Ladies and gentlemen, good afternoon. Welcome all the investors, analysts, as well as friends from media, to participate in the 2023 Q3 announcement of the result for ABC. Thank you for your long-term support for Agricultural Bank of China. Today's announcement, we will have a telephone conference. Now I would like to give you an introduction about the team and leaders who own this meeting with their presence. They are Mr. Li Jun, the office head of the board of directors, and Mr. Liu, Mr. Wang Xiaoyong, and Mr. Zhang Chengli from the tax department, Mr. Duan Xiaolei, as well as Ms. Wang Yang from the asset management department. Today's meeting, we have two parts. The first part, I will give you introduction about the situation of the performance for Q3. The second part, I will have open the floor for questions, and answer the questions that you are interested. So first of all, I would like to give you introduction about the performance of Agricultural Bank of China. So in this year, we followed the decision deployment of the CCP Central Committee in a high quality development to start with and end with real economy, and deepen reform and transformation to coordinate development and safety, achieve degree good result in our budget. The first one, our overall, operating performance reached, stable, and with the net profit of over CNY 300 billion, increase rate of 5.2%. The revenue of CNY 53 million, amount of origin, interest revenue reached CNY 43 million, and the commission, the service charge is about CNY 6.6 million. The average revenue and return on asset is about 2.7%, and the net asset revenue is about 11.3%, and deposit is about CNY 3 billion, with a new increase of CNY 400 million, increase rate of 15%. The increase amount and increase rate rank number first in our industry. The loan amount keep a really stable growth, and the overall amount is about CNY 3 billion, with a new increase three trillion, with increase of two trillion. And we also issued the debt and loans, and sufficient and adequacy rate is about 60.2%, and the asset capabilities further improved. And the second one is about the service. So we have the increase of the loans, and now it's reached about CNY 600 million, with an increase of about 18.1%. So with an increase of 1.57% compared with the beginning of the year for agriculture-related loans is about CNY 600 million, with a yearly increase—CNY 6 trillion, with a yearly increase of CNY 1 trillion, increase rate of 19.1%. So for the green industry, for the state industry, the increase rate of the loans is over 60%. The balance is about CNY 200 billion, as well as CNY 40 billion. And for the rural area loans, it's about 1.94 trillion yuan for the construction purpose, with an increase rate of 24.1%. This is much higher than the average of the county level loans. And for the key cities and counties, the balance is about CNY 370 billion, with increase rates of 20%. For the farmers' loans, balance is about CNY 1.1 trillion, with a new increase of CNY 300 billion, with increase rate of 41.9%. The balance and increase amount creates a record height. And the third one is about serving the real economy. We are really targeted and highly efficient. And when we talk about the mid, long-term loan of the manufacturing industry, for manufacturing industry, the balance is about CNY 3 trillion, with new increase of about CNY 600 billion, with increase rate of 13.2%. For the medium and long-term loan of the manufacturing industry is about CNY 1.1 trillion, with an increase rate of about 53.4%. The strategic new industry, the balance is about over CNY 1.9 trillion, the increase about CNY 600 billion, with increase rate of over 54%. For green loans, the balance is about CNY 3.8 trillion, with new increase of CNY 1.1 trillion, with increase rate of 42%. The balance as well as increase rate in the first three quarters all created historic highs. For the private company's loans, new increase by CNY 60 million, with increase rate of 20%. For the inclusive finance loans is about CNY 3 trillion, new increase about CNY 900 billion, increase rate reached 38.2%. The balance, the residual balance, as well as increase, they are ranking the highest in the industry. So fourth is about further expanding the service. Now we have over 800 million customers, remaining the first in the country, and we as the new inquiries, and also we have efficient customer for credit card and new inquiries by one million. The corporate customers reached about 10 million, and the monthly active user of the mobile phone banks is about 200 million, and which is really high quality and fast inquiries. The agriculture related product is about CNY 4 trillion, with inquiry rate of 34%. The first line is we kept a really stable asset quality. The non-performing loan rate is about 1.35%, dropped by 0.02% compared with the first half. The NPL rate is 0.08%, dropped by 0.03%, and these KPIs have been further improved. The overdue loans is about 0.97%, dropped by 11 BP compared with the beginning of the year. And also, for the reserve ratio, it's ranking the first, and compared with the end of last year, increased by 1.62%. This is the overall introduction about the performance for Q3. Now, let's