Consolidate the Upward Momentum and Promote Sustained Growth
--Address by H.E. Wen Jiabao
Premier of the State Council of the People's Republic of China
At the World Economic Forum Annual Meeting of the New Champions 2010
Tianjin, 13 September 2010

尊敬的克劳斯·施瓦布主席，
尊敬的各位来宾，女士们，先生们：

中文原声

Professor Klaus Schwab, Executive Chairman of the World Economic Forum,
Distinguished Guests,
Ladies and Gentlemen,

首先，我对第四届夏季达沃斯论坛的召开表示祝贺！对各位嘉宾的到来表示欢迎！在世界经济缓慢复苏的关键时刻，本次论坛以“推动可持续增长”为主题，探寻未来发展之路，具有很强的针对性和重要的现实意义。我祝愿本次论坛圆满成功！

英文同传

Let me begin by extending congratulations on the opening of the fourth Annual Meeting of the New Champions, the Summer Davos, and a welcome to you all. At the crucial juncture when the world economy is slowly recovering, the meeting will explore the way forward for future development under the theme of "Driving Growth Through Sustainability". This is highly relevant and significant, and I wish the meeting full success!

过去的两年，在极为困难、复杂的情况下，中国在世界率先实现经济回升向好，保持经济平稳较快发展，这是我们全面实施一揽子计划的结果。在国际金融危机冲击最严重的时候，我国经济增速一度大幅下滑，不少企业处于停产半停产状态，有的甚至倒闭，不少工人失业，大批农民工返乡。由于我们及时实施了一揽子计划，从2009年第二季度开始，经济增速下滑趋势迅速扭转，当年增长9.1%，今年上半年增长11.1%。

城镇就业不断增加，居民收入持续增长，社会保持和谐稳定。事非经过不知难。一个13亿人口的国家，如果没有一定的经济增长速度，实现充分就业、提高人民福祉就是一句空话。实施一揽子计划的成效，不仅在于保持了当前经济增长和社会稳定，更重要的是保持了中国经济发展的好势头，现代化进程没有因巨大的外部冲击而出现大的波折，其意义重大而深远。

The past two years have seen China emerge as one of the first countries to achieve an economic rebound and maintain steady and relatively fast economic development under extremely difficult and complex circumstances. We owe our achievements to the comprehensive implementation of the stimulus package. At the height of the international financial crisis, China's economic growth rate dropped by a big margin. Many enterprises completely or partially suspended operations, and some even closed down. Many workers lost their jobs and a large number of rural migrant workers had to return to their home villages. In view of this, we acted immediately to introduce a stimulus package. From the second quarter of 2009, the downward trend in economic growth was quickly reversed. The economy grew by 9.1% in 2009 and 11.1% in the first half of 2010. Urban employment has kept expanding, people's income has been increasing, and social stability and harmony has been maintained. As a Chinese saying goes, one would never fully appreciate the difficulty unless he has experienced it in person. For a country like China with 1.3 billion people, without a certain rate of economic growth, full employment and people's well-being can only be empty talk. The stimulus package has enabled us to not only maintain the current economic growth and social stability, but also, and more importantly, secure the sound momentum of economic development. The severe external shock did not cause a big fluctuation in China's modernization process. This is of major and far-reaching significance.

