Dear friends from the Press,

Happy Chinese new year! Welcome to the press conference of today. As usual, I will make a briefing on China’s business performance in January, and answer your questions.

I. Domestic Market Operation

In January, sale in domestic market maintained a steady growth. Sales value of 3,000 major retailers monitored by MOFCOM in January rose 4.5% as compared with that of in December, 2012. The main features of market in January are as follows:

1. Foodstuff, clothing and daily necessities sales was fast up;especially,sales of foodstuff and clothing maintained a rapid growth. Sales value of foodstuff, beverage, clothing and daily necessities of 3,000 key retailers monitored by MOFCOM in January saw a month-on-month increase of 11.6%, 12.9%, 0.4% and 1.7% respectively

2. Demands for gold, silver and jewelry, home-appliances and communication equipment increased. Demands for commodities that can maintain value grew faster due to the Spring Festival. Sales value of gold, silver and jewelry, home appliances and audio equipment, and communication equipmentof 3,000 major retailers monitored by MOFCOM in January rose 11.7%, 2.7% and 6.4% over the previous month.

3. Marketing of automobiles and housing remained steady. Sales value of automobiles and building and decorating materials of 3,000 key retailers monitored by MOFCOM in January dropped 6.6% and 7.6% over the previous month but rose 14.1% and 9.1% over the previous year. Sales value of furniture was up by 0.6% over the previous month and saw a year-on-year increase of 9.8%.

4. Price of foodstuff of farm produce rose significantly. Affected by cold-current, thick fog and other cyclical and seasonal factors, price of foodstuff of farm produce rose significantly this year. The overall level of consumer price in January rose 2% nationally, and the price of foodstuff was up by 2.9%. Prices foodstuff of farm produce monitored by MOFCOM in January in 36 medium-and-large cities saw an overall increase. Average prices of 18 vegetables rose 16.7% over the previous month and 0.9% year on year. Wholesale prices of fresh pork, beef, lamb and egg were up by 5%, 2.9%, 2.2% and 1.4% respectively over the previous month. Price of sugar remained steady and unchanged over the previous month.

II. Foreign Trade

According to Customs statistics, total value of our import and export in January were of 2.17 trillion Yuan(US$345.59 billion), up by 26.7% year-on-year, factors exchange rate fluctuation excluded (same as below). Among that, exports amounted to 1.18 trillion Yuan (US$187.37 billion), up by 25%; and imports amounted to 0.99 trillion Yuan (US$158.22 billion), up by 28.8%. Trade surplus was 183.21 billion Yuan (US$29.15 billion), up by 7.7%. Import and export rose 8.1%, among that, export was up by 12.4%, and import saw an increase of 3.4%, Spring Festival factor excluded.The main features of foreign trade are as follows:

1. Trade with Europe, U.S., Japan and ROK was steadily up and with ASEAN, HK, Taiwan and South Africa increased rapidly. China-Europetrade in Januaryrose 10.5%, China-U.S. trade was up by 23.4% and China-Japan, China-Koreawasup by 10.3% and 23.1% respectively. China-ASEAN,Mainland China-HK, Mainland China-Taiwan, and China-South Africarose 83.0%, 70.0% and 98.9% respectively.

2. Export by the central and western China remained robust; export by Guangdong and Fujian province in eastern China increased significantly and export growth in other provinces remained steady. In January, growth rate of exports of Sichuan,Chongqing,Henan and Jiangxi was 65.6%, 84.6%, 47.2% and 122.7% respectively; growth rate of export of Guangzhou was 42.1%, remaining the status of largest province of export, and that of Fujian was 30.9%.

3. Export and import bygeneral trade and processing trade grow significantly. Total value by general trade in January was US$180.73 billion, up by 19.2%. Among that, exports amounted to US$93.38 billion, up by 21.7%; imports registered US$87.35 billion, up by 16.6%. Import and exportby processing trade was US$114.10 billion, with a increase of 23.1%, among that, export registeredUS$71.79 billion, up by 14.6% while import amounted to US$42.31 billion, up by 40.6%.

