Board secretary. On behalf of the company, I'd like to welcome you to our 2021 interim results presentation. Allow me to introduce the directors and top management present today. They are Chairman, Mr. Dai Houliang. Executive Director and President, Mr. Huang Yongzhang. Senior Vice President, Mr. Ren Lixin. Vice President, Mr. Li Luguang. Vice President, Mr. Tian Jinghui. Vice President and Chief Engineer, Mr. Yang Jigang. The presentation today includes four parts. Overview of financial performance in the first half of the year. Overview of operation performance. Remarks from the chairman, followed by a Q&A session. I will walk you through the company's financial performance in the first half. In H1 2021, PetroChina's realized oil price, $59.45 per barrel, up $20.43, $3.4 lower than H1 2019, down 5.4% or a two-year average decline of 2.7%. Revenue CNY 1.2 trillion, up CNY 267.54 billion, or 28.8%, better than the same period of 2019. Operating profit CNY 88.46 billion, up CNY 94.5 billion year-on-year, CNY 17.8 billion higher than H1 2019, at an average two-year growth of 11.9%. Net profit attributable to the parent, CNY 53.04 billion, up CNY 83.02 billion, CNY 24.62 billion higher than H1 2019, and a two-year average growth of 36.6%. Earnings per share CNY 0.29, a seven-year high in the same period. PetroChina enhanced asset management, further optimized debt structure, and saw more solid financial foundation. As of June 30th, total assets CNY 2.5 trillion, up 1.8% versus the end of last year. Interest-bearing debt CNY 382.73 billion, up 3.7% versus the end of last year. Composite cost of interest-bearing debt 2.54%, down 0.33 percentage points. Debt to asset ratio 45%, down 0.1 percentage points. Debt to capital ratio 21.6%, up 0.3 percentage points. We value cash flow management and saw a large FCF increase. Cash flow from operation CNY 116.03 billion, up CNY 36.95 billion year-on-year or 46.7%. FCF CNY 4.67 billion, up CNY 30.98 billion. Guided by the business development plan, we optimized the investment structure and advanced key projects in a coordinated way. CapEx in H1 was CNY 73.8 billion, down 1.2% year-on-year. Such a scale is reasonable and controllable. In H1, we worked to boost exploration and development. E&P spent CNY 54.08 billion or 73.2% of the total. R&C business saw faster upgrading and structural adjustments, took CNY 16.6 billion or 22.5% of the total CapEx. We upheld low cost growth and worked to beef up fund management, quality, and efficiency. Major costs were effectively controlled. In H1, lifting cost $10.59 per barrel, up 1.1% adjusted for RMB appreciation. Lifting cost in China $11.21 per barrel, down 2.8% adjusted for CNY appreciation. Cash processing cost CNY 159.27 per ton, down 1.3% year-on-year. Marketing cost CNY 388.81 per ton, down 9.4% year-on-year. Operating profits of E&P segments CNY 30.87 billion, up CNY 20.52 billion year-on-year. Price changes of oil and gas products added to the profit by CNY 56.28 billion. Sales changes cut the profit by CNY 4.36 billion, among which higher gas sales added CNY 3.68 billion and lower crude sales cut CNY 8.04 billion, mainly due to factors like OPEC+ compliance leading to less overseas crude sales that cut CNY 8.09 billion. OPEX and others rose by CNY 31.4 billion, including CNY 19.99 billion from purchase, CNY 2.8 billion from taxes exclusive of income tax, and CNY 2.31 billion from DD&A. For operating profits of refining and chemical segments, CNY 22.19 billion, up CNY 32.73 billion. Refining business booked CNY 13.46 billion, up CNY 27.1 billion. Higher margins added CNY 26.2 billion. Higher crude run added CNY 400 million. Less OpEx added CNY 500 million. Chemicals business earned CNY 8.73 billion, up CNY 5.63 billion. Price changes added CNY 22.86 billion. Sales changes added CNY 3.31 billion. Higher OpEx cut the profit by CNY 20.54 billion, including CNY 19.29 billion from purchase, service, and others. Operating profits of marketing segment, CNY 6.64 billion, up CNY 19.53 billion. Marketing business in China booked CNY 2.66 billion, up CNY 17.28 billion, including CNY 15.64 billion from higher gross margin, CNY 1.07 billion from more sales, and CNY 570 million from lower OpEx. Operating profits of international trade, CNY 3.98 billion, up CNY 2.25 billion year-on-year. Natural gas and pipeline business segment booked CNY 36.8 billion, up CNY 22.5 billion year-on-year. Operating profit of natural gas marketing business, CNY 13.23 billion, up CNY 19.4 billion year-on-year. Sales price in China averaged RMB 1.75 per cubic meter, up 1.3% year-on-year. Due to lower cost and higher sales price, importing natural gas made a profit. Operating profit of city gas business, RMB 8.59 billion, up RMB 1.63 billion. OP of pipeline business, RMB 1.68 billion, down RMB 16.2 billion, mainly due to less pipelines under PetroChina after the transactions. Others, that is RMB 17.75 billion, largely from the RMB 18.32 billion gain of clean energy pipeline disposal. To reward our shareholders, the board plans to pay out interim dividends of RMB 0.1304 per share, 45% of net profits attributable to the parents under IFRS, totaling RMB 23.87 billion, the highest interim dividends since 2015. That's for the financial review. Executive