Dear Colleagues,

Food security, infrastructure, and tariff-free and quota-free treatment to the least developed countries have been the focus of the G20 consultations on development this year. They are also the key areas in which China has been helping other developing countries within the framework of South-South cooperation.

Regarding food security, China had, by the end of 2010, provided 4.3 billion yuan in food aid through bilateral channels. To help African countries cope with the severe drought and food crisis, China has announced 533.2 million yuan in emergency food aid to the affected countries. In the field of infrastructure, China had, by the end of 2010, completed 632 infrastructure projects in other developing countries. Between 2010 and 2012, China will provide 10 billion U.S. dollars in lending of a preferential nature to Africa, the bulk of which will go to infrastructural development. Between 2011 and 2015, China will build 200 infrastructural projects in clean energy and environmental protection in other developing countries.

China has taken various measures, including tariff reduction and exemption, to create conditions for other developing countries to increase exports to China. To further help the least developed countries in their development endeavor, China will, in the context of South-South cooperation, give zero-tariff treatment to 97 percent of the tariff items of exports to China from the least developed countries having diplomatic ties with China. We hope that this move will also help achieve the development goals of the Doha Round at an early date.

Dear Colleagues,

This year marks the tenth anniversary of China's accession to the WTO. In the past ten years, China's economy has made significant advance and its contribution to world economic growth has been growing. China's average tariff level has dropped from 15.3 percent to 9.8 percent, which is lower than the WTO requirement for developing countries. Its total imports in this period have reached 8.5 trillion U.S. dollars, creating a huge market for other countries. Since the outbreak of the international financial crisis, China has actively responded to domestic and external challenges to maintain strong growth at home, and add momentum to economic recovery both in the region and globally. At the same time, China has substantially increased its financial contribution to international financial institutions, extended a helping hand to other developing countries, increased bond purchase from developed countries and played its part in assisting the economic and social development of relevant countries and stabilizing the international economic and financial situation. In the coming five years, China's imports are expected to exceed 8 trillion U.S. dollars, which will be a major contribution of China to the global economy.

The overall situation of China's economic and social development is good. In the face of the complex and volatile global economic environment, China has taken targeted measures this year to strengthen and improve macro control, with focus on stabilizing prices, adjusting the economic structure, ensuring people's well-being, and promoting harmony. The Chinese economy is driven more by its internal dynamism than policy stimulus. And it is moving in the direction consistent with the objectives of macro control. In the first three quarters, China's GDP grew by 9.4 percent year-on-year. The urban per capita disposable income and rural per capita cash income rose by 7.8 percent and 13.6 percent respectively in real terms. Retail sales were up 17 percent. China's imports grew faster than exports, and China's trade surplus decreased over the same period last year. There is a better balance between domestic and external demands in driving economic growth. On the other hand, China is confronted with quite a few challenges in its efforts to maintain steady and fast growth. Some institutional and structural problems that have built up over the years remain unresolved, and there are some negative factors affecting the sound performance of China's economy. For instance, the overall price level is rather high, some small- and medium-sized businesses face difficulties, job pressure is growing, and much more needs to be done in energy conservation and emissions reduction. We must pay great attention to these problems and make earnest efforts to resolve them.

To sustain the sound momentum of China's economic and social development, we will continue to pursue development in a scientific way and redouble efforts to shift the growth model. We will continue to strengthen and improve macro control, and maintain a balance between achieving steady and fast economic growth, adjusting the economic structure and managing inflation expectation. Putting people's interests first and taking a holistic approach to development, we will work harder to achieve all-round, balanced and sustainable development, deepen reform and opening-up, and improve people's well-being. I am convinced that, through hard work and with the understanding and support of the international community, we will have a bright prospect for the Chinese economy. And continued steady and fast economic growth in China will serve the interest of global economic growth.

Dear Colleagues,

At a time when we face both difficulties and daunting tasks, we must pool our efforts, meet challenges head-on, and work for durable peace and common prosperity of our world.

Thank you.