Good afternoon. I'm [inaudible], the host of [inaudible]. In order to build communication bridge between investors and the group of listed companies and promote listed companies to strengthen investor relations management and help investors better understand listed companies, China Securities Investor Services Center has been organizing a series of activities to help investors to understand listed companies. The first edition of activities is guided by the Investor Protection Bureau of the CSRC and co-organized by the Beijing Securities Regulatory Bureau. We connect investors, financial institutions, and also journalists. Today's event is about Bank of China. This is also BOC small, medium-sized investors event. Bank of China is the longest ongoing bank in China and the most globalized and interesting bank in China. It was the first bank listed in the Hong Kong stock market and also Shanghai stock market in 2006, becoming the first bank in China listed in both markets. It is also the only bank served at both Olympics in China. It has been selected as a Global Systemically Important Bank for 11 consecutive years. Its international status, competitiveness, and comprehensive strength have been ranked among large banks in the world. As mentioned in the video, Bank of China, as a century-old company with a long history, has been following its intention to serving the country by providing financial services and moving forward with perseverance, witnessing the historical process of the great rejuvenation of the Chinese nation, accumulating rich legacy. Right now it is a valuable inspiration. Bank of China just celebrated its 110th anniversary. Please allow me to introduce guests attending today's event with us from BOC. Vice Chairman of the Bank of China, Lin Jingzhen. General Manager of Board Secretary Department, Yu Ke. General Manager of our Personal Digital Finance Department, Wang Zeyu. Mr. Yu Ke, General Manager of the Board Secretary Department. General Manager of Personal Digital Finance Department, Wang Zeyu. Senior Finance Minister of Financial Management Department, Chen Xiaohong. Vice General Manager of Asset and Liability Department, Zhao Qiyan. Deputy General Manager of Transaction Banking Department, Wang Fei. Vice General Manager of Credit Management Department, Feng Rifu. Welcome. Next, we will enter to the next session to help you understand the listed companies more directly and comprehensively and encourage rational investment, value-based investment, and long-term investment. We're going to ask the Vice President, Lin Jingzhen, to share Bank of China's situation in terms of its wealth management or rather wealth finance development. The floor is yours. Distinguished colleagues from China Securities Investor Service Center, dear investors, dear journalists, good afternoon. I am the vice president of Bank of China. My name is Lin Jingzhen. I'm very happy to see all of you today so that we can brief you about Bank of China's business operation as well as our development in terms of finance for wealth management. In 2022, Bank of China celebrated its 110th anniversary. As the longest continuous operating bank in China, Bank of China has long insisted on opening up and developing its businesses. Right now, Bank of China has become the most globalized international banking group in China. In the new journey of building a modern socialistic country, Bank of China will resolutely implement the decisions and the strategies of the CPC Central Committee and the State Council, follow the general strategy of seeking progress while maintaining stability, continuous enhanced flexibility, universality, and competitiveness of the financial services, making steady progress in financial performance, promote business development to the next level, and strengthen the foundation for future development. The bank has been solidly promoting the implementation of the group's 14th five year plan, focusing on eight financial areas and supporting the development of the real economy with logical measures. It has been continuously promoting the strategy of One Body, Two Wings, deeply integrate into the new development pattern of dual circulation of the country, advance digital transformation and continuously work on operational efficiency, balance development and safety, and improve comprehensive risk management capabilities. Against the backdrop of steady operating results improvement, we firmly grasp the opportunity of a wealth finance development. We have been effectively implementing the group's 14th five year p lan in terms of a wealth finance and follow the mandate of finance for the people, promote product and service innovation, and have achieved good results in wealth finance business. Our customer base has been growing. Market share of retail business has increased. The growth rate of the medium and high-end customers was significantly higher than that of ordinary customers. Investment in the wealth management customer base are increasing as well. The scale of financial assets under management steadily expanded. Market share of RMB personal deposits and investment financial assets ranked first in the comparable industry. The growth rate of the financial assets of private banking clients ranked second in the comparable industry. Wealth management income developed steadily, and the businesses such as funds, wealth management, insurance, precious metals, maintained positive development momentum, driving the personal finance business to become the bank's top revenue contributor. To be more specific, we are pushing wealth finance business in the following aspects. First, to expand the coverage of the wealth finance so as to benefit a wider range of people. We always believe that financial work is with political nature and also is for the people. We uphold the customer-centric service concept, help achieve