[Gao Feng]: Dear friends from the media, good morning! Welcome to the online press conference of the Ministry of Commerce. Today we have: Mr. Zong Changqing, Director of the Department of Foreign Investment Administration and Mr. Zhu Bing, Deputy Director of the Department of Foreign Investment Administration. I am Gao Feng, host of today’s press conference, Deputy Director of the General Office and spokesperson of the Ministry of Commerce. At today’s press conference, Mr. Zong Changqing will introduce to you the work done by the Ministry of Commerce in responding to the epidemic and stabilizing foreign investment. Then the two speakers will answer the questions raised by the media. Now, I will give the floor to Mr. Zong Changqing.
[Mr. Zong Changqing]: Dear friends from the media, good morning.
I will introduce the relevant information from two aspects.
I. A series of decisions and deployments of the CPC Central Committee and the State Council on stabilizing foreign investment since the outbreak of COVID-19
At the work deployment meeting on jointly coordinating the prevention and control of COVID-19 in tandem with economic and social development on February 23, General Secretary Xi Jinping clearly required that we should stabilize the fundamentals of foreign trade and foreign investment, encourage local governments to put equal emphasis on promoting growth and stabilizing stock, make efforts in attracting, securing and stabilizing business, and consolidate the confidence of foreign investors in long-term investment and operations. On February 12, March 4, March 18, and March 27, General Secretary Xi Jinping chaired four meetings of the Standing Committee of the Political Bureau of the CPC Central Committee at which he all put forward requirements for stabilizing foreign investment. These requirements are: to attract large foreign investment projects, to implement foreign investment law and supporting regulations, to optimize the foreign investment environment, and to protect the legitimate rights and interests of foreign investors; to promote the resumption of work and production while further opening up, to actively help foreign invested enterprises solve the difficulties in resuming work and production, to implement major iconic foreign investment projects and expand the opening up of service industries such as finance; to keep the international supply chain unblocked, innovate service models for investment and business promotion and exhibition, and ensure the normal operation of various economic and trade activities. On March 26, at the Extraordinary G20 Leaders' Summit on COVID-19, President Xi Jinping pointed out that we should comprehensively strengthen international cooperation, unswervingly expand reform and opening up, relax market access, and continuously optimize the business environment.
Premier Li Keqiang chaired the executive meeting of the State Council on March 10 to study and determine six new measures for stabilizing foreign trade and foreign investment; on March 13 he inspected the coordination mechanism for foreign trade and foreign investment, and required further reform and opening up to stabilize the fundamentals of foreign trade and foreign investment. Vice Premier Hu Chunhua presided over the Video and Telephone Conference for National Commercial System to Respond to COVID-19 and Do Well in Commercial Work on February 28 and pointed out that we should stabilize the stock of foreign investment and production capacity, implement major foreign investment projects, and innovate methods for attracting investment and business.
II. Policies and measures issued by the Ministry of Commerce to implement the decisions and deployments of the CPC Central Committee and the State Council
The Ministry of Commerce has earnestly implemented the decisions and deployments of the CPC Central Committee and the State Council, established and improved the coordination mechanism of foreign trade and foreign investment, strengthened cross-department and cross-region coordination, fully supported the resumption of work and production of foreign invested enterprises, and strengthened the service guarantee for foreign invested enterprises. We have issued a series of policies and documents such as the Circular on Actively Responding to COVID-19 and Strengthening the Services and Investment Attraction of Foreign Invested Enterprises, the Circular on Responding to COVID-19, Stabilizing Foreign Trade and Foreign Investment, and Promoting Consumption, the Circular on Promoting the Orderly Resumption of Work and Production of Enterprises in the Commercial Field on the Premise of Epidemic Prevention, and the Circular on Making Good Use of Special Funds for Domestic and Foreign Trade to Stabilize Foreign Trade and Foreign Investment and to Promote Consumption, which have been playing important guiding roles.
Recently, the Ministry of Commerce has launched some new policies and new measures around the new deployments and new requirements of the CPC Central Committee and the State Council, mainly including the following four aspects:
First, on March 23, the Ministry of Commerce and the Export-Import Bank of China jointly issued the Circular on Responding to the COVID-19: Related Work on Supporting the Construction of the Border (Cross-border) Economic Cooperation Zones and Promoting the Innovative Development of Border Trade. This is the first targeted document issued in recent years in the financial field of border and cross border cooperation zones, which aims to intensify "blood transfusion" and solve the urgent problems faced by enterprises in resuming work and production such as capital turnover and financing expansion.
