Hello everybody, thank you very much for coming to this session. I'm very excited about this session. My name is Jameel Andalini. I'm the Beijing Bureau Chief for the Financial Times, Financial Times newspaper and website. I'm very honored to welcome an amazing panel tonight this evening. I think we've got a very fascinating topic, something I spend pretty much my whole life. Thinking about and working on and have for a long time. We have a very, very distinguished group. This is, I think, I can probably safely say the most distinguished panel I've ever moderated. So I hope it goes well. I think that this topic is increasingly relevant to all of us. It's something that all of us probably think about no matter where we are in the world these days. I just have one housekeeping point, actually. I want to point out that about 10 minutes before the end of this session, please don't all leave. We have a presentation of an award. It's for the World Economic Forum Chinese Global Growth Companies Honorees in 2014. These are the companies that will likely be the next Chinese globalizers. So I think you'll all want to stay around to see the next Alibaba in action getting an award here from the World Economic Forum. I'm not going to go into extensive biographies of my panelists. I think you all know exactly who they are. I don't think any of them really need any introduction. I think we will just go into the panel. In the interest of time, you'll also be able to look into the program to see if you want to know anything. If you've been living under a rock I don't know who these people sitting next to me are. The topic we're here to discuss is how China's future growth trajectory will impact the rest of the world. When I first moved to China in 2000, that's when I first arrived here to work as a journalist, the economy was the world's seventh largest. It was smaller than Italy's economy. Today it's the second largest, as we all know. It's behind only the United States and it's four times larger than the Italian economy. That's in just 14 years. Chinese economy has managed to lift hundreds of millions of people out of poverty. And we still, to this, at this moment, even though it slowed a little bit, we still have 7.5% growth, which is really the envy of almost every other economy in the world. But as I write often in the Financial Times, there are also increasing signs of stress. China is witnessing an environmental disaster as a result of its growth model. Since the financial crisis, total debt to GDP in China from 2008, it was 130%. And in the middle of this year, it reached 250%. That's in the space of just five years, so an increasingly credit dependent economy. If you look back in history, there's never been an economy that increased its debt ratio at such a fast pace and did not experience a financial crisis. Many of you will have driven here or taken the train here, and you might have noticed the forests of empty, half-built apartment blocks in the middle of nowhere. It's something I spend a lot of my time doing when I travel around China. I count empty apartment blocks or apartment blocks with the lights off in the early evening. Overcapacity is a massive problem. It's a massive problem and it affects several of the people on this panel quite directly.  I want to give you an astonishing figure, first reported in the Financial Times, which I think really illustrates just how crazy some of the infrastructure build out and some of the construction has been in China in the last few years. In 2011 and 2012, China produced more cement in that two years than the United States did in the entire 20th century, from 1900 to 2000 inclusive. Now just think for one minute, what did America build in the 20th century? It built Manhattan, most of it. It built most of Chicago. It built the Hoover Dam. It built the interstate highway system. But in that 100 years, it produced less cement than China did in two years, 2011 and 2012, at the height of what I would call the Chinese real estate bubble. Now, someone who's far more qualified than me actually to talk about this and who I quote regularly and have known for many, many years is Marjun, Professor Marjun. And he is now the chief economist for the central bank, China's central bank. And I'm going to ask him briefly to give us an overview of where China's growth is headed and what the implications are for other countries. So, Ma, thank you. Thank you, Jimmy. I'm going to make three points within three minutes. Firstly, the given topic on Chinese growth outlook and secondly, how structurally China will evolve and certainly impact on the rest of the world. In terms of growth outlook, on the positive side, we've been seeing some pick-up in export growth the past few months. In July, it was 14. something percent and the last month, it was 9. something percent. Stripping out the base effect is still pretty decent. And private investment is exceeding SOE investment, which is suggesting that market-oriented reform is making progress and also a number of mini stimulus measures were making an impact on the investment, especially in the railway and public housing sector. So, these are the positive aspects of the growth story. Of course, there are downside risks, especially in the real estate sector. Sales have been very weak and weak real estate sales typically suggest that the investment in the real estate sector will likely to slow further. But I do believe that China has the policy tools to ensure that overall economic growth will be largely steady. Another related but important point I'd like to make is that even though GDP growth has slowed a bit in the past few years, our employment situation is quite good. Premier Li Keqiang in the past few months mentioned a few numbers on the surveyed unemployment rate in the urban sector, and these numbers suggest that the unemployment rate is declining. At the same time, we have some other numbers from the labor ministry, which is called Chou Ren Bei Lü, which is a ratio between labor demand to labor supply. And that ratio continues such as that the labor market is improving, meaning that the demand actually exceeding supply. Moving on to a second topic on structural transition, I think China is making a few moves quite rapidly. One is moving towards the services sector away from a manufacturing-dominated growth model. This is reflecting the change of consumer preference in favor of services and also reflecting the demographic trend, because the old age population is increasing rapidly. According to our estimate, the old age population will rise by 70% in the coming 15 years, which obviously suggests that the health care industry is going to grow very rapidly. And health care is a major part of the service industry. And the other major structural change is energy mix, I think, is going to shift away from conventional coal and move rapidly towards cleaner energy, such as natural gas, wind, and solar. And finally, China is moving up the value chain, which is a topic for metangent through innovation. And a major driver for that move is that our labor cost is rising rapidly. And with very high labor cost, the labor-intensive manufacturing industry will decelerate and continue to migrate to other emerging markets. And therefore, sustaining our growth through innovation and productivity growth is becoming increasingly more important. And that requires our increasing efforts in promoting innovation in the country. Finally, in terms of impact on the rest of the world, I'd like to stress the three points. Of course, there are many other points to be discussed as well. Firstly, as Chinese labor costs rise further, and our labor-intensive manufacturing moving towards other emerging markets, including India, Bangladesh, and Vietnam, this is going to be very positive for these countries' economic growth, in particular for the growth of their manufacturing and transport industry. Secondly, China will also be increasingly becoming an exporter of capital to the rest of the world, including through BRICS Bank and Asia Infrastructure Bank. And finally, China will be the largest buyer of clean technology from developed countries as we're moving towards a greener economy. Just to give you one example, in 2013, China's newly installed wind and solar capacity amounted to 30% of the total installation in the world. And I think this trend is going to continue. Thank you. Thank you very much. I'm going to call on Mr. Derapaska. I have one serious question and one slightly gratuitous question, which I'm sure many people in the room will be interested to learn about. My first question is Chinese overcapacity, in particular in the global and in the aluminum sector here in China, has had a huge impact on global aluminum prices, on the global aluminum industry. Could you give us just a little bit of a reflection, reflect a little bit on how that has impacted your business in particular? And the second question I'll ask you now and you can answer however you feel appropriate. When do you think we'll see a Chinese owner of a British football club? And what advice do you have for prospective Chinese buyers of British Premier League clubs? Thank you. OK. Overcapacity, not just an aluminum industry in China, still cement, glass, and many others. And I think it's reflect, it's a quite free market economy and high regional influence in the in competing for the job creation. And regional authority were managed to influence in the local banks, not leading banks, mostly local banks, to open credit for this project. And there was not enough federal regulation on how to actually promote proper standards to make sure that inefficient technology and inefficient industrial plants shut down. But it trained a lot the rest of the industry all around the globe. China used to import a lot of aluminum and suddenly in 2007 become self-sufficient. And then the world crisis transportation sector collapsed and we end up with a huge stop all around the world, in US and in Europe. But it helped us to understand better the supply and demand balance. And outside China sector was highly consolidated. Everyone took a certain measure to optimize output. And now we have a deficit outside of China, which important to help us to make more reliable market because stocks going down and we see recover an aluminum price. Important not to learn how China will develop further. It's definitely our capacity. And China doesn't need so many small inefficient smelters. And as you mentioned, with this step to the clean energy, coal-fired based smelter should face more pressure on cost. And there is, of course, an exit in China. Industry aluminum should be more consolidated. Lead and bank already stop crediting new smelting capacity because they're not able to service it that. And I think after consolidation industry should move further down to downstream. And aluminum is a future metal for the China. It's great more efficiency in transportation. I saw recent presentation of Shenhua Coal Company, which developed new wagon, which six ton lighter and could bring actually six ton more cargo in urban and transport. We know there is a fight for high emission, no better emission standard in the car industry. And aluminum brings efficiency, especially for commercial vehicles. We know that there is no more opportunity to improve efficiency in construction. Even in this building, most of the cable is a copper. And copper was expensive metal for construction. And this cable could be done out of new alloys from aluminum. And there is more application, which actually could help in China to be more efficient. And this is the way we believe China's aluminum company will develop further. They already made substantial shift to the West. There is more opportunity to be sustainable on energy side. And China should go outside first to find resources the same as we did. We don't have resources in Russia. We invest all around the globe in Latin America, in Africa, in Australia. And there is a move for China company should do. And of course, it's important to install in a new technology because pollution is not just air pollution. We all suffer in China from air pollution. But more important is that ash, fly ash, which sits around in a coal-fired plant. It contaminates the air and water. And water contamination will bring a long-term effect on agriculture. And safety is standard. It's not just today cost. Yes, you can increase labor pay. But safety, it's long-term cost, which finally government will bear to keep health and security in line. And we believe everything could be done. What we hope, that China will not be about number volumes, but would be more efficient. And the recent Likisan presentation shows that China will follow this efficiency way and could solve this problem. As your second question, I hope never. I hope never China will buy any football cup weapon Britain. China