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DALIAN, Sept. 10 (Xinhua) -- Following is the translated version of the full text of Chinese Premier Wen Jiabao's speech delivered here on Thursday at the opening ceremony of the Annual Meeting of the New Champions 2009, or Summer Davos: 　　Build up in an All-round Way the Internal Dynamism of China's Economic Development     Speech by H.E. Wen Jiabao     Premier of the State Council of the People's Republic of China     At the World Economic Forum Annual Meeting of New Champions 2009     Dalian, 10 September, 2009     Professor Klaus Schwab, Executive Chairman of the World Economic Forum,     Distinguished Guests,     Ladies and Gentlemen, Chinese Premier Wen Jiabao addresses the opening plenary of the Annual Meeting of the New Champions 2009, or the Summer Davos, in Dalian, northeast China's Liaoning Province, Sept. 10, 2009.     Let me begin by extending warm congratulations on the opening of the third Annual Meeting of the New Champions, or the Summer Davos, and a sincere welcome to you all.     Over the past year, the world economy has experienced the most severe challenge since the Great Depression. We may recall the worries voiced by many people early this year when we gathered in Davos for the World Economic Forum annual meeting. Since then, thanks to the concerted efforts and active measures of the entire international community, some positive changes have taken place. The world economy is beginning to recover, although the process is slow and tortuous. We can now see the light of dawn on the horizon.This is a critical juncture and it is highly significant for political leaders, entrepreneurs, experts and scholars of various countries to gather together here and discuss how to "Relaunch Growth" of the world economy. I sincerely wish this meeting a great success!     This unprecedented global financial crisis has taken a heavy toll on the Chinese economy. Yet, we have risen up to challenges and dealt with the difficulties with full confidence. And we have achieved initial results in our endeavor.     We have arrested the downturn in economic growth. In the first half of this year, China's GDP grew by 7.1 percent, investment expanded at a faster pace, and consumption maintained fast and steady growth. Domestic demand played a stronger role in driving the economy forward. From January to July, 6.66 million new urban jobs were created, income of urban and rural residents increased, and overall social stability was maintained. We effectively managed fiscal and financial risks and kept budget deficit and government debt at around 3 percent and 20 percent of the GDP respectively. Banks' asset quality and ability to fend off risks were improved. At the end of June, the NPL ratio of commercial banks was 1.8 percent, down by 0.64 percentage point from the beginning of the year, and capital adequacy ratio stood at 11.1 percent.     With the world economy still mired in recession, it is by no means easy for us to have come this far. The achievements we have made are not something that dropped into our lap. Rather, they are the results of the proactive fiscal policy and moderately easy monetary policy and the stimulus package that the Chinese government and people have pursued in line with the national conditions. Some people take a simplistic view and believe that China's stimulus package means only the four trillion RMB yuan investment. This is a total misunderstanding.     China's stimulus package focuses on expanding domestic demand and is aimed at driving economic growth through both consumption and investment. Of the total four trillion yuan in the two-year investment program, 1.18 trillion yuan will come from the central government, and it will mainly be used to generate greater investment by local governments and the non-public sector. We have made vigorous efforts to stimulate consumption and make domestic demand, particularly consumer spending the primary driver of economic growth. We have increased subsidies for farmers, raised the minimum purchasing price of grains, introduced performance-based salaries for primary and middle school teachers, and increased the basic cost of living allowances for urban and rural residents so that the people will be able to spend more. In order to boost consumption, we have offered subsidies for the program of bringing home appliances, agricultural machinery, automobiles and motorcycles to the countryside and the program of exchanging used automobiles and home appliances for new ones. Purchase taxes on small-engine and energy conserving and environment friendly cars have been cut by half. In the first seven months, a total of 7.31 million cars were sold and total retail sales of consumer goods rose by 15 percent.

BEIJING, Sept. 20 (Xinhua) -- China's major state-owned enterprises (SOEs) under the supervision of the central government reported a 30-percent fall in net profit last year, the country's state assets supervisor said over the weekend.     A total of 141 SOEs under the supervision of the State-owned Assets Supervision and Administration Commission of the State Council reported a net profit of 696.18 billion yuan (101.96 billion U.S. dollars) last year, down 30.8 percent from a year ago, the commission said in an online statement.     Yet, total assets of the 141 SOEs rose for the fifth consecutive year since 2004. Assets of the 141 state firms were worth 5.56 trillion yuan at the end of 2008, up 8.6 percent from the previous year.     Net profit of centrally administered SOEs had been rising for four years in a row from 2004 to 2007, but it fell last year as the global financial crisis struck.     The commission said 83 out of the total 141 were able to report a year-on-year growth in net profit last year.     These 141 SOEs also turned in taxes worth 1.04 trillion yuan last year, up 18.6 percent from a year ago.     The total assets of centrally administered SOEs were augmented by 2.6 trillion yuan in the past five years, or at an annualized average of 13.7 percent from 2004 to 2008.

