If you're looking to make more profit on each sale then this video is for you because here I'm going to be talking about the top 10 furniture products to sell on your dropshipping stores so that you can make a killing in this evergreen niche but not only that each sale will bring so much profit because here we're talking about expensive products medium to high ticket price ranges so watch this quick intro and let's go. What's up everyone hope you're all having a wonderful day today my name is Duran from AutoDS I'm the content manager and I've also been dropshipping for the last several years and in this video I'm going to share with you guys the top 10 furniture products that you should be selling on your dropshipping stores if you want to make it in this niche and this is a great category to sell one reason for that is because we are talking about medium to high ticket price ranges which means we are making a lot more profit selling these products making a 20 30 40 profit awful products that sell for 300 500 even a thousand dollars we're going to make a lot more profit selling these products rather than selling products for 10 and 20 dollars on the other hand you might sell 10 to 20 dollars products a lot more because people enjoy buying cheaper products but when you do get these sales on these furniture products and when you get this video when you understand all of the formula that I'm going to pass to you guys how to get these products what products we're talking about and how to increase your chances of selling you will notice that you will also sell high ticket items like these furniture products too and you will make some great profit along the way and then you'll come back here to thank me for that in the comments below one second before that if you are new to a youtube channel this is the kind of content that we are always passing out at least twice a week so make sure to subscribe enable those notifications and let's go the first product that I want to recommend to add to your dropshipping stores in the furniture category are outdoor patio furniture sets now remember all of these products that I'm passing on in this video and in other product finding videos or product research videos we are getting this information from our very own ai at autods we've got so much data there and I'm also mixing in some of my own personal experience we're talking over five years of personal experience so enjoy this free value so outdoor patio furniture sets this can come in tables chairs only chairs only tables or a combination of them both let's see exactly what we're talking about so I'm just going to take this title from the blog below which I'll leave a link to the blog right below this video where you can see all of the products that I'm talking about but do stay tuned in this video because there's a lot more valuable information that I'm passing on here so I'm just going to search for this phrase in any one of our supported suppliers and in autods we support over 25 and counting at this point here they are so I'm going to start with more of my personal favorite which is amazon and amazon is always going to be on my top personal favorite list of suppliers that I can drop ship from just because of the range the prices the shipping times and the easy returns so outdoor patio furniture set this is what we're looking at and as you can see from the prices here we're talking about high ticket prices and just from the reviews here you can kind of get an example of how many people are buying this product so outdoor patio furniture sets now the strategy is to add at least 20 products from this product line this way you'll be able to analyze which products are selling well which products are not doing such a good job and this way you will delete those continue adding more products similar to the ones that are selling and that way you'll always learn what to import to your stores what is not going to sell and the more you work at this the better you'll get at it so outdoor patio furniture sets number one on our list let's move on to product number two on number two we've got computer desks now this is another general category the very general category here the first one will be desk then we've got computer desks over here you can still break it down some more let me show you some examples this time let's maybe go to the home depot so here we go as you can tell we've got corner computer desks that go on the corner so here you got one wall and here you've got another wall then you've got regular standard computer desks that look like this some come with a drawer down here for the keyboard and more cupboards and drawers down here and some come with less more minimalized but the point here is you can import so many different types in different materials different shapes different sizes and of course we're talking about medium to high ticket products coming with expensive prices which means we are going to profit that much more by selling these products now one of the things that I like the most about furniture products is it's hard to copy and paste the same product that you can find here in other places so when you're selling them on your ebay store on your facebook store on your Shopify store it's going to be hard for the buyer to see this product and look for the same exact one at his local store or at any other shop so don't forget to optimize your titles optimize your product descriptions make yourself unique and stand out come with a better marketing angle than your competitors and this way you will stick out and you will earn that sale now let's move on to number three we've got sofas and couches this is a very general niche so you're going to have to break this one down a little bit so let's search it up with one of our suppliers on another one of our suppliers this time let's just go with aliexpress and it really doesn't matter which supplier you're going with when you're doing product research you want to search up as many suppliers as possible and get the best products from the best suppliers that you saw from there for example if i don't see anything nice here at aliexpress and what i'm seeing here is more like covers for sofas doesn't look like products that are coming from china or maybe even stored in us warehouses doesn't look like aliexpress is really specializing here and that's one reason why i told you guys that you need to search with multiple suppliers so this time let's go to walmart sofas and couches so i already searched up four different suppliers in just the last couple of minutes in this video and as you see here walmart has a nice range of sofas and couches and here once again we're talking about different materials different sizes we've got those that can fit for two people three people four people sofas that come in a regular shape sofas that come in l shape sofas that can even come in u shape forms so sofas and couches can go on and on and on simply import 20 of them to your