Director and President, Mr. Huang Yongzhang, will review the company's operation performance in H1. Thank you, Mr. Chai Shouping. Now, I will brief you on the company's operational performance in the first half of the year. In the first half of 2021, as Covid-19 settled to the side, world economy is picking up. The Chinese economy is steadily recovering for the better. Global oil demand saw material uptick with climbing crude prices. Riding on the macroeconomic recovery, rising oil prices, and demand, we upheld the five strategies of innovation, resource, market, internationalization, green and low carbon. We promoted coordinated progress in production operation, quality and efficiency, reform innovation, as well as ESG efforts. We actively advanced upgrading in market management and policy, stuck to fine management and cost control, managed to sustain steady operation of oil and gas industry chain with ever-improving production dynamics, and of course, bumper results. Domestic exploration made notable progress. Development efforts saw proactive capacity building. In H1, we highlighted efficient exploration and enhanced risk and concentrated exploration. 35 results, including five strategic breakthroughs, were made. Hutan-1 well in Junggar Basin, the first major breakthrough in southern margin, ushered in the exploration of a trillion cubic meter gas province. Yitan-1 well in Ordos Basin, first Ordovician pre-salt well with industrial gas flow, broke new ground for Ordovician pre-salt exploration. Ping'an 1 Well in Sichuan Basin with great potential Jurassic lacustrine shale oil is set to open a new chapter for exploration in Sichuan. As oil prices rose, we took initiative to boost production operation, slow down the natural decline in legacy oil fields like Daqing, and push for cost-effective capacity building in new blocks, such as in Chongqing, Sichuan. Much progress was made. Average inputs for each new oil and gas well fell by over 5% as outputs per well climbed by 6.2% and 5% respectively. Overseas cooperation saw steady advances and sound growth. In H1, we took active and sound steps to resume production and operation in key projects and continued to optimize business portfolio and asset structure. A number of major discoveries were made by intensive work in enhanced exploration. Risk exploration in Egypt broke new grounds for seven test well drills with high daily oil outputs of 419 m3. Projects in Chad saw major discoveries. Six test wells got large oil and gas flow. In Kazakhstan Aktobe, a number of test wells saw high-yielding oil flows. This slide shows our major production results in the first half of the year. In H1, oil and gas outputs 820 million BOE, including 730 million BOE in China, up 3.5% year-on-year. Crude output in China, 370 million BOE, up 0.6%. Marketable gas output in China, 2.2 TCF, up 6.7% year-on-year. Domestic gas takes a larger share in the production mix, which was further optimized. Refining and chemical structure further improved, with solid strength in key projects. For refine, we optimized crude allocation and gave priority to integrated and efficient subsidiaries. Crude run, 610 million barrels, up 6.7% year-on-year. Outputs of refined products, 54.906 million tons, up 5.4% year-on-year. Gasoline and kerosene up 15.1% and 49.1% respectively. We pursued market-oriented growth and adjusted fuel mix. Diesel-gasoline ratio 0.92, down by 0.26. Guangdong Petrochemical project is well underway. For chemicals business, we upgraded ethylene feedstock allocation and kept a high utilization ratio. More high value-added products were produced, and marketing strategies fine-tuned. Chemical commodities totals 14.72 million tons, up 6.3% year-on-year. Outputs of synthetic resin and rubber up by 1% and 3.5% respectively. The company tapped into the rich ethane resources in its gas fields and, with its own technologies, completed the National Demo Ethane to Ethylene projects in Chongqing and Tarim. Chongqing, with 800 kilotons capacity, succeeded in its start-up on August 3rd. Tarim, with 600 kilotons capacity, is under test run. The two will add 1.4 million tons of ethylene capacity and become new profit drivers for PetroChina's chemicals business. Refined products marketing saw visible improvements with enhanced value creation capacity. We better linked production and marketing in view of market changes, boosted precision marketing, and actively expanded end users and direct sale clients. In H1, refined product sales, 8.33 million tons, up 4.9%. Sales in China, 63.592 million, up 10.3%, among which gasoline up 16.2%, kerosene up 76.3%. We further expanded retail business, adding 956 gas stations. Non-oil business explores all-channel sales model, covering both online and offline. Gross margin CNY 2.28 billion, a record high. International trade further underpin the value chain, maximized both domestic and international resources and markets, expanded international fuels and the chemicals market. Trade volume 220 million tons, up 2.8%. Natural gas marketing shot up in both volume and efficiency. With robust demand for natural gas amidst carbon peak and neutrality targets, we worked flat out to expand markets, upgrade structure and services, and promote partnership. We