open the floor for Q&A. For this part, we have the Q&A through mobile phone, and also we can answer the question we've collected. So now, we would like to welcome the participants joining us through mobile phones to ask questions. And please only ask one question, and before your question, please identify your organization. So now, let's connect the first person. Hello. If you want to ask a question, please click the star key, and then you can click the number one, and then you can wait for the [p-] to ask the question. Hello, I'm Zhang Shuaishuai, an analyst from CICC. Very glad to have this opportunity. Just now, Mr. Jun introduced about the business of Agricultural Bank of China. You are taking the lead in the whole country, congratulations to all the leaders. I have a question that is: in the first three quarters, I can see that you kept a really faster growth rate. What's your future direction, as well as your placement strategy? For the recent months, in August and September, the data performance really good and returning back to normal, so economic situation is better. We would like ask, in the back, do you have more loans, requirements? Also, thank you for the question. I would like to answer the first one. In this year, I would like to say that Agricultural Bank of China, just like what I mentioned in the first part, we followed the requirements and deployment decisions of the CCP Central Committee, and we actually conform to the macro policy, focus on our main business and to get a reasonable structure of the placement of the loans, and optimize the loan structure proactively to largely improve the purpose to serve the real economy, and we've achieved a really good result. First one is about the loans overall amount increased steadily, and then we have a really large support to serve the real economy, like we just mentioned. Till the end of Q3, Agricultural Bank of China's loan balance reached over CNY 22.3 trillion, with new increments of CNY 2.5 trillion, and with increment rates of 13%, amount of which RMB loan balance reached by 15.5% YOY. I think that especially for us, it's worth mentioning that our growth in the past period, it actually, we actually realize all of these without the support of the rest of the policies of the personal market. These kinds of increments and growth showed and demonstrated the highlights and the performance of the high quality development of our loan service. Secondly, we actually stand out to serve the Rural Revitalization, and the rural-related loans also increased at a faster speed. For county level, loans increased, amount is over CNY 1 trillion, and for today, it's about CNY 1.3 trillion. For the county level loans and, and the amount, all the loans, it account for over, account for over 50% now, and which are 51%. And, for the 160 major county loans actually increased by 7%. And the farmer loans actually also reached over CNY 1 trillion, reached CNY 1.1 trillion, compared with beginning of the year, increased by 32 million yuan. And also, we have the county level loans increased by CNY 1.05 trillion, and compared with the beginning of the year, it's increased by 1.4%, over 30%, and reached over 30.1% in all the loans. For the grains, the seed-related loans, and these are actually closely related to the food security. This part of loans, the very interest rate is over 60%, and for example, for green-related loans, it's increased about 60.4%, and for seed industry, the loans increased by 50.9%. Also we can see that these loans are actually with high increase rates and much higher than the average among all the loans in the country. I've also worked proactively to serve the real economy. The loan in the key areas are highly precise, and at the aspects of stabilized growth, we will further increase the placement of county-level loans. The infrastructure building bonds we've seen, we invested over CNY 13 million, CNY 30 million and ranking the top, and for the inclusive, the loans' balance, it's increased about CNY 93 million, and also with its overall balance and increase rates are topping and ranking the first. In manufacturing, our loans increased by 34, 30% compared with the beginning of the year, and 35.4%. For the strategic emerging industries loans, actually its increase rate is like 54% compared with the beginning of the year, and the green industry actually increased about 42%. When I look forward to the next phase about the loan demand and increase, I think that since Q3 of this year, in our country, we kept a really good recovery and stabilize the economy, and further collect its advantage. According to the statistics, in the first three quarters, GDP increased by 5.2% year-wide, and it will largely lay the solid foundation for us to reach the annual targets of the GDP growth. The finance and economy are complementing each other. So emerging as a recovery of the economy provides a really good condition for us and provides support for the financial industry's development. So I believe that as China's economy further returning, become recovering, and we will further gain strength, and that's the credit and loans demand will also increase steadily. So the next stage, the Agricultural Bank of China