Yada, let me do the translation for this question as well. Our focus is on individuals with business certificate or license. The loans is for them for their daily necessities. And during the pandemic, the demand for small business owner loans have actually increased. And from the data that we have seen during the pandemic period, the delinquency rate is actually about 10% higher than our consumption loans. And with the reopening of the pandemic, the rest has resumed back to normal levels and with the gradual easing of the COVID policies, we believe the risk for this segment will be further improved and stabilized compared to our consumption loans. And going forward in 2023, we believe our focus on this segment will still be between 20% to 30% of our loan volume.
Operator: . Your next question comes from Thomas Chong from Jefferies.
Thomas Chong: My question is about our international business. Given the progress that we are making in Indonesia and Philippines, which other countries should we expect we are going to further explore the opportunities into the future? And another question is on the spending in overseas business. How much more spending should we expect for this year? And would that affect the bottom line?
Jimmy Tan: Hello, Thomas, let me do the explanation — translation for Mr. Xu. We are actually expanding very fast in the international markets, as you can see. We have — in Indonesia, we have actually completed the transition to better quality borrowers and this is actually much faster than our expectation. And after the transition completion, we have been growing — our growth has actually resumed above 20% Q-over-Q since the third quarter, and our outstanding loan balance has grown to RMB 800 million by the end of December, growing 167% year-over-year. And this has actually led to a larger revenue contribution. For example, it has contributed 13% of total revenue in the fourth quarter. And for the full year of 2022, it has contributed more than 10%.
Apart from Indonesia, we are also focusing our efforts in the Philippines, which is also growing very rapidly and we believe we will continue to contribute more to our revenue and other operational metrics. In the meantime, we will continue to evaluate most of these issue countries, and we believe we are able to duplicate our successful Indonesia business model into more countries. Let me translate for Mr. Xu. As you can see, international expansion is a long-term strategy for our company. We have started our investment in Indonesia 5 to 6 years ago and you can see that with all these international investments actually need some to bear fruit. And also, we will not sacrifice our short-term earnings for short-term gains, but also look for more longer-term investment, and we will constantly keep a balance between our investment and our earnings on a longer-term basis.
Operator: If there are no further questions, now I would like to turn the call back over to the management team for closing remarks.
Jimmy Tan: Thank you all for joining our Q4 and 2022 earnings conference call. If you have any further questions, please feel free to reach out to the IR team at FinVolution. Thank you very much.
Operator: This concludes this conference call. You may now disconnect your lines, please. Thank you.
