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I have two questions. First, could you explain to us why China鈥檚 crude oil and soybean imports surged by 21% and 28% last month amid the bigger picture of sluggish overall import? Second, passenger cars sales grew for the first time in May over the past 11 months. Is it seasonal growth due to the May Day holiday, or does it mean auto consumption is experiencing a V-shape recovery? Will the strong performance in May be sustained?(2020-6-11)

Regarding your first question, customs statistics show that China鈥檚 crude oil and soybean imports grew by 5.2% and 6.8% in the first five months this year. In May, the growth was 19.3% and 27.7%. This is market-driven import by Chinese companies in light of international market dynamics and domestic demand. The increase in soybean import can also be explained by the depreciation of Brazilian Real and Brazil鈥檚 strong will to export. Against the mounting pressure of global economic downturn, Chinese companies actively expanding imports will help to lift confidence in global economic development.

On your second question, as the domestic epidemic prevention and control continue to improve, China's automobile consumption market is warming up. According to relevant statistics, the national passenger car sales in May was 1.609 million, up 12.6% month on month and 1.8% year on year, an increase of nearly 80 percentage points from February, achieving the first positive year on year growth in 11 months. This shows that the policy of stabilizing and expanding automobile consumption by central and local governments has gradually shown its effect. Automobile enterprises have speeded up their resumption of work and production. Residents鈥consumption confidence has been strengthened. The demand for automobile has been effectively released and has recovered.
China's automobile market has great development space and potential, and the demand for automobile is still strong. With the full restoration of the domestic production and living order and the further effects of various relief policies for companies, China's automobile consumption market will still maintain a steady recovery. Thank you!

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