在应对国际金融危机中，我们始终高度重视推动经济发展方式转变和经济结构调整。两年来，国内需求特别是消费对经济增长的拉动作用持续增强，2009年社会消费品零售总额实际增长16.9%，为1986年以来最高增速，今年以来这一势头得到延续，上半年实际增速与去年同期基本持平。产业结构升级加快，今年前7个月，高技术产业增加值同比增长17.7%，高于规模以上工业增加值增速0.7个百分点。基础设施建设得到加强，2008年8月1日，我国第一条具有完全自主知识产权、世界一流水平的高速铁路——京津城际铁路通车运营，全程运行时间只有30分钟，使两大直辖市形成同城效应；去年12月26日通车运营的武广高速铁路又成为目前世界上一次建成里程最长、速度最高的高速铁路。节能减排和环境保护扎实推进，去年关停了小火电机组2617万千瓦，淘汰落后炼钢产能1691万吨、炼铁产能2113万吨、水泥产能7416万吨，今年9月底前将再淘汰落后炼钢产能825万吨、炼铁产能3000万吨、水泥产能9155万吨，“十一五”前四年单位国内生产总值能耗累计下降15.6%。区域发展协调性增强，2009年中部地区、西部地区规模以上工业增加值增速分别比全国快1.1和4.5个百分点，今年上半年中部地区比全国快3.1个百分点，西部地区与全国持平，中西部地区占全国规模以上工业增加值的比重由2008年同期的38.1%上升到38.8%。更为重要的是，我们从全局和战略的高度，对加快经济发展方式转变和经济结构调整做出了全面部署。所有这些都将对我国经济长期稳定健康发展起到重要推动作用。

In tackling the international financial crisis, we have always given top priority to transforming the economic development pattern and restructuring the economy. In the past two years, domestic demand, consumption in particular, has played an increasingly strong role in driving economic growth. Total retail sales in 2009 rose by 16.9 percent in real terms, the fastest since 1986. This good momentum is continuing and retail sales in the first half of this year grew at roughly the same rate as the same period of last year. The upgrading of the industrial structure has been accelerated. In the first seven months of this year, the value added of high-tech industries increased by 17.7 percent year on year, 0.7 percentage point higher than that of the industries above a designated level. Infrastructure development has been strengthened. On 1 August 2008, the Beijing-Tianjin Intercity Railway, China's first top-class high-speed rail with full intellectual property, was put into operation, shortening the travel time between Beijing and Tianjin to only 30 minutes and binding the two major municipalities as one. The Wuhan-Guangzhou high-speed railway that went into operation on 26 December 2009 set the world record of the longest and fastest high-speed railway completed on an uninterrupted basis. Solid progress has been made in energy conservation, emissions reduction and environmental protection. Last year, we shut down small thermal power plants with a total capacity of 26.17 million kilowatts and phased out inefficient production capacity of 16.91 million tons of steel, 21.13 million tons of iron and 74.16 million tons of cement. By the end of this month, we will have eliminated an additional amount of inefficient production capacity, including 8.25 million tons of steel, 30 million tons of iron and 91.55 million tons of cement. Energy consumption per unit of GDP has been reduced by 15.6 percent in the first four years of the 11th five-year plan period. Regional development has been more coordinated. In 2009, the growth rates of value added of industries above a designated scale in the central and western regions were 1.1 and 4.5 percentage points higher than the national average respectively. In the first half of this year, such growth in the central region was 3.1 percentage points higher than the national average, and that in the western region on a par with the national average. Also in the first half of this year, the central and western regions' contribution to the value added of industries above a designated level in the national total increased to 38.8 percent from 38.1 percent of the same period in 2008. What is more important is that we have made all-round arrangements for accelerating the transformation of economic development pattern and economic restructuring from a macro and strategic perspective. All these will give a strong boost to the stable and healthy development of China's economy in the long run.

我们实施积极的财政政策和适度宽松的货币政策，刺激力度前所未有，同时又比较好地控制了财政金融风险。这两年，我国财政赤字和国债规模分别控制在国内生产总值的3%以内和20%左右；银行资产质量和抵御风险能力提高，目前资本充足率和不良贷款率分别为11.1%和2.8%，都处于安全范围内。我们清醒地看到财政金融领域的潜在风险，特别是地方政府融资平台的债务风险，这个问题由来已久，但近期风险有所加大。我们已经出台加强地方政府融资平台公司管理的有关办法，正在抓紧落实。面对突如其来的国际金融危机冲击，我们采取超常规的政策措施是必要的，这些政策措施在发挥积极作用的同时，难以避免会带来一些负面影响，关键是要把这些影响控制在可以承受的范围内。从这个角度来说，我们比较好地处理了兴利与除弊的关系，总体上看效果是好的。