will also follow the beginner's mind as a big national bank to follow the mainstream of high quality development to further improve the placement. First of all, we'll take the demand, potential demand of the market entities to keep a stable flow of the overall amount of loans. And also the second one is show our responsibility to also work on the Rural Revitalization and the real economy development will be further focused, and we will actually support the key areas. The first one is about coordinated development and the specific to also grasp the bottom line of the asset quality. And I hope I answered your question. Thank you. Okay, next question, please. Hello, I'm May Yan, analyst from UBS. I'm very glad to have this opportunity to ask more questions. I'd like to ask that so for this year, actually, we have a really good share price from, ABC, and also the banking industry faces a lot of challenges, but Agricultural Bank of China still keep a really good, growth of the profit, higher than the industry and, with the, the growth of 7%, and as far as I can see. So I'd like to ask what about the driving force, and, what is the driving force of, the strong profit growth? And when you look at the whole year's revenue and profit, what's your take on that? And what we think, what are the challenge or what are the, troublesome parts in terms of the economy side? Could you share with us your idea? Okay, thank you. Thank you, Ms. Yan from UBS for your question. For this question, I'd like to ask, Mr. Liu Xudong from the Finance and Accounting Department to answer this question. Okay, thank you for your question. I'd like to combine with the financial statement of the first three quarters to talk about this revenue situation. In Agricultural Bank of China, proactively face the economic recovery and coordinate the risk and benefit, and to also push the stable development of the business performance. In the first Q3, the financial performance are taking the lead in the whole industry, and revenues is about CNY 500 billion. And, with a slight drop of 0.34%, we are in accordance with the industry. Actually, we can see that we also have an increase rate of our revenue, and we have a stable growth when we look at the major driving force. First one is about we continuously improve our institution and serve the rural economy and Rural Revitalization, and the credit amount kept a really fast growth. In the first three quarters, the market that is about CNY 35 billion, with annual increase of 5%.... increased by CNY 5 trillion, with increase rate of 13%. And this is actually, it's about the increase of the interest revenue, and also for the non-interest rates revenue. And the non-interest revenue, we largely developed the online banks and also some services, and to work actively about the rate adjustment policies in the CBRC. And, on the other aspect, for the fluctuation of financial assets, we optimize the investment strategy in the first three quarters. We have the four kind of assets with their valuation, have a positive increase trend, and, with the, growth of, culminating them. We continue to strengthen the asset control management and the provision coverage kept at a high level, and, the loans actually also have a really fast increase. At the same time, we also deal with the settlement and, the clearance in the first three quarters, about CNY 20 billion. Also we have a really prominent institution to serve the real economy first, improve the efficiency. But, when we think about it comprehensively, actually, we, we are actually also being impacted by the fluctuation of assets and by the end of this year, the performance, the revenue of the banks also will show downward trend, and this will continue throughout the year. So in the next stage, we will further expand our channels to increase our revenue and to further push the stabilized growth of our revenue. On one hand, we need to dig more, find more potential, and also to guarantee the quantitative development and increase of the structure and the amount, and also make innovation to push the intermediary business development in a compliance way, optimize the investment portfolio to adjust the market fluctuation, and to also improve the increase of the non-interest revenue. The second one is lower the cost, improve the efficiency, and guaranteeing the stability of the asset quality, and to deal with and give up the bad assets, to control the risk and cost, and, to work hard to, lower the costs and improve the efficiency, control our expenditure, and to try to improve the stabilized development of the net profit and provide better value for the stakeholders, better added value for the shareholders. Thank you. Okay, now is the time for the next question. Hello, and thank you for giving me this opportunity. I'm Tang Shengbo, analyst of Nomura. I'd like to ask a question related to the asset quality. And recently, we've seen a late series of policies, and we actually focused on the business quality in real estate as well as the investment. So I'd like to ask you about, your trend in this aspect and also the next step business in terms of the credit policy as well as the asset management. What kind of future plan do you