An extremely insightful article that has answered many of my questions regarding SOEs. I wonder if you might give your thoughts on the future of China's SOEs. What form do you think future reform of them will take, if indeed you feel they need to be further reformed at all. Also, what do you see as the barriers to such reform? Personally, I think that until China has a fully functioning Social Welfare system it will need the SOEs to continue to perform their social roles, so they will remain in existence. I also think that SASAC needs to alter the rules on corporate governance within SOEs to ensure that whilst the managers have freedom within the SOEs, they continue to act in the interests of the state. I'd be fascinated to hear your thoughts. Many thanks again.