We have implemented a pro-active fiscal policy and a moderately easy monetary policy with an unprecedented intensity, and at the same time successfully kept fiscal and financial risks under control. In the past two years, China's budget deficit and government debt have been kept below 3 percent and around 20 percent of the GDP respectively. The asset quality of banks and their ability to fend off risks have improved. The capital adequacy ratio and NPL ratio now stand at 11.1 percent and 2.8 percent respectively, both in the safe territory. This being said, we are keenly aware of the latent fiscal and financial risks, especially the debt risks of the financing platforms of local governments. This is not a new problem, yet the risks have somewhat increased in recent months. We have formulated the measures to strengthen the regulation of those financing platforms and implementation is well underway. In the face of the sudden international financial crisis, the extraordinary policy measures that we have adopted are necessary and these measure have played a positive role. Yet some negative impacts are hardly avoidable. What's important is to keep those negative impacts within a scope that we can manage. In this sense, we have done a good job in balancing the need of promoting positive effects with that of reducing negative ones. Taken as a whole, the results of our stimulus package are good.

中国实施一揽子计划，不仅保持了本国经济稳定和较快增长，也为世界经济复苏做出了重要贡献。当主要发达国家经济出现负增长之时，中国等发展中大国经济迅速回稳和保持较快增长，极大地增强了世界战胜国际金融危机的信心，为世界经济提供了强劲增长动力。2009年中国实现进口10056亿美元，全年贸易顺差减少了1020亿美元；今年前7个月，中国实现进口7666亿美元，同比大幅增长47.2%，贸易顺差同比减少226亿美元。这表明，中国经济增长为跨国公司提供了重大发展机遇，为主要经济体和周边国家创造了大量需求，成为世界经济复苏的重要引擎。

By implementing the stimulus package, we have not only maintained China's economic stability and relatively fast economic growth, but also made important contribution to the world economic recovery. At a time of negative economic growth for major developed countries, the fast economic stabilization and rapid economic growth of China and other major developing countries greatly boosted international confidence in overcoming the financial crisis and provided a strong impetus to the world economic growth. In 2009, China's imports totaled 1.0056 trillion U.S. dollars, and its trade surplus dropped by 102 billion U.S. dollars. In the first seven months of this year, China's imports reached 766.6 billion U.S. dollars, a surge of 47.2 percent year on year. This shows that China's economic growth has provided major development opportunities for the multinationals and created huge demand for major economies and neighboring countries. It has become an important engine for the world economic recovery.

总之，无论从短期看、还是从长期看，无论从实体经济领域看、还是从财政金融领域看，我们应对国际金融危机采取的一揽子计划和政策措施都是符合中国实际的，是及时的、有力的、有效的，是造福当代、利于后人、惠及世界的正确选择。当前中国经济运行呈现增长速度较快、结构逐步优化、就业持续增加、价格基本稳定的良好格局。二季度后一些主要经济指标增速出现回落，主要是基数影响和主动调控的结果。我们完全有信心、有条件、有能力继续保持经济平稳较快发展。我们将坚持把处理好保持经济平稳较快发展、调整经济结构和管理通胀预期的关系作为宏观调控的核心，把稳定政策作为宏观调控的主基调，保持政策的连续性、稳定性，增强调控的针对性、灵活性，进一步巩固和发展好的势头。

To sum up, from both the near and long-term perspective and in both the real economy and the fiscal and financial field, our stimulus package, policies and measures are timely, forceful, effective and suited to China's realities. They are the right choice that will bring benefits to both the current and future generations and serve the interests of the world. China's economy is now in good shape, featuring fast growth, structural improvement, rising employment and basic price stability. Growth of some major economic indicators moderated in the second quarter of this year. This is mainly due to the high level of the base figures and our proactive macro-control measures. We have the confidence, conditions and capabilities to maintain steady and fast economic development. In exercising macro-control, we will take it as a central task to appropriately handle the relationship between maintaining steady and rapid economic development, adjusting the economic structure and managing inflation expectations, and we will take policy stability as the main focus. While maintaining the continuity and stability of our policies, we will make macro-control measures more targeted and flexible to consolidate and strengthen the sound momentum of development.

