Since the beginning of this year, the global outbreak of COVID-19 has greatly influenced the service trade. In the first half of the year, the scale of China's service trade decreased, but it showed a steady trend on the whole, with resilience and vitality for development. The service export performance was significantly better than that of import, and it was also better than that of other major service exporters, as the export of knowledge-intensive services grew against the trend in particular. The growth rate of emerging services export such as intellectual property royalties, insurance services, telecommunications and information services were all above 15%, and the overall decrease in service export was 19.5 percentage points less than that of import, driving service trade deficit down by 46.1%, or RMB 344 billion year-on-year.
  
At present, the domestic epidemic prevention and control has made great strategic achievements, but the overseas epidemic is still spreading, world economy seriously declining, and international demand shrinking sharply. The conditions for the development of China's service trade in the second half of the year is still complicated and difficult. However, we should also see that the epidemic will have a far-reaching impact on the global service trade pattern, consumption patterns and consumption habits. The development of service trade finds opportunities in difficulties and the competitiveness of China's service trade is constantly improving. Such long-term positive trend remains unchanged.
  
The comprehensive and deepened pilot program will bring at least three opportunities: First, market expansion opportunities. Comprehensive expansion of opening up will help form a large market, promote the formation of a new development pattern centered on "internal circulation," and speed up a "dual circulation" growth model in which "internal circulation" and "international circulation" promote each other, and create a broader market space for domestic and foreign service-providers. Second, there are opportunities for innovation-driven development. The export of emerging services such as digital trade, copyright trading and online education has become a new area of growth. Producer services are more closely and efficiently embedded in the global industrial and supply chains through offshore outsourcing, bonded R&D and bonded detection, attracting domestic and foreign resources and factors to further devote to new business models. Third, international cooperation opportunities. The pilot program provides more space for China to deepen service trade cooperation with BRI and other partners. It is fair to say that the pilot program will not only promote the high-quality development of China's service trade, but also create new momentum for the development of global service trade. Thank you!