Mr. Chen Jiahe, Chief Strategist from Cinda Securities.

Q1: From business tax to VAT, value added tax.  The government says this is to decrease the overall tax for enterprises, and inject vitality into business. How are companies responding to this?

Q2: Apart from VAT reform, the government has recently carried out other tax reform., such as the tax on cross-border e-commerce purchases. What's behind these reforms?