Financial Times:

You mentioned that fixed asset investment continued to improve in the second quarter. Meanwhile, cement production dropped by 12.9% in June. The asphalt production rate also showed a relatively historical low. So how to understand such a contrast? What are your expectations for future infrastructure investment? Thank you.

Fu Linghui:

Thanks for your questions. Since the beginning of this year, people have paid high attention to investment and related investment products. In recent years, in terms of China's investment in three major sectors, investment in manufacturing has seen the fastest growth, with a growth rate of more than 10% in the first half of this year. Among the manufacturing industry, high-tech manufacturing grew by more than 20%. From the structure perspective, China's economic and industrial development is gradually upgrading, and the drive for industrial-upgrading-related products is relatively obvious. In contrast, investment growth in some traditional industries has gradually slowed down. With the continuous advancement of high-quality development of China's industrial upgrading and development and continuously innovative development in the future, the driving force for equipment manufacturing and high-tech-related products is increasing. Therefore, in general, although China's economy has been hit by the epidemic this year, the trend of industrial development and upgrading and high-quality development has not changed. Employment and prices are generally stable. Judging from these circumstances, the trend of China's economy to maintain a steady growth and move towards high-quality development will not change in the future. Thank you.