have? Okay, thank you for your question, and I'd like to welcome Mr. Wang Xiaoyong to answer this question. Okay. Thank you. Thank you for your, for your question. And now the market focus on the real estate industry, as well as the urban investment business and ABC's urban investment. We focus on optimizing the credit structure and adjust the credit structure. And, for the industries investment, we mainly invest in the cash flow with the industries or the projects like with the sufficient cash flow, like public utility as well as the highway, this kind of infrastructure projects. In terms of infrastructure, we mainly invest in the provincial level urban investment companies, as well as the higher level prefectures. For county level, we mainly invest in the top 100 counties, which are more sound in the financial capability. So in this aspect, we make sure we have a really good quality of our investment. And also the NPL rate is lower than the industrial average, so risk is under control. Next step, according to the deployment of the council and the CPC Central Committee, we will further enhance the management of the urban investment business and to perform the duties as a powerful bank, and to also localize the one-stop policy to work with local government, and also to follow the requirements of the regulatory body to further implement our work. In terms of the dealing with the existing business, we will work on it in a compliant way and to make independent decisions to support local government as well as the fundraising, fundraising platform to deal with their reserves. In terms of the new inquiries business, we have a really tight control. The one we serve, the major project in the country level, we will also have a tight control to make sure we will not add further burdens to the local debt, and also have a management about the bidding of the process, as well as repayment, to make sure the urban investment business, they can actually follow a really good path and to guarantee the credit risk and have a good control of the risk. This is about the urban investment, and of course, the real estate, we believe that it is actually a pillar industry for the country, and we still have a good foundation for stable development. So our bank actually stick to the policy that the city's housing is for the purpose of living, not for the purpose of speculation. And we work proactively and smoothly to resolve the risks and crisis in the real estate industry to push sound development of the industry. And our real estate business had a really stable growth in this year, and our asset quality are ranking the top, and we many days the volume were the first one. We implement the policy requirements of the 18 16 requirement, and sixteen requirement, and also follow and largely support the housing projects of the registered essential demand and the improvement purpose housing. When we select the customer, we will select those real estate with sound experience and who are more powerful in the selections of project. So with the good position, we will many select these kinds of projects, and this part, we will guarantee a good quality of our asset and loan. In the second aspect, in terms of the structure, we will enhance our investment in the key build, for example, the public well-being, like the essential housing and the public housing project. And the third one, we work on the financial service to guarantee and the delivery of the housing, to also leverage the policy, tools, and to follow the requirements, and, to make sure the housings will be delivered on time. And, next, the one is about to further strengthen the due loans, and, and when it's about to due, we will communicate with companies with the requirement. And for the project, we have a strong attention of requirement, but they lack the capital for the temporary stage. We will also arrange a plan for the delay of the requirement, and also we will largely support the real estate market, the sound development, and especially in real estate. So we'll focus on the specialized work, and in the refurbishment of such areas. In these kinds of key projects, we will further improve our support and to proactively support the real estate market to meet the efficient demand, and also to further strengthen the project management of the real estate, and to resolve the risk in the industry, to further push the development of the real estate industry. Thank you. Okay, next question. Thank you for giving me this opportunity. I'm Richard Xu from Morgan Stanley. About market, because, after the change adjustment of the rate, and, do we have, improvement of, the early retirement situation? And, also, do we have, the institution of getting better in business bank? And, thank you for your question. And for this question, I think I'd like to have, Mr. Lin Xuan from the Individual Finance Department to answer this question. Okay, thank you for your question. Thanks to you, Xu Ri. That's in the of the regulatory bodies in order to further improve the situation and to invite the two parties to make improvement of the structure. Now, we follow the concept of finance for the public to provide convenient service. Also, now we have about 7 million customers. We