needs so much thing to do for us here. Fair enough. We can talk later about the exact advice you might have for them. So now I'd like to call on Madam Zhang Yin, who many of you will know. She's been named several years in a row as the most influential and, in some years, richest woman in China. She is a towering force in the Chinese industrial sector, runs the largest paper recycling and paper production company in China. I would like, if Madam Zhang could, perhaps you could, tell us a bit about the process of industrial upgrading here in China and how Chinese companies like Yuan are upgrading themselves. And maybe you could touch on a little bit how this is affecting the competitiveness of Chinese companies. Is this eroding your competitiveness compared with, say, other countries in the region or low-cost production companies around the world? Thank you. I think the upgrade is a constant pursuit for the companies, as we all know clearly, in the past development. No, we are using a very cheap car manufacturing products to compete on the international arena. In this process, for a developing country to a certain extent, we do need some kind of a transformation upgrade in the process. The process itself is not a long-term pursuant. Transformation upgrade would mean our industry, our manufacturing transformation, including environmental protection, improvement, typing of the potentials and innovation to stabilize our quality of the products, how we could make sure our products can really be internationalized, can be on our part with our peer products. So this is something component of the earth we need to pursue, a very good objective. In addition to environmental protection, we also need to try to do an industry 3.0, almost 4.0, as mentioned in Germany. I think even many companies right now in China cannot reach even 3.0. In addition to environmental protection, we also need to say by what time we can reach the standard of 3.0. This is the company goal for the nine dragons. So that is our goal. Only by doing that, we can really integrate ourselves within the international community. So our products can take its dual position on the international market. So this is really very important, has profound meaning for our enterprise. Thank you very much. And to Minister Zhang. Zhang Xiaoqiang was the head of the NDRC, the National Development and Reform Commission, for many years. Those of you who live in China know this is one of the most powerful, doesn't matter what it says in the official rankings, the NDRC is one of the most powerful institutions in China. And so you should get to know this man. He's retired from that position now, but still very influential. I'd like to ask you, and I know you speak English, so I'm going to ask you in English, what is the, can you tell us a little bit about the government's vision for rebalancing the economy in the coming years? And can you maybe tell us a little bit how other countries, many people here from other parts of the world, how could other countries play a role in this rebalancing of the Chinese economy? How could investment treaties, for example, be used as a tool in this process? Similar to, we all know when China joined the WTO, World Trade Organization in 2001, it was seen in China as a tool to sort of break through vested interests. And it was an external tool being used to achieve internal goals. So maybe you could explain a little bit about that. Thank you. And I think we have a lot of the discussion about China's rebalance. I think that according to my personal understanding, let me make things relatively simplified, three points. First, the development speed will not be so high, 10% every year. In the near future, even much longer time, the development speed or growth speed will be around 7% to 7.0%. We will give the priority to the quality and efficiency of the growth instead of look only at the speed of the growth. The second, make much more effort on the challenge for the transfer of the development model and upgrading the industry. Like we already emphasized many times, previously we relied too much on the investment and export. But in the future, we will rely more on domestic demand, particularly the consumption demand. For example, previously, the China's growth mainly driven by manufacturing industry. But in the future, we will give more priority to the service industry. And also, for the traditional industry, like you mentioned earlier, the overall capacity and also the serious problems of the pollution have been a big challenge for us. So we will develop the emerging industry at the same time upgrading the technical level and the competitiveness of this traditional industry. And of course, we rely too much on consumption of the energy and natural resources, which already introduced serious problems of the pollution. Last year, China consumed 20% of the world energy, 40% of the copper and aluminum, 50% of the steel and the coal. In the future, we must rely more on innovation to accelerate the implementation of the innovation-driven strategy, relying mainly on science and technology innovation, management innovation, business model innovation, so far so well. And the third point is that how can we meet this kind of the important challenge or target? It must base on the deepening of the reform and the opening to the outside world. Like you all know, in the end of the year 2012, the third preliminary of the 18th Party Central Committee meta-strategic important decision have a very comprehensive reform package. The priority we'll be giving to the economic sectors and the key for the economic system reform makes the market force the main force for the energy or other kind of the resource allocation and also improves the government function to build up a servicing government. And of course, we should also open further more to the outside world. If we look at the practice in the last year, you can see a lot of the reform had been adopted like the administrative reforms in the government agency to abandon or liberalize the decision-making power to the enterprises. Also, the financial sector reform, the SOE reform had been pushed ahead. So I think for the rebalance of China, those are mostly important things. Like you mentioned, that everyone recognized in 2001, when China joined the WTO, its player very important role for China's very rapid development. So in the future, I think China will build up a new framework for the more open mechanism. That includes how to trade the foreign investment or the OEC investment of the Chinese enterprises. As many people know that the Chinese government has decided, even in the domestic, we will set up the next list. That means in the future, all the market participants will just only, based on the law, have the equal opportunity for their investment. For the foreign investors, we'll explore to build up the new framework. That is pre-national treatment and plus the next list. That means the foreign investors will have much more broad sector involvement in China, particularly in the service industry. In fact, in the Shanghai free trade pilot zone, they already implemented this next list. And China had the bilateral investment treatment negotiation with both the United States and the European Union. All this negotiation, both had agreed, should be a high standard based on this pre-national treatment and the next list. And in last July, China and the US government had agreed that within this year, we will finish the negotiation of the framework and of the article. And in next year, we will have the real negotiation about that. So from the market exercise, I think the foreign company will have much more opportunity. And if we look at the market itself, I imagine they have, in their hand, overcapacity for some traditional industry. But they have so many emerging industries, such like the energy saving and the environment protection, the service sectors, and the new energy, and also the high tech industries. They have a lot of the opportunity for the cooperation with the foreign companies. Thank you. Thank you very much for that. That's very helpful. Now I'd like to turn to Lord Turner to get a bit of a sense how I know you come here all the time, but I'm going to ask you as a representative from the parent company home from London. I'm not from London, but my paper is. I'm going to ask you for the view from outside of China. We, in recent years in the last decade or so, the real impact on advanced economies has particularly been from Chinese low cost production. We all know that when you pick up anything in the West and you look underneath, it says Made in China. So I wanted to ask you if you think that is how it's going to change in the coming years and how long do you think that might last? Well, thank you. I think over the last 10 to 15 years, the perception of China in economic analysis has been that it's been challenging for low cost mass manufacturer. It's been very good news for the makers of high sophisticated capital goods to the countries like Germany, Japan, Korea in terms of the exports of capital goods. And recently it's been very good for commodity producers because of the super commodity cycle. So I'd just like to think, you know, does the next 10 years just bring us more of the same? Do we talk about the same things or will we be talking about different things? And I want to talk about two things that I think we'll be talking about. One is whether China can rebalance without crisis. In 2007, China had private credit equal to 130% of GDP and it was investing 40% of its GDP. And everybody in the world was then discussing in economic circles the fact that it would have to rebalance away from 40% investment to more consumption. And for the last five years, it went the other way and the investment went up from 40% to 50%. And the credit to GDP, as Jamie already said, went up from 130% to 250%. And actually that was very good news for the rest of the world, as I think Mr. Zhang said, because it helped stimulate the rest of the world amid our financial crisis. But it creates enormous risks. It is an investment-led, infrastructure-led, property-led boom which creates the risks of overinvestment and it creates the boom that the level of debt is simply too much and is unsustainable and that the more you introduce hard-budget disciplines, you start getting defaults, you get some category of crisis. How China manages that, whether it can manage to achieve a smooth transition off that credit-intensive, investment-intensive path to another path, is going to be crucially important and the rest of the world is gonna watch this carefully. If it doesn't, the numbers are extraordinary. By 2020, China will have a GDP of maybe 20 trillion. Let us suppose that the credit growth has gone up and at that stage, Chinese credit to GDP is 300%. 300% of 20 trillion is 60 trillion of debt contracts of credit out there, right? This is four times the problems of US mortgage debt which crystallize the global financial crisis. So whether China can manage that, the interrelationship between capital account liberalization which makes this issue more important to the rest of the financial system, the issues of introducing hard-budget discipline or bailing out, they're very difficult to manage but we will watch very carefully how effectively they are managed. But there's one thing which will help China manage that which is my second factor that I'm gonna mention which is I don't think we're yet paying enough attention to the big change in demographics and workforce which is coming. From about next year, the Chinese total workforce, 18 to 64, begins to decline slightly. But what happens even more dramatically is young workers. The number of Chinese aged 15 to 30, next year is forecast to be and will be because it's a pretty good forecast one year out, 323 million and by 2025 will be 244 million. It's an 80 million reduction, a 25% reduction in the number of 15 to 30 year olds in 10 years. I'm not at all surprised that Marjoon is saying that the labor market is tightening, that unemployment is going down. I think we are emerging to the point where the leadership is gonna have to worry much less about employment creation because there is much less of a reserve army of labor left in the rural areas. That group is increasingly old. There are people who may never move at all and we are gonna have a very significant tightening of the labor market. That is good news for China. It is gonna create enormous incentives for going up the value chain for automating. What does that look like to the rest of the world? Well, I think for the big capital goods providers like Germany, Japan, Korea, in its initial stages, it's probably positive because it means more automation equipment, more robots, et cetera. But further out, it's challenging because the more that China does manage to go up the