 Thank you. Well, the topic of today's session is the digital disruptors in China. We could interpret disruptors from two aspects, from a consumer's perspective. I think you have such a kind of feeling that the interactive relations between people, between the people and the machine, as well as the channels between the businesses and consumers are changing rapidly. Well, from the industry's perspective, we are thinking it is a kind of disruption of the technology over the traditional economy. No, actually it is a kind of reorganization, emerging and upgrading, as well as the imagination about the future about the traditional economy with the help of the digital technology. So what does this digitalized world impact the world? I think this is the topic of this session. We're going to talk about this topic from these two aspects. First of all, let's start from Mr. Xu Jinghong. We know that Premier Keqiang talked about Internet Plus, as well as the popular entrepreneurship and innovation, serving as the new driving forces for the new economy. So from this point, what do you think about the policy bonus for this innovation in China? Well, I do not want to use dianfu in Chinese or disruption to illustrate these phenomena. I prefer the word of upgrading. Digital technology or Internet economy is the most revolutionary technology in the history of human beings, bringing great changes to the way of people's lifestyle as well as the way of business operations. As you mentioned, China is in the new phase of innovation or as you said, hard wave. I do not want to use the word hard wave. You know, innovation is the constant ongoing process. I hope that innovation could become a new normal. Well, the government policy is giving a lot of boost to current innovation and entrepreneurship. The service which is encouraging and boost the innovation and popular entrepreneurship is really never seen before. You will see a batch of the incubators, mushrooming in Zhongguan Village. So I think there will be a lot of new fatality injected into the new economy with the help of the policy. Speaking about the hard wave, I think I will come to Rong Chao. I think you are quite familiar with both China and the States to be specific, the Silicon Valley. As the previous speaker mentioned, constant innovation is important. So what is the driving force for constant innovation in Silicon Valley? According to the Orange IT survey last year, the newly founded enterprises accounted for about 46% of the total internet companies. That is to say, every day we are going to see seven innovation startups. But we also see a couple of companies dying every day. So how to make this innovation a constant phenomenon? So what is your observation? For the startups or venture fund, actually, we take the view of more than 10 years in designing and making strategy. We keep a long view aspect. I think the people working in the Silicon Valley is adopting a long term view. The market, well, here in China, market is big sufficient. It's sufficiently big. And also the scale of the market is there. I think it will be a lot fun for these startups. They have a lot of things that interest them. Of course, you will see you have to keep in mind the business cycle into consideration. But looking back over the past one decade, many startups was established when the market was not that strong. I think there will be a lot of opportunities for them to grapple with at that time. So what is the driving force for the constant innovation in Silicon Valley? And what about China? How could we identify these driving forces? So I still make innovation here constant. I can give an example. For example, the purpose of those startups. In the Silicon Valley, the values that the startups wanted to create for the society will be the common response to this question. Well, here in China, they are talking about dreams. They want to bring the dreams coming true. That is for the entrepreneurs themselves. On the other hand, the policies, bonus. There are a lot of policies encouraging innovation and startups. We will see the first startups and also the second, even the third times startups. So there are a lot of very benign ecological environment for these startups. Innovation culture, innovation spirit are also important for those entrepreneurs and innovators. The young people born after 1980s or 1985, they were familiar with the internet. They had a broad horizon thanks to the internet. And also, in terms of the culture, there is quite a tolerant environment for these young people to start their business. So from this perspective, I'm quite optimistic that this innovation is constant. Richard, we are concerned about the new emerging market. BCG has a report which is related to internet. That is to say, employment represents the trend of startups or the entrepreneurship that represents the trend of innovation. So what is your take about that? I think we're witnessing a remarkable change happening in China right now that is different and in many ways more powerful than what's happening in other parts of the world. And I say that because I think what Ron said is exactly right. In a place like the United States, when you add the internet and the digital mobile world, you're adding it to an existing service infrastructure which was already highly developed. So that you could still add more value. You could make lives easier for people, you could do something. But in a sense, most people were pretty well served to begin with with the existing infrastructure that existed in the economy. I think here in China, because the internet and now increasingly mobile has come along in parallel, not behind, but in parallel with the service economy, we're actually seeing it open up people's dreams. Because in many places, you can't get access to, if you're in a small city or a village, you can't get access to the kind of products that you want, the kind of service infrastructure, whether it's retail, healthcare, banking, those just aren't as developed in a way to conserve small businesses trying to get capital to grow or consumers that are looking to access products that are quality in an easy way. And so I think that right now what's happening here and the