Currently, forward risk spreads one to two years ahead are quite low by historical standards, consistent with very liquid balance sheets, multi-decade low leverage ratios, and robust profitability. In sharp contrast, one-year forward risk spreads five or ten years ahead are higher relative to their averages of the previous ten years.
At the same time, I would like to extend our warmest welcome to our guests, particularly Mr. Kou Ming of the Liaison Office, and Ms. Ji Ziyuan of the Ministry of Foreign Affairs. In the past year, the international economic and financial status was still unstable. The shock arising from the international financial crisis remained unsettled.