Good morning, ladies and gentlemen. Welcome to the session entitled Recharging Growth in China. My name is Tian Wei. I'm a moderator and host coming from CGTN from China. Such a pleasure to see all of you here. Everybody's fighting the morning traffic to be here for this early session, so I really appreciate your presence here today. Having said that though, this is one of the most important topics I think here in this town and also in the world, the state of China's economy and its future potential with all your contributions. We have heard from the Chinese Premier about his understanding of the Chinese economy and the messages coming from the Chinese government in terms of policy and in terms of building a future together. That is on the policy side. Meanwhile lately, we heard about the 5.2 growth of the GDP in China. Well, at the same time, we understand there is a transformation going on in the Chinese economy. But how fast it is happening? What is really going to be China's relationship with the rest of the world in terms of where its economy is going? What are the roles different stakeholders can play, will play, and would like to play? So we are going to ask all these questions in our discussion. With a strong panel sitting on the stage, the best thing for a moderator is to be as short as possible in her sentences. I'm going to do exactly that from now on. So my great honor to introduce our panelists one by one. The sitting order is not necessarily about authority. It's really just about the names and mixture of people from different parts of the world. OK. So let's have Ambassador Kaburat, Ambassador of Australia to the United States. We call him Lao Lu in China. Good to see you, Mr. Ambassador. Thank you. Thank you. Thank you. It's been a long time. Later you translate for yourself. Could you do that? OK. Thank you. OK. Then we have with honor Valen Garidjo, chair of the executive board and chief executive officer of Merck based in Germany. She's also a member of the International Business Council of WEF. Good to see you, men. Good morning. Thank you. Sitting over there, Mr. Jia Xiaoqian, chairman of Heisen's Group from China. Good to see you, Mr. Jia. And there we have Jing Ke Yu, professor of economics from the London School of Economics and Political Science based in the UK. Good to see you, Ms. Jin. Last but certainly not least, longtime friend of the forum and always a very moderate person. Mr. Yu Min, vice chairman of the China Center for International Economic Exchanges, CCIEE from China. He's also a member of the Board of Trustees of WEF. Good to see you, sir. Thank you. All right. So let's jump directly into the discussion. Why not the challenges first so that everybody feel the questions in their mind can be addressed? Mr. Zhu. Oh, wow. Real estate problem. China. Local government debt. And the list goes on. Seems to be what's in the media. What exactly is the state of China's economy to you? Well, I think the growth is 5.2%. It's not too bad. It showed the resilience of China's economy. But if you go down to the details, you will say the consumption actually increased 6.1%. It's quite strong. Actually, the capital investments is only 5%. Not as strong as we expected. But this is good because we want to market consumption pick up. Exports is weak, only almost zero growth for last year, which was the main growth engine for China. So if you see the whole thing, you can see the structure change underway, but support overall the growth. I think that's the picture I'm reading for China's economy today. But when you mention the challenges, I think basically China's economy facing two challenges. One is the technical challenges. Because after 30 years of strong growth, the growth is slowing down. Obviously, you have aging populations, you have lower productivity, and you have the structure change, all those things. So you will not expect China to have a super strong 10% of growth. You cannot do that. So you have to take it. Growth is slowing down. I think quite a few years ago I did a study on the potential of China's economic growth. We estimate that time China's growth will be stabilized in this time, around 4.5%. So if we can do that, it's pretty good. I think that's the trend issue. But more on the structure issue. The Chinese economy previously is more driven by three key drives, one is infrastructure investments, which always account more than 50% of GDP. The second is real estate, and it really grows strongly. And the third is exports. Now those three things all gone, because the return on infrastructure structure is so low is number one. The last year, the real estate's investments was a negative 9.1%. The real estate sales is 1.1 billion square meter. It's a huge number, 1.1 billion square meter, but still dropped 8.1%, compared with even a year ago. So the real estate is still a big economy, but not a growth engine. It's gone in terms of growth. The exports used to be very strong. 2022 China have a 3% of GDP growth, 2% of the point from net exports. But last year it's a zero. So all those gone. So once it's a new, we have to find a new growth engine. So a new growth engine basically come from domestic consumption, digital ties and manufacturing, and the carbon neutrality transformation. I think this really thing will support China's growth in media and even long term. Let me take, say, one minute to explain. The first issues, domestic consumption loss was picked up. 7% of growth, it's not too bad. No, it's take time because you need to increase the social security expenditures from fiscal policies. You need to boost the people's salaries. You make sure people have a confidence to consume. So it's take time. So 7% growth on consumption is a really good number. And the digitalization for the manufacturer is important. China's manufacturer account of 30.3% of a total global manufacturing, equivalent to US plus Japan plus Germany plus South Korea. So after years, we realize that's the real strength of China's economy. To deal with decoupling the strategies, we want to make sure the manufacturer become ever stronger. So before you leave, you have to come with us because of it. So digitalization move very fast. If you're looking for the investments in loss in the manufacturers, 8% is very strong. And the high-techs, 12.6% of growth. Carbon neutrality is another big area. We're going to talk about some of these news a bit later, if I could. I see you're trying to provide a great answer about whether it's cyclical or it's structural. On that, I also want to go to Professor Jin, your thoughts briefly. Well, first of all, booms and busts is a natural feature of market economies. In the last 40 years, China has really never had a bust. So bust cycles also oust less productive firms and provides exit mechanisms. And that creative destruction, I think, is one of the bright spots of the situation. Look, China is suffering from a severe deficit in demand because of low-wage growth, scarring effects to the pandemic, and of course, the real estate. But I just want to say, because of China's size today, growing at 3% to 4% even is not a bad thing. If India grows 4 percentage points faster than China from now until 2030, China's still going to contribute $130 trillion of additional GDP more than India will to the world. Now, briefly, I totally agree with Mr. Zhu's assessment of transitioning to a productivity-innovation-driven economy. That's the only way that's going to sustain growth in the long run. So that's a good thing. But guess what? Renewables or digitization in the short term, it can't possibly displace real estate as a provider for growth and employment in the way that it had in the last 10 years or so. Second, services. Right now, it only accounts for half of GDP and only 48% of employment. That number is 80% in advanced economy. So you can imagine a whole amount of room for also absorbing the youth who are underemployed, highly educated. They account for more educated skill force and manufacturing. And you also have almost a billion people who haven't really reached the middle income by international standards, living under $300 per month. So I can go on and on. When even Japan and Korea leveled off their growth, their productivity as a share of GDP, as a share of the US, was already 80%. And China is still very low. So a lot of room for convergence. So I think we want to separate the cyclical problems of demand from some of the longer term challenges. I'm so happy we already got the economists that geared up at the very beginning of the conversation. Well, let's go somewhere. Then we want to ask, what about the businesses? How are they feeling the temperatures, given the big backdrop of the economy that the two economists just painted about international global companies? I think Ms. Gallagher is a great representative, based in Germany, but has been doing business with China for decades. So tell me how you are feeling the body temperature of China's economy. So indeed, we have been in China for 90 years. And of course, China is an important opportunity to ensure sustainable, high quality development for future years. I think the challenge in the economy today, which at the end, as other speakers said, seems to be a bit better than expected. The challenge that we see in China at this time is to really balance national security issues, resilience, and growth. At the end of the day, China is an export country, like Germany is. And for that, we need reliable rules. We need global, healthy, and fair competition. So in a nutshell, we need a level playing field for international businesses so that we can continue to contribute to economic growth in China through our international investments. We heard from the speech given by Chinese Premier. He talked about the size of the Chinese economy, the market, still attractive. And meanwhile, talking about the