kind of innovation here is much more transformative to people's lives and has the potential to touch very broad parts of the economy. So to your question, China will have, give or take, $320 billion of growth this year. Enormous growth on consumption. So massive consumption growth. Half of that growth will come online, half of it. It's a much higher percentage than in other parts of the world. And it really reflects the way that mobile and the internet are touching people's lives in a more fundamental way. I was talking to one of the other participants here. They were talking about the fact that the Alibaba platform is probably creating 8 million jobs when you look across the entire ecosystem that it represents. I mean, those elements are really quite substantial in touching the economy. And I think we're going to see that continue to play out in a way that's not just following another part of the world, but often leading in the kinds of services that are being created and the impact in the broader economy. Yes, you are right. So transformation and upgrading of the economy and its impact on the livelihood of the people here in China. I totally agree with you on your comment. And Mr. Zhang Tao, I think you may have the same take. You know, Zhang Tao actually is one of the earliest e-commerce pioneers. So you've experienced a lot over the past 10 decades. So the Chinese people really love good and delicious food and you're very good to provide the platform so as people could have access to food. Would you share with us your observation? Yeah. Well, in China, there will be a combination between the internet and the economy. I can take the Dian Ping as an example. I think there is one of the major reasons is that people love food. Chinese people love food. And Chinese people have the habit to dine out. They have more chances to dine out compared to, for example, American people. Well, China's dietary experience is to dine out even every day. So this is a kind of a culture, food culture here in China. That's why Dian Ping was given birth 12 years ago. We also watched closely about Groupon and similar companies in the States. Well, actually, you will see a greater number of such kind of online businesses here in China. Actually, we had a greater number of booking through our platform compared to our counterparts in the States. With internet developing at such a stage, you will see an increasing combination of internet with traditional businesses. And there will be different and a variety of business models that has been undertaken, adopted. And our company has taken a different business model compared to Uber. Mr. Chen, please. Yes, indeed. Not only in China but in the whole world, we found the boom of entrepreneurship and business-creating. Many sectors will have access to the new technologies and they will experience fundamental changes. I think this hot wave is just like the industrialization, the first industrial revolution or the second industrial revolution. Now China is no longer isolated from this round of industrial revolution. At the start, the Chinese companies were lagging behind. They were just imitating the business models in other countries. More and more, we found that from the mobile internet and the O2O, the Chinese companies have demonstrated more vitality. And I believe that in this round of the internet wave, the Oriental world, in particular China, is now once again taking the lead. We can find quite a lot of features. We now have the innovation by the general mass and in DD, originally we only had an ideal, we only had the vision. We don't know what is going to happen. There are not many limitations and we can try. Then for three years after this latest round of financing, we now have a scale of 15 billion US dollars. So you can see that this is a unique or quite an outstanding feature of this round of the hot wave. We can use new technologies to integrate the existing services. Yes indeed, we found a lot of small boats in this big sea for those small boats. Some of them are driving towards a very promising future. They have very good teams and they are strongly supported by the back offices. In DD, I also witnessed your rapid growth in the past two years. And you have also ushered in some new challenges to the taxi sector. Starting from 2012, if I remember, now three years have passed. Together with your team, how have you dealt with the various challenges like financing, like the media pressure and the severe competition? Well, we found there was very fierce competition and now you are integrated. Yes, the competition is always fierce. Severe competition might not always be a bad thing. Sometimes when you have smooth traffic, you may find that actually this is not the correct way leading you to the destination. For innovation and for entrepreneurship, if you take us like a small boat, you will always have the various challenges internally and externally. Take the boat, as an example again, the boat is going to grow. And the challenges faced by a big ship are definitely different from that of a small ship, a small boat. Now we can see that many companies are actually lived up to the difficulties. They survived the difficulties and finally they prospered by gaining more resources. But in times of good, they may actually be faced with other challenges. So resources is only a means to deal with the difficulties. You may have other tools or you may have other capabilities to deal with the various challenges. So in hard times, we always encourage the team to sustain, to hold on. And when we gain the resources, we have to guard against the potential pitfalls. We have to keep alert. We have to make good use of the resources. So when we have more financing, we become to worry about whether we can use them efficiently. Yes, indeed. In Tsinghua, we are always encouraging entrepreneurship. However, we also emphasize that being an entrepreneur, you should always be clear of your targets and you should always do things that you are good at and you should persist. Creating a business is really a long and a lonely journey. For the young generation, please do not take it as something easy. You have to find your value, create your value and persist