尊敬的施瓦布主席，

尊敬的索馬魯加主席，

尊敬的各位貴賓，

女士們，先生們，朋友們：

Professor Klaus Schwab,

President Simonetta Sommaruga,

Distinguished Guests,

Ladies and Gentlemen,

Dear Friends,

很高興時隔5年再次來到達沃斯，出席世界經濟論壇2015年年會。達沃斯小鎮十分寧靜祥和，但我們所處的世界卻并不平靜，國際社會需要應對新局勢。我還聽說，達沃斯曾經是治療肺病的療養地，因為盤尼西林的發明而轉型。時至今日，達沃斯已經成為“頭腦風暴”的智力中心，世界也需要新的“盤尼西林”來應對新挑戰。

It gives me great pleasure to come to Davos again after five years to attend the World Economic Forum Annual Meeting 2015. Davos is a town of peace and serenity, yet the world outside is not tranquil. We need to work together to shape the world in a new global context. I was told that Davos used to be a resort for recuperation from lung diseases, and the later discovery of Penicillin changed that. Now it is a place for people to gather and pool their wisdom for "brain-storm". Personally, I find this more than relevant, because our world also needs new forms of "Penicillin" to tackle new challenges that have emerged.

毋庸諱言，當今世界遠非太平，地區熱點、局部沖突以及恐怖襲擊等此起彼伏，對人類社會構成現實威脅；全球經濟又復蘇乏力，主要經濟體走勢分化，大宗商品價格反復波動，通貨緊縮跡象更雪上加霜。不少人對世界前景抱有悲觀情緒，認為不僅和平與安寧出了問題，發展也難見曙光。

Admittedly, the world today is by no means trouble-free. Regional hotspots, local conflicts and terrorist attacks continue to flare up, posing immediate threats to humanity. Global economic recovery lacks speed and momentum. Major economies are performing unevenly. Commodity prices are going through frequent fluctuations. And signs of deflation have made the situation even worse. In fact, many people are quite pessimistic about the future of the world. They believe that the guarantee of peace is weak, and the prospect of development is elusive.

有哲人說過，當問題出現的時候，不能用曾經制造問題的辦法去解決它。老問題的解決，不能再從對抗、仇恨、封閉中謀答案；新問題的應對，更要在對話、協商、合作中找出路。我們要吸取歷史經驗，運用時代智慧，尋求各方利益的最大公約數。人類在艱難時刻，總是能激起突破困境的勇氣，迸發出變革創新的力量。

A philosopher once observed that we cannot solve problems by using the same kind of thinking we used when we created them. Indeed, old problems can no longer be solved by clinging to the outdated mindset of confrontation, hatred and isolation. Dialogue, consultation and cooperation must be explored to find solutions to new problems. It is important that we draw lessons from history, and pool our collective wisdom to maximize the convergence of interests among countries. Fortunately, in time of hardship and trial, mankind have always been able to find the courage to get out of the predicament and move ahead through change and innovation.

面對復雜的國際局勢，我們主張要堅定維護和平穩定。今年是世界反法西斯戰爭勝利70周年。保持世界和平穩定，符合各國人民共同利益。二戰后形成的國際秩序和普遍公認的國際關系準則，必須維護而不能打破，否則繁榮和發展也就無從談起。國家間應擯棄冷戰思維與零和游戲，“贏者通吃”是行不通的。任何地區熱點和地緣沖突，都應堅持通過政治手段、以和平方式尋求解決。我們反對一切形式的恐怖主義。中國將繼續走和平發展道路，維護地區穩定，無意與任何國家一爭高下。世界各國都要像愛護自己的眼睛一樣愛護和平，讓文明理性正義之花開遍世界。

In a world facing complex international situation, we should all work together to uphold peace and stability. This year marks the 70th anniversary of the victory of the world's anti-Fascist war. To uphold peace and stability serves the interests of all people in the world. The world order established after World War II as well as generally recognized norms governing international relations must be maintained, not overturned. Otherwise, prosperity and development could be jeopardized. The Cold War and zero-sum mentalities must be abandoned. The "winner takes all" approach will not work. Regional hotspots and geopolitical conflicts must be resolved peacefully through political means. Terrorism, in all its manifestations, must be opposed. China remains committed to peaceful development and regional stability. And China has no intention to compete with other countries for supremacy. Peace in the world must be cherished the same as we cherish our eyes, so that the achievements and benefits of civilization, including reason and justice, will prevail.