Second, on March 24, the Ministry of Commerce issued the Circular on Coordinating the Prevention and Control of Novel Coronavirus Pneumonia in Tandem with Economic Development and Working Hard in National Economic and Technological Development Zones. The Circular proposes 10 work requirements such as promoting the resumption of work and production; strengthening policy support; improving the review and evaluation mechanism; deepening the reforms of delegating power, improving regulation and upgrading services; and strengthening investment promotion. It also proposes to promote the national economic and technological development zones to make more progress in key work such as opening up further and attracting foreign investment so as to play a greater role in the work of "six stabilizations", especially in the stabilization of foreign trade and foreign investment.
Third, on March 27, Vice Minister of Commerce and Deputy China International Trade Representative Wang Shouwen presided over the 2020 National Foreign Investment Work Conference & Video and Telephone Conference on Responding to the Epidemic and Stabilizing Foreign Investment. The meeting conveyed a series of recent decisions and arrangements by the CPC Central Committee and the State Council on stabilizing foreign investment, requiring the national commercial system to think and act according to the guidelines of General Secretary Xi Jinping's important speeches and the decisions and arrangements of the CPC Central Committee. Considering the current severe situation of stabilizing foreign investment, the meeting has clarified the specific work from both the central and regional levels in six key aspects including promoting the resumption of work and production of foreign-invested enterprises, driving the implementation of policies to stabilize foreign investment, implementing the information reporting system, improving the level of investment promotion and investment attraction, promoting the construction of various opening-up platforms, and continuously optimizing the foreign investment environment. At the meeting, seven provinces also introduced their main experience and practices of stabilizing foreign investment in response to the epidemic this year, which aims to promote mutual learning among provinces and continuously improve their work level.
This comprehensive document has 4 outstanding features:
First, it insists on combining reform and opening up with stabilizing foreign investment. General Secretary Xi Jinping pointed out that it is necessary to promote the resumption of work and production in the process of expanding opening up, and to do a good job in stabilizing foreign investment. Premier Li Keqiang emphasized that greater efforts should be made in reform and opening up and in stabilizing the fundamentals of foreign trade and foreign investment. Thoroughly carrying out the central government's decisions and arrangements, the Circular proposes 5 policies and measures to deepen the reform of delegating power, improving regulation and upgrading services, 6 policies and measures to expand opening up, and 11 measures on reform and opening up, which has fully reflected the guidelines on stabilizing foreign investment in the process of reform and opening up.
Fourth, on April 1, the Ministry of Commerce issued the Notice on Further Reform and Opening up and Stabilizing Foreign Investment in Response to the COVID-19 Outbreak. The Notice proposes 24 measures to stabilize foreign investment from 5 aspects including giving full support to foreign-invested enterprises to restore normal production and operation order, promoting a higher level of opening up, further advancing the reform of delegating power, improving regulation and upgrading services in the commercial sector, strengthening the work on foreign investment services and promotion, and continuously optimizing the foreign investment environment.
The launching of this document is mainly based on three points: first, the development of the epidemic has undergone new changes and new characteristics, which need to be dealt with in a timely manner. Second, the CPC Central Committee and the State Council have made new arrangements and requirements for stabilizing foreign investment, which need to be implemented concretely. Third, the policies and measures already issued by the Ministry of Commerce need to be further strengthened and improved. Therefore, compared with the previous policies and documents to stabilize foreign investment, this document is a comprehensive one for our ministry to guide the current and annual work on stabilizing foreign investment.
Second, it adheres to the combination of problem orientation and goal orientation. The Circular not only puts forward specific and targeted measures to solve the outstanding problems currently faced by foreign-invested enterprises, including accurately solving the difficulties confronted by the foreign-invested enterprises in resuming work and production, and promoting the construction and landing of major foreign-invested projects, which reflects problem orientation. It also focuses on the goal of stabilizing and expanding the utilization of foreign investment throughout the year, and puts forward a series of measures such as optimizing the environment for foreign investment, innovating ways of attracting foreign investment, and promoting the construction of opening-up platforms, which embodies goal orientation.
