From May 19 to 20, the 2025 Global Investors Conference, hosted by the Shenzhen Stock Exchange, was held in Shenzhen. Themed "New Quality Productive Forces: New Investment Opportunities in China – Shenzhen's Open and Innovative Market," the conference attracted nearly 400 representatives from domestic and overseas exchanges and asset management institutions. The event showcased the investment value of Chinese assets and the A-share market through various formats. At the conference, Li Ming, Vice Chairman of the China Securities Regulatory Commission (CSRC), stated that in recent years, the CSRC has resolutely implemented the important deployment of the CPC Central Committee and the State Council to promote high-level financial opening-up. It has advanced the two-way opening-up of markets, products, and institutions, continuously enhancing the convenience and stability of cross-border investment and financing. Currently, the market capitalization of A-shares held by various types of foreign investors has stabilized at around RMB 3 trillion, making them an important participating force in the A-share market. Regarding key issues such as the value of China's economy and A-share investors, the vitality of publicly listed firms, and the commitment to opening up the capital market, as well as the future policy direction of the capital market, six major points in Li Ming's speech are worth noting. The first point is about long-term investment. Since the beginning of this year, medium and long-term funds, including those from social security, insurance, and annuities, have cumulatively net purchased over RMB 200 billion worth of A-shares, reflecting the formation of a virtuous cycle where medium and long-term funds are accelerating their inflows while the stock market remains stable with moderate growth. The second point is about A-share listed firms. Since 2024, over 90% of newly listed companies have been high-tech enterprises, indicating a continuous improvement in the technological prowess and innovative momentum of A-share listed firms. The third point is about returns to investors. In 2024, A-share listed firms distributed a total of RMB 2.4 trillion in dividends and repurchased RMB 147.6 billion worth of shares, both hitting record highs. More and more companies are distributing dividends multiple times a year, with the dividend yield of the CSI 300 Index approaching 3.6%. The fourth point is about A-share valuations. The price-to-earnings ratio of the CSI 300 Index stands at 12.6, significantly lower than major indices in overseas markets, further highlighting its allocation value. The fifth point is about the opening-up of the capital market. China's capital market will remain steadfast in its opening-up efforts. The CSRC will strengthen the top-level institutional design for opening-up in accordance with the deployment requirements of institutional opening-up, focusing on promoting the compatibility and interoperability of rules, regulations, management, and standards, so that institutions can better play a fundamental role in advancing two-way opening-up, anchoring the foundation and benefiting the long term. The sixth point is that policies and measures to deepen the reform of the Science and Technology Innovation Board (STAR Market) and the ChiNext Market will be introduced. These will provide more suitable and inclusive institutional support for the innovative growth of enterprises. The CSRC will continue to guide listed firms to actively enhance their investment value through methods such as cash dividends, share repurchases and increases, mergers and acquisitions, and restructuring, continuously cultivating a group of high-quality and dynamic listed firms to provide more quality investment targets for global investors. In addition, mechanisms such as the Qualified Foreign Institutional Investor (QFII) scheme will be optimized to support eligible foreign institutions in applying for new businesses and launching new products. Investing in China means greater certainty. Li Ming introduced the value of investing in China from the perspectives of China's economic fundamentals and capital markets. He stated that amid the backdrop of a slowing global economic growth, China has consistently emphasized both expanding domestic demand and opening up, accelerating the construction of a new development paradigm, and remained a major contributor to global GDP growth. This year, China's GDP achieved a strong start in the first quarter, demonstrating robust resilience. In recent years, a series of policy measures aimed at advancing the construction of a unified national market, expanding domestic demand, safeguarding people's livelihoods, and preventing and mitigating risks in key areas have yielded remarkable results. Turning to the capital markets themselves, Li Ming noted that since last year, the new "State Council's Nine-Point Plan" and the "1+N" policy framework have been gradually implemented, with regulatory enforcement and investor protection efforts continuously strengthened. Key initiatives, such as the influx of medium and long-term funds into the market and the reform of publicly offered funds, have been advancing in depth, and the market ecosystem is being improved at an accelerated pace. With the continuous deepening of comprehensive reforms in investment and financing in the capital markets, the inherent stability of China's capital markets will be further enhanced. "In particular, the central government attaches great importance to strengthening the reserve of strategic forces and the construction of market stabilization mechanisms. The stabilization model, with the Central Huijin Investment Ltd. playing a role akin to a 'stabilization fund' at the forefront, the People's Bank of China providing strong support from behind, and other parties collaborating, has greatly enhanced the confidence and capability of the capital markets to respond to various risks and challenges in complex