Before I provide the highlights of our results, I would like to provide a brief update of the development in China's wind power industry.
Firstly, in light of China's energy demands, and the unfortunate events at the Fukushima nuclear plant in Japan, wind energy will contribute a higher proportion of China's energy requirements, because of its inherent advantages including safe and reliable proven technology, lower development costs and, more importantly, emission free. Hence, we believe wind power will take a larger share among new energy, and become an important energy solution for China.
Secondly, the Government has implemented a range of policies designed to support the development of wind power industry, and to facilitate the more systematic development of the industry, from focusing on scale only, to focusing on returns on investment. This will be achieved through the development of national grids, enhancing the compatibility of the grid, and the scale of development. To resolve the grid connection issue, the State Grid Corporation of China has started to revamp the infrastructure of the grid facility nationwide.
In addition, wind power equipment market is getting more concentrated, with more shares taken by the top five players. MingYang, as a top three listed wind turbine manufacturers, with its quality products, well developed value chain, leading technology, and research capabilities, proven business models, we are confident to maintain our leading position in the market competition.Thirdly, offshore wind power development, and decentralized and distributed style clean energy total solution, will become a new catalyst for the wind power industry in China. Guangdong, Shandong, Hebei, Jiangsu provinces have already finished the planning for 10 gigawatts wind power projects. Among them, Guangdong has granted MingYang the development rights to lead the SCD offshore wind power projects. MingYang will utilize this opportunity, together with SCD WTG's unique technology, cost advantage, offshore project service capabilities, and support capabilities, as well as innovative business models, to push forward offshore wind power development in the country, while enabling MingYang to become the leader in offshore wind power space.
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