common prosperity, enhance the sense of access and happiness of our customers. Accelerate the development of inclusive financial products. We have introduced inclusive insurance, new customer wealth management products, savings for old age, and other low-threshold products. We organize activities, for example, Fixed Income Plus and also 90% discount for personal pension fees, fully canceled annual fee for debit card and a small amount management fee, and further reduced investment management fees as well. To further reduce the threshold of investment in financial services and, improve the quality and efficiency of our long-term customer services. We continue to improve our multi-channel service systems with mobile banking as the main channel, including also micro banking, SMS banking, and interactive voice response. The new 8.0 version of a micro banking launched at the end of last year, has upgraded asset management services and will soon launch family wealth panorama view, Wealth Shopping Cart, et cetera. The purpose is to help customers manage their wallets efficiently. While in terms of the digitization, we have accelerated intelligence upgrading, enriched customer profiles based on big data, accurately match customer demands, and provide tailor-made services to customers with our marketing approach. At the same time, empowered by application scenarios. We will continue to promote conversion from traffic to customer acquisition and the product sales. Second, we have been deepening the development of the wealth finance and provide more professional services. With better value management for customers in mind, we have been effectively enhancing the market competitiveness and brand reputation of our wealth finance and accelerate the realization of winning results for both customers and the Bank. We optimize product management and strengthen our basic capabilities. We think from customers' perspective, build a group-wide plus market-wide open wealth management product portfolio. The number of partner companies has reached 10. Maintaining a leading position in the industry, we have established a sound product selection, tracking, and evaluation, and dynamic adjustment mechanism, upgrade the Bank of China selection brand of public funds, and upgrade the Bank of China selection. In 2022, the average yield of the newly established hybrid debt funds hosted by Bank of China ranked first in the industry. We've been optimizing asset allocation and enhancing advanced capabilities. We have been tapping into our resources to improve the performance of allocating different types of products and also to balance risks and yield to manage expectations from the side of customers. We've been improving diagnosis as well as different types of business modules, providing more intelligent asset analysis and services to our customers. We've been always there for customers and to maintain good investor relationship. Instead of spending single products right now, before, during, and after sales, we are involved in the whole journey to provide services to customers. We also have been building platforms and online ecosystem for our products, as well as been working with over 30 external partners. In 2022, we published more than 10,000 articles. Thirdly, we've been trying to elevate the development of world finance so as to meet diversified demands. Starting from our heritage and our rich resources, we consider private banking business as the frontier area for us to implement the One Body, Two Wings strategy. We've been promoting globalized integrated development of wealth finance. We've been focusing on globalized development, tapping into our advantages in terms of having both domestic and overseas markets, being a commercial bank and investment bank. We've been accelerating the building of a private banking platform in Asia Pacific region and building domestic overseas regular business linkage mechanisms. Global asset allocation, offshore family trust, employee stock ownership plans are highlights of our services. We try to further improve quality services for our retail customers, focusing on comprehensive development. Last year, when we celebrated the 15th anniversary of our private banking business, we launched the first Entrepreneur Office of the industry last year, centering on the demands of individuals, households, enterprises, and society. Pooling resources of the whole group and establishing a flexible working group, providing a very comprehensive set of services including wealth planning, global asset allocation, heritage planning, business operations, global investment financing, pro bono activities, and responsible investment, so as to maximize value for our customers. Fourth is to further expand the breadth of our wealth finance. Try to come up with a more solid foundation for the business. We focus very much on the foundation, trying to make the foundation as stable and as solid as possible so that we can have a sustained development of the business. We've been trying to improve the efficiency of the channel team and also expanding the construction of outlets, as well as creating private banking departments, private banking centers, so as to have our own network of services. We follow the principle that talent is the number one resource, and we've been building talent pools in terms of our wealth management private banker as well as the investment consulting services. We intend to build a team of cross-disciplinary and digital talents that are good at technologies, businesses and analysis. We have effectively enhanced the talent training and the technological empowerment of those talents. We've also promoted a system upgrade and development based on the whole bank enterprise-level architecture development and focused on the channels, products, marketing, operations, data and risk management. We have reduced