environments," Li Ming said. From a global perspective, at a time when stability has become a scarce resource, a more resilient Chinese economy and a more robust A-share market will provide irreplaceable investment opportunities for global investors. Since the beginning of this year, medium and long-term funds, including those from social security, insurance, and annuities, have cumulatively net purchased over 200 billion yuan worth of A-shares, reflecting the formation of a virtuous cycle where the accelerated inflow of medium and long-term funds coincides with the steady rise of the stock market. The valuation level of A-shares remains relatively low. Currently, the A-share market boasts over 5,000 publicly listed firms, covering various sectors of the national economy. This is a vivid portrayal of China's comprehensive industrial categories and its accelerated transformation and upgrading. Li Ming stated that in the face of multiple pressures, the performance of A-share listed companies has generally maintained resilience, with three-quarters of the companies achieving profitability and half of the enterprises sustaining profit growth. Two aspects of change are particularly noteworthy. First, the technological prowess and innovation momentum of A-share listed companies are continuously improving. Among the companies newly listed since 2024, high-tech enterprises account for over 90%. A batch of leading enterprises have rapidly emerged in fields such as advanced manufacturing, digital economy, and green and low-carbon sectors, standing out in global competition and attracting widespread attention from global investors. Publicly listed firms are demonstrating strong innovation momentum. In 2024, the total R&D expenses of physical publicly listed firms reached 1.6 trillion yuan, up 3.1% YoY. Over 800 publicly listed firms had an R&D intensity exceeding 10%. "Recently, we will also introduce policy measures to deepen the reform of the Science and Technology Innovation Board and the ChiNext Market, providing more suitable and inclusive institutional support for the innovative growth of enterprises," Li Ming stated. Secondly, publicly listed firms are placing greater emphasis on rewarding investors. In 2024, A-share publicly listed firms distributed a total of 2.4 trillion yuan in dividends and repurchased shares worth 147.6 billion yuan, both hitting record highs. An increasing number of enterprises are distributing dividends multiple times a year. The dividend yield of the CSI 300 Index is approaching 3.6%, further enhancing the stability and predictability of returns to investors. Li Ming emphasized that the current valuation level of A-shares remains relatively low, with the CSI 300 price-to-earnings ratio at 12.6, significantly lower than the major indices of overseas markets, highlighting the increased allocation value. Recently, the China Securities Regulatory Commission (CSRC) issued the revised "Administrative Measures for Major Asset Restructuring of Listed Companies," strengthening support for asset restructuring of publicly listed firms. Going forward, we will continue to guide publicly listed firms to actively enhance their investment value through cash dividends, share repurchases and increases in holdings, mergers and acquisitions, and restructuring, continuously cultivating a group of high-quality and dynamic publicly listed firms to provide more high-quality investment targets for global investors. Four Focuses to Strengthen the Pace of China's Capital Market Opening-up In recent years, the CSRC has actively expanded cross-border connectivity, comprehensively removed foreign ownership restrictions in industry institutions, and continuously expanded the range of futures and options varieties that foreign institutions can participate in trading. A series of measures have achieved positive results. Li Ming stated that China's capital market opening-up will remain resolute. We will, in accordance with the deployment requirements for institutional opening-up, strengthen the top-level institutional design for opening-up, and advance the pace of opening-up by focusing on the compatibility and interoperability of external systems, transparency, systematicness, and multilateral cooperation. Specifically, firstly, we will focus on promoting the compatibility and interoperability of rules, regulations, management, and standards, allowing institutions to better play a fundamental role in advancing two-way opening-up that stabilizes the foundation and benefits the long term. Secondly, we will focus on enhancing the transparency and predictability of institutions, improving communication mechanisms with international investors, further enhancing the quality and efficiency of overseas listing filing management, optimizing institutional arrangements such as qualified foreign institutional investors, supporting eligible foreign institutions to apply for new businesses and launch new products, and continuously improving the cross-border financial services system. Thirdly, we will focus on enhancing the systematicness of opening-up, strengthening the coordination of opening-up in the stock, bond, and futures markets, increasing the supply of internationalized futures and options varieties, and enriching tools for asset allocation and risk management. Fourth, we will focus on strengthening bilateral and multilateral cross-border regulatory cooperation, actively participating in the formulation of international standards and rules, further enhancing cooperation between the mainland and Hong Kong markets, and consolidating Hong Kong's status as an international financial center. Li Ming stated that foreign investors are important participants and contributors to China's capital market. He hoped that global investors would offer valuable insights and share beneficial experiences to jointly create a market ecosystem where various types of funds are "willing to come, able to stay, and can thrive."

