 Good morning, ladies and gentlemen. Thank you so much for coming over to the morning session. This is going to be an interesting morning because we got two sessions going on with us on this stage. First of all, we're going to begin with an introduction from my friend Jennifer about a wonderful framework coming from the World Economic Forum on Inclusive Growth and Development and after that, we're going to have a strong panel talking about invigorating and also rebalancing the world economy from an Asian perspective. But first of all, may I introduce Jennifer and also this specific report. The report is called Introducing a new framework for inclusive growth and development. It is looking at the world economic growth and also the social inclusiveness and many other factors that would influencing our world economy. And I was informed that this is the very first time that World Economic Forum has ever done any report related to this specific topic. Jennifer said earlier, right before coming on to the stage, that she was very passionate about this report and really eager to share with you all of this information. So Jennifer Blank is the chief economist and also member of the Executive Committee for the World Economic Forum. And Jennifer, the floor is yours. Thank you, Tian. And what I'm going to do is I'm going to show you a short presentation. It should take about 10 minutes. And what I'll do is I'll explain a little bit why it is that we wanted to do a report of its type. As Tian said, this is the first time that we're coming out with such a report. It was released just a few days ago. I'll talk a little bit about the methodology that goes into it, how we're thinking about inclusive growth, and then some of the results that are particularly interesting. Now, just to begin, why is it that we wanted to do a report on what we're calling inclusive growth? Well, if you look around the world, and as you see on the screen, there has been rising inequality in recent years. And this shows over the last few decades that there has been a rise in inequality in OECD countries. And indeed, if you look at other many emerging market economies, you'll see quite the same story. At the same time, there have been a number of institutions and organizations, such as the IMF and the OECD and others, that have been quantifying how this rising inequality is actually eroding at growth. So showing the extent to which this is bad for growth. In parallel, the World Economic Forum carries out a report every year on global risks, where we look at the interlinkages between risks. And here we've been highlighting for some time the fact that rising income inequality is of great concern, because it's highly related to a number of risks that we're very worried about. Socioeconomic risks in particular. Obviously, there's unemployment and underemployment, but if you see that big line, it's really going to profound social instability. I mean, this is really rocking at the foundations, potentially. And we are seeing this in some parts of the world today. So what do we mean by inclusive growth? The way I think about it is two overlapping circles, sort of like a Venn diagram. And if you think about those things that are driving growth and those things that are driving social inclusion. And by that, I mean that everybody's participating in the process. What we are interested in is that area in between. And we find that there are many drivers, many policies, many things that you can do that are actually useful for driving both economic growth and social inclusion. And I will show you in a moment some of those things, what I'm talking about. I think I would also like to make the point that it is very important for the World Economic Forum to be coming out with a report like this at this time, because this really brings us back to our roots. For those of you who have kind of followed the World Economic Forum for a long time, you know that Professor Schwab came up with this whole idea of stakeholder theory. And that was really the foundation on which we were built. And this is the idea that all stakeholders should be participating in the economic process. And that's really the idea behind this report. Now, this is really a very simple way of looking at the methodology behind the report. What we have here is a leaf, we're calling it a leaf. And the leaf is made up of seven different pillars, different drivers, as I said, of inclusive growth. And each of these are in turn made up of other factors, so sort of sub-pillars. And there are 15 in all. And let me just very quickly go through what are the things that we're looking at, because I have some sort of, you know, very short titles there. We're looking at things that you might think of when you think about inclusive growth. Things like fiscal transfers and redistribution, very important. We also look at education and skills. And there we're looking not just at the quantity or the quality of education, which are both important, but also the equity of outcomes based on socioeconomic background. You know, our young people penalize because they come from poorer families. So those things are perhaps, you know, some of the aspects that you might think of in general. But we look at five other areas that are really important. And let me go from left to right on the screen. We look at employment and wages. So really gainful employment, safe employment as well as wages and the extent to which they are reasonable and rising. We look at asset building and entrepreneurship, important for inclusive growth because you can create your own jobs. Financial intermediation and particular how access to finance allows