 Okay, and thank you, President Ndung Pa. I just, a while ago, I checked the exact time President Ndung Xi Jinping used for reading the report, which is 204 minutes, which is equivalent to three over 24 minutes. So it took such a long time for him to reading the report. So we are asked to summarize the Maypoint in 10 minutes. That's a great challenging for us. It's good for us though. So I decide maybe I prefer to concentrate from one angle. That's the economic interpretation. What is the outcome for Party National Congress of the Chinese Communist Party? One thing I want to mention at the beginning, the purpose for National Congress of Communist Party is to not solve the problem now. They want to design the blueprint in the next five years. Five years and beyond. That's very important. The purpose for National Congress not solve the problem now. They want to look in the future. So I decide to use the format in my presentation is I want to put a number plus keyword to summarize the Maypoint from economic perspective. First is two unchanging. That's unchanging is the basic judgment on current position of Chinese economy. First unchanging is basic national condition unchanging. That means China still and will be long time remain at the initial stage of socialism. That's basic unchanging. Second unchanging is China's international status as the world's largest developing country, which is unchanging. That's very important to unchanging because its implication is economic development is and will be the first priority for Chinese Communist Party. That's the foundation for all of objective or plan in the future. Beyond five years, even maybe ten or next three decades. Then one changing. The terminology describe the major contradiction in China facing. That's something changing. I guess Jia Qingguo also mentioned. Here I want to give some explanation. What's mean contradiction? It's kind of a meaning of ideology. It's major challenging. You can interpret that way. It's major challenging China is facing. Previously the description of the major contradiction is between the ever growing material and cultural needs of people and the low level or backward level of production. The previous here I mean after the end of cultural revolution until now you can describe is the Deng Xiaoping area. Even before that under the Mao Zedong area that's different. That's class struggle is the major contradiction. After the end of cultural revolution under the Deng Xiaoping that's the description of the main challenge. There now party congress changing that. Become the between people's ever growing needs for a better life and unbalance and the equivalent development. Here the implication is first of all it's recognized we have already achieved economic progress because previously just say low or backward level of production. Now it's say we have already reached certain level but it's unbalanced. That's first. Second is quality will pay more attention than quantity. That's very important. Why? Because originally only say people need the material and the cultural need. Now it's a better life which contain more meaning than for example environment green line such kind of things including that. There one plus two stages. That is the path for future objective in next three decades. The first stage is from now to 2020, three, four years. The target is to finish the building of a moderate prosperous society in all aspect. In Chinese we say In this period we have the target. The assignment for government is guarding against a reduction financial risk. Then at the end of 2020 have to eliminate the poverty. Then we have to do great effort to solve the pollution production. That's for next maybe four years. Then very important sometimes if you read the Chinese newspaper they always say we have two steps to have a goal. Sometimes even I find it confusing. I read the reporter again and again I decided to say one plus two. If you only say two steps people say what's happened from now to 2020. So I say one plus two. The more important or part you want to emphasize is two steps. The first step is from 2020 to 2035. That's 15 years. The target is basically realizing the socialist modernization. Then next stage from 2035 to 2050 it's building China into a greater modern socialist country. That is prosperous, strong, democratic, cultural advance, harmonious and beautiful. That's the whole goal. Very important implication is we have to take note no more GDP growth target which is different from previously. Previously always people say we have to double GDP growth rate or in 10 years or whatever. Now no mention the GDP target. Then also just like the previous I mentioned quality over quantity. That's very important implications. Then also very important two continuations I summarize that's related may contact of future development strategy. What suppose CPC will do in next maybe two or three decades. One first continuation. Chinese government decided to continue to carry open door policy. Also very important. Red and the load initiative will become the focus on the open door policy. That's the report specifically indicated that. I don't want to go detail on the initiative. People have already talked a lot but I just mentioned that. Second is no open door policy is a two way opening up. Previously China pay more attention to attract foreign direct investment. Now China also make oversee direct investment. That's two way opening up. Then detail China started to using the negative list in order to track more foreign direct investment. Here what mean negative list. That mean any item on the least list to be negative. That mean other than that's item everything you can make investments without approval in advance. That's international standard. China experiment negative list in Chinese free trade zone now wanted to promote nationwide. That's mean the more open to a foreign direct investment. Also in the report Xi Jinping mentioned probably in those four years Chinese government started experiment in Shanghai called free trade zone. Now free trade zone have already expanded to 11 city or area. But now Xi Jinping also try ask exploit another they call free trade port. That mean maybe copy some model like Singapore or other free trade port. That mean will be more open to streamline given more facility of foreign trade. That's something I summarize the open door policy there. The second continuation is CPC want to continue to carry domestic economical reforms. Here is a list of some very important item in economical form. First of all we will continue to carry structure supply side reform. Pay more attention on real economy. We will move Chinese industry toward the middle and high end of global value chain. But not currently the production in China usually at the low end. Now Chinese government want to push to the middle and high end of global value chain. Also more focus on innovation and new technology. But still we are