On April 24, 2025, Eastern Time, Pan Gongsheng, Governor of the People's Bank of China, attended the series of meetings of the International Monetary Fund and the World Bank Spring Meetings. Pan Gongsheng stated that the Chinese economy had a good start in Q1, with the financial system remaining stable, the financial market demonstrating strong resilience, and operating smoothly. Pan Gongsheng noted that the Chinese economy had a good start in Q1, continuing its rebound and positive momentum, with continuous release of innovation momentum, expanding domestic demand, further enhancement of market vitality and confidence, and steady and rapid economic growth, with GDP YoY growth rate reaching 5.4%. Despite facing global uncertainties and external shocks, China's financial system remained stable, and the financial market demonstrated strong resilience, operating smoothly. Pan Gongsheng stated that China is willing to further deepen cooperation with the International Monetary Fund and support it in better playing its core role as a global financial safety net. Pan Gongsheng emphasized that the international financial architecture and governance system established after World War II have played a significant role in promoting global economic prosperity and maintaining global financial stability, and they need to be reformed and improved to keep pace with the times. However, any attempts to weaken or even subvert the existing system would be destructive. China is willing to further deepen cooperation with the International Monetary Fund and support it in better playing its core role as a global financial safety net.

SMM April 25 News: Metal Market: By the close of the day, most base metals in the domestic market rose, with only SHFE copper falling by 0.28%. SHFE tin led the gains with a 1.14% increase, followed by SHFE zinc, which rose by 0.93%. SHFE aluminum increased by 0.63%, while other metals saw slight gains. The main contract for alumina fell by 0.45%. Additionally, the main contract for lithium carbonate dropped by 0.32%, polysilicon fell by 1.84%, and silicon metal declined by 0.85%. The main contract for European container shipping fell by 2.92%. In the ferrous metals series, prices collectively declined, with iron ore leading the drop at 1.87%, and stainless steel falling by 0.59%. In the coking coal and coke sector, coking coal rose by 0.05%, while coke fell by 1.29%. In the overseas market, as of 15:04, base metals showed mixed performance. LME aluminum rose by 0.76%, LME tin increased by 0.29%, and LME lead fell by 0.18%, leading the decline. Other metals experienced minor fluctuations. In the precious metals sector, as of 15:04, COMEX gold fell by 1.1%, and COMEX silver dropped by 0.5%. Domestically, SHFE gold declined by 0.15%, and SHFE silver fell by 0.16%. As of 15:04 today's market: Click to view SMM Market Dashboard Macro Front: Domestic: [The Political Bureau of the CPC Central Committee Holds Meeting to Analyze Current Economic Situation and Economic Work] The meeting emphasized adhering to the general principle of seeking progress while maintaining stability, fully and accurately implementing the new development philosophy, accelerating the construction of a new development pattern, coordinating domestic economic work and international economic and trade struggles, resolutely managing our own affairs, and resolutely expanding high-level opening-up. Efforts should focus on stabilizing employment, enterprises, markets, and expectations, using the certainty of high-quality development to counter the uncertainty of rapid changes in the external environment. Click for details [Pan Gongsheng: Implement a Moderately Loose Monetary Policy to Promote High-Quality Development of China's Economy] According to the central bank's official website, the second G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, D.C., on April 23-24. The meeting discussed the global economic outlook, improving the international financial architecture, and addressing development and growth challenges in Africa. Pan Gongsheng, Governor of the People's Bank of China, attended and spoke at the meeting, while Deputy Governor Xuan Changneng also participated. Participants noted that the global economy continues to recover, but downside risks have significantly increased, with trade tensions, tightening financing conditions, and long-term structural challenges intertwined. Concerns were raised about the negative impacts of escalating trade frictions, and calls were made to strengthen dialogue and policy coordination, improve the multilateral trading system, and seek solutions that benefit all parties. Support was expressed for building a more stable, efficient, and resilient international financial