in your core value. This persistence is really important. For O2O, it is particularly necessary. For O2O businesses, they have attracted a lot of investment, but it is really not easy to sustain the business. So Mr. Zhang, could you please share with us your take on that? I really agree with the previous speaker or previous panelists. Well, persistence is the key word and you have to understand that you have to go through the hardship. Well, sometimes it may not always be hardship. In our business, the team was found of food and we have the passion, we have the enthusiasm. We wish to help the consumers to identify their preferred food and also we want to facilitate the various restaurants and businesses to find their customers or consumers. That's why we have sustained, that's why we have persisted. In China, we found that there are many business founders. They are passionate, but they are not clear about what they want to achieve. Sometimes they may feel that now they have the money and they can retire. I think you need to appreciate the social value your business is creating and continue to create such value. Now we have O2O, we have Internet Plus. For O2O, we now call it as O2O version 2. Well, we can see that the society is changing. Now you have to have a very clear understanding of the middle class and of the whole society before you create your business or before you start your business. Back in 2003, the number of the middle class, a number of the population of middle class was only dozens of million. But anyway, we were saying that we were lucky that we started in 2003. Because prior to 2003, the middle class in China was even smaller. Now we survive and I believe that it is the passion and enthusiasm that we have supported us. Yes, indeed, demand-driven is the keyword. Now we have talked about the startups and the companies. How can they grow? So I have the question for the big companies in this round of innovation and entrepreneurship. How can they deal with the various challenges? It's an enormous challenge for big companies right now. Part of what Cheng Wei was saying a few minutes ago, that having the money isn't necessarily having the capability to be able to do this. And we see in a lot of our work right now that companies have an aspiration to be a stronger participant in the digital world. But they're missing a few elements to be able to do it. One is they tend to come at it not from the standpoint of the attacker, but they come at it from the standpoint of the incumbent. So they're focused on what they're protecting versus taking more risk and really going for it. I think second, there's an adaptive mindset that you see in the disruptive players. The ability to keep changing and evolving their models and learning as they go and trying new things. Big companies tend to have very slow decision processes. Things take a long time. They go up three or four layers. They come back down. It takes too long. And then the third is we've gone from a world that's a very hardware oriented world to a very software oriented world. And yet most big companies, the capabilities they built are mostly in the hardware side. The physical, you know, what they produce, how they physically distribute it. And building those software, that software mindset, that software capability is a very big gap. And so when we're collaborating with our digital ventures business or with our traditional consulting practice, it's often about how do you bring the attacker mindset? How do you change the model? Either keep it outside of the core business or change the decision cycles to be able to go at a faster pace? And how do you embed more of a software analytics sort of mindset into the core business that's often not there? And sometimes companies can do that on their own. Oftentimes it's where they want to partner, partner with entrepreneurs who have the capabilities, partners with others. It's some of the things that we do in our work. But I think that that's going to be one of the biggest challenges. And just to build one last point, a lot of this discussion has focused on the disruption as it relates to the consumption part. Sort of fulfilling the China dream and the opportunities. But China is the world's biggest and most powerful manufacturer. And the changes that are coming inside traditional manufacturing are as revolutionary, at least as the changes that are coming on the consumption and service side of the economy. And we're in a world where robotics, 3D printing, artificial intelligence, advanced analytics, these elements are going to change the shop floor, the supply chain, the innovation to production model that exists. And I think that the disruption potential is at least as high in that world. And the consumption, the services, these things have the most potential to change the China dream here. But embracing the manufacturing 2025 vision that the government has talked about, really pushing hard to take even very uncomfortable change, but pushing very hard to make China at the leading edge of that, is very important for China's place in the overall world, given how important manufacturing is to the economy here. Yes, indeed. For the China 2025, manufacturing China 2025, there was a lot of policy approaches or proposed. And recently there is a strong interest in the German industry 4.0, version 4.0. It is supported by big data and the artificial intelligence, and also providing personalized products to the people. So how can we accelerate China's innovation? The buzzword these days is about big data, internet. But as a matter of fact, what internet brings to this society? What is that in nature? Internet as a revolutionary technology will bring changes to relations between people to people, people to goods, and facilitate this kind of change between and among all these changes, and to make these kind of relations open so as to bring down the barriers. But on the other hand, for example, the water is still the water, and the food is still the food, like the pancakes, which is the traditional Chinese food. So for the food, you have to be delicious in the first place. So of course, with the help of the internet, you can promote it, and market it in a more