actively developed direct supply and direct sales clients, enhanced partnership with city gas clients and power plants, and pushed for early commissioning of new clients. Gas sales, 134.1 BCM, up 11.9% year-on-year, among which sales in China, 96.3 BCM, up 17.6% year-on-year. End user sales, 22.26 BCM, up 23.1%. We strictly implement national pricing policies, improve sales structure, and boost online transaction. Sales profit saw large jump. Key projects, including Tangshan LNG Terminal for contingency and peak shaving, are well underway. Phase III of Jiangsu LNG is basically complete. New energy and new businesses are taking off. Industry strategic layout further improved. In 2021, we plan to add new energy capacity of 3.45 million TCE per annum. We newly signed geothermal heating contracts for 10 million sq m. Clean alternative projects being built will replace fossil fuel use of 350,000 TCE annually. We gained approvals for 850 MW of wind and photovoltaic, launched a hydrogen purification project of 2,000 SCM per hour. With proactive planning in hydrogen refueling, Taizicheng and Fulong stations for Beijing Winter Olympics are now up and running. Six more are under construction. We are planning six new energy bases in Beijing, Tianjin, Hebei region, Jilin, Daqing, Qinghai, Inner Mongolia, and eastern Hebei. We'll boost bottlenecking efforts on new energy and materials, strengthen external technical exchange and cooperation, and form an R&D system in this regard. We launched Carbon Peak and Neutrality Action Plan. With energy saving as a first view, we strive to reduce consumption, increase the use of clean alternatives in our production to curb carbon emissions. We enhanced carbon removals and launched 18 CCUS appraisal and experimental projects. Total capacity, 600 kt per annum. Emphasizing green and low carbon, we further cemented the foundation for sustainable development. We strictly comply with laws and regulations, embrace social responsibilities, include green and low carbon into our corporate strategy, strengthen ecological protection to become an outstanding corporate citizen globally. The board has renamed the HSE Committee as Sustainable Development Committee, adding ESG and other sustainability topics as well as strategic planning into its scope of responsibilities. We remain committed to the integration and coordination of development and environmental protection. With priority on the latter, we enhance clean production, energy saving, and emission cuts. In H1, we saved energy use of 340,000 TCE and water, 4.5 million m3. We carried on with venting gas recovery and led the funding of China Oil and Gas Methane Alliance. As one of the first 10 companies to enter China's Carbon Trading Market, we engaged in the first phase trading. We heightened technical research and demo application of CCUS, and took on Carbon Sinks and Carbon Neutrality Forestation Programs. We actively enforced China's Overall Planning of Carbon Peak and Neutrality, formulated Green and Low Carbon Action Plan. According to our Three-Step Plan of Clean Alternatives, Strategic Replacement, and Green Development, we strive to peak carbon at around 2025. At 2035, supply more green and zero carbon energy than the fossil fuels we consume, and reach near zero emissions at around 2050. We stick to COVID control on an ongoing basis, with over 93% of staff vaccinated. We enhanced employee health management and issued 10 measures on building healthy enterprises and its implementation program. Here on the slide are our 2021 operational targets and delivery in H1 for your reference. In H2, we'll carry on with the deployment of the board, seek to build a world-class international energy company, exert ourselves and press ahead, deliver good performance to reward our shareholders, and give back to society. Thank you. That's all. Now, let's welcome our Chairman, Mr. Dai Houliang. Dear investors, friends from the media, ladies and gentlemen. Good afternoon. I'm very pleased to join you online once again to share our H1 performance and outlook for the future. First of all, as always, on behalf of the board, top management, and entire staff, my sincere appreciation to all investors and friends from the media for your long-time trust and support. Just now, the top management shared with you our 2021 interim results. In 2021, with the rapid recovery in China's economy and rebound in market demand and international oil prices, we coordinated various efforts in production and operations, improving both quality and efficiency, reform and innovation, as well as ESG management. We maintained safe and reliable operations across both oil and gas value chain. Quality and efficiency of our development saw significant improvement. In H1, explorations saw multiple highlights, with major breakthroughs and discoveries in key basins like Dunhuang, Ordos, Sichuan, and Bohai Bay. Our oil and gas reserve continued to expand, and resource base further consolidated. Oil and gas production and sales, along with refining and chemical business, grew in both volume and profit. Product mix further optimized. Output and sales of home produced gas and chemical commodity went up by 6.7, 17.6, and 6.3% respectively. New energy and new material business