1 CONSTRUCTION OF TAVANTOLGOI-GASHUUNSUKHAIT ROAD TO BE INTENSIFIED WWW.MONTSAME.MN PUBLISHED:2019/02/20      2 OVER 30 MEASURES PLANNED FOR REDUCTION OF ENVIRONMENTAL POLLUTION WWW.MONTSAME.MN PUBLISHED:2019/02/20      3 MONGOLIA SAYS IT EARNS OVER 169 MLN USD FROM COAL EXPORTS TO CHINA IN JAN WWW.HELLENICSHIPPINGNEWS.COM  PUBLISHED:2019/02/20      4 RUSSIA’S GAZPROM TO START CHINA GAS PIPELINE BY DECEMBER 1 WWW.RT.COM PUBLISHED:2019/02/20      5 MONGOLIA'S FOREIGN TRADE UP 41.6 PCT IN JAN. WWW.XINHUANET.COM PUBLISHED:2019/02/20      6 EIGHT COMPANIES ANNOUNCE TO DISBURSE DIVIDENDS SO FAR WWW.ZGM.MN PUBLISHED:2019/02/20      7 MONGOLIA'S PROSTITUTION ZONES, WHERE WOMEN TRADE SEX FOR FUEL IN SUB-ZERO TEMPERATURES WWW.TELEGRAPH.CO.UK PUBLISHED:2019/02/20      8 MONGOLIA TO SUSPEND KFC OUTLETS FOR INQUIRY AFTER FOOD POISONING REPORTS WWW.CNBC.COM PUBLISHED:2019/02/20      9 MIAT TO FLY BETWEEN ULAANBAATAR AND GUANGZHOU WWW.NEWS.MN PUBLISHED:2019/02/20      10 NEW BOOK ABOUT MONGOL EMPIRE’S IMPACT ON ISLAM WWW.NEWS.MN PUBLISHED:2019/02/20      УУХҮЯ: II САРЫН БАЙДЛААР НИЙТ НУТАГ ДЭВСГЭРИЙН 5.6 ХУВЬД АШИГТ МАЛТМАЛЫН ЛИЦЕНЗ ОЛГОСОН WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/20     300 ОРТОЙ ТӨРӨХ ЭМНЭЛГИЙН БАРИЛГЫН АЖИЛ 80%-Д ХҮРЧ ГУРАВДУГААР САРЫН 1-НЭЭС ДУЛААНД ХОЛБОГДОХООР БОЛЖЭЭ WWW.IKON.MN НИЙТЭЛСЭН:2019/02/20     II/19-НИЙ ДОТОР 24 ХК НОГДОЛ АШИГ ОЛГОХТОЙ ХОЛБООТОЙ ШИЙДВЭРЭЭ ГАРГАЖ , СЗХ-НД ХҮРГҮҮЛСЭН БАЙНА WWWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/20     ӨНГӨРСӨН САРД 23.9 МЯНГАН ЖУУЛЧИН ХҮЛЭЭН АВЧЭЭ WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/02/20     ЭРЧИМ ХҮЧНИЙ ИМПОРТ БУУРЧЭЭ WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/02/20     ТАТВАР ТӨЛДӨГ 191 МЯНГАН ААН-Н 95.9 ХУВЬ НЬ БИЧИЛ БИЗНЕС ЭРХЭЛДЭГ WWW.EAGLE.MN  НИЙТЭЛСЭН:2019/02/20     НИЙТ НУТГИЙН 70 ОРЧИМ ХУВЬ НЬ ЦАСТАЙ БАЙНА WWW.MONTSAME.MN НИЙТЭЛСЭН:2019/02/20     ХАНБОГД-ОЮУТОЛГОЙГ ХОЛБОСОН ЗАМЫН НЭЭЛТ БОЛЛОО WWW.GOGO.MN НИЙТЭЛСЭН:2019/02/20     ЗГҮЦ-ЫН АНХДАГЧ ЗАХ ЗЭЭЛИЙН АРИЛЖАА МХБ-ИЙН ҮЙЛ АЖИЛЛАГААНЫ ОРЛОГО БУУРЧЭЭ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/19     “TEMASEK HOLDINGS” КОМПАНИ “TRQ” ДЭХ ЭЗЭМШЛИЙН ХУВИА 28 ХУВИАР БУУРУУЛАВ WWW.BLOOMBERGTV.MN  НИЙТЭЛСЭН:2019/02/19    