continuous consultation with the global companies, if I remember right, about government procurement and also the flow of data, just to say a few examples. How do you see these kinds of policy attitudes, vis-à-vis your concerns and also your plans for the future of your company in China? Look, we continue to operate under a China for China strategy. That means we are extremely well placed to serve the needs of our customers and to serve the patients in China through our life science, health care, and electronics business sectors. So look, just to take an example of the biopharma business, which is also having a very positive impact on the prospects that we see for our life science business, China today is managing 22% of the global R&D, following the US with 27%, and followed by Japan with only 7%. So the booming of biotech and research in China, the booming of new technologies is for a company like ours, a tremendously attractive opportunity. We operate, as I mentioned, with a significant presence. We have 5,000 employees in China. We have several factories, innovation hubs. But we rely also on trust-based partnerships with local companies to be able to accelerate our contributions to customers and patients, and most importantly, to continue to contribute to our global growth and resilience. You mentioned the word trust. That is a very tempting word. We're going to let everybody talk about that a bit later, I guess, also related to the economy. Let me now go to the Chinese entrepreneur, Mr. Jia, sitting here, Jia Zonglinhao. So as we know, Heisen's, where you come from, is a Chinese manufacturer, one of the largest in the country of its kind. So how do you feel the temperature of the Chinese economy, where you are? You just shared a few words with us about how you see the temperature of the Chinese economy in your sector. 2023 was a very difficult year, not just for us, but also for our counterparts outside China. Now, maintaining 5.2% economic growth was a real positive surprise for us. And the government has made a lot of efforts in different areas to support companies, so as the companies can have high quality development. And Heisen's had a growth rate of 10% last year, and the profits was 11%. So we can see it has done better than the national average. And also, we have had growth at the global level, as well as at the local level. And the growth has reached double-digit figures. So right now, what we need, the companies, what we need is an open market. And also, it has to be, of course, a market-led and market-based economy. So as also, we need stable industrial and supply chains. So you talked about double-digit figures. But what you said about the double-digit, I'm kind of impressed. So how it happened? Can you share some secrets? Well, I have to keep some confidentiality. These are commercial secrets, of course. But I think it's really important to have innovation and provide high-quality products, as well as good experience for consumers and clients. And we also need to provide innovative products and services to consumers in China and all over the world. And I think these are all important things for companies. That's what you're saying. Very interesting. We see some keywords coming from two business leaders over there. But when you look at the logic behind these keywords, actually, they're somewhat related. So if I could just throw another question to both of you before I go to Ambassador Rod. We see an interesting phenomenon. On the one hand, global companies are operating, working, establishing your business in China for the Chinese market in competition with the Chinese companies, but also at the same time in cooperation with the Chinese companies. And at the same time, for the overseas market, you're also competing and working together with your Chinese counterparts if you look at the supply chain and many other factors. So how does that fascinating, sophisticated relationship work? And how is it happening right now within this current atmosphere of the Chinese economy? Would you like to share some of your thoughts briefly, if you can? Absolutely. I'm not trying to pick a fight. I'm just trying to pick a conversation here, please. I think this is perfectly compatible. You know, I mean, we as a company, as a science and technology company, which is operating globally, we consider a very significant element of our resilience and future growth, global diversification. And in that context, we of course rely on our own internal portfolio, which we develop in China. I mentioned that already in biopharma, delivery in essential medicines, in life science in which we serve biotech and pharma customers, which is a very promising growth avenue. And also in electronics for many years, working on display, liquid pistols, displays, and now also on semiconductors material. So relying on our organic resources and allocating capital and investing capital in China is definitely very complementary with partnering with highly prestigious pharma and biotech companies in China to increase our impact in the local and international markets. Because we are also relying on some of these emerging innovation and expanding biotech in China to support companies to commercialize products outside of China, new products outside of China, which is a win-win for both parties. So we have announced several deals in the last few months in which we have licensed new modalities for treatment of cancer or other chronic diseases from China partners. So I think this is very, very complementary. And of course, we do it in a very, and it increases not only the local impact in the market, but also our global growth opportunity overall. You are saying this not because you know that there are a lot of Chinese audience watching this session, right? No. I'm saying this because it's part of our strategy. As I said, as a long-term partner and as a long-term player in the Chinese market, we really value this I insist transparent trust-based collaboration to increase the quality of our service to the customers locally and globally, and most importantly, to ensure high quality sustainable development of our business. All right, China. Mr. Jia, is that music to your ears? Well, Heisen is a manufacturing company, and it's also a traditional home appliances company. And through our development, we have realized that competition, of course, is a core characteristic of the market. And of course, you all know that in 1992, China started the reform and opening up, and then China also became member of WTO. And over the last four decades, China has gone through a lot of changes. And also, we have learned to face, accept challenges and by accepting these challenges, we have also learned from other companies, from foreign companies. And we have also learned how the market economy, the world market economy works. And I think this has been very helpful for us. And apart from competition, of course, cooperation is the other main characteristic of the market economy. For example, Heisen has started cooperation with Japanese companies many years ago. For example, for air conditioning, we worked with Hitachi many years ago. So cooperation will be the main theme of the future market development. Dear fellow panelists, I cannot let you escape important questions such as geopolitics. We know that you have been observing China from near and far for decades. One of the uncertainties we all know for this interesting year 2024 is geopolitics and how it's related to both the internal political agendas of different countries and their interactions. Here I would say about China and the US as well. So, of course, your home country, Australia, being an important player in the Asia Pacific region. So tell me more about when you are looking at our topic today, the state of Chinese economy, recharging growth. How are you looking at it from where you are? Mr. Ambassador. Good. I first went to work in China probably 40 years ago this year. So I've seen a few things. And the comments earlier about boom and bust and about structural and cyclical factors I have observed and analyzed over four decades. We are, however, I think, in quite unique circumstances today. And in large part, that's because of the overhang of, let's call it, geopolitics and the real world of the economy. Second point I'd make is when I see, and these are my personal views, I'm a China analyst. I'm not representing a government here. That's my day job. I'm here at Davos having a conversation. As best I can analyze the questions that we are confronting. But I've never really accepted the thesis that you see written in various parts of the world about peak China, that somehow the Chinese economy is peaking, slowing, and then heading towards something worse. And the reason I analyze it in those terms is because you don't have to have been to China hundreds of times over 40 years to conclude that the Chinese consumer is the best guarantor of China's economic future. So long as the Chinese consumer has confidence in the future, then the economy will continue to grow reasonably well. That's a core fact. And remember, the scale of the Chinese consumer market is unprecedented in global economic history. But the Chinese consumer, while I don't accept peak China at all, I think it's intellectually and analytically flawed because of the untapped potential of Chinese consumer demand. The Chinese consumers had a rough time in recent years. They, like the rest of us, had to endure the pandemic. Since then, you've seen the property market, which represents 28% of GDP, go through unprecedented tumult. And if you've had your savings tied up in property investment, then frankly, you're in negative investment territory. If you're in the equity market trying to make some money, putting your savings aside and then earning some more cash, guess what? China's equity markets have performed