the barriers and take an integrated approach to build a capacity support platform. We have practiced a comprehensive risk management in terms of operational risk, consumer protection, customer information protection, and sales compliance. We have enhanced our management, and security has been an important aspect of all the links and the processes in wealth finance. Dear friends, thanks to the rapid development of China's economy over the past few decades, China's per capita GDP has continued to rise, and by 2022, the overall GDP has exceeded $1.27 trillion. At the same time, among all the total resident assets, the proportion of non-financial assets, typically the real estate, has been declining and there is huge potential to improve the financial assets. With deeper reform of the capital markets, more regulated financial regulation and upgrading of the fintech, we believe that the tipping point for the growth of retail business has come. In particular, the wealth finance business has great prospects and a bright future. As the next step, the Bank of China will leverage our advantages, seize the trend of the times, and will follow the guidelines from the government. Will remain committed to our intention to serve the customer and to build ourselves into a leading financial service bank focused on wealth finance, cross-border finance and consumer finance. We would like to thank all the customers for their long-term acknowledgment and the trust for us. We would like to invite more friends to follow the development of BOC and to support the innovative transformation of our retail business. We welcome more friends to become our individual clients and to experience our products and services. The Bank of China is ready to join hands with the shareholders and their customers to move towards the goal of common prosperity. Thank you. Thank you, President Lin, for your presentation. Now, please move on to the U-shaped table. Now let's move on to the Q&A session. First, question time for individual investors. Now we will invite the individual investors. Hello. Could you brief us on BOC's plans for individual pension business, and what's the advantage of BOC's pension products compared with peer institutions? Thank you. Thank you. Now I would like to invite Deputy General Manager Wang Xinyu from the Personal Digital Finance Department to answer your question. Thank you for your question. To fully implement the state policy of building the third pillar of pension and to actively respond to the demographic change of China, to meet the social development needs and to meet the diversified pension needs of the people, BOC has introduced the personal pension business by the end of 2022. Through mobile banking and the counter services, customers can open accounts, pay account fees, and buy products. We have upgraded the mobile phone services to cater for the old people's needs. In 2021, we have introduced the dedicated version for old age clients so as to improve the sense of gain and sense of security for old age groups. Faced with the severe market competition, BOC has remained committed to our political commitment to promote the personal pension fund business. We have further built a comprehensive service system. To improve our product shelf. We have closely followed the updated catalog introduced by the regulators on the product manager and the qualified products so as to expand our cooperation coverage. We have also improved the dedicated asset allocation plan so as to make sure that the assets will maintain their value and grow their value. Second, we will improve the function experience. We have improved the purchase procedures and have opened special features on the mobile phone to improve the customer experience. Third, to provide services across the whole process. Based on our digital mining tools and asset allocation capabilities, we have provided a whole life cycle wealth management plans for the old age clients. Number four, to have good policy qualification. We fully leveraged mobile banking and WeChat public account to improve people's understanding of the third pillar and to improve market acceptance so as to improve investor education. Guided by clear planning and concerted efforts of the whole bank, BOC personal banking personal pension business has formed a comparative advantage. First, a richer product shelf. In terms of the savings product, we have introduced the lump sum time deposits, the installment savings, the demand deposit, and the time demand deposit, and the dedicated lump sum time deposit for old age insurance. We have richer product types and durations. In terms of the investment type products, we have launched 103 individual pension public funds and four individual pension insurance products, which is leading in the industry. Second, more favorable pricing. In terms of the savings products, we have offered favorable rates for the lump sum time deposit, installment savings, demand deposit, and time demand deposits, and also lower starting amounts. The demand deposit rate was 0.4%, which is 1.6 times that of the official rate. In terms of investment products, we have offered a 90% discount for the subscription fees for all the individual pension public funds products so that people can benefit. Third, more professional services. We have fully leveraged our asset management capabilities and the service resource integration advantages in finance, in wealth finance. We have a professional, standardized and systemic product selection, tracking and evaluation mechanism so as to provide reasonable asset allocation plans for different clients with different age groups and different risk preference. Here we would like to invite the investors and the media friends, both on-site and online, to experience the personal pension products and services offered by Bank of China, and to share with us