dropshipping stores go with those that do have sales and reviews like this one for example and if you see products with variations import them to your stores too you can either import each variation as its own listing in that way you'll stand out or import the whole listing with all of the variations inside so you'll have one listing with several variants inside let me show you guys a neat little trick once you see that a certain niche or a certain category is selling well for you and you want to add as many of them to your store without wasting too much time this is how you're going to do that if you can see here this circle this is the autods extension if you don't have the autods helper extension simply write autods helper on google it should be the first result you'll make it to this page add the extension right here once it's installed go back to your supplier page and you'll notice that circle that i was talking about then what you're going to do is search for whatever niche whatever category you want to add to your stores and here i'm talking about adding products in bulk not just adding one product if you want to add one product that's also very very simple simply go inside the listing or you can click on this little icon that you can see here on the top left of the thumbnail this is the one click importer as soon as i click on it it will import the products to my store and if you have several dropshipping stores then if you see the autods icon right up here i'm going to left click on it then choose whichever store i want to add products to when i use that one click importer so in this example let's say i want to add it to bestshopusa to my facebook store and also to nightlight stores so i'm going to click there too now you can see these three stores are highlighted so once i click that button it's going to add them as a draft to all three of those stores and i can also find that button inside the product listing as you can see right over here the import to autods button will always show up on top of the products title so this is the one click importer and as soon as i click on it as i've mentioned it will end up on the draft section of my store which is right here so what we're going to do now is do it the bulk way because you notice that a certain category is selling well for you and you want to add as many of them as you can to your store and just test out a whole bunch of more products so what you're going to do is as you see here we search for sofas and couches only aliexpress didn't give us such good results so let's go back to where it was good which is walmart then here we're going to click on the autods circle next we're going to click on extract make sure that you scroll down all the way on the page so that all of the products will load up now as you see we've got 46 products inside the extension that's all of the products that we are seeing here they're product ids then we're going to click on export as csv and as you can see a walmart export csv file has been downloaded onto my computer what i'm going to do next is head over to the autods platform on the left side i'm going to click on add products then instead of just adding the bi url or id which is as simple as taking the product from the url and copying it but then i'll only import one product and i want to import more so you can use the import to autods button as i showed you before you can copy the whole url and paste it to the bi url or id or you can import products in bulk which is what i'm showing you in this demonstration click on upload csv and here you can drag and drop that csv file or double click on it to open up your browser window navigate to that file double click on it processing csv and in less than one second file is uploaded here make sure that the supplier is correct so in this case we went with walmart and the region is the united states advance options choose whatever is good for you then you can choose if you would like to add them all as a draft to the draft section of your store which i just showed you and then you can optimize all of the products titles descriptions variants prices automation settings and everything else optimize the products as much as possible so that they will look good and you will differentiate yourself from the competition and then you can import them to your drop shipping stores and then they will go live anyone can go in and start buying those products or you can click on this little arrow and create and publish simply publish them to your stores as is or you can schedule them for a later date and time by that time you can optimize your products and do whatever you want with it or edit the upload settings so in this case you're going to go through all of the configuration automation settings and all of that before adding them as a draft or importing them to your stores so in any case let's just go with add as a draft click on that and all of those products will be added to the draft section of your store and it is that simple now if i click on drafts i have right now 220 products there so i'm going to need to optimize them and add them to my stores but if i click on drafts here you can see all of the products that i have in my drafts page then i can simply go inside each and any one of them or every one of them and start optimizing the things as needed the product the description the variants so in this case we've got a lot of variants we've talked about variants just a couple of minutes ago the products images the item specifications and so forth so optimizing the products is really really easy then you're going to click the import button then it'll move from the drafts to the product section of your store so it's really simple to add products to your dropshipping stores whether in singles or in bulk autodesk makes it that easy to automate it and of course price monitoring stock monitoring automatic orders automatic returns and all the other goods that come along with it that is not the point of this video so let's go back but it is important for you guys to know how you can automate and scale your dropshipping businesses let's move on to product number four now we're going to talk about bookshelves this is another great home decor product or better yet a furniture product to sell on your dropshipping stores let's see exactly what kind of bookshelves we have this time let's go back to amazon so in bookshelves you've got three four five six seven tier bookshelves and you've got them in different materials so some are made out of wood some are made out of metal aluminum and so forth and you've got those that need to be mounted on the walls some are freestanding so you can really play around with the categories here and check out these connected bookshelves they really look good on my side and i know that i'm selling some of them i can't tell you guys exactly which but if you guys want to see which ones are going to sell just take my advice at at least 20 of these book shelves