lagging behind advanced country. But now we are little bit catch up some new technology. We also have a great company like Alibaba, Tenen. They try to catch up some high tech knowledge company in US. Second item is they want to improve market economic system. That mean will continue to do SOE reform. The first time they mention they call two pillar macro framework. Macro economic adjustment framework. The first pillar is the monetary policy. Second pillar is the MPA. Macro potential administration. That's new terminology. They never use that. That's the first time usually Chinese say we want two pillar macro economic adjustment. Then we pay more attention to countryside development. Mainly you know probably I guess you familiar with the land system in China. The land in the city belongs to the government. The land in countryside belongs to what we call collective. These systems still will keep intact. But at the same time some part of countryside land we call construction land. Operating construction land can be used to build up the house for renting. The meaning is that way the farmer can get more benefit from these kind of things. Originally government take away farm land at a very cheap price. Then sold it to developer. The difference between these type can be used for infrastructure in city. In some way it's okay. It's good. Why people are amazing. Why so fast China can do infrastructure in city. That's I guess a major reason. But another side the farmer cannot get the major benefit from these kind of system. So China now want to pay more attention to benefit of farmer. As a first step some land can be used to build up house for renting. That's one error for two purpose. One is to can be reduce the price housing price in the city. Now is very high housing price in China in the large city very high. So China government try provide some renting house in order one hand give more benefit to farmers. Another hand to decline or reduce the high price. That more young generation can afford to live in the city. So another one is we put more attention to cooperation. We call regional development development. First of all coast area to inland area. You know usually the coast area very prosperous. Now we try to do more pay more attention to development inland. Second is the city and countryside. We have to take notes to improve the infrastructure in countryside. Also that's the new term. Now the first time in official document we wanted to develop a city cluster with the large city as a core. Vice small media city. Previously Chinese government always say we want to develop a small media city. But now they're changing. They're using city cluster with a large city as a core. That's something we should take note. So okay I'll finish very quickly. If all the above go accomplish obviously there will a conclusion can be reached. The conclusion is China is moving towards the center of a world stage. The detail is will continue to make a great contribution to the global GDP growth. In past five years China contributed 30% of share of total global growth. Also will become a more important source of direct investment over the world. Which will be beneficial to other country. The last one is will play more active role in global economic governance. Obviously this goal is not easy to achieve. It's a big challenge ahead. We have to overcome many things. But I'm confident so I guess we can accomplish that. I can share one episode with you. And two days I arrived here the city. I took taxi to look around. The taxi driver asked me where did you come from? I say from China. China is good. You guys always walk without sleep. Without sleep how I can survive. But at least the Chinese people did working very hard. That's very important fact supporting the previous success. That's something that's mentioned in document. So I hear mentioned that. So I stop here. Thank you. After you suggested your presentation was much more market oriented. And specific figure out what happened in Shanghai stock market. This year you just represent as you work as a spokesman of your government. So more hypothetical and more symbolic and more conceptual one. Anyway, I enjoyed both of these two diverse elements. But if I give some questions, you know, as I mentioned at outset, Moody and SMP downgraded the government credit rate. It's not every year's business. Because it is the first time during the last 22 years if my memory is correct. But in accordance with your analysis debt to GDP rate. Yes, last year you mentioned that no, even though it's a little higher, but still manageable. But during the last years SMP and Moody's made some very unexpected downgraded. So what is your response to that question? And then new Xi Jinping's guideline, you don't need GDP concept anymore. The concept of GDP is challenging even the western economic sphere, but from different reasons. But if you disregard the GDP concept, how we could figure out the trend of your percentage of national debt and your government debt and your shadow financial institute debt. I think at least you should provide the minimum basic data so that, you know, the outside investors could easily figure out what's going on within China. So maybe in this sense I think GDP concept is still valid. So that is my two questions. So you could make some answer right now while I will give you another five minutes. You want to be answered now? Oh, it's up to you. I can answer now. Actually, yesterday I had in another... Very briefly, yeah, please. Yesterday you didn't come. I made a... I say something in the prenalization on the world economy. Regarding the downgrade of SMP or Moody, probably I will say they made a mistake. They made a mistake. They made a mistake. If you are interested, I can send you something because one of my best friends do some research on methodology, SPUs. Actually, the model is incorrect. I can give you detail. Also, IMF, how is it to forecast the SMP? Personally, I ask deputy director of the research department of IMF how they calculate the debt. They're just forecasting according to the date. Just straightforward line. No model they are using for IMF, at least. I can show you if you want. I can show you the email. So tell you the truth, probably you don't pay attention. One week ago, Chinese government to each US dollar solving debt, two billion US dollar in Hong Kong. Very positive response. The year for this bond, only little bit higher than US treasure, higher 0.125. That's the market. Disagree with the evaluation of SPU. That's the evidence. So I'm not going to say that data is not important. Yes, of course, year in, year out, Chinese government, I guess, still will disclose the gross rate. What I try to say, the Communist Party don't want to set the goal. GDP grows as a goal. That's different. Of course, they still will make announcement. I will give you another chance because there might be some counter argument from other colleagues.