年12月26日通车运营的武广高速铁路又成为目前世界上一次建成里程最长、速度最高的高速铁路。节能减排和环境保护扎实推进，去年关停了小火电机组2617万千瓦，淘汰落后炼钢产能1691万吨、炼铁产能2113万吨、水泥产能7416万吨，今年9月底前将再淘汰落后炼钢产能825万吨、炼铁产能3000万吨、水泥产能9155万吨，“十一五”前四年单位国内生产总值能耗累计下降15.6%。区域发展协调性增强，2009年中部地区、西部地区规模以上工业增加值增速分别比全国快1.1和4.5个百分点，今年上半年中部地区比全国快3.1个百分点，西部地区与全国持平，中西部地区占全国规模以上工业增加值的比重由2008年同期的38.1%上升到38.8%。更为重要的是，我们从全局和战略的高度，对加快经济发展方式转变和经济结构调整做出了全面部署。所有这些都将对我国经济长期稳定健康发展起到重要推动作用。
In tackling the international financial crisis, we have always given top priority to transforming the economic development pattern and restructuring the economy. In the past two years, domestic demand, consumption in particular, has played an increasingly strong role in driving economic growth. Total retail sales in 2009 rose by 16.9 percent in real terms, the fastest since 1986. This good momentum is continuing and retail sales in the first half of this year grew at roughly the same rate as the same period of last year. The upgrading of the industrial structure has been accelerated. In the first seven months of this year, the value added of high-tech industries increased by 17.7 percent year on year, 0.7 percentage point higher than that of the industries above a designated level.
Infrastructure development has been strengthened. On 1 August 2008, the Beijing-Tianjin Intercity Railway, China's first top-class high-speed rail with full intellectual property, was put into operation, shortening the travel time between Beijing and Tianjin to only 30 minutes and binding the two major municipalities as one. The Wuhan-Guangzhou high-speed railway that went into operation on 26 December 2009 set the world record of the longest and fastest high-speed railway completed on an uninterrupted basis. Solid progress has been made in energy conservation, emissions reduction and environmental protection. Last year, we shut down small thermal power plants with a total capacity of 26.17 million kilowatts and phased out inefficient production capacity of 16.91 million tons of steel, 21.13 million tons of iron and 74.16 million tons of cement. By the end of this month, we will have eliminated an additional amount of inefficient production capacity, including 8.25 million tons of steel, 30 million tons of iron and 91.55 million tons of cement. Energy consumption per unit of GDP has been reduced by 15.6 percent in the first four years of the 11th five-year plan period. Regional development has been more coordinated. In 2009, the growth rates of value added of industries above a designated scale in the central and western regions were 1.1 and 4.5 percentage points higher than the national average respectively. In the first half of this year, such growth in the central region was 3.1 percentage points higher than the national average, and that in the western region on a par with the national average. Also in the first half of this year, the central and western
regions' contribution to the value added of industries above a designated level in the national total increased to 38.8 percent from 38.1 percent of the same period in 2008. What is more important is that we have made all-round arrangements for accelerating the transformation of economic development pattern and economic restructuring from a macro and strategic perspective. All these will give a strong boost to the stable and healthy development of China's economy in the long run.
我们实施积极的财政政策和适度宽松的货币政策，刺激力度前所未有，同时又比较好地控制了财政金融风险。这两年，我国财政赤字和国债规模分别控制在国内生产总值的3%以内和20%左右；银行资产质量和抵御风险能力提高，目前资本充足率和不良贷款率分别为11.1%和2.8%，都处于安全范围内。我们清醒地看到财政金融领域的潜在风险，特别是地方政府融资平台的债务风险，这个问题由来已久，但近期风险有所加大。我们已经出台加强地方政府融资平台公司管理的有关办法，正在抓紧落实。面对突如其来的国际金融危机冲击，我们采取超常规的政策措施是必要的，这些政策措施在发挥积极作用的同时，难以避免会带来一些负面影响，关键是要把这些影响控制在可以承受的范围内。从这个角度来说，我们比较好地处理了兴利与除弊的关系，总体上看效果是好的。
We have implemented a pro-active fiscal policy and a moderately easy
monetary policy with an unprecedented intensity, and at the same time successfully kept fiscal and financial risks under control. In the past two years, China's budget deficit and government debt have been kept below 3 percent and around 20 percent of the GDP respectively. The asset quality of banks and their ability to fend off risks have improved. The capital adequacy ratio and NPL ratio now stand at 11.1 percent and 2.8 percent respectively, both in the safe territory. This being said, we are keenly aware of the latent fiscal and financial risks, especially the debt risks of the financing platforms of local governments. This is not a new problem, yet the risks have somewhat increased in recent months. We have formulated the measures to strengthen the regulation of those financing platforms and implementation is well underway. In the face of the sudden international financial crisis, the extraordinary policy measures that we have adopted are necessary and these measure have played a positive role. Yet some negative impacts are hardly avoidable. What's important is to keep those negative impacts within a scope that we can manage. In this sense, we have done a good job in balancing the need of promoting positive effects with that of reducing negative ones. Taken as a whole, the results of our stimulus package are good.
中国实施一揽子计划，不仅保持了本国经济稳定和较快增长，也为世界经济复苏做出了重要贡献。当主要发达国家经济出现负增长之时，中国等发展中大国经济迅速回稳和保
持较快增长，极大地增强了世界战胜国际金融危机的信心，为世界经济提供了强劲增长动力。2009年中国实现进口10056亿美元，全年贸易顺差减少了1020亿美元；今年前7个月，中国实现进口7666亿美元，同比大幅增长47.2%，贸易顺差同比减少226亿美元。这表明，中国经济增长为跨国公司提供了重大发展机遇，为主要经济体和周边国家创造了大量需求，成为世界经济复苏的重要引擎。
By implementing the stimulus package, we have not only maintained China's economic stability and relatively fast economic growth, but also made important contribution to the world economic recovery. At a time of negative economic growth for major developed countries, the fast economic stabilization and rapid economic growth of China and other major developing countries greatly boosted international confidence in overcoming the financial crisis and provided a strong impetus to the world economic growth. In 2009, China's imports totaled 1.0056 trillion U.S. dollars, and its trade surplus dropped by 102 billion U.S. dollars. In the first seven months of this year, China's imports reached 766.6 billion U.S. dollars, a surge of 47.2 percent year on year. This shows that China's economic growth has provided major development opportunities for the multinationals and created huge demand for major economies and neighboring countries. It has become an important engine for the world economic recovery.