and you'll see which ones will slowly start to sell notice the features that they have and then look for similar products that are similar to that one that is selling for you that is how you will start to multiply your sales you've got bookshelves that look like letters this is the modern form that i've been seeing a lot recently which has been selling a lot in the previous year so do check this out add 20 bookshelves to your dropshipping list check out the price tags imagine the amount of profit that you will make by selling these products number five on our list are dining tables so dining tables is as simple as it sounds sometimes they can come with chairs sometimes they're just tables but once again you've got them in different sizes made of different materials so check out dining tables too this is originating from the regular general niche which is table so we're not recommending to import tables to your store because there are way too many and it's going to take way too much time to find those that will sell but we talked about the micro niche inside the table category so we talked about computer desks now we're talking about dining tables so just like we're not going to tell you guys go import desks to your store we're also not going to tell you go import tables to your store we want you guys to have an increased chance of selling so as you can see here we've got dining tables some look really nice and modern with these materials like the one i'm looking at here some will come with chairs as i've mentioned before and as you see there's more than enough to go around dining tables can also be an indoor or outdoor product so make sure to also have a combination of them both once again add 20 of them if you'll only add two or three they probably won't sell unless you're lucky if you add 20 you will get some cells at least and if you add more than that then of course you'll be able to make more cells and test the market even more number six on our list we've got nightstands so let's take a look this time we checked out amazon let's go to aliexpress they weren't doing such a good job when it came to sofas and couches let's see what they got when it comes to nightstands and here they do have a selection so as you see here it's not as expensive as other suppliers so you can start your search here what i would recommend to do if you're dropshipping to a us audience when you're searching for products on aliexpress try to see if they can come from us warehouses so you got to ship from right here and i've got united states as an option so now i'm looking at all of the nightstands that ship from the us so this way i can ship it quickly to us customers and pay a better price than i would in most other places that i will search because these products originated from china now they're being stored in us warehouses you can ship them quickly your customers will get them quickly and they will be happy as long as it is a high quality product so if you see products like these that don't have any reviews it doesn't mean you shouldn't import them but you do want to be cautious what you want to do is go inside that listing check out the seller history make sure that the aliexpress seller has been here active for more than one year and that they do have higher than average reviews which is 4.6 4.7 and above i'm not going to get into that now because once again that's not the point of this video but do take that tip in mind so nightstands is number six on our list now let's jump on to product number seven now we've got round side tables so again we're not going to tell you guys to go import tables to your stores because that's going to make it so difficult to find a winner round side tables is one of the micro niches under the tables niche where you will actually be able to find some great hidden gems so this time let's go to walmart actually not let's go to home depot it's been a while and here we go so they also seem to have a pretty nice selection once we let a few more load up but as you see people are buying these products they are leaving positive reviews so you'll know which tables you'd want to import to your store and test them out and from what i can see here they've got some really interesting and unique tables which i'm pretty sure i won't find using other suppliers so simply add 20 of them to your list and once again go for the ones that are selling the ones that do have positive reviews or go for those that don't have reviews but do check out the seller to make sure that he has been active on the platform for a while and that people are leaving him positive reviews for other products that that seller is selling so add round side tables to your list let's move on to product number eight now we've got office chairs we've noticed a huge increase in sales in office chairs in the past year and i'm pretty sure that it's not going to go anywhere now let's go to walmart and this time let's use them for office chairs so office chairs can come in a variety in a mix of styles and forms so you've got different materials some chairs can be reclining chairs so they have the reclining feature where you can just put your feet up and really relax while you work or if you just want to rest a little bit some office chairs can have the massage function like we can see over here and some can be for the lower back mid-back and some can be also for the higher backs so they support higher backs and some can also have a headrest as you can see here and as we will see in more chairs once we scroll and search for some more like this product over here and you've also of course got computer gaming chairs which really started to make a hit in the last two to three years and it is still selling a lot in the past year so don't miss out on office chairs this is a great seller add 22 a list let's move on to product number nine now we've got kids storage tables so this is a table for your kids so mini tables small tables that most are going to come with chairs what's interesting here is that they've got storage so you've got room to store things under the table let me show you what i mean this time let's go with amazon so we've got two things that's making this table interesting that's making it unique one it's for the kids so it's not just any general table and two you've got the storage feature so here you can see an example of what i mean here is another example let's click on this one just to get a closer look so we've got the table and as you can see here from the picture you've got places where you can store things under the chairs and also under the table so you've got these cool little drawers that can give you that extra storage that you need and there's many different types of forms of storage tables too so it doesn't have to be in that same exact form let me show you this example here's another product that already got 2576 ratings four and a half stars out of five so this is a great product to add to your drop shipping