 Without further ado, I'm going to turn to Harry Bartier and just ask him to introduce his hopes for this meeting in the next four days. Good morning. Thank you, Adrian. It's really nice to be here. And especially at a time when there are interesting developments all over the world. And I'm going to talk a little bit about the Indian context as I come from India. It's after 30 years that we have had a majority government elected. They have been in government for the last eight months. When they started, we had high inflation, almost, I would say, low growth rate, high debt burden in the companies. Banks are also a bit under stress. And to be fair, government started with very, I would say, strong action, almost 50 different policy decisions, eight ordinances. So strong action on reform. And you will hear from some of the leaders, our finance minister, and our power minister, and the two chief minister of the states are here. And you will hear about what's their agenda. But one of the things I just wanted to highlight was, in India, as all of you know, that our demographics are very young, almost 60% of the population is below the age of 35. We had a strong agricultural economy. But if you look at the size of it, which is quite small right now, but it employs almost 50%, or employs or under employs 50% of the population, but forming only about 17% of the economy. Now, that throws a big challenge, because India is trying to industrialize. So we have almost 15 to 17 million people coming into the job market every year. And that's a challenge for every government. And what you see is a strong thrust towards urbanization where people want to move from rural areas to find jobs. And of course, the more younger people coming into the job market. Now, the challenge that we face is for the people who are first time coming into the job market. And people who come from very poor families, parents where agricultural laborers, and to find jobs for them, and to train them has been a big, big task. So here I would say I have two messages for this year's forum. Firstly, business can play a very important role in creation of livelihoods. And I say this because only 25% of India's people who are in the jobs have regular jobs. The rest are mostly self-employed. And if you take the agricultural part out, so what we need is, of course, the pillars of strong pillars of education, employability. And by employability, I mean, of course, a lot of thrust on vocational education, and lastly, innovation and entrepreneurship. So self-employment through entrepreneurship is going to be one of the major ways where you can bring in the young into the job market. Now, one of my companies employs almost 35,000 people every year. And they leave after one year. And they come from class 10 or class 12. And what we find is they are the first time job seekers. And after a year, they are able to go out to the job market. And they have propensity to find a better job and a higher income. So I think while the education system gears up for vocational training or in the primary education, find proper ways to train people for the job market, I think business can play a very important role in creation of livelihood. Thirdly, secondly, I would say, is India has started this big program for making India. You have seen it outside in Davos, which is really not only for the global market, but for our Indian market, which continues to grow presently at 6% to 7%, hopefully will grow at 8% to 9% in the next two and a half years. So that is going to absorb a lot of people from the agricultural side and bring it into manufacturing. Lastly, I must conclude and say that for me, the best corporate social responsibility would be to really create livelihoods. And I think creating sustainable enterprise will help create sustainable livelihood. Thank you. Harry, thank you very much. William Benumina, two of the big themes here in Davos in the theme of the new global context is both inequality and climate. And you've got very strong views on both of those and strong contributions to make. Can you share with us your thoughts for this year's meeting? Thank you, Adrian. Yes, extreme economic inequality is out of control globally, and it's getting worse. At the same time, the impacts of climate change are exacerbating inequality. Last year, Oxfam released a report here at Davos where we said 85 people, richest people, owned as much wealth as the bottom 50%, 3.5 billion people. Well, this year we've released another report, and that figure has come down to 80. 80 people own as much wealth as the bottom 50%. So extreme inequality is increasing very rapidly. And if it isn't checked by next year, 1%, the top 1% will own more than the 99% combined. Is this the kind of world we want to live in? We're concerned because, Oxfam's concerned because this has an impact on poverty. We cannot eradicate poverty with these levels of extreme inequality. So global leaders here in Davos have the power and the influence to make a difference on this. We have here 1,500 global business leaders. We're going to have here 40 heads of state and government, including the most powerful, like Angela Merkel of Germany, like the Prime Minister of China, like President Jacob Zuma, who is the president of the most unequal country in the world. So we can make a difference here. I'm here to call for urgent action from the world leaders, the business leaders here, to stem the tide of inequality and to start action on climate change. I'm here to ask hard questions. I'm here to really broach difficult subjects. The message is that extreme inequality is not inevitable. It's a result of policy choices. And with the right choices, we can stem that tide. And business leaders have a role to play. Political leaders have a role to play. So I hope that at this meeting we will focus on the solutions. Oxham has put out a package of seven types of solutions, policy