poorly as well. So the poor old Chinese consumer, frankly, in my judgment, thinking about the future, these factors, together with youth unemployment, which continues to be problematic, is feeling a bit battered. And so the key question for the future is the restoration of Chinese domestic consumer confidence because that is China's best long-term guarantee and lies at the heart of Chinese economic policy in the dual circulation economy model. Last point, business confidence. When we've had this conference before Vice Premier Liu He tell us and tell the Chinese domestic audience about the central importance of the Chinese private sector, 60% of GDP, 90% of innovation, 60% plus of Chinese taxation, 70% of new employment creation, the future confidence of the private sector in China is of fundamental importance, like that of Chinese consumers. And Chinese business confidence has taken a battering in recent years as well. So the real question for Chinese policymakers is how do you actually deal with these two confidence equations, concluding point, trade, which Jiumin referred to before and traditionally a huge driver of Chinese economic growth for at least the last 30 years, if not longer. This is where geopolitics enters into the scene fundamentally and that is, is it fundamentally disrupting all of our growth models for the future? By which I mean, are we on the cusp of seeing the emergence of a completely bifurcated global economy? That is competing supply chains across the board, not just at the high end of technology and semiconductors, you've seen the semiconductor war between China and the United States, but through other technology categories, through to general manufacturing, which became a red hot concern in the West during the pandemic when everyone became concerned that having consigned all of their manufacturing to the Chinese growth factory of the future, so they couldn't get access to what they needed at a time of crisis. And then thirdly, on basic things such as critical minerals, is this turning into a bifurcated global order as well? And that's where geopolitics has this potential to pull the floor from underneath our historical growth models. So in answer to your question, what are the challenges that would be my set? Consumers, business confidence, geopolitics, and trade bifurcation. I want to borrow the, lately, the policies of the World Economic Forum policy. I have a quote over there saying, once you outline the challenges, you have to provide the solutions. So I'm gonna come back to you for the solutions. But what you said is one word about confidence. Whether it's consumer confidence, business confidence, or confidence about the latest trends of the global order or global interaction. About that, I want to have our economists to respond from their perspective and then later go to the business representative here as well to voice their opinions. Professor Jin, first, please. Thank you. Confidence has to come from somewhere, right? There are underlying factors that alter confidence and consumption. And of course, we've seen the scarring effects of the pandemic. Don't forget that Chinese households did not get the support that European American households got during the pandemic. But more importantly, wage growth could be declining. We don't really know for sure, but it's not climbing. So without that, you can't possibly get consumption to be really quite enthusiastic. Of course, there's real estate and the stock market. Again, retail investors account for the majority of the turnover for Chinese A shares. And so that has also been performing problematically. And of course, youth unemployment is a challenge. But is it coming from a cyclical feature which is a demand deficit in which case policies could potentially work? But as we'll hear from Mr. Zhu, there are also constraints, right? There's a debt overhang on local governments. Local governments were the key implementers of economic drivers of growth. But now they are suffering from mountainous debt burdens. So these are some of the kind of short-term challenges. Coming back to the trade challenges, look, you know, we're seeing in the data that trade is simply being re-rooted. It's being re-rooted from countries like Vietnam and Mexico. But guess who the ultimate demand and suppliers of that trade is? It's still the U.S. and China. It's going from a longer, taking a longer route and that's going to increase trade cost. And some Chinese companies from what I learned have also set up factories in Mexico and of course in Vietnam to kind of circumvent some of these trade barriers, but it still has to come ultimately from countries like the U.S. and China. About the business side, Mr. Jia, if I could, your company, I was looking at the reference a little bit before we start this conversation, is actually what they call a mixed ownership company. That's an interesting terminology for many of our audience here. This is about the mixture of state-owned with private ownership together. And you were moving as a state-owned company executive to now a mixed ownership company executive. So when it comes to business confidence, I see from Ambassador Rath's question, there's indication about how about private entrepreneurs? How are they being honored about their contributions? What is your understanding of the latest development? We know there are policies being reconfirmed recently. We also see a lot of discussions about that since China's Central Economic Work Conference at the end of last year. So, Mr. Jia. Well, there are some special things about Chinese companies. And HiSense started out as a 100% state-owned company, but encouraged by the state we reformed our ownership structure. 74% of our equity is now in private hands, only 26% in state hands. Now, 76%, that's mostly in the hands of certain strategic investors and our own workforce. So through market forces, corporate governance and the operations of our shareholders' meeting, we operate on a much more of a market footing. Because we are in a very competitive sector, and that puts us on a much better footing. Now, we are in a good position to observe what's going on in the Chinese economy, particularly what comes to private businesses. Last year, there were close to 300 regulations issued by various government bodies encouraging private business. Now, that has given us signals which enhance trust in the development prospects of private businesses. Now, for HiSense, we operate on a fully corporate footing now, of course. So in sectors like ours, it's the same for us as for other private businesses. We operate under market forces. We try to achieve an edge through better technology and innovation, and just managing ourselves better as a company. From that point of view, last year and the year before, there were difficulties mainly in the real estate sector. And there was a bit of a crisis in monetary terms. But what we see is also a challenge with a lack of consumer confidence that has been turned around, is being turned around by the adoption of various macroeconomic control policies. And I think that that is going to rebuild consumer confidence. Yeah, last time I looked, I'm not chairman of the Chinese Communist Party. And later, I'd like Dr. Jumi also to respond to the same question, please. This is a responsibility of others, but a few reflections. One, to agree with Jin Ke Yu, in terms of the Chinese consumer and consumer confidence, there are two things. One relates to wages policy. The second relates to taxation policy and, shall we say, social provision under the terms of the Chinese budget. Why do Chinese consumers save so much? Because they have much less generous social security than the rest of us, from education, to health, to retirement income, et cetera. You are largely on your own. And if you're concerned simultaneously about your future employability, you're going to save more, particularly for your kids. So dealing robustly with these two questions on the level of real wages, which, of course, goes to the ultimate competitiveness of aspects of the Chinese export model. But if you're going to go to domestic consumption as a growth driver, this has to be addressed. And secondly, social provision. On business confidence, the second point that I made before. The truth is there's been a perception, really, in the last five years, that in China, you've seen the advance of the state-owned enterprise sector and the retreat of the private sector. It's a politically incorrect statement in China, but I'll make it anyway. Guo Jin Min Tui, advance of the state, retreat of the private sector. So this has actually had an enormous impact on perceptions in terms of private sector business confidence. So therefore, the need for the Chinese government and the CCP to frankly de-emphasize ideology and to re-emphasize the core question of the normal profit incentives for businesses operating within a market economy is the fundamental question in terms of restoring business confidence. Finally, on trade, which you asked me to answer all three. So I'm being assiduous as a student of Confucius in taking the instruction from the teacher. That's you. And that is, and that is, this goes to the management of the US-China relationship. What the leaders did in San Francisco in November was decide to hit the pause button on geopolitics. That's good. What we don't know is how long the pause button will remain pressed. Is this a tactical shift over the next 12 months? And then we'll revert to where we were in previous years where geopolitics would undermine most elements of economic confidence and trade normality. Or will this become a longer term shift? I hope it's the latter. But that is the core question, the intray of both Joe Biden and Xi Jinping today. For 2024, it will be even more complicated as to who will answer that question. I guess I want to go