3. Have you been facing more pressures due to the energy conservation and emission reduction moves? If so, could you tell us a little bit about the pressures and the measures taken to counter the same? Did the moves entail additional investment for energy conservation and emission reduction?

As a global provider of financial advisory, underwriting and lending services for clients across sectors and geographies around the world, we recognize that our business decisions have the potential to impact surrounding communities and the environment. We believe that balancing non-financial factors such as environmental and social issues with financial priorities is fundamental to sound risk management and a core part of corporate responsibility.

In China, we are guided by the Green Credit initiative and strictly comply with Green Credit laws and regulations, as well as environmental protection compliance requirements.

4. How would you rate you company's performance in China during 2014? Over the next five years, do you see an increase/decrease in China's contribution to your global business? Having said that, do you also foresee any major risks in the China market over the long term?

Our company performed well across all lines of businesses during 2014. Our strategy in China is to focus on serving our clients and making sure we are able to provide them with the necessary financial needs, both inbound for multinational corporations and outbound for large Chinese enterprises and financial institutions.

I expect China's contribution to our global business to increase over the next five-10 years. As China continues to grow at a faster pace than the rest of the world and Chinese companies become more international, I see growing opportunities for JP Morgan to serve them.

We are confident in China's long-term future and will therefore continue to invest in our people, products, systems and infrastructure to better serve our clients.

5. What are your views on the government's added focus on Public-Private-Partnership (PPP) projects? Has your company been party to any such projects before? If so, could you share with us some interesting anecdotes or case studies? Does your company plan to be a part of the future PPP projects in China?

We believe the PPP model will help address the local government financing constraint and provide support for projects within the infrastructure investment area. A backdrop is the fiscal reform introduced last year which will tighten the fiscal discipline for local governments. The PPP model can ensure investors' proper due diligence to avoid excessive investment. And in the current situation, it is also an offsetting measure to mitigate the fiscal drag faced by local governments. However, PPP has high requirements on contractual, legal and other arrangements. We think that PPP should be complemented by other fiscal measures.

6.What needs to be done in order to encourage entrepreneurships in China?

There are many things that can be done to encourage this such as increasing access to relevant training and education, improving financing opportunities and ensuring the local regulatory structure is set-up to promote success of small businesses. Research suggests that investment in some or all of these can definitely help promote and encourage entrepreneurs.

7. How will China move away from low-cost manufacturing to high-end manufacturing/innovation? What opportunities does the Belt and Road Initiative provide?

There are two models of innovation. One is the US model, which creates or innovates from zero. The other is the Japanese/German model, which is to be the best in existing sectors. On the one hand, China is now encouraging entrepreneurship and innovation by all, which is based on the US model. On the other, China has launched “Made in China 2025” strategy, a China version of Industry 4.0.

One Belt, One Road, together with the Silk fund, Asia Infrastructure Investment Bank and BRICs Development Bank, will support infrastructure investment in these areas and promote trade linkage between China and the rest of the world, as well as RMB internationalization.