Dear Lord Mayor Petra Roth of Frankfurt City,

Dear Prof. Li Yang, Vicepresident of CASS,

Ladies and Gentleman,

I'm very glad to be invited here to the opening ceremony of this conference on "The Future of Banking and Finance in China - Prospects and Challenges". First of all, I would like to express my warm congratulations on  the opening of the conference and extend my gratitude towards the Frankfurt School of Finance and Management for the active efforts in the preparation of the conference.

In the last 3 years, the international financial crisis has laid huge impact on world economy. World economic situation witnessed profound changes. Main economies in the world have suffered from depression. China, with its integration into globalization, is inevitably caught in the middle of the crisis as well. Facing the unprecedented risks and challenges both domestically and abroad, the Chinese Government on the one hand took timely and effective measures like large-scale economy stimulation plans in order to boom domestic economic development, on the other hand . And besides, it took active part in building regional and international economic orders. Last year, China's GDP maintained a 9.1% fast growth of 9.1% and the contribution rate of China's economy to the world economic growth is more than 50%.  Chinese banks also withstood the test of the financial crisis by their strong strength as well as their safe and stable attitude. This made makes them unique and outstanding in world banking. Currently, Industrial and Commercial Bank of China, Construction Bank of China and Bank of China have become the top three largest banks in the world. Their total market value accounts for 51% of the world top ten banks.

Through joint efforts of the international society, world economy is witnessing gradual stabilization and recovery, yet with a rather weak foundation. The once once-in in-a a-century financial crisis has left us a lot of  thought-provoking questions which need to be solved immediately. How to achieve effective implementation of financial regulation is one of the biggest challenges the Chinese Government is facing right now, just like the other governments. In the meantime, the crisis also offered a once once-in in-a a-century opportunity for China and the rest of the world to cooperate with each other. To achieve total recovery of world economy requires the cooperative work of all the countries in the world in accelerating economic restructuring and the reform in international financial system. Currently, China's economic development is rather stable. The process of urbanization is speeding up. The focus of the global financial industry has a new tendency of shifting towards Asia. China should utilize the new vitality brought by major technological breakthroughs and industrial restructuring, and should push local financial market towards in-depth development by taking advantage of de development of domestic demand. According to the plan of the Chinese Government, Shanghai will strive to become an international financial center by 2020. Chinese financial industry is step by step implementing the strategy of "Going Global". China is willing to carry out friendly cooperation with world financial centers including Frankfurt City to convert crisis into opportunities and jointly explore the future. I wish and believe that this conference will be very fruitful and will offer advices and suggestions as well as provide useful inspiration for the future development of China's financial industry.

Thanks for your attention.