down rate their rate, and also for the first housing loans, when the rate dropped, the interest burdens reduced, and we have actually delayed their early payment and early retirement. So actually, the early retirement dropped by over 20% compared with the previous quarter. Some cities, some areas also have the incentives of lowering the percentage of install payment and also provide some favorable policies. Also some cities they lifted the bans for the purchasing products, and which largely motivate the consumers, and the market is turning better. Agricultural Bank of China will grasp this opportunity. In the first three quarters, we invested over CNY 60 million and also support the retail credit of the bank. Also the mortgage loans also increased compared with the previous quarters. Next step, Agricultural Bank of China will further follow the deployment of CCP Central Committee and make progress that will keep a stable growth. To also follow the mortgage loan policy, support the loan demand of the essential housing, improvement housing, to also serve the country's strategy of further expand the internal domestic demand and to support development of real estate industry. Okay, thank you. Next question. Hello, I'm Zhou Jie. I'm from China Life, and, my question is about the future growth points of your bank, as well as the specialty business, and what's the future prospect, and you are starting supporting the rural revitalization, so how will you leverage to further improve the profit and the revenue? Okay, thank you for your question. For this question, I would like to welcome Duan Xiaolei from the Rural Revitalization Department to answer. Okay, thank you for your question. The third one, the first one is about the future placement, right? Now, the country largely supports the rural revitalization. In the rural agriculture-related industry, their investment have been further improved, and this largely helps the Agricultural Bank of China to penetrate in this industry to serve the rural revitalization. On one hand, there's huge room of investment as a new round. Now, we have the movement further improve the capacity of farmland as well as the Rural Revitalization, the improvement of the salt land, and also the improvement of rural areas, as well as the housing situation. And the second one is about the sufficient consumption amount, and this is disposable income of rural areas increased faster than that of the urban residents and the country further improved the rural commercial system ability, and to also have the bulk commodity as well as, like, automobiles, the home appliances, to reach more rural households. And also there is a releasing of the dividend of the reform, and with the deepening of the reform, the new elements are further emerging. Of course, the rural tourism, as well as the hotel, rural hotel business, also largely improved, and also the rural infrastructure is further improved, and the operation and the service level have been further improved as the rural economy developed really fast. In the future, in next 5-10 years, the investment overall amount of rural areas and are over CNY 15 trillion. This will actually provide really good foundation and large room for the placement for the future. For the second question, how to leverage the county level financial advantage for, for the improve the, the profit and revenue? The first is we need to leverage the advantage of the finance to have more money flow back to rural areas, and now we have more subsidies, and Agricultural Bank of China will also play its relevant advantage for county level to take over the to work out the settlement service and to provide more contributions with added value service of that. The second is about leverage advantage of the asset side. We will further improve the deployment of investing in rural areas and further improve the placement, and to meet the growing food safety, as well as rural development and the farmers production, consumption, demand, and the increased amount is has part. In the future, our bank will continue to improve the placement in the rural areas to further a solid foundation for the future development. The third one is about to leverage the advantage of our rate gap. We will follow the policy of decreasing the service charge, and at the same time, always further improve the efficiency of the county level business. This is benefited from the asset-debt structure of rural areas. It's really different from that of the county and the city level. This is a advantage, and also this will help with the whole bank's revenue and the profit first, and also it creates a pre-condition for the further improvement. Agricultural Bank of China will further improve the risk control management of rural area business and leverage big data, AI technology to further promote the on-site plus off-site service model, and to further expand the business to address the issue of high costs and risks, to further lower the operating costs and to ensure the NPL rate is remaining at a low level for the county level budget. Thank you for your question. Okay, next question, we would like to make a small change, because after October twentieth, we released the announcement