返回首页

RobertGordon_2013-_创新的死亡，增长的结束。_
That's how we traveled in the year 1900. 這是我們 1900 年用的交通工具
That's an open buggy . It doesn't have heating. 輕便敞篷馬車,沒有裝暖氣
buggy:n.童车;双轮单座轻马车;adj.多虫的;
It doesn't have air conditioning . 也沒有裝冷氣
air conditioning:n.空调系统;空气调节;
That horse is pulling it along at one percent of the speed of sound, and the rutted dirt road turns into a quagmire of mud anytime it rains. 那隻馬 以 1% 的聲速前進 而布滿車輪痕跡的泥濘小路 一下雨就成了沼澤地
rutted:adj.有车辙的;v.形成车辙;挖槽(rut的过去式); dirt road:n.土路; quagmire:n.沼泽,沼泽地;无法脱身的困境;
That's a Boeing 707. 這是波音 707 客機
Only 60 years later, it travels at 80 percent of the speed of sound, and we don't travel any faster today because commercial supersonic air travel turned out to be a bust . 只過了 60 年 就能以 80% 的聲速移動 而現在我們沒有更快的交通工具 因為超音速商務飛機 最後失敗了
commercial:adj.贸易的;商业的;赢利的;以获利为目的的;n.(电台或电视播放的)广告; supersonic:adj.超音速的;超声波的;n.超音速;超声波; bust:n.(石或金属的)半身像; v.打破; adj.破碎;
So I started wondering and pondering , could it be that the best years of American economic growth are behind us? 所以我開始思索 會不會美國經濟最蓬勃發展的年代 已經過去了？
pondering:v.沉思;考虑;琢磨;(ponder的现在分词) economic:adj.经济的,经济上的;经济学的;
And that leads to the suggestion, maybe economic growth is almost over. 這也意味著,或許經濟成長 幾乎已經結束了
Some of the reasons for this are not really very controversial . 有些結束的原因沒有太大的爭議
controversial:adj.有争议的;有争论的;
There are four headwinds that are just hitting the American economy in the face. 現在有四大困境正迎面襲擊 美國現在的經濟實力
headwinds:n.逆风;顶头风; economy:n.经济;节约;理财;
They're demographics , education, debt and inequality. 包括人口統計、教育、債務及不平等的問題
demographics:n.人口统计资料; debt:n.债务;借款;罪过;
They're powerful enough to cut growth in half. 這些問題足以減少一半的成長
So we need a lot of innovation to offset this decline . 所以我們需要大量創新來抵銷經濟下滑的趨勢
innovation:n.创新,革新;新方法; offset:vt.抵消;弥补;补偿;adj.胶印的;n.开端;出发;平版印刷;抵消;补偿 decline:v.下降;衰退;减少;谢绝;n.下降;
And here's my theme: Because of the headwinds, if innovation continues to be as powerful as it has been in the last 150 years, growth is cut in half. 這就是我的主題:因為這些困境 假如創新的表現能和過去 150 年一樣亮眼 經濟成長會減半
If innovation is less powerful, invents less great, wonderful things, then growth is going to be even lower than half of history. 假如創新力沒有進步 無法再發明更多有用的東西 那麼經濟成長將比不上過去的一半
Now here's eight centuries of economic growth. 這是過去八個世紀經濟成長的表現
The vertical axis is just percent per year of growth, zero percent a year, one percent a year, two percent a year. 縱軸代表每年成長的百分比 一年 0%、1% 或 2%
vertical:n.垂直线;垂直位置;adj.竖的;垂直的;直立的;纵向的; axis:n.轴;轴线;轴心国;
The white line is for the U.K., and then the U.S. 白線代表英國,後段是美國
takes over as the leading nation in the year 1900, when the line switches to red. 在 1900 年成為世界強權 也就是紅色線段的部分
You'll notice that, for the first four centuries, there's hardly any growth at all, just 0.2 percent. 大家可以注意到,前面四個世紀 幾乎沒有任何成長,只有 0.2%
hardly any:几乎没有;
Then growth gets better and better. 接著成長越來越快
It maxes out in the 1930s, '40s and '50s, and then it starts slowing down, and here's a cautionary note. 在 1930、1940 及 1950 年有最高的經濟成長率 然後成長逐漸趨緩,要注意的是
