Your Excellency Mohamed Barakat, Chairman of the Union of Arab Banks,

Excellencies,

Ladies and Gentlemen,

Friends,

Good morning. I want to thank the Secretary General of the UAB for inviting me to the annual conference again, giving me this opportunity to discuss with you the economic and financial development in Arab countries, and share my views on China-Arab economic cooperation.

Over the past 30-plus years of reform and opening-up, the Chinese economy has been growing at an average annual rate of nearly 10%, and China has become the world's No. 2 economy, the largest trader in goods and the biggest manufacturer. Last year, China was the largest recipient of paid-in FDI in the world.

The Chinese economy now is growing on an even keel, and progress is being made in maintaining steady growth, deepening reforms, making structural adjustments, improving people's lives and defusing risks.

Faced with a slowing global growth, the Chinese economy still sustained a 6.9% growth in the first three quarters this year, and contributed to about 30% of world economic growth. All major economic indicators have been within the proper range and are consistent with the anticipated targets.

On the other hand, China still has 70 million people living under poverty by our own standard, and when measured by the standard of the World Bank, the figure would rise to 200 million. There is still a long way to go before we can realize the Chinese dream and deliver a better life to all the Chinese people.

The fifth plenum of the 18th CPC Central Committee was recently held in China. The proposal for the 13th Five-Year Plan was reviewed and adopted, in which a series of policies and steps were outlined to boost economic and social development.

We will launch a new round of high-standard opening-up, set up new mechanisms for the open economy and accelerate the building of the Silk Road Economic Belt and the 21st Century Maritime Silk Road. We will actively carry out international cooperation on production capacity, establish platforms for all regions in China to expand their external cooperation, and boost the common growth of the Chinese and global economies.

We are now pursuing a strategy of innovation-driven development. It is estimated that China will import 10 trillion US dollars of goods and make over 500 billion dollars of outbound investment, and the Chinese people will pay 500 million oversea visits for sightseeing and shopping, all in the next five years. China wants to work with the Arab countries and the entire international community to tap the potential of cooperation and achieve better development.

Ladies and Gentlemen,

The "Belt and Road" Initiative proposed by President Xi Jinping in September 2013 has received wide attention and been warmly received by the international community. These two land and maritime silk roads extend across the Eurasian and African continents, and connect the two economic spheres of the Asia-Pacific and Europe. This initiative aims to boost, through collaborative efforts, the communication and connectivity of countries along the routes in terms of policy, infrastructure, trade, capital and among the people. It will bring their economies more closely linked, add more jobs and create new growth drivers. Cooperation agreements have been reached between China and many countries, Arab countries included. The agreement on the Asia Infrastructure Investment Bank has been signed, concrete projects are in the pipeline under the Silk Road Fund, and a number of large cooperation projects, both bilateral and multilateral, are making steady headway.

Business exchanges between China and Arab countries enjoy a long history and solid foundation. Historically, the Silk Road was a symbol of friendship between people of our two sides. Now, China has become the Arab countries' second largest trading partner, and top trading partner of nine Arab states, Lebanon included. The Arab countries have become China's largest supplier of crude oil, the seventh largest trading partner and important destination of overseas project contracting and outbound investment. Joint effort by China and Arab countries in pursuing the "Belt and Road" initiative meets the practical needs of both sides and will open new opportunities for the relations between the two sides.

We have enormous potential and bright prospects for our cooperation in infrastructure and production capacity. When we synergize our comparative strengths, the industrial capacity in China and resources, geographical location and market potential in Arab countries, it will give a tremendous boost to our economic development, raise our business cooperation to a higher level, add more local jobs and deepen regional economic integration.

Ladies and Gentlemen,

Lebanon is an important member of the big Arab family. Recent years have seen relations between our two countries grow from strength to strength. We have conducted productive cooperation in the economic, educational, cultural, scientific and technological fields, and maintained close communication and coordination in regional and global affairs. Both being developing countries, we face the common task of growing the economy and improving people's livelihood. I have strong confidence that with joint efforts, China-Lebanon relations will enjoy a brighter future.

The theme of this annual conference - "Global Financial Access: The Roadmap 2015-2017" - is a highly relevant one. In today's globalized world, financial cooperation has become a natural choice for all countries to advance economic growth and cope with the crisis. China stands ready to work with all Arab countries to deepen our exchanges and cooperation across the board and at all levels, and inject new impetus to the ancient Silk Road.

In conclusion, I wish the annual conference full success.

Thank you.