HSBC does not need to rely too heavily at the moment on emerging markets to sustain growth. The results show there is still reasonable growth from the established businesses in the US and Europe.

We hope investment will slow down because eventually, that growth won't be profitable.

I think it's a good gesture. The government is showing concern about the financial industry especially with some of the smaller brokers complaining about the lack of business.

Developing a more diversified income base, whether it is fee-based or from trading, is always a good strategy. Interest rates will remain low in China and Bank of Communications needs to develop more retail products.

We've been looking for signs of this since October. People have been waiting to hear this and now that they have, they will be anxious to buy stocks.

Retail sales growth is mainly driven by higher volumes, and the pricing power of retailers remains quite limited because of competition.

The increase in inflation is mainly due to price rises in cost-driven goods such as petrol and jewelry.