Events

Name organizer Where
“Doing business with Mongolia”, “UK Investors show” бизнес хөтөлбөр March 27-April 02. 2019 ЛОНДОН ХОТ, ИХ БРИТАНИ Mongolian Business Database London UK
SYMPOSIUM ON GLOBAL MARKETS Nationalism and Protectionism: The United States in the International Arena June 17-18, 2019 The Center for American and International Law Plano, Texas, USA The Center for American and International Law (CAILAW) Plano Texas June 17-18 2019
"Open to Export" ICC WTO International business award ICC WTO London

NEWS

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Mongolia’s Foreign Ministry and US Department of State hold political consultations www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The Ministry of Foreign Affairs of Mongolia and the US Department of State organized the 11th political consulations on December 1 in Washington D.C., reports the Foreign Ministry on Monday.
 
The Mongolian delegation was headed by the State Secretary of the Foreign Ministry D.Davaasuren, whereas the U.S. side was led by Daniel Russel, the Assistant Secretary of State for East Asian and Pacific Affairs. Present were also, Ambassador Extraordinary and Plenipotentiary of Mongolia to the US B.Altangerel and Ambassador Extraordinary and Plenipotentiary of the US to Mongolia J.Galt.
 
Our delegates gave insight to the actions by the Government of Mongolia, specifically, the priorities in foreign policy, activities for overcoming the economic difficulties, attracting more foreign investment and regaining the investors’ trust.
 
The sides also touched upon the matters of bilateral trade and economic cooperation, especially, drawing American investment to Mongolia, deepening cooperation in the fields of defense, agriculture, energy and security, finalizing and enforcing the transparency agreement, and establishing the second compact agreement with the Millennium Challenge Corporation.
 
Furthermore, the parties exchanged views on introducing a consular cooperation mechanism, commemoration of the 30th anniversary of diplomatic relations to happen next year, and strengthening the people-to-people ties and educational cooperation.
 
The American side underlined and applauded Mongolia’s active participation in consolidating democracy, sharing its democratic experiences within the region and the fact that the country is acting as the role model in international peacekeeping operations, and confirmed the US’ support in Mongolia’s involvement in such deeds.
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Korea corporate chiefs questioned over political scandal www.reuters.com

 
The heads of South Korea's top conglomerates including the Samsung and Lotte Groups were questioned on Tuesday in an unprecedented parliamentary hearing into the political scandal that appears poised to bring down President Park Geun-hye.
 
A parliamentary panel is investigating whether the conglomerates, known as chaebol, were pressured by Park or a friend and aide to give money to two non-profit foundations backing Park's policies in exchange for special treatment.
 
Samsung Group leader Jay Y. Lee, who sat at the center of the witness table, said Park had asked him during a one-on-one meeting for support for boosting cultural and sports-related developments but did not specifically request money.
 
"There are often requests from various parts of society including for culture and sports. We have never contributed seeking quid pro quo. This case was the same," Lee said, adding that he was embarrassed by the situation and was appearing with a "heavy heart."
 
Samsung donated 20.4 billion won ($17.46 million) to the two foundations, the most of any group, and prosecutors raided its offices last month.
 
The corporate titans ran a gauntlet of media and protestors as they entered the National Assembly building that sits along the southern bank of the Han River.
 
None of the chaebol, which are among 53 corporate groups that gave money to the foundations, has been accused of any wrongdoing in the case, but a protestor outside the parliamentary building could be seen holding a sign saying: "Arrest the chaebol chiefs."
 
Park faces an impeachment vote on Friday, setting the stage for her to be the first democratically elected South Korean leader to leave office early in disgrace. Huge demonstrations have called for her to quit and her approval rating has plunged to just 4 percent.
 
Last week she asked parliament to find a way and a time for her to step down, an offer that was rejected by the opposition Democratic Party as a stalling tactic. Media reports said she may make a speech this week offering to step down in April, a recommendation made by her conservative Saenuri Party.
 