efficient way, but first of all, the food has to be delicious in the first place. It is also true for service. The service shall be good quality. The service shall be something that is most needed by the people. And number three is the cost shall be accepted, affordable for the businesses, and also the delivery of the services and the product should be efficient. So we think of this as the core of the Internet Plus. We shall not just regard the Internet Plus as a slogan, as the leap word. We have to think about the natural essence of Internet Plus. Actually, there are other technologies as Richard mentioned, intelligent technology, biological and astronautics related to technologies. They are all changing the world jointly. Then talking about the application of Internet. Well, actually China is leading the world. I visited the States, and I had a feeling that the application of Internet in the field of widths and the depth China is leading the world. But China need also to improve itself in applying this technology to various industries. For example, the integrated, surrogate industries, environmental protection industries, and other industries will have to have more technological innovation to combine this technology with these industries. We have to have more in-depth research and development. I am very happy to tell you that there are a lot of very satisfying developments in this field. Several days ago, there is a kind of innovation award ceremony where you have seen a lot of new technologies. So I think another key word, innovation, entrepreneurship, innovation shall be well combined in the future. And run from the mass entrepreneurship and innovation from the technology perspective. Are there any differences in terms of the innovation and R&D in the innovation? I quite agree on that. I am one of the board member of DMP, and I talk with our partners. So what is your future target of scale of the company? Open table, Groupon, a large in-scale. But compared to them, I think that DMP is of the same size. But we are not happy with that. We hope that we could scale up further. I want to tell you that in the history, we always follow the steps of the United States. But now the things are changing. The consumers are either paying the payment online and trust to utilize the internet to accept a lot of services. And this will continue. So the investment to be actually is not that popular. But I think we will see a lot of things happening there. There will be new types of platforms coming up in the future. For IT, the cloud, the security issue, while the technicians or the talents are sufficient enough to ensure those security-related products of international class. You all mentioned about the combination of internet plus the traditional economy so as to bring values to their inability of innovation of this traditional economy. We haven't seen a quite mature business model. Not many have to say that the efficient combination of the two. I take an education example for these years. There were a lot of innovation, a lot of investment in education. We haven't seen any mature or revolutionary business model which will actually bring us to a more constant future. So what is the barriers there, for example, in education? Well, I think it depends on the time because we're used to traditional education system two years ago. Tinhua University Holding Company launched an online platform. Within these two years, about three million students learn from this online platform. Well, Tinhua University has 204 years of history and trained about 190,000 graduates. Well, over the past two years, it has brought about three million online learners. And every week, you will see a new number of about 10,000 new learners through the internet. That is to say, that is revolutionary. That is in each and every corner of the society, the students could access those masters through the online learning platform. Our platform is one of the three best e-learning platforms according to MOOCs. Actually, we are extending the learning, the education to the two extremes including K-12, K-16. If 100 million plus learners could enjoy e-learning through this platform, then that would be great. My son, born after the year of 1990s, 90% of the knowledge is captured through the internet. So I think it is not the education industry system itself that matters. I think the most important thing is time. I think with time going on, this new thing will be accepted by more people. The question is framed correctly in that we haven't yet arrived at what are the right models for a number of parts of the economy and the society, and education would certainly be among them. But I would just emphasize how important digital technologies can be to providing education in the years ahead. I think there is a lot of discussion about income inequality around the world. Here in China, but around the world, in the United States as much as anywhere, digital is one of the ways to close inequality gaps right now, particularly in education and in health. And what's being offered online, the Tsinghua's platform, Coursera's platform, we're touching millions and millions of students, often who would have no opportunity to access the caliber of education they can get at the top universities around the world and opening up the world to them. We're doing work with the World Economic Forum right now, which has really taken on this agenda in a very big way. And what is the digital potential in education? And I would say there is so much experimentation and learning going on around the world in a range of markets, in Africa, as well as here, as well as the developed markets, and showing that some of the potential is the way that digital directly can offer opportunities to students through courses. But some of it is also how do we empower teachers? In many parts of the world, some of the best things you can do is help teachers be more effective at delivering their material, at understanding, at supplementing what they offer for very strong students or very weak students. And so I think we're in a high learning mode. But the potential here to make a huge difference for tens of millions of lives is quite substantial. Yes, I quite agree