for hosting this meeting, and we also collect the questions from the public. After collection of the questions, the investors mainly focus on the new regulations and the development. They are just about the in-depth and the detail, the capital new regulation will be coming next in January 1, 2024, what's its impact on the adequacy rates of whole banks? At the same time, the dividend, the result of Agricultural Bank of China, will it change, and will it be adjusted? We'd like to also have a Q&A, and I'll collect the questions and answer these questions we collected from our side. We would like to welcome Miss [Song Liji ang] from the BOD office to answer this question. Okay, thank you. I'd like to answer the two questions. The first question is about the capital new regulation, its impact on the capital adequacy rate. Overall speaking, this new regulation demonstrates the integration with international standard, international practice. Also shows the quality, and it helps the commercial to further be motivated to serve the real economy, further improve the risk management level, and it will come in force by the next year, so we are acting proactively to prepare for it. After this coming to force, the adequacy rate will be further improved. According to the current management, by the end of September, our banks core banks was overall capital. So adequacy rate is 18.4%, 12.6%, as well as 16%. And according to the forecast, after the new regulation come into force by the change of adjustment of circulation and meet the requirements, and our assets will drop, and the adequacy rate at different levels will be improved to some extent. Second question is about the dividend. We know that after the IPO, Agricultural Bank of China have a high level of dividend ratio. It's over 30% every year, and accumulatively, we have about 7, 7 of the dividend. It's about 5 times of the IPO capital, and let the shareholders enjoy the benefit. When we look at the dividend of 2022, A-Share and H-Share dividend ratio is 7.6% and 9.1% for the high in benefits and high in revenue. When we look at the three years, A-Share, H-Share, the three years' average dividend ratio is about 6.6% and 8.5%. It is actually really ideal investment target in the long run. When looking at the future, we have a really solid foundation, and here there are mainly three aspects for it. The first one is the opportunities. The supervision actually ask the board wise, regulatory body ask for advice, and they require the company to issue more dividend to stabilize the investors. The second, the further new regulation will help Agricultural Bank of China to further improve the adequacy rate, and also the margin of the tier one capital will also improve. Also, we have a really stable asset. As the dividend, we have a really good, foundation. I'd like to take also this opportunity to thank all the shareholders for your support and recognition of Agricultural Bank of China. We actually had the newly issued about CNY 30 million shares. We can also see that in this year, in the market, we have a lot of investors invest more in our bank. It also shows the shareholders are really promising for the future of Agricultural Bank of China. Also, it demonstrates our values in the long run. So the next part, Agricultural Bank of China will continue to support and pay attention to the intention of the shareholders to further improve our performance, and provide long-term and sustainable return for the shareholders in the future. Thank you. Okay, we'll continue with the Q&A, and please connect the next participant. Okay, thank you for giving me this opportunity. I'm an analyst from Citibank, and, I'd like to ask you a question about the shareholder. I know that for Agricultural Bank of China, we kept really stable performance and really good performance, and in the overall market operation, under this background, and actually with a lot of pressure, and I'd like to ask, what's your plan for the Q4? And could you give us a prediction about the trend of the business and the gap for the future? And this question I'd like to have from Wang Yang, from the Asset and Liability Management Department to answer the question. Okay, thank you for the question. And as actually mentioned, the economy is the base, and the financial side, the blood, the two are complementary each other. And we actually in the reasonable control and flexible concession to the economy, we have to really have stable profitability and also improve the high quality development of ourselves. Currently, the real economy is in the process of recovery, and we need to provide strong support. Overall speaking, by the Q4 next year, our banks will show the pressure. At the time, we have a down regulating of the LPR two times, and actually, the loans with office, the pressure at the end of the year, we face the demand changing of the world economy to adjust the change of the structure, and to also further improve the precision, as well as efficiency of serving the real economy, and also for the play the full role of the change of the interest rate as well, and also narrowing of that. Also we will control cost and benefit from the market mechanism of the deposit interest. The