The $100 million investment is aimed at generating eBay's long-term revenue growth. We're not interested in just being No. 1 in China but the No. 1 player in ecommerce,

This will lead to Singapore acting as a conduit to foreign investment in India.

We foresee that this year should be a year of investment and high export growth, therefore we need foreign currencies to finance investment and imports of raw material, as well as capital goods.

Growth was slightly better than we had expected, chiefly due to resilient domestic demand such as corporate capital investment and consumption.

The objective is to slow down investment growth and loan growth which were higher than the targets set by the government. This won't be the only move and more administrative measures are likely to come.

We would see lower levels of investment, lower economic growth, and as a result, lower wage gains.