value chain, the more that it's not gonna be simply an exporter of manufactured end consumer goods and the more that it'll move into capital goods itself. So I think we could see a major change in the balance of who gains and who is threatened by China. Finally, is it highly beneficial for the emerging markets, the Bangladeshes, the Vietnam? I'm not so sure because I think what is gonna happen is that China, like the advanced economies, is increasingly gonna take manufactured jobs and robotize them and make them capital intensive. And I actually think that the idea that this is gonna be a great boom for the movement of low-cost jobs to emerging markets is probably overstated. But that's at least some of the things that I think the rest of the world has to think about as we see China making enormously important transitions over the next 10 years. Thank you very much for that very cogent analysis. Now what I'd like to do, I'm gonna take my moderators, I'm gonna assert my moderators' privilege and I'm gonna ask the first question that I want to throw open to the panel. Anyone can answer it, but if you don't, I'm gonna pick someone. And then after that, I'm gonna open the floor to questions from all of you. So the question I want to put to all of the panelists is something that's very dear to my heart, living in Beijing for the last 10 years or so, breathing the air and having my small children breathe the air. I'm really interested in whether, and I know some of you have worked on this quite extensively, whether you think China can continue to grow quickly or as quickly as it's growing now while also cleaning up the environment or fixing some of the really terrible environmental problems that we see now. And if you think that China can do that, please tell us how. Maybe I'll start with Ma Jun because I know you really have worked on this a lot, so thank you. We'll start with you. I think on the one hand, cleaning up the air pollution and other pollutions would indeed increase the cost of firm's operation. And from this perspective, it's likely to slow growth. Just imagine it happens to other major countries like indeed what happened in the 1970s, the oil shock to the U.S. It was substantially reducing the U.S. growth potential for a long time, but this is based on assumption that cleaner energy would remain much more expensive than the conventional coal. If this assumption changed, then it's possible that we can move towards a much cleaner economic structure without hurting the economy too much. And in that regard, I'm hearing lots of good news, including yesterday from a coal company that they're making progress towards lower cost technology for cleaner. Solar is a great example of that. China's reduced massively the cost of solar. Definitely. The last few years we've been seeing very sharp reduction in lots of alternative energies. So that's one point. The second point has to do with the way we manage the transition towards the clean economy. If you manage the process by administrative measures, for example, shutting down a large number of polluting factories without creating opportunities for them to move towards new industries like cleaner sectors, then it could be very destructive because you make these factories over capacity and labor will be made redundant and capital will be idle. But if you can use much more economic means, for example, tax incentive and green financing policies so that you can restrict or reduce the incentive for investing in the old dirty industries, at the same time inducing the resources including capital and labor to move more quickly towards new energy. That's going to substantially reduce the impact of the process on overall growth. Perhaps, Lord Turner, you could share with us.  Maybe you could share with us some of the ways that global best practice, where we've seen other countries that have managed to maintain high growth rates and but reduce pollution or suggestions you might have in China's case. Well, I think your question was, can China get on to a more less carbon intensive and less local pollution based growth path? The answer is, I think both it can and it must. It must because all of us who've been in Beijing when it's polluted know that this is not a great place to be and increasingly, as Chinese people get richer, they're going to say one other thing I want to do is live in a city which looks nice. And Beijing is going to be wonderful once it's cleaned up. I was happy enough to be there on yesterday and yesterday morning, it was gorgeous. I could see the mountains, I've very rarely seen them. So it has to be cleaned up and it has to be cleaned up also for global environmental reasons. And I think it's important for us to understand that China increasingly is not just part of the story on global warming, it is increasingly going to be the story. China's total CO2 emissions at approaching 10 billion, probably over 10 billion in 2014, they were approaching it in 2013, are now significantly higher than the European Union and the US combined. And indeed, this is the year where China overtakes the European Union, not in total emissions, but in emissions per capita. It's important to realize that. It is overtaking the EU in emissions per capita. And as somebody myself who's been involved in the UK debates about climate change, I'm increasingly realized that as these trends go on, it's going to be more and more difficult to win the argument in the UK for action because the argument, nothing matters, but China is going to be even more compelling. By the UK now has about 600 million tons of emissions. I guess by mid-2020s, according to the committee that I chaired, we'll have that down at about 400. My guess at that stage is that that will be about 3% of China's emissions. It will be very difficult to persuade British people that they need to act if China isn't acting very strongly at that stage when China is literally 30 times the UK level. Can it act? Yes, I think it absolutely can act. I think it's important in this debate about action and growth to distinguish, it's impact on growth to distinguish two things. There are some things that you do to reduce your emissions and improve your local quality which have no impact on growth at all. If you can persuade somebody to drive a car which goes around the city at 100 grams per kilometer, not 200 grams per kilometer, that doesn't hurt economic growth and that's exactly the sort of reductions that we're achieving in Europe and China can do exactly the same with appropriate regulation. But Marjoon is absolutely right. The fundamental problem is the cost of the energy source. I think the great news here is the collapsing cost of solar PV. This has come down to an extraordinary extent. I think it will increasingly look competitive even with fossil fuels, or at least the margin of extra cost will be sufficiently low that with some determination to invest and some determination to add energy efficiency improvements as well, one can invest in it and other renewable technologies, including nuclear and low carbon technologies in a way which can very significantly reduce the carbon intensity of growth. The UK is now legally committed that by 2050 we will have our emissions 80% below 1990 levels. We'll have taken them from 10 tons per capita down to two tons per capita. China is now on eight tons per capita. Two tons per capita by mid-century is a completely attainable objective for all countries that are determined to get there. Thank you very much. Mr. Dierapesca has something he'd like to say, about its capacity. I think it's an important issue, and it's already said that China becomes an exporter of capital and exporting capital. China could also help itself to reduce emissions because why do you need so many steel factories in China if you bring iron ore from all around the globe? Why do you need aluminum factories if you bring in box-sized aluminum? Of course you can go and invest. The same was done by Korea and Japan in the 70s and 80s. They invest great production sharing and have a great benefit from that. But clean energy, there is always concern. Look at the Germany. Efficiency of their system fall down dramatically. There is a certain level of clean energy which can be used. And without nuclear or gas in a turbine you couldn't balance. And of course, recent development of the contract Russia and China helps. But also, there is more clean energy just outside of China on Russian territory. We have more than 80% Russian hydro resources on top here. And for that, to manage, to bring it here, especially for the peak power, it's not just base load. You need to be able to solve peak power because it's most polluted ours in general. You need to develop energy system. And for that, to reform energy market. It's still very well managed because of China state grid. China state grid still managed to allocate costs in different regions and different sectors. But it should be reformed. It should be real in the energy market. And it helps more further. And as I said, the transmission system should be adjusted to make it work. Thank you very much. Thank you very much. I'd like to add something. I'm involved in the manufacturing industry all the past many years. The efforts in the environmental protection in the country is huge. Although the atmosphere is not good, I think it's improving. First of all, the government made a lot of efforts. I see that very clearly from the perspective of a manufacturing industry in the past. GDP goes faster than environmental protection. Right now, environmental protection goes hand-in-hand with the GDP growth. For bigger companies, actually, they try to keep pace with environmental protection growth. For smaller business, the government may give them a certain period of time to upgrade. If they cannot upgrade, they will be squeezed out of the market. I'm confident in the future. Zhang Wuzhang, Wu Jiyuan. When we talk about pollution, in fact, in recent years, we all understand how serious the air pollution is. But in fact, not only the air pollution, the water pollution, the land pollution, all are serious problems. And just like previous ladies and gentlemen mentioned, very clear. In fact, both the Chinese government and the Chinese enterprises and the Chinese people had a more and more clear understanding for the sustainable and health development. We must pay great attention to protect the environment. Of course, how to protect the investments increase the quality of the life. They have different ways of the mix of the pictures. For example, for the industry manufacturing enterprises, they have much higher standard for their production procedures for environmental protection. And of course, we need to accelerate to develop the new and clean renewable energy, such like the wind power, solar power. But one of the very important things that China is one of the largest energy consumption country I mentioned earlier, 22% of the world energy consumed by China. And half of this, 70% are coal. So how to develop the clean coal technology is a very important thing for China. So for all these kind of things, we need to do not only the engineering or technical solution. We also have the sound and comprehensive mechanism of systems to push ahead, to give the incentive for the enterprises, for the local government, for the people to protect the environment, and in the meantime, to keep their sustainable development. Thank you very much. So I think we've got time for one or two questions before we have to move on to the awards ceremony. Now, I'd like to remind everyone that this is an opportunity to ask a question to some very distinguished panelists. It's not an opportunity to stand up and make a statement political otherwise, any kind of statement.  And the mic will be taken away from you. So questions only, please. And I'll take one right here in the front. Thank you. Thanks, Jamil. Lutfe Siddiqui from UBS. My question is, is the growth in credit and indebtedness in China, is that, are we looking at a crisis or is it a concern, given that external debt is still only 10% of GDP and loan-to-deposit ratio is still less than 100%, including estimated shadow banking? And do you have a specific person you want to ask or? I think the credit concern was raised by Lord Turner. So perhaps I'd ask him that question. OK. Well, I think it certainly can be a concern. I mean, it's important to realize that we can have debt crisis, even if we have zero external debt.  