for real economy investment. Again, very good for both growth and social inclusion. Corruption, really, really one of the most insidious things, if you think, in terms of eroding both at growth and at social inclusion, in terms of allowing those with power to take advantage of those without. Also rents, the extent to which the concentration of the economy is held in few hands. And finally, basic services and infrastructure. And there we're looking at all kinds of infrastructure, transport infrastructure, obviously also, you know, technological linkages, but also really health infrastructure. Again, clearly, very important for the growth process, for healthy people and also for inclusion. Now, we cover 112 countries in the report covering all these different indicators. One thing that is important to note is it's a little different than the global competitiveness report, which is a sister report to this one that the forum has been coming out with for a long time. We don't wrap this up into one overall ranking. Why is this? Because this is new and we're not sure how to weight all these things. Is employment and wages more important than education? You know, our basic service is more important than tackling corruption. We don't know what the relative weighting is. So right now what we do is we come up with, you know, basically a rating for each one of these individual areas, the 15 sub-areas. So you can compare yourself to your peers. And then we look at countries within four different income groups. Why do we separate them into income groups? Because we want to know based on what countries have at their disposal in terms of resources, how well they're doing. So what I'm going to do now is I'm going to go through three different countries that are at different income levels and just to get a flavor of how you might start looking at this report and using it. The last thing I'd say just before we look at the first one, which will be the United States, is that we use a coloring system a little like you're seeing here, which is like a traffic light system. Green is good, yellow not so good, red bad. To get a sense of how countries are faring vis-a-vis their peers in their own income group. So the first one we're going to look at is the United States. This is obviously a high income advanced economy. And what do we see here? We see one green piece of the belief and where is that? That's an asset building and entrepreneurship. Now the US is the world's innovation powerhouse and this is obviously not surprising. It has an excellent environment for business creation and this is clearly coming out in the report. However, if you see most of the other areas show the US falling behind when you think about inclusive growth. And I'm not going to go into all the areas, but in particular what we're seeing is that in the area of employment, although there's relatively low unemployment now it's been coming down, wages remain actually quite low for a large part of the population. And at the same time, this is not being made up for with the social safety net. This is paired and obviously very strongly related to the fact that there's been rising inequality in the US. In fact, it's reached rates not seen since the 1920s. And this is something that's actually really dampening consumption, which is a big problem in a country like the US where consumption is such a big part of GDP. So really efforts needed in this area. The second country I'll look at is China. I would be remiss if I were sitting in China and I did not talk about China. There's a few interesting things to see here. Now this is an upper middle income country, as are most of the BRICs except for India. And we see number one, that we're missing the part of the diagram for education and that's because we're missing some of the education data there. But we're hoping that we'll be able to collect it in the future. However, you can see a lot from the screen. You see first of all that in fact compared to other countries at the same level of economic development and resources that it's had quite a dynamic environment for the creation of businesses. This is linked then to quite a good environment for employment. If you look at the employment area now, that's because there's quite a high labor participation rate in China, quite low unemployment rates, although you do have to keep in mind and Tian and I were just talking about that recently that wages do remain quite low. Now in terms of areas for improvements, in particular, we'd point out the importance of developing more basic services and infrastructure throughout the country, which is something that will continue to be important, particularly in the health area. We're finding that there are some weaknesses also partially related to the environment. Obviously corruption will continue to be an area of focus. And finally, I'd say very importantly, continuing to build out the social safety net to more of the population, which would be an important way of decreasing savings actually and increasing consumption as the country tries to rebalance its economy. Finally, just quickly look at Tunisia. I thought Tunisia might be an interesting lower middle income example because this is where the Arab Spring was sparked, so to speak. And it's another quite interesting story. For its level of income, actually Tunisia does relatively well in terms of providing basic services and infrastructure particularly related to health. It's also doing what it can in terms of taxation and redistribution to those most in need. However, not surprising, the biggest issue is really the area of employment and labor compensation. Tunisia is a