maxes:n.马克斯(男子名,等于Maximilian); cautionary:adj.警告的;劝诫的;
That last downward notch in the red line is not actual data. 紅線中最後一次下滑的部分 不是實際的資料
downward:adj.下降的;向下的;adv.同"downwards"; notch:n.刻痕,凹口;等级;峡谷;v.赢得;用刻痕计算;在…上刻凹痕;
That is a forecast that I made six years ago that growth would slow down to 1.3 percent. 是我六年前做的預測 經濟成長將下滑至 1.3%
forecast:n.预测;预报;v.预测;预报;
But you know what the actual facts are? 但是你們知道實際數據是多少嗎？
You know what the growth in per-person income has been in the United States in the last six years? 你們知道過去六年,美國每人所得 成長率是多少嗎？
United:adj.联合的; v.联合,团结; (unite的过去分词和过去式)
Negative . 是負數
Negative:adj.[数]负的;消极的;否定的;阴性的;n.否定;负数;[摄]底片;v.否定;拒绝;
This led to a fantasy . 假設一下
fantasy:n.幻想; adj.虚幻的; v.空想;
What if I try to fit a curved line to this historical record? 我試著以曲線表示這份歷史紀錄
What if:如果…怎么办? curved:adj.呈弯曲状的; v.(使)沿曲线运动; historical:adj.历史的;史学的;基于史实的;
I can make the curved line end anywhere I wanted, but I decided I would end it at 0.2, just like the U.K. growth for the first four centuries. 我可以自己決定曲線在哪裡結束 我認為會在 0.2 的部分 就跟英國前面四個世紀一樣
Now the history that we've achieved is that we've grown at 2.0 percent per year over the whole period, 1891 to 2007, and remember it's been a little bit negative since 2007. 歷史上我們的經濟成長表現是 從 1891 年到 2007 年,每年都成長了 2% 而且別忘了從 2007 年就開始出現負成長
But if growth slows down, instead of doubling our standard of living every generation, 如果成長趨緩 而不是每一代的生活水準都有兩倍成長
standard of living:n.生活水平;
Americans in the future can't expect to be twice as well off as their parents, or even a quarter [more well off than] their parents. 未來美國人無法過的比自己的父母加倍幸福 或甚至連他們幸福的四分之一都不到
Now we're going to change and look at the level of per capita income. 現在我們來看看每人平均所得水準
per capita:adj.每人的;人均的;
The vertical axis now is thousands of dollars in today's prices. 縱軸是以現在物價來衡量的價格
You'll notice that in 1891, over on the left, we were at about 5,000 dollars. 大家可以看到在 1891 年,左手邊的部分 大約是平均 5000 元
Today we're at about 44,000 dollars of total output per member of the population. 現在大約每人總產出是 四萬四千元
output:n.(人、机器、机构的)产量;输出;输出功率;输出量;v.输出;
Now what if we could achieve that historic two-percent growth for the next 70 years? 萬一接下來的 70 年,我們可以達到 2% 成長的表現,結果會是如何呢？
Well, it's a matter of arithmetic . 這就是算術上的問題了
arithmetic:n.算术,算法;
Two-percent growth quadruples your standard of living in 70 years. 2% 的成長率,70 年後是現在生活水準的四倍
quadruples:adj.四倍的;四重的;vt.使…成四倍;vi.成为四倍;n.四倍;
That means we'd go from 44,000 to 180,000. 代表我們將從四萬四成長到十八萬
Well, we're not going to do that, and the reason is the headwinds. 但我們做不到 原因就是那些困境
The first headwind is demographics. 第一個困境是人口統計
It's a truism that your standard of living rises faster than productivity , rises faster than output per hour, if hours per person increased. 我們都知道,如果每小時的人力增加 生活水準會成長得比生產力更快 也比每小時的產出更快
truism:n.自明之理;老生常谈;老套;众所周知;真实性; productivity:n.生产力;生产率;生产能力;
And we got that gift back in the '70s and '80s when women entered the labor force. 從 70 和 80 年代 女性投入勞動力,就可以看的出來
But now it's turned around. 但現在情況不同了
