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China’s New Development
Plan and Policy 2016-2020
Prof. Dr. Xingmin Yin
Fudan University
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2
Main Topic
Introduction
Growth and Its Targets
Development Strategy
Advantages for New Development
Major Challenges
3
1. Introduction
 GDP obsession
 In January 2016, China declared that its GDP
had grown by 6.9% in 2015, accounting for
inflation----the slowest rate in a quarter of a
century. It was neatly within the
government’s target of “around 7%”. The
economy is slowing.
 Why does China have a GDP target at all?
4
 Could we make a good target for growth
rates and believe government’s target?
 Historical records: for all but three of the
years between 1992 and 2015, China’s
growth was above target, often by a big
margin.
 China would double its GDP attained in 2010
by the end of the decade.
5
2. Growth and Its Targets
 China is both a developing and a transition
economy. Its GDP per capita in 2000 was
only US$ 950 at official exchange rate, and
rose to US% 7,700 in 2015, and expected to
be US$10,000/12,000 in 2020.
 With a growing income per capita, China
has experienced a big change in industry
and economy.
6
A. Overview of Growth
 Economic growth, in the simplest meaning
of the term, can be visualized as an
increase in the total amount of goods and
services available. This measured by the
growth of GDP, which is the total of the
value-added in an economy.
 In China, GDP per capita grew at around
8%-10% a year, compared to 1.5% in the
OECD area between 2009 and 2014.
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Rising Income
Year
RMB, per capita
US$ per capita
1978
382
/
1980
420
/
1990
1654
330
2000
7902
950
2010
30675
4530
2014
46629
7500
2015
49890
7700
2020
80,000
12000
USA(2015)
/
55000
Switzerland
/
75000
8
Growth Rates of China’s GNP,
Industry, Service and CPI (1978-2015)
25
140
120
20
100
15
80
10
60
40
5
20
0
0
1978 1980 1982 1984 1986 1988 1990 1992 1994 1996 1998 2000 2002 2004 2006 2008 2010 2015
GNP
Industry
Service
CPI
9
Discussion
The industry has made a great
contribution to China’s economy
progress between 1978 and 2014. But
the role was downplayed in 2015.
The price indicator of CPI has been
relative stable since the late 1990s and
show a well-managed macroeconomic policy.
10
B. Changes of Industrial
Structure
 Development is typically associated with a
decline in agriculture’s relative importance in
the economy, the rise of industry initially and
then expansion of the service sector.
 Since 2000, China’s structural change has
aspects of this general pattern.
 Sectoral reallocation has most certainly been
part of China’s growth and productivity story
and so has trade.
11
Structure of Chinese GDP
1978-2014
Item
1978
1990
2000
2014
Primary
27.9
26.7
14.7
9.2
Industry
43.9
36.4
40.0
35.9
Construction
3.8
4.6
5.5
7.0
Service
24.5
32.4
39.8
48.1
GDP per capita
In RMB term
382
1654
7902
46629
GDP per capita
In Dollar term
150
340
955
7500
12
 Agriculture’s share has fallen substantially
since 1990, from 26.7% to 14.7% in 2000, and
further to 9.2% in 20014.
 In comparison to both developed and
developing economies, its service sector’s
share has been much lower.
 The dominance role of manufacturing
production remains distinct in China’s
industrial structure.
13
Growth of GDP, Industry
and Service, 2000-2015
GDP
Industry
Service
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
18
16
14
12
10
8
6
4
2
0
14
Further Discussion
 A distinctive feature of China’s economy in
the past 35 years was its anomalously large
industrial sector, even in 2013 China’s
industrial share was larger than that in most
middle-income and even high-income
countries.
 Despite 35 years of structural change, these
anomalies remained in 2014, and slightly
changed in 2015.
15
Some Issues
 The rural labor force still account for 29.5% (250
million persons) of the national employment, and still
further to reduce under a new development policy.
 There exists a huge gap between China’s capacity to
produce goods and its ability to provide economic
and social services.
 At present, the contribution of employment provided
by service sector is very limited due to its support
share in GDP, showing the absolute
underdevelopment.
16
C. Growth Targets
 A new five-year economic plan (2016-2020)
was issued on march 18, 2016.
 The growth targets have been downplayed
to 6.5% annually compared to previous 5year-plans.