stores along with the rest of them that you're going to add and what i want to show you here is that the storage is different it's a drawer that goes back and it's made from better material from what i showed you before so play around with the different materials play around with the storage feature get those kids storage tables add them to your stores that's number nine you will sell them once you add at least 20 of them and start to see what's going well for you i've mentioned this before in the video let's move on to product number 10 the last recommendation that i have for you guys from the furniture niche we've got bathroom cabinets so this one is pretty self-explanatory but because it's been selling so well we couldn't leave them off the list okay so here we've got some listings that look identical some look different and home depot does offer a nice selection but i would not start and end it here i would add five or ten products from here then i would also look at walmart and i would even look at amazon well amazon is pretty much going to give you really nice results compared to most suppliers that you will search up but once again it's important to search different dropshipping suppliers and see what we can get from there that's different from other places so walmart also has a nice selection as you guys can see over here so bathroom cabinets has been selling really well in the past year and even more once again guys all of this information is coming from a combination of my personal experience as a dropshipper and at autodesk we've got a wonderful database of products that are selling well for dropshippers so i hope that you guys will do the right thing with all of this information that you're getting from me add these products to your dropshipping stores let me know what worked in the comments below let me know if you guys also have any questions i'll be more than happy to answer so once again guys those are the top 10 furniture dropshipping products to add to your dropshipping stores this year to really make a killing in this category i hope that you enjoyed this valuable video if you did give us a little like and a share so that your friends and family can also learn about the wonderful and amazing world of dropshipping thank you for watching guys see you in the future videos


歡迎大家光臨財新辯論一是財政 二是中國財政總監請用Hashkey在你的題目我會幫你提出問題在我的手機上為何我們說要補充中國的財政一旦中國的財政系統已經很大超過9億美元我們需要改變我們不能依靠傳統的財政系統而我們很嚴重的挑戰可能蝙蝠們認為財政系統有財政系統的財政系統但其實網絡財政系統是最重要的所以我首先要提出問題為何中國的財政系統可以再次補充財政系統為何中國的財政系統可以再次補充財政系統超過10年 中國的財政系統做了很棒的進步因為中國政府提供了很重要的財政系統我們有一個很長的方式我們譬如說我們結束了美國財政系統的財政系統我們不會轉換美國的財政系統而我們能夠依靠財政系統的財政系統在市場上除了一和二的財政系統這些是財政系統的財政系統我們還能增加我們的努力去通過財政系統的財政系統財政系統的財政系統並且在財政系統的財政系統上採取了更多的財政系統而且也有十億美元的資金而且資金是三億美元的資金所以我們有足夠的資金去保護貿易而且也有十億美元的資金而且也有十億美元的資金所以我們也有足夠的資金而且也有十億美元的資金所以我們有足夠的資金而且也有十億美元的資金是我們在最好的場地為國際合作例如我們加入FSP我們有活動在這些領域我們也有合作在 IMF 和世界銀行這些是我們所謂的領域但對於挑戰我認為這些領域是我們認為的我們要先解釋我們要先解釋政府應該要解釋業務現在的資金領域應該要解釋銀行的領域政府和銀行領域應該要允許他們的財富和財富他們應該要允許他們的財富和財富他們應該要允許他們的財富和財富他們應該要允許他們的財富和財富如果政府在允許政府的財富和財富繼續允許他們的財富他們會允許他們的財富和財富他們會負責責任我們新的預算法我們會有更好的我們會有更好的或更好的保護財我們會繼續去解釋財富我們會繼續去解釋財富沒有強大的財富特別是財富我們不能幫助或增加經濟新的時間我們有些VC和PE這些兩件事很相似但是我們需要找到一些去導致MA去提供加強財富的能量在這方面我們會以短期的期待去解釋財富的能量在這方面我們會以短期的期待我們會以短期的期待我們會以短期的期待我們會以短期的期待我們會將供應願總so that MA can become easierbillet, international or domestic companieswe can allow some loss for these companieswe need to. allulosome MP else for these companiesfor transformation if we can have a better grasp of the above motion 4 aspectsChinese banking system has great hope, but of course we still need to try to build the corporate governance and the enterprise culture development. We have a lot of talents. If we have better institutions, we will have better vitality and retain these talents.We will not serve our own interests.We can also serve our customers' interests and also for regulation.We need to reform the regulation system before we have to separate regulation, but now there are a lot of things mixed up.So the consistency in interpretation of the regulation and also the predictability of the outcome of irregularities should be paid attention to. Otherwise, we cannot create an enabling environment for the business community. It's not so difficult to reboot Chinese finance.Chinese, for example, the insurance industry is faced with greater opportunities because of the aging population and fewer young children, and to caring for the young and the old has already created a sunrise industry, and we need to transform the mechanisms and institutions.And every festival, a lot of people swarm to Hong Kong to buy insurance, so if our domestic market can do a better job, then China's finance will enjoy a brighter future.Thank you, Mr. Liu.You have given a very insightful view.I will give floor to Loc Turner now.Thank you very much, and it's a great pleasure to be talking here this afternoon.It's a very particular pleasure to be on the same platform as Liu Min Kang, MK, and I worked very closely together on the FSB, which you mentioned in the issues to do with the redesign of the global financial system after the financial crisis.And from that, I was very aware from talking to MK and others about the Chairman Liu and others, the very, very significant progress that has been made, which Chairman Liu just talked about.But I, like him, would like to focus on the challenges, and I want to suggest three challenges for the financial system, which relate to what needs to happen in the Chinese real economy.And then a word on how difficult those are, and a final word about how not to be diverted by unimportant objectives.The three challenges are first, the supply of credit to SMEs.If you look at what the typical SME in China is paying to the formal banking system for credit, it would appear to be on average something like 20% versus major corporates or SOEs able to borrow at 6% or 7%.This difference of 13%, we always see this difference across the world, but this is a higher difference than in most other countries.And there are also many SMEs, I think we well know, which find it difficult to find credit in pure quantity terms and are relying on either intercompany credit or high priced informal networks of credit.And that reflects some well-known skews within biases, skews within the banking system of the state-owned banks having a natural tendency to lend money to the state-owned enterprises.They're familiar with them, they feel close to them.And the key point is that if China is really going to move to a decisive role for the market and the development of a service sector and the development of more of a private sector,a better supply of credit, which is less skewed towards the largest companies and the SOEs, I think is important.The second challenge, which again starts from a real economy challenge, is the rebalancing of the economy away from a very high investment focus.Current investment pays 50% of GDP, which is outside all the historic models of other development processes towards more consumption.And that within that, the liberalization