your valuable suggestions. That we can further improve our customer experience so that the individual pension product services really becomes an enjoyable experience for you. Thank you. Mr. Wang. I would like to thank this investor for the question. The next question is still from an individual investor, please. Hello. We have seen continued interest rate hikes of the Federal Reserve in 2022, and this will contribute positively to BOC offshore NIM. Could you share with us the relevant performance and impacts? Thank you. Thank you. I would like to invite the Senior Manager, Chen Yifang from the Financial Management Department to answer this question. Thank you for your question. In 2022, while supporting the real economy, we have maintained a steady NIM and over the whole industry, the NIM has been declining, this is hard-won results, and it's mainly due to two factors. First, we have taken the initiative to effectively control the RMB liability cost. We have stick to the principle of both good price and quantity, and the decline of the demand deposit has been limited, and we have reduced the cost, the high cost, existing high cost of our liabilities, and to some extent it has offset some of the negative impact. Second, we have taken the initiative to seize the favorable opportunities offered by interest hikes by the Federal Reserve to optimize the foreign currency assets structure. We have made it more effective and improved the proportion of the foreign currency denominated interest-bearing assets. In 2023, we think we face a lot of pressure. First is that the RMB NIM faces a downward pressure. For example, LPR has been cut dramatically. For example, the 5-year LPR has been down by 35 basis points, and in 2023 there will be a repricing. Also, the new interest rate for the new loans will also continue to be lower. Second, because the interest hikes from the Federal Reserve will be weaker and the positive contribution of the foreign currency interest spread will become weaker in our contribution. We'll continue to have a good price and quantity and optimize the liability structure and to better serve the customers to extend the source of our funding. Second, we will readjust our asset structure, especially if we have more mid to long term loans. We will also seize the opportunities offered by the interest hikes by the Federal Reserve and improve the structure of the foreign currency interest spread. In comparison with the peers. Because of the different currencies, I would like to add. Okay, I'll recap. Compared with the peers, because we have different foreign currency liabilities, we believe that we will have less pressure in terms of the narrowing NIM compared with other peers. Thank you for your answer, and I would like to thank this investor for the question. The next question is still from the individual investor. Hello. My question is, how do you see the overall quality of the assets? In particular, can you talk about the overseas and domestic operational risks and the relevant pressures on asset quality? Okay, I would like to ask Deputy General Manager Feng Rifu from the Credit Management Department to answer this question. Thank you for your question. As the government continues to implement the policies to stabilize the economy and as BOC continue to enhance the quality of our assets, in 2022, the overall asset quality has remained stable, which has laid a solid foundation for this year. For the domestic economy, as the policies to stabilize the economy continues to be rolled out, we expect the domestic economy to improve for the better. However, we still face triple pressure and this will have an impact on the economic operation and the risks in the real estate sector still exist. We believe that we need to pay attention to the following three aspects. First, it still takes time for the real estate policies to take effect, and some high-leveraged developers still have a lot of risks. Second, because the real estate market has cooled down and because of the pandemic, the government's revenues have declined and there has been more expenses. We have to pay attention to the local government businesses, and particularly those with weak fiscal capabilities and high liabilities. Also because of geopolitical issues and also rising commodity prices, as well as the financial measures taken in U.S. and the European countries. Now we're entering into a new cycle, especially after COVID-19. That has been a challenge in terms of asset quality of our overseas business. Lastly, because of the industrial chain. In terms of foreign trade, we still have to pay attention to risks in this regard. Looking into 2023, the optimization of COVID countermeasures will boost the consumer confidence and to encourage consumption recovery, as well as the positive real estate policies are coming out, and this definitely will lead to recovery of the industry. In terms of new infrastructure, new energy, China will continue to take measures. On this basis, for Bank of China, we will continue to be proactive in preventing major financial risks. We will balance high quality business development and risk prevention and management, especially in certain areas we need to screen risks, so as to identify the risks early and also detect the problems early, so that the problems can be handled. These are the principles. We need to take early actions, making sure that our asset quality will be stable for the whole year. Thank you. Thank you, Ms. Fan. Also I want to thank the investor for the question. Today, we have a lot of investors joining us through telephone. Next, I would like to invite one investor to ask a question through telephone. Hi. Currently, dividend yield of a BOC is pretty good. We want to understand, first of all, if this can be maintained in the future. Second, are there any plans to further improve the percentage