4. Exports of mechanic and electronic products and high-tech products grew rapidly while labor-intensive products grew steady. Exports of mechanic and electronic products in January registered US$105.81 billion, up by 25.1%, while imports was US$67.45 billion with an increase of 39.9%, 11.1 percentage points higher than that of the total imports.Total export of high-tech productswas US$55.09 billion and rose by 42.0%, 17.0 percentage points higher than that of the total exports.Import ofhigh-tech products registered US$45.53 billion and rose by 51.6%, 22.8 percentage points higher than that of the total imports. Total export ofclothing, textiles, footwear ,furniture, plastic products, bags and suitcases and toys was US$41.03 billion and rose by 25.1%. Import of crude oil and soybean rose 7.4% and 3.8% respectively, while import of iron ore and copper products dropped 11.0% and 29.8% respectively.

5. Export prices of some traditional commodities rose while import prices of some raw materials fell further. Average price of exports in January rose 0.7%, of which plastic products and footwearrose 28.3% and 20.7% respectively. Prices of some import fell further. Average price dropped 5.0%, of which iron ore and natural rubber kept falling for 14 months, waste copperfor 12 months, steel for 11 months and crude wood for 9 months.

III. Foreign investment

In January of 2013, 1,883 foreign-invested enterprises were newly established, up by 34.3% year on year; realized FDI reached US$9.27 billion, down by 7.3% year on year (not including data on banking, securities and insurance). The main features of foreign investment are as follows:

1. Realized FDI in service sector declined more than that in manufacturing sector. In January, realized FDI in agriculture, forestry, animal husbandry, and fishery amounted to US$130 million, down by 31.5% year and year, taking up 1.5% of the total national amount. Realized FDI in manufacturing sector registered US$4.43 billion, down by 5.8% year on year, accounting for 47.7% of the total national amount. Realized FDI in service sector reached US$4.03 billion, down by 9.8% year on year, taking up 43.5% of the total national amount. Realized FDI in real estate dropped by 14%.

2. Investments from the EU countries rose relatively larger. In January, EU 27 countries set up 140 enterprises, with invested capitals up by 30.8% year on year; realized FDI reached US$820 million, up by 81.8% year on year. Among that, investments from France, Germany, Sweden and Denmark increased by 309.6%, 70.3%, 4060.4% and 325.2% year on year, relatively larger than other countries. Ten countries/regions in Asia (Hong Kong, Macao, Taiwan, Japan, the Philippines, Thailand, Malaysia, Singapore, Indonesia and South Korea) established 1,475 enterprises, with invested capitals up by 33.5% year on year; realized FDI reached US$7.82 billion, down by 9.0% year on year. Among that, investment from Hong Kong reached US$5.71 billion, down by 10.2% year on year; Japan, for US$640 million, down 20.0%; Taiwan, for US$630 million, up 28.8%; and Singapore, for US$630 million, down 2.5%. US set up 94 enterprises, with invested capitals up by 9.3% year on year; realized FDI reached US$270 million, down by 20.0% year on year.

3. Realized FDI all over China dropped. In January, realized FDI in the eastern China reached US$7.87 billion, down by 8.1% year on year, accounting for 84.9% of the total national amount; realized FDI in the central China was US$830 million, down 0.8%, accounting for 8.9% of the total national amount; realized FDI in the western China was US$580 million, down 4.2%, taking up 6.2% of the total national amount.

IV. Investment and economic cooperation overseas

Direct investment overseas. In January of 2013, Chinese investors had directly invested in 777 overseas companies in 123 countries and regions, and total direct investments in non-financial sectors reached US$4.914 billion, up by 12.3% year on year.

In January 2013, investments by mainland China in Hong Kong, ASEAN, EU, Australia, US, Russia and Japan amounted to US$3.63 billion, taking up 73.9% of the total overseas investment. Among that, investments in ASEAN, Australia, EU and US were doubled. Investments in Hong Kong and Russia were down by 33.2% and 49.9% respectively. Direct investment overseas by provinces reached US$2.306 billion, down by 11.3% year on year, accounting for 46.9% of the total investment overseas over the same period, among which Shandong, Guangdong, Jiangsu and Beijing were leading.

Contracted projects overseas. In January of 2013, turnover of China's contracted projects overseas amounted to US$6.76 billion, up by 15.1% year on year, and value of newly-signed contracts was US$13.33 billion, up by 42.9% year on year. project with a contract value above US$50 million are 57 (32 in the same period last year), with a total value of US$10.63 billion, accounting for 79.7% of the total value of newly-signed contracts. Among that, the projects each with a contract value above US$100 million numbered 30, an increase of seven over the same period of last year.