 The target provides numerical evidence for
government’s efforts to make China rich.
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Major Indicators
Indicators
2015
2020
Annual
Growth, %
GDP, trillion yuan
67.67
90/100
6.5
GDP, per capita (USD)
7700
10,000
Registered population
39.9
45.00
Permanent population
56.1
60.00
Labor productivity, yuan
87,000
120,000
Service Value-added
50.5%
56%
76.3
78
Urbanization rate, %
Life expectation
6.6
18
Continued
Gross Enrollment Ratio in High
School
Gross Enrollment Ratio in Tertiary
R&D/GDP ratio
Patents/ Million population
Mobile broadband penetration, %
Total Population, billion
2015
87
2020
90
40
2.1
630
50
2.5
1200
57
1.375
85
1.4
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Discussion
 A growth target is necessary for China to
become a “moderately prosperous
society” by 2020.
 GDP and other targets might not be allimportant, however, without such targets,
one needs to find other indicators to
assess the economic performance for
national and local politicians.
20
Global Comparison
 The economy of the United States is the world’s
largest national economy. Its national GDP was
estimated to be over US$ 17 trillion in 2014, around
20 percent of nominal global GDP.
 The European Union has a larger collective
economy, but is not a single nation. Its GDP at
nominal term was also the largest in the world,
around 22 percent of global GDP.
 China has risen to the third largest economy both
in market price and PPP price in 2010.
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Potential Growth for China
 A scenario for the next 15 years might be
described as follows, China’s GDP expands
at a rate 6.5 per cent per year, the US’s at
2.5 percent, the world grows at 3.5 percent.
Thus, by 2030, the size of China’s GDP (US$
25.5 trillion) will achieve parity with that of the
US (US$ 25 trillion).
 How many years for China to increase its
GDP per capita to as high as that of the
United States and the European Union?
22
3. Development Strategy
Unfinished industrialization
Urbanization Based on Labor Mobility
Overview of Regional Clusters
Towards Modern Infrastructure Network
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A. Unfinished industrialization
 Can we define the major features of
China’s industrialization strategy?
 Industry has been the most important driver
for China’s economic growth since the
early 1980s.
 Big progress has been made in industrial
restructuring under the entry of China’s
WTO membership.
24
a. Industrial Value-added
Product (IVP), 1978-2014
Year
IVP
RMB billion
IVP,
US$ billion
Labor, Secondary
Industry
Million persons
1978
1990
2000
2008
2013
2014
160.29
684.06
3993.18
12992.91
21726.39
22812.29
/
143.01
482.36
1870.80
3508.10
3713.66
69.45
138.56
162.19
205.53
218.42
230.99
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Industrial Size
 Industrial value-added output has increased
five-fold, from RMB 3.99 trillion in 2000 to RMB
22.81 trillion in 2014.
 In US dollar terms, China’s industry valueadded increased 7.7 times, from US$ 481.88
billion to US$ 3.72 trillion, over this survey
period.
 By 2014, industry value-added in China
reached USD 3.72 trillion, accounting for
22.7% of global share.
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Manufacturing Capacity
Country
2010
Population
Million
M-Production
Billion US$
M-Production GDP, US$
Per capita
per capita
Re. Korea
49
208.14
4248
19890
Switzerland
8
88.05
11007
71520
Singapore
5
33.50
6700
40070
Germany
82
567.90
6927
43070
Finland
5
37.56
7511
47570
Japan
128
970.20
7580
42000
US
310
1779.47
5740
48000
Euro Area
327
1754.91
5367
40000
China, 2014
1368
2720.27
1919
7500
27
 It is showed that the higher growth rate of
manufacturing industry, the higher of GDP growth
rate emerges in China’s industrialization process.
 In terms of sheer size, China has the largest
manufacturing sector both in the developed and
developing countries, but this sector is
nevertheless relatively small in relation to the
nation’s enormous population.
 Will China’s manufacturing size be continued to
expand in the coming two decades?
28
 Industrial output increased 4 times over the
period 2001-2010 and only 39.22% between
2010 and 2014.
 By 2014, industry value-added output reached
more than RMB22.8 trillion.
 A permanent shift to an industrialized economy.