面對多元的世界文明，我們主張要共同促進和諧相處。文化多樣性與生物多樣性一樣，是我們這個星球最值得珍視的天然寶藏。人類社會是各種文明都能盛開的百花園，不同文化之間、不同宗教之間，都應相互尊重、和睦共處。同可相親，異宜相敬。國際社會應以海納百川的胸懷，求同存異、包容互鑒、合作共贏。

In a world of diverse civilizations, we should all seek to live in harmony. Cultural diversity, like biodiversity, is a most precious treasure endowed to us on this planet. And human society is like a garden where all human civilizations blossom. Different cultures and religions need to respect and live in harmony with each other. While maintaining the natural close ties among those with whom we see eye to eye, we also need to respect those with whom we disagree. Like the vast ocean admitting all rivers that run into it, members of the international community need to work together to expand common ground while accepting differences, and seek win-win progress through inclusive cooperation and mutual learning.

面對多變的經濟形勢，我們主張要大力推動開放創新。國際金融危機爆發7年來的實踐證明，唯有同舟共濟，才能渡過難關。在相互依存的世界里，各國有權根據自己的國情制定經濟政策，但是也應加強同其他國家的宏觀政策協調，擴大利益匯合點，實現共同發展。歐洲有諺語講：“面對變革之風，有人砌圍墻，有人轉風車。”我們倡導順勢而為，堅定不移推進自由貿易，旗幟鮮明反對保護主義，積極擴大區域經濟合作，打造全球價值鏈，迎接新科技革命的到來。宏觀政策固然重要，但結構性改革勢在必行，這是國際社會的共識。盡管難度很大，但也應該堅持去做，這樣才能形成全球創新合力，增強世界發展的新動能。

In a world facing volatile economic situation, we should all work to promote opening-up and innovation. What has happened since the outbreak of the international financial crisis seven years ago proves that to work in unity is the surest way for countries to get over the difficulties. We are all interdependent in this world. While we each have the right to adopt economic policies in line with national conditions, we need to strengthen macro-policy coordination to expand the convergence of interests and achieve common development. An European proverb says, "when the wind of change blows, some build walls, while others build windmills." We need to act along the trend of our time, firmly advance free trade, resolutely reject protectionism, and actively expand regional economic cooperation. We need to build global value chains, and seize the opportunity of a new technological revolution. While the international community agree on the importance of macro-policies to the economy, they also recognize the urgency to go ahead with structural reform. Structural reform must be carried through no matter how difficult it is, as it is an effective way to foster conditions conducive to global innovation and bring about new momentum for global development.

女士們，先生們！

Ladies and Gentlemen,

我知道，與會者對中國經濟前景很關注，或許有人擔憂受到中國經濟速度放緩的拖累，還有人擔憂受到中國經濟轉型的沖擊。因此，我想多介紹中國的情況。

I know you are all interested in the outlook of the Chinese economy. Some of you may even worry about the possible potential impact of China's economic slowdown and transition. To ease your concerns, let me spend more time today on what is really happening in China.

當前，中國經濟發展進入新常態，經濟由高速增長轉為中高速增長，發展必須由中低端水平邁向中高端水平，為此要堅定不移推動結構性改革。

The Chinese economy has entered a state of new normal. The gear of growth is shifting from high speed to medium-to-high speed, and development needs to move from low-to-medium level to medium-to-high level. This has made it all the more necessary for us to press ahead with structural reform.

應當看到，中國經濟增速有所放緩，既有世界經濟深度調整的大背景，也是內在的經濟規律。現在，中國經濟規模已居世界第二，基數增大，即使是7%的增長，年度現價增量也達到8000多億美元，比5年前增長10%的數量還要大。經濟運行處在合理區間，不一味追求速度了，緊繃的供求關系變得舒緩，重荷的資源環境得以減負，可以騰出手來推進結構性改革，向形態更高級、分工更復雜、結構更合理的發展階段演進。這樣，中國經濟的“列車”不僅不會掉擋失速，反而會跑得更穩健有力，帶來新機遇，形成新動能。