Third, it persists in the combination of stabilizing the stock and boosting the increment. The Circular proposes to provide better services for existing foreign-invested enterprises, ensure that foreign-invested enterprises enjoy various supportive policies on an equal footing, and provide "one-on-one" help for enterprises to solve personalized problems so that enterprises can survive and develop well. At the same time, it is also necessary to strengthen the promotion of foreign investment, to increase efforts to attract foreign investment, and to promote the signing of major foreign investment projects, so as to better facilitate the increment of foreign investment, and enterprises are encouraged to use undistributed profits to expand reinvestment which is not only to stabilize the stock, but also to promote the increment.
Fourth, it sticks to the combination of measures at both international level and domestic level. In view of the adverse impact of the spread of the epidemic on global investment and trade activities, the Circular proposes to strengthen the construction of the rule of law, to boost the efforts in the implementation of the policies to stabilize foreign investment, and to protect the legitimate rights and interests of foreign investors, so as to create a better domestic investment environment. At the same time, it proposes to strengthen the construction of multilateral and bilateral investment promotion mechanisms, to emphasize the international coordination and cooperation in epidemic prevention and control in tandem with economic and trade exchanges, and to continuously promote investment liberalization and facilitation, so as to create a sound international environment for China to stabilize foreign investment.
The specific contents of the Circular have been published on the Internet, and you are welcome to look it up.
That is the information I would like to release. Thank you!
[Gao Feng]: Thank you, Mr. Zong Changqing, for your introduction. Next, let's move on to the Q&A session. Please ask questions around the theme of today's press conference. The floor is now open.
Xinhua News Agency: How are FIEs in China resuming work and production? What are the latest trends in FDI? What’s the impact of the coronavirus pandemic overseas on foreign investment attraction?
Zong Changqing: FIEs are resuming work and production at a faster pace as shown by the foreign trade and foreign investment coordination mechanism. As of March 30, 66.9% of the 8,756 key FIEs have resumed over 70% of their production capacity, while only 14.5% of businesses have resumed less than 50% production capacity. By sectors, manufacturing FIEs resumed production and work rather fast, with seven out of ten resuming over 70% of production capacity; in the service sector, six out of ten FIEs have regained over 70% of the normal turnover level.
Regarding the second question, while economic and social orders are returning to normal more speedily in China as the outbreak is gradually brought under control, the pandemic is spreading rapidly overseas, having additional negative impact on FDI attraction and work and production resumption of FIEs in China. The impact is mainly felt in four aspects: first, shortage in domestic workers has eased while return of foreign employees becomes the bottleneck. Though domestic workers are returning to work at a faster pace, foreign executives and technicians face more restrictions in leaving their borders for China; second, logistics barriers mainly come from abroad, not from home, following ports shutdown and flight suspension in many European countries and America. As a result, air transport capacity has been halved and cost has surged; third, disruption to supply chains is also shifting from China to foreign countries. As domestic industrial chains and supply chains recover expeditiously, factory closure in Europe, the US, Japan and South Korea has caused supply shortage of high-tech middlewares and new materials that FIEs need. Fourth, difficulties with export orders has shifted from insufficient capacity to shrinking demand overseas. While domestic companies are resuming production capacity, orders have been withdrawn or delayed because of faltering demand overseas, taking a new toll on business growth.
Considering the deterioration of the pandemic, the UNCTAD Global Investment Trends Monitor on 26 March adjusted the forecast of March 8 for FDI decline from 5%-15% in 2020 to 30%-40% for 2020-2021. The shrinkage of the “pie” is likely to intensify global competition for FDI.
President Xi Jinping noted that at this crucial moment, it’s imperative to view China’s development through a comprehensive, dialectical and long-term lens and remain confident and determined. I wish to emphasize that the fundamentals sustaining long-term sound development of the Chinese economy have not changed; the magnetic attraction of the enormous Chinese market has not changed; China’s comprehensive advantages in full-fledged industrial chains, human resources, and sound infrastructure have not changed; FIE’s confidence in long-term investment and operation in China has not changed. Under the strong leadership of the CPC Central Committee with Comrade Xi Jinping as the core, we have every confidence and resolution to maintain foreign trade stability for the whole year.
Some experts and analysts believe that China, the first to bring the epidemic under control, is likely to become the anchor and driver to global economy this year. A survey of AmCham China on March 25th found that 40% of members will increase investment to China as planned, 17 percentage points higher than the result of February, indicating that FIEs have stable prediction for investment in China and are gaining confidence rapidly. Thank you.