29
Industrial Value-added Growth,
2000-2014, RMB Trillion
Industrial Value-added Product
25
20
15
10
5
0
Industrial Value-added Product
30
Questions
 Do you have any comments on China’s
industrial development in the past 15 years?
 How do you understand the role of
industrialization to developing countries?
 Will Chinese economy be recovery through
traditional industrialization during the global
downturn caused by the US financial crisis?
31
c. Labor Productivity
 China’s industries have achieved unprecedent development since the beginning
of the 21st century.
 The emergence of mechanisms for extending
industrial capacity, to a growing array of
products and sectors.
 Labor productivity growth is defined as the
rate of growth in real value-added per hour
worked.
32
Labor Force Growth in
Secondary Industry
Labor Growth Rate
8
6
4
2
-4
Labor Growth Rate
2015
2014
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
-2
2000
0
33
Industrial Labor Productivity
Growth at Current Price, %
30
25
20
15
10
5
0
LP RMB Term
LP US$ Term
34
Discussion
 Productivity growth rates differ widely across
industries. High growth rates are found
particularly in the manufacturing sector but
also in some business-sector services.
 The contribution of manufacturing was
generally due to increasing productivity.
35
d. Industrial Restructuring
 It is major task for Chinese economies to
expand its manufacturing capacity,
especially in technological industry.
 How to assess the technological levels for
Chinese economies?
 Which direction for China’s industrial
restructuring has been taken?
36
Per capita output of
Industrial Products
Yarn
(kg)
Cloth
(kg)
Crude Steel
(kg)
Electricity
(kwh)
1978
2.49
11.54
33.24
268.36
1990
4.08
16.63
58.45
547.22
2000
5.20
21.94
101.77
1073.62
2008
15.52
54.58
379.76
2617.20
2009
17.02
56.59
429.81
2790.33
2010
19.23
59.80
476.36
3145.06
2014
24.77
65.51
602.74
4141.10
37
Changes of Manufacturing
Structure (%), 1992-2014
Sector
1992
2000
2011
2014
Textile
11.83
6.97
6.29
3.91
Apparel
2.78
3.10
/
2.15
Oil Refinery
3.67
5.99
5.03
4.20
Chemicals
7.80
7.78
8.29
8.50
/
/
2.04
2.39
Steel
8.49
6.40
8.73
7.60
Machinery
10.90
7.09
9.14
8.37
Transportation
6.30
7.26
8.62
1.86
Pharmaceuticals
automobile
6.93
Electric machinery
5.04
6.54
7.01
6.85
ICT
3.79
10.21
8.69
8.74
Instruments
0.74
1.17
/
0.85
38
A Progress
 All labor-intensive industries decreased their
share in manufacturing output, such as textile
and apparel sectors, while basic metal
industries has clearly made a big step in the
total share between 2002 and 2010.
 Capital intensive industries such as
automobile and machinery have significantly
expanded their stance in the manufacturing
industry.
39
B. Urbanization Based on
Labor Mobility
 The spatial arrangement of population and
economic activities is an important and
complex dimension of Chinese economic
development.
 The spatial configurations of Chinese
economy are shaped by the institutional
landscape, policies and infrastructure.
40
a. Spatial Configuration
41
b. Incentives for labor Mobility
 Economic development and technological
change induced by human capital
accumulation and technology transfer
from abroad lead to urbanization, a shift
from labor-and –land –intensive agricultural
production into urban industrial production,
which caused different level of regional
development.
 China’s urban-rural fault line offers another
perspective on spatial fragmentation.
42
Household Disposable Income
per capita, RMB Yuan
1978
1990
Urban
343
1510
Rural
134
686
Rural/Urban,%
39.07
45.43
2000
2010
2011
2012
6280
19109
21810
24565
2253
5919
6977
7917
35.88
30.98
31.99
32.23
2013
2014
26955
29381
8896
9892
33.00
33.67
43
c. Urbanization and Growth
 High rates of urban growth caused by ruralurban migration.
 More jobs in urban come from a great wave
of industrialization and labor mobility.
 The Hukou system treats migrants who may
have lived and worked in cities for years as
outsiders who are excluded from the annual
official population tabulations, thereby
under counting the city population.