We don't owe anything to the moon or to Mars. But the world can have a global financial crisis. We can have processes where we build up a set of debt claims, which we believe are claims on wealth. And then if that wealth crumbles away because property values collapse, you have a whole load of people who are then determined to deleverage. And their attempted process of deleveraging, of cutting investment and consumption, drives economies into recession. And if it's bad enough, even when we cut interest rates to the zero bound, we don't stimulate them. So I think it is very important to realize in these debates, debates about financial crisis. There are specific features when it's external debt, but you can still have an entirely internal debt. The other thing is, we should always be wary of the thing saying, well, there's a lot of loans, but there's a lot of deposits. Again, what we know from the global financial crisis is you can't net out financial claims and say there's no problem because they net to zero. I mean, by definition, if you did that, you could never have a banking crisis at all, because the assets and liabilities of the banking system net completely to zero. There's nothing left when you net them out. Again, our problems are created by somebody owes debt and gets into a trouble and cuts consumption and tries to save money. Somebody else still has a good claim, but they have no offsetting desire to re-stimulate the economy. Now, I think the bigger question on China is, should we worry because at the moment, a lot of these claims are within a still highly managed system, right? They are from local government financing platforms or state-end enterprises to state-owned banks, and it is still possible that if there were real problems, the Chinese authorities can essentially socialize the problem. They can move the debts around, write it off here, move it into asset management companies, and simply take out more public debt, and public debt is relatively low. But the bigger the figures become, the more that that would be a big hit even to Chinese fiscal sustainability, and the more that China goes down as it should go down, the path which it says it wants to go, of hard-budget disciplines and maybe eventually capital account liberalization, the more difficult it is to get rid of the problems by simply saying, I've got a set of accounting entries all within the one system, because those links then go out into the private sector or the international sector. So those are, I think, some of the things that I don't think we should think it's all okay because deposit-to-loan ratios are still high or because external debt is still low. I know Margin would like to answer, so I'll let you have a quick answer then I want to get one more question, and then... Yeah, thank you very briefly. I'd like to add a few points, citing some results from academic research. Academically, some people have done a study using cross-country data, more than 100 country numbers and tried to assess the relationship between leverage ratio and the probability of financial crisis. And there are two conclusions which are relevant to your question. One is that there are lots of different factors, including leverage ratio, that affect the probability of a crisis, not just the leverage ratio. Some factors are positive. For example, if the country has a high savings rate, if the country has higher foreign reserves, it tends to reduce the probability of crisis. The other point is that if you control all the other variables and only change the leverage ratio, a high leverage ratio tends to increase financial risk. Great, I think we have time for just one more question, and then we will move on to the award ceremony. So there's a question right here in the front row. Sorry, I'm quite short-sighted. I can only see it about the front row. Thank you. Quite interested in some of the key measures China will take in terms of shifting to a more service industry-oriented economy, especially are there any best practice elsewhere that's looking at the growth of a service industry when the demographic structure is certainly going towards a lower supply of labor while service, no matter how you look at it, will always be labor-intensive or talent-intensive. So I just wonder, maybe Mr. Zhang could share some of the key measures the country is gonna take, and perhaps also Lord Turner, if there are any best practice that China could learn from. And I think that many of the participants in this conference may note it. In the last year, in the share of the GDP, the service sector is the first time, is larger than the manufacturing industry. If we look at a picture we have found, in certain sectors, they have very rapid development, including the financial sector, the tourists, the healthcare, the e-commerce, and those kind of the service industry had very fast development. So generally speaking, I think that the government will pay more attention to build up a favorable environment for the service sector's development. Instead, only give certain sectors some incentives. I think that is very important. Secondly, like I mentioned earlier, in the future, we should allow the market force to play a key role for the resource allocation. For example, I will understand the e-commerce developed very fast. It's not mainly for the government driven. It's because entrepreneurs see the market opportunity for the demand. For example, for the e-commerce in the retail value in 10 years ago, it's only 20 billion Army Yuan, but in the first half of this year, it's reached to 1.1 trillion Yuan. The 44% increase compared with the same period of last year. The main players, not the government, it's Aribaba, it's Ying Dong. And of course, with this development, they have relevant sectors, such like the fast delivery industry. In the recent three years, every year, the fast delivery industry's increase is over 50%. So I think that they have a lot of the opportunities existing for the market. The government is to build up the favorable environment, a lot entrepreneurs, and the market force play a role. And of course, the government should also do something to accelerate the development of certain sectors. Thank you. I'm gonna have to stop, and maybe you could speak to Lord Turner afterwards if he has a minute. I know we all want to go listen to the premiere as well, especially me. I've got to write about it later on. So what I was gonna do is I'm just gonna very briefly wrap up. I think it was very interesting. I'm sure many people, many companies, Western foreign investors here in the room will be very pleased to hear Minister Zhang say that China wants more opening, not less, especially in the current environment. I thought Mr. Deripaska had a very fascinating suggestion to China, to asking Beijing to consider maybe importing more energy from Russia. Madam Zhang, I thought it was very helpful, very interesting on talking about how companies are upgrading themselves and to meet many of the challenges facing China faces. Lord Turner, what really struck me is how you pointed out that China can and must change its growth model in order to save the environment and save the world. And I found Professor Ma, I thought your point about the changing cost of energy and how that is gonna shift the equation. I thought that was one thing that really stuck with me amongst many things. Now I'd really like to invite Olivier Schwab up to the stage. Olivier Schwab is the executive director for Greater China of the World Economic Forum and he's going to present the awards I mentioned before to China's new globalizing companies. So Olivier, thanks very much. Thank you. Ladies and gentlemen, good afternoon. As China continues to grow, this will be driven by young and innovative companies and it's likely that within 10 years from now, China will have more large multinationals than North America or Europe. And the World Economic Forum today would like to recognize some of these young and innovative corporations which have the potential of being the multinationals of tomorrow. They've been selected by committee of academics, media leaders, and business leaders. And I'd like to welcome them to the stage and congratulate them. Mr. Sui Weixin from Dipon Logistics. Mr. Yu Chuan Fun, president of Guangxi Liu Long Machinery. Executive president Liu Min of Hunter G. Holding Group. Mr. Zheng Hanyan, chairman and chief brand builder of Platino Hotels Group, who unfortunately had a flight delay. He will not be joining us. Mr. Hou Juncheng, chairman, Pro-Yakosmetics. Mr. Zhang Zhaizhong, president, Shandong High Tech Chemicals Group. Chairman of the board, Gao Zemin, Shenzhen Energy Group. Chairman Chen Chenghui, Wow Prime. And president Xiang Fang, Yuantong Express. Maybe I'll invite the panelists for a group picture together with the award winners. Just gathering. How you?


I'm not B from MOB. I'm trying to play everything. I'm trying to put it equal not equal But I still try to put a little man working play a little Madden action. That's what a guy dude. It never fails I play Maddie, but why you don't know MOB when I'm on MOB. Well, you know I'm mad and it's always the plebes Malik I mean bro.  I should have jumped right? I should have just started jumping like a kid. Okay, like bro.   People sleep on three four as I alright, buddy.  Like this is just miserable, dude Bro, my dudes are just getting mauled, bro. Like how are my people getting blocked like this?  This is the stupidest, you know world, bro.  I feel like run commit is bad.  So that's all it is. I say that's exactly how it is William dude the thing about regusa is dude if I tried to put worse the like if I literally was on defense It was like let me run the worst defense possible I couldn't be worse than him on defense like for real and it's just it's sad like he's actually Detrimental to him on himself on defense if he put the controller down, he'd be better on defense. It's that bad He rushed one person like he has no clue bro like no idea I don't even think he knows that verticals is in bunch. I really don't I don't think he knows the plays in bunch Bro, come on man. It's like my boys are right there. They're just not playing this now. He goes this way. He goes left Yep, I know you dumb. I really didn't think he I thought did that. Why would you do the same? Why would you just do this?  He's like the most X factor There's the whole that's it.  Like, what are you?     Let's go boys find a daughter triple options. You got your whole play, but you don't need a ball. Oh Nice. Oh, look at this guy. Look at this Joe Montana Come here. Come here.  Come on. I mean, bro Jordan Davis, can we do something here? Reggie white? Can we do something here? I don't want to run commit, dude I don't want to run commit. Why would I run commit this not worry bus one run?  I swear to God y'all have no idea how to do in life, bro. Y'all just talk At this point bro commit mother got two yards at the last seven carries have been for two yards He just guessing let me try this one.  You just want to run and hope to win. That's it You want to hope it's a and hope when you call a run play.  Oh, thank you. I'm well off that kick Tell you as smart as smart as a box of cereal as smart as a box of cereal right six Who's on my line right now? Hargrave is he washed or I put Cox or Hargrave I get beefier is Reddick not good against this guy Gun dudes close. This is when he glitches you right here.  Welcome to the show dude. It's been a while Nice pass play bro. Nice play, bro There it is. Yep. There it is. Yep the rag goose. I can't make a play I'm just gonna throw my RPO and no matter what the coverage is. I'm gonna throw it. It is sickening dude I want the wrong way.  Do y'all see this like Dean is on the ground.  You're upset.  I tried to throw the ball. Oh, it was our beef. Oh my god, dude It's just no way. Thank you for the time out Bro, stay the over there It's not had a time of mouth for that while his dub need colors mid mid drive mid money drive Yeah, I don't know. I didn't know what he was gonna do there I thought he would go like man and blitz everybody I would have been in trouble if he went man and blitzed everybody I'd have been in trouble. That's what I thought he might do right there Do I leave the game to a coin toss or do I go for two here?  Like he's got to cover the wheel around himself here, right boys like he has to right? I want to go for it, but I didn't like I didn't like his defense I still want to go for it, but I didn't like what he had skull Henry Score it was his name bro.  Yeah, William Perry Henry Perry same thing I mean, how it was a I had to be a flat zone. It had to be 11 seconds Yeah, but why would the flat that's why I put a flat, but that's what y'all don't understand I don't know how yeah, like I but that's why you have that back master So he never met never covers it do got a million AP to right to jump with the quarterback, bro She sees though. She's uh all love all love dude has 25 AP to jump with his quarterback, bro That's cool. No, no trodo. That's my man, bro But when you play him you hate him, but I will tell y'all this that it's good and I've no no trodo It is good to see people play the game a little different. That's so it's not wrong with that It's not wrong with it.