to Dr. Jiu Min to respond to also to the earlier interactions among your fellow panelists briefly, because I also have some more questions for you as well, sir. Well, that should take an hour. I know. I know. Well, on the consumption side, I can just list a few things. But if you're looking for the data, last year, consumption increased 7.1% compared with 5.2% GDP growth. This is good. This means consumption confidence is a bad. The real issue is not the consumption growth. It's the overall challenge of consumption. Level is low compared to the GDP shares, which is historical issues. So China need to continue to work very hard to boost the share of consumption in the total GDP. Currently, only roughly a little bit more than 50%, which is way low. So I think that's the issue. But there are many things you can do. The fiscal policy needs the most money on safety and as I said I mentioned, I think this is important. And also the wage increase is also important. But many important issues, there's still 150 million people living in the city without we call the city ID hooker issues. So speed up to reform on the residential ID issue will boost the consumption in a bad way. We expect to see another 150 million people moving to the city in the next 20 years. So granted, 300 million people consume power, give them city ID is very important. Good news is indeed the government speed up the whole thing. So the consumption issue, the growth is strong, but the level relatively low, it will take a long time. The private sector confidence has also picked up. I see that they are doing good on something, on trade issues. China trade last year is 0.2% growth, almost a zero as I mentioned. But private sector on trade issues is 6.3% growth. So private sector, the share in the total trade increases 3.1% GDP, a percentage point. That's mean previously they only account the 50%. Now they're 153.1%. So private sector response to the global environment change very fast. So I think that's a good. Can you mention one thing, whether the green transformation will be able to meet the growth need? I think this is indeed an issue. It's a critical issue. Yeah, we saw the green sector growth strongly. EV batteries, it's all fantastic right. But scale is a big issue. So in that sense, the government will continue to put a amount of money into the green infrastructure. So this year, we roughly estimate that Chinese authority will invest so 10 trillion R&B in the green infrastructure. Digital energy, digital facilities, the data sets, and the power system, digital power systems to facilitate on the green transformation also to avoid over-invest in road and the bridge. So they will try because 10 trillion R&B will provide a very strong growth support for the whole economy. Following up on what you said, we love the Chinese economic policies which always come out as in PowerPoints. There's four new, as they say, new technology, new infrastructure, new investment, and new consumption. That's the four new earlier. We also heard the PowerPoints coming from the Chinese premier talking about the green development. There seems to be also a long list of possible new green initiatives. So how will these policies work with the question that all of you critically ask whether it is enough to gear up the Chinese economic growth? I want to ask also the business leaders here. Mr. Jia, briefly. Mr. Jia, we have limited time now, so... Our time is limited, so I'd like to ask you, Mr. Jia, just in telegram style now. Well, a lot of what the premier said was very important for high-sense, in particular the new emphasis on high technology. And that's important for us when we want to better satisfy customer needs. Secondly, in structural terms, the emphasis on replacing low-end products is very important for us. At high-sense, we are also very keen on green manufacturing and green consumption and greening the entire industry value chain. That's the focus of our efforts. Like peers in China, we are trying to improve recycling and reuse of consumer appliances and reduce our own emissions. We hope that we will be able to share best practices with other companies around the world. What does that mean for your global supply chain and also your global manufacturing landscape? I hope you will say more about that. Just very briefly, you can talk. Yes, just quickly, could you show your views on those? Well, there are similar issues for the global supply chain. ESG is a common language for the global sector now. We have responsibilities when it comes to green development, when it comes to climate change. And there's a lot of demand out there for green supply chains. We have 100,000 staff of whom 25,000 are outside China. They're employed by outside China. Now, when it comes to R&D, design, and recycling and so on, we have to design and make deployments in green terms. That will give us better momentum for the future. Something that has not been mentioned, perhaps, yet in the context of restoring business confidence and really reassuring international investment, is that, in my view, China is getting closer and closer to a developed market at this time for health care, for life science. So something which is very critical is the consistency and predictability of the regulatory environment. We, as a company, has been extremely active on portfolio management. And today, one of the potential constraints and limitations that we encounter when we think of inorganic moves is regulatory constraints related to potential national security issues. I think this is something that has to be very promptly addressed so we can be playing and operating globally. I think the other one, and I need to mention this one because it's super important, is the intellectual property protection and the reward to innovation in China. All right. We have very limited time, but our conference, forum staff, they're so kind and generous in giving us some time, asking questions. Why don't I collect two questions from the audience, and then we quickly ask our panelists to answer those questions. Let's collect the question first. I see one hand over there, the gentleman over there, and then we give another chance on this area. So please, very briefly, who are the question? Question is, when is China eliminating coal for energy consumption? And when is China stopping the very fast growth of carbon emissions? 29% three years ago? All right, we got your question. Thank you so much. I don't want to cut you short, but we are having limited time. Any question from this area just to be fair, OK? This gentleman over there. Well, thank you so much. I just wonder whether there is any plan for structural reform. What I mean by structural reform is that privatization SOEs and state banks to improve total factor productivity. Otherwise, I don't know where this gross impulse can become from. Real structural reform, when? Timeline, yeah? OK, I'm so sorry. We have great questions coming to our audience. Much better questions than mine. But we have limited time. Let's just throw these two questions to our panelists whoever want to address it.  Oh, OK, we should do that. The first question is about the coal, right? The great transformation. So very briefly, two sentences. Yeah, coal account of 58% of China's energy consumption. You can think about it. The challenges are daunting, right? The good news is renewable energy development so fast. Last year, the whole world installed 500 big watts renewable energy. China account 40%. So the first time, the new capacity in China, over 50% of the new capacity now. We will gradually stop building the coal plan, I think in the next two to three years. And then start 2030, we'll start to retire the existing coal power plant. Because existing power plants still have more than 25 years life. So it's a gradual approach. But the coal, obviously, is a big issue. You will see, because in China, the solar power cost is way lower than coal power cost now. So that's meaning coal will be out. Thank you. About the real structural reform, as phrased by that gentleman. Anyone want to respond to that? Well, the structural reform is ongoing. I think the structural reform, we've been talking about that throughout the session. But very briefly. As all the policies today in China you observe are structural reform. OK. All right. Let's have a final word from everyone. One or two sentences from everyone has a very brief conclusion for today's session. Why don't we start from, I would just go this, this, this, and then over there. OK. So maybe Dr. Zhu Min, we change a little bit the sequence. One or two sentences only. Well, Chinese economy, I think, do have its own resilience. But the challenge is daunting. It's a long structural reform process. So it will take time. But you will get there. All right. Ambassador Rod. Consumer confidence, slowly improving. Business confidence, remaining static. Stop talking about ideology. Mr. Gardejo. Accelerating growth will require that we continue to operate on a free trade environment. Globalization isn't perfect, but it's the best we have. And I don't concede a global world without China. Mr. Jia. Well, I think globalization is the overall trend. It has seen some stumbling blocks later. But I think it is the trend for the future. And I'm confident. Professor Jin. In so many ways, China is in transition. And all this requires a bit of patience, whether it's real estate, or debt, or carbon. And that's how we should see it, I think. I am a humble student of the Chinese economy. I'm also an extremely humble student of our panelists today. I think you mentioned some very important keywords. Trust, confidence, and transformation. Really appreciate it for your efforts. And thank you so much also for everyone's contribution. Thank you. This is the joint session between CGTN and World Economy Forum. I'm Tianwei. Thanks for watching. Bye.