女士们，先生们：

Ladies and Gentlemen,

国际金融危机的深层次影响还没有完全消除，世界经济还没有进入稳步增长的良性循环，系统性和结构性风险仍然比较突出。要巩固和扩大应对国际金融危机冲击成果，并统筹考虑当前和长远发展，在继续促进经济复苏的同时，通过经济结构性的改革，为可持续发展创造条件。这是世界各国面临的共同课题。中国经济发展中也存在一些不平衡、不协调、不可持续的问题，主要是：经济结构不合理，科技创新能力不强，资源环境约束强化，城乡区域发展不平衡，经济社会发展不协调。这些问题有的是经济发展现阶段很难避免的，有的是体制改革不到位造成的。我们将把短期调控政策和长期发展政策有机结合起来，把深化改革开放和推动科学发展有机结合起来，切实解决这些深层次、结构性问题。这样，中国经济才能实现更大更持久的发展。当前和今后一个时期，我们将着重在以下几个方面做出努力。

The underlying impact of the international financial crisis has not been fully eliminated, the world economy has yet to enter a benign cycle of steady growth, and systemic and structural risks are still prominent. We need to cement and build on what we have achieved in countering the financial crisis. We need to take into consideration both the immediate needs and long-term development and, while continuing to energize the recovery, create conditions for sustainable development through structural reform. This is a common task for all countries. In case of China, there is a lack of balance, coordination and sustainability in the economic development. The main problems include the unreasonable economic structure, weak capabilities for scientific and technological innovation, rising resources and environmental constraints, uneven urban-rural and regional development and lack of coordination between economic and social development. Some of these problems are inescapable in our current stage of economic development, and some are caused by inadequate institutional reform. To effectively address these deep-seated and structural problems, we will take an integrated approach that balances near-term macro control with long-term development and advances reform and opening-up in the broader context of scientific development. Only in this way can the Chinese economy achieve greater and more sustainable development. For now and in the time to come, we will focus our efforts in the following fields.

——我们要坚持内外均衡发展，着力构建扩大内需特别是消费需求的长效机制。中国有世界上潜力最大的国内市场，充分挖掘市场潜力，有效释放国内需求，是促进中国经济长期稳定发展的关键所在，也是解决经济运行中突出矛盾的重要途径。我们将加快推进收入分配制度改革，努力提高居民收入在国民收入中的比重和劳动报酬在初次分配中的比重，创造条件让更多群众拥有财产性收入，尽快扭转收入差距扩大趋势，促进居民收入和消费可持续增长。我们将坚持统筹城乡区域协调发展，积极稳妥地推进城镇化，因地制宜地把符合条件的农民工逐步转为城镇居民，继续加快新农村建设，加强农村基础设施建设和改善公共服务，继续实施区域发展总体战略，大力推进西部大开发和东北地区等老工业基地振兴，促进中部崛起，着力培育内需增长新动力，拓展农村和中西部地区的内需增长新空间。同时，我们要坚持面向国际国内两个市场。中国经济是开放型经济，我国既是出口大国，也是进口大国。我们发展对外贸易，并不追求贸易顺差。目前中国对美国、欧洲等有顺差，但对日本、韩国有逆差；加工贸易有顺差，但一般贸易有逆差；出口恢复性增长很快，但进口增长更快。我们不能、也不会关起门来搞发展。我们将在扩大内需的同时，积极稳定和拓展外需，努力实现内外均衡发展。