Now hours per person are shrinking , first because of the retirement of the baby boomers , and second because there's been a very significant dropping out of the labor force of prime age adult males who are in the bottom half of the educational distribution . 現在每小時的人力逐漸在萎縮 第一個原因是因為嬰兒潮出生的人退休了 第二個原因是因為 大量男性壯年人口的勞動力下降 這些人分布於受教育人口的底層
shrinking:v.(使)缩水,收缩,缩小,退缩;(shrink的现在分词) retirement:n.退休;退职;退休年龄;退休生活; baby boomers:婴儿潮出生的一代人(babyboomer的名词复数); significant:adj.重大的;有效的;有意义的;值得注意的;意味深长的;n.象征;有意义的事物; prime:adj.主要的; v.极好地; n.初期; v.使准备好; educational:adj.教育的;有关教育的;有教育意义的 distribution:n.分布;分配;分发;分销;
The next headwind is education. 第二個困境是教育
We've got problems all over our educational system despite Race to the Top. 儘管推動了「力爭上游」的教育改革計畫 整個教育體制還是有問題
despite:prep.尽管,不管;n.轻视;憎恨;侮辱;
In college, we've got cost inflation in higher education that dwarfs cost inflation in medical care. 大學裡,高等教育的成本膨脹 使得醫療照顧的成本萎縮
inflation:n.膨胀;通货膨胀;夸张;自命不凡; higher education:高等教育(指含大学以上的教育); dwarfs:矮子;侏儒(dwarf的复数);
We have in higher education a trillion dollars of student debt, and our college completion rate is 15 points, 15 percentage points below Canada. 高等教育的學生負債高達一兆美元 而我們大學的畢業率 是 15 個百分點,比加拿大低 15 個百分點
trillion:n.[数]万亿;adj.万亿的;num.[数]万亿; completion:n.完成,结束;实现; percentage:n.百分比;百分率;利润的分成;提成;
We have a lot of debt. 我們有很多的債務
Our economy grew from 2000 to 2007 on the back of consumers massively overborrowing. 我們的經濟從 2000 年到 2007 年有所成長 是因為消費者大量的借貸
consumers:n.消费者;顾客;用户;(consumer的复数) massively:adv.大量地;沉重地;庄严地;
Consumers paying off that debt is one of the main reasons why our economic recovery is so sluggish today. 需要償還貸款的消費者 就是我們現在經濟蕭條的主因
recovery:n.恢复,复原;痊愈;重获; sluggish:adj.萧条的;迟钝的;行动迟缓的;懒惰的;n.市况呆滞;市势疲弱;
And everybody of course knows that the federal government debt is growing as a share of GDP at a very rapid rate, and the only way that's going to stop is some combination 而大家當然都知道 聯邦政府的公債也在持續上升 急速成為國內生產毛額的一部分 要阻止債務增加唯一的方法
federal:adj.联邦的;同盟的;联邦政府的;联邦制的;adv.联邦政府地; combination:n.结合;组合;联合;[化学]化合;
of faster growth in taxes or slower growth in entitlements , also called transfer payments . 是結合高稅率及低津貼的方式 也叫做轉移支付
entitlements:n.[法]权利(entitlement的复数); transfer:n.转移;调任;调离;[体]转会球员;v.调任;调走;转学;转移; payments:n.付款;支付;收款;款项;报答;(payment的复数)
And that gets us down from the 1.5, where we've reached for education, down to 1.3. 這使得我們教育有的 1.5% 成長率 因負債下滑至 1.3%
And then we have inequality. 最後是不平等的問題
Over the 15 years before the financial crisis , the growth rate of the bottom 99 percent of the income distribution was half a point slower than the averages we've been talking about before. 金融危機前 15 年 底部 99% 所得分配的成長率 比我們之前所提過的平均成長率 還要低 0.5 個百分點
financial:adj.金融的;财政的,财务的; crisis:n.危机;危险期;决定性时刻;adj.危机的;用于处理危机的;
All the rest went to the top one percent. 剩下的都是頂端 1%
All the rest:其他所有相关信息;
So that brings us down to 0.8. 因此使得我們的成長率下滑至 0.8%
And that 0.8 is the big challenge. 這 0.8% 又是一大挑戰
Are we going to grow at 0.8? 我們有 0.8% 的經濟成長率嗎？
If so, that's going to require that our inventions are as important as the ones that happened over the last 150 years. 如果有,那我們的創新就必須 和過去 150 年的創新 一樣重要