CGTN: Could you share with us the best practices to maintain FDI stability by different localities, especially coastal regions during the epidemic? How well are they working?
Zhu Bing: Since the epidemic broke, MOFCOM has introduced a range of policy documents to stabilize FDI in response to the decisions and instructions from the CPC Central Committee and the State Council. Experience and best practices of provinces are also disseminated. On February 14th, we published the Letter on disseminating the best practices of Shangdong province to accelerate work and production resumption of FIEs and attract FDI, in the hope to share 19 policy measures of Shangdong province, which served as a good reference to many other provinces. As of today, 24 provinces have published 45 policy documents to stabilize FDI in light of their local conditions, among them eight were released by provincial Party Committees or governments, three were jointly published by MOFCOM, MOF, and NDRC, 34 were issued by commerce departments. Various measures in these documents have been implemented in real earnest, delivering positive results for stabilizing FDI.
Under the three-tiered service coordination mechanism at provincial, municipal and county levels in Jiangsu province, the supporting companies resumed production in tandem with many multinationals like Honeywell and LG Chem. 118 foreign-invested projects were signed since the start of the outbreak, with an expected investment of USD14.36 billion. Starbucks Coffee Innovation Park, among other flagship projects, has been launched.
Shangdong province, guided by MOFCOM, pushed 32 supporting companies of Hyundai to resume production timely, and received a letter of thanks from South Korea Ministry of Trade, Industry and Energy. Shangdong also sent requests to 21 provinces and cities for cooperation in the resumption of production, and adopted a one-on-one approach to follow the resumption of work at 202 supporting companies of 45 FIEs in the province.
Thanks to the direct link mechanism between governor and multinationals, Guangdong has resolved the requests from over 50 FIEs this year. It is closely following and moving forward major projects that are under discussion or construction, such as those of BASF, ExoonMobil, CNOOC-Shell JV phase III.
Shanghai visited the regional headquarters of all 720 multinationals in its jurisdiction, contacted nearly 70% of FIEs in Shanghai to help them with access to anti-viral supplies, coordinated resumption of upstream and downstream industries, logistics and delivery, and financing. 546 of the 553 requests from businesses have been resolved.
Zhejiang leveraged the strength in online platforms to hold online business attraction and matchmaking events. The switch from face-to-face meeting to screen-to-screen discussion helped them to remain in contact and retain projects. Through virtual deal-making ceremonies, Zhejiang recently attracted 74 foreign-invested projects with a total investment of USD6.211 billion.
Going forward, we will encourage local governments to improve services to FIEs, create new ways to attract FDI, and introduce matching policies to stabilize FDI. We will monitor their work progress, identify and disseminate the creative ideas and practical measures so that they can learn from each other and jointly contribute to the stability of FDI. Thank you.
21st century business herald: What are the best practices of national economic development zones, known as important opening-up platforms, for epidemic control and treatment, business resumption, and stabilizing foreign trade and foreign investment?
Zhu Bing: You rightly said that national economic development zones (NEDZ) are important platforms for opening-up and industry clustering. The 218 NEDZs account for one fifth of China’s actual import and export, utilized FDI, and industrial value-added, playing a significant role in economic and social development. This year, under the guidance of MOFCOM, the NEDZs have adopted numerous and targeted measures to support business resumption while ensuring the outbreak is kept under control. By the end of March, over 95% of businesses above the designated size had resumed work and recovered over 80% of capacity. This is the result of best practices on three fronts:
First, the NEDZs drafted policies to support businesses. The Economic Development Zones in Guangzhou, Tianjin, Ningbo and Wuhan tried to ease the funding crunch and stabilize employment for businesses with unemployment insurance refund, subsidized loans, property rentals reduction or exemption, and lower energy cost.
Second, they enhanced coordination to ensure smooth flows. Suzhou Industrial Park helped to coordinate over 60 supporting companies of its resident companies, either in or out of Jiangsu province, to resume work and ensure timely order delivery. Nanchang economic development zone proactively mobilized logistics resources to help its resident companies make shipments through China-Europe freight train services.
Third, they created new ways to attract businesses. Video conferences and other online channels were used to follow the projects under discussion and push for the implementation of major projects. The NEDZs in Xi’an and Zhenjiang held virtual contract signing ceremonies that witnessed the signing of around 30 projects worth over 30 billion yuan.
