I think this topic is very good, and I agree with Mr.Prodi's view on the investment in the European market with caution. According to what has been said, the European population does not grow quickly, but it is an aging population. It’s known that the European savings also has increased, which will affect the production. Let's turn to different points of view. Asset management, or in other words, asset allocation is a very important topic in Europe.

Secondly, specifically to CMIG’s establishment of Asset Management Center in London, I used to be the president of Citibank and responsible for asset management of it. I think the best way for CMIG to enter the European market is to acquire the existing assets rather than start new business from scratch, because the latter is risky. If CMIG wants to acquire a company which has been established and operating for many years, joint venture, or other measures, is advisable. The specific operations can be talked about later.

My justification is that to enter a new field is of high risk, but to operate a well-established company indicates a successful step. The second choice and topic is what type of operation is to be taken. In addition, we have a lot of innovative tools, such as EDF in which you can use the equity or take different configurations to reduce the cost.I would like to say that despite the slowdown in economic growth in Europe, continuous progress is being taken. Even if there is no way to turn for the better, it also has two advantages, taking what has been mentioned as an example -- the growth rate of European population is slow, and the market pays close attention to the future.

Then, Europe has better savings. My clients used to be non Swiss people, such as Latinos who regard Europe as a symbol of strength and security. For example, Europe is perfect for regulation. To choose a country is not merely to choose the city and the building but to choose a regulator really. CMIG may not be known when it enters the overseas market, so from a regulatory point of view, CMIG may need to find a good regulator. These are two points I am concerned about.

Thus, Europe has huge potential. If there are well-operating companies, it is recommended that you go and see, and of course, these companies are not necessarily best at first glance. You can choose to explore a new industry, but I personally hold that to start a new industry is risky.