-- We will pursue balance growth of domestic and external demand and establish a long-term mechanism to expand domestic demand, consumer demand in particular. The Chinese market is one with the largest potential in the world. To fully tap the potential and effectively unleash the domestic demand holds the key to long-term and steady development of China's economy, and represents an important means to meet the prominent challenges in the economy. We will speed up the reform of the income distribution system, and raise the proportion of individual income in the national income and the proportion of the primary distribution that goes to wages and salaries. We will create conditions for more people to earn income from property, reverse the trend of widening income gap as quickly as possible, and boost the sustainable growth of people's income and consumer spending. With a commitment to coordinated development between urban and rural areas and between different regions, we will take active and prudent steps to advance urbanization, and allow eligible rural migrant workers to gradually become urban residents in line with the local conditions. We will accelerate the building of the new countryside and improve rural infrastructure and public services. We will continue to implement the overall strategy for regional development, push forward the development of the western region and the reinvigoration of the old industrial bases in northeast China and other places, energize the development of the central region, cultivate new drivers for domestic demand, and open up new space for the growth of domestic demand in rural areas and central and western regions. At the same time, we will continue to make full use of both the international and domestic markets. China's economy is an open economy, and China is both a major exporter and a major importer. We do not pursue surplus in foreign trade. China runs a trade surplus with the United States and Europe, yet a trade deficit with Japan and the ROK. We have a surplus in the processing trade, yet a deficit in general trade. Our export growth is rapidly recovering, yet our import has grown even faster. We cannot and will not pursue development with our door closed. We will expand domestic demand and at the same time actively stabilize and expand external demand, and strive to achieve balanced development of domestic and external demand.

——我们要坚持创新驱动，着力推动科技进步和产业结构优化升级。这是从根本上解决我国资源环境约束，适应国际需求结构调整和国内消费升级新变化，全面提升国民经济发展质量、效益和国家竞争力，促进经济可持续发展的战略重点。我们将把提高科技创新能力与完善现代产业体系有机统一起来，用先进技术改造传统产业，培育一批有自主知识产权和知名品牌、国际竞争力强的优势企业，建设一批具有国际水平和带动能力的现代产业集群，促进我国由制造大国转变为制造强国。我们将牢牢把握未来科技进步新趋势，加强政策支持和规划引导，积极培育发展战略性新兴产业，加快形成新的支柱性产业，力争实现跨越式发展。加快服务业对内对外开放步伐，营造有利于服务业发展的政策和体制环境，提高服务业在国民经济中的比重。

-- We will spur economic development through innovation and promote scientific and technological advances and upgrading of the industrial structure. This is a strategic priority if we are to fundamentally ease the resources and environmental constraints, adapt ourselves to the adjustments in the international demand structure and new changes brought by the upgrading of domestic consumption, raise the quality and efficiency of our economic development and national competitiveness across the board, and promote sustainable economic development. We will integrate our efforts in strengthening the capacity for scientific and technological innovation with those for improving the modern industrial system. We will upgrade the traditional industries with advanced technologies, nurture a number of internationally competitive enterprises with their own intellectual property and well-known brands, and build a number of world-class modern industry clusters which can serve as growth drivers, so that China can move industry clusters which can serve as growth drivers, so that China can move from a big manufacturing country to a strong manufacturing country. We will firmly grasp the new trend in future scientific and technological advancement, provide stronger policy support and planning guidance, actively build the emerging industries with strategic importance, develop new pillar industries as a faster pace, and strive for leap-frog development. We will accelerate the opening up of the service industry both domestically and externally, foster an enabling policy and institutional environment for its development and increase its proportion in the national economy.

——我们要坚持节约资源和保护环境，着力提高资源利用效率和应对气候变化能力。节约资源和保护环境是我们的基本国策。我们必须加快构建有利于节约能源资源和保护生态环境的产业结构、生产方式和消费模式，促进人与自然的和谐统一。我们将进一步完善法规和标准，强化目标责任考核，推动循环经济发展，全面推进节能、节水、节地、节材和资源综合利用，加强对各种自然资源的节约和管理，加强综合治理，保护与修复生态。我们将大力培育以低碳排放为特征的工业、建筑和交通体系，增加森林碳汇，加快低碳技术研发、示范和产业化，全面增强应对气候变化能力，在“共同但有区别的责任”原则下积极开展应对气候变化国际合作。