of deposit interest rates could play a useful role.There are a number of reasons why liberalizing deposit interest, removing the cap on deposit interest may be relevant both to rebalancing and to financial stability.Lower deposit rates represent essentially a subsidy flow from households to business.Essentially it means that some categories of business are getting underpriced credit, which is likely to result in a misallocation of capital to capital investment projects,which aren't the margin or wasted.And I think we all know that alongside the much important and very good capital investment in China,there is also a proportion and probably now a significant proportion which is somewhat wasted.So underpricing of credit is a problem, but it is also true that that subsidy essentially takes income away from consumers and gives it to business.And that gets in the way of the expansion of consumption, which is an important development within the Chinese economy.It also has, I think, a worrisome financial stability development, because it means that if you don't totally control the system,you get things which look like deposits and sound like deposits, but they manage to be not called deposits.They manage to get called wealth management products or they manage to get called money balances at Alipay,both of which are different mechanisms of sending money through the system either direct to lending or in the form of a wholesale finance to the banking industry.Banks no longer having their own deposits but getting the money off Alipay which effectively has deposits.And we know from the experience of the US that you have to watch that very carefully,that if you get the development of money market funds which again actually their origins in the states in the USis precisely the same origins as some of these things in China.It is the fact that up until the early 80s a America had a regulation queue it was called,a deposit interest cap which generated the development of the money market fundswhich we thought were fine until 2008 when we realized that wholesale money into the banking systemcan be very flighty money, it can be subject to runs.So having a deposit interest cap which encourages a set of regulatory arbitragescan itself be a form of risk.The final third thing I would mention as a challenge for the whole Chinese economyand also for the financial system is the creation of real hard budget disciplinesin both the real economy and the financial system.You really can't have a system which has a decisive role for the marketunless there is a possibility of default, a possibility of bankruptcy, a possibility of a failure.That needs rules to make sure that happens in a non disruptive fashionbut a market system has to be disciplined by the possibility of failure.So I think what's happened in the eight months of this yearfor us looking outside at the Chinese financial systemis an interesting backwards and forwards as to whether the authoritiesreally are willing to go towards that.There was a lot of excitement back in January about a wealth management productwhich I think I remember was to a coal company in Shanxiwhich looked as if it would be a major defaultand then at the end of the day it was a tiny defaulta relatively small haircut, a process of looking after the problemsand I think throughout the year there's been discussion as to whetherloans are being moved to the asset management companiesbut still funded by the banks in a way thatavoid the problem of default.But at some level time the Chinese authoritiesboth in the financial system and the real economywill have to allow there to beloans that go badbecause without that again one is potentially drivinga misallocation of capitaland the longer that one doesn'tseize that problemthe longer the danger that more and more creditis simply rolled overand the credit to GDP just gets to a higherand higher levelup already over the last five years from 130%to GDP to 250%.So those are three major challengesbut I think we also needto recognizethat they're very difficult challengesand youcan't solve these challengesby simply sayingyou have a free market and everything will be finebecause we know fromour economiesthat a completely freemarket in credit also has biases within it.You leave the allocation of credit just entirelyto the freemarket without macro prudential tools without a worryabout itand they will go off,the banks will go offand they'll lendlots of moneyagainst real estateand notenough money to SMEs.I meanin the EUand the UKwe are now worried about whether ourfinancial systems lendenough money to SMEsand both the Bank of Englandand the ECBactually have in placespecial lending facilities deliberatelydesigned to try and get throughfunding to SMEsandnot to mortgage markets.So we have not foundthat completelyfree markets magically solveall these problemsand thereare certainly hugedifficulties of transitionbecause onceyou've already got a verylarge stockof debtin theeconomy,250%of GDPimposing hard-budgetdisciplinesyou have to get the pace of thatrightbecause ifyou simply chuck them inimmediatelyand suddenlysaywe're going to have a wholeload of defaultsand ifyoudon't have resolution systems for banksand you don't getthe pace rightyou can shock theeconomyin a waywhichdepresses it significantly.So theseare verydifficultchallengesand I thinkthe crucial thing is torecognizehow bothvery important anddifficultthey areand that is my finalthoughtI would makethat anattackingthose,I would becarefulof one ofthe thingsin thesubtitle ofour sessiontoday.We have thephraserebootingChinese finance.I'mperfectlyhappywiththat.But we have asubtitlewhich sayswhat modelsand reforms willboostChina'sfinancial sector.Iwould becarefulof the ideaofboost becauseitimpliesthat youwant a biggerfinancial sectoras anaiminitself.The crucial thingis tohave afinancial sectorwhich is helping yousolveatreallyeconomy problems.So Iwould preferthe titletosaywe'll helpreformChina'sfinancial sectorratherthan simplyboost it.Thankyou,notTurner.Suggestionnoted.We willdo better nexttime.Thankyou.So ourtwo seniorreignersinour panelhave alreadymade theirpoints.Now it'stermfor ourpractitioners.Nik,first.Sure.Thankyou.Thankyou very much.And I'mgoingto builduponwhatwasmentionedby LordTurnerand alsoby ChairmanLew.And Iread thatyouwerea chaseat some point.Iwas a chase.Okay.So anotherbanker.Good.Great.Yeah.When Iwas 22Iwas a chase.SoI'd like to buildonthe phraseof themarkets playinga decisive roleonthe allocationof resources.And obviouslyit'svery importantinaneconomyas LordTurner saidthatit'sinvestingaround50%of GDPwhich isyou knowjusta gigantic number.And partofitis aculturalresultof savings alsobeingpretty high.So clearlythis is particularlyimportantand a lotofattentionaroundthis has beenpaidlately.And whenwe discussthe issue,what doesit mean?Itmeans thatwe need to be abletohave therightriskand return framework.SoLordTurnersaidthat he wasquiteencouragedat thebeginningof the year whenhe saw thatthere'spossiblysome