pressure on cost of deposit have been eased. We have the confidence that we will keep maintaining the comparative advantage in controlling the deposit cost. Okay, next question, please. Thank you. I am [Anijin]. I have a question for asset quality. I'm from CGB, and now we have lots of pressure. You kept really good quality of your asset. It's not easy. So I ask, what kind of measures have you taken, and how do you look at the whole year's asset quality trend? Okay, thank you for your question. With this question, I'd like to answer, and I would like to answer the question. For the first three quarters, Agricultural Bank continuously strengthened the comprehensive risk management. We'll further implement the risk control measures at all times and kept a really stable asset quality. Just as you mentioned, it's not easy, and it's really not easy to achieve and really good performance. By the end of September, the NPL rates of Agricultural Bank of China, as for Agricultural Bank of China, as I just mentioned in the first PowerPoint, at the beginning of the year, it dropped consecutively, continuously, and for the overdue trend, overdue loans, as well as some other KPIs, have been further improved. For the provision coverage, kept a really stable growth and the rankings at top in the whole industry. Now, for the detailed data, all of these, we've already shared this data in the presentation, so I won't bore you with more details. I think that in order to serve the real economy and in order to control the risk, control risk, it's actually the precondition and Agricultural Bank of China continuously improves the full staffing aspects, and to take a volunteer and proactive role to the control risk and to deal with the biggest variant of the asset quality. Essentially, we focus on the structure, accession, mechanism and the technology, these four aspects. We further improve the risk control in these four aspects. In terms of the policy, it's run by the national policy as well as the target of economic social development. It also focuses on building the powerful agriculture industry, advanced manufacturing industry, emerging industry, as well as the SMEs, the inclusive finance. We will further optimize the investment to further improve the compatibility of the credit structure and to further improve the value creation capability of the values and assets. In terms of the accession accessibility, we'll continue to improve the granularity and the precision of policy, industrial policy, to further push the transformation, upgrading of the energy and to also have the consistent, consistent credit policy to avoid the blind placement and non-ordered placement and avoid the hidden risk. In terms of the mechanism, we also further hold accountability, and also to point out the risk in the key areas, have the one project one policy to deal with the disposal of the NPL and the bad loans, and to further improve asset quality. In terms of the technology, we built and complete the digital risk control system, and to further have a digital control, digital risk control platform construction, build a multidimensional customer risk identification model, and to further reiterate and optimize and further improve the digitalization and the intelligence of the risk control system. When we look out the whole year, throughout the whole year, according to the forecast, our asset quality of the Agricultural Bank of China will keep stable. I think that this is actually about the economic structure, credit structure, economic environment, as well as our management capability will decide this. We'll look at the macro environment to stabilize the growth and expand the domestic demand further plays a role, and the whole national economy kept a stable and upward trend. We had a strong resilience and the potential to develop our economy, and this after the trend will not change. All the asset quality stability we provide a beneficiary and the favorable external environment. We look at the credit structure, the optimization of it, lay the solid foundation for the future development of Agricultural Bank of China. And then this first three quarters, we'll look at the credit placement. 80% of our loans are placed at infrastructure, manufacturing industry, as well as energy industry. And our green credit increased by 40%, and the strategic new energy has increased to over 54%. And at the same time, the credit placement is digital structure and the regional structure also been optimized. We'll look at the internal management as Agricultural Bank of China's credit management scheme is more completed and the whole management teams are more completed. And the forward is saying anticipation of the risk as well as the pre-efficient control are more efficient, and the risk control management capabilities will further improve. And that's all about my slides. Thank you. O kay, next person, please. Hello, thank you for giving me this opportunity. I'm Owen Yu. I would like to continue to ask a question about the asset quality, and for the provision coverage is about 304.1%, and this is a high amount. We are confident about asset quality. In the provision coverage, will you release more provision to push the