Last year, due to multiple factors, there were some unusual fluctuations in China's stock markets. Public departments took coordinated steps to stabilize the market and prevent any sustainable financial risk, and our measure achieved the desired result. As to what will the government do the next, with respect to the development of the financial markets in China, a few days ago, our newly appointed chairman of the China Securities Regulation Commission already give elaborate answers to that, so due to time constraints I will not spell them out here. Whether it is stock markets or bond and currency markets, they are after all markets, so we will continue to pursue market-oriented reform and establish a sound, legal framework for the operation of those markets. The government has the regulatory obligation, and we still need to improve our regulatory system in China. First, there needs to be full coverage of financial regulation, as we are seeing an increase in financial innovation products. Second, we need to step up coordination because all these financial markets and products are so highly interconnected, and such coordination must be authoritative. Third, responsibility must be matched with power; governments, departments and local authorities must perform their assigned possibilities conscientiously and promptly handle any possible latent risk, and also guard against moral hazards. Basically, we must sharpen our vision to exercise the most-effective regulation.
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