changearoundsome defaultsand whilesome peoplearoundthe worldlooked atthat as anegativething,manyotherplayersespeciallyinthefinancial industry,we sawit as somethingactuallyquitepositivein the sensethatokay,thismeans thatthe marketwillactuallybe in apositionto pricerisk.Todaypricingriskin Chinaisfairlydifficult.Sopricingriskwillcertainlyplay asignificant roleinallocatingresourcesin themostefficientways.And itit'sbecomingmore and more importantas wego toa service andconsumptiondriveneconomy.So there arein myviewthree thingsthatareimportantto be abletohave afunctioningmarketwhere riskispriced appropriately.First ofall,we need competition.Tohave competitionwe need alevel playingfield.We need tomake surethatwehavenewplayersthatare abletoparticipatein themarketand part ofthe topicis alsoall the topicaroundinternetand the rolethattheycouldplay.And there are thingsinfavor,thingsagainst.How do weregulate themthatarequiteimportant.There's alsocertainrestrictionson foreignplayersin termsofhavinga significantparticipationinlocalfinancialinstitutionsorsecuritiescompaniesthat alsoplace averyimportant rolein.I'lljustgive theexampleof JP Morgan.We havefive joint venturesandwhilewefeelprettycomfortable withthe partners thatwe havein our joint ventures,ifwe weretochoose awayofinvesting andoperatingin any countryaround the world,we wouldn'tchoosetohave five differentpartnersdependingonwhere yougoandto build ourpresenceandtohave ourbestpeople andourbestresourcesdedicatedin that manner.Sotryingtoreallyallow forgreaterparticipationand flexibilityby foreigninvestorsparticipatingin thelocalfinancialsectorwethinkcould beconstructivein termsofbuilding thatcompetitionandimprovedenvironment.The second thing thatwe needis transparency.And whenwe talkabouttransparency,I'm nottalkingabouttheshadow partofshadowbanking,butitdoes touch intocertain aspectsofthat.Becausewhenyoulookatthe discussionsaroundtrustcompanies,itis not clearexactlywheretherisk lies,who isabsorbing therisk.And whileit may be clearfromreadingresolutions,bylaws,who ison paperassuming therisk,it'snot clearifit'sthetrustcompanies,thefinancialinstitutions,ortheinvestorsin the endthatwillbear the cost ofprice orrisk beingallocatedanddistributedin the right way.So we need veryclear rules ofthe gametobe able tohave anevolvingand fruitfulfinancial system.And thethird one is effectiveregulationandsupervision.And Ithinkthere aregreatcomponentsandgreatprogressthathas been doneinthisarea.For the most part,theChinesefinancialsystemis averysolidsystem,wellregulatedsystem,wellsupervisedsystem.And thiswill ensurethatthefirst twopointsthatarementionedaresustainablein thelongterm,transparencyandcompetitiveness.It'llalsoprotectagainstsystemic risks,which issomethingveryimportant.And wehaveseenthefactsofothermarketswherewhencertainplayersanditdoesn'tneed to befinancialinstitutions.Itcouldcomefromothersectors.Itcouldcomefrominsurancesectors.Itcouldcomefromotherplayers,financialplayers,internetcompanies,etc.So it'simportanttohave aholisticviewofthefinancialsystemandwhatthepotentialimpactisintermsoftheoverallperformanceofacountry.So thosearesomeoftheareasthatIthinkareimportantintermsofcreating averysolidandsustainablefinancialsector.SomeotherareaswhereIthinktherecouldbeimportantimprovementsanddevelopmentsarecreatinga safetynetfor thesystemandthecouldverysomeshort-terminitiativesisthecreationofdepositinsurance.OtherasthataremoreimportantforthelongtermareforexampledevelopmentsaroundencouragementofinsurancecompaniesasChairmanLew mentionedpensionsystem.Thosecouldpotentiallyfixsomeofthe issuesaroundavailabilityoflongtermcapital.Becauseinsurancecompaniesandpensionfundstheywouldliketohavelongterminvestments.So thatmayhelpalsointhedevelopmentofprojectfinancingandotherareasthatareverynecessaryforthedevelopmentofinfrastructure.TheotheronedevelopmentofthecapitalmarketsandthisoneisalsoimportantintermsofdevelopinglongtermfinancingalternativesustainableaccesstocompaniesthatareinvestingininChina.So thatisonethatIthinkthere's quitea bitofprogress.TheShanghaiHong Kong StockConnectIthinkit'sa greatinitiativethatwillhavesignificantimpactandit'sinthe rightdirection.AndthelastoneisweneedtocontinuefosteringinnovationandasIsaidbeforetheadditionalcompetitioninthemarketwhetherit'sby foreigninvestorsbynewcomersaslongasit'sa levelplainfieldisdefinitelygoingtoplayasubstantialroleinthat.Thankyou.Thankyou,Nic.Yi-San Lee.刚才justnowthepreviousspeakerhavecovered a lot ofaspectsfromthemacrolevelsItotally agree.Iwanttobemorespecificrelatingtomydailywork.FirstinthefinancialsystemthebusinessImeanVCMPE.What roleshould they play?YesterdayPremierLi Kechenginhiskinospeechatopeningplenaryhe saidthatweshouldencouragestartups.Ithinkthis is a very goodcall.Chinesepeopleareveryinnovative.In this way,we candisplayourinnovativecapabilityandthat'sthe fundamentaltoboostinationaleconomybuttostart a businesswheredoesthemoneycomefrom?WestillneedverydevelopedVCMPEsectortosupport.Thecapitalmanagedbythisbusinessforexampleintheunitedstatesisalmostthe 5%ofitsGDP,butinChinait'salmostthe1%oftheGDP.SothissectorinChinastillhasgreatpotentialtogrow.AlsoinVCMPEsectorweprovidefundintermsofequity.Thepreviousspeakersmentionedthatfromaleveragedpointofview,theleveragedracialofChineseeconomyisveryhigh.Lorturnermentionthatisalmostthe 250%ofitsGDP.Soactuallywhatweneedistodeleverageforstartups,whatthey needisequityinvestment.Youcannotexpectbankstogivedirectcredittothestartups.Sothat'smyfirstpoint.Secondhasomethingtodowiththeshadowbankingsystem.Ifyouwanttotrackthemoneyflowofshadowbankingsystem,it'susuallytothelocalgovernmentandalsopropertycompanies.Forrealistaycompaniesalotofmoneystillgoestothelocalgovernmenttoaddressthisissue.Wesee a lot of debt of thelocalgovernment.Ifwecombinetheguarantee part,it'salmost18trillionRMB.It sounds a large number.But when I joined thewinterdoubles,Ibraked it down.It'susually two-yeartermforthe18trillion.Ifwe can refinance every two years,it will have great pressureonthebankingsystem.But for the same amount of debt,ifyoubuild a full-fledged,highly-efficientdebtmarket,especially municipal-bound market,every year,the part ofrefinance will go down substantially,and it will ease pressureforthebankingsystem.So that's what IwanttoaddtoMr.Lio's point.We have worked for many years to build diversified layers of acapital market,butdebtmarket so far hasn't been developed very well,and also forinternetcompanies.Mr.Lio saidthe regulators has very high tolerance towardinternetcompanies.The same thing that has been done by Ali,by Tencent,by Baidu.The U.S.regulators won't be so tolerantasthe Chinese regulators.So I think the Chinese government has made great efforts here.They want to encourage Chinese financial innovation.They wanted to go one step further.Because of the legacy problem,the Chinese financial system lagged behind.So internet sector is our opportunity.Maybe we can go even beyond the United States.It's like the same issue on e-commerce.Since the modern commerce in United States is already very developed.So e-commerce can only be a