By the end of January 2013, total contract value of the projects overseas reached US$1.0115 trillion with the realized turnover of US$662.4 billion.

Labor service cooperation overseas. In January of 2013, laborers sent abroad reached 29 thousand, equal to that in the same over the same period of last year. Among that, laborers sent abroad for contracted projects reached 14 thousand and that for labor cooperation projects numbered 15 thousand. By the end of January, all laborers sent overseas totaled 819 thousand, an increase of 8 thousand over the same period of last year.

V. IPR Protection and cracking down on infringement and counterfeiting in 2012

1. Actively launched special campaigns.

The Leading Group for National Cracking Down on IPR Infringement and Counterfeit and Shoddy Goods deployed and launched 11 special campaigns in 2012. Related departments in all local areas strictly punished all kinds of illegal actions, such as infringements on trademark right, copyright and patent right, production and selling of counterfeit and shoddy rural commodities, medicines, agricultural materials and automobile fittings, selling of counterfeit goods through imports and exports as well as internet commodity trade. Meanwhile, they launched mass campaign and crackdown battle to fight against criminal actions in a way of quickly arresting, suiting, investigating and judging infringement and counterfeiting cases according to laws.

Law-enforcement departments investigated and dealt with 325,271 cases in total on IPR infringement as well as production and selling of counterfeit and shoddy goods, with involved value of RMB8.89 billion, among which 6,999 suspected criminal cases were transferred to juridical authorities and 20,721 sheds involving IPR infringement and counterfeiting were destroyed. Public authorities cracked down 43,773 criminal cases in total with involved value of RMB11.32 billion and arrested 60,306 criminal suspects. Prosecution institutions approved 8,194 criminal cases for arrests, arrested 14,842 criminal suspects and investigated 16,143 prosecution cases with 28,419 people involved. Judicial authorities dealt with 15,121 criminal cases in total, among which 14,662 cases were completed with 17,869 people brought to justice.

2. A great progress was made in building-up of a long-term mechanism

(1) Legal system and working mechanism further improved. Draft of amendment on Trademark Law was completed and submitted to Standing Committee of the National People's Congress for consideration; judicial interpretation on hearing civil dispute cases about the right of network information transmission was released; a series of new standards were posted and implemented; and General Office of the State Council forwarded the opinions on enhancing the interaction of law enforcement and criminal justice.

(2) Publicity was extensive and profound. Related departments in all local areas posted banners, released public service advertisements, played publicity films, offered leaflets in crowded public places such as office, bus station, train station, commercial district, large and medium-sized shopping center, supermarket and agricultural market, organized several activities such as IPR publicity week, on-site consultation, speech for publicizing policies, special topic lecture and achievement exhibition. Those efforts helped create a favorable social atmosphere.

(3) Creditability construction enhanced. All related departments in all local areas further applied social credit system in the fields of government administration, commercial affairs, society and judiciary, positively launched credit evaluation on industry and creditability publicity, established a data base for foul plays and dishonest actions, released a blacklist on those enterprises and their legal representatives as well as relevant responsible persons in order to promote the establishment of a punishing mechanism for dishonesty.

VI. China’s outsourcing in 2012

1. China’s outsourcing grew steady. According to the statistics by Department of Service Trade in Service and Commercial Service, China signed a total of 144,636 copies of the service outsourcing contract in 2012 with the contract amount of US$ 61.28 billion, up by 37% year on year. Enforcement amount was US$46.57 billion and saw a year-on-year increase of 43.8%. Among that, contract amount of China’s undertaking of international service outsourcing wasUS$43.85 billion, rose by 34.4%; and enforcement amount was US$33.64 billion, up by 41.1%.

2. IT outsourcing is still the major component of China’s outsourcing. In 2012, ITO, BPO and KPO accounted for 56.1%, 15.5% and 28.4% of China’s total outsourcing.

3. U.S. Europe and Japan are the major markets for China’s outsourcing. In 2012, China’s enforcement amount of its undertaking of service outsourcing from U.S. EU and Japan wasUS$8.94 billion, US$5.46 billion, andUS$4.83 billion, accounting for 26.6%, 16.2% and 14.4% of total enforcement amount.

4. Scale of employment in outsourcing industry is further expended. Till the end of 2012, China has a total of 21,159 service outsourcing enterprises with 428.9 millionemployees. Among that, 2.91 million employees are of or above university (including collage) degree, accounting for 67.8% of total employees.