Synthetic aperture radar, SAR, systems have been shown to be effective tools for mapping and monitoring wetland resources. Gray-level thresholding is often used to map surface water and highlight changes in its extent, while polarimetric decompositions can be used to identify changes in flooded vegetation and flagging areas of change. Additionally, the curvilet-based change detection and Wishart-Kurnoff distance approaches can substantially improve mapping of flooded vegetation and flagging areas of change, respectively. The increasing availability of SAR data and its proven ability to map various components of wetlands make it a valuable tool for wetland monitoring. This article was authored by Laurie White, Brian Briscoe, Muhammad Dabour, and others.


Hello and welcome to the Fort Report, I'm Chris Connolly and I'm Alicia Woodruff. Summer's coming up and studies have shown that kids who veg on the couch off summer are more likely to lose some of the knowledge they picked up during the school year. An active body has an active mind. The city is aware of this and is offering Camp Fort Worth. It's a full day of programmed activities available at 19 community center locations. Activities include sports, arts and crafts, games and more.  The thoughts will go fast so get the details quick on the city's website. We've spent a lot of time stressing the importance of letting your voice be heard in the upcoming election. And it's almost upon us. You can beat the rush by participating in early voting beginning May 2nd. Early voting locations for the upcoming May 14th election are on the city's website. Just go to Fort Worth Gov.org and click on elections. We are smack dab in the middle of what many consider to be the best time of year in Fort Worth. So get out there and take advantage of the fantastic weather and wonderful places to visit. I agree Chris. One of my favorite places is the beautiful Botanic Gardens. Its mission is to enrich lives through education and environmental stewardship. There's a variety of programs for adults and children. There are also lots of special events. I saw that the Fort Worth Iris Society show is coming up on the 23rd followed by the Herb Festival. Herb Festival. And coming up, before we know it, the concerts and the garden series. And I love going next door to the Japanese gardens. Take a stroll down the garden path to the tune of Kyoto music. Into a world of mystery and enchantment. Serpentine paths entice you to surrender your senses and discover a new treasure at every turn. But look out for this guy!


What's up everybody Jason here for jazby's case race comm another wax party promo break off the website Jasper's eight box souped up high-end football mixture just sold out And again, this is a wax party promo break So at the end of the break will take all the 32 customer names randomize them that bought it originally and top two We'll get spots in the wax party promo. So again 32 spots everybody gets around on team NFL all-cart shift This is a very high-end guys Impeccable select 2020 2021 spectra says a 19 optic hobby macalic collegiate football mosaic hobby 2021 optic 2019 first off the line in 2019 contenders So three different years worth of product guys 1920 and 21 So let's do the break guys. So congrats to the customers that got him from prestige hanger one and six I don't know if that was a typo for joe if he was supposed to put five But he left it as one. So I'm just gonna leave it like that but I did number six today to sell that out and uh Cardinals down to the Washington football team. Let's roll the dice and let's do the break We got ourselves a one and a five six times. Good luck one two three four five six six times Donnie at the top down to brian frank. All right six times six times one two three four five and six Six times six times a lot of falcons down to the boltsmore ravens All right, so donnie you have the a lot of falcons Matt with the 49ers burnhardt with these houston texans terry with the vikings scott with the seahawks Matthew the browns brine with the steelers eddo with the lions shawm with the chargers steven flat with the Dolphins brine with the cowboys william with the colts terry with the jets jake with the bucks simon with the jaguars ron with the panthers niko with the bangles mark with the raiders terry with the cardinals greg with the giants niko with the washington football team alex with the bills thomas hall with the broncos grant with the rams brine croffle my eagles as well as the patrids matt with the packers timothy with the titans shawm with the saint chris with the chiefs nick with the bears and then brine with the boltsmore ravens So i'll open up the trade window guys and i'm actually gonna pause the video because there might be a lot of people wanting to trade so i'll pause the video and when we come back we'll see if there's any trades all righty welcome back guys there were no trades a lot of trade chatter though i don't think anybody was uh will it's a trade or complete a trade so good luck and uh thomas well every every year is a little different for the broncos 2020 wise had some good receivers uh jerry judy with uh the wide receiver for penns data for his name kj hamler last year javante williams was a big rookie for them 2019 i don't remember 2019 but yeah i mean honestly the niners are actually not bad to be honest niners you have debil samuel in there you'll have uh you know trade lance is a big rpa for 2021 um you know debil samuel is obviously a big big player brann and iuk in 2020 i mean some good receivers and offensive players all right so when do we start with this is all high end right let's start with mosaic i guess most recent 2021 mosaic kind of get through i guess the more heavier products out first but yeah every year is a little different so obviously like i said in the video earlier some teams are gonna be better than others but usually when it's like a mixture like this with three different years everybody's draft class is usually a little different unless it's like a team that's always pretty much at the bottom and they'll probably be the most loaded all right good luck guys jen and rager tom brady men of mastery that is a nice little silver for the bucks and jacob first autograph is a kylan granson and you have those coals Charles what's in a tom brady silver tom brady silver is always sell pretty well i mean anything tom brady honestly so one for the patrids brian croff one for jacob and the bucks zack wilson debut jen and waddle zack wilson rookie swagger aj brown nausea harris and danny boy danny marino nice white 18 out of 25 i love these parallels man i missed out on a davante smith yesterday on ebay too i was actually busy breaking and uh i missed out i would actually pay like 200 dollars too for the white virgin as well i missed out in a twin at joe montaña july lorence trevor lorence and mac jones introduction silver it's pretty solid and sage surab once we got two rookie autographs jesson fields and a blue chips elijah more out of 49 jamar chase trevor lorence tuha center stage and erin jones blue 89 overdrive jk dawgans there you go gotta go quickly run and get a shoe box so first box pretty much all the color the autographs the silvers there you go let me quickly run and get this box all right let's go contender sales in 19 we'll switch it up so this will be dk mac cap rookie year all these rookies are pretty the big ones are chase after i guess box guys all right first one is justice hill and it's a cracked ice rookie ticket wow i mean that was kind of hollywood brown but five out of 23 contenders rookie ticket cracked ice and that's going to go to the baltimore ravens and uh brand frank oh man we got some points coming up so that'll be giving out to everybody there patrick we are defensive player josh sweats david sills the fifth rookie ticket will harris rookie ticket there for the detroit lions edward a nick foals to 175 for the jaguars and how how crazy is that nick foals got paid big money to be the starter there all right let's keep it 2019 guys let's stick to optic now yeah so be color murray rookie year dania jones drewlock josh jaco and all sanders dk maccaf evil samuel it's actually a pretty strong graph per se okay i would see some of the quarterback haven't turned out so well besides kyler and dania jones is just hanging on everybody throwing basically let's see what we got here good luck and well look at that how about hunter renfro not many people were chasing hunter renfro back into the 19th there you go raiders mark there you go man i know you're not a raiders fan you're a raiders fan but hunter renfro is so nice and that is a green zay jones which should be out of five yes it is five out of five zay jones very nice bill is going to alex ikeem butler we got a lamar jackson hollow jay sternberger optic hollow raider rookie andy isabella dk rookie na jaren uh sorry jaylen herd raider rookie for the 49 is blue to 150 ryan finley this is probably one of my favorite daunas optic gears i love the design so clean hollow kimara red mike edwards jeffrey Simmons and we have tristan hill for the cowboys blue to 299 atheson mink if it's patrick for the steelers 299 a lot of nice color actually wow look at that we even got a mythical bradshaw montgomery rookie braiding cooks to one night man and riley ridley all right lots of color not the craziest good rookie color we're looking for but a lot of color though i must say all right so there you go all this color right here oh let's go select that'll pretty much be the last heavy base per se and we got some really high in impeccable contenders uh sorry spectra optic first off the line crazy man crazy week in the hobby matthew stafford hollow and a alvin kimara blue to 175 lin bouton jr to 199 little rpa dolphins i'm gonna steven flat herbie ricky nick bosa near level silver julio jones with a steve large into 60 autograph julio's for alana going to donnie i mean it's a 60 for the seahawks steve large it was a seahawk scoffery but there you go cd lamb tricolor number to 199 anthony mcfallon jr jordan love jonathan taylor look at that red that is awesome 22 out of 99 cup off the jersey number orange taylor uh tom brady look at that premier level silver that's a that's a nice one right there tb 12 go to jacob aj dylan to 99 marie cooper silver whoo xrc nice so we'll see who that is and that's going to go to of course the 2021 rookie antonio gandy golden jonathan taylor silver and a joe bro premier level base solid got some good good uh good uh good rookies here for sure atop of some of these really quick all right let's see who this xrc is congratulations car number 406 wow running back number one rb one that was the first running bout was it nausea 2021 i heard this was not a good year for running backs receivers though crazy yep qb qb tidying water sewer water sewer ot cb cb water sewer qb lb ot og qb um nausea and then travis nausea and then travis yep so nausea was pick number 24 for the stealers for rb one and then rb two would have been travis etn all right so that'll be going to the pittsburgh stealers and brian let's continue on guys oh i guess we'll go with first off the line then we'll go to spectra then immaculate end up with impeccable i mean these are all high end so i guess it doesn't really matter oh no no uh it was rb one matt who said qb three no it's rb one all right good luck guys oh hard to see points good lord alvin comara so this one has four more points for one of the autographs the