desert.It cannot be a main course.However,in China maybe e-commerce players can be the main dish.And then come backto PEVC sector.It's also an important part of the comprehensive and full-fledged multilayer financial system.The banks holds the majority of the assets.It accounts for 70 or 80% of the total financial system assets.Before we built a full-fledged and multilayer financial system,what we lack is the long-term fund.For example,how do we really establish the enterprise annuity system so that this part of the fund can enter the investment sector?PVC sector in the United States at the beginning was only the tool for some rich families.It's not a real sector or a real industry.But after the 1970s,because the eraser law was passed by the United States,the pension fund can be allowed to invest in PE and VC.So PE and VC sector really developed.It also helped the stock market and helped the financial management business as well as the insurance.The Chinese market has provided stable funding to these industries.Maybe with the long-term funding stability,our Chinese stock market won't be so short-sighted.That's my point.Mr. Zhu,I think the previous speakers have shared wonderful ideas.So to reboot Chinese finance after the 20 or 30 years of development,Chinese financial system are faced with four turning points.First is from quantitative to qualitative transformation.We mentioned our banking system,the capitalization of the stock market and the scale of the trust product.They all ranked on top of the world.But with the scale expansion,we pay more attention to,for example,with the economic restructuring and economic slowdown,we pay more attention to risks.So before,we want fast and good sound development of financial system.But now we focus more on risk.And thirdly,financial service as a high-end service sector,it should be part of the real economy.However,after 2007 and 2008,after the financial crisis,the real economy and the financial sector is put on the confronting side instead of helping each other.So it's not only in China,but the whole world.For the financial system,for the banking system,people are not very friendly.We can sense that it's a change in China.And finally,the leverage and risk of the financial system are transferring from private sector to the public sector.Why do we say that?Because the SOEs leverage ratio and the local government financing vehicles leveraging ratio are within control,but they are increasing.It shows that the whole financial system needs to rebalance and reform.But how to reform?I have three main points to pay attention.First is the interest rate marketization.I think in this process,the small amount deposit interest rate hasn't been deregulated yet.That's the most important part.In the US,it also took 10 years for it to be deregulated.And also in the past two years,we see a lot of internet product and the wealth management product and trust product.And these are all tools to push forward the marketization of the interest rate market.If we can use such tools,there will be a lot of asymmetry product.I think we might as well just be direct to establish the deposit assurance system and accelerate the marketization of the small amount deposit.Because the interest rate is an important factor,it reflects the whole economy and its allocation of time and risk.In the past 20 years,we even need a coupon to buy some pork or some other machines.So for different borrowers,people with different credit abilities,it has a different attitude.So when can we let market play the full role so that we can have a fair and transparent pricing of the interest rate.I think this will help a lot for China's financial reform.The State Council has issued a lot of policies.How can the finance better serve the economy?But under the current interest rate system,maybe the private capital won't want to set up banks.And also,second,you have mentioned the multi-layer capital market.I agree with Mr. John and Mr. Liu.I think the core from a business point of view,the development of that market is the most important.It's one stone to kill many birds.Billet,enterprise,or local financing vehicles,they should disclose their financial information more.And it can also help the corporate governance in China.Also,that market development can help the government through municipal bound market and through direct financing to meet the direct investors and give a proper rate of risks.And also,with the debt market development,we can help with the exit system of the stock market.Well,number five,of course,we can consider the possibility of a good debt market and then the investors will not have to waste their money in the low yielding stock market and also the risky real estate industryand also can help dilute the bubble in the property markets and also can help with the orderly development of the capital markets overall.So,I think that that market is really a key to the development of the capital markets.Now,the Hong Kong and Shanghai exchange link is really a good innovation.Now,the Hong Kong is still a preferred choice for IPOs of the Chinese companies.However,in terms of diversity of the currency and the listing places is still lacking for China.Multi currency and multi geographical locations are not there yet.Well,we still have to leave some time.Sorry about that.Just last point.The third point I wanted to make is the implicit guarantee for the exit market,exit strategy,be it the stock market or the banking sector and wealth management products.There's a lot of protection from the government.So,how can we encourage the government to exit the so-called implicit guarantee?That's very important.Thank you so much.Now,we all talked about the internet-based finance and we also received a question from the outside of this venue.Now,Mr. Zhang,E Chen talked about the policy being so tolerant of the internet-based finance in terms of its current development and in terms of identification of risk before they want to institute a proper policy.Now,because of the impact from the internet-based finance,we think this is a very important issue.Now,Chairman Liu Mingkang also made a speech recently about the development of the internet-based finance and the development of the consumer finance.Now,about internet-based finance,I think it really has a great potential toward robust development,but it has to have a good strategy and vision and value system.Well,internet is well equipped with the data and interface based on internet and maybe cloud computing if necessary.Now,three advantages I think it has.It's zero distance with the customers and also low cost.So,everybody can be the provider and the consumer of the credit and also the democratic way of participation.That can really encourage innovation.Now,these three points are the natural strength or the advantages of the internet-based finance.Now,we need to keep those advantages,but they need to respect some pattern or discipline.It needs to be a small and needs to be