Over the next 10 years do you see China developing the way Japan did, with big domestic securities firms dominating and very little foreign participation, or will foreign investment banks have a more active role?
Currently, the entities involved in investment banking in China are mostly foreign. In the listing of Chinese enterprises in overseas capital markets, foreign investment banks have gained more than 90% of market share. As far as Chinese entities are concerned, we don't see many players in this industry. Bank of China International and other Chinese entities incorporated in Hong Kong play the role of financial adviser and team up with international investment banks to do deals. There are two aspects to my answer. For certain products in the investment banking industry we'd like to employ the Japanese model, but for others that are already open to international investment banks, we can't take them back. A more open and competitive market will continue and will involve foreign banks. But, for example, a less open market will be maintained for primary and secondary offerings of "A" shares [domestically listed shares], the secondary market for treasury bonds, and the establishment and operation of investment funds.