architecture, enhancing the financing capacity of multilateral development banks, and continuing to provide development financing. Pan Gongsheng emphasized that economic fragmentation and trade tensions continue to disrupt industrial and supply chains, weakening global growth momentum. Trade wars and tariff wars have no winners, and major economies should strengthen participation in international macroeconomic and financial policy coordination, take substantive actions to promote international cooperation, and maintain global economic and financial stability. The Chinese economy has started the year well, maintaining a recovery trend, with stable financial market operations. The People's Bank of China will implement a moderately loose monetary policy to promote high-quality development of China's economy. ► On April 25, the central parity rate of the RMB in the interbank foreign exchange market was 7.2066 yuan per US dollar. US Dollar: As of 15:04, the US dollar index rose by 0.33%, potentially ending a four-week decline. Data released by the US Labor Department on Thursday showed that initial jobless claims for the week ending April 19 were 222,000, in line with market expectations. Despite the shadow cast by chaotic trade policies, the labor market remains resilient. However, President Trump's shifting tariff stance has heightened economic uncertainty, significantly weakening business and consumer confidence, which may impact spending and lead to layoffs. On April 24, Christopher Waller, a member of the US Federal Reserve Board, warned that the trade war initiated by President Trump could soon lead to rising unemployment. Waller stated that if tariffs remain at current levels, they will not significantly affect the US economy before July. However, if the Trump administration reverts to aggressive tariff levels, businesses may begin layoffs, and if unemployment rises sharply, he would support an interest rate cut. (Comprehensive report by Wenhua) Data: Today, the UK's seasonally adjusted retail sales month-on-month for March, the UK's seasonally adjusted core retail sales month-on-month for March, Canada's retail sales month-on-month for February, Canada's core retail sales month-on-month for February, and the final US Michigan Consumer Sentiment Index for April will be released. Additionally, it is worth noting that Swiss National Bank President Schlegel will deliver a speech, and global financial leaders will attend the IMF-World Bank Spring Meetings until April 26. Crude Oil: As of 15:04, oil prices in both markets rose, with US oil up by 0.51% and Brent oil up by 0.47%, marking the second consecutive day of gains. However, due to concerns over supply surplus, weekly performance is expected to decline. Analyst Anh Pham stated, "Today, oil prices rose slightly as the market reacted to signs of easing tariff tensions under Trump and potential shifts in the Fed's policy stance, which aided broader market recovery." He added, "But on a weekly basis, oil prices are down due to persistent concerns over OPEC+ supply surplus and uncertain demand prospects amid ongoing trade tensions. A stronger US dollar also added pressure to crude prices." The market is also monitoring progress in US-Iran negotiations. If sanctions on Iranian oil exports are lifted, oil supply is expected to increase. Iran is OPEC's third-largest oil producer, after Saudi Arabia and Iraq. (Comprehensive report by Wenhua) SMM Daily Review: ► April 25: SHFE aluminum breaks through the 20,000 mark, processing fees under pressure, transactions shift to volume discount [Aluminum Billet Spot Daily Review] ► [SMM MHP Daily Review] April 25: Indonesian MHP prices rebound ► [SMM Nickel Sulphate Daily Review] April 25: Nickel sulphate prices remain stable ► Weak demand dominates, stainless steel prices continue to fall after hitting bottom [SMM Stainless Steel Spot Daily Review] ► Silver prices continue to hold up well, spot market maintains high premium quotes [SMM Daily Review]

SMM April 25 News: In the metal market: As of the midday close, base metals in the domestic market rose across the board, with SHFE copper up 0.26%. SHFE tin rose 1.14%, and SHFE nickel increased 0.12%. SHFE aluminum rose 0.4%, SHFE lead increased 0.77%, and SHFE zinc climbed 1.31%. In addition, alumina rose 0.28%. Lithium carbonate increased 0.2%, silicon metal rose 0.62%, and polysilicon gained 0.17%. Ferrous metals series generally rose, with iron ore down 0.62%, rebar up 0.29%, HRC up 0.37%, and stainless steel down 0.24%. For coking coal and coke, coking coal rose 1.78%, and coke increased 0.19%. In the overseas metal market, as of 11:45, base metals in the overseas market all rose. LME tin increased 0.27%. LME nickel rose 0.25%. LME lead