44
Population and Composition
By Residence, million
Urban
%
Rural
%
1978
172.45
17.92
790.14
82.08
1990
301.95
26.41
841.38
73.59
2000
459.06
36.22
808.37
63.78
2010
669.78
49.95
671.13
50.05
2014
749.15
54.77
618.66
45.23
2020
60
40
2035
70
30
2050
80
20
45
 Since 1999, another round of Hukou reforms
and relaxation of the migration restrictions
seem to have promoted an upswing in
urban growth.
 The annual urban growth rates were at a
high level in the past 15 years.
 China continues to be the country with the
largest urban population in the world.
46
d. Job and Housing Demand
 Between 2008 and 2014, China increased
25.46 million jobs in secondary industry and
62.77 million jobs in service sector.
 In China, employment in non-agricultural
sector continued to rise well into 2015 and
2016.
 Job creation has a very strong influence on
the housing demand.
47
Housing Demand
Labor mobility to urban area;
Income rising and unequal income
distribution;
Huge investment in real estate industry;
Housing price inflation: Bubble or not?
48
Labor Mobility Trends
80
70
60
50
40
30
20
10
0
Urban
Rural
49
Investment in Real Estate
Sector
2003
2008
2009
2010
2013
2014
2015
Total Fixed –Asset
Investment, RMB Trillion
Real
Estate
RE/Total
%
4.58
14.87
19.39
24.14
43.58
51.20
55.20
1.11
3.59
4.31
5.76
11.14
13.14
13.27
24.24
24.15
22.24
23.87
25.56
25.66
24.04
50
Investment in Real Estate,
RMB Trillion
Investment in Real Estate
14
12
10
8
6
4
2
0
Investment in Real Estate
51
Floor Space of Residential
Building Completed, trillion sq.m
Floor Space of Residential Building
Completed
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
1.2
1
0.8
0.6
0.4
0.2
0
Floor Space of Residential Building Completed
52
House Price Inflation
 Faced with a property market price
increases and complaints from middle to
low-income urban residents, the government
has intensified its macro-economic
adjustment program since 2005.
 Clearly, these policies relied essentially on
political, administrative and land use
planning measures, and their effects were
limited and finally failed.
53
Average Selling Price,
Yuan/sq.m
How much of the real appreciation in
house prices can be explained by
market fundamentals?
What are the most important factors in
determining housing prices in each
province and large cities?
54
Average Selling Price,
Yuan/sq.m
20000
15000
10000
5000
Residential buildings
High-grade Apt.
2013
2012
2011
2010
2009
2008
2007
2006
2005
2004
2003
2002
2001
2000
1999
1998
0
55
Bubble or Not?
 New issues on China’s house quality and its
implication for the demand of higher-end
houses.
 What is “structural problems” of the real
estate market?
 Many policies have been issued, these rules
were seen as tough, but did not stop house
price inflation, Why?
56
e. Suzhou Case
 The urban-based industrialization strategy
left its imprint on China’s economic structure
at the dawn of the reform era. One result
was relatively low urbanization level
compared to China’s industrialization level.
 Furthermore, without migration as a force to
equalize income, urban-rural disparities
remained large.
57
Major Indicators for Suzhou
1999
2014
5.76
6.61
/
10.60
2. Land area, sq.km
8488
8657
3. Total employment, million
3.11
6.93
Primary
0.69 (22.01%)
0.25 (3.53%)
Secondary industry
1.52 (48.74%)
4.20 (60.54)
Tertiary industry
0.91 (29.26%)
2.49 (35.92)
4. GDP, in RMB billion
135.84
1376.09
in US$ billion
16.41
224.12
Industrial value-added
69.15 (50.91%)
636.01 (46.22)
1. Registered Population, Million
Permanent Population
58
Continued
1999
2014
5. GDP per capita, RMB
23592
129926
US$
2849
21000
136.61
95.44
/
139.0
300.63
3031.22
84.49
1918.00
28.10%
63.25%
12.55
311.31
6.93
181.18
2.86
8.12
6. Industry/Services ratio, %
7. Trade/GDP ratio, %
8. Gross output value of industry, RMB billion
GOVI from FDI
GOVI share of FDI, %
9. Trade, US$ billion
Exports
10. Foreign direct investment, US$ billion
59
International Comparison in GDP
Suzhou, 2014
Egypt, 2009
GDP, US$ billion
224.12
172.1
South Africa, 2009
Nigeria, 2009
Malaysia, 2009
Singapore, 2009
284.3
184.7
201.8
185.7
Thailand, 2009
254.7
60
C. Overview of Regional
Clusters
The spatial arrangement of population
and economic activities is an
important and complex dimension of
Chinese economic development.
