Current or emerging laws and regulations The requirements of laws and regulations regarding energy conservation and emission reduction, and carbon trading market become stricter We closely follow changes in policies, laws and regulations, and promptly adjust our strategy and measures accordingly and arrange for the publicizing and implementation across the Group; quarterly calculate carbon emissions data and evaluate the cost of fulfilment and legal risk regarding non-fulfilment; and annually assess and ensure the consistency of our current internal management rules of carbon trading with the ETS regulations released by Beijing Municipal Commission of Development and Reform.