with you. This is the reality at present. Just now Jing Hong mentioned that students or the young people born after 1990s and 2000s are actually adopting a very different way of learning through the e-learning platform. Your companies, so from the management perspective, how do you manage these young people born after 1990s and 2000s? Are there any difficulties in managing them? Well, that is quite a sudden issue. I have to make a clarification. Yesterday marks the third anniversary of a DD company, and we changed the name to DD Travel instead of DD Taxi Service. Let me share with you my observation ten years ago. Internet was down-evaluated, but under-evaluated. But now internet is overvalued. How's that internet can do everything? Well, actually like WeChat and also the cloud computing and people and food could be combined thanks to this kind of internet plus. Well, the spirit of internet and also the care for the customer's experience that internet could provide are also very important. These years internet is overvalued. But we have to think about the practical value that internet could bring. So the internet companies will be doing some substantial down-to-earth work and they have to do some substantial work to combine the technology with the traditional economy. This is one point. Second, Chinese businesses and Chinese customers should be more confident. Customarily in the past we think that a lot of those internet things copying things and startups or entrepreneurs here in China are blindly admiring their counterparts in the States. But we have to keep in mind that China has the largest market and we have our patents in place already which will help us to make a leap forward. Damping which is different from Groupon and other counterparts in the States. So mass entrepreneurship, mass innovation will enable our local startups to be more confident. I was born after 1980s. How to communicate with those born after 1990s? Well, personally, most important thing. Well, our company is pretty young and our staff is 28 years old on average. Our city hall was born in 1983. And also we have some engineers and great designers who were born after 1985 who have their dream. They are free minded and they are encouraged to try everything new. To try something to resolve the pressing problems. I think we need also to have a quite liberal platform to encourage them to open up and to find out solutions with very agile kind of environment. But on the other hand, we are unexperienced. Because they are young, they are not mature, they are lacking of experience. So they need the advice of some senior staff. So our financial system, the relations with the government is something that we focus so that we could make our success sustainable. Internet actually will reach each and every industry. But we have to think about which comes first, which comes next. We may enter into some industries and then come to other industries later. Well, in the very beginning, some industries are not the first choice for these startup internet companies. But later on, they will figure out some ways that will better efficiently address that. The same is true with education. Just like Columbus finally discovered the new continent. So for education, for Tsinghua Holdings, if you find the breakthroughs, I'm sure you will usher in a new world. So Mr. Zhang, do you have any sector to explore? Any new fields to explore? Well, I believe that in the future, we will have more and more sectors which are well integrated with the internet technologies. Now we have DD and Dianping. They are well reported by the media. But now we have the Internet Plus. We have the online education materials and websites. They are changing the education sector. People feel that those online education websites are actually quite influential. So I guess gradually to be successful, you need to be good at the offline business. And then, edit on with the internet technologies, you will be successful. So the traditional sectors can make full use of the internet technology and they can gain growth by using the internet technologies. For us, we want to make our lives better. That's why we focus the first on the food and the dining. And gradually we expanded the business. We have added on the hairstyling, travelling. And I guess in the future, we can move on or we can expand further. And we can include education and other sectors. So I would expect a lot of growth in the coming years. For every sector, I don't think it will go downward. As for the young generations, I'm very confident in them. My son was born after 2000. He is 11 years old and he has already written an English book of 50 pages. And I found that he knows quite a lot more than me. And he is only a teenager. I could hardly imagine how I was when I was only about 10 years old. We have a lot of business founders who are really the Y generation. And not long ago, I ran into a young businessman and he was only in his 30s. So I believe that the young generation or the generation Y will live better than us. My strongest feeling is that 10 years ago, when we talked about entrepreneurship, we would be daunted right after the college graduation. But now you can see that we have many successful business founders who created their businesses when they were still college students. So I guess that in the coming future, we would have the successful business people who are only at their 20s. So for people like me who is at about the 40s, no investor would be interested in us. For employees for the 60s and the 70s generation, they were driven by the sense of responsibility. For the 80s and the 90s generation, they will be driven by their dreams and their passion. Well, because of the time constraint, we may have to come to the conclusion part of our discussion. So just now our panelists mentioned that Internet Plus will become an outdated term in the future. And we are going to have a new beautiful world. It might be a little bit harder than existing one, but it will surely be interesting and full of fun. Now we have 10 remaining minutes. I would like to solicit comments or questions from the floor. Please tell us your name and ask questions very briefly. Lady first. I'm from