layout picked up pace. Green and low-carbon transition and digitalization made headway. Key projects are proceeding orderly. All business segments are turning profits. Net profit attributable to parent reached CNY 53.04 billion, a seven-year high for the same period, showing further value growth of the company. The capital market continues to show positive forecast about the company. Currently, COVID-19 pandemic is still evolving. Economic recovery is diverging across the world, and competition in the oil and gas market intensifies. Such a tough and complex environment poses certain risks and challenges. Meanwhile, we also see China's economy continues to recover steadily with more solid foundation for the better. The government further improves business environment, promotes fair competition, and rolled out policies to include technical innovation and greener low-carbon development. In China, refined product consumption further rebounds. Gas demand maintains fast growth. All this forms a conducive environment for our growth. We will seize the opportunity, follow the general principle of prudent progress, strive forward with oil, gas, and new energy business, grow refining and new energy and new material business. We'll focus on restructuring reform and innovation, improve ESG management to build on our current progress and sustain sound momentum. Crude industry chain will highlight adding reserve, ensuring stable output, and boosting sales and profits. We'll stick to efficient exploration, take SEC RRR and reserve life as key indicators, focus on key basins and regions, strengthen comprehensive geo studies and appraisals, and raise success rates to constantly make big discoveries and new strategic breakthroughs. We'll stick to profitable production, tighten cost control, make active EOR efforts in mature oil fields, push new projects to reach intended capacity and profitability. We'll better coordinate refining, marketing, and trade, stay market-oriented and client-centered, emphasize structural adjustment of refining and chemicals, and market expansion for refined products to build strength in resource allocation, marketing, and value creation. Gas industry chain will maintain fast production ramp-up, boosting quality and profits. We'll cash in on the booming demand, double efforts in domestic production ramp-up, speed up capacity building in key gas regions, and ensure rapid growth of home-produced gas. We'll better coordinate and balance domestic and overseas resources and markets, fine-tune marketing strategies and sales structure to improve service and our profitability. We'll summarize efforts in new energies, new materials, and new businesses, and pursue sound growth following the three-step plan of clean alternatives, strategic replacement, and green development. We'll stick to opening up and cooperation, develop solar, wind, and geothermal power based on local conditions. We'll actively plan out hydrogen industry chain, work harder on new material and new product development, explore carbon and other new businesses to drive our green and low-carbon transition. We'll further improve quality and efficiency as our long-term strategy. We'll brainstorm further and achieve concrete results. We'll tap into our internal potential and achieve greater success in this regard. As for reform and innovation, we'll focus on debottlenecking and key breakthroughs. We'll further modernize governance system and capabilities, implement a market-based operation mechanism to fully arouse the enthusiasm of the entire staff to boost production, sales, and profits. We enhance technical innovation, target key bottlenecks to make breakthroughs, advance digitalization, use technical innovations to solve operation and production pains, and improve efficiency and profitability. We'll strengthen the company with capable personnel. We will focus on building a new and efficient HR architecture to sustain talent supply for high-quality growth, boost productivity and value of human capital. Ladies and gentlemen, dear friends, PetroChina will remain committed to the pursuit of green development and a reliable energy supply to power customers' growth and people's happy life. We'll ride on the sound momentum and exert more efforts to deliver even better performance. We hope that you can continue to support PetroChina, and I look forward to forging ahead with you to score a new success. Thank you. Thank you, Chairman. Just now, we've briefed you on our 2021 interim results. Now, we will have a Q&A session, and there will be consecutive interpreting. To give more people the chance to ask, each please raise no more than two questions, and please first inform which institution you represent. Now, the floor is open for questions. [Non-English content] Now it's the Q&A session. If you have any questions, please press star one and wait for your name to be announced. Thank you. [Non-English content] he first question comes from Neil Beveridge of Sanford Bernstein. Thank you. Oh, congratulations on the result. Just a couple of questions from me. Firstly on the low-carbon development plan, can you give us some outline of the CapEx which is going to be allocated to low-carbon energy projects? Are there any revenue targets that you