Middle school students who were leaving the parliamentary building as chaebol bosses arrived chanted “Park Geun-hye step down!" and a scuffle between metal workers' union members and men who appeared to be guards broke out when Hyundai Motor Group Chairman Chung Mong-koo, 78, arrived with his son and presumed successor, Vice Chairman Chung Eui-sun.
 
It is the first time such a large group of major Korean corporate chieftains has appeared for a parliamentary hearing.
 
"This will be a good opportunity to express corporations' position," the chairman of the Hanwha Group, Kim Seung-youn, told reporters on his way into the building.
 
Each witness was allowed to bring one lawyer and one company official to the hearing, and, if needed, an aide for medical support, according to a lawmaker's office.
 
The hearing began at 10 a.m. (0100 GMT) and was expected to run until 10 p.m., according to one participant.
 
($1 = 1,168.3000 won)
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Uber launches artificial intelligence lab www.bbc.com

 
Ride-sharing service Uber has acquired a New York-based artificial intelligence start-up which it hopes can speed up its progress in creating self-driving cars.
The deal, for an undisclosed sum, will see Uber gain 15 specialist researchers who will form a new division at the company known as Uber AI Labs.
Geometric Intelligence’s co-founder Gary Marcus told the BBC the team would have a wide brief - ranging from improving traffic predictions to working towards a future of flying cars.
Recent reports have suggested Uber’s aggressive growth, which has required heavily subsidising fares, meant the firm lost more than $2bn (£1.6bn) last year. That figure is likely to go up in 2016.
But Uber’s chief product officer Jeff Holden said the enormous losses were not a serious concern to the company.
"We’re actually in very good shape," he told the BBC.
"Those sorts of things look bad from the outside."
Efficiency
Regardless, Uber is pushing forward with attempts to become a far more efficient transport company.
In the near term, that means the new AI team will be improving on the company’s ability to predict when and where cars may be needed, drawing in data from various factors, such as weather forecasts.
Longer term it means accelerating the roll-out of Uber’s self-driving car fleet, which is already being tested on roads in Pittsburgh and San Francisco.
Currently, those cars, made by Volvo, have a person sitting at the wheel ready to take control.
But eventually the aim is to remove the need for a human altogether, putting the several hundred thousand Uber drivers out of a job.
"Historically what you’ve seen is as technology has taken jobs away from people, new jobs have opened up," Mr Holden said.
Mr Marcus said job losses would be a necessary by-product to achieve safer roads.
"The way I think about it is there are trade-offs, but one of the plusses is that eventually the roads are going to be much safer for people."
Looking further into the future, Mr Marcus imagines a world of flying cars taking us to work.
"They’re going to allow people to take long commutes at 75 or 150 mph where you’d otherwise get stuck in traffic. It’s really, in a not-too-distant future, going to be something that is practical."
Uber recently published a white paper exploring the idea.
Real-world consequence
The Geometric Intelligence team will become Uber employees and most of the team will relocate to Uber’s headquarters in San Francisco.
The start-up has up until now been funded by private investors and will maintain its close ties with New York University.
Mr Marcus said his company stood out because it used a different approach to artificial intelligence, one which takes inspiration from how a child’s brain develops, particularly when discovering language.
Companies like Facebook and Google are investing heavily in so-called "deep learning". This technique involves feeding a computer millions of pieces of information, such as images, so it can learn patterns and begin to recognise objects and categorise what it sees.
Mr Marcus said he felt this approach fell short.
"Deep learning is not all that it’s cracked up to be," he said.
"It’s very good for certain problems, but it doesn’t allow us to do the kind of inferences that people often do. We need next-generation techniques."
Existing technology is promising, he said, but has too low a success rate to be considered safe to use in self-driving cars.
"What I see is approximation with statistics. What people do is get something that works 80% of the time and they’re happy. Nobody dies if I tell you you’d like this book and you don’t."
Geometric Intelligence’s approach is to work on systems that as well as using large data sets, can also be taught rules that mean it can learn without relying on having pre-inputted information.
"When you work on a problem with a real-world consequence like driving, you want to be as close to 100% as possible."
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Monte dei Paschi shares fall after Italian referendum result www.theguardian.com

 
A rescue deal for the world’s oldest bank – Banca Monte dei Paschi di Siena – hung in the balance on Monday after Italian voters rejected constitutional changes and plunged the government into crisis.
 