self-media. Thank you very much for sharing with me your observations concerning the disrupting business. For disrupting, I believe that disruption can also occur in terms of the companies or the services to the companies. And also, what about the companies? Are they ready to take the challenges put forward by such disruption forces? Well, for both the government and the institutions who are dedicated to innovation and business creation, for Tsinghua Holdings, we are operating our company. And also, we have dozens of incubation parks throughout the country. In terms of the support to the B2C business, we are making effort in the future. I believe that we will need companies like DD and Dianping, but we will also need companies like Huawei. And these companies can have a lot of interactions. And this world is actually indeed an interactive world. I believe that our mutual cooperation and mutual integration will surely be the future. The gentleman. I'm a journalist. My question is for Mr. Chen. Yesterday, it was said that DD was going to have some new business for the city buses, and how much you are going to invest in this new business. Well, our goal is to build a one-stop traveling brand. We want to facilitate people's travels, and we wish to optimize the ways you travel or you commune. In the future, we believe that we will have more products like DD, which has the reservation or booking, and then you can travel. So we can have similar or such new businesses. Also, you may have some isolated or sporadic needs and demand or niche requirement. For instance, I'm a business person, and I may temporarily travel to a particular city and I need the vehicle or to go through the traffic. And this cost will be different from taking a regular bus. Now in DD, 80% of the taxi drivers are still active drivers. And in the future, we wish to develop businesses like city buses. Also, we wish that with our cooperation with the new energy-driven buses, we can tap the market and explore the potential. New energy is available now. However, they should be popularized. They should to be first, to business first, and then to consumer later. Actually, for many families, they may not be so sensitive to the price fluctuations of the petrol. But for companies like DD and also taxi drivers, they are quite sensitive to such price changes. So yes, indeed, we are cooperating with Yutong. As for the investment, 300,000 US dollars, how are we going to spend them just investing on our new business? My name is Han Weiwen. Thank you for your sharing. I'm sure everybody agrees that there is such integration and we do find more close cooperation and integration between the real economy and the virtual economy. So are you expecting more close collaboration between the two? Well, for such merge or integration, I believe they will become an ecosystem. For the 2C part in the past years, we were more involved in the software-oriented businesses. And we've also invested in the catering industry, especially in terms of the supply chain for the catering industry. For the merge and integration, we expect such integration would be a step further and there will be more links. And we will also cooperate more closely with the various links. For example, we are now cooperating with companies or the suppliers and also we will have strategically and in terms of the capital, there will be more cooperation. I believe this will be actually the most important thing for DD. In the past, we focused on the internet technology and now in the coming future, we will expand our offline competitiveness. So we have the horizontal and vertical integration. In the past, if you say that we are a platform and then in the future, we would hope ourselves to be a vertical integrator. The opportunity to talk to CEOs of larger companies, both in China and around the world. And I would say this issue is at the top of the list in so many sectors, in banking, in insurance, in manufacturers, in retailers, and how to create a more digitally adept company and how to build the right links and partners to be able to win in the economy and win in their sectors in the years ahead. So I do expect to see a lot of digital capabilities flowing into sectors that traditionally were quite distant from them and that will be both what companies do on their own but also their partnerships with entrepreneurs and others. One last question. Good morning. I'm an entrepreneur but also a consultant. So my question is for Rich. Digitalization has impacted the whole world. For consulting firms, they used to serve the major businesses, the big companies. Then in the future, how are you going to serve these small businesses or if you can share with us your advice? Thank you. So I think part of what's happening in our world is the need to be able to take on different kinds of capabilities to help clients move at a much faster pace and in a world where you need much more agility. So for us, that's been about creating a digital ventures business that can actually work with our clients to build businesses often partner with small entrepreneurs that bring specific technologies that wouldn't know how to reach the big companies and get to the right level but actually can be extremely complementary to the platforms and embedded customer bases of big companies. So I think a lot of our world, a lot of our world is still helping companies transform to win in the environment but the digital part is a bigger and bigger share and our ability to help companies rewire themselves, build new businesses, connect to the entrepreneurial world and therefore help entrepreneurs who have great ideas figure out where their technologies can be applied in big companies. I think that's an increasingly part of what we do day to day and I think that will only grow in the years ahead. A company that we are investing has just a growing public. They are just serving especially these small companies. Five billion kind of valuation service and service and consultancy combined to provide to their customers. Thank you for everyone for sharing. We hope that we could see more values created by the digital technology. I want our panelists to please stay on the platform for several minutes. Thank you.