Good morning, ladies and gentlemen. Welcome to Shanghai to attend the first conference of Asian Institutional Investors Alliance (AIIA). I would like to represent the CMIG and AIIA to welcome all of you. As we all know, the global economy in 2016 is still in a slow recovery period. Over the past nine months, we have noticed the growth of the world's major economies remain weak. The expected impact of an increase in interest rates by the Federal Reserve System made the international market more volatile, while Britain's departure from the European Union (EU) also brought a lot of uncertainty to the future of European and the world economy. Since  China’s economy is slowing down in the new normal of medium high speed, the Chinese government is committed to achieving the balance between supply-side reform and steady growth and has achieved initial success. But for now, China’s economy is still facing a huge downward pressure. I think only by cooperating in group, synergizing the capital and sharing resources with good partners, can we manage to break through in the current marker environment. Thus, CMIG led to set up the AIIA with such hope and vision.

The mode of fighting-along is no longer suitable for the unpredictable market environment today, and only with cluster development, can the company play a competitive advantage and achieve win-win cooperation. As a bridge between the capital and the market, we will focus on seeking quality investment target for investors and constantly looking for new growth point and breakthrough point.

The AIIA gathers top institutional investors in Asia, including wealth funds, long-term investors and private equity funds, and strives to provide all parties with a wide platform so as to achieve resource sharing, advantage complementation and interchange of ideas. We are committed to making AIIA a global institutional investor platform with regional characteristics.

We are dedicated to “synergizing the capital, sharing resources and implementing win-win cooperating” and follow the principle of “equality, cooperation and innovation” to comprehensively promote the communication and cooperation between enterprises and institutional investors from three aspects.

First, we call on and encourage members to cooperate and communicate with each other, and create a fair competitive environment in the financial market through the establishment of effective dialogue mechanism. We hope that by carrying out cooperation, training and exchanges, AIIA members thoroughly develop cooperation on joint development, joint investment and information resource sharing, etc.

Second, we will regularly provide the latest research and analysis reports on the development and future trends of world economy and financial market. At the same time, AIIA will hold joint meetings and roundtable forums on regional economic development, investment opportunities and other issues, and provide members with new ideas on enterprise management and decision making by collecting first-class views and stimulating thinking.

Third, we will actively expand external exchanges and cooperation, and build a bridge of communication for financial institutions, government, regulatory agencies, media and other parties. With effective communication mechanism and a wide range of synergies, the Alliance will lead its members to constantly strengthen the impact and voice within the regional economies. Distinguished guests, the mode of fighting-along is no longer suitable for the unpredictable market environment today, and only with cluster development, can the company play a competitive advantage and achieve win-win cooperation. As a bridge between the capital and the market, we will focus on seeking quality investment target for investors and constantly looking for new growth point and breakthrough point. Partners of the Asian capital market, let us join hands to make unremitting efforts to create sustainable and mutually beneficial mode of development, build an interconnected platform and jointly start a new echo of cluster development.

Finally, I would like to represent the CMIG to wish the first conference of the AIIA a complete success! Once again, thank you for coming. I hope you all have a good time in Shanghai.Thank you!