Hello everybody, hopefully everybody is getting some studying in so far. So I have had some questions so I wanted to hop on to do a quick video here. So a lot of you have been asking where to start. So I do suggest starting at the anatomy section first and then going through the anesthetic and then the community after that. But you don't have to go section per section, meaning you don't have to if you don't want to study only anatomy for two days and then study only anesthetic for the other two days and then study community for three days. So that's all up to you but this is just kind of a ballpark of I don't I don't want you guys to kind of do like anatomy or pathology nutrition all in one day, you know. So I picked these topics to kind of help you focus a little bit more. So let's say you're going through anatomy and you're going through either the study files or the anatomy videos first, whichever you want to do if you feel that those are quite easy for you then you might be ready to take the mock exam after that. But if you're having a tough time thinking okay I'm kind of confused with some of these I'm just going to open up my textbook maybe look at some some of my notes through school first and then take the mock exam after that that's all completely up to you. So this is just kind of a ballpark. Now if it were me how how I would be doing it to really maximize studying as much as possible is I would go through anatomy first. So I do suggest and I did send you guys an email I do suggest going through anatomy for two days. So whether that be watching the anatomy video first it's about an hour long and then sort of taking notes on that might take you about two hours and then obviously take a break after that and then you you might say to yourself okay I think I'm okay to go through more anatomy. So then you might be going through the study files after that after that. But you know you can't expect to memorize all of that in just three hours so you'll probably end up watching let's say video first and then you'll be going through the study files after that. But then you won't be able to memorize everything so then you might have to put it aside and perhaps just go through some of your anatomy notes and then the next day you might have to watch the anatomy video a second time to kind of really understand it and then by that second day you will be able to understand a lot more and then possibly memorize a lot more too and then you might feel ready to take the mock exam after that or you might be saying to yourself okay so I studied anatomy for two days. I'm going to move on to anesthetic to kind of give myself a little bit of a break. So that's why I did put it in this way saying studying two days for anatomy two days for anesthetic and then three days let's just say for community. So then if you're going through let's say anesthetic on the third day kind of do the same thing you might want to look through the video first or you might decide to do some of the study modules first and then do the video after that. So that's kind of up to you how you want to do it feel free to let's say watch the video for an hour and then actually I don't think that one's an hour long it's just kind of a brief overview and then you might want to do your studying half of the module I should say half of the PowerPoint and that might take you three hours and then you might decide to look at your notes on anesthetic after that and that might take another two hours and then the next day review everything again because you can't expect to read something unless you're very lucky and then memorize it you know so you'll probably have to go through the same notes again on the second day but then after that some of the stuff should be starting to click in at that point because I designed the PowerPoint so that you don't have 300 pages of materials to study. You only have what you need to know for the exam possibly a little bit more to kind of add some depth to it because if you don't understand one part you won't understand the second part or you might understand the first half but then the second half you might go oh wow well this topic's a lot harder for me so I need to go back to the first one and kind of study that way so everybody's a little bit different but I do suggest taking the mock exams at the end of studying as much of that topic as you can handle. If you feel you have studied all that you have to study on anesthetic and you're saying to yourself okay I think I know what I have to know that's the perfect time to take the mock exam so that that way you can truly see if you actually know what you have to know or not because it's one thing to study everything to memorize those notes and then you'll see those questions in a different format in multiple choice and then you go oh shoot now I don't know what I thought I knew but that's okay that is why the mock exams are there for you so then that means you would go back and re-study and then you kind of study it a different way because you know what's expected so I suggest taking the mock exams at the end so you don't get too overwhelmed by taking them at the beginning and then thinking okay I know nothing because I don't want you guys to feel like that this is meant to help to give you the tools to to to feel as confident as possible but you have to start somewhere you can't expect to know everything take the mock exam and then get perfect it's not designed to get perfect because they're tricky questions if anybody gets perfect I will be saying wow because these are very very tricky and then after a couple days I want you to move on to the last topic for the week and that is your community so a community tends to take people longer because it's not exactly exciting you will be definitely studying community probably three to six hours every single day and then afterwards you will still be thinking oh I feel like I know nothing so do the best you can with community I have the indices PowerPoint for you and then a video as well take the quiz after you feel you know as much as you can you know everybody studies differently I'm not here to tell you guys how to study for you because everybody does study differently but I'm here to give you guys a guideline if you're that person who's saying I don't know where to start I need help so this is where to start study anatomy for two days study anesthetic for two days study community for three days anatomy you know you'll be studying two to six hours every single day if you're studying only two hours every day it's going to take you longer to learn what you have to learn per topic so per topic I do suggest six hours a day you know two hours let's say in the morning two hours afternoon two after two hours in the evening that's perfect two out two days anatomy two days anesthetic and then community three days and that's the full week because now the week afterwards you will be learning new topics and that's when things can get overwhelming if you haven't had a chance to go through the first week's topic yet you'll be going okay now there's six topics here and it's week two and oh my goodness I didn't have a chance to go through week one yet so do the best you can to really treat this as if this is an intense 30-day board exam prep because that's exactly what it is this is not for somebody who has half an hour to study every single day that's not bad but it's going to take you longer than 30 days to go through everything so I hope this helped if you guys have questions just feel free to leave comments and I am more than happy to help I will likely hop on live at the end of the two weeks at some point so I will let you guys know when that when that will be so then that way if you have any questions to ask me then then feel free to ask anything that you want okay so this week study anatomy and aesthetic and community good luck have fun and I will be paying attention to everybody's mock exam answers to see how many you will get correct so remember technically a pass is 70 but I suggest 75 but I want you guys to get 80 or more because if you only know 70% of what's here then are you going to pass the exam maybe not I want you guys to know as much as possible so you will pass that exam okay thank you guys for watching good luck and I will see you guys very very soon


You might think you don't want in credit, but banks actually want to see how you conduct yourself. So getting the right type of credit is important and making sure that you look at the interest rates that you get from the credit product is really important. So you need to make sure you get a competitive interest rate on the credit product that you have, but at the same time not to overextend yourself. What I did was that I spoke to the different banks and I told them, you know, this bank is offering me this much, how much can you give me? Eventually, you know, it's playing between the different banks. Eventually, you know, I've got the best outcome. Good evening and welcome back to the first time home by a show this evening. I am with an absolutely amazing guest. As you heard, we're talking about savings tools. We're talking about affordability. This is definitely a show you do not want to miss, but do not forget, we have amazing content coming to your screens live every weekday this week. We've got someone to go Kamala with the private property podcast, and that's live at 7pm on Facebook. And of course, we've got Mbali if you're interested in farming and agriculture, that's live every Tuesday and Thursday at 8pm. Do not forget Mbali is reaching her 100th episode. It's something you do not want to miss. We talk crops, farming, mushrooms, everything you need to know there. And Chad Vaviros travels in Zanzi. He goes to amazing townhouses, anything from Danefern to Eagle Canyon, amazing homes. Chad Vaviros comes to your screens every Monday and Friday at 8pm. What a way to go into the weekend. And without further ado, my absolutely amazing guest, Kinosi Rakosa. She has been in a home and we're sitting in a lovely home actually right now, gorgeous home. And Kinosi, you've only been here for 13 days. Thank you so much for joining and sharing your story and your journey with us on the first time home by a show. I love, absolutely love hearing from first time home buyers because it just proves that you know the possibility of this journey and of course it's daunting. And that's what we're going to get into. So Kinosi, tell me a little bit about you just before we go into your home ownership journey. Okay, so in terms of Kinosi, I am 31 years old, soon to be 32. I have three degrees actually and I just got my master's in business management all from the University of Johannesburg. So in terms of my career, I started working within the banking industry 12 years ago and I've worked for small banks, large banks and at the moment I'm working for a fintech and personal notes. I'm the last one of two girls. I also have a nephew and my parents are still very close to my heart. And in terms of what I like to do, I like to cook and bake. I actually started a small business with my sister. I'm not nearly as involved in it as my sister, as the rest of my family is because I'm working full-time but that's what I like to do. And I also am very active and I love to spin, run and play tennis. So that's me in a nutshell. That's amazing.  