increased 0.13%, LME copper rose 0.51%, LME aluminum climbed 0.63%, and LME zinc gained 0.41%. In the precious metals sector, as of 11:45, COMEX gold rose 0.22%, while COMEX silver remained flat at $33.825/oz. Domestically, SHFE gold rose 1.22%, and SHFE silver increased 0.39%. As of the midday close, the most-traded contract for European container shipping fell 0.43% to 1,400.1 points. As of 11:45 on April 25, some futures midday market conditions: 》April 25 SMM Metal Spot Prices Spot and Fundamentals Copper: Today, spot prices of #1 copper cathode in Guangdong against the front-month contract were reported at a premium of 180-230 yuan/mt, with an average premium of 205 yuan/mt, down 20 yuan/mt from the previous trading day. SX-EW copper was reported at a premium of 120-140 yuan/mt, with an average premium of 130 yuan/mt, down 20 yuan/mt from the previous trading day. The average price of #1 copper cathode in Guangdong was 78,135 yuan/mt, down 35 yuan/mt from the previous trading day, while the average price of SX-EW copper was 78,060 yuan/mt, down 35 yuan/mt from the previous trading day. Spot market: Guangdong inventory has declined for 17 consecutive days, mainly due to increased cargo pick-up by downstream users. Although inventory continues to decline and copper prices remain relatively stable, some suppliers are eager to sell and have actively lowered premiums to cash out... 》Click for details Macro Front Domestic: 【Pan Gongsheng: Implement a Moderately Loose Monetary Policy to Promote High-Quality Development of China's Economy】 According to the central bank's official website, the second G20 Finance Ministers and Central Bank Governors Meeting of 2025 was held in Washington, D.C., on April 23-24. The meeting discussed the global economic outlook, improving the international financial architecture, and addressing development and growth challenges in Africa. Pan Gongsheng, Governor of the People's Bank of China, attended the meeting and delivered a speech, while Deputy Governor Xuan Changneng also participated. Participants noted that the global economy continues to recover, but downside risks have significantly increased, with trade tensions, tightening financing conditions, and long-term structural challenges intertwined. Concerns were raised about the negative impact of escalating trade frictions, and calls were made to strengthen dialogue and policy coordination, improve the multilateral trading system, and seek solutions that benefit all parties. Participants supported building a more stable, efficient, and resilient international financial architecture, enhancing the financing capacity of multilateral development banks, and continuing to provide development financing. Pan Gongsheng emphasized that economic fragmentation and trade tensions continue to disrupt industrial and supply chains, weakening global growth momentum. Trade wars and tariff wars have no winners, and major economies should strengthen their participation in international macroeconomic and financial policy coordination, take substantive actions to promote international cooperation, and maintain global economic and financial stability. The Chinese economy has started the year on a positive note, maintaining a recovery trend, with stable financial market operations. The People's Bank of China will implement a moderately loose monetary policy to promote high-quality development of China's economy. 【Central Bank Conducts Net Withdrawal of 91 Billion Yuan in Open Market Operations】 The central bank conducted 159.5 billion yuan in 7-day reverse repo operations today, with the operation rate unchanged at 1.50%. As 250.5 billion yuan in 7-day reverse repos matured today, a net withdrawal of 91 billion yuan was achieved. 【Shanghai Vice Mayor Xie Dong: Shanghai is Committed to Building a Global Investment Safe Haven】 At the opening ceremony of the Shanghai Forum 2025, Shanghai Vice Mayor Xie Dong stated in her speech that, looking to the future, Shanghai will continue to follow the path of openness and play the innovation card, committed to building a global investment safe haven. Shanghai will create a more stable, transparent, and predictable environment for foreign enterprises to develop in the city, working with global enterprises and talent to promote stable economic growth. Xie Dong also stated that Shanghai will focus on building a new highland for technological innovation, opening its arms to welcome technology companies, international talent, and various factors to gather in Shanghai, driving continuous innovation in scientific and technological achievements. Shanghai will focus on building a bridgehead for cooperation and exchange, continuing to strengthen the construction of high-level international