Going forward, MOFCOM will continue to guide NEDZs in implementing the principles of the No.11 document of the State Council 2019 and the conference on promoting innovation in NEDZs held in Guangzhou. Following the ten-point arrangement of the Notice on controlling the epidemic while promoting economic development and the work of the NEDZs issued by MOFCOM, we will take a holistic approach to epidemic control and economic development, ensure full implementation, and incentivize NEDZs to play a greater role in maintaining foreign trade and foreign investment stability this year.
Yicai: The pandemic has brought challenges for stabilizing FDI in 2020, but we also see that Tesla and Starbucks still recognize China as a major investment destination. From your perspective, how to stabilize FDI in 2020? What measures will be taken to secure services for major foreign investment projects?
Zong Changqing: The Notice on Further Reform and Opening up and Stabilizing Foreign Investment in Response to the COVID-19 Outbreak just released by MOFCOM put forward 24 measures covering 5 aspects. The notice represents the basic thoughts and main measures for MOFCOM to stabilize FDI following the requirements of the Party Central Committee and the State Council. I will not go into detail here and mainly address the second question.
The Party Central Committee and the State Council have attached great importance on major foreign investment projects. On February 23, general secretary Xi Jinping put it clearly in his remarks that it is encouraged to maintain a stable stock while boosting the increment and major foreign investment projects should be well implemented. Premier Li Keqiang inquired about the construction status of major foreign investment projects and raised clear requirements during his inspection of the coordination mechanism on foreign trade and investment.
MOFCOM has kept a close eye on securing services to major foreign investment projects together with local commerce authorities, monitor and trace the dynamic process with a tally to hold people responsible accountable. 238, or 98.8 percent of the 241 large foreign-funded construction projects now underway have resumed construction.
Corresponding working mechanisms are rolled out at local levels to facilitate the fulfillment of major foreign investment projects. Zhejiang province established a special three-tiered mechanism on major foreign investment projects at provincial, municipal and county levels and issued its Plan on Promoting Major Foreign Investment Programs in 2020 to accelerate major projects of over 100 million US dollars in a coordinated manner with reassurances in material supply and preferential policy support. Jiangsu province established a coordinated mechanism between province and municipalities to facilitate foreign investment with a "through-train" program for major foreign investment projects. Shanghai has fully utilized the "corporate round-table conference mechanism" to timely address the problems and difficulties encountered in advancing the projects. Shandong province implemented a “service ambassador” mechanism for key FIEs to offer point to point services.
Going forward, MOFCOM will focus on securing services for major projects of over 100 million US dollars together with relevant and local authorities, upgrading relevant working mechanisms, and maintaining a stable stock while boosting the increment. We will scale up efforts to attract foreign investment and reinvestment, facilitate the construction and fulfillment of major foreign investment projects and make greater contributions to stabilizing FDI. Thank you.
China News Service: The 2020 National Working Conference on FDI and the Teleconference on Stabilizing FDI in Response to the COVID-19 Outbreak proposed to offer better services for existing FIEs. What specific measures will be taken?
Zhu Bing: To fulfill the deployment of the Party Central Committee and State Council to stabilize FDI, since the outbreak, with relevant local authorities, MOFCOM has stepped up service levels for FIEs in the following three areas: first, improve working mechanisms to help enterprises resume production, closely monitor the progress, set up tallies to timely spot and address problems and difficulties encountered during the resumption of work; second, strengthen vertical coordination to address the problems with better top-down communication and guide local commerce authorities to coordinately address the cross-region work resumption. Take the auto industry with a relatively a long industrial chain for example, we coordinated over 20 key part suppliers in Hubei province for BMW, Volkswagen, Hyundai, and other carmakers to restart production, which effectively relieved the intense pressure for the global motor supply chains; third, strengthen horizontal coordination to address problems across departments. Together with over a dozen relevant authorities including the Ministry of Foreign Affairs and NDRC, MOFCOM has held five teleconferences with the American Chamber of Commerce in China and the EU Chamber of Commerce in China to answer their inquiries concerning the resumption of production for hundreds of foreign-funded enterprises. Together with the Civil Aviation Administration of China (CAAC), we have set up platforms connecting FIEs and air carriers, responding to the pressing logistic needs of Samsung, Intel, Del, and other electronic enterprises.
