Transcript

The going out policy is actually not just aimed at oil companies. It is to all the major state owned companies, construction and also other mining related companies. The purpose of that is for the government to encourage the companies to get exposed to the international markets, to learn something from the advanced management styles of the international companies, and also for the resource related companies to get more resources back to China to support its economic development, but for the other types of companies was to export China's capacity to establish their international kind of reputation and also to learn some know hows from their partners internationally. So that is the overall strategy launched by the Chinese government. But then, of course, if you talk about the initial batch of the companies, they were mostly resource related, but only at a later stage the other types of companies went globally as well. Actually, for the Chinese oil companies to go out, at the very initial stage that was before the going out strategy, you need special permission from the state and also, in return, you will get the beneficial loans from the government through the state banks.