Shares in MPS, which was founded in 1472 , fell amid fears the resignation of Prime Minister Matteo Renzi will affect its attempts to clinch a €5bn (£4.2bn) lifeline from investors.
 
The shares plunged 10% initially before ending the day 4% lower while shares in other major Italian lenders were also lower amid speculation that the Italian government might have to prop up MPS.
 
As the news emerged of Renzi’s defeat in a referendum on constitutional reform, there was a sharp drop in the euro and a rise in the cost of borrowing for Italian government. But after the initial reaction the euro recovered to touch its highest level against the dollar since November and Italian bond yields were also little changed.
 
The Dutch finance minister, Jeroen Dijsselbloem, arriving in Brussels for a meeting of the Eurogroup of finance ministers, called for calm.
 
“Italy is a large economy, one of the largest in Europe, it has strong institutions. You can see that market reaction so far has been moderate,” said Dijsselbloem.
 
The market’s focus was largely on MPS, which is also Italy’s third largest bank, where concerns were raised during the stress tests on the sector by the European Banking Authority in July. The bank was ranked as the weakest of the 51 European institutions subjected to the annual assessment.
 
A consortium led by the Wall Street bank JP Morgan was meeting to discuss the fundraising but unlikely to make any formal decision for a few days to test the political backdrop after Renzi’s resignation.
 
There were also reports that MSP bank officials are meeting representatives from the Qatar Investment Authority – the gulf state’s sovereign wealth fund – to try to secure backing.
 
Even so, there are expectations that the Italian government will need to step in, despite new EU rules which prevent state aid unless bondholders have been forced to take losses.
 
Alberto Chiandetti, a manager at the Fidelity European Opportunities and Fidelity Funds Italy investment funds, said: “The focus is on whether an anchor investor will materialise or not. If not, Monte Paschi needs a plan B and in that scenario, bank shares are likely to suffer most. We should know [on Monday] whether such an anchor investor exists for Monte Paschi.”
 
The prospects of a capital injection for MPS being found entirely from private investors appeared to be receding, analysts said. “I think a precautionary recapitalisation is ultimately still probable as a private sector-only solution is now highly unlikely to work,” said Mujtaba Rahman, managing director of consultancy Eurasia Group.
 
Renzi has been credited with helping to create a backstop fund – known as Atlante – for a banking industry that has €360bn of bad debts and is highly fragmented with more than 500 lenders.
 
Technically, the state can intervene only once bondholders – which in the case of Italy would include savers - have taken losses. However, in uncertain circumstances the government can step in. There are also suggestions that a compensation scheme could be set up for retail bondholders forced to take losses.
 
Markets are also looking to next week when Italy’s largest bank, UniCredit, is scheduled to meet investors in London to discuss its strategy. The meeting on 13 December has prompted speculation it is readying a multibillion-euro cash call. UniCredit was ranked fifth weakest in the European bank stress tests.
 
Chiandetti said: “Currently rumoured to be around €10bn to €13bn, the amount should be disclosed at the UniCredit capital market day. A difficult environment for Italian banks will no doubt weigh on this upcoming deal and put pressure on UniCredit shares.”
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Amazon Go store lets shoppers pick up goods and walk out www.theguardian.com

 
Amazon has opened a corner store where customers can pick up their groceries and just walk out without having to queue up and pay at the checkout.
 
The company said shoppers at its Amazon Go store will have the cost of their purchases automatically billed to their Amazon Prime account. Sensors will track customers as they go about the store and record items they pick up.
 
Amazon employees can already shop at the first store near the company’s headquarters in Seattle, which will be open to the public early next year. Leaked internal documents suggest Amazon could open 2,000 of the stores across the country.
 
The internet retailer, which has grown into a $359bn (£282bn) company in the 22 years since its founding, claimed the new service was “the world’s most advanced shopping technology”.
 
“With our Just Walk Out Shopping experience, simply use the Amazon Go app to enter the store, take the products you want, and go! No lines, no checkout. (No, seriously.)”
 
The Amazon Go store, which is 1,800 sq ft and sells most food staples, follows the Seattle-based company’s launch of a physical bookshop in its home town last year. Bookshops are also slated to open in San Diego, New York, Portland and Chicago.
 