Going forward, we will keep working hard to serve FIEs. First, FIEs and their upstream and downstream enterprises will get support to resume production; second, accelerate the building of the foreign investment service system, improve the foreign investment public service platform to better facilitate foreign investors and FIEs; third, step up protection for foreign investors' rights and interests and ensure the relief policies get equally applied to both domestic and foreign-invested enterprises by reaching out to them.
Gao Feng: Due to time limits, we will take one last question.
Reuters: China has introduced a series of measures to stabilize FDI since the outbreak. As the global pandemic is still spreading, in February alone, China ’s FDI plunged by double digits year-on-year. I would like to ask what other measures would be taken to stabilize FDI?
Zong Changqing: Just now, I introduced that the next steps to stabilize FDI will integrate reform, opening up and FDI stabilization, focus on the problems and targets, maintain a stable stock while boosting the increment, and address both international and domestic work. Thus, we will continue to make efforts in the following 5 areas:
First, further opening up to stabilize FDI. Ramping up efforts to shorten the negative lists of administrative measures for the admittance of foreign investments and keep expanding market access for foreign investment; speeding up the revision of the Catalogue of Encouraged Foreign Investment Industries, adding more encouraged industries. Thus, to further release the signal of opening up to boost investor confidence. Meanwhile, service industries, NEDZs, pilot FTZs and other platforms for opening up are promoted to open wider to the outside world.
Second, keep deepening reform to stabilize FDI. Approval from or filing with commerce authorities is no longer required for the establishment and change of FIEs in China to further consolidate the achievement of FDI management regime reform. The information reporting system is enforced to turn prior management into supervision, maximizing FDI facilitation. I’d like to add a few words on the FDI management regime. In the past, following Law on Chinese-foreign Equity Joint Ventures, Law on Chinese-foreign Contractual Joint Ventures and Law on Foreign Capital Enterprises, MOFCOM conducted “case by case approval” producers for the establishment and change of FIEs. After the 18th CPC National Congress, China set up pilot FTZs to introduce an administrative regime of pre-establishment national treatment plus negative list for foreign investment within the zones and filing procedures replaced approval ones for the establishment and change of FIEs beyond the negative list. In September 2016, the experiences of pilot FTZs were promoted nationwide by submitting Law on Chinese-foreign Equity Joint Ventures, Law on Chinese-foreign Contractual Joint Ventures and Law on Foreign Capital Enterprises to the standing committee of NPC to amend. Foreign Investment Law became effective on January 1, 2020, marking an end to the approval and filing procedures for the establishment and change of FIEs. A shift from prior management to supervision will facilitate foreign investment.
Third, keep optimizing environment to stabilize FDI: properly implement the Foreign Investment Law and its supportive regulations, continue to have the “establishment, revision and repeal”of regulatory documents, and to foster a more stable, fairer, transparent and predictable investment environment; implementing fair competition mechanisms to ensure FIEs can equally enjoy state supporting policies and have equal access to government procurement and the standard-setting work; revise the complaint and settlement mechanism for FIEs to improve the regulations for complaints and better protect the legitimate rights and interests of foreign investment.
Fourth, keep improving services to stabilize FDI: the State establishes and improves a system serving foreign investment with “all-encompassing” services to address common concerns reflected by enterprises and "one-on-one" services to respond to specific concerns. We aim to provide each and every FIE access to efficient, convenient and quality government services.
Fifth, keep implementing policies to stabilize FDI. Our survey finds that nearly 30% of FIEs know little of the pandemic supporting policies enacted by the state and local governments and some 20% of FIEs were told not in a position to enjoy those policies, which demonstrated the weakness in enforcing the polices. According to our calculation, over 90% of the FIEs are small and medium-sized enterprises and most of them could benefit from our state supporting policies. 84,000 FIEs engaged in foreign trade could also enjoy state policies on stabilizing foreign trade. Going forward, MOFCOM will scale up efforts to implement those policies together with relevant authorities and regions by promoting interpretation of policies aimed to relieve the pressure facing the enterprise and applying them equally to FIEs.
We believe with such a five-pronged approach, more and more foreign businesses will choose to invest in China. Thank you.
Gao Feng: Today’s press conference is concluded. Thanks go to the two spokespersons and friends from the media. We will respond to other questions after the conference in an appropriate way. Thank you.