Agglomeration economics.
Technological ladder for regional
industrialization.
61
Urban Clusters in 2015
62
Regional Clusters by 2020
63
Top Regions in Industrial
Output, Percentage
Province level
2000
2014
Shanghai
7.24
3.20
Jiangsu
12.20
12.82
Zhejiang
7.71
5.82
Anhui
1.94
3.33
Fujian
3.05
3.35
Jiangxi
1.09
2.81
Shandong
9.70
12.93
Sub-total
42.93
44.26
64
Continued
Province-level
2000
2014
Hebei
4.00
4.26
Liaoning
4.96
4.41
Henan
4.08
6.15
Hubei
3.58
3.74
Hunan
1.90
3.03
Guangdong
14.57
10.43
Sichuan
2.42
3.44
Sub-total
35.51
35.46
Total
78.44
79.92
65
New Phenomenon
 A new wave of the transfer of high-tech
capacity to China’s coastal regions;
 Labor-intensive industry has been greatly
transferring to inland and western parts of
China through local industry-driving force;
 FDI as a share of Chinese GDP has never
been exceeded 6%, and slipped below
1.25% of GDP in 2013.
66
 China’s export basket has be moving up
market into higher value goods.
 Debating on two development strategies
for regional transition: Free-Trade
Experimental Zone based on service sector;
and well-known global technology
innovative center.
67
Regional Industrialization
 Urban productivity relationships, which show
how output per worker varies with city size
and which allow calculation of efficient sizes
for Chinese cities as well as potential welfare
losses from insufficient agglomeration.
 Technological change in regional
production, as is going in China at high level,
increase efficient industrial capability.
68
Some Key Issues
 In examining productivity of cities, there are
two key aspects to a conceptual
framework.
 At low levels of employment, there are the
high scale of economies from clustering firms
together because of information sharing
and spillovers across firms and exploitation of
pecuniary economies in reducing the cost of
shipping intermediate inputs among firms
and to consumers.
69
D. Towards Modern
Infrastructure Network
 Urban industrial production is subject to
localized external economies of scale such as
information spillovers and labor market
externalities.
 It is also subject to the new economic
geography’s virtuous circle of agglomeration
benefits---- pecuniary externalities from
consumers and producers being able to buy
locally produced goods in close spatial
proximity with low or negligible shipping costs.
70
Expressway Networks in 2015
71
High-speed Railway by 2020
72
Improvement of Infrastructure
 The length of highway increased from 500
(km) in 1990 to 16300 (km) in 2000, and to
120, 000 (km) by 2015.
 The length of railway increased from 91,200
(km) in 2010, to 100,000 (km) by 2015.
 The network of high-speed railway will cover
more than 80% of major cities by 2020.
73
Possession of Vehicles
Civil Car Ownership - per 1000 people
120
100
80
60
40
20
0
Civil Car Ownership
74
Unit: 10,000 km
12
10
8
6
4
2
0
Railway
Expressway
Petrolem & Gas Pipelines
75
Demand for Infrastructure
2001
2013
2020
Expressway, 1000 km
19.4
104.4
150/300
Railways, 1000 km
70.1
103.1
150/200
Road Network, million km
1.70
4.36
10/12
14
100
200
China
Possession of Vehicles,
Vehicles/1000 persons
USA
Rail lines, 1000 km
228.5
Road network, million km
6.55
Vehicles/1000 persons
700
802
76
High-speed Railway and
Civil Aviation
High-speed
Railway, km
Passenger
Traffic, million
persons
Civil
Airports
No. of Civil
Aircrafts
(transport)
1990
/
16.6
94
204
2000
/
67.2
139
527
2008
672
/
/
/
2010
5133
267.7
175
1597
2014
16456
392.0
200
2370
2015
19000
/
/
/
2020
30000
/
250
/
77
Airport Networks
78
Clearly, returns to infrastructure
investment are higher for China.