It must be noted that the moderation of growth speed in China reflects both profound adjustments in the world economy as well as the law of economics. The Chinese economy is now the second largest in the world. With a larger base figure, a growth even at 7% will produce an annual increase of more than 800 billion US dollars at current price, larger than a 10% growth five years ago. With the economy performing within the reasonable range and the speed of growth no longer taken as the sole yardstick, the strained supply-demand relationship will be eased, the pressure on resources and the environment will be lowered, and more time and energy will be devoted to push forward structural reform. That means, the economy will enter a more advanced stage of development, with more sophisticated division of labor and a more optimized structure. If I could compare the Chinese economy to a running train. What I want you to know is that this train will not lose speed or momentum. It will only be powered by stronger dynamo and run with greater steadiness, bringing along new opportunities and new momentum of growth.

剛剛過去的2014年，我們就是按照這個思路做的。面對下行壓力，我們沒有采取強刺激，而是強力推進改革，尤其是政府帶頭改革，大力簡政放權，激發市場和企業的活力。全年GDP增長7.4%，在世界主要經濟體中是最高的；城鎮新增就業1300多萬人，在經濟放緩情況下不減反增，登記失業率、調查失業率都是下降的；CPI上漲2%，低于年初預期目標。事實說明，我們出臺的一系列宏觀調控政策是正確的、有效的。更重要的是結構性改革邁出新步伐。

In 2014, we followed exactly the afore-mentioned approach. In the face of downward pressure, we did not resort to strong stimulus; instead, we vigorously pursued reforms, and the government in fact led these reforms by streamlining administration and delegating power. This has motivated both the market and the business sector. GDP grew by 7.4% for the whole year, the best among major economies in the world. Over 13 million new jobs were created in cities, with both registered and surveyed unemployment rates lower than the previous year. That is, we achieved growth in employment despite the economic slowdown. CPI was kept at 2%, lower than the target set at the beginning of the year. These outcomes prove that the host of macro-regulation measures China adopted have been right and effective. More importantly, new progress has been made in advancing structural reform.

不可否認，2015年，中國經濟仍面臨較大下行壓力。在這種情況下如何選擇？是追求短期更高增長，還是著眼長期中高速增長，提升發展質量？答案是后者。我們將繼續保持戰略定力，實施積極的財政政策和穩健的貨幣政策，不會搞“大水漫灌”，而是更加注重預調微調，更好實行定向調控，確保經濟運行在合理區間，同時著力提升經濟發展的質量和效益。

Needless to say, the Chinese economy will continue to face substantial downward pressure in 2015. What shall we choose to do under such circumstances? Shall we go for even higher growth for the short term, or for medium-to-high growth and a higher quality of development over the long run? The answer is definitely the latter. We will maintain our strategic focus and continue to pursue a proactive fiscal policy and a prudent monetary policy. We will avoid adopting indiscriminate policies. Instead, we will put more emphasis on anticipatory adjustment and fine-tuning, do an even better job with targeted macro-regulation to keep the economy operating within the reasonable range, and raise the quality and performance of the economy.

我們正在采取有效措施防范債務、金融等潛在風險。中國儲蓄率高達50%，能夠為經濟增長提供充裕資金。地方性債務70%以上用于基礎設施建設，是有資產保障的。金融體制改革也正在推進。我在這里要向大家傳遞的信息是，中國不會發生區域性、系統性金融風險，中國經濟不會出現“硬著陸”。

We are taking effective measures to fend off debt, financial and other potential risks. China's high savings rate, which now stands at 50%, generates sufficient funds for sustaining economic growth. Besides, China's local debt, over 70% of which was incurred for infrastructure development, is backed by assets. And reform of the financial system is making progress. What I want to emphasize is that regional or systemic financial crisis will not happen in China, and the Chinese economy will not head for a hard landing.

要看到，中國還是一個發展中國家，實現現代化還有很長的路要走。和平是中國發展的基礎條件，改革開放和人民對幸福美好生活的追求是發展的最大動力。中國城鄉和區域發展空間廣闊，國內需求潛力巨大。以中高速再發展一、二十年，中國的面貌就會持續改善，也會給世界帶來更多發展機遇。

It must be pointed out that China is still a developing country and still has a long way to go before achieving modernization. While peace is the basic condition for China's development, reform and opening-up along with our people's desire for a happy life constitute the strongest impetus propelling development. The space of development in China's rural and urban areas and various regions is enormous, and the country's domestic demand will simply generate great potential of growth. Development at medium-to-high speed for another ten to twenty years will bring even bigger changes to China and create more development opportunities for the world.