What was that feeling like? It was absolutely fantastic. I had this wonderful Melva pudding recipe and I just died. I'm not putting my favorite. And to actually put it in the stove and just to get the smell of the house, it was actually my house. Absolutely. Exactly. I can imagine. Please share that recipe before we leave. I love Melva. One day I'll be able to also make it in my own home. But on this journey and of course you've got, you said three degrees, that's absolutely amazing. And I know a little bit of your bio, you shared that there was a time in your life where you could afford to buy a home. All your friends around you were buying the property. You just, you didn't. Yeah. So for me, I started working in the banking industry and you know, some of the perks that come with working in a bank is that you get preferential interest rates. So a lot of the people around me were actually buying a house. And for me, the pleasure about working in a banking industry is that you really learn a lot about financial management and credit. So for me, I could easily apply and qualify for a home loan, but that didn't necessarily mean I could afford it. So I wanted to wait for the right time when I could actually afford it. So yes, a lot of people around me were buying homes and you know, obviously it's a certain extent you do feel some level of pressure, but you know, I was centered around my own purpose in my journey. And that's why I wanted to wait up until I've got the right financial backing to actually afford the house not just to be approved for it. Right. And you took a while to say, but before I even get there, you've got this, it's, you're almost like privileged, the fact that you have this financial background and you know, you're financially literate. And what is it that you, what would you say financially that working in the banking sector that has taught you financially? So for me, working in the banking industry, you learn a lot about credit. So you learn a lot about how to build a credit profile. So for me, I understand the ins and outs. I've actually worked in a credit product. So I know what banks actually need in order to qualify for a credit product. So the type of behavior that you need to conduct yourself in in order to qualify for those products, but over and above that, actually managing your credit portfolio. So you don't want to over exchange yourself.  So ensuring that you've got a portfolio around savings, you know, healthy banking profile. So for me, I learned a lot about credit, but at the same time, how to really manage my money in an efficient way in order to build up to a big purchase, such as a whole. To a younger viewer watching and hearing all of that, I feel like it's, you know, quite a mouthful and kind of like, you know, so much knowledge, because also I feel the biggest issue, especially with me on my journey to buying my first home is the jargon and the terminology used, even going to the banking sector and hearing these things from these financial heads and just being so overwhelmed by this process. How did you as Kenosie kind of help? What certain tangible things? What steps did you take to ensure that you had a good credit record to afford this home? So for me, in terms of managing my credit profile, firstly, I, you know, you might think you don't want any credit, but banks actually want to see how you conduct yourself. So getting the right type of credit is important, right? And making sure that you look at the interest rates that you get from the credit products is really important. So you need to make sure you get a competitive interest rate on the credit products that you have, but at the same time, not to overextend yourself. So if I overextend yourself is, you know, you get a loan, a credit card, a store card, contract, a cell phone contract, so everything is on credit. And at the end of the day, a disposable income or the money that you have left at the end of the month is very small, right? In that way, you won't be able to qualify. So it's about making sure you get the balance, right? So it's really credit that keeps you going to a certain extent. So a small credit card loan, and they have to make sure the interest rate has been competitive on that interest on that credit card and ensuring that you pay your credit on time. So the easiest way I do it is I get a debit order. I don't have to worry about making sure that I've paid on time and what.  So the agreed amount or even over and above that to make sure that you build your credit profile and not to overextend yourself on that credit, right? So, you know, the good mark is really around 50% or less of your credit loan in order to really build up your credit profile. And typically, banks will get your credit profile over a six month period to make sure that, you know, from a bureau perspective, because all these credit institutions actually report on your conduct on a credit bureau. So those are the things that I learned. And obviously then also mixing it up with making sure that I've got enough saved for the registration cost and even further to make sure that I can purchase the home. Right. You took, you said two years to save? Yes. Yes. Yeah. So I actually, you know, moved out very late from my parents' house. I think when I was about 30 years old. So from that perspective, you know, I used time to save up. And not just to save up, I also started investing. So I got the easy equities app. Yeah. It's really, really simple. So for me, you know, I made sure I've got all these things in my awesome. And I started saving up towards the registration costs and bond costs. And also, I decided to rent first. Right. And in terms of renting, it was for me to test the waters. Right. You know, can I live with this? What's happening in anything else? Get the lessons, learn from renting. And then I went to them and bought the house that I wanted. That's such a good tool, you know, to start obviously renting first, because there are people who, you know, love what their parents and then buy immediately. And then they're like, oh, no, you know, some they are cost involved that I had no idea. Renting, that's such a good tool. And I think that's some advice to first time home buyers, you know, rent, even if it's just for a year or six months. But I think it's so key and pivotal also yourself being alone. And you figure that out when you're renting, you know, you figured out, you figure out how to be by yourself. Can you manage your finances alone? Are you able to be on your own? Exactly. So for me, you know, living on my own, you know, I started feeling, okay, so there's actually, you know, because, you know, my friends used to come all the things before. So there's water, electricity, you have to buy your own groceries. You know, there's all these other things that you might not necessarily ordinarily know if you're living with your parents.  So you start budgeting around the house that you want. This is what I can actually afford. So this is actually how much I spend on electricity on a man. This is how much I spend on water. Yeah. So now you get a clear view of your costs before you actually make that commitment around buying a house. Yeah, because that's inevitable. You have to spend that money every month when you're buying, when you've, you know, been approved for the home loan, etc. Was this always your goal? Absolutely. Yeah. So for me, home ownership has always been the end goal for me. What's raining for me was my short term.   And, you know, it's just always been the dream of mine. So I, you know, I've just asked if this was always your goal. And a lot of property investors actually, I'm just going to take it as a stick further, say that buying property and even after buying their first home, this whole thing becomes addictive. Does it stop here for you? Does it end here? No. Okay. For me, I would definitely love to buy a second home.  And ultimately, I think when I retire as well, you know, to get more space. So, you know, that's it. Yeah, it doesn't stop here. And I think it's so important that, you know, once you do buy your first home, that you start making it a home, making the house a home. You've only been here for 13 days. What has that been like? It's been absolutely fantastic. So, I'm still waiting for the blinds, you know, I think, but the exciting part has been decorating it, right? Yeah. So for me, I've been looking, particularly mostly online, like these doors, you know, you get to decorate it the way you want.  Yeah, I've just, you know, started looking for interior, like looking at interior decorators, you know, how to decorate your home. It's really exciting. And for me, the fun part is I can hang up things. I couldn't hang things up at my previous place because, you know, yeah, wasn't your, yeah. So, you know, the management of the place and like that. So, fortunately, now I've done my own paintings. And I'm really putting it up in such a way that it represents me. And I think that's the fun part about it more than anything. Is that, you know, you've got the sense of freedom around how you want to put it exactly. And I wanted to find out from you, you know, being in your own space, this entire journey, right, you said you saved for two years, but then now the process of finding the perfect home. What was that like? It was a bit daunting, you know.  