2017 was a successful year for Danfoss since entering the Chinese market. In this year, our sales growth in China reached as high as 30%, surpassing the growth in various regional markets in China for over 20 years. We believe that this achievement is deeply attributed to China's vigorous promotion of urbanization and green transformation, as well as the strong demand for infrastructure construction, food supply, energy efficiency, and climate friendly products and solutions released during this process.

At the beginning of 2018, we have more confidence in the future. In recent years, the Chinese government has emphasized the goal of promoting high-quality development and maintaining sustained and healthy economic growth, and has listed "pollution prevention and control" as one of the three key tasks to win the battle to build a moderately prosperous society in all respects in the next three years. Efforts have been made to reduce the total amount of pollutant emissions, improve the quality of the ecological environment, and win the battle to defend the blue sky. This development goal in China is highly aligned with Danfoss' business and has further boosted our confidence in the Chinese market, allowing us to see the unparalleled market potential and future of energy efficiency, environmental protection, and green industries.

China's achievements in the field of green development have attracted worldwide attention. At the same time, the forward-looking green goals of the Chinese government also demonstrate the leadership of China's green development trend, and are also measures taken by the Chinese government to comply with the goals of the Paris Agreement.