have? When you look across solar, wind, hydrogen, geothermal, where do you see the most attractive opportunities for PetroChina? My second question is on the dividend payout ratio. We're now back at 45%, which is close to the long-term average. Do you expect the payout ratio to remain at this level over the medium term, or do you think there's any scope to raise the payout ratio higher? [Non-English content] [Non-English content] Dai Houliang will take your first question. PetroChina has always attached great importance to green and low carbon transition development. We have incorporated green and low carbon into one of our five strategies, and we have included the ESG management under the responsibility of a board committee. Under the Peak Carbon and Carbon Neutrality goals, we have set a three-step initiative of clean alternatives, strategic replacement and green development. [Non-English content] As for the CapEx in green and low carbon development, it will be decided based on the actual circumstances in different years. We are now preparing a very detailed plan in this regard. After careful analysis and in due course, we will disclose relevant information. All in all, our target is to have oil, gas and new energy taking respectively one third of our total energy mix by the year 2035. CapEx increase is a progressive process and each year we will increase CapEx based on the circumstances. [Non-English content] As for which energy resources is most attractive from the perspective of China, I think we may have detailed judgments concerning different types of energy resources based on their resource conditions and also based on the synergy we have working with other companies. PetroChina will leverage our advantages. For instance, we believe natural gas will always have a very important role to play in our new energy development and also in our efforts to achieve carbon neutrality. In the meantime, for instance, in our existing oil fields, some of the oil fields have photovoltaic or wind resources, and these resources are complementary to their oil and gas resources. In other places, they have geothermal resources, and we will based on the resource conditions to develop new energy business. All in all, we will prepare pragmatic pathway to develop new energy and low-carbon initiative based on the investment and the returns, based on the efficiency and our goals to achieve carbon neutrality. [Non-English content] To develop clean energy and low carbon business, we will pay great attention to technology advancement and R&D. Based on the different technological requirements of developing different business segments, we will set up a new energy research institution to develop or utilize relevant technologies in new energy development and utilization. In the meantime, we will also develop a series of technologies around CCS and CCUS, and to harness PetroChina's advantage in relevant technologies and talent. Thank you. [Non-English content]45% I'm CFO Chai Shouping. I will take your second question. Since PetroChina got listed, we have a quite stable payout policy, that is a 45% of the net profit or net income attributable to the parent shareholder. [Non-English content]45%[Non-English content] In recent years, based on the 45% payout ratio in the low oil price environment, the company has issued special dividends. [Non-English content]45%[Non-English content] In the first half of this year, based on PetroChina's cash flow, CAPEX and our arrangements for future development, we have decided a 45% payout ratio. [Non-English content] Going forward, we will maintain stable payout ratio policy. Thank you. [Non-English content] The next question comes from Chen Qijue of Shanghai Securities News. Thank you. [Non-English content] With Shanghai Securities News. Congratulations on the stellar results in the first half of this year, which is the best in the same period in the recent years. I have two questions. The first one is we have been witnessing the fading of COVID-19, the recovery of the economy, and the recovery of demand in the Chinese market as well. My question is, how do you look at the economy and how do you look at the demand for oil and gas resources in the first half of this year and in the following years? The second question is, may I have your readings on the demand of resources and the prices forecast? [Non-English content]了12.7%，[Non-English content] 5.3%[Non-English content] Senior Vice President Ren Lixin is taking your question. In the first half of this year, China's GDP went up by 12.7% year-on-year, and for the past two years is an average growth of 5.3%. We estimate the annual GDP growth rate will be over 8%. If there's no significant changes in the fundamentals, in the following years, we believe the Chinese economy will still have sound growth momentum, and its development is still in a very significant strategic opportunity period, and economic operation will be maintained within a proper range. [Non-English content] As for the demand for refined oil products, fueled by the recovering economy in H1, our domestic refined product consumption has recovered to the level of the same period of 2019, and we estimate in the first half of this year, the consumption of refined oil products will