So let's see what some of those inventions were. 我們來看看這些創新有哪些
If you wanted to read in 1875 at night, you needed to have an oil or a gas lamp . 在 1875 年,如果你晚上想要讀書 你需要一盞油燈或煤氣燈
lamp:n.灯;台灯;(理疗用的)发热灯;
They created pollution, they created odors , they were hard to control, the light was dim , and they were a fire hazard . 這些燈會造成污染,產生氣味 光線微弱,難以控制 還有火災的危險
odors:气味;名声(odor的复数); dim:adj.暗淡的,昏暗的; v.使暗淡,使失去光泽; n.笨蛋,傻子; hazard:n.危害;危险;v.试着提出;大胆猜测;冒…的风险;使处于危险中;
By 1929, electric light was everywhere. 到了 1929 年,到處都有電燈
electric:n.供电;adj.电的;用电的;电动的;发电的;
We had the vertical city, the invention of the elevator . 因為電梯的發明,我們有了向上發展的城市
elevator:n.电梯;升降机;升降舵;起卸机;
Central Manhattan became possible. 曼哈頓的繁榮才能成真
And then, in addition to that, at the same time , hand tools were replaced by massive electric tools and hand-powered electric tools, all achieved by electricity . 除此之外,同時 手持工具被大量的電動工具 和手動操作的電動工具所取代 一切都歸功於電的發明
in addition to:除…之外; at the same time:同时;另一方面;与此同时; electricity:n.电力;电流;强烈的紧张情绪;
Electricity was also very helpful in liberating women. 電力對於婦女解放也有很大的幫助
liberating:v.解放;使自由;使摆脱约束(或限制);(liberate的现在分词)
Women, back in the late 19th century, spent two days a week doing the laundry . 19 世紀晚期,女性 一週花兩天的時間在洗衣服
laundry:n.洗衣店,洗衣房;要洗的衣服;洗熨;洗好的衣服;
They did it on a scrub board. 用洗衣板洗衣服
scrub:n.矮树; v.用力擦洗; adj.矮小的;
Then they had to hang the clothes out to dry. 然後還要把衣服拿出去晾乾
Then they had to bring them in. 再把衣服收進來
The whole thing took two days out of the seven-day week. 整個過程一個禮拜就花了兩天
And then we had the electric washing machine . 後來發明了洗衣機
washing machine:洗衣机,洗涤机;
And by 1950, they were everywhere. 到了 1950 年,已經普遍使用
But the women still had to shop every day, but no they didn't, because electricity brought us the electric refrigerator. 但婦女還是得每天上街買菜 事實上不需要,因為電 帶動了冰箱的發明
Back in the late 19th century, the only source of heat in most homes was a big fireplace in the kitchen that was used for cooking and heating. 19 世紀晚期,大部分家庭唯一的熱源 是廚房裡用來煮飯的大壁爐
source:n.来源;水源;原始资料; fireplace:n.壁炉;
The bedrooms were cold. They were unheated . 臥房都很冷,沒有暖氣
unheated:adj.未加热的;不热的;
But by 1929, certainly by 1950, we had central heating everywhere. 但是到了 1929 年,更確定是到 1950 年 中央暖氣系統已無所不在
central heating:n.暖气;集中供暖;
What about the internal combustion engine, which was invented in 1879? 那麼 1879 年 發明的內燃機呢？
internal:n.内脏;本质;adj.内部的;里面的;体内的;(机构)内部的; combustion:n.燃烧,氧化;骚动;
In America, before the motor vehicle , transportation depended entirely on the urban horse, which dropped, without restraint , 25 to 50 pounds of manure on the streets every day together with a gallon of urine . 在美國,車子發明以前 交通完全倚賴馬匹 牠們每天會在街道上無限制的 排放 25 到 50 磅的糞便 以及一加侖的尿液
motor vehicle:n.机动车; transportation:n.运输;运输系统;运输工具;流放; urban:adj.城市的;都市的;城镇的;都市音乐的; restraint:n.约束;抑制;克制;限制; manure:vt.施肥于;耕种;n.肥料;粪肥; gallon:n.加仑 urine:n.尿;
That comes out at five to 10 tons daily per square mile in cities. 城市每平方英里 一天會有 5 到 10 噸的排放量
square mile:n.平方英里城(指伦敦金融城)(银行和金融业的聚集地);