internal growth? Do you have special or a target internally? Thank you for your question. For this question, I would like to welcome the General Manager of Financial Accounting Department, Mr. Liu, to answer this question. Thank you for your question. As of end of September, the provision coverage is about over 300, and compared with the end of June, it's kept a stable level. Compared with the end of last year, increased by over 1.5%, and kept really leading in the industry. As for the risk management capabilities, is being further improved. We will keep a prudent and stable provision coverage policy and the provision policy, to make sure that the provision coverage level are aligned with the risk situation. To make it more detailed, the first one is to execute the accounting rules as well as the supervision requirements. And according to the result, we have evaluation of the result and have a prudent attitude towards the provision. Second, we will further improve the asset quality management and also to deal with the risk and the key links, to avoid the new link with the non-performing loans, and to keep a good control of the risk cost. And also, the third one is about to further deal with the bad loans and also to deal with the bad asset, the bad debt, and to make sure throughout the whole year, the credit cost to keep a stable level. And that's my question. That's my answer. Thank you. Okay, next question. Thank you for giving me this opportunity. I'm Liang Fengjie from Zheshang Securities. From your introduction, I noticed that the green business developed really fast for our bank in the first three quarters. Based on a very high benchmark, it also increased by 43%. So with that fast increase rate behind it, what are the impact to investment demand? And the second one is about what's your future plan? Thank you for your question. For this question, it's related to the credit. So I'd like to welcome the Credit Management Department Leader, Mr. Wang, to answer your question. Okay, thank you for your question and for Agricultural Bank of China. We continue to improve the green, low carbon energy support. Just now, our general manager also gave you data, and by the end of September, our credit balance is over CNY 3.8 trillion. Compared with the beginning of the year, we are increased is over CNY 1 trillion. The increase amount and increase is set to create a record high. A green credit, as a main investment direction, is further to serve the green development of the rural area and culture industry, and to work on the Rural Revitalization strategy, as well as building beautiful rural areas to boost the green finance integration, which were in revitalization. The second one is to strengthen the green industry support. Our focus on the green infrastructure, energy, clean energy projects, energy saving, environmental protection projects, as well as ecosystem building, and to further increase the placement of the green loans. In the key areas of the green loans kept a relatively faster growth and to support the green loans increase and increase more. Next step, we will work hard to follow the policies and the spirit of President Xi Jinping, to further push forward the green finance, and to make contribution to further build a Beautiful China, and to further push harmonious coexistence of people and nature. You know, first one, we need to work on the climate investment and heating, and to further improve the revitalization and the development, as well as clean energy to invest largely in this aspect, which guaranteeing the green industries throughout the month. In the second part, we will first optimize the green finance policy system, and we will focus on the optimization of the key industries, the credit policy, to further strengthen the coordination and match of the credit policy to further improve the Rural Revitalization, Inclusive Finance, as well as rural economy's high-quality development. The third part, we will further enrich the green finance product supply, and by using the eco-restoration loans, and to work proactively to develop new green finance products to further work on the green finance loans and securities, and also to work on the investment business. Third part is about increasing the transformation risk control capability, and to work on the credit management of the high carbon energy, to push the green transformation of high carbon energy, and to involve the ESG requirements in the whole process management of the new business. Now, for the eco-friendly customer, will continue to have a one-vote veto system. Okay, that's all for my answer. Thank you. Thank you, ladies and gentlemen, for the interest of time, the ABC 2023 Q3 result announcement will stop here. Thank you all the shareholders, investors, and analysts, as well as media friends, for your continued support to Agricultural Bank of China. I'd like to say thank you for all the colleagues for your interpretation and sharing about the performance and the results of Agricultural Bank of China. In the later stage, if you have any questions, please feel free to approach us and to contact with the investor relations in the Agricultural Bank of China. That's the end of this meeting. Thank you.