a very bright future. It's just for the immediate issue. We need to find out the solution and we need to have better communication. Thank you. Thanks, Mr. Gao. Claire, do you see Chinese globalizers sufficiently present in international organizations? Is the voice of Chinese companies heard enough? As I said at the beginning, it's definitely more present now, but it's very welcome. But these problems are so huge and so interconnected that we need everybody's wisdom and everybody's innovation at the table. And I think in the interest of time, I will just limit myself to repeating something that I heard Paul Pullman, the CEO of Unilever, say yesterday, which is the way to address all of these challenges is to be humble and to say we don't have all the answers and we need your help in solving them. So criticism is great as long as you come also with being prepared to be part of the solution. Mr. Lee. Mr. Lee is ready for the next meeting. Mr. Lee is dealing with issues of corporate citizenship and communicating in this fear. Is this the task of the PR department or is this now the role of the Chief Executive to deal with that directly? In our cooperation, this responsibility is under our cooperation. Therefore, the leaders of different departments, they all need to show their global corporate citizenship and in terms of communication, that would be the responsibility of our PR. They are responsible for the implementation. Thank you. Even if the image of the whole company may be at stake and not only of the whole company TCL but in a sense also the image of China in terms of work practices or product quality is at stake, you still think this is the public relation department or isn't it something which the leader of the firm should take up? I believe Automatically, the leader of the cooperation needs to show their responsibility of global corporate citizenship. For example, in terms of our work in CSR, we need to integrate that mindset into every segment and every link of the business. When we make decisions, we need to think about CSRs and the leaders of the cooperation need to implement the CSR and need to promote CSR himself. Only a single department, for example, public relations departments in the company, they cannot show their damaged responsibility. We need to think about CSRs and the leaders of the cooperation department, for example, public relations departments in the company, they cannot show their damaged responsibility. Thank you. It has to be deeply embedded in the culture of the cooperation. Mr. Huang, from your point of view, with the oversight you have coming back, what are the learnings from the past? Is the speed with which Chinese companies moving is that sufficient or does it have to be accelerated? Well, from my perspective, in order to deliver CSR, first and first of all, we need to recharge that as a basic requirement internally, that is to say, for every cooperation, they need to establish a positive image. They need to control the quality of the development. It is only when they have this kind of motivation that they will have the strength to further promote CSR. Secondly, in terms of globalization, this is to establish a global business. They need to have a global concept of doing business, and they also need practices at international levels. When companies are delivering good CSRs and global cooperation at global level, they are actually promoting globalization, they are promoting their own images, and they are also improving their capacities and levels of sustainability and development. So, in the next stage, when we are further going as a part and promoting globalization, we need to focus more on CSR and global conversation. And currently, some people think that CSR is just simply donating more money and do much more charity work. They are understanding it's very narrow. So, donating money and charity work is necessary, however, it's not sufficient, and it is not the most important element. I think the most important element is to think, it's to realize that as enterprises, as a cooperation, in each agenda, they need to create jobs, they need to provide much more organizations for local communities, for the countries that are operating, they need to create much more value-added to the society, and they need to be responsible for the workplace safety and health of their employees. I think these are very important perspectives that we should look at. It is only when we have good business results that we can donate more money and we can do more charity work. Well, donating money and charity work are necessary, but first of all, we need to realize that as a cooperation, we need to fulfill the basic responsibility, secondly, in terms of the globalization, for Chinese enterprises, we are only at the infant stage. We are only at the beginning. When we compare with the world renown multinationals, in terms of level, in terms of concept, mindset, experience, and capacity, we are still lacking far beyond. So, we have already taken our first step, a very important step in globalization so that we can compare with the high-level multinationals we still have a long way to go. Therefore, I think the same applies to CSR for Chinese corporations. We have already taken the first important steps. However, the history is not gone. So, we need to gradually improve our CSR, but we have a clear goal. So, that's my perspective. Thank you. Thanks very much, Mr. Wang, for this very good summary. Since I'm almost missing the words that we're moving towards a harmonious society, which would fit very well here, we are at the end of our time. Thanks very much for the contributions here from the panel, and my apologies that as moderator have not been able to bring the audience in with some questions. Thanks very much, and have a good day.