in the future? Thank you. Let me invite Xiao Tian, Deputy General Manager of the Assets and Liability Management Department. First of all, thank you for your question. I believe that a lot of investors also have this question as well. In recent years, Bank of China has closely focused on the requirements of the 14th five year plan and also made overall plans in different areas. We have achieved a steady progress in terms of profit growth and shareholder return. In 2021, cash dividend to investors was about RMB 2.21 per 10 shares before tax. For the whole year of 2022, the average transaction price of A-share and H-share, we're talking about 7% and 8.9% in terms of the dividend yield. Either for institutional investors or retail investors, this is quite attractive, a stable and reliable investment return. In terms of the dividend ratio, last year the bank's total dividends payout ratio Of other payout was about RMB 65.06, and payout ratio was about 30%. It has maintained stable for several years. In the future, still centering around the bank's 14th five year plan, as well as our capital planning objectives, we will consider different elements. For example, shareholders return demands, business development needs, regulatory requirements, and the level of dividends paid by our peers, so as to reasonably set the targets in terms of annual dividend policy. At present, there is no plan to adjust the dividend rate. Thank you for your answer. Also thank you for our four individual investors for your questions. I also want to thank the leaders for the explanation. Next, from institutional investors. I have a question. First of all, with the overall economy recovery, we wonder what would be major sources of a profit improvement for BOC? Another thing is that we know that Bank of China is the most internationalized bank in China. What is the contribution of your overseas business to the profitability of the bank? Thank you. Thank you. Let me invite Chen Qinghong from Financial Asset Management Department. First of all, thank you for your question. We think that the banking sector and the real economy depend on each other. Economic recovery needs support from the banking sector, but also the financial performance and the business operation of a bank will benefit from better macroeconomic performance, so that banks can have a sustained, healthy growth. This helps banks to better serve real economy. In terms of providing more for the real economy, we definitely will do that, but at the same time, we want to maintain our stable business performance. There are several aspects. First of all, we want to maintain stable of our net interest income. Net interest income accounts for more than 20% of our own revenue, this is a balance. In 2023, we are continuing to implement measures to reduce costs, at the same time, we will provide financial support for real economy we make sure that we can have a stable net interest income. At the same time, centering on the eight Financial Areas, we will invest more in different areas to improve the percentage of the loans, especially medium to long-term loans. We will try to make sure we do a good job in terms of deposits. Next aspect, we want to stabilize the fees and the commission income. Last year, because of the financial and capital markets, this part didn't perform very well for the bank. This year, with the economy recovery, we estimate that the capital markets will develop better. Recently, the economy is picking up the state of recovery. Consumer consumption, cross-border exchanges, et cetera, are recovering. That is the foundation for further improve the fees and the commissions in terms of the settlement businesses and also domestic and overseas financial investment services. Looking into the future, we will look at the market demand to solidify our business foundation to tap into our advantages so as to improve our fees and commission income. The third aspect is that we will try to keep the good momentum of business recovery in overseas market in 2022. We can say that the profitability of overseas branches bottomed out, and the contribution to the whole group has been improving. Our overseas subsidiaries income in terms of the size already right now is better than before the COVID-19. That is the good news. In 2023, even though there are still a lot of challenges in terms of the macroeconomic environment, we will tap into our global business as a resource to optimize our layout in overseas. We have a targeted strategies for different branches and to seek opportunities and to try to maintain the good momentum of recovery for overseas branches. Thank you, Ms. Chen. Next, another question, ask via phone call. Thank you. I have a question about wealth finance. Currently, wealth finance is a new track in improving business competitiveness, right now the competition is quite fierce. I wonder, how BOC considers your relative advantage in this regard? My second question is how your wealth finance can practice the requirement of common prosperity but also ensure high quality development of your own business. Thank you. I mentioned before about the overall situation of our wealth finance. Considering your question, I will answer your question. We're 110 years old. In the past, years, we've been always considering as our responsibility in terms of supporting the grand rejuvenation of the nation, social progress and the development of the country. We have accumulated so much experience after years of business operation. That is the comparative advantage of our wealth finance business. First of all, our brand reputation. As the first China-based commercial bank which sets private banking business overseas, we have accumulated a lot of resources in terms of customer base and also business experience, as well as our brand being recognized by customers. Second, we can offer