country where you have very high levels of unemployment, particularly youth unemployment, and many people are forced to work in the informal sector. So again, this is basically what had led in the beginning to a lot of the unrest that we saw there. And so really job creation and employment creation will be critical there. I'll just finish with a few key learnings from the report that we found from kind of going through the results and just in general from the process. I think first it's very important to keep in mind that the current debate has really been quite narrow. And what we're trying to do here is to show as we've seen that there are really many factors that can drive both economic growth and social inclusion together. So related to this, the second point is that it's possible to be both pro-equity and pro-growth at the same time, and not only because of the logic that we've just gone through, but if you look at the results of this report compared to those of the global competitiveness report, we see actually that many of the countries that do well in a lot of the areas here also do very well in terms of the drivers of productivity and competitiveness. The third, and I think we've seen this a bit, but you can see it more if you look at the report, is that promoting social inclusion is not just under the purview of rich countries. This is not just a rich country luxury. We see that many countries are actually doing very well and punching above their weight in a number of areas, and so all countries can really work on this. And finally, another thing that's really important to note is that all countries have room for improvement. Even those that do very well, the Nordics, for example, many of the Nordics, they do not score above average across all the areas and few come even close. So I think just to make the point that all countries really have a work to do in this area to make their growth process more inclusive, and I'll just end by saying that we're bringing this to the fore, this whole piece of work, in the hopes that it will provide some useful fodder for discussion in order to really make progress in these areas. Thank you very much, Jennifer. We learn a lot. Very interesting work, certainly inspiring. I'm sure going to be helpful also for our later rounds of discussion. But very quick, Q&A, if I can, with you, because there are certain points I really need to have you clarify it before we go. First of all, why these five factors and also the 15 areas you're looking at, how they're being chosen quickly? Okay, actually, there's seven areas. Seven areas. You know, what we did, obviously, there always has to be some subjectivity in this, but what we did was we scanned what's being done. We talked to many, many people, many experts, and came up with what we think is a good beta version. I mean, let's be clear. This is the first draft, and we're very open to comments. But, you know, you have to start somewhere, and we felt that this kind of gave a good sense of those areas where people can really kind of understand that they're both good for growth and for social inclusion. Okay, second point. Something I find that when it comes to the area, seven areas mentioned, they could be contradictory within themselves. I mean, first of all, when it comes to United States employment, also compensation. Sometimes employment rate could be high, but the compensation could be low. I mean, this sounds, when you put them together, are they really fitting together? Secondly, about China, for example, when you talk about corruption, I think there was one thing. Were you talking about the level of corruption and how rampant the corruption is, or are you talking about the degree as to the measures and the actions to curb corruption? Yeah, so we're mostly looking at inputs here. And on the first one, I think point really well taken. When you present this in 10 minutes and you have to sum it up, I think that you do end up having things like corruption and rents, which are a little difficult to explain. Why did we put them together? But that's why actually, if you go and look at the report, it's very useful to look at all 15. If you look at corruption, we're more looking at, sorry, at the outputs, the extent to which you're actually seeing payoffs and bribes and things like that. But we do know that a lot is going on here and around the world, and we're hoping that that will actually mitigate some of those negative outcomes. And actually, statistical numbers are very important to you guys, if you really want to compel an important report. Okay, final question. Why is this important for us? We have seen inclusive growth reports coming from other international organizations and think tanks, why is this different? Why is it going to be useful for us? I think probably because given that we are an inter, I say a multi-stakeholder organization, I usually try not to say that, but we bring together business, government, civil society, and all actors. We're able to get a lot of people around the table to really talk about this. And finally, I just say, because we're the world economic form and we're not an intergovernmental organization, sometimes we can come out with things that are a little closer to rankings than some other of our very favorite partner institutions on the project. And I would like to just thank the OECD, the IMF, the World Bank, and the ILO for all the excellent input that they've given to us in this project. And once again, numbers and statistics are always important for a wonderful report. Thank you so much, Jennifer Blank. Thank you. Sharon Lee does this wonderful report. Thank you. We learn a lot.