President Clinton,

Distinguished Guests,

Ladies and Gentlemen,

I am delighted to attend the 2008 Clinton Global Initiative (CGI) Asia Meeting in Hong Kong, China, at the kind invitation of President Clinton. This is the first time that the CGI meets in Asia. I wish to extend, on behalf of the Chinese Government and in my own name, warm congratulations on the opening of the meeting and sincere welcome to all the participants.

The CGI established by President Clinton aims to address issues in a wide range of areas, including sustainable development, climate change, poverty alleviation, disaster relief, health and education. It has played an active part in promoting international cooperation in these areas, and I highly appreciate its efforts.

Ladies and Gentlemen,

For China, the year 2008 has been truly eventful. We experienced heavy snowstorms in southern China at the beginning of the year and then the devastating earthquake in Wenchuan, Sichuan Province. In the face of severe natural disasters, the Chinese people demonstrated great strength, courage, solidarity and resilience, and launched an effective disaster relief and reconstruction campaign. We then hosted the Beijing Olympic Games and Paralympic Games. The two splendid Games not only produced impressive sports records, but also increased the mutual understanding and friendship between the Chinese people and people around the world, and left behind an invaluable cultural asset. To ensure the success of the disaster relief efforts and the Olympic Games, the Chinese people made extraordinary efforts. We also received enormous support and sincere assistance from the international community, for which we are most grateful.

The fundamental reason behind China's success in the aforementioned endeavors is the economic and social progress that we have made through reform and opening-up in the past 30 years. Thirty years ago, thanks to the initiative and leadership of Mr. Deng Xiaoping, China started reform and opening-up. Since then, China has successfully made the historic transition from a highly centralized planned economy to a robust socialist market economy and from a closed or semi-closed society to one that fully embraces the world. China's economy, once on the verge of collapse, now enjoys sustained and fast development and has grown to be the fourth largest in the world. China's total import and export volume now ranks the third in the world. The Chinese people, once lacking adequate food and clothing, now lead a fairly comfortable life. The rural poor population has dropped from more than 250 million to about 15 million. Together with economic reform, we have advanced political restructuring with the focus on improving socialist democracy. We have also made significant progress in education, health, culture and other social programs. In short, reform and opening-up have provided real benefits to the Chinese people and brought about historic changes in the country.

We are soberly aware, however, that China remains a developing country with low productivity and faces complex problems and difficulties in the course of development. China falls behind more than 100 countries in terms of per capita income, and there is lack of balance in the development between urban and rural areas, among different regions and between the economic and social sectors. The pattern of economic growth is largely extensive. There are heavy population, resources and environmental pressures, as well as challenges in employment, social security, income distribution, education and health. The fundamental solution to these problems lies in deeper reform and wider opening-up. We will continue to advance economic and political restructuring and various reforms, draw on all the fine achievements of human civilization, promote comprehensive, balanced and sustainable economic and social development, and work hard to build a moderately prosperous society of a higher level to the benefit of all the people.

Ladies and Gentlemen,

We live in an era of growing globalization, and mankind faces both unprecedented opportunities and challenges in seeking development. The items on the agenda of this meeting, such as climate change, financial crisis, chronic and infectious diseases and major natural disasters are all global issues threatening human survival and development. As countries are becoming more and more inter-dependent, no one can expect to stay away from these threats or address them on one's own. We must strengthen coordination and cooperation and tackle these challenges through concerted efforts.

Through 30 years of reform and opening-up, China has integrated into the international community and built close links with the rest of the world. Back in 1978, China's GDP accounted for only 1% of the world's total. By 2007, it was over 5%. China's share in global trade rose from less than 1% to about 8% during this period. These changes have made China one of the largest contributors to world economic growth. China has earnestly fulfilled its due international responsibilities, played an increasingly important role in international and regional affairs, and made greater contributions to world peace and development. At the same time, the world economy is also having a greater impact on the Chinese economy, and China is confronted with the same traditional and non-traditional security threats as other countries. China's future is more than ever closely tied with that of the world.

