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.

在應對國際金融危機中，我們始終高度重視推動經濟發展方式轉變和經濟結構調整。兩年來，國內需求特別是消費對經濟增長的拉動作用持續增強，2009年社會消費品零售總額實際增長16.9%，為1986年以來最高增速，今年以來這一勢頭得到延續，上半年實際增速與去年同期基本持平。產業結構升級加快，今年前7個月，高技術產業增加值同比增長17.7%，高于規模以上工業增加值增速0.7個百分點。基礎設施建設得到加強，2008年8月1日，我國第一條具有完全自主知識產權、世界一流水平的高速鐵路——京津城際鐵路通車運營，全程運行時間只有30分鐘，使兩大直轄市形成同城效應；去年12月26日通車運營的武廣高速鐵路又成為目前世界上一次建成里程最長、速度最高的高速鐵路。節能減排和環境保護扎實推進，去年關停了小火電機組2617萬千瓦，淘汰落后煉鋼產能1691萬噸、煉鐵產能2113萬噸、水泥產能7416萬噸，今年9月底前將再淘汰落后煉鋼產能825萬噸、煉鐵產能3000萬噸、水泥產能9155萬噸，“十一五”前四年單位國內生產總值能耗累計下降15.6%。區域發展協調性增強，2009年中部地區、西部地區規模以上工業增加值增速分別比全國快1.1和4.5個百分點，今年上半年中部地區比全國快3.1個百分點，西部地區與全國持平，中西部地區占全國規模以上工業增加值的比重由2008年同期的38.1%上升到38.8%。更為重要的是，我們從全局和戰略的高度，對加快經濟發展方式轉變和經濟結構調整做出了全面部署。所有這些都將對我國經濟長期穩定健康發展起到重要推動作用。

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.

我們實施積極的財政政策和適度寬松的貨幣政策，刺激力度前所未有，同時又比較好地控制了財政金融風險。這兩年，我國財政赤字和國債規模分別控制在國內生產總值的3%以內和20%左右；銀行資產質量和抵御風險能力提高，目前資本充足率和不良貸款率分別為11.1%和2.8%，都處于安全范圍內。我們清醒地看到財政金融領域的潛在風險，特別是地方政府融資平臺的債務風險，這個問題由來已久，但近期風險有所加大。我們已經出臺加強地方政府融資平臺公司管理的有關辦法，正在抓緊落實。面對突如其來的國際金融危機沖擊，我們采取超常規的政策措施是必要的，這些政策措施在發揮積極作用的同時，難以避免會帶來一些負面影響，關鍵是要把這些影響控制在可以承受的范圍內。從這個角度來說，我們比較好地處理了興利與除弊的關系，總體上看效果是好的。