1, the first point is how to supervise. The mainland market is very different from foreign countries: the soil is different, the investor structure is different, the things that can be done and the business are different, and there are not many risk tools that can be hedged. We should go our own way and not copy foreign regulatory regulations.

2. Summarize my opinion in three English letters. C: The first one is Consistency, which means consistency. The same business is done by different institutions, and the regulatory requirements are different. The current trend is mixed operation. From the regulatory point of view, no matter which institution does it, the business is the same type, and the regulatory requirements should be unified. The second is continuity, which means continuity. The cost of industry compliance with regulatory requirements is high, and some costs are invisible, such as IT system reform, personnel training, continuous supervision and so on. The third is culture, which refers to the culture of the enterprise. I talked about a lot of regulatory requirements, all of which are top-down external requirements. I hope to establish a corporate culture, a culture that abides by laws and regulations and allows the company to operate effectively.

3. Thirdly, these regulatory requirements come not only from regulatory agencies, but also from front-line institutions and supporting facilities such as investors.