中國經濟要頂住下行壓力，實現“雙中高”，就需要對傳統思維“說不”，為創新體制“叫好”，下決心推進結構性改革。要創新宏觀調控，增添微觀活力，調整城鄉、區域和產業結構，促進比較充分的就業特別是年輕人的就業，改善收入分配和民生福祉。這需要付出艱辛努力，但是我們將不畏困難。只有沿著促改革、調結構的路子堅定走下去，才能使中國經濟長期保持中高速增長，發展邁向中高端水平。

For the Chinese economy to withstand downward pressure, and to maintain medium-to-high speed of growth and achieve medium-to-high level of development, we need to say "no" to traditional mindset. We must encourage innovative institutions, and press ahead with structural reform. We need to adopt more innovative macro-regulation policies and develop a more vigorous micro economy. We need to promote more balanced development of industries, between rural and urban areas and among regions. We need to ensure relatively high employment rate, especially sufficient employment for the young people. And we need to optimize income distribution and raise the people's welfare. All this certainly calls for tremendous efforts. Yet we will stay undaunted in the face of difficulties. We will unswervingly press ahead with reform and restructuring to ensure that our economy maintains medium-to-high speed of growth and achieves medium-to-high level of development.

中國經濟要行穩致遠，必須全面深化改革。用好政府和市場這“兩只手”，形成“雙引擎”。一方面要使市場在資源配置中起決定性作用，培育打造新引擎；另一方面要更好發揮政府作用，改造升級傳統引擎。

To ensure long-term and steady growth of the Chinese economy, we need to comprehensively deepen reforms. We need to properly use both the hand of the government and the hand of the market, and rely on both the traditional and new engines of growth. We will let the market play a decisive role in resource allocation to foster a new engine of growth. At the same time, we will give better scope to the role of the government to transform and upgrade the traditional engine of growth.

我們說要打造新引擎，就是推動大眾創業、萬眾創新。中國有13億人口、9億勞動力、7000萬企業和個體工商戶，人民勤勞而智慧。如果把全社會每一個細胞都激活，就會使整個經濟肌體充滿生機，進而匯聚成巨大的推動力量。大眾創業、萬眾創新蘊藏著無窮創意和無限財富，是取之不竭的“金礦”。

To foster a new engine of growth, we will encourage mass entrepreneurship and innovation. China has 1.3 billion people, a 900-million workforce, and over 70 million enterprises and self-employed businesses. Our people are hard-working and talented. If we could activate every cell in society, the economy of China as a whole will brim with more vigor and gather stronger power for growth. Mass entrepreneurship and innovation, in our eyes, is a "gold mine" that provides constant source of creativity and wealth.

這使我想起30多年前的中國農村改革，放開搞活，讓農民自主決定生產經營，調動了廣大農民的積極性，結果只用了短短幾年時間，就解決了長期沒有解決的吃飯問題。制度創新激發了億萬人的創造力，也改變了億萬人的命運。兩個月前，我去了中國東部的一個村莊，那里有700多戶人家，卻開設了2800多家注冊網店，每天向世界各地售出超過3000萬件各類商品。這就是勤勞肯干大眾創業的生動寫照。

Speaking of this, I think of China's rural reform conducted more than 30 years ago. The reform brought farmers' initiatives into full play and allowed them to decide for themselves matters related to rural production and management. Consequently, the problem of hunger that previously haunted China was solved in just a couple of years. In short, a structural innovation that unleashed the creativity of the people changed the lot of hundreds of millions in China. I also think of a small village I visited two months ago in eastern China. In the village were some 700 households and over 2,800 registered online stores. Each day, more than 30 million items of various sorts were sold to different parts of the world. The story of the village speaks vividly of the hard-working Chinese people actively engaged in entrepreneurship.