The company, which has been offering its Fresh service in some densely populated parts of the US since 2007, has been expanding the grocery delivery service rapidly, recently adding new cities across the US. It is now available in Seattle, New York, Washington, Boston, northern New Jersey, Philadelphia, Connecticut, Baltimore and large parts of California.
 
In June it launched outside of the US for the first time, offering grocery delivery to homes in parts of north and east London.
 
The British service is offered to Amazon Prime members in 69 postcodes for an additional £6.99 ($8.50) a month.
 
Amazon posted annual sales of $107bn last year, more than double the amount it generated just four years earlier. Its net income totalled $596m.
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Russian gas focus of fierce debate on EU's energy dependence www.rt.com

 
Lessening dependence on natural gas from Russia has topped the agenda of a European Union energy ministers meeting on Monday.
The ministers are discussing amendments to European energy deal regulations to reduce the dependence of member states and increase cooperation during gas supply emergencies.
 
“Governments can be deeply entrenched in the commercial interests of their national champions and object to the EU messing with their strategic relations with external suppliers,” said Marco Giuli, an analyst at the European Policy Centre in Brussels, as quoted by Bloomberg.
 
He stressed that it isn’t easy for member states to cede power over energy policy and there are limits to EU action.
 
The EU is trying to use its influence as the world’s largest trading alliance to reduce the 53 percent of energy imports, including the reliance on Russia for 36 percent of gas imports.
 
The ministers will discuss the centralized coordination of gas purchases, according to three officials who talked to Bloomberg on condition of anonymity.
 
The European Commission wants to have the right to check national supply agreements before they are signed.
 
The ministers also intend to approve nine geographical zones proposed for deeper cooperation during gas crises. The plan is opposed by Germany, France, and Italy.
 
Cross-border deliveries to needy consumers in case of a supply disruption are also on the agenda. The EU plans to oblige gas companies to share information on the size of contracts between member-state authorities and the Commission.
 
The last provision will reportedly be applied to deals covering over 40 percent of annual gas consumption by a country and those with a contract term of more than a year.
 
This could have an impact on the Nord Stream-2 gas pipeline project that aims to deliver natural gas from Russia to Germany via the Baltic Sea. The project is currently being implemented by Russian gas exporter Gazprom in cooperation with Germany's E.ON, France's Engie and other European companies.
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Economic Policy Council re-organized www.en.montsame.mn

 
Ulaanbaatar /MONTSAME/ The composition of the Economic Policy Council has been renewed in accordance with a direction by the Prime Minister, Mr J.Erdenebat. The council’s main duty is consulting and assisting the Government on medium and long term development policies, public and private partnerships and banking and finance.
 
For instance, the council members are responsible for identifying the viable approaches and instruments for overcoming economic challenges, ensuring further growth, stabilizing the macroeconomic environment, facilitating favorable conditions for businesses and investment and drawing domestic and international investments, and developing and submitting proposals to the cabinet.
 
The adjunct council is led by the Prime Minister of Mongolia, comprising representatives of the National Statistics Office, the Bank of Mongolia, the Mongolian National Chamber of Commerce and Industry, the Confederation of Employers, the National Council of Promoting Private Sector, the Institute of Economic Research and Sciences and the National University of Mongolia.
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Turkey's Erdogan urges Russia, China & Iran to trade in local currencies www.rt.com

 
In an attempt to boost the falling lira, Turkish President Recep Tayyip Erdogan has offered to trade with Russia, China, and Iran in local currencies.
 
“If we buy something from them, we will use their money, if they buy something from us, they will use our currency,” he said, stressing that Prime Minister Binali Yildirim will talk about it during a visit to Moscow.
 
The president said proposals have been given to the central bank, and that it has already been discussed with Moscow, Beijing and Tehran.
 
Erdogan again called for Turks to stop hoarding foreign currency “under their pillows’ and exchange dollars and euro into Turkish lira and gold.
 
“Our Turkish lira is blessed,” he said during a speech in the central city of Kayseri after opening a new museum and library.
 
The country’s currency has significantly devalued since the failed July coup when a military faction tried to oust the president from power.
 
The Turkish lira lost over ten percent of its value in November, hitting record lows against the US dollar.
 