be 184 million t, up by 2.7%. During the 14th Five-Year Plan period, the demand growth for refined products is estimated to be 1.2%, and among which, the demand for gasoline will maintain mild growth rate, and demand for diesel will be stable or even have a slight decline, and the demand for jet fuel will increase fairly rapidly. In terms of natural gas, approved by different factors including the improving economy, the coal-to-gas switching and the goals for de-carbon and carbon neutrality. The natural gas market in China has seen a robust demand, not only in the peak season, but also in the off-season. In H1, the consumption of natural gas has grown by a two-digit growth rate. In the second half, the market demand will continue to maintain a very robust momentum, especially we will see rapid growth of natural gas demand for power generation. It is estimated that natural gas consumption will be around 185.6 BCM, up by 8.2%. In the 14th Five-Year Plan period, the annual growth rate of domestic natural gas demand will hit 7%-9% roughly, and the demand by the year 2025 will hit 440-500 BCM, which will provide very broad market space for PetroChina's natural gas business and boost its sound and sustainable development. [Non-English content] As for your question concerning the international crude oil supply and demand balance and the forecast for the oil and gas prices. In terms of crude oil in international market, fueled by the recovering global economy, the oil demand has been improving. Under the circumstances of continued OPEC+ production management, we believe in this year, the global oil supply-demand gap will be around 600,000 bbl per day. By next year, the global oil demand can basically recover to the level of 2018, and the supply will hit 102 million bbl per day. It's a roughly balance of supply and demand. In the following years, affected by a multiple of factors including the fading of COVID-19, the adjustment between supply and demand, and monetary policies, we believe the international crude supply and demand will continue to adjust. We estimate within this year, the Brent average price will be $65-$70 per barrel, in the following years, $50-$70 per barrel. [Non-English content] In terms of natural gas, this year the global natural gas supply and demand both recovered robustly, and the growth rate of demand is faster than the growth rate of supply. The supply-demand balance is tightening up, which has brought up great recovery of international gas prices. In the following years, we estimate global natural gas supply and demand will continue to tighten and impacted by the delayed final investment decision on some of the most important LNG projects in the world, we believe the LNG supply will continue to tighten. This year, we estimate the LNG spot cargo price in Northeast Asia will be roughly $11.3-$11.7 per million BTU, and $6-$10 per million BTU in the following years. Faced with the fluctuation of oil and gas prices in the international market, PetroChina will continue to have stringent control of our cost and make proper investment, enhance quality and efficiency. We feel optimistic about our target to build ourselves into a world-class international energy company. [Foreign language] The next question comes from Horace Tse of Credit Suisse. Thank you. [Non-English content] I'm with Credit Suisse. Congratulations on your stellar performance in the first half of this year. My question is around imported gas. We've noticed that in Q1 in this year, it is reported that your imported gas has been able to be profitable. Will that situation be sustained in the second quarter? What is the general picture in the first half of this year of your imported gas loss? As you just mentioned that in Asia, the LNG spot price has been maintained at quite a high level. My question is, what measures will the company take to curb the potential cost inflation of natural gas in the coming peak season of this winter? Thank you. [Non-English content] CFO Chai Shouping is taking your question. In the first half of this year, PetroChina imported the natural gas of 37.215 BCM, with an earning of CNY 3.1 billion. [Non-English content]50[Non-English content] Among which Q1 had witnessed an earning of CNY 8 billion, and Q2 had a loss of CNY 5 billion. [Non-English content] In the following months of this year, we will redouble our efforts to contain the import losses. For instance, we will hike the production of domestic natural gas in order to reduce our imported volume. Second, we will import more low cost natural gas resources in order to reduce the overall loss. [Non-English content] We are also working on the convergence of residential gas and non-residential gas prices and try very hard to pass through the cost. We believe these measures will be very effective for the second half of this year. Thank you. [Foreign language] The next question comes from Matty Zhao of Bank of America. Thank you. [Non-English content] With Bank of America. I've got two questions. The first is, could you please brief us on any new progress you have achieved in the first half of this year in the development of new energy and new materials? The second, we have witnessed increase of crude prices. Will that bring up your SEC