City Central,

 Moderator: You just talked about financial innovation, over the counter in the establishment of pilot projects in Zhejiang, which have a lot of experience in foreign countries, which introduce you to what is your suggestion?
Sheng Changli: Zhejiang SMEs in a large number of high-quality resources, this is the first. Second, there are plenty of private capital in Zhejiang, it needs to find effective channels. Why in Zhejiang,nhl hockey, Guangdong and other places of illegal fund-raising folk there, with so much money and high interest to attract the capital, the capital to dynamic,vibram 5 fingers, the result is an illegal fund-raising is a lie, and finally the deficit, caused a great social problems, but also to the government a lot of trouble. Our province also appeared several times such a thing.
other risk tolerance, Zhejiang Province and disposal capacity is relatively strong, according to the measure of the financial system is generally non-performing loan ratio of assets.
another very active stock and futures exchanges, securities trading is the third in futures is the first place. Zhejiang is a private system, the state-owned group of large investment losses of hundreds of millions every turn, are the country billions of things. However, 90% of the enterprises in Zhejiang, is an individual economies have, is a private, his sense of responsibility for investment is very strong, lost all are his own. Therefore,mac makeup, the concept of own risk long popular, not training, he was responsible for their own from birth, is not responsible should lose it all.
On this basis, we believe that these are the establishment of an OTC basis, so we are now through the Commission's approval, in January 2010 we have officially launched the no transfer of shares of listed companies pilot. This pilot project is based on the Construction of Zhejiang Province, center of property rights exchange platform for. So end of last year eight enterprises to enter the platform, more than 300 million shares traded, the amount of 30 million yuan to 100 million, this has made some experience. We therefore propose to deal with a national securities market in the right and the new relationship between the three panels, we recommend the establishment of such a pilot project in Zhejiang, which is the province's requirements, this is very conducive to private capital the way out. This is my first guide is very reasonable relationship.
Moderator: Shenzhen Stock Exchange has also introduced a number of companies listed on GEM fund-raising, to a certain extent, also help SMEs to raise funds more effectively. Promoting small and medium enterprises in Zhejiang Province have listed the relevant plans?
Shengchang Li: I think this program should have, but I do not have in-depth understanding. Because we do include some government or financial or government departments to actively help SMEs market, because the market after the stock market can better raise funds. Specific plans I can not say, but the work has been done, but most companies are not listed. 90% of tens of thousands of enterprises are SMEs,insanity dvd, small and medium enterprises which have listed only a small part of the conditions, so the more important thing is how to support the development of SMEs so large.
Moderator: Thank you.