-- We will continue to conserve resources and protect the environment, and raise the efficiency in resources utilization and capacity in tackling climate change. To conserve resources and protect the environment is China's basic state policy. We must accelerate the formation of an industrial structure, production model and consumption pattern that are conducive to energy and resources conservation and eco-protection to promote harmony between man and nature. We will further improve laws and standards, strengthen accountability evaluation in meeting environmental targets, and advance the development of circular economy. We will make all-round efforts to save energy, water, land and materials and make comprehensive use of all kinds of resources, enhance the conservation and management of all natural resources, and take a holistic approach to protect and repair the eco-environment. We will energetically develop low carbon industrial, construction and transport systems, increase the forest carbon sink and speed up the R&D, demonstration and industrial application of low carbon technologies. We will comprehensively enhance our capacity for tackling climate change, and actively carry out international cooperation against climate change under the principle of "common but differentiated responsibilities".

——我们要坚持经济社会协调发展，着力保障改善民生和促进社会公平正义。保障和改善民生，让经济发展成果惠及全体人民，是经济社会发展的根本目的。让人民生活有基本保障、无后顾之忧，是现代政府的重要职责。目前许多国家都面临失业率高企的共同难题。中国也面临着相当严峻的就业形势。我国劳动力人口近8亿，相当于所有发达国家劳动力资源的总和，每年新进入人力资源市场的劳动力远远超过能够提供的就业岗位，劳动力总量供大于求与结构性用工短缺矛盾并存。我们将把促进就业作为经济社会发展的优先目标，实施更加积极的就业政策，积极开发就业岗位，鼓励自主创业，促进充分就业。我们将着力增强政府提供公共服务能力，逐步形成比较完整、覆盖城乡、可持续的基本公共服务体系，提高社会保障、基本医疗卫生等领域的均等化水平。住房问题既是经济问题，更是影响社会稳定的重要民生问题，稳定房价和提供住房保障是各级政府的重要责任。我们要进一步规范市场秩序，完善土地、财税、金融政策，加快建立促进房地产市场健康发展的长效机制，抑制投资、投机性需求，引导市场增加普通商品房供给，加快保障性住房建设，发展公共租赁住房，促进形成合理的住房供给结构，满足多层次的住房需求。

-- We will strike a balance between economic and social development and strive to ensure and improve people's livelihood and promote social equity and justice. To improve people's livelihood and extend the benefits of economic development to all is the fundamental goal of economic and social development. And to meet the essential needs of the people and free them from worries for daily necessities is an important responsibility of modern government. Many countries now face the challenge of high unemployment. China is also confronted by a rather severe employment situation. There are almost 800 million people of working age in China, equivalent to the workforce of all developed countries combined. The annual increase of workforce in the job market far exceeds the number of jobs available. The oversupply of labor and structural labor shortage exist side by side. We will make employment expansion a priority target in economic and social development, implement a more pro-active employment policy, vigorously create new jobs, and encourage self-employment to promote full employment. We will enhance the government's capability in providing public services, gradually establish a fairly complete and sustainable system of basic public services that covers both urban and rural areas, and promote equal access to social security and basic medical and health care services. The issue of housing is both an economic issue and more importantly, a major issue affecting people's livelihood and social stability. To stabilize the housing price and ensure housing availability is an important responsibility of governments at all levels. We must further rectify the market order, improve the land, tax and financial policies, accelerate the establishment of a long-term mechanism for the healthy development of the housing market and curb investment and speculative demand. We need to guide the market towards greater supply of ordinary commercial housing, speed up the development of low-income housing and build public rental housing in order to form a rational structure of housing supply and meet the diverse housing needs.