Those horses also ate up fully one quarter of American agricultural land. 那些馬還吃了美國四分之一的農地
agricultural:adj.农业的;农艺的;
That's the percentage of American agricultural land it took to feed the horses. 這就是美國農地 用來養馬的比例
Of course, when the motor vehicle was invented, and it became almost ubiquitous by 1929, that agricultural land could be used for human consumption or for export . 當然,車子發明了以後 到 1929 年,幾乎已普遍使用 那些農地就能讓人使用 或是出口
ubiquitous:adj.普遍存在的;无所不在的; consumption:n.消费;消耗;肺痨; export:n.出口;[无线电]呼叫;出口货;输出额;v.出口;排出;adj.输出的;
And here's an interesting ratio : Starting from zero in 1900, only 30 years later, the ratio of motor vehicles to the number of households in the United States reached 90 percent in just 30 years. 這個數據很有趣,1900 年開始 只過了 30 年,美國每戶擁有車子的比率 從 0% 成長到 90%,只花了 30 年
ratio:n.比率;比例;v.用比例方式表达;求出…的比值;使…成比例; vehicles:n.车辆;飞行器;运行工具;(vehicles是vehicle的复数) households:n.家庭;拆迁户;家户(household的复数);
Back before the turn of the century, women had another problem. 在上個世紀之前 婦女還遇到另外一個難題
All the water for cooking, cleaning and bathing had to be carried in buckets and pails in from the outside. 所有煮飯、清潔或梳洗的用水 都必須用水桶從外面裝回來
bathing:n.游泳,畅游;v.给…洗澡;洗澡;(bath的现在分词) buckets:n.大桶状物; v.拼命划桨; (bucket的第三人称单数和复数) pails:桶,提桶;提桶;
It's a historical fact that in 1885, the average North Carolina housewife walked 148 miles a year carrying 35 tons of water. 這是 1885 年的史實 北卡羅來納州的家庭主婦 一年走了 145 英里,裝 35 噸的水
Carolina:n.卡罗莱纳州(在美国东南部); housewife:n.家庭主妇;
But by 1929, cities around the country had put in underground water pipes. 但是到了 1929 年,全國各城市 都建設了地下水道
They had put in underground sewer pipes, and as a result , one of the great scourges of the late 19th century, waterborne diseases like cholera , began to disappear . 他們鋪了下水道 因此,19 世紀晚期最嚴重的災難 透過水所傳染的疾病像霍亂,逐漸消失
sewer:n.下水道; vt.为…铺设污水管道; vi.清洗污水管; as a result:结果; scourges:vt.鞭打;蹂躏;严斥;痛斥;n.鞭;灾祸;鞭子;苦难的根源; waterborne:adj.水运的;水传播的;由水浮起的; diseases:n.[医]病(disease的复数);[医]疾病;[植保]病害;疾病种类; cholera:n.[内科]霍乱; disappear:v.消失;失踪;不复存在;
And an amazing fact for techno-optimists is that in the first half of the 20th century, the rate of improvement of life expectancy was three times faster than it was in the second half of the 19th century. 對技術樂觀主義者來說,最驚人的是 20 世紀前半 平均壽命改善的速率 比 19 世紀後半 快了 3 倍
improvement:n.改进,改善; life expectancy:预期寿命;
So it's a truism that things can't be more than 100 percent of themselves. 所以理所當然你知道這已經是最好的表現了
And I'll just give you a few examples. 我給大家舉一些例子
We went from one percent to 90 percent of the speed of sound. 我們從 0% 的聲速進步到 90%
Electrification , central heat, ownership of motor cars, they all went from zero to 100 percent. 電氣化、中央暖氣系統、汽車 都從無到有,0% 進步到 100%
Electrification:n.电气化;带电;充电;
Urban environments make people more productive than on the farm. 比起農場,城市的環境讓我們更有生產力
productive:adj.能生产的;生产的,生产性的;多产的;富有成效的;
We went from 25 percent urban to 75 percent by the early postwar years. 戰後初期,城市化的比率 從 25% 上升至 75%
postwar:adj.战后的;n.战后时期;adv.战后;在战后;
What about the electronic revolution ? 那麼電子方面的革命呢？