widespread in terms of risk distribution.And thirdly,it needs to be simple.So,these three points are very important for its viable development and to keep the cost low and risk low and also proper regulation is needed.It needs to be in a differentiated way in terms of regulation,otherwise it can be problematic.Now,internet-based finance is still young,but it's rapidly developing.Over 1,000 such companies,over 200 crowdfunding and cash pool and also the underground refinancing.For example,it's actually a fraud.They would get the money in the morning and they take the money away and disappear in the afternoon.Now,I think this is only natural in the starting stage of any industry.Well,this is sort of like a warm-up period in front of the official competition in games.But after the warm-up,you need the rules before the game starts.You cannot make rules as the game is going on.Or,you only get the rules or set the rules after the games.That will be chaotic.So,it's time now to encourage the industry's development with differentiated rules for regulation.Now,E. Chen,Mr. Zhang.If China's financial system to become as efficient as the US or the European ones,the impact from internet-based finance would not be that disruptive.Now,because of the lack of sophistication in the financial system,the internet-based finance actually can play a bigger role than it should be.So,what are you thinking in your investment strategy?Well,honestly,we are actually not making any investment strategies toward the internet-based finance sector,because just like Chairman Liu said,the rules are not there yet.We are a big conglomerate,you know,under the name CITIC.So,if we make an investment,but somebody is a fraudulent case,and that would be risky for us,be it Alibaba or Tencent.We actually have been,we were in talks in terms of possible cooperation,but no tangible project really pens out.Well,probably because you're aiming too high.Your capital investment is always aiming the bigger amount.Well,we actually,we were looking at different companies,but there were no good ones.Well,Professor Zhu,both these two speakers talked more about risks.What about you?I think,in addition to regulation,there's also risks with corporate governments.Well,behind the risks,this sector is actually promoting further development of the financial system.And also,it does really bring 15% to 30% of yield to the investors where there are no other good options for investment.So,we need to also look at the benefits that it has brought,but also we need to balance between the risks and returns.Now,we open the floor for questions.Who has a question?Please raise your hand,and also identify yourself,and also state which speaker you direct your question to.Now,in the corner there,please stand up.In your remarks,I'm kind of curious,reforms take time.So,in the interim period,well,reforms are being enacted when there is deleveraging,when there is change happening.What happens to growth,what happens to the economy,and how do you mitigate these impacts?Thank you.Sorry,I didn't catch the last part of your question.So,what is the impact on growth in the economy and how do you mitigate or prevent some of these impacts?Thank you.這個目前的... Well, in terms of the current growth of the economy, it has moderated a little bit, it's really only natural because a China's economic growth, well, it's actually different, well, right now the period is different from the 1997 crisis.We are actually more open. The external demand has weakened and internally we have to demand to restructure the economies and also to absorb the excess capacity because there are a lot of industries that have excess production capacity.So that's why the leadership is very decisive about reducing the excess production and also there's the appeal for reduction of environmental pollution and also there is the further reform of the SOEs.I think that's a good and the long term is good for the financial system, but in the short term, in the minute term, there will be some rise in terms of the bad debts. Some people have asked me, we see the increase in the MPL.Well, I said it's only natural. Relatively speaking, it was pretty low and it was in 2010, it was a double digit growth in terms of the economy and now 7.5% and reduced by 30%.So it will have some impact on the banking system, but like I said, we have enough reserves for a bad debt, 3 trillion. We have good the CAR, the capital adequacy ratio and also the permission to issue preferred stock and sub debt.So this is enough to absorb the adjustments of the real estate bubble and also the financing for the energy efficiency and environmental pollution reduction, but we should not be complacent.So two biggest enemy complacency is one of them, one of the two. That's definitely a big no-no.So if we look at the long term, we need to accelerate the reform. So deepening of the reform and acceleration of the reform are critical.So I do agree with the leadership in terms of the direction of the reform before we can embrace a bright future.And the second enemy would be panic. Over 200% of debt ratio and also the doubling of the MPL from 0.8% to over 1%.Well, there's no need for panic here.Chinese have a habit of a good habit of a good sense of direction and also we want to take our time.We want to take our steps gradually. So these are two kind of tendencies of the Chinese people.We should not just panic. I think we still have time because we have these scale of the market to answer your question.Definitely there will be some impact, negative impact on the economy and hence stress and pressure and that we actually can generate innovation and motivation for further reform.We can take a final question in the middle, in the suit please.Eta Wu,question for Guqiu,knowing that you are originally from Argentina.And given what's happening with the sovereign debt situation in Argentina.Is there any lesson that China can draw from your country originally?Well, it's very different. The one thing that I would say and I did work for 20 years covering Latin America.So I've been for the last two years in Asia.China and Asia in general have a unique opportunity to actually determine its own future.The amount of savings and investment is something that differentiates China from Latin America.Both regions have tremendous potential or emerging economies,relatively low debt to GDP,high level of reserves.Not so much Argentina but Brazil which is probably your country or your bank's country.But they have this reliance on external investment that in the case of China is not there.China can determine its own future.So when I see China taking steps slowly but surely.I am very encouraged.I'm very optimistic.And if we really allow the market to have a decisive role on determining the allocation of resources.This will be a great story in not so long.Now for the interest of time,we'll wrap up our discussions.Let's give a round of warm applause to our panelists here.Thank you.I'll see you next year.