second autograph better be good it better be good for it having points all right so behind alvin comara and the points julian love come on man you give us points and then you throw julian love in there at a 50 and jay jay at the white side come on man jesus for the waste damn at least if you're gonna give points like give a good second autograph the alvin comara was a purple star as i think the 25 all right we'll give us 400 points as well let's see if spectra's better 2021 spectra all right chubahubbard and jerry judy out of 99 and chubahubbard die cut out of 20 to 60 terry mcglorn and out of 15 that's mark ripet back to back hits for the football team niko with that one trey lands and erin donald out of 60 trey lands for the 49ers going to mat number one out of 49 denzel war max impact relic for the cleveland browns went to matthew s and away with two out of 99 little rpa for the minnesota vikings going to terry all right we got james robinson and oh and a matthew stafford i think that's a case you know for the rams neon knights rams that is going to grant that's a beautiful looking card robinson for the jacksville jaguarsman and simon we got kenneth gainwell for my eagles emet smith super bowl on card autograph for the dallas cowboys uh that's going to brian ashley all right come on big rpa big rpa in this one come on we already got two veterans and one rpa we've got to get one more veteran or one more rookie i should say kenny golliday with a jamar chase okay we'll take that one out of 99 little ebay one of one jersey number bangles niko trey lands to 99 building blocks relics another one there for the 49ers and mat and michael carter actually not a bad fantasy option this year one healthy three-color patch an autograph radiant riggy rpa for the jets jets jets going to terry all right two more boxes remember for macula collegiate we're gonna go by the group break checklist as we have been so whatever it says there unless it's obvious good luck and then we'll end it off with impeccable football all right we have 71 out of 99 that's ezekiel elliott which will be going to uh the dallas cowboys right ashley kaleo mac 33 out of 49 jumble jersey went to kentucky or no university of buffles all right that's uh chicago bears no bears we have a tylin wallis tonight at nine forget tylin wallis let's open it up really quick ravens all right a couple more guys tamarion terry three-color badge an autograph eight out of 25 come on group break checklist hurry up do they not have terry listed on this oh there it is he's a nun that's why he's under the nun with kaja castello brady white rakeem void so everybody would have a chance to get this as a randomizer as well we have a chris evans 38 out of 99 all right and the last one whoo with the playstation patch one out of 10 trevor lorence man it looks a little scratched up right there like the foil but other than that look at that patch how beautiful that is playstation one out of 10 yeah i don't think the card is dinged up i just think the the foil on top got scratched off that's what it is maybe that's something you can uh have panini restore or something but that's gonna go to the jacksonville jaguars and simon there you go beautiful rpa solid boom one more box guys good luck everybody the metal card on over there man i've been duped we were duped ryan to 75 to start us off delvin cook to 50 juju smith schuster to 10 travis etn little landscape that's uh 20 out of 35 cornell poll well piece of the jersey three color patch and piece of the helmet with the autograph nine out of 35 it's another one there can city chiefs chiefs mark brunel oh that's a nice looking card for a jaguars fan 46 out of 49 mark brunel jags nice break for the jags is silent and we have a uno of uno thurman thomas printing plate and on plate autograph for the bills who has the bills alex and the last one here is a redemption guys good luck fire starter signatures carnival two zack wilson for the jets jets jets going to terry congrats terry nice i was thinking just in fields but here we go nice box nyj sweet well that was a pretty nice end to the mixture there with the last few boxes of course i'm pretty sure there are customers that really didn't hit much but still appreciate it guys so these are all going to be top loaded some rookies some colors all right variations of anything all that would be top loaded also top of this as well some more colors some more rookies and then i'll do a quick little recap if you guys like all the top load stuff we've got zack wilson there for the jets there and thomas one mark brunel little matt ryan juju cornell polo travis etn cook we got cherub laurence we got evans tylen walis we have that we got zeke jamar chase that was a nice little case right there michael carter rpa building blocks treyland emeth smith gainwell hawangu ripen mclauren lord love comarra we got a uh nodgie for pittsburgh comarra lin bowden polio jones steve largen cd land john taylor color bandy govans taylor silver tom brady silver dylan hunger renfrow out of five's a jones stern burger couple autographs here including a cracked ice got a color down marina granton tom brady tom brady mc jones and there you go some nice stuff all around now uh this house is going to go down so this is how we usually do it when there's like multiple randomizers for hits so obviously this is a wax party promo break so we're going to um give away to uh to two customers top two get into the wax party promo right now at number three what we're going to do is number three on the randomizer is going to get a tamarion terry that is a patch autographed to 25 that'll go to number three number four on the randomizer we'll get the 400 points and number five on the randomizer we'll get the 250 points so as little consolation going down the line so one two get the wax party promo breaks spots tomorrow on terry number three number four 400 points number five 250 all right good luck guys dice roll it and it is a three and a two five times good luck one two three four and five there you go five times five times good luck everybody so again i know again maybe set times again for anybody out of the top two but maybe top five still get something there you go so scott you're at number five map four three shawmatic shawna two and ron wester there you go boom so these two customers are in the promo now let's paste that in here boom and then i'll have to title that right now but there you go and then again shawmatic you're gonna get the tamarion terry i'm gonna get 400 points and scott freeman you're gonna get 250 so i appreciate it guys that was the break jaspyscasebreaks.com


Why must the narcissist always win? Why must the narcissist always be right, or at least proven right, ultimately, if not immediately? Why must the narcissist always prevail in any situation? Argument, fight, conflict, a campaign? Why must the narcissist have the upper hand? Why must he be the winner, rendering all others losers? Why must he accept the surrender and subjugation and submission of others as so many trophies or offerings to a merciless God? Why does the narcissist insist on climbing to the top of the totem pole? Why does he have to form the tip of the pyramid? Why does he have to ride on top of the hierarchy? I think you got the picture. But before we go into the multifarious and various psychological reasons and dynamics for these two facets of grandiose narcissism, before we go there, a few service, inevitable service announcements. My name is Sam Vaknin, I'm the author of Malignant Self-Law. Narcissism, Revisited. I'm on the faculty of CIAP's Commonwealth for International Advanced Professional Studies. Toronto, Canada, Cambridge, United Kingdom, Outreach Program in Blakers, Nigeria. But until 2022, when Russia had decided to invade Ukraine, I served as a visiting professor of psychology in Southern Federal University, a very respected university, even internationally. It's on the Shanghai 500 list and so on. So I served as a visiting professor of psychology there. It's in Rostov-on-Don, in the Russian Federation. And this year is my anniversary. I started there in 2017 and I was let to go, having actually resigned in 2022. Five years, five good years, I must say. So as a token of nostalgia or gratitude, I'm not quite sure, you can download a few of my lectures in Southern Federal University, Rostov-on-Don, Russian Federation, a few of the lectures I gave there. In 2017, between 2017 and 2019, all you have to do is go to the description, which is still under the video, by the way. Go to the description and click on the download link. But here's a warning. It's a 40 gigabytes file. That's 40 gigabytes. It's a ginormous file. And you may wish to not do it on your smartphone, but rather on a laptop or a PC or something a bit more sturdy than a smartphone. It includes multiple lectures that I gave at the university as a visiting professor of psychology. I'm also going to post a few photos of that period on my Instagram today. And I hope you enjoy. During the pandemic, I was unable to travel to Russia, so I continued to give lectures, but I did it via video recordings, via video link. Some of these lectures are available on my YouTube channel. And all you have to do is search the channel and use the keyword, Rostov or the keyword and or the keyword university. Another service announcement. Yesterday I gave an interview. It's one of the best I've ever given on victims and victimhood, but in a totally new way, totally new perception and a new light. I think there are many insights there that have escaped all of us, myself included, for many, many years. And at any rate, I think it would be thought-provoking, challenging, infuriating and controversial, so why not go there? Yesterday I uploaded the video of the interview. It's titled New Light on Victims of Narcissistic Abuse. The interviewer was Macy Nelson. And knock yourself out, enjoy it. I believe that you'll find a lot of food for thought. What else, what else? Yes, my nothingness channel. I have multiple channels. One of them is the nothingness channel. It includes a philosophy, a new philosophy of nothingness, of countering narcissism via nothingness. And I'm uploading them there regularly. A few days ago I uploaded a video titled The Field Theory of Consciousness, which may appeal to those of you who have a twin education in the exact sciences and in psychology. I'm actually marrying and combining quantum mechanics and psychology information theory and psychology in a way which I hope may catch your fancy. So that's the end of the service announcements. And now let us head right into today's topic. Why does the narcissist insist on winning every battle and on always being right? Narcissists and psychopaths interact not with you. They interact with the game that they are playing with you. For example, the narcissist does not interact with his intimate partner. He interacts with a shared fantasy. The psychopath does not interact with his victims. He interacts with his goals and with a con artistry that he surrounds his victims with. It's an immersive experience. The victims are steeped in the narcissist and psychopath's virtual reality. So this is a very important point to keep in mind. It's not personal in a way. It's like, you know, the mafia hitman.  It's only business.  