Fourth, we have fostered a positive atmosphere of strict supervision and regulation. Through unswervingly enforcing full and strict discipline over the Party and combating corruption in the financial sector, we have strengthened supervision and enforced discipline. A batch of corrupt officials who colluded with businessmen and committed embezzlement have been brought to justice. We have rigorously implemented regulations relating to separation between public and private interests, and assignment avoidance, and have increased supervision and accountability. A total of 164 people working in the banking and insurance regulatory sector received disciplinary punishment in 2020. We have accelerated supervision improvement and plugged loopholes in the system. A total of 61 items of supervision rules were completed in 2020. We have addressed disorder with severe punishment and maintained a tough position on violation punishment and accountability. We punished 3,178 banks and insurance institutions for violating laws and regulations, penalized 4,554 liable persons and confiscated a total of 2.28 billion yuan in 2020. We have resolved financial disputes through multiple means. We repaid and compensated 17.7 billion yuan to consumers, thus guaranteeing the legitimate rights and interests of financial consumers. 

Fifth, the corporate governance of banks and insurance institutions with Chinese characteristics has improved step by step. We treated enhancing corporate governance as a focal point in transforming the systems and mechanisms of banks and insurance institutions. Following the consensus reached at the 2016 Hangzhou G20 Summit, we endeavored to carry out effective implementation of the G20/OECD Principles of Corporate Governance and urged to integrate the leadership of the Party into corporate governance. We should guarantee the Party's role at the core of leadership through mechanisms like cross appointment and integrating intra-Party supervision into corporate regulations. Banks and insurance institutions have established organizational structures containing shareholders meetings, boards of directors, board of supervisors and senior management. We have strengthened the penetrating supervision of major shareholders and conducted rectification work on related-party transactions. Currently, China's commercial banking system has been optimized with sufficient market competition. The operational efficiency of China's four large-scale commercial banks has approached the advanced level of international counterparts and overtaken many others in aspects like labor productivity, cost-income ratio, profitability, and scientific and technological innovation. The large-scale insurance companies have sufficient capital, being well-matched with counterparts in the U.S., Europe and Japan. 

Sixth, the reform and opening up in the banking and insurance sectors keeps deepening. We have deepened reform of small and medium-sized banks and steadily improved their ability to ward off risks. Specific local government bonds totaling 200 billion yuan have been issued to increase the capital supply for small and medium-sized banks. We have deepened reforms on using of insurance funds and pricing mechanisms for commercial vehicle and accident insurance; promoted commercial pension schemes reform and health insurance development; channeled long-term funds, such as wealth management products, insurance and trust assets into supporting capital market development. We have continuously advanced opening-up measures and achieved desirable effects. We have given approval to foreign banks and insurers to set up more than 100 institutions in China since 2018. Some leading international institutions in wealth management, commercial insurance, credit rating and other fields have entered the Chinese market by means of establishing wholly foreign-owned institutions, holding controlling stakes and holding shares. Foreign institutions have become much more enthusiastic to make investments in Chinese financial market. 

The year 2021 is the first year of China's 14th Five-Year Plan period. CBIRC will stick to the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era; implement the guiding principles of the Fifth Plenary Session of the 19th CPC Central Committee and the Central Economic Work Conference held in December; promote fostering of a new development paradigm by making breakthroughs in high-quality development of banking and insurance sectors. We will make efforts in the following aspects: first, we will improve systems and mechanisms facilitating financial institutions to support the real economy efficiently and provide targeted support to key areas and key industries, including those conducive to China's self-reliance in science and technology, advanced manufacturing, private enterprises, small and micro businesses, rural vitalization and green development. Second, we will deepen the supply-side structural reform in financial sector, and adopt the customer-centered and market-oriented philosophy, incubate more professionally-competent and specialized financial institutions, develop more banking products to meet people's needs, and advance the regulated development of the commercial endowment insurance - the third pillar in China's three pillar pension system and other insurance services. Third, we will treat risk prevention as the eternal theme of the financial sector. There will be no let-up in our efforts to monitor and defuse various financial risks, strengthen the rule of law in the sector, and improve long-term mechanisms in this regard. Fourth, we will maintain a fair market environment, reinforce anti-monopoly and prevent capital from expanding in a disorderly fashion, and guarantee financial innovation is conducted under prudent supervision. Fifth, we will carry out deeper reforms of the financial market and institutions, advance financial opening-up to a higher-level, facilitate flows of relevant factors, and invigorate market vitality. Sixth, we will stick to comprehensively enforcing strict Party self-governance and fight corruption in the financial sector, strengthen internal management and self-improvement, and cultivate a supervision team who are loyal to the Party and people, have moral integrity, and demonstrate a keen sense of responsibility. Through our earnest efforts, we will do solid work and realize a good start in the beginning of the 14th Five-Year Plan period and celebrate the CPC's centenary with remarkable achievements. 

That's all for my introduction. Now, my colleagues and I are willing to answer your questions. Thank you.