Due to the high volatility of the local currency, landlords in the Turkey’s largest cities such as Istanbul, ask for rent in euro or dollars. Most of the business contracts as well as tenders are currently conducted in foreign currencies to make it easier for international companies to take part in deals with the state.
 
Last week, the Turkish president asked for understanding of the current situation and that local banks should reduce rates.
 
Seeking to combine two mutually exclusive measures, Ankara aims to cut interest rates to boost the economy and stop the currency’s devaluation at the same time. As a part of a broader package of economic steps, Turkish authorities plan to prevent companies from borrowing at high rates, according to Deputy PM Veysi Kaynak.
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Giant Australian coal mine near Reef one step closer www.mining.com

 
Indian conglomerate Adani Group’s $16bn (A$21.7bn) Carmichael coal and infrastructure project in Australia has cleared another major hurdle with Queensland approving a rail line and construction camp.
 
According to a statement from the Queensland ministry of mines it is the "final major State and Federal Government approval" for the proposed mine, set to become Australia's largest.
 
The rail section approved this week will form part of the 389 kilometre heavy haul railway line from the mine in the Galilee Basin to the coal export Port of Abbot Point.
 
The project still needs a water licence approved and hopes to secure a Federal Government loan reports ABC:
 
The mine will consist of six open-cut pits and up to five underground mines, and will supply Indian power plants with enough coal to generate electricity for up to 100 million people.
 
The controversial project involves dredging 1.1 million cubic metres of spoil near the Great Barrier Reef Marine Park, which will then be disposed of on land.
 
Since first proposed, Carmichael has faced opposition from organizations ranging from the United Nations to various environmental groups.
 
The project was approved by the Australian government over a year ago, under what environment minister Greg Hunt called “the strictest conditions in Australian history."
 
Adani has said legal costs and cutting its way through the environmental hurdles had so far cost it $120 million.
 
According to official estimates, Carmichael will contribute some $3 billion a year to Queensland’s economy and has the potential to create 6,400 new jobs: around 2,500 construction positions and 3,900 operational posts. Adani hopes to start construction in the second half of next year.
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Shenzhen-Hong Kong Stock Connect kicks off www.xinhuanet.com

 
HONG KONG, Dec. 5 (Xinhua) -- The Shenzhen-Hong Kong Stock Connect, the second link between the mainland and Hong Kong bourses, was launched on Monday.
 
Ceremonies were held simultaneously at Hong Kong and Shenzhen bourses via video link as Hong Kong Exchanges and Clearing (HKEX) Chairman Chow Chung-kong and Hong Kong Chief Executive Leung Chun-ying jointly beat a gong to mark the launch.
 
It is the second link of its kind to boost opening up of the mainland's capital market after a similar link between the Shanghai and Hong Kong bourses was launched in 2014.
 
"Following the footsteps of Shanghai-Hong Kong Stock Connect ... Shenzhen-Hong Kong Stock Connect is yet another milestone in deepening mutual access between the capital markets in China's mainland and Hong Kong," Leung said at the ceremony.
 
The new scheme is aimed at giving global investors access to stocks in the tech-heavy Shenzhen market via Hong Kong bourse. A total of 417 stocks on the Stock Exchange of Hong Kong are eligible for trading, and 881 stocks are eligible on the Shenzhen Stock Exchange.
 
Compared with Shanghai-Hong Kong Stock Connect, the new scheme between Shenzhen and Hong Kong represents "an enhanced version" in terms of its expanded scope of eligible securities, as well as the lift of limits on aggregate quota upon its launch, Leung said.
 
The Shenzhen-Hong Kong Stock Connect is exemplary of Hong Kong's combined advantages of "one country, two systems," he said. "We are, indeed, a 'super-connector' between the rest of China and the rest of the world."
 
Hong Kong stocks' benchmark Hang Seng Index opened 15 points, or 0.07 pct, higher on Monday morning.
 
HKEX Chief Executive Charles Li said he did not expect a sharp rise in turnover shortly after the launch. "It's like building a bridge. After the bridge is built, flows of people will arrive in succession in the coming 20 years or so."
 
He described the Shenzhen-Hong Kong Stock Connect as "the second leg" for the stock markets in the Chinese mainland and Hong Kong, "Now we can walk, and then we can run."
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