 My talk is China's structural adjustment. This is a multidimensional issue. And I just want to discuss how and why China should reduce its investment rate. Over the past 20 years, China's ghost rate investment has been consistently higher than that of GDP. As a result, China's investment rate now is something like 50% by far the highest in the world. As a result, China's capital efficiency has been declining. And at the same time, China is facing serious overcapacity. And in China, investment can be divided into three major components. One is investment in real estate development. Second is in infrastructure. The third one is in manufacturing sector. And China actually has invested hugely in real estate development. At this moment, China have more than 699 five-star hotels with another 500 under construction. China has something like 470 skyscrapers with another 332 under construction. So China is catching up with the United States very rapidly in terms of skyscrapers and five-star hotels. And to the resentment of public, we also built lots of a magnificent building. This is the one. The second largest building in the world, next just to Pentagon. So this is something very horrible. OK. As for the same category of investment, infrastructure investment, actually China has invested also very heavily. Now China has roughly, I think, 100,000 kilometer railway. And China has 10,000 kilometer fast high-speed rail. And I think it is the longest in the world. The trouble is that we are running into sort of a financial war. Even we can invest more, but most of those big companies which invest very heavily in infrastructure now is under deeper water for debt. So we cannot carry on. So what will be the solution? I think the only solution is to stimulate consumption. Actually, in this area, there are lots of things that China can do. For example, China should improve its social security system. And secondly, all the grants at all the levels should provide decent public goods to ordinary people. For example, old people's house, hospital, school, so on and so forth. Especially, everybody knows pollution in China now is very, very serious. So Chinese scum should spend more money to clean the air, to clean the water, to provide the sort of environment. It's livable. Actually, many years ago, my wife will be very angry with me if I travel. But now she said, OK, you go. You can bring some fresh air. So I come here. This is one of the very important reasons why I'm here. So there are lots of areas Chinese scum can do by encouraging consumption. I think the increase in the growth rate of consumption, it will have a positive impact on economic growth, which may, to a certain extent, offset the negative impact of the slowdown investment on China's economic growth. Of course, this is a very hard job, because it's not that easy to provide the Chinese household spending money. They will keep their pockets very tightly. They don't want to spend. But anyway, I think of falling the passenger tie. And also, if the Chinese scum's policy is persistent, then more and more Chinese households will be able to spend their money. Then they will enjoy a better life, happier life at the same time. They can maintain a higher growth rate, a decent growth rate for the Chinese economy. So this is one store for killing two birds. On the one hand, we maintain a decent growth rate of economic growth. On the other hand, we can speed up China's structural reform, structural adjustment, so that China's growth can be sustainable. Thank you.