In terms of this instrument we introduced, companies issuing CDSs are fairly reliable. At the same time, the design of the entire support instrument is completely market-oriented, and companies would issue the CDSs and create the instrument jointly with lead underwriters including commercial banks and securities companies. Bond buyers can choose whether to buy the CDSs at their own discretion.
But with the insurance, the bonds are exempt from credit risks, which is conducive to bond issuance. Recently we have successfully issued several dozens of private enterprise bonds with the volume reaching tens of billions of yuan. Since November this year, the bond issuance of private enterprises has been restarted.