solutions. I will not go into them now, perhaps at question time. But there are solutions. And we have seen regions, countries, reducing extreme inequality and lifting people out of poverty as they promoted growth. So I look forward to these discussions, robust discussions with business and political leaders here. Thank you very much. Winnie, thank you very much. Catherine Garrett Cox, in addition to being CEO of Alliance Trust, you're also a young global leader. And you know the forum well from both sides. You're also based not in the square mile, but in Dundee in Scotland. Can you give us some of your perspectives on this year's annual meeting? Thank you, Adrian. And very good morning to everybody. And echoing my co-chairs' gratitude, thank you for your time and how delight I am to join everybody today. I mean, I think from an overall business perspective, one of the things that we see right now is that the world is facing some very critical choices. So in terms of the big themes that the annual meeting is discussing, we have this interesting disconnect between a world that is opening up due to the technological advances that we're seeing and increasing transparency and speed of information. And yet we have increasingly worrying trends towards sectarianism, nationalistic approaches, and protectionism in certain areas. And I think one of the things that's going to be so critical and one of the key things that I'm looking for in this year's annual meeting is to be able to see very resilient and responsible leadership at this pivotal time. And what do I mean by that? I think ultimately at Alliance Trust for 127 years, we have really wanted to put values and our own responsibilities to broader society very much at the heart of what we do. And I think that when we had the unfolding of the financial crisis a few years ago, people really lost their way. And I think over the years, whilst some conversations have certainly happened perhaps behind closed doors, I'm delighted to see that this year, the World Economic Forum has put values-based leadership discussions front and center of many sessions. And I think ultimately our very strong view is that this is how we can collectively build a sustainable future. We need to recognize that business is part of society, has broad responsibilities to society, and whether it's in our actions, in our own investment choices, in how we engage with other companies, getting them to recognize that these are important themes and trends, whether addressing income inequality, climate change, and all of these things. I think ultimately this is what I really want to see. And it's very simple, because ultimately, if you're a business and you choose to act against society, then in time society will act against you. So this is one of choice, one of resilient leadership, and I'm very excited about the week ahead. So thank you. Catherine, thank you very much. Roberto Cetubal is a strong Brazilian presence this year in Davos, and it's great to have you as co-chair, but there's also lessons to be learned, I think, here from Brazil and its experience. And can you share with us some of the things you'll be putting on your agenda in the next few days? Okay, good morning for all of you. Thank you for being here. We'll talk more about emerging markets in general. Six years after the global financial crisis, a new global environment emerges on the horizon. Moderate but robust growth has resumed in the US, while China has decelerated. Europe is still muddling through on its own problems. Upon this background, banking industry must adapt to the additional constraints imposed on financial institutions by the new regulatory environment. It is still a challenging outlook, and it is important to note that those three forces will negatively impact emerging markets. That accounts for 85% of the world's population. The US economy has recovered from its post-2008 slowdown. It has been able to achieve moderate but reduced growth rates and reduce unemployment in a sustainable way. That's good news for the rest of the world, which will benefit from the growing demand for goods and services by the world's largest economy. However, as a consequence of those improvements, the Fed has already started to gradually remove the monetary stimulus and is likely to raise interest rates this year, if not next year. As this process takes place, emerging market currencies are likely to depreciate further and their domestic interest rates, both short and long, and we raise, dragging down internal demand. For those emerging markets, more reliant on foreign funds, drastically current account adjustments may occur. China economy has decelerated and it is widely perceived as structural and permanent. In our view, demand growth from China will not support commodity price as much as it did in the past. The maturation of investments in natural resources sectors adds further downward pressures on commodity prices. That is particularly evident in the oil market, which has been over the last past month the worst performer among major commodities, but the prices of other key commodities such as iron ore and soybeans have also plummeted. Even though it's still too soon for definitive conclusions, I believe the declining commodity prices is at least partially permanent. Commodity exporters will thus lose export income in a permanent way. As already underway, currency depreciation will be needed to adjust current account. And in addition to that, the decline in investments in the commodity producing sector is likely to have a negative impact on domestic demand in those countries. On the other hand, commodity importers will benefit, especially those running high energy import bills. And cheaper raw material will exert downward pressures on global inflation. Also positive is the fact that many economies build buffers during the good years, stand now ready for a more challenging global