Operator: Good day and thank you for standing by. Welcome to Trip.com Group 2022 Q4 Earnings Conference Call. Please be advised that today’s conference is being recorded. I’d now like to hand the call over to your first speaker today, Ms. Michelle Qi, Senior IR Director. Thank you. Please go ahead. Michelle Qi: Thank you. Good morning and welcome to Trip.com Group’s fourth quarter of 2022 earnings conference call. Joining me today on the call are Mr. James Liang, Executive Chairman of the Board; Ms. Jane Sun, Chief Executive Officer;SEE DETAILS

 The economy is booming and everyone should enjoy it. The American economy is benefitting from tremendous amounts of pent-up demand and in some of the hardest-hit industries' activity is beginning to tick back up above 2019 levels. Along with that boom, there are clear signs of inflation and concerns about overheating. Even Janet Yellen seemed concerned for a few hours last week.

The US economy is surging and life is returning to normal. Consumers have healthy balance sheets and inflation is a hot topic. Companies in hard-hit industries are even talking about having a difficult time finding staff. The Fed seems to be seeing a different picture of the economy though and has no intention of tapering pandemic era stimulus until it's clear that the economy has returned to maximum employment and inflation is running above 2%.

The economic dam is bursting and the economy is booming. Demand in the US was described as "very, very strong" and "phenomenal" thanks to strong consumer balance sheets and vaccinations. Supply chains are still disrupted and there are significant inflation pressures.

The economy is booming and companies are expecting robust growth in the second half of 2021 and 2022. Travel is starting to rebound and cities are coming back to life. Stimulus has left consumers with a tremendous amount of liquidity and we are spending. Institutional investors are increasingly concerned about inflationary pressures.