ON THE OCCASION OF THE CELEBRATION CEREMONY FOR MOU SIGNING BETWEEN CFETS AND CME

I am very pleased to be here at the signing ceremony of the CFETS and the CME. I extend congratulations to both institutions.

China's financial reform is a very important component of China's total reform. Especially after the accession to the WTO, by 2006, China's banking industry will be full open to the outside world. So we have to speed up the tide of financial market's reform and the development of financial products to adapt to the situation and the growth of China's economy.

So far China's economic reform has a long history. At the initiative of Mr. Deng Xiaoping, now we have experienced 26 years of reform and opening up. During these 26 years, significant changes can be seen in China's economy and economic system. An important experience of us is gradualism in the reform. We are based on China's reality and attach great importance to learning from experiences in other countries. The present Chinese government follows this philosophy to promote the development and reform of China's economy. We believe China's financial system reform and the development of the financial market will also follow this road. I hope the cooperation between the CFETS and the CME can make contributions to the development of China's economy and financial reform.

Thank you very much.