今天的中國，需要開發活力的新源泉。活力來自多樣性，多樣性的碰撞產生智慧的火花，點燃創新發展的火炬。大眾創業、萬眾創新不僅能釋放民智民力，擴大內需和居民消費，增加社會財富，增進大眾福祉。更重要的是，讓所有人都有平等機會和舞臺實現人生價值，推進社會縱向流動，實現社會公平正義。

Going forward, China needs new sources of dynamism to carry development forward. Dynamism comes from diversity, which sparks wisdom and fosters innovation. Mass entrepreneurship and innovation serves to unleash people's ingenuity and power. It will result in greater demand and residents' consumption, greater social wealth, and greater welfare for the people. More importantly, it will bring opportunity for many and give people the stage to reach life's full potential. It will also bring about greater social mobility, equity and justice.

管制束縛創新，競爭促進繁榮。我們將進一步深化行政體制改革，繼續取消和下放行政審批事項，全面清理非行政許可，推行市場準入負面清單制度，為市場主體松綁減負。這也有利于壓縮尋租和腐敗的空間。我們將依法保護知識產權，盡力營造鼓勵進取、寬容失敗的環境，同時保護各類合法產權。

Excessive regulation discourages innovation, and healthy competition is the way to prosperity. We will deepen reform of the administrative system. This means we will continue to abolish or delegate to lower-level governments items previously subject to State Council review and approval. We will comprehensively sort out items requiring non-governmental review and approval, and put in place a negative-list approach for market access. This will incentivize market players, and help reduce the possibility of rent-seeking and corruption. We will protect intellectual property rights in accordance with the law, and do our best to foster an environment that encourages entrepreneurship and tolerates failure. Moreover, we will give protection to all sorts of legal property rights.

我們說要改造傳統引擎，重點是擴大公共產品和公共服務供給。中國經濟發展雖然取得很大成就，但公共產品與服務不足仍是“短板”。目前，中國人均公共設施資本存量僅為西歐國家的38%、北美國家的23%；服務業水平比同等發展中國家低10個百分點；城鎮化率比發達國家低20多個百分點。這當中蘊藏著公共產品與服務的巨大空間。增加這方面供給，屬于政府分內的職責，是改善民生的必要舉措，也是擴大內需的重要推手。

To transform the traditional engine of growth, we will focus on increasing the supply of public goods and services. China has made remarkable economic achievements, but inadequate supply of public goods and services remains a weak link in development. China's capital stock on public infrastructure, in per capita terms, is only 38% that of Western Europe and 23% that of North America. The development of its service sector is 10 percentage points lower than other developing countries at similar development stages. And its rate of urbanization is more than 20 percentage points lower than developed countries. This means a massive space for increasing public goods and services. To deliver such public goods and services to improve people's lives is the government's responsibility. They are also important ways to boost domestic demand.

今年，我們確定了包括中西部鐵路、水利工程、各類棚戶區和城鄉危房改造、污染防治等重點投資領域。政府在加大財政投入的同時，不再唱“獨角戲”，而是通過深化投融資改革，打破壟斷，吸引社會資金和外資參與，采取政府和民營合作（PPP）、中外合作以及政府購買服務等方式，放大投資效應。如近年中國西部省區建設一家污水處理廠，需要資金3.35億元人民幣，成功吸引德國一家水務公司參與投資，德方股比占到70%。

This year, we have identified some key areas for investment, including building railways in central and western provinces, constructing water conservancy projects, rebuilding rundown urban areas and old houses in cities and villages, and preventing and controlling pollutions. The government will increase investment in these areas, and it will not act alone. Efforts will be made to break monopoly and reform the investment and financing systems to encourage the participation of private and foreign capitals. The model of public-private partnership (PPP), Sino-foreign cooperatives and government purchase of services will be adopted to better leverage various investment sources. I have an example here to cite. A few years ago, the plan was made to build a sewage treatment plant in a province in western China, and a total of 335 million RMB yuan was needed. The project later attracted investment from a German water company, with the German side controlling 70 percent of the total shares.

我們將推進財稅改革，給企業尤其是服務型企業減稅降費，推出扶持中小企業的新舉措。深化金融改革，繼續推進利率、匯率市場化，加快發展中小金融機構特別是民營銀行，發展多層次資本市場。推動價格改革，大幅縮減政府定價種類和項目，最大限度放開價格管制。同時，注重發揮政府在“軟環境”建設中的作用，扮演好市場監管的角色，打造國際化、市場化、法治化的營商環境，為所有市場主體提供優質高效的公共服務。

Moving forward, we will deepen fiscal and taxation reform, reduce the tax and fees charged to businesses, particularly those in the service sector, and take new steps to support SMEs. We will deepen reform of the financial system, continue to promote liberalization of interest and exchange rates, and accelerate the development of small- and medium-sized financial institutions, private banks in particular, with a view to developing a multi-tiered capital market. We will speed up reform of the pricing system, substantially reduce the types and items for which the government sets the prices, and liberate price regulation to the maximum extent possible. More emphasis will be given to the government's role in creating a favorable "soft environment". That means better market regulation, a world-class business environment established on market principles and the rule of law. In this way, we will be able to provide efficient and quality public services to all market players.