So, narcissists and psychopaths interact with the game, not with the players. There is no intimacy in this game, no trust. There's no honing of social skills. Most of these insights I gained from my wife, Lydia Rangeloska, who is a counselor in narcissistic abuse, a coach and counselor in narcissistic abuse. She drew my attention to this. That games, even games, children play, generate the first experiences of intimacy, requires a modicum of trust and hones social skills. This is all wasted on the narcissist or the psychopath. They play the game for the game's sake. You are a participant in the game, but this is totally incidental. Totally coincidental and accidental. You are replaceable, interchangeable, dispensable, fungible. Anyone would do. You just happen to be there. Narcissists must win, but the way they define winning is very unusual. Most healthy people, most normal people, define winning as a win-win situation. For example, convincing someone else that they are right. That's a win-win situation. You have converted someone to your point of view. Narcissists and psychopaths define winning as a win-lose situation, what is known as zero game in game theory. So if they win, you must lose. And if they win totally, you must lose totally. Winning by eradicating the competitor. So this is the irony. Narcissists and psychopaths are not competitive. They are not in the business of competing. They are in the business of killing off the competition, eradicating the competitor, ruining and destroying every potential for future competition. While healthy normal people are into competing and winning, narcissists and psychopaths are into devastation. So while, let's say, a normal healthy person would consider using a handgun, a narcissist or a psychopath would immediately deploy nuclear weapons. It's total warfare and they must come out on top. They will use any means including underhanded or even criminal methods and strategies. So when you are in a confrontation or conflict with a narcissist or a psychopath, assume the worst because they immediately default to the most extreme and radical thing at their disposal. They escalate from zero to 100 in a microsecond. From zero to zero, they go all the way, all the nine yards. And so they are very, very dangerous in this sense because there is an inbuilt disproportionality between what is at stake and what the devices and means that they are willing to deploy. Additionally, narcissists and psychopaths engage in something that I call preemptive winning.  They're like, they say he is a potential competitor. So because he is a potential competitor, he must be destroyed. We must eliminate. So this is preemptive winning. And they do this because they are terrified of being dominated or being shamed and humiliated. Narcissism is a compensatory complex of reactions to life-threatening shame, a reservoir of shame from early childhood, shame that is intimately linked to helplessness. The psychopath is interested in power. Psychopathy is about power, the gaining of power, the accumulation of power, the wielding of power, and the visible effects of power on other people. So power and shame, and to avoid being dominated, and to avoid being shamed, the narcissists and psychopaths would eliminate you just because you may have one day the potential to become a competitor or a winner. And they can't afford this, absolutely not. So a psychopath or a narcissist as a parent competes with his children and destroys them, or seeks to destroy them. A psychopath or a narcissist as a teacher would envy his students, and if they excel, he would seek to ruin them or destroy them. Anything that represents a potential for undermining the narcissists in built fantastic inflated self-image. Any potential for denying the psychopath the attainment and accomplishment of his goals, such things, such people, such environments, such institutions need to be destroyed and dismantled, break by break, sell by sell, pre-emptive winning. The narcissist is emotionally invested in being right. He must be right. Again, there's a mistake here. Narcissists and psychopaths are not competitive, they don't want to compete.  Similarly, narcissists and psychopaths are not argumentative. They don't want to argue. They're not into arguing with you. They're not opinionated. They don't want to... You're beneath them. You don't deserve. You haven't earned the right to be exposed to their august wisdom. So it's not about being argumentative or opinionated or trying to convince, or trying to dissuade or trying to persuade. No, there's no communication here. There's no honest attempt at modifying other people's state of mind or opinions or judgments or actions or choices or decisions. This is not politics. Narcissists and psychopaths must be right, not as the final outcome of an argument and not because their opinions are more convincing and more compelling than other people's. No. They must be right via coercion. They coerce you. They are what we call heuristic. E-R-I-S-T-I-C. They are heuristic. They lecture you. They hector. They censor. They punish. They coerce. They compel. They threaten. They blackmail. Until you succumb and depleted and exhausted and ruined and terrified, you say, yes, you're right. And that's the end goal. And that's the only goal. The only aim. Being told that he's right grants the Narcissists' kick supply. Being told that he's right empowers the psychopath and so he can leverage this newfound power to obtain his goals. Narcissists and psychopaths will confabulate, in the case of the Narcissists, will lie in the case of the psychopath and will invent things. So if you ask the Narcissist something and he doesn't know the answer, he will fake an answer. And the answer will be very convincing and very authoritative and with numbers and with dates and with... and you will be, wow, you'll be wowed. You'll be awed. It will be awe-inspiring. Same with the psychopath. And this is very similar of what's happening with artificial intelligence chatbots like chatGPT. When the artificial intelligence, large language model chatbots, don't know the answer, they invent it. They don't say, I don't know.  But they do so in a very authoritative manner, so people tend to believe the artificial intelligence chatbot, which is why it should never be a part of any search engine. Narcissists and psychopaths do the same. Even if the outcome of lying and confabulating and inventing answers which have nothing to do with reality, even if the outcomes are deadly, they would still do that. They don't care about other people.  Nothing matters except being right and appearing to be all-knowing, omnipotent, godlike, spartan parcel of the grandiosity regardless of the costs to the Narcissists and to his victims, to the psychopath and to his prey. So the Narcissists and psychopaths are willing to pay an exceedingly heavy price just in order to appear all-knowing, omniscient, just in order to give the impression that they have the answer. And so they are willing to pay a personal price for this, a heavy price. And of course, then on mind, don't care at all if other people pay a price. So regardless of the costs and regardless even of the benefits or of alternative courses of action, the Narcissists and psychopaths don't even consider alternative ways of doing things. This is it. They are omniscient, all-knowing. They are right. They know everything. They can learn nothing. There's nothing you could teach them. You're always wrong. They're always right. And if this means a heavy personal toll on the Narcissists and psychopaths, they will pay it gladly. Because what's the alternative? To lose their grandiosity? Narcissists cannot afford this mentally. They will fall apart. They will disintegrate. To fail, psychopath cannot fail. Psychopath cannot feel disempowered.  They cannot afford this because their entire precarious personality rests on these delusions, delusions in fiction. To maintain this, they would pay any price. They would fight any fight. They would ask you any benefit and they would ignore any alternative. This is dirty fighting. It's a betrayal dynamic. They betray their interlocutors, their counterparties, their mates and spouses and intimate partners. It's about betrayal. And they betray also the dynamic of human communication, of argumentation, of fairness, of referencing sources of real knowledge. They betray all this. They betray all this in order to be right. This dirty fighting because they are defending the fragility. They are defending their fragile, inflated, fantastic, counterfactual self-image. It's a defense of a fantasy. In the case of the psychopath, it's a fantasy of I am all powerful. I am godlike, omnipotent. In the case of the narcissist, I am all knowing I am omniscient. And so it's a defense of their right and ability to divorce reality because they can't countenance reality.  They're damaged. And so they construct an alternative reality and then coerce you into it. But in order for you to collaborate with them in this alternative reality, in this shared fantasy or whatever it may be, you need first to admit that you are wrong about reality and they are right. You need to accept their supremacy as sources of knowledge, as definers of reality, as mentors. And so you need to surrender your reality testing to them. You need to tell them, you be my reality, henceforth. In other words, you need to regress. You need to infantilize. To collaborate with the narcissist and psychopath, you need to accept their parental role and your infantile role. You're just infant and they know better. This all has to do with a concept known as bounded rationality. Bounded rationality is when we seek to satisfy, not optimize. Now I have a video on this channel, of course, because I have a video of everything. I have a video on this channel on satisficing. But just to define it for you, satisficing is an investment for minimally accepted outcomes. You don't go all the way. It's the path of least resistance. You say, okay, that's enough. I don't want more. I'm going to get my minimum and my minimum is enough for me. That is satisfying. You don't go for the maximum and you don't go for the optimum. And this is known as bounded rationality. Why? Because it's not rational to not optimize to make the best of yourself and of the situation and environment to find yourself in. This would be rational. Bounded rationality means limited rationality, diminished rationality. The rationality that exceeds irrationality is part and parcel of the equation. Bounded rationality, for example, is one of the main tenets of behavioral economics where rational agents are actually not Russian. They're bounded. They're bounded Russian. So, it's the same with the narcissists and the psychopath. Had the narcissist and psychopath been committed to the truth and to reality, they would have been ten times more efficacious, ten times more successful, a hundred times more accomplished and probably twice as happy. And yet they choose to give up on reality. They create a narrative which has nothing to do with the world and so they are not efficient in the world ultimately. And so this is bounded rationality. The narcissist says if I obtain narcissistic supply, if I'm told that I'm right, even if this leads to bad outcomes, even if it denies me the possibility of realizing my potential and self-actualizing, even if it isolates me from the world and from reality and impairs my ability to act in reality and on reality in order to obtain favorable outcomes, even if it disables me, even if this need to win and need to be right, even if they disable me make me invalid, invalidate me even then it's good enough for