Shen Danyang: The above is a report on the general situation of last year. Now I will take your questions.

China Securities Journal: We noticed that foreign investment in China declined in January by a large margin compared with that of last month and the same period of last year. How does MOFCOM look at this situation? In addition, will the situation of this year be grimmer than that of last year?

Shen Danyang: According to the statistics of foreign investment utilization in January just released, the actualized foreign investment indeed declined by a relatively large margin. However, there are some positive signs, for instance, newly set up foreign-invested enterprises increased by 34.3% and contract value increased by 13.1%, and actualized investment from the EU and Taiwan had a fast growth. So the picture is mixed. But we cannot predict the trend of the whole year through only one month’s statistics. I remember at last press conference, I said that the main driving force for foreign investment in China has not disappeared, and the foreign investment scale in 2013 will remain stabilized. I also said that, due to uncertainties in the external environment, the general situation will be grim, which has not changed by now. We predict that China’s utilization of foreign investment will not decrease significantly, but meanwhile the situation is likely to be grim. The reason for this prediction is that the transnational investment will experience a downturn in the next few years as a result of the current economic recession. Up to now, there have not been any optimistic signs in transnational investment globally. According to the latest monitoring report on global investment trend released by UNCTAD, the transnational investment worldwide declined by 18%, of which that of the Asia decreased by 9.5% and that of China by 3.7%. But our foreign investment was only second to the US. Due to the downturn of the global trend, our prediction for China’s situation this year is the same as I said at last press conference.

Reuters: I have two questions. First, MOFCOM decided to start AD/CVD combined investigation on polysilicon originating from the US, the EU and ROK last November. Now, the investigation deadline is approaching, and what is the preliminary ruling? Moreover, the EU is stepping up the AD/CVD combined investigation on solar energy products exported by China, and may be considering imposing AD/CVD tax. Voice from Brussels used to consider China’s new government is unlikely to solve this dispute through consultation. How does MOFCOM take this issue? Second, José Manuel Barroso, President of the European Commission, declared on 13th that the US and the EU should quickly start bilateral free trade talks, and the US President Obama expressed in his State of the Union address that the two sides will start the bilateral free trade negotiation as soon as possible. What is China’s comment on this issue?

Shen Danyang: I will first talk about the bilateral free trade talks to be started by the EU and the US. We have noticed that the EU and the US are prepared to open bilateral free trade negotiations. The EU and the US are both major economies in the world, and active participants of multilateral trade mechanism. We hope the related talks can abide by the basic principles of openness and transparency, which will be conducive not only to the trade and economic development of the EU, but also to the advancement of WTO Doha Round negotiations and liberalization global trade.

As to the issue that MOFCOM started AD/CVD combined investigation on polysilicon originating from the US, the EU and ROK, according to the Regulations of the People’s Republic of China on Anti-dumping and the Regulations of the People’s Republic of China on Countervailing, anti-dumping and anti-subsidy investigation should be completed within one year since the announcement is released, and the period can be extended by less than 6 months. For this case, the investigation agency will complete the investigation within the legal period, and now there is plenty time left for the investigation. The investigation agency will publish the preliminary and final ruling according to the investigation result at a proper time. As to when the result will be released and what is the result, I have not heard definite information .

As to the AD/CVD combined investigation on solar energy products, we still hope to solve the dispute through consultation.

China National Radio: I have two questions. First, about consumption during the Lunar New Year holiday. As we know, a frugality campaign especially against food waste is sweeping China, from the central government and local governments to the ordinary people. We heard that the turnover of the catering industry which makes up the major proportion of New Year consumption, especially that of the high-end catering industry declined significantly. Could you confirm the information and elaborate on it? How does MOFCOM look at the contradictory relation between frugality campaign and consumption stimulation? Second, nowadays, many restaurants still have the requirement of an extra charge for a private room or minimum consumption. With the background of the frugality campaign advocated by the central government, what is MOFCOM’s opinion on this or will MOFCOM promulgate any related measures?

