Obviously, nothing to add.

Peace and best wishes.

Xi

Questions:

Prof. HUO Demin from Center for Economic Research at Peking University
talks about current China s economy situation and prospects.

Q1. We just reviewed some of the key economic figures released this
morning. How do you view the data? Are they within market
expectations?

Q2: October's CPI and PPI figures are being closely analyzed. Although
the two figures were still in negative territory, the declines
narrowed compared to September. In your view, can we say the CPI and
PPI are now on an upward trend?

Q3. When do you predict the CPI will move out of negative territory?
Some are saying before year's end.

Q4. Money supply is another key figure. We can see that the amount of
yuan loans in October was less than half of that in September. Is this
a sign that monetary liquidity is tightening? What will be the impact
on the economy?

Q5. There are concerns that China will fine-tune its moderately easy
monetary policy in the coming months. We know the central government
will hold its annual economic work conference next month. Do you
expect any policy changes at this meeting?

Q6. There are already voices talking about implementing or preparing
an "exit strategy." Do you think it's the right time now, or is it
still too early?

Q7. Foreign trade is another important measure of a country's economy.
Although recent figures show improvements, the numbers remain in
negative territory. How do you view the foreign trade outlook for
China? When do you think the sector will move into positive territory?

Q8. Many now agree that China's overall economic situation is good.
What will be the major tasks or challenges in the country's next phase
of economic growth?

Q9. Most say the government has a very good window of opportunity in
the next few quarters to focus on the quality of economic growth ...
given that growth is no longer a concern. Do you agree?

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