professional products and services. We've been accelerating the building of open platform with the efforts from the whole group and also resources from all different markets. We have the highest number of partner companies for the business. We have tiered professional teams and also very comprehensive investment advisory services. With that, we can further improve our businesses to customers. We can offer very professional market judgment and also asset allocation services. The third is our quite unique One Body, Two Wings strategic layout. In terms of a globalization and integrated development, Bank of China started early. We have a very broad network of businesses. We do have our cross-border and also license-related advantages, which enables us to provide one-stop, very comprehensive financial services to customers. For example, we've been following on the principle of conducting private banking business by the group, accelerating the building of Asia-Pacific private banking platform, trying to serve entrepreneurs and other high-net-worth individuals. This is the, from our side in terms of providing comprehensive services to individuals, households, enterprises, et cetera. We will start from our competitive, or rather comparative advantages, and also guided by the strategy of common prosperity so as to promote high quality development of wealth finance. First of all, we want to focus on product selection, making sure that wealth finance will be inclusive. We want to think from buyer's perspective by enriching the portfolio of products available. We want to provide as many products available as possible and to make sure that our product pool is competitive. Secondly, we want to integrate the concept of public interest into our products. For example, we've been quite innovative in launching the so-called agency products with the nature of public interest. Second, we want to highlight asset allocation and improve professional capability in terms of wealth finance, making sure that this is not just sold as a single product, it is part of the asset allocation portfolio. We also want to provide, for example, smart asset diagnosis and asset allocation services, making sure that we can help our customers to diversify risks but also improve their yields. Thirdly, we want to be there for our customers throughout the journey. We want to elevate our services. We are building differentiated teams comprised with wealth management managers, private bankers and also investment advisors. We are focusing on a whole process service from the very beginning to the very end to encourage customers to have a long-term investment concept. Before, during and after, the whole sales process will be served by our colleagues. Of course is to start with the advantage and resource of the whole group to solidify our advantage in this business. We want to tap into our advantages of being a globalized and quite integrated company, and to pick up the speed of product innovation and to optimize our service models so as to provide integrated services. Thank you very much, Mr. Lin, for your fantastic response. I also want to thank our investors for their questions. Next, would be questions from the press. I'm with China Securities Daily. My question is that recently China has launched a lot of practical policies in supporting cross-border e-commerce and also financial services for foreign trade, as well as the development of the Greater Bay Area. Of course, in terms of supporting overseas financial business of banks, cross-border finance is a strength for BOC, and I just want to understand what is the plan for the next step. Thank you very much. Can I invite Wang Fei, Deputy General Manager of the Transaction Banking Department to answer our question. Thank you for your question. Over the years, Bank of China has been tapping into our advantage in cross-border financial services, serving the country in becoming a further opened up country. First off, where we want to have a rich portfolio of products, and over the years, we have launched our financial service plans. We're absolutely number one in terms of the cross-border settlement. Also our support for import and export trade has been rising. At the end of last year, with the guidance of OFCOM, we have organized a series of activities. Altogether, 150 events were organized covering 33,000 foreign trade enterprises. Also, we've been upgrading the financial service plan for enterprises to get orders. By the end of January this year, we have served 76 teams. Secondly, we have come up with some multiple measures to further innovate our digital products. We have introduced the BOC Cross-border E-Commerce Connect and the BOC Cross-border e-Procurement Connect and other products to facilitate the cross-border settlement of the new mode of cross-border foreign trade. In 2022, the total size of these businesses exceeded CNY 280 billion, up by 90%. We have also introduced the Overseas Transfer Express products. There are over 40,000 new customers, with the business reaching over $100 billion. We have taken the initiative and taken the advantage to build a high ground for opening up. We have closely followed the national policies to provide policy and financing and intellectual support for the free trade zones and free trade port development. We have also served the GBA area, the Yangtze River Delta area and Beijing-Tianjin-Hebei area. We have closely followed and seized the opportunities for the RCEP implementation and leveraged the internationalized advantage of BOC to improve mechanisms, strengthen coordination, and become a leader in cross-border finance. As the next step, as the main venue for providing financial services for foreign trade in China, we will continue to fully leverage our globalized operation advantage and the professional advantage in foreign exchange and foreign trade to