environment. The banking industry faces important challenges on regulatory fields in this new global environment. The impact of the new capital and liquidity requirements ranges from a serious reduction of profitability affecting some business lines to activities being completely outlawed. Financial intermediation will become more expensive, especially for higher risk segments such as project finance, credit cards, and small companies. Capital location for sovereign debt is under discussion. It is another initiative that would affect emerging markets. However, we expect banking industry to come out of this process more resilient. It will also be more capitalized and adhere to better liquidity standards. Finally, I expect the discussions in Davos to address those important issues. And it's consequences. And I expect that when we go home in a few days, we have a better view of what should be done to strengthen the world economy. Thank you. Roberto, thank you very much. Now, my apologies for getting everyone in slightly late. I'm gonna try and see if we can squeeze in 10 minutes of questions from folks here. Can you just raise your hand if you have a question you'd like to ask? And also if you do have a question, can you share your name and your organization? That would be fantastic. So if I can just peer out into the room past the lights, which are slightly blocking me. Can I get a sense of who has a question for one of our co-chairs or all of them? Lady in the pink, we'll get in. Hi, my name is Arantaneire, the Spanish Press Agency, FA. I have two questions. The first one is about the impact in the global economy of the slowdown of the China economy. And the second is regarding the women quote of participation in the forum. I think the World Economic Forum has a target for every year and I don't know if you have met this target this year. Thank you very much. Sure, well, let's take women participation first and hear from both Catherine Winnie and perhaps Roberto and Harry if they'd like to contribute as well. We, our target is for more women to be engaged in every aspect of global leadership permanently. And last year in Davos, he had Prime Minister Abe announcing his goal of 30% of women's inclusion by 2020 in Japan. We have four task forces currently working with governments to try and improve representation of women across the world in all aspects of global leadership. And if any governments are listening, we're welcome to work with any of them to improve that level. But as we point out consistently, when we invite leaders of organizations, we invite them as leaders. And if the organizations are functioning to promote men into those roles or they're not doing enough to promote women, then that's reflected to some extent in the invitations to Davos. But if you look at this year, in the past, in the meetings we've held, we've had over 20% of women engaged. This year in Davos, we're up ahead of where we were disappointingly last year. And we want to keep moving that in the right direction because it should be 50%, 50%. There's no two ways about it. You can follow, by the way, also our global gender gap report, which annually benchmarks a whole range of different factors on this. But that's kind of me speaking in my capacity as forum spokesman for a less biased and more independent view. I'll turn to our co-chairs, Winnie. Thank you. This is a very important question. Obviously here at the World Economic Forum, where I'm told there's 17% participation of women at this meeting, the World Economic Forum is limited as to how it can achieve a high participation of women at its annual meetings because women are not occupying senior positions of political leadership or of business leadership. We need to do more there before we can get them to be at meetings such as this. But the signs are good. I was in Brisbane recently for the G20 summit and there the G20 leaders made a commitment to pursue 30% increase in women's labor force participation over a period of time. The leaders said they are going to go back to their countries to put in place the policies that will bring more women into paid, safe, good jobs. That's very important and it's when they're there that they can rise to top leadership. Let me give you one statistic. Quebec, Quebec by putting in place the childcare subsidy has been able to bring 70,000 women into paid employment and through that increased its revenue base and was able to pay for that program. So there is a win-win there that when you have more women in paid work, you also increase growth and you also build more women's leadership in business and in politics. So there's a lot to gain and the moment is right to promote women's leadership in politics and in business. And perhaps what I'd add just more from a young global leader perspective, I've been participating in the last couple of days in their sessions. And I would say there's probably pretty much gender balance within the young global leader community. I sit on the foundation board of young global leaders and for the last couple of years as we've been bringing all types of young global leaders through the system, whether they be from the business community, NGOs, public office, we've been working really hard to strive for gender balance. So actually it's all about the pipeline. I mean, it's the same situation as we have in business. And I think that there's probably in business in general, there is still more ways to go. But I think it's really about having again a very strong view that this is important. And as I can see the young community coming through, both at the young global leaders and at the shapers level, I'm very hopeful for the future. I think there's also an issue that I'd highlight here, which is it's an equity issue that doesn't just affect one gender or another. And if you look out, for example, some of the proposals coming through, like male paternity leave, men