面向未来，不管国际风云如何变幻，中国将坚定不移推动全方位对外开放，致力于发展更高水平的开放型经济。我们将深化制造业开放，落实好汽车领域放宽外资股比限制等措施，鼓励外资参与制造业高质量发展，支持外资投向电子信息、装备制造、医药、新材料等先进制造领域和中西部地区，在自用设备进口、企业所得税、土地供应等方面给予优惠待遇。我们将深化金融等现代服务业开放举措，将原来规定的2021年取消证券、期货、寿险外资股比限制提前至2020年，在增值电信、交通运输等领域减少对外资准入限制，落实好征信、信用评级、支付等领域外资机构国民待遇，扩大债券市场双向开放。稳步推进汇率形成机制改革和资本项目可兑换，保持人民币汇率在合理均衡水平上的基本稳定，不搞竞争性贬值。我们将进一步自主降低关税总水平，努力消除非关税壁垒，积极扩大商品和服务进口，提升进口便利化水平。我们将继续完善对外开放法律法规体系，外商投资法配套法规、规章正在抓紧制定，今年年底前都会完成，明年1月1日与外商投资法同步实施。同时，加快清理与外商投资法不相符的法律法规和规范性文件，年底前将全面取消外资准入负面清单外的限制规定。我们将更大力度保护知识产权，实施侵权惩罚性赔偿制度，严厉打击各类侵权假冒行为。中国对外商投资的开放度、透明度、可预期性会越来越高，整体投资环境会越来越好。一个更加开放的中国，必将为促进世界经济发展作出更大贡献。

Going forward, no matter how the international situation may evolve, China will remain firmly committed to all-round opening-up and building an open economy of a higher standard. We will advance the opening-up of the manufacturing sector by following through on the commitment to ease foreign equity restrictions such as in the auto industry, encouraging foreign investment in high-quality manufacturing, and supporting foreign businesses in investing in advanced manufacturing such as electronics and information technology, equipment manufacturing, pharmaceuticals and new materials and in central and western China. Foreign businesses making such investments will be eligible for preferential treatment in terms of import of self-use equipment, corporate income tax and land use.

The financial and other modern services sectors will also be further opened up. We will move up the lifting of foreign ownership caps in securities, futures and life insurance from 2021 to 2020. Restrictions on foreign investment in value-added telecommunication services and transportation will be reduced, and foreign-funded institutions will receive national treatment in credit investigation, credit rating and payment. Two-way opening of the bond market will be expanded. The reform of the exchange rate mechanism and the convertibility of the RMB under the capital account will be taken forward in a steady manner. The RMB exchange rate will remain generally stable at an adaptive and equilibrium level. China will not engage in competitive devaluation. We will continue to lower overall tariffs voluntarily, remove non-tariff barriers, actively increase the import of goods and services, and enhance import facilitation.

We will further improve laws and regulations concerning opening-up and expedite the drafting of supporting rules and regulations for the Foreign Investment Law, which is expected to be finished by the end of this year and enter into force along with the Foreign Investment Law on 1 January 2020. In the meantime, we will move faster to overhaul laws, regulations and normative documents that are incompatible with the Foreign Investment Law, and will eliminate all remaining restrictions outside the negative lists for the access of foreign investment by the end of this year. We will strengthen IPR protection and introduce a punitive compensation mechanism to crack down hard on all kinds of infringements and counterfeiting. Efforts in all the above areas will make China even more open, transparent and predictable for foreign investment and improve the overall investment environment in this country. The world economy stands to benefit from a more open China.

　　女士们、先生们！

　　今年上半年刚刚过去，大家都很关心当前中国经济形势。综合看，中国经济总体平稳、运行在合理区间，经济基本面继续保持稳中向好态势，主要经济指标符合预期。就业持续增加，5月份城镇调查失业率稳定在5%左右的较低水平。经济结构不断优化，服务业平稳增长，工业企业利润增速由负转正，高技术制造业、战略性新兴产业增速明显快于整体工业，夏粮丰收在望。居民消费价格保持温和上涨。外汇储备稳中有升。前5个月平均每天新设企业1.89万户，继续保持较快增长，这反映出社会创业创新有活力、市场主体有信心。

Ladies and Gentlemen,

As we head into the second half of this year, the performance of the Chinese economy may be a topic of great interest to many of you. On the whole, the Chinese economy has registered steady growth and has been operating within a proper range. The economic fundamentals remained stable with a positive momentum. Major economic indicators match our expectations. More jobs have been created, as can be seen from the relatively low surveyed urban unemployment rate in May, which was around 5 percent. The economic structure has continued to improve. The services sector has been steadily expanding; profit growth of industrial enterprises has re-entered positive territory; the growth of high-tech manufacturing and strategic emerging industries has notably outstripped that of the overall industrial sector; and a bumper harvest for summer grains is on the horizon. Consumer prices increased mildly. And foreign exchange reserves have remained stable and saw a moderate increase. In the first five months of this year, the average number of newly-registered businesses has risen substantially to 18,900 every day, reflecting vibrant start-up and innovation activities and confidence among market entities across the country.

　　当然，中国经济也面临着新的下行压力。外部不确定不稳定因素增多，给部分企业生产经营、外贸出口特别是市场预期带来一定影响；国内有效投资增长缓慢，保持经济平稳运行的难度不小。对今年国内外复杂严峻形势，我们早有预判、作了充分准备，一直在采取措施积极加以应对，尤其是实施更大规模的减税降费，已初见成效。中国市场规模巨大、人力人才资源丰富、产业配套齐全、新动能快速成长，综合优势较为明显，经济发展有足够的韧性、潜力和回旋余地，长期向好的趋势不会改变。

That being said, the Chinese economy does face some new downward pressure. The increase in uncertainties and destabilizing factors externally is affecting some businesses and weighing on export and market expectations. Slowing growth in effective domestic investment has added to the difficulty in maintaining stable economic performance. Yet, we have long seen challenges coming and have been making full preparations by acting proactively to tackle head-on the complex and difficult situation both at home and externally. Such efforts, especially larger-scale tax and fee cuts, have produced initial results. With its huge market, ample human resources, full-fledged industrial system and dynamic new growth drivers, the Chinese economy enjoys solid overall strength and resilience, potential and flexibility, sufficient to sustain its sound development in the long term.