Thank you for your questions. In 2015, Chinese outbound direct investment was 145.67 billion dollars, which was 10.07 billion dollars more than the paid-in foreign investment. Last year, due to the implications of some irrational factors, the difference was estimated to stand at close to 60 billion dollars. China has become the biggest exporter of goods in the world since 2009. It is fair to say that China has transitioned from a big exporter of goods to an exporter of goods and capital, including capital goods.

However, I think it is too early to say China has entered a stage of net capital export. From the perspective of investment stock, in 2015, the outbound investment made by the US, Germany and the UK was 5.98 trillion dollars, 1.81 trillion dollars and 1.53 trillion dollars respectively while China’s outbound investment was 1.09 trillion dollars. China still lags behind those traditional net capital exporters. From the perspective of the development stage of Chinese OFID, Chinese enterprises only started investment in other countries not long ago and China is shifting from the initial stage to transformation and upgrade. The Chinese government will continue to guide and support competent enterprises to invest overseas in an authentic and rightful way, promote economic transformation and upgrade and enhance the quality and returns of economy. Thank you!