Against such a backdrop, China needs to have a peaceful, stable, harmonious and cooperative international environment to achieve its development goals. China's development, in turn, will help promote world peace and prosperity. We will unswervingly follow an independent foreign policy of peace, adhere to the path of peaceful development and pursue a win-win strategy of opening-up. We will work more closely with all other countries to build a harmonious world of lasting peace and common prosperity. As a responsible member of the international community, we will continue to play an active and constructive role in international cooperation on climate change, energy, environmental protection, disease prevention and control, poverty alleviation and disaster reduction, so that together, we can take good care of the planet Earth – our common home, and ensure sustainable development of the human society.

Ladies and Gentlemen,

An important topic of this meeting is how to address the ongoing international financial crisis. The financial crisis has now spread from some parts of the world to the entire globe, from developed countries to emerging markets, and from the financial sector to the real economy. It has seriously affected the economic development and people's livelihood of all countries. It is therefore an important and urgent task for the international community to effectively deal with financial risks, maintain international financial stability and promote world economic growth.

China has made active efforts to the best of its ability in response to the financial crisis. We have taken a range of important measures, including those on ensuring domestic financial stability, increasing liquidity in the financial markets and institutions and enhancing coordination with other countries on macro-economic policies. We have recently adopted even stronger measures to boost domestic demand. In the coming two years, we will invest an additional 4 trillion RMB yuan in projects related to people's livelihood, infrastructure, the eco-environment and post-disaster reconstruction. We will increase household income, particularly that of low income households, and enhance their consumption ability. We are confident that these measures will give a strong impetus to the steady growth of the Chinese economy, and contribute significantly to international financial stability and world economic development.

The Chinese Government has actively participated in the international efforts to cope with the financial crisis ever since it broke out. President Hu Jintao, Premier Wen Jiabao and other Chinese leaders have elaborated on many international occasions the views and position of the Chinese Government on how to defuse the financial crisis, stabilize global economy, strengthen international financial regulation and reform international financial institutions. We believe that consensus reached during the important international meetings held recently is of great significance and the international community should implement it in real earnest. We should further strengthen dialogue, coordination and mutual support, stabilize the financial markets as quickly as possible, boost market confidence, and do whatever we can to minimize the damage on the real economy and prevent a global recession. China, on its part, will continue to act in a responsible manner and intensify cooperation with other countries during this difficult time. We want to contribute our share to maintaining international financial stability and promoting world economic growth.

Ladies and Gentlemen,

By choosing to hold this meeting in Asia, the CGI has demonstrated the importance it attaches to this region. Indeed, Asia is one of the most dynamic regions in the world. However, while enjoying fast economic growth, Asia is also faced with difficulties and challenges such as environmental degradation, frequent natural disasters, widening gap between the rich and the poor, and under-developed public health and education. Meeting these challenges is not only the top priority of the governments of Asian countries, but also the shared responsibility of non-profit organizations, business communities and other sectors of the society. I hope that participants at the meeting will use this opportunity to share experience, build consensus, learn from each other, explore ways of common development and make joint efforts for a brighter future for Asia and the world.

Hong Kong, the venue of this meeting, is known as the "Pearl of the East". It is a world-renowned free port and international financial, trade and shipping center. It is widely recognized as an open and free economy and one of the most dynamic regions with the best business environment. Since its return to the motherland in 1997, Hong Kong has developed closer economic ties with the mainland under the principles of "one country, two systems", "Hong Kong people administering Hong Kong" and a high degree of autonomy. Its economy keeps growing, its democracy is progressing in an orderly way, and its society is stable. I believe that this meeting will go a long way in facilitating the exchange and cooperation between Hong Kong and the international community, the Asia-Pacific countries in particular.

In conclusion, I wish the 2008 CGI Asia Meeting a crowning success.

Thank you!