actually taking paternity leave is a key factor in helping empower women to actually pursue careers successfully and pursue jobs. And you can see there's people here like Adam Grant from Wharton Business School, who've got a whole range of different recommendations on how men can play a part, importantly, in actually delivering on some of the promises that are talked about. And so I think there's a really interesting range of things coming out of this meeting if you're able to attend some of those sessions and kind of follow up with some of those folks on real policies that can move this dial, not just headline announcements from leaders, although they're very important, but also practical steps that can be taken to actually make this issue fairer. Can I just turn to China as a kind of engine of global growth and concerns that it might be slowing down? We're gonna hear today from Premier Li. There's a big Chinese delegation here. We've got Jack Ma from Alibaba. And we have the chairman of chief executive of Huawei, Roberto. Can I just ask you, is there a concern? You mentioned you talked about commodity prices, obviously China's driving a lot of that global commodities market. Do we have to be concerned about the future of the Chinese economy or is it a good thing, the kind of rebalancing that's going on right now? Yes, I think that Chinese economy is decelerating and I think this is affecting mainly the commodity prices. So all countries that are more commodity driven producers or exporters are being affected by that because they have reduced their export income. So they have to place some adjustments in their economies like this devaluation in their currencies and things like that which are already taking place. So some of the effects of this deceleration is already in today's economy and some of that will take place down the road. I think that the good news is that the US economy is improving and this might help China, China economy increase exports to the US which will contribute to their GDP growth in the future. Katherine, do you want? I think the only thing I would really add is that people are getting very excited about the fact that China's slowing down but it's still going to grow at a fair clip. I think the big adjustment that China's gonna have to make is having really had economic driven predominantly by infrastructure growth that they now are making the transition more towards a consumer focused economy. Arguably that is going to be much more structural rather than cyclical. So I think over time there will be huge benefits but certainly as Roberto says in the very short term it's causing extreme volatility and commodities but I think it's very easy to forget that if you're growing your economy six, seven percent I think most economies would be pretty happy with that. Winnie, obviously Chinese economy has done a great deal to bring people out of poverty in the last 25 years the reforms that they've put in place. Is China's future developments something you're paying close attention to? Absolutely, even in terms of achieving the millennium development goals that goal number one on eradicating extreme poverty was achieved largely because of China's contribution in India to lift millions out of poverty. But also we have to understand that the commodities markets that the export of commodities by the developing countries is also one of the drivers of rising inequality because you have a situation where in many developing countries that depend on natural resource extraction that this resource is captured by a small political and economic elite leaving many, many people without jobs, without incomes and the resource is not plowed back into the lives of people. So China's slowing growth and its impact on the developing countries where it imports from might be an opportunity for these countries to look closely at how the natural resource that's extracted is taxed, the fair taxation of that wealth and the plowing back of those resources into health, into education and into sectors that create employment for young people. These questions are very political. They need to be debated. And I think this is also the slowing of Chinese growth is an opportunity for more discussion of how the natural resources can benefit poor people. Harry, what are you hoping to hear from Premier Lee today and from China's participants this year's annual meeting? Yeah, firstly, I fully agree with Catherine that China is a huge economy and still growing at 7%. So it's really, there is a slowdown and if India goes from five to let's say seven, seven and a half percent in the next two years, I think we will see some stability there. And what I am hoping to hear from Premier today is really what is the adjustment that China is going through? And I think it's a strategic and a planned adjustment which relates to maybe some of the excess investment that have been made in the past few years. And they're very good at it. They will quickly adjust and hopefully stabilize the economy at a reasonable growth rate. US is continuing to grow, probably add to that. And I think the impact is also by Japan and Europe having very almost no growth and deflation. So that is also having an impact on commodity prices. So, but I'm hoping that in a year's time we will see some stability. Thank you. We've always made up the time that I deprived you of at the beginning. Can I just, we might have time for one very, very quick sort of one line headline answer from our panelists if anyone has an outstanding question or if you want a chance to follow up with them independently afterwards, they will be active in the Congress Center. Any hands shooting up that I've missed? If they're not, I'm going to release our co-chairs back into the wild and wish all of you a very successful and enjoyable and productive annual meeting. Thank you. Thank you. Thank you, Adrian. Thanks, Andreas. Thank you. Thanks. Thank you.