me. I'm satisfied I don't I'm not seeking the optimal, I'm not optimizing, I'm satisfying. And this is of course bounded rationality. The narcissist and the psychopath fully accept impaired reality testing straight off. They say, if we if we don't give up on reality in part or in whole it's going to be painful, it's going to be shameful. I won't be able to live with myself. I need to give up on reality and I'm strong enough to give up on reality because I'm godlike I'm the creator of worlds. I can create another reality which would be as valid as resourceful as gratifying as efficient as real reality. So the narcissist doesn't hesitate to invite you into his reality the shared fantasy because he believes that his reality is actually superior to other people's reality the common reality he believes that he can improve on reality. So narcissists and psychopaths give up on reality consciously and knowingly get themselves steeped in or immersed in a fantasy because they believe that the whole world should adapt to them reality as it is now sucks is imperfect dysfunctional, stupid had they been given the chance they would have designed a far better reality and so they're doing it for you it's a favor they're doing you you have to accept that they're always right you have to let them win all the time because in return they're giving you the world a new world a brave world a world where you can prosper and thrive unlike in the reality that all other people share isn't this a gift of unprecedented proportions you should be grateful and if you're not you should be punished and ingrained should be punished the narcissists and psychopaths approach to I must win I must be right has to do of course with catastrophizing the alternative to being right the alternative to winning is dying dying either emotionally and mentally or physically even so they must win it's a dichotomous view of the power matrix if I don't win if I fail to win if I'm not right if I'm proven wrong then I will have transition from an exploiting superior being to an exploited inferior creature it's all or nothing and this is of course splitting all or nothing thinking either I'm right or I'm a zero either I win or I'm dead exploited humiliated shamed shunned I must win winners take all as a winner I'll be accepted as a winner I will have power as a winner I'll be respected people respect me as a winner if I'm always right I'll be looked up to people will cherish me seek my advice in both cases if I win and if I'm right I will have acquired power over people power that will let me take my most adverse outcomes because I see a catastrophe coming everyone is against me everyone hates me there's some paranoia paranoid ideation and so I need in this hostile jungle world I need all the tools and I need to subjugate other people I need them to be submissive to me I need to neutralize them so that they I render them risk less because if they are autonomous if people are autonomous, if they're independent if they're agentic they're dangerous especially to me but if I keep winning over them if I keep proving myself right if I keep proving them wrong ultimately they will accept my authority and give in to me and succumb thereby reducing the risk to me substantially and my anxiety as well catastrophizing anxiety and a false dichotomous view of the power matrix between people the whole world is a war a battle and you need to win or be extinguished there's a lot of reframing going on when the narcissist fails to be right his self supplies his self deceives he says to himself I have won I have been proven right I have been vindicated or it's only a question of time time until I am proven wrong until I am vindicated until I have won he lies to himself he tells himself stories narratives to convince himself that he is right people may be too stupid to realize it take some time but he is right he has won maybe other people think they have won but that's because they don't see the big picture or that's because they miss information they lack information if they had only information they would have seen that he had won this is self supply and self deception and it's a desperate reaction to catastrophizing to anxiety to fear fear of life itself ultimately the need to win and the need to be right all the time is a rejection of life and everyone in it because it's the only safe way to survive being a narcissist or a psychopath only safe way the alternative is to fragment and break apart and be no more


This is stock number 19 F2A3. We are here at Summit Ford in Beaver Dam, Wisconsin near new and used Ford dealer. Today we are checking out the all-new 2019 Ford Ranger Super Crew. This vehicle has the 2.3 liter dual overhead cam, eco boost, turbocharged four-cylinder motor, pumps out 270 horsepower and what we're going to do on this video is we're just going to do a walk around on the truck here so you can get a good idea of the styling cues and everything and then we'll get up close to this truck and check out more in-depth features and what this particular truck has to offer. Lightning blue is the color on this truck, really a good-looking color. It's got the Sport Appearance group so you get the gray painted wheels. It is an XLT package and as always we thank you for checking out the video today. To start off this Ranger has the Bridgestone Duler A slash T 255 65 R17 tires. It has the painted 17 inch alloy rims and you can see those rims have a little bit of metal flake in that paint and you can check out the tread pattern on here. It's a little bit of a like they it says all terrain. You get the blacked out headlight bezels on this one. You get the same gray metallic on the grille painted and the front bumper is painted that color as well. Factory fog lights you can see it has the front bumper parking sensors. We got two-toe hooks in the front. I really like this lightning blue from you know all the angles whether it's in the shade or in direct sunlight. Really a good-looking color as you can see on this side it's not in the sun it's it's really a darker blue. When you get in into the light that metal flake really pops out and makes it bright. We'll take a look at the window sticker here. I always do this so our viewers can pause it and see exactly what this truck has on it from the factory. Kind of hard to see with the reflection there but and the MSRP on this one is 38 290. Those are just decals on there so if you didn't want those on you could get those off. This one does have blind spot monitoring. You can always tell they always have the little logos on the taillights there or you can just look at the mirrors. The backup parking sensors this one does not have a receiver hitch on it. It is a locking tailgate. It has a couple tie downs in it on each side. This is the five foot bed on here. Really a cool truck. You can see it has the blind spot monitoring in the mirrors. That's what those are they light up when somebody's in your blind spot. Inside the XLT package gives you the gray cloth interior. Power driver's seat, factory floor mats, auto headlamps. You got a cargo lamp here. You got your power mirrors and they power fold in and power fold out. Power windows, power locks, power mirrors and you can see the instrument cluster here. You got an outside temperature, digital speedometer and a compass display. This one has a leather wrapped steering wheel. You got Bluetooth and information center controls. I should say Bluetooth and audio controls on the right and then of your information center controls and your cruise controls on the left. You get the sync system. This one has you know all the apps on it and it also has the forward pass connect so you can like start your phone or start your car from your phone. You can do the mobile apps. It has AM, FM and serious satellite radio capabilities on here. You can do your climate control up here. You can see it has the dual climate control. This is also where your backup camera shows up. It's pretty high-def backup camera on there. Down here you have more climate controls if you like the more tactile feel. You also have the turned-out four-wheel drive system tow-haul mode.  It does have the stability control. This is a 10-speed automatic transmission. I'll tell you that the seats are really comfortable in this thing. Of course it's going to have side curtain airbags. Got your map lights up there. Not sure if that's an auto dimming mirror or not. Glove box has ample storage space in it and it you have the owner's manual in there as well. Just check the dash out. It's laid out real nice. I do really like the leather wrap steering wheel. It's kind of a thicker steering wheel. Got the little thumb pads right there. Really nice truck inside. We'll take a quick look at the back seats and check out the room back there. It has a tilt and telescopic steering wheel as well. And like all the other fords you got to unlock it after you get out of it to get into the back seats. Back seats they got that front seat here pretty far back on the passenger side. But I was sitting comfortably in the front seat here and if I get in the back you can see I have plenty of knee space so I'm about six foot. So you could get two six-foot guys in here pretty comfortably. You can get two USB chargers and then a 110 volt 150 watt plug-in back here as well. The back window is a manual slide so this just opens up like so. Shuts like that. You have the latch child safety system back here.  You do get storage back there as well. And yeah really nice truck inside.  Easy fuel right there. If I was gonna get a truck or a ranger this would definitely be the color and pretty much the configuration I would get it in with the crew cab and everything. See it has the nice shocks under the hood here. 2.3 liter turbocharged EcoBoost four cylinder 270 horsepower. Everything looks pretty easy to get to. Runs really smooth. And I tell you what these trucks are quick. 0 to 60 is impressive in these rides and come check them out at Summit Ford in Beaver Dam. And thanks for checking out the video today. If you'd like to check out more information on this vehicle or one of our other 450 new and used cars, trucks, SUVs, minivans, Wranglers, you name it we got it go to our website www.summitauto.com. Full pictures and descriptions of every single vehicle from two locations all at summitauto.com. And if you'd like to check out more HD videos you can go to youtube.com slash summit auto. Remember to like, subscribe, and share on this video and all the videos that you see there. In fact in a second you will see a link to subscribe to our YouTube channel on your left. A link to more new vehicle demonstrations and presentations on your right. If you've not been to our website on the bottom link to this vehicle on our website click those check us out and we really look forward to helping you with this brand new 2019 Ford Ranger XLT Super Crew 5 foot box. Thanks again.


Your heart produces this super strong electromagnetic field about 5,000 times stronger than your brains. As your emotions change, your heart's force field also changes. So, when you're all happy and excited, your heart's force field gets even stronger, and the patterns of its waves start dancing differently. When you're in a positive state, your body starts dancing to this smooth, well-organized rhythm. But when you're down in the dumps with negative emotions, your body's rhythm turns into a bit of a chaotic dance party, that's because negative emotions form disjointed rhythms.