——我们要坚持深化改革，着力增强可持续发展的动力与活力。中国的发展进步得益于改革开放，中国要实现富强民主文明和谐的现代化目标，仍然要靠改革开放。中国的改革已经到了攻坚阶段，必须以更大决心和勇气全面推进各领域改革。我们要通过深化经济体制和政治体制等全面改革，使整个体制更加适应现代经济发展和社会主义民主政治建设的要求，更加有力地推进社会公平正义，更加有利于人的自由和全面发展。

-- We will deepen reform and increase the dynamism and vitality for sustainable development. China's development and progress would not have been possible without reform and opening-up. And to achieve the modernization goal of building a prosperous, democratic, culturally-advanced and harmonious country, we still need to rely on reform and opening-up. With China's reform endeavor at a crucial stage, we must advance the reforms in all areas with greater determination and courage. We must deepen comprehensive reforms in the economic, political and other fields to enable the entire system to better meet the needs of developing a modern economy and building socialist democracy, push forward social equity and justice and facilitate the free and all-round development of the people.

女士们，先生们：

Ladies and Gentlemen,

中国的发展是开放的发展。中国的开放是长期的、全面的、互利的。一切有利于对外开放的政策，我们都会坚持下去。中国始终致力于为外商投资企业创造开放公平的良好环境。中国高度重视知识产权保护，已将保护知识产权提升为国家战略，中国也愿意与世界各国进行知识产权交流和对话。在这里，我要重申，所有依照中国法律在中国注册的企业都是中国企业，它们制造的产品都是中国制造，它们研发的创新产品也都是中国创造。在中国境内注册的外资企业都享受国民待遇。同时，中国的政府采购，对外商投资企业和中资企业在中国生产的产品一视同仁、平等对待。

China's development is open development. China's opening-up is long-term, comprehensive and mutually beneficial. We will uphold all policies conductive to opening-up. China is committed to creating an open and fair environment for foreign invested enterprises. China gives high priority to intellectual property protection and has already made this a national strategy. We are ready to conduct exchanges and dialogue with other countries in this field. I wish to reiterate here that all enterprises registered in China according to Chinese laws are Chinese enterprises. Their products are made-in-China products. And the innovative products based on their research and development are created-in-China products. All foreign invested enterprises registered in China enjoy national treatment. In government procurement, China gives equal treatment to all products produced in China by foreign invested enterprises and Chinese invested enterprises alike.

中国巨大的市场容量、完善的基础设施、完备的产业配套能力和稳定公平的市场环境，正在吸引越来越多的跨国企业到中国投资兴业。目前中国是世界上吸引外资最多的国家之一，全球500强企业中已有470多家在中国落户。截至今年7月底，中国已累计吸收外资1.05万亿美元，连续18年居发展中国家首位。今年1-7月我国吸收外商投资同比增长了20.7%。外商投资企业在中国总体运营情况良好，取得丰厚回报，不少企业成为其母公司全球业务增长亮点和利润中心。这些情况说明，中国政府营造良好投资环境的努力得到了投资者的认可，提振了外商投资信心。我们将继续完善涉外经济法律法规和政策，改善外商投资兴业环境。我们真诚地欢迎各国企业积极参与中国改革开放进程，也希望各类企业严格遵守中国的法律法规，在中国依法经营，共享中国繁荣进步带来的机遇和成果。

China's huge market volume, sound infrastructure, strong industrial support ability and stable and fair market environment are attracting more and more multinational enterprises to invest and establish business in China. China is now one of the world's largest foreign investment destinations. More than 470 of the top 500 global companies have established their presence in China. By July this year, China had received 1.05 trillion U.S. dollars of foreign investment in cumulative terms, ranking the first among developing countries for 18 years in a row. In the first seven months this year, foreign investment in China increased by 20.7 percent over the same period last year. Foreign invested enterprises on the whole enjoy good operation in China and have reaped good returns. Many have become the bright spot and profit center in the global business growth of their parent companies. All of these demonstrate that the efforts of the Chinese government to foster a favorable investment environment have been recognized by the investors and bolstered foreign investors' confidence. We will continue to improve the foreign-related economic laws, regulations and policies, and improve the business environment for foreign investors in China. We sincerely welcome enterprises from all countries to actively participate in China's reform and opening-up process, and hope that all types of enterprises will strictly abide by China's laws and regulations, run businesses in China according to law, and share the opportunities and benefits of China's prosperity and progress.

谢谢大家！

Thank you!