cooperation and exchange platforms such as the Shanghai Forum, actively participating in global governance innovation, and striving to build consensus, enhance understanding, and solve problems. ► On April 25, the central parity rate of the RMB in the interbank foreign exchange market was 7.2066 yuan per US dollar. US Dollar: As of 11:45, the US dollar index rose 0.45% to 99.74. Cleveland Fed President Hammack stated on Thursday that she believes policymakers need patience in assessing how tariffs will affect inflation and economic growth, rather than acting preemptively. This was her first broadcast interview since taking office in August 2024, and she noted that current uncertainty is high, without committing to specific actions on interest rate policy. Hammack does not have a vote on the Federal Open Market Committee (FOMC) this year but will vote in 2026. According to data from the CME Group, the market strongly expects the US Fed to keep rates unchanged at the May 6-7 meeting, then resume rate cuts in June, with a total of three to four cuts possible by year-end. Other Currencies: Latest data shows that Tokyo's core consumer price index (CPI) rose 3.4% YoY in April, far exceeding market expectations of 3.2% and marking the second consecutive month of acceleration. This jump in inflation data is mainly due to government subsidy cuts and widespread food price increases, once again putting the Bank of Japan in a policy dilemma in the face of external risks from US tariff hikes. The market generally expects the Bank of Japan to keep current rates unchanged at the end-of-April meeting, but persistently high inflation pressure may prompt it to take further rate hikes earlier. (Huitong Finance) Data: Today, the UK's seasonally adjusted retail sales MoM for March, the UK's seasonally adjusted core retail sales MoM for March, Canada's retail sales MoM for February, Canada's core retail sales MoM for February, and the final value of the University of Michigan Consumer Sentiment Index for April will be released. Additionally, it is worth noting that Swiss National Bank President Schlegel will deliver a speech; global financial leaders will attend the IMF-World Bank Spring Meetings, until April 26. Crude Oil: As of 11:45, crude oil futures rose, with US crude up 0.51% and Brent crude up 0.5%. Weekly losses are expected due to potential increases in global supply, though US tariff signals have limited demand prospects. The market is focused on Iran's supply outlook, as the country is the third-largest oil producer in OPEC, after Saudi Arabia and Iraq. However, global trade tensions continue to cloud demand prospects. (Webstock Inc.) Spot Market Overview: ► Some Suppliers Eager to Cash Out, Actively Lower Prices, Spot Premiums Decline [SMM South China Copper Spot] ► [SMM Ferrous Party] "Golden March, Silver April" Expectations Fall Short, Can Steel Prices Rebound in May? ► [SMM Analysis] Pre-Labour Day Stockpiling Begins, Pushing Iron Ore Prices to Continue Rising Other metal spot midday reviews will be updated later, please refresh to view~

SMM Morning Meeting Summary: Overnight, LME copper opened at $9,434.5/mt, fluctuated downward at the beginning of the session, and hit a low of $9,368.0/mt during the session. It then rose steadily, reaching a high of $9,459.5/mt near the end of the session, and finally closed at $9,455.0/mt. The increase was 0.92%, with a trading volume of 10,021 and an open interest of 284,031. Overnight, the SHFE copper 2506 contract opened at 77,500 yuan/mt, with prices fluctuating at the beginning of the session and then gradually rising. It hit a low of 77,460 yuan/mt and a high of 77,800 yuan/mt during the session, and finally closed at 77,770 yuan/mt. The increase was 0.14%, with a trading volume of 39,934 and an open interest of 162,792. The daily increase in open interest was -3,344, with a change rate of -2.01%.

The ferrous metals series remained in the doldrums this week. On the news front, the US-China tariff war continued to escalate, with the cumulative tariffs on certain Chinese exports to the US reaching 245%. Domestically, data from the central bank showed that the preliminary statistics indicated the outstanding social financing scale reached 4,229.6 trillion yuan at the end of March 2025, up 8.4% YoY, hitting a high level over the past year. In Q1, China's cumulative social financing scale increment totaled 1.518 trillion yuan, 237 billion yuan more than the same period last year. RMB loans in China increased by 978 billion yuan, with the credit structure showing notable highlights. According to the preliminary calculation by the National Bureau of Statistics on April 16, China's GDP grew 5.4% YoY in Q1, marking a "good start" for the Chinese economy...