Vivian Lin Thurston: Today, I would like to share with you our views about how the ongoing, unprecedented COVID-19 pandemic has impacted China both as a society and as an investment opportunity. On the first topic, we’ve seen several major consequences and outcomes coming out of the pandemic development, which will have prolonged and structural impact on China as a society. The first one is obviously the increase general public's desire and awareness for high standard, high quality healthcare. Secondly, the increased preference among the general public for how the government handled certain events, and also the transparency around the communication are very obvious. We believe this will be very helpful and supportive for China’s pursuit of democracy going forward. Number three, the Chinese government and overall society has increased its effort to accelerate domestic consumption and domestic services as a result of the recent pandemic development.
Lastly, it’s very evident that China has increased its effort and the emphasis in innovation and technological development. China has recognized that in order to further grow its economy on the domestic side, and also less relying on the global supply chain, China will have to continue to emphasize its innovations and technological growth. So, as a result coming over to my second topic we believe all those developments on a societal and economical level boasts very well for China to become even more attractive investment opportunity from the bottom up –perspective.
We have consistently attracted to three investment themes in China related to consumer, healthcare, and technology. So, all three sectors and investment themes are further enhanced by the recent COVID-19 development as I detailed earlier. So, first of all, consumer. As China continues to shift to domestic consumption driven economy, consumer emerging consumption for middle class will continue to be the strongest driver for domestic economy growth and investment opportunities from the bottom up perspective. Secondly, as I mentioned healthcare has become a bigger focuses of both the general public and also the country. And China is complete underpenetrated and under spending in terms of healthcare among many countries in the world. Therefore, we believe this shift and this acceleration will help put China strong on the map for the healthcare investment going forward. Last, but not the least, is technological development. So, for example, semiconductor of focus, China has shift further investment behind semiconductor or to develop domestic companies who are good at certain technologies among the semiconductor value chain. We believe the overall crossover between technologies and consumer, as well as healthcare, will continue to drive the investment opportunity on the quality growth side for us in China going forward. Therefore, we remain very positive about China as an investment opportunity, and believe that the COVID-19 development further enhance our opportunity there.