Vice Mayor Chen, dear friends, first of all, I am very honored to come to Shanghai and attend the third conference of the CMIG Global Advisory Council (GAC). Over the past three years, CMIG has achieved rapid development and great achievements, carried out a lot of strategies and realized many ambitious goals. These achievements are under the leadership of President Li. CMIG has wide business, and focuses on the economic development of China and the world.

I am very pleased to attend the third meeting this year after the conferences in Beijing and Singapore, to share with you the views on global economic development and growth. First of all, I welcome two new members who both represent the diversity and openness of GAC. Mr. Marek Belka has made great achievements in conomics, especially in terms of international and local economic development. Before I served as Prime Minister of France, Mr. Belka and I cooperated a lot in the EU. Mr. Belka’s efforts at IMF and the National Bank of Poland are obvious to all. Sincerely welcome Mr Belka’s attending here. Mr. Deaton made very significant contributions in the fields of health, equality and social welfare, and won the Nobel Prize in economics in 2015. He has played a very important role in mutual trust and cooperation between Europe and the United States, and contributed a lot to the emerging economies. Nowadays, in the context of global economic development, the development of finance and trade, including cross-border cooperation, are worthy of support.

Nowadays, we can see that the stability of the world is affected by some uncertainties, and peace and development are the unprecedentedly important themes that we have to face. So, I believe that all organizations, including governments need to work hard to prevent further instability and crisis. We face the challenge of extremism, but also face the risk of the European economic problems. Western, northern and central European countries, like Hungary and Finland, are all in the face of stability problems, hoping not to be marginalized. In Western and Southern Europe, the new election in 2017 will bring about economic and social changes in France; similarly, Italy and Germany will also face reforms. In the future, We will also face the impact of protectionism and separatism. In the United States, a lot of public opinions of Trump also include these views. Potential risks caused by war also exist. For example, countries in Middle East, such as Syria, have always been faced with tense situation in the past few years. Such problems are still unsettled now. We need to further promote the balanced development in Africa. Despite the relatively good situations in South Africa and other countries, countries in Saharan region, such as Somalia and Algeria are trapped in economic and political problems. In addition to these places, some Latin American countries, including Brazil, are facing economic problems, such as inflation and other factors of instability.

The slowdownof economic growth in every region of the world is a big challenge we face. In 2016, the global economic growth slowed to 3%, which brought a huge negative pressure. China is a bright spot in the development of the world economy, but a lot of non - manufacturing industries in China are also facing the pressure of future development. In other regions, such as Europe and the United States, we pay special attention to the impact of employment and inflation. 

Therefore, we need more efficient policies to address these challenges. China focuses on GDP and private enterprises contribute a lot to the future growth of GDP. However, private enterprises face credit bubble in the United States, and problems caused by junk bonds in Europe, especially in Italy. At present, we have not yet found the most appropriate and effective way to solve these problems, crises and risks, so as to promote the further development of economy. In the future, China still faces a lot of risks brought by high-return products. We also have to deal with a lot of agreements, including the Trans-Pacific Partnership Agreement (TPP), and other protocols of neighboring countries in the Atlantic Ocean. All these are challenges in the face of further development. We need to work together to constantly promote the common development of the global economy. In this context, China has entered a new stage of development, and is bound to bring a new era of globalization.

China will promote economic development in new ways, including stimulating growth of domestic consumption demand. China has become the world's second largest exporter of capital, and China's investment in the world continues to grow, including the investment in a lot of strategic fields. China begins to play a very important role in the field of investment, such as large-scale investment in India. At the same time, Chinese investment is very diversified, and made great progress in the fields of infrastructure,new energy, tourism and public health. China has already been one of the largest outbound tourist markets in the world. In 2015,Chinese investment in renewable energy accounted for 1/3 of the world's total investment.

China is increasing its investment in infrastructure, especially in Asia. At the same time, we can see that China's development is also faced with some challenges, including the development in Africa. However, China is playing more and more important leadership in world affairs; meanwhile the RMB becomes a member of SDR of IMF, and occupies more than 10% share, indicating that China’s globalization has ushered in a new era.

RMB has played a very important role in Asian and African countries, as well as in the development of trade between China and other emerging economies, such as South Africa. China is also playing an increasingly important role in the change of energy use system and the development of green energy. In addition, for example, under the Paris Agreement and the framework of G20, China is playing a more and more significant role.

Now, we are no longer in need of protectionism and separatism as before. What we need are in-depth globalization, more equality and challenges. We must have lofty ideals and high aspirations, especially after President Xi Jinping proposed the "Belt and Road" policy, a strategy to deal with the slowdown of global economy.The “Belt and Road" gets further implementation through sustainable investment with high return, such as the investment in the construction of airports and railway. In addition, political stability has promoted the further cooperation between China and Central Asia, Europe, Middle East and Africa. In terms of financial relations,

we need to further promote cooperation between developing countries and emerging countries.All these are key factors. We expect for better equality and justice in globalization. The financial sector is further appealing to equity and justice, and we expect all the participants to make greater contributions to improve the recovery of the world economy, and we expect more measures to further prevent the economic recession.

Ladies and gentlemen, I would like to say that there is no universal solution to deal with the economic crisis. We need to focus on innovation and cooperation, which are the most effective ways now. Let us make contributions together and look forward to turning the tide, thank you!