This is partly due to the fact that there was room for restraining wage increases as the labor force participation rate rose in parallel with the intensification of labor shortages; moreover, it is worth noting that, with the anticipation of longstanding labor shortages, firms embarked on labor-saving investments, which in turn resulted in improvements in labor productivity.
This Pre Annual Investment Forum is expected to provide our Reserve Management Department with valuable insights on the global economic and market outlook of 2017. We hope this forum will provide us with a more comprehensive overview on the current and future investment challenges to better manage our reserves in future. 13.