reserve for this year? [Non-English content] I'm Huang Yongzhang, president of PetroChina. I'm glad to take your question. As for our progress in new energy and new materials, PetroChina's new energy business is starting up very quickly. We have prepared a special program on the development of new energy and new business. During the 14th Five-Year Plan period, we will focus on the six phases and five projects in the areas of geothermal, wind power, PV power, and integrated development of natural gas, power generation and new energy, and also the [Foreign language] of associated resources. In this year, we plan to add a new energy development and utilization capacity of 3.45 million tons of standard coal per year. In the first half, we have already added a geothermal heating contract area of 10 million sq m. We have already gained the approval for building up a wind power and PV power capacity of 850,000 KW, and we are trying to gain more new approvals. Our geothermal, distributed wind energy and PV power generation and other clean alternative projects under construction can be translated into a capacity of 350,000 t of standard coal per year. We've also launched a hydrogen purification project that we're actively working on hydrogen refueling business. As you may know, we have already set up and put into operation the Taizicheng and Fulong hydrogen refueling stations for the Beijing Winter Olympic Games. We are also working on the construction of another six hydrogen refueling stations, while working to find new opportunities to expand our hydrogen network. [Non-English content] PetroChina's new materials business will focus on high-performance synthetic materials, degradable materials, engineering plastics, specialty fiber and specialty carbon materials, etc. We have three new materials projects which have been launched already. [Non-English content] The second question about reserves, especially reserve adjustments, given the higher crude prices background. We have just introduced in our results announcement, in this year, PetroChina's E&P business has made 35 important results, among which we have five strategic breakthroughs, and we have appraised and identified four sizable reserve zones. [Non-English content]2019[Non-English content]9.9[Non-English content]1,398[Non-English content] By the end of 2020, PetroChina's SEC domestic crude reserve was 588 million tons, and our SEC domestic natural gas reserve was 2.12 TCF. If it's calculated based on the crude prices of 2019, our P1 reserve, SEC standard, was 99.2 million tons and up by 13.9 million t. D&M[Non-English content]9,975[Non-English content] 65[Non-English content]8,500[Non-English content] To clarify, based on the crude price of 2019, our SEC P1 reserve was 99 million t. The company of D&M will have SEC standard reserve appraisal by the end of each year. The new reserve statistics will be disclosed by the end of March of 2022. In the first half of this year, the company's SEC reserve appraisal has already been conducted, and the proved crude reserve has added by 99.75 million tons. Our basic estimate is that if the 2021 appraisal oil price go up to $65 for a barrel, our SEC crude reserve will add another 85 million t. [Non-English content] Thank you. [Non-English content] Given time constraints, one final question. [Non-English content]Nelson Wang[Non-English content] The last question comes from Nelson Wang of CICC. Thank you. [Non-English content] With CICC. My question is around natural gas business. We have witnessed the natural gas price reforms in China recently. I've also noticed that in this off season, PetroChina has been able to hike the residential gas prices, which is the first time ever. I'm wondering what other measures can the company take to make the natural gas prices more market-oriented, for instance, to link the domestic price with international natural gas price? Thank you. [Non-English content] CFO Chai Shouping is taking your question. The natural gas development in China is witnessing great momentum. [Non-English content] For instance, in places like Xinjiang, Ningxia, Guangxi, and Gansu, the local government have tried to link the gas prices, which is positive for us to establish a market-oriented natural gas price. [Non-English content] As far as we know, there are now many provinces in China have been able to finish the convergence of residential and non-residential gas prices during the off-season. [Non-English content]18[Non-English content] On May 18th, the NDRC has issued a notice on an Action Plan of Deepening the Price Mechanism Reform During the 14th Five-Year Plan Period. As for the market reform for natural gas prices, it will be also based on the direction of regulation in the midstream and deregulation in the upstream and downstream. [Non-English content] PetroChina the government in natural gas market-oriented reforms, and to try to push the establishment and development of a high-standard domestic natural gas market system, and to enhance the end user utilization efficiency of natural gas resources, and strengthen the profitability of our natural gas business value chain. [Non-English content] Thank you. [Non-English content] This is the end of the result announcement. Thank you for joining us.