WASHINGTON, July 27 (Xinhua) -- The China-U.S. Strategic and Economic Dialogue (S&ED), the first of its kind between the world's biggest developing country and biggest developed country, opened here on Monday.     On behalf of Chinese President Hu Jintao and invited by U.S. President Barack Obama, Chinese Vice Premier Wang Qishan and State Councilor Dai Bingguo participated in the opening ceremony in Ronald Reagan Building in downtown Washington, D.C..     In a congratulatory message to the opening ceremony of the dialogue read by Wang, Chinese President Hu Jintao said that both China and the United States shoulder important responsibilities on a host of major issues concerning peace and development of mankind.     As two countries with significant influence in the world, China and the United States also enjoy extensive common interests and broad space for cooperation, Hu said.     China and the United States, in the face of the complex and changing international economic and political situation, should endeavor to expand common ground, reduce differences, enhance mutual trust and strengthen cooperation through the Strategic and Economic Dialogue, he said. U.S. President Barack Obama (1st L) greets Chinese Vice Premier Wang Qishan (1st R) and State Councilor Dai Bingguo (Rear) before addressing the opening ceremony of the China-U.S. Strategic and Economic Dialogue (S&ED) in Washington, the United States, July 27, 2009."This serves the common interests of the two sides and will help advance the positive, cooperative and comprehensive relationship between our two countries," said the Chinese leader in the message.     "It is also of great importance for peace, stability, development and prosperity of the whole world," he added.     Hu expressed his confidence that "with the concerted efforts of both teams, the S&ED mechanism will keep improving and growing and inject new dynamism and make new contribution to our mutually beneficial cooperation in various areas and to the growth of our positive, cooperative and comprehensive relationship."     Addressing the opening session of the dialogue, President Obama stressed the importance of cooperation between the United States and China,saying that the U.S.-China relationship "will shape the 21st century."     He hailed the dialogue as an "essential step forward "in advancing a positive and comprehensive relationship between the two countries. Chinese Vice Premier Wang Qishan delivers a speech during the opening ceremony of the China-U.S. Strategic and Economic Dialogue (S&ED) in Washington, the United States, July 27, 2009. "Our countries have now shared relations for longer than we were estranged. Our people interact in so many ways. And I believe that we are poised to make steady progress on some of the most important issues of our times," he said.     Obama will meet with the Chinese delegation after the session.     In her opening remarks, U.S. Secretary of State Hillary Clinton extended her warm welcome to the Chinese delegation, noting that the two nations were "laying brick by brick the foundation for a stronger relationship."

PYONGYANG, Sept. 17 (Xinhua) -- Kim Yong Nam, president of the Presidium of the Supreme People's Assembly of the Democratic People's Republic of Korea (DPRK), met with Dai Bingguo, Chinese state councilor and special envoy of Chinese President Hu Jintao, here Thursday to discuss relations between their two countries.     Kim asked Dai to convey his greetings to his Chinese counterpart, Wu Bangguo, and offered congratulations on the 60th anniversary of the founding of the People's Republic of China.     Kim expressed his wish that the Chinese people, under the leadership of the Communist Party of China, will continue the country's modernization drive.     Kim reiterated that it is the unshakable stand of the Worker's Party of Korea and the DPRK government to consolidate and further promote the traditional DPRK-China friendship.     He said the DPRK side would work with the Chinese side to push forward DPRK-China relations.     Dai conveyed Wu Bangguo's greetings, saying the Chinese government and the Chinese people treasured the friendship with the DPRK, and would strengthen the exchange and cooperation with the DPRK side to write together a new chapter of the friendship.     This year also marks the 60th anniversary of the establishment of diplomatic ties between the two countries and has been named the Year of China-DPRK Friendship.     After the meeting, Dai and Kim watched the debut of the opera, "The Dream of the Red Chamber" at the Pyongyang Grand Theater. The opera, based on a Chinese classic, was staged first in the 1960s under the initiative and instruction of late DPRK president Kim IlSung.     The opera has been renovated and re-staged as a major event in the Year of China-DPRK Friendship. DPRK top leader Kim Jong Il has taken a strong interest in its development and has watched a rehearsal.