Shen Danyang: Since the eight regulations and the anti-waste campaign were put forward, the turnover of some high-end catering enterprises and the sales of high-end liquor decreased by a large margin indeed. For instance, according to a sampling survey, the turnover of high-end catering enterprises in Beijing, Shanghai and Ningbo decreased by 35%, over 20% and about 30% respectively. Around the Spring Festival, the sales of high-end dishes in high-level restaurants decreased obviously, with that of bird nest and abalone down by 40%, shark fin by 70% and food gift boxes by 45%. The sales of high-end liquor such as Maotai and Wuliangye decreased significantly, for instance, Feitian Maotai of 53 degree and Wuliangye of 52 degree have decreased by about 30% compared to the their peak prices.

After the regulations came out, luxury food consumption has been controlled, which has won praise of the people. Despite the decrease of the turnover of high-level catering enterprises and related consumption, anti-luxury and -waste campaign and consumption expansion is consistent instead of contradictory in pursuing the overarching objective of promoting sustainable economic and social development. To expand consumption does not mean allowing or indulging waste. In fact, from a long-term view, advocating frugality and opposing waste will not impact consumption expansion. Instead it will be conducive to forming a frugal and low-carbon consumption mode, realizing sustainable development, balancing supply and demand of agricultural products, and maintaining ecological balance and protecting the environment.

Moving forward, according to Opinions on Arranging Work of Expanding Consumption during the 12th Five-Year Plan Period together promulgated with the Ministry of Finance and People's Bank of China, MOFCOM will continue to promote green and circular consumption and define it as one of the major tasks of expanding consumption in the commercial field during the 12th Five-Year Plan period, and require local governments to perfect circulation network, advocate green consumption, and especially reduce unscientific consumption phenomenon such as one-time, excessive and predatory consumption.

I will talk about the extra charge for a private room and minimum consumption, which refers to fees for different services in catering industry. The two kinds of charges are both for private rooms in restaurants, so only one of them should be charged at one time. Arbitrary charges by some catering enterprises need to be regulated. At the video conference on advocating frugality and opposing waste in national catering industry, Minister of Commerce Chen Deming pledged to improve regulations on charges including minimum consumption and extra charge for a private room. In fact, MOFCOM has already issued some regulations on charging service fees by catering enterprises. For instance, the Operation Standards of Catering Enterprises officially published on December 1st of 2007 stipulates that catering enterprises should clearly indicate opening hours, foods, standards of service fees and other special rules, charge strictly according to pricing, and provide service with the same content and fees as agreed upon with consumers. Currently, related department under MOFCOM is researching on issues such as minimum consumption fee charged by catering enterprises, and will make clearer regulations on extra charge for a private room and minimum consumption in the Administrative Measures of Catering Industry that will come out soon.

Xinhua: We have noticed that there was a significant rebound for China's imports and exports in January according to the statistics released by the Chinese Customs, is it consistent with the expectation of the Ministry of Commerce? Does it prove China’s foreign trade in 2013 will be better than that of 2012? (2013-02-20 10:57:46.0)

Shen Danyang: China’s imports and exports have maintained a steady growth since the end of 2012, which proves that the policies and measures to stabilize foreign trade growth have been effective. However, it does not indicate that there was a substantial growth or rebound for China's imports and exports in January if considering the factor of holidays. According to statistics of the Chinese Customs, China’s imports and exports in January were up by only 8.1% if removing the factor of holidays. As we know, there were only 17 work days due to the Spring Festival in January 2012, while there were 22 work days in January 2013, 5 days more compared with that of 2012. In recent years, there could be some fluctuations in imports and exports in January and February due to the holiday factor, and there might be some fluctuations in export growth in February 2013 because of the Spring Festival. Import and export growth in February 2012 was about 30%, and it could not be so high in February 2013. Therefore, it is necessary to add up statistics of imports and exports in January and February in order to obtain a precise conclusion.

In January 2013, although there was 1 work day more than that of December 2012, imports and exports were down by 5.8% month-on-month, and the work days were the same compared with November 2012, while import and export growth was up by only 1.9%. According to the analysis, we believe that the trade growth rate in January 2013 was basically normal and within the expectation, however, we cannot make conclusion that foreign trade in 2013 will be better than that of 2012. Instead, we believe that China’s foreign trade will continue to face a severe situation since there is no significant improvement in overseas demand, and we cannot be blindly optimistic about foreign trade in the whole year of 2013. (2013-02-20 10:58:20.0)