So, I started looking around and I did a few viewings in an around area, but I eventually decided that I didn't really want an existing home or home that had people that live in it or anything because I wanted a place that was kind of brand new. Yeah. The sense that, you know, I wouldn't have to maintain it as much because it's still new, as well as the bondage and registration costs have come with it. So then while I was on private property, the developer went out of the house, you know, their advert came up and I just clicked on it. You know, I started, I looked at the artist impressions and it looked really good online. And you know, I looked at the developer, they had a very good repertoire. So, I thought, okay, they've got a very good reputation. Let me actually leverage of them and trust them with this big purchase and I bought a plan. And how, what was that like? Because you're actually one of my first guests who've done something like, and for your first home, that's terrifying because one of it like doesn't come out the way that it was on the plan. I know, right? And I suppose that's the thing about being a little bit younger in the sense that, you know, you're not really as afraid to try things online. And take these risks.  But, you know, I trusted them in the sense and I looked at the pictures and I looked at the engagement with me, how they spoke to me, you know, their level of their reputation in the market, as always really critical for me. Because it's very easy to pull victims to scams online. So, you know, I did my background research on the perspective. And for me, what I liked the most was the fact that it was new. Right. And I don't want a lot of, you know, I've got friends that have bought existing houses and you know, they're fixing things that shouldn't ordinarily be fixed when you're moving it. To a new, your first home. Yeah. Yeah. And you haven't had, because I was actually about to ask, like, any issues that come with it? Because... Yes. So, in terms of, I have identified a few things that they need to fix. Right. But fortunately, you know, I've got a 30-day period where they can still come in and fix them. So, you know, there was issue with the keys are not working. They can fix them very quickly. So, within the next 30 days, I've got a snacks list that I'm putting together, send it to them, they'll fix it and address it. So, from that perspective, you know, I feel a sense of relief. Yeah. That I don't have to worry about coming for that. So, buying your first home is a drop, hey? It is, but it's a fun, yes. It's absolutely exciting. And I mean, I think for me, you know, being able to be in this kind of position, I'm really grateful for it. You know, I know a lot of people that might not necessarily have the same opportunities that I've had, but for me, it really is just a really humbling experience. Right. What were like your top three things that you wanted in your home? I know a lot of people, you know, before, and this is so crazy, right? I recently spoke to someone who they needed to walk into the home and feel it with their energy, and that's how they knew this was the one. You didn't have the opportunity to do that. So, for me, first and foremost, it's the area. I'm job work born and raised, but, you know, there are certain areas in job work that really appeal to me in terms of the lifestyle. So, the area for me was really critical. So, the fact that there's lots of very strong, there's lots of things to put in and around the area, that was critical first, you know, because a lot of my friends are actually in this area that I'm in. So, from that perspective, it makes a lot of sense, but at the same time, in terms of the look and feel, I want something that's relatively big. Right. I was renting a two bedroom apartment. So, this is at least a double story. Yeah. So, it's got a little bit more space, and, you know, it really had to appeal to me visually.  Yeah.  And I felt it was when I looked at it in the garden outside, really lush and green and beautiful. And the fact that, you know, some of the small touches for me, it's got to me in terms of the part type, you know, the way that it looks, as well as, you know, the fittings, like, you know, the windows and the minimum windows. So, the small touches, you know, marble table, kitchen table, all of that, those were the things that I was looking for. And of course, the oven for the Malva pudding. Yes. The oven for the Malva. Has to be there. Can you say, I wanted to find out from you, would you recommend to first-time home buyers to actually buy or for plan, like you did, buy into a development? Definitely, because from a registration speech, okay, register, even if it's a development, some of them do have sure prices available. But to a large extent, it saves you a lot of costs from the upfront costs associated with it. So, that is one of the key benefits, especially for a first-time home buyer. Secondly, in terms of off-plan, I would say, if you're going to buy off-plan, make sure that you really look at the impressions, the artist impressions, you've actually gone through the floor plan and how the house is going to look and construct it. Right. Just to make sure that you're happy with how it will be structured when you read through the sale of agreement. Make sure that you've checked whether or not you like how they've sized the bathrooms and all the rooms and all of that. But at the same time, make sure that you also do your research around the developer that you're buying from. Similarly, with any other buyer in the house, there's a lot of scams out there. So, we need to be very vigilant around that. And make sure you do your homework before buying off-plan because you might get drift-offing. But fortunately, banks have a lot of checks and balances around this. Right. So, to a lot of extent, that risk is mitigated. But just to put yourself with ease also to do your background research. How far could you go with negotiation? A lot of first-time home buyers say that, guys, we can negotiate. I did. Oh, really? Aggressively, sorry. I'm heavy. So, from that perspective, I want to make sure that I stretch my money as much as I possibly can. So, what I did was the bond originators took my application to different banks. Right. And the banks all came back with their offer to me in terms of the interest rate. So, for me, I wanted to make sure I got the most competitive interest rate because that was ultimately going to determine how much I paid on the right basis. And what I did was that I spoke to the different banks and I told them, you know, this bank is offering me this much. How much can you give me? Eventually, you know, it was playing between the different banks. Eventually, you know, I got the best outcome. So, I got a prime minus two percent rate. Oh, wow. That's very competitive. Yes. And then how important was you? Because you talk a lot about researching. And in your case, obviously, you needed to see if it was a reputable developer, whatever the case may be. But researching different things, such as like hidden costs that come with these things, how important would you say that is? It's absolutely critical as well. So, you know, specifically when you come to signing your sale of agreement, it's really critical to understand what are the costs associated with the actual acquisition of the house. Right. So, in terms of making sure that you've got, you know, you understand the transfer costs, the registration costs, whether or not you have to pay an occupational rate for the first month, which I had to pay for. Oh, wow. You know, all those things, you've got to understand it.  Yeah. Ever so, you've got to consider all those costs associated with it and make sure that you understand it. Ask the questions, you know, because we need to know. Yeah. But even if it sounds like you've been pedantic, but ultimately you've got to understand what you're getting yourself into. Exactly. Because it's a really big commitment. And a lot of first-time home buyers talk about how important it is to save because these costs come from nowhere. Like I did you by surprise. So, it's so good, you know, that you have an extra bit of cash that you can give to the certain thing, whatever the case may be. And just last week we spoke to another first-time home buyer who was literally hit by surprise by a few things. And luckily also, she was saving. And there are lifestyle changes that come with this. What does Kenosi's lifestyle changes? And what is your savings tool? Okay, so in terms of my lifestyle changes, you know, fortunately for me, I can put aside certain money. So what I did was, you know, I cut down on the entertainment. Right. You know, so not going out as much to the response of my friends. Yeah. But I mean, you know, when you've got friends that fully understand what you're trying to achieve, you're more than happy to support them. Of course. And in terms of my savings tools, so initially I used to use you know, trust is quite aggressively. Also 32 days notice. But I also have a demand product which I can put in money, find it any time I've got money. So whenever I've got an extra $250, instead of going to the restaurant, I just put it into that account.  And also, as I said earlier, is that I've actually started using, is it equity? So is that investing? So, you know, I've got this pool of different tools to actually save up. So those are the tools that I use. You just brought something to mind now when you said, you know, and I think it's very important because a lot of people, when we think savings, we like take the bulk, take like a big $4,000 to $5,000 and just save it. When you have, you know, spare change to $200, save that.   So, you know, when that all adds up, you know, it can be like $3,000, $4,000, you know, it's a lot of money. I don't go to clubs or anything. So I save up on that. But nonetheless, you know, it's, you know, if you put in a little bit, it's a little bit that counts. And what I also did on my side was, for the occupational rate, for instance, what I did was I started putting it, they told me, I think six months before, so I started literally putting money into their account. Oh, okay. Yes, I got it. Oh, nice. So by the time I moved in, I didn't have a huge amount to pay in. That's right to pay in. So, yeah. That makes sense. Were there any lessons that came with this, like life-changing lessons or even a little bit of advice for first-time home buyers? You know, I would say, definitely take your time. You know, I think for me, the biggest lesson that I learned throughout this journey is that, you know, buying a house is a long-term achievement, right? And it's going to, you shouldn't, it's a commitment. Don't rush into it. Don't feel pressured into it. Yeah. You know, do it at the right time with the right goal. And you know, don't do it because you're feeling pressured. This person's doing it this way. Yeah. I need to do it. You know, take your time.  