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.