electronic:adj.电子的;电子器件的;电子设备的; revolution:n.革命;旋转;运行;循环;
Here's an early computer. 這是早期的電腦
It's amazing. The mainframe computer was invented in 1942. 非常驚人,大型電腦在 1942 年時發明
mainframe:n.[计]主机;大型机;
By 1960 we had telephone bills, bank statements were being produced by computers. 到了 1960 年,我們的電話和銀行帳單 都交由電腦處理
statements:n.说明; v.(英国)对儿童进行特殊教育评估认定; (statement的第三人称单数和复数)
The earliest cell phones, the earliest personal computers were invented in the 1970s. 最早的手機、最早的個人電腦 都在 1970 年出現
personal:adj.个人的;身体的;亲自的;n.人事消息栏;人称代名词;
The 1980s brought us Bill Gates, DOS, 1980 年代我們有了比爾蓋茲、磁碟作業系統
ATM machines to replace bank tellers , bar code scanning to cut down on labor in the retail sector . 以及自動提款機,來取代銀行的出納員 條碼掃描器減少了零售業的人力
tellers:n.(美)出纳员;讲述者;讲故事者;计票员; cut down on:削减,减少; retail:vt.零售;转述;vi.零售;n.零售;adv.以零售方式;adj.零售的; sector:n.部门;扇形,扇区;象限仪;函数尺;vt.把…分成扇形;
Fast forward through the '90s, we had the dotcom revolution and a temporary rise in productivity growth. 一下就到了 90 年代 我們有了網路革命 生產力一度上升
temporary:adj.暂时的,临时的;n.临时工,临时雇员;
But I'm now going to give you an experiment. 現在給大家做個實驗
You have to choose either option A or option B. 只能選 A 或選 B
option:n.选择;可选择的东西;
(Laughter) (笑聲)
Option A is you get to keep everything invented up till 10 years ago. A 選項是你可以保留一直到 10 年前所發明的東西
So you get Google , you get Amazon , you get Wikipedia , and you get running water and indoor toilets. 所以你有谷歌、亞馬遜可以用 還有維基百科、自來水和室內廁所
Google:谷歌;谷歌搜索引擎; Amazon:亚马逊;古希腊女战士; Wikipedia:维基百科; indoor:adj.(在)室内的;在户内进行的;在室内用的;
Or you get everything invented to yesterday, including Facebook and your iPhone, but you have to give up, go out to the outhouse , and carry in the water. 或是 B 選項,你可以擁有直至今日發明的所有東西 包括臉書和蘋果的智慧型手機 但你必須放棄,你必須到外面 裝水回來
outhouse:n.外屋;屋外厕所;附属建筑物;
Hurricane Sandy caused a lot of people to lose the 20th century, maybe for a couple of days, in some cases for more than a week, electricity, running water, heating, gasoline for their cars, and a charge for their iPhones. 颶風桑迪讓許多人失去了 20 世紀的一切 也許是幾天 有些人超過一個禮拜 沒有電、自來水、暖氣和汽油 也沒辦法幫手機充電
Hurricane:n.飓风,暴风; gasoline:n.汽油; charge for:索价,要价;为…收费;
The problem we face is that all these great inventions, we have to match them in the future, and my prediction that we're not going to match them brings us down from the original two-percent growth down to 0.2, the fanciful curve that I drew you at the beginning . 現在的問題是,未來我們要有 比得上這些偉大發明的創新 而我預期,未來不會有更偉大的發明 我們從原來的 2% 成長率 下滑到我一開始畫的 0.2% 的未來預測
prediction:n.预报;预言; original:n.原件;原作;原物;原型;adj.原始的;最初的;独创的;新颖的; fanciful:adj.想像的;稀奇的; at the beginning:首先;从一开始;起初;从头开始;
So here we are back to the horse and buggy. 現在回到馬匹及馬車
I'd like to award an Oscar to the inventors of the 20th century, the people from Alexander Graham Bell to Thomas Edison to the Wright Brothers, 我想頒個奧斯卡獎 給 20 世紀的發明家 從亞歷山大·格拉漢姆·貝爾 到湯瑪斯·愛迪生,再到萊特兄弟
Wright:n.制作者;工人;
I'd like to call them all up here, and they're going to call back to you. 我想請他們到這裡來 告訴大家
Your challenge is, can you match what we achieved? 你們面臨的挑戰是:能不能戰勝我們的成就呢？
Thank you. 謝謝大家
(Applause) (掌聲)