Come up with what works for you. What worked for me was, let me test the waters that he ran. First, find out what works for me and then go in big bang and then start working on it. But ultimately, what you need to do as a person, you know, when you're buying your first home, is really find something that speaks to you. You know, what speaks to me is not going to be the same for you. Yeah. You know, I've got friends that are living very far from me, but they're quite happy with it. But they're cheating with their house. But for me, my house has been, you know, it speaks to who came to see this. Exactly.  Exactly. Buy something that speaks to you and your journey. Do you have any regrets? Regrets? No. None whatsoever. That's a really good thing, though, because it means that this journey, you know.  And maybe something from you, because, you know, we all, we buy houses, but we make homes. What is your kind of key strategy to making this place a home? I know you're very excited about buying the furniture and buying these new things. What else are you? So what I've done on my side is, it actually happened by coincidence, was that, you know, we inched to the mall around the area. And what I did was that I literally bumped onto this painting of an elephant.  And our clan name is usually associated with an animal, right? One of the big flies. And mine is an elephant. So for me, I put it up, and I asked my dad to put up that painting for me because he, that's this clan name. Right, yeah.  Wow. Because, you know, I asked my dad to put up the painting of, you know, the elephant because that's our clan. Exactly. And he was so excited. And for me, it was, you know, just such a moving moment. It's already a home. That's the image we're talking about right there. It's beautiful. This is a home. And thank you so much for inviting us. Thank you for all the advice that you've given. And I think what I would like to advise other folks, your step that you took to kind of educate yourself is to rent first or to stay at home for a bit to save. And these, I love talking to first-time home buyers because these are tools that we educate other viewers on. And this is exactly what we should be doing. And we just, you know, need to continue. Saving is so important. I can't even reiterate that enough. It is so important. But again, thank you, Kinosi, for taking the time out. And it's evening, it's late. I'm so sorry. Thank you for inviting us into your home. Do you have any last words that you'd like to share? I mean, I think in terms of, for me, the critical important thing for me always in terms of buying a home is make sure that you can qualify for it is one thing, but make sure you can afford it. And, you know, a lot of financial advisors, particularly those on social media who are saying, don't buy a house, interest rates are going to come up, it was because of the pendant leg, blah, blah, blah. But, you know, ultimately, you know, any situation is different. Every financial situation is different. But the important thing is making sure that you factor into consideration. Interest rates will certainly go up, most likely. I mean, in terms of what economists are projecting. But ultimately, what matters most is whether or not you can afford it. And by afford it, I mean, does your income substantiate? Is it substantial enough to quantify or qualify? Can your income match when the interest rates grow up? And that's the important thing. Being ready for that change. Being ready for that change. And not just that, taking into consideration all your other expenses, your disposable income, will it be enough in order for you to never feel comfortable life once interest rates have gone up, and once, you know, the house expenses has been taken into consideration? And we're definitely going to get to that point.  That's not always the case. Every individual is different. Take into consideration yours. And of being able to be approved for credit does not necessarily mean you can't afford it. Ford, yeah. That's a very good lesson. I have one final question. This is the first time you're sharing your journey within, you've probably shared it with friends and whatever the case may be. But you know, this is to viewers, people we don't know. What is that like to hear your own story?  Sometimes you just feel like you're stepping into something which is kind of like, am I supposed to be there? Yeah. This is really me. These cameras, I've seen all these celebrities behind the scenes shots, but I'm here. Yes, you know, yeah. But you know, to be able to share my story with other people and hopefully to be able to touch them and to educate them around my journey and if that can inspire them, that would be actually fantastic. So thank you so much. It's definitely inspired me. Thank you so, so much. And to everyone watching at home, do not forget we are live every Wednesday night on Facebook, Instagram and YouTube at 8 p.m. Take care.


Welcome to ToffeeTV, it's the start of the 11th show, Everton vs Manchester City at Goddison Park. This video is sponsored by One Football, One Football's app. It makes it easier to get all the latest stats, scores and news all in one place. To download the One Football app, click the link in the description. Yes, let's get into it. The starting at 11 that I want to see against Manchester City. Nobody else, just me. This is the team I've gone for. In Gold, Jordan Pickford of course, Everton's number one, England's number one. Even if he was playing poorly, who would take over from him? No one is the answer. Although David Underworth has been talking up Jalva Junior quite a little bit. Maybe next season he'll become our number two and maybe he will give genuine pressure to Jordan Pickford. Wait and see. I doubt it. I've gone for John Joe Kenney at Rightback. I think the lads performances in the last few weeks, one and team starting at his obviously his position, Rightback, I thought. I thought last week when he came on against Huddersfield he did okay. When he came on against Wolves he did okay. And when he's played Rightback recently he's done okay. What he lacks maybe going forward or just in general, he makes up for in the fact that he wants to win. He gets stuck in. And I know these are all things that you can roll your eyes at and say, well everyone should be doing that. Well everyone isn't doing that, are they? Everyone isn't doing all those things. So let's get some players out there that can do that. So that's why I would have John Joe Kenney in. Alongside him, Michael Keane and Zuma because quite simply there's nobody else. If me and it was fit I'd have three at the back. I'd play three, two wing backs, three in the middle of the park and a striker and a split striker. So forget about your wide players, your wing backs. The wing backs would be the wide players, three in the middle of the park and two strikers or a split striker. But we haven't got that luxury. We haven't got another centre back so this is what I'm going for. At left back, Luka Dean comes back of course. He is probably being our best player all season and hopefully he can get his head down in this game and get back into good form. As I said, probably being our best player this season so looking forward to seeing him back at left back. In the middle of the park, right, okay. Forget about what it looks like. Keane, back in the side, not asked. Don't care.   Forget about what his passes are like. He's in there to do his defensive job.  Alongside, Andre Gomez who I thought had his best game for a while on Saturday against Wolves scored a great goal. Hopefully, you know, if he can get anywhere near that form he showed around November time then, you know, he'd be, that would be a great help thanks Andre if you would. If you play football as well as you can hug then we're going to see something from you. So him and Garner. On the right I've gone for Admiral Luchman back in the side. I don't know what, don't know why Wolcott was in the side but I want Admiral Luchman in the side and getting the run of games. Now, I really do. On the left hand side with Charleston, do me a favour lad. Stop falling over and, you know, start concentrating on playing football, scoring goals, making chances. Stop getting frustrated, stop throwing yourself around and get into the game, get stuck in. Come off that left hand side and I see you're getting some goals. In the split striker role, so not, not, not in midfield. Not even, if you want to call it number 10, whatever. Bernard, I want to see him right behind Towson.  The beauty about that is Bernard and Luchman can swap positions and can both do that job. But it needs someone right behind Towson, who can, who's mobile, who can get round the pitch and, you know, not even round the pitch, just a round-chain Towson, just to give him something to work off. Listen, we can't play four, five, one. We can't play four, three, three. So let's have it more as a four, four, one, one. Something that ever needs to be very, very good. Let's get back to that. So we need someone mobile. The last few games Sigurton has not been at it, and I don't think he's mobile enough to play that role. He's neither here nor there. When he plays in that role, he's not a proper number 10. So I'd take him out the firing line and bring someone like Bernard into the side and let him sit behind him. Luchman and Bernard can swap positions as much as they want, but let's have one of them in there all the time, being the foil, picking up the ball in that little space and trying to pick, get closer to Towson and move the ball quicker to him. If you get Towson into areas where he can get shot off the goal, then that's bleeding. Let's not leave him isolated because there's no point. So that would be my start on 11. Let me know your thoughts in the comments. Even if it's not the same personnel, do you see where I'm coming from in terms of how we want to play? As I said, I'd rather have three at the back, but we don't have that luxury. So it's more of a 4-4-1-1 with Bernard being able to drop into the midfield as well. And this lad will work hard for you all day as well. He'll get about, he'll close down, he'll do his job and that's what we need in there at the moment. Let me know your thoughts in the comments. Don't forget, if you haven't already subscribed, please do. Click the bell for later. You know when there's more videos and join us on Patreon as well if you want more and more and more videos including Road to Glory Season 2 Premier League All Stars. It's amazing. Get over there and check it out if you haven't already. I'll see you later.