Good afternoon, Ladies and Gentlemen.

I would like to thank Mr. ZHANG Liming, Vice President of the Development Research Center, for his kind introduction, and thank you to the Development Research Center for inviting me to this important panel.

It is a great pleasure to share this stage with Governor Zhou, who has so deftly guided China’s monetary policy over the past decade. China played a key role in stabilizing the global economy during the financial crisis, and has since provided vital support to the recovery.

The world has yet to achieve full economic recovery. Global growth continues to be weighed down by high debt, high unemployment, and lackluster investment. The IMF recently cut its global growth forecasts for both 2015 and 2016 (to 3.5% and 3.7%) – despite the boost from cheaper oil and stronger U.S. growth.

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