CCTV: The U.S. Department of Commerce has started anti-subsidy investigation against frozen warm-water shrimp originating from 7 countries including China, and we have noticed that enterprises that were selected as the mandatory respondent have released an announcement a couple of days ago. As we know, it is the first anti-subsidy investigation initiated by the U.S. on agricultural products from China, what’s your comment on it? (2013-02-20 10:59:13.0)

Shen Danyang: The U.S. initiated on January 17 an anti-subsidy investigation against frozen warm-water shrimp imports from 7 countries including China, which is the first anti-subsidy investigation initiated by the United States against China's agricultural products, and frozen warm-water shrimp imports from China have already been subject to the U.S.’ anti-dumping investigations for 8 years. We believe that the U.S. has violated WTO rules and its domestic laws in initiating anti-dumping and countervailing investigations against Chinese enterprises without sufficient evidence when it holds China as a non-market economy. The Chinese government attaches great importance to agriculture and trade remedy investigations involving agricultural products, hoping the U.S. can deal with it cautiously, so as to avoid causing a negative impact on bilateral economic and trade relations and agricultural cooperation. And the Chinese government will safeguard the legitimate rights and interests of domestic enterprises in warm-water shrimp production and exports. (2013-02-20 10:59:31.0)

Economic Information Daily: It is reported before the Spring Festival that that China's total trade in 2012 has surpassed that of the U.S. for the first time, and the Ministry of Commerce had made explanation during the Spring Festival that China still lags behind the U.S., could you brief on how the statistics were calculated? (2013-02-20 11:01:33.0)

Shen Danyang: The reply from an official in charge of Foreign Trade Department of MOFCOM regarding this issue has been released on the website of MOFCOM during the Spring Festival. The U.S. Department of Commerce announced on its website on February 8 the trade statistics of U.S. by three different measurements: By international balance of payments, the total amount is US$ 3.862859 trillion, which was adjusted based on the statistics released by the U.S. Customs; by FAS price, the total amount is US$ 3.82218 trillion, which was based on statistics of the U.S. Customs; and the total amount is US$ 3.8824 trillion if exports calculated by FAS price and imports calculated by CIF price, and of which only the third way is in line with the measurement of the WTO, or comparable with that of the WTO. China takes the measurement of the WTO, and according to which the total import and export volume was US$ 3.86676 trillion in 2012, US$ 15.64 billion less than that of the U.S. The WTO will release the statistics and rankings of imports and exports of all countries in 2012 at the end of February or in early March 2013, and the gap between trade statistics of China and the U.S. could be clear then. (2013-02-20 11:02:00.0)

Hong Kong Wen Wei Po You just mentioned that China-ASEAN bilateral trade in January 2013 accounts for over 40% in China’s total trade. Hong Kong always has a strong desire to join China-ASEAN FTA. Will the central government give it support? (2013-02-20 11:02:28.0)

Shen Danyang: The Chinese government attaches great importance to and support Hong Kong’s accession to China - ASEAN Free Trade Area (FTA),.Thanks to the efforts of MOFCOM, the ASEAN side has accepted in November 2011 Hong Kong’s application to join China–ASEAN FTA, and has made assessment. Premier Wen Jiabao announced at the China-ASEAN Summit in November 2012 that China supports Hong Kong to join China–ASEAN FTA as a separate customs territory, and is willing to strengthen communication with ASEAN on it. MOFCOM will continue to keep close communication with Hong Kong, and work on ASEAN so that it will make a positive decision as soon as possible. (2013-02-20 11:02:44.0)

Economy & Nation Weekly: The acquisition of Canada Nixon Petroleum by China National Offshore Oil Co., Ltd 12 was approved by the U.S. Committee on Foreign Investment on January 12, which is the largest overseas acquisition by Chinese companies in history. Currently, there is a lot of controversy on the bargaining issue as well as the management capabilities of Chinese companies. Moreover, it is in stark contrast with China's previous overseas acquisitions by large state-owned Chinese enterprises in the past which were frequently blocked, does the Ministry of Commerce have any comments on it? (2013-02-20 11:03:17.0)

Shen Danyang: We have noticed that the U.S. Committee on Foreign Investment approved on February 12 the acquisition of Canada Nixon Petroleum by China National Offshore Oil Co., Ltd., which is a normal business practice. And we hope all governments to treat the investment of Chinese companies fairly, and to create a fair, equitable and transparent business environment. (2013-02-20 11:03:41.0)

Shen Danyang: That concludes the press conference today. Thank you. (2013-02-20 11:04:14.0)