In the long run, I believe that China may move up the value chain of manufacturing and services in a substantive way, or through the upgrading of industries and technologies, thereby establishing its position in the global industrial and service chains. For instance, the service industry may move from basic consumption such as retail and catering in the past to high value-added fields such as finance, technology, research and development design in the future.

We believe that artificial intelligence, semiconductors and green energy will become the key driving forces for medium and long-term development. Meanwhile, looking ahead to future economic development, the expansion of the consumption base, as well as artificial intelligence and automation, will drive the steady growth of total factor productivity, which will to some extent offset the impact of the slowdown in capital formation.