Daniel Zhang: Well, thanks very much for what really is a very good question. Certainly, I’m sure that, we all hope to see an end to the pandemic and a complete return to normalcy for society, for the economy, for our own daily lives. There’s nothing that people will want more than to get back to normal, and that would be good news for Alibaba and it would be good news for everyone. Now certainly, Alibaba’s businesses are diverse and would be impacted in different ways. Talking about the consumption part of our business first. I think most importantly, were there to be an end to the pandemic and a complete return to normal life €“ a normal work, in particular, that would result in a big boost to consumer confidence, and that would certainly be very positive for the Chinese economy as a whole and also for companies like Alibaba.
Consumption is an important engine of economic growth. But for consumers to spend, they need to have confidence and they need to have stable expectations, including stable expectations regarding their own future income. So we’re the pandemic to end, the controls to end that would, I believe, result in a big boost to that kind of confidence, resulting in higher consumer spending and also further stimulating the economy. So good news all around. Secondly, I would say that you could expect to see an impact on the consumption mix in the context of the pandemic and with all the uncertainty, there’s been an increased focus on nondiscretionary consumption on daily essentials, food, groceries, things of this nature. And you’ve, of course, seen a lot of demand for stocking up with people worried about potential supply disruptions, lack of access to necessities and essentials.
So a lot of demand for people to stock up. Now, of course, were the situation to change, were the pandemic to ease, then I think you could certainly expect to see a corresponding increase in discretionary type of spending. So that would be a change we could expect to see. Secondly, if we look at our 2B businesses, for example, our cloud computing. I think certainly, all enterprises across the board understand that digitalization is the future, but at the same time, how much they will invest in any period does come down to their own current business performance and their expectations of the future. So companies have to decide how much they’re willing to invest and they have to be sure they’re living within their means. So, I think, after the pandemic is over, things have returned to normal, we would expect to see companies gaining more confidence in their future growth prospects and being willing to devote more resources to digitalization.
I think that would be good news for our cloud business. So for Alibaba, I do think it’s important that we always be looking to the future, and of course, hold out hope for the future. In terms of our consumer oriented categories and offerings, we’re already very complete and we will continue to look forward to rolling out and developing new categories going forward at the end of the pandemic and not just goods, but also services, including travel and tourism services. At the same time, we need to continue to maintain a proactive approach to developing new digital offerings and solutions and rolling out cloud based solutions that help and empower customers to generate data, to leverage their data and to extract value from their data. And I think this will all be very positive going forward.
Rob Lin: Thank you. Next question?
Operator: Thank you. The next question is from Alex Yao from JPMorgan. Please go ahead.