In sum, large unmet demand in a
number of infrastructure areas will require
continual strong investment.
79
4. Comparative Advantages for
New Development
 Endogenous growth model;
 Human resource rich economy;
 Potential innovative capacity;
 To turn huge savings into capital accumulation;
 Overall and deep capitalization for all
economic and social activities.
80
A. Endogenous Growth
 Y=AK;
 Innovation based on physical and human
capital, and also largely through the
manufacturing industry.
 The skill challenges: there was a drop in lowerskilled jobs in both services and manufacturing.
However, employment rose for professionals
and technicians, i.e. higher-skilled occupations.
81
B. Human Resource-Rich
Economy
 Average educational levels across the
population in China are not comparable to
advanced countries. This also needs huge
investment in education.
 Investment in education can produce the
most productive factor for economic growth.
 From physical investment to innovation
through massive supply of human capital.
82
Gross Enrollment Ratio in
Tertiary, %
France
Germany/Austria
Japan
UK
US
High-income
2010
55 China
55 India
59
59
95
70
Brazil
Russia
Mexico
Middle-income
2010/15
26/40
16
36
76
27
24
83
C. Potential Innovative
Capacity
Today, the prevailing idea is that
economic strength should be applied
primarily toward achieving technological
power.
Technology factor will be the core of
development and possible cooperation
between China and major technology
power.
84
Innovation Indicators
2005-2009/2014
Advanced
R&D/GDP
S&E/mil.
Developing
R&D/GDP
S&E/mil.
USA
2.79
4673
China
1.47/2.08
1199/2000
Japan
3.45
5189
Argentine
0.52
1046
Germany
2.82
3780
Brazil
1.08
696
France
2.23
3690
India
0.76
136
/
/
Indonesia
0.08
90
Italy
1.27
1690
Korea of Re.
3.36
4947
Euro Area
2.09
3119
Mexico
0.37
347
Canada
1.95
4335
Russia
1.25
3091
Australia
2.35
4259
Saudi Arabia
0.08
/
South Africa
0.93
396
Turkey
0.85
804
UK
World
2.15
1269
85
Business R&D in All Industry &
Manufacturing, US$ Brillion
2008
2009
2012
2013
Germany
51.67
49.89
57.31
/
Japan
108.82
96.12
102.59
107.64
/
259.77
277.01
/
98.97
123.08
198.31
225.71
Germany
45.73
42.66
49.37
/
Japan
94.84
83.73
90.23
95.51
/
179.51
182.30
/
85.73
103.41
173.11
197.72
All Industry
US
China
Manufacturing
US
China
86
Growth is Good News
 Like other types of investment activity, expenditures
on R&D and innovation are pro-cyclical.
 R&D financed by the business sector is particularly
affected by the business cycle and reflects
changes in financing constraints and aggregate
demand.
 In China, R&D expenditure has nearly doubled in
real terms in the space of five years, principally
boosted by the business sector.
87
D. To turn Huge Savings into
Capital Accumulation
How to explain the saving behavior in
different countries?
China’s household savings increased
to RMB 56.4 trillion at the end of 2015,
which equals to US$ 8.67 trillion.
More savings, and more investment!
88
Gross Savings to GDP,%
Country
1995
2010/15 Country
1995
2010
Australia
18
24
China
42
54/80
India
27
34
France
19
17
Argentine
16
22
Germany
20
23
Brazil
16
17
Japan
30
24
Mexico
19
24
Korea
36
32
Singapore
30
46
Middle-income
26
30
Switzerland
30
32
Netherlands
27
23
UK
15
12
Greece
18
5
US
16
11
89
E. Overall Capitalization
 How would capital formation be so important
to Chinese economy?
 China’s investment growth will continue to
have a high rate due to its lower level of
development.
 How can we analyze the contribution of
overall capitalization in economic and social
activities to economic growth?
90
5. Major Challenges
 China will continue to experience the high
growth rate and expand its industrial and
technological capacities, which may be
beyond today’s expectation.
 What major challenges for China’s entry into
the gate of high-income economies in the
coming 15 years?
 Capacity building for a knowledge-based
capital structure.
91
Industrial and Technology;
A high standard of urbanization;
Human capital and innovation;
A knowledge-based capital structure
and sophisticated development system.
92
THANKS!