further provide more financial support for foreign trade, to take our responsibility as a major state-owned bank, and to further enhance our traditional advantage in cross-border finance, achieve our high-quality development at the same time. Thank you for your question. Another question from the press. I'm from the China Securities News. My question is, over the development of the mobile digitalization, mobile banking has become an important channel for the banks to serve the customers. Recently, we know that BOC has launched the Mobile Banking 8.0 version. What are the unique advantages of this new version? How do you plan to further serve the customers and empower businesses through digitalizing the retail business? Thank you. I would like to invite Wang Zuoyue, Deputy Manager of the Personal Digital Finance Department, to answer this question. Thank you for your question. The newly released 8.0 version of mobile banking has deeply implemented the concept of really serving the people and providing convenient services and better benefits to the people. This is a new type of mobile banking business model that is comprehensive, shared and value-creating. First, enhance the customer coverage. For example, we have provided ethnic language services for the ethnic minorities and the rural version of the app for county users, and also dedicated services for the newly registered urban residents and old age users. Second, we have provided more professional services. For example, better product pools, the Wealth Shopping Cart, and the family wealth panorama view, as well as the upgraded asset diagnosis and reporting services. We have also introduced over 30 financial institutions to provide whole process investment services before, during, and after the investment, so that the customers can take good care of their wallets. Taking the release of this new version as a starting point, we'll continue to promote the digital transformation of the retail business and to empower the business better with technology. First, we will build a consolidated and integrated channel system where we'll improve the mobile banking functions to build a growth system for the users. We will use the diversified channels, for example, the lead banking and the smart outbound calls. Second, we have built an agile and customized product service. We improved the customer and product label system provide customized services for the users. Third, we have built a whole process closed-loop marketing system. With deep insights into customers' needs, we have improved the customer profile and have achieved targeted real-time and personalized marketing. Fourth, we have built a smart and effective risk control system. We have improved the cyber defense system based on more monitoring scenes and updated and integrated the anti-fraud machine learning model so as to better protect the security of the funds for the customers. Thank you for the answer and questions. Now questions from the representatives from the investor service center. Hello, everyone. My question is around the retail investors. Based on their unique features, how does BOC support these investors? What are some of the good practices in terms of investor interaction? Thank you. Thank you. I would like to invite Yu Ke, General Manager from the Board Secretariat to answer this question. Thank you for your question. BOC is China's first bank to have both listed in the A-share and H-share market. We have over 600,000 shareholders, most of whom are retail investors. Retail investors are an important supporting source of our business, and we are grateful to your support. All your suggestions and all your interests and rights will be fully respected. First, in terms of guarantee the participation right, BOC will have different forms of shareholder meeting, for example, on-site meeting and online voting, so that the retail shareholders can exercise their decision power. Also we have organized the experts to answer questions for the retail investors. Also when announcing our results, we will solicit questions from the retail investors before the meeting and during the meeting. We will provide a lot of different opportunities to facilitate their participation, for example, video streaming. BOC is the first bank among the peers to adopt video streaming. We also provide video playback and download of PPTs. In terms of guaranteeing the right to be informed, our purpose is to improve transparency and to be more proactive, targeted, and effective in information disclosure, and we have enriched and optimized the disclosure content. We have made our language easier to understand so that retail investors can understand it. In terms of guaranteeing the return right, we have written into our articles of association that we will prioritize cash dividend as a way of profit distribution, so as to provide institutional guarantees for the investors. By the end of 2022, the total cash dividend exceeded CNY 733.8 billion, which far exceeds the amount of IPO financing, ranking 4 among the domestic-listed companies. Turning to your second question, in terms of improving interaction with the retail investors, because there are a lot of different retail investors who are widely distributed and have limited access to information, we have dedicated personnel to answer the different kinds of queries and questions for the retail investors. Every year, we handle over 200 query items through hotline services, emails, and e-platforms. Over the years, some retail investors have become old friends with us. Day after day, they have some better understood the financial performance and operational logic of BOC, and has better understood and recognized the BOC efforts as a state-owned major bank to pay back to the society and the shareholders. Some retail investors have even sent us letters of praise. For four consecutive