Cross-border e-commerce. There were relevant policy benefits announced last night. Tomorrow's press conference by the China Council for the Promotion of International Trade probably won't have much substance, but we don't know if there will be any support for the platform economy tomorrow night. Additionally, Pinduoduo fell short of expectations, mainly because the national subsidies couldn't be applied to PDD (JD.com's self-operated business benefited the most). To keep up with Alibaba and JD.com's low prices, they had to spend real money on subsidies. Speaking of subsidies, there have been rumors recently about including smartphones in the consumer subsidy program.