Now, let me give an update on the Chinese economy, which may be of interest to you. This year, the Chinese economy has posted stable performance and moved in a positive direction, with major economic indicators surpassing expectations. In the first quarter of this year, China's GDP expanded by 6.9 percent. In the first four months, fiscal revenue increased by 11.8 percent, the fastest growth in the same period since 2013. Corporate profits in the industrial sector rose by 24.4 percent, reflecting greater efficiency in economic growth. In particular, employment is steadily rising. A total of 4.65 million new jobs were created in the cities, and the surveyed unemployment rate of major cities was around 5 percent in April. Economic indicators such as cargo volume, electricity generation, and port throughput continued to increase in May. For 10 months in a row, PMI has stood above the 50-point mark indicating economic expansion. Most notably, PMI of small manufacturing companies has increased for the third consecutive month, which is a sign of continued improvement in the performance of traditional drivers. New technologies, industries, businesses and models are thriving. High-tech and service industries continue to outperform general industries in growth. The non-manufacturing business activity index is approaching a three-year high. Online retail sales of goods and services have increased by over 30 percent year-on-year. All these encouraging changes in the Chinese economy have been the result of deepened reform and innovation, especially major progress in advancing supply-side structural reform.

大家关心中国经济形势，我愿作简单介绍。今年以来，中国经济保持稳中向好的发展态势，主要经济指标好于预期。一季度，国内生产总值增长6.9%。前4个月，财政收入增长11.8%，为2013年以来同期最高增速，工业企业利润增长24.4%，反映出经济增长效益提高。特别是就业稳定增长，城镇新增就业465万人，4月份大城市调查失业率在5%左右。5月份，货运量、发电量、港口吞吐量等实物指标继续增长，制造业采购经理指数（PMI）连续10个月位于荣枯线以上，尤其是小型制造企业PMI连续3个月上升，反映出传统动能持续回升好转。新技术、新产业、新业态、新模式蓬勃发展，高技术产业和服务业持续快于一般工业，非制造业商务活动指数接近3年来的峰值，网上商品和服务零售额同比增长30%以上。中国经济出现这些可喜变化，根本原因是改革创新发了力，特别是推进供给侧结构性改革取得重要进展。

We have readjusted macro regulation in an innovative way. Despite downward economic pressure, the Chinese government did not resort to massive stimulus measures, but relied on reform and innovation to stabilize growth, restructure the economy and fend off risks. We have maintained the continuity and consistency of our macro-control policies, and continued to pursue a proactive fiscal policy and prudent monetary policy. The fiscal deficit ratio has been kept below 3 percent. The government debt-to-GDP ratio last year was 36.7 percent, lower than the 60 percent alarm level of the EU and among the lowest in the world's major economies. Moreover, it has been kept stable over the last two years. As for local government debts, they are mostly used to support investment in public projects. These are asset-backed debts with sound guarantee for repayment. The risks are by and large under control. M2 growth has been on a downward trajectory since 2013, and fell to 10.5 percent at the end of April this year. The relatively high leverage ratio in non-financial companies has to do with China's high household savings and credit-dominated financing structure. Non-performing loan ratio of the banking sector is stabilizing and relatively low compared to other countries. Commercial banks have relatively high capital adequacy ratio and provision coverage ratio. Household savings rate is close to 50 percent, which is about twice the average of major economies. Since the beginning of this year, the IMF has twice revised its growth forecast upward for China, and suggested on several occasions that China's financial risks are controllable and that the value of the RMB is broadly in line with China's economic fundamentals. We still have plenty of "tools" in our toolbox for innovation in macro regulation, and we are fully capable of defending the bottom line of no outbreak of systemic or regional risks.

我们创新宏观调控方式。面对经济增长下行压力，中国政府没有搞"大水漫灌"式强刺激，而是依靠改革创新来稳增长、调结构、防风险。我们保持宏观政策基本取向的连续性和稳定性，坚持实施积极的财政政策和稳健的货币政策。财政赤字率一直控制在3%以内，去年政府负债率为36.7%，低于欧盟60%的警戒线，在世界主要经济体中也是较低的，而且近两年保持平稳。地方政府债务主要用于公益性项目投资，都是资产性债务，为今后偿债提供了坚实保障，风险总体可控。2013年以来，广义货币（M2）增速总体呈下降趋势，今年4月末增速降至10.5%。中国非金融类企业杠杆率较高，与居民储蓄率高、以信贷为主的融资结构有关。目前，银行业不良贷款率趋于稳定，在全球处于较低水平；商业银行资本充足率、拨备覆盖率较高；居民储蓄率接近50%，是世界主要经济体的两倍左右。年初以来，国际货币基金组织两次调高中国经济增长预期，并多次表示中国金融风险可控，人民币币值与经济基本面相符。我们创新宏观调控工具箱里有很多"工具"，完全有能力守住不发生系统性、区域性风险的底线。