years, we have organized investor receipt activities. Today's event is a very good example of the latest attempts and meaningful exploration of exchanges of communication with the retail investors. Also, BOC has been dedicated to investor education protection activities, and we are among the first Chinese banks to set up a dedicated column for investor protection in our official website. Based on these events and practices, we have showed the investor value of BOC to the capital market, and we have gained a lot of positive feedback and recognition. In 2022, BOC's share price outperforms the market and the industry index. The annual total return for the A-share stocks, including the dividend return, has exceeded 11%, and for the H-share, it exceeded 10%. BOC has been awarded the best investor relations awarded by the media and recognized for our cash and dividend and also for our annual report results announcement. For nine consecutive years, we have received the highest rating by the Shanghai Stock Exchange in terms of the disclosure annual assessment. BOC will continue to adopt a open posture and to adopt a diversified channels to do a better job investor relations work so as to contribute our share to building a modern capital market with Chinese characteristics. We hope that we can gain more support from the investors so that we can grow together. Thank you. Thank you. For the interest of time, we will give the last question to the representative from the Investor Protection Center. We know that sustainability has become a popular concept, and the ESG related performance of the listed companies has attracted great attention from the capital market. In particular, a lot of attention is being given to the development potential of a green finance areas. Over the years, on domestic years, the domestic banks has focused on green finance due to regulatory requirement and market guidance. I would like to know about the latest development in the related business of BOC and how would you adopt a differentiated strategic positioning and business development in green finance. Thank you. I would like to invite Sharon Fung, Deputy General Manager from the Credit Management Department. Thank you for your question. BOC has incorporated the concept of green development into all the links into our operation management and business development so as to contribute our share to the dual carbon goals. In terms of our business development, first of all, our green loans has maintained very rapid growth. We have participated in the landmark green projects with global influence, we rank number one in terms of the Chinese institutions in the Bloomberg Global Green Loans and Sustainability-linked Loans. We are market leader in the green bonds. In 2022, we are leading Chinese bank in terms of the issuance, underwriting and investment of the green bonds. In terms of the issuance, we have issued the world's first green bonds based on the Common Ground Taxonomy, we have also introduced the world's first U.S. dollar-denominated biodiversity-themed green bonds. In terms of underwriting, in 2022, we rank number one among Chinese banks in terms of Bloomberg's global offshore green bonds ranking. In terms of investment, we rank number one in terms of the 2022 green bond financing to investors by NAFMII. In terms of differentiated strategic positioning and business development, BOC has taken advantage of our strategy of One Mainstay, Two Engines, and have formed a unique path of green finance development. In terms of globalization, BOC has actively supported the green and low-carb industries around the world. For example, our London branch is one of the leading banks of the syndicate, has supported one of the world's largest offshore wind farms. Also our Paris branch has provided supply chain financial services for the French green energy project through refactoring financing service models. This has provided innovative product channels for enhancing the international cooperation for green finance. In terms of integrated business and services, BOC has connected commercial banks and the integrated business. We have provided differentiated green financial product options for businesses that are in the startup stage, growth stage and maturity stage. We have built the BOC Green plus global brand, have introduced over 35 green financial products and services over five categories covering bond, deposits, investment, debts, equities, leasing and insurance. We have met customers green financial, green financing, green assets allocation, and the green integrated financing needs from different perspectives. Bank of China adheres to the mission of integrating the world and benefiting society, and also has been continuously optimizing the governance structure of green finance and promote high-quality development of green finance. We will continue to tap into our resources of being a globalized and integrated bank and constantly improve relevant policies and systems, take the lead in the practice of green financial innovation, assume the social responsibility of the state-owned bank, and help carbon peaking and carbon neutrality targets with our financial services. Thank you. Thank you, Ms. Fung. Also I want to thank all the questions. One more time, thank you for the live discussion, but because of a time constraint, we have to wrap up the session. Through this afternoon's event, I believe that now you have understood BOC better. Definitely, I believe that that can help boost your confidence in investing in Bank of China. Let's give Bank of China our best wishes so Bank of China can develop to be a better entity and also to provide greater value and return to shareholders, customers and the society. This edition of Knowing Unlisted Company Blue Chips Feature in Bank of China will end right now. Thank you for your support. See you next time.