女士們，先生們！

Ladies and Gentlemen,

中國改革與發展將給世界帶來更多商機。我們將進一步放寬外資準入，探索準入前國民待遇加負面清單管理模式，對中外企業一視同仁，重點有序擴大金融、教育、文化、醫療、養老等服務業對外開放，推廣上海自貿區經驗，讓各國投資者能挖掘出源源不斷的“富礦”。

China's reform and development will bring more business opportunities to the world. We will provide easier market access for inbound foreign investment, and explore the possibility of management based on a pre-establishment national treatment and negative-list approach. Chinese and foreign companies will be treated as equals. We will further open the financial, education, cultural, medical care, pension and other service sectors in an orderly way, and bring the experience of the China (Shanghai) Pilot Free Trade Zone to other parts of China. Our aim is to help investors from across countries find "rich mines" and reap steady returns from their investment.

我們還將創新對外投資合作方式，中國高鐵、核電、航空、電信等優勢行業“走出去”，對接當地市場需求，也是在國際市場競爭中接受檢驗。其中不少產品本來就是中外合作生產的，出口本身就是共同開拓第三方市場。我們提出“一帶一路”建設，愿與相關國家需求相結合，合作推進。

What is more, China will explore new approaches to investment cooperation with other countries. China's high-speed railway, nuclear power, aviation, telecommunications and other sophisticated manufacturing capacities are gradually being introduced to other countries. They could meet market demand of the recipient country, and stand the test of competition on the international market. Their export will also help open up third-country markets, as many of such products are made by joint ventures between China and a foreign country. China has put forward the initiatives to build the Silk Road Economic Belt and the 21st Century Maritime Silk Road. China hopes to work with other countries to advance these initiatives and ensure that they are brought forward in ways that meet the actual needs of countries concerned.

瑞士達沃斯是世界滑雪勝地。大家知道，滑雪有三要素：速度、平衡、勇氣。對中國經濟而言，就是要主動適應新常態，保持中高速度的增長，平衡好穩增長和調結構的關系，以壯士斷腕的勇氣推進改革。只要我們堅持改革開放不動搖，著力推進結構性改革，推動大眾創業、萬眾創新，擴大公共產品、公共服務供給，用“雙引擎”助力“雙中高”，中國經濟就一定能夠擺脫“中等收入陷阱”的“魔咒”，走上持續健康發展的軌道，同時為世界經濟帶來更大機遇。

Davos of Switzerland is a world-famous ski resort. As we understand, to be a good skier, one needs to do three things: go at the right speed, keep balance and be courageous. I believe this also holds true for the Chinese economy. What is important now for China is to adapt to the new normal. China will maintain medium-to-high speed of growth, keep a proper balance between steady growth and structural adjustment, and push forward reform with great courage and determination. China will stay firm in its commitment to reform and opening-up. It will focus on structural reform, encourage mass entrepreneurship and innovation, increase supply of public goods and services, and use the twin engines to ensure that the economy maintains medium-to-high speed of growth and achieves medium-to-high level of development. As long as we succeed in doing so, the Chinese economy will successfully overcome the "middle-income trap" and move ahead along the path of sustainable and sound development. This will in turn bring greater opportunities to the world economy.

我相信，只要國際社會攜起手來，堅守和平穩定的底線，秉持和諧相處的理念，激活開放創新的動力，就沒有克服不了的艱難險阻，我們賴以生存的這個世界就會迎來一個更加美好的未來！

In closing, I would like to call upon the international community to forge ahead and work in unison to uphold peace and stability, embrace harmonious coexistence, and boost the impetus for openness and innovation. By doing so, I am confident we will be able to overcome whatever difficulty or obstacle that stand in our way, and bring about a better future for the world that we all call home.

謝謝大家。

Thank you very much.