The top priority of the financial sector is to support the development of real economy.
In regard to volatility in the financial market, we're determined to press ahead with the building of a multi-tiered capital market, and we can also used such a market-oriented format for equity swaps to help bring down the corporate leverage ratio.
It’s impossible for me to side with you and agree that China is unable to meet the decided target.
We are full of confidence in the long-term good prospects of the Chinese economy. As long as we stick to reform and opening up, China’s economy will not see a hard landing.
Here's the message of reassurance that is nationally speaking and in the long run there will absolutely be no problem for meeting pension payments by the Chinese government.
Last year the surplus of our pension insurance schemes stood at 340 billion yuan and the accumulative balance was some 3.4 trillion yuan. Moreover, we still have the central social security fund which is worth 1.6 trillion yuan as a strategic reserve that has not been touched and we can also use state-owned assets to replenish the social security fund.
So, to ensure that the elderly will be provided for, cannot and will not be an empty promise.
We must make persistent efforts to forge head on this government reform and wherever there is an obstacle to this reform, the government must get right on it. The reform will cut government power but we are determined to keep doing it until our job is done, as that will deliver clear-cut benefits to our people even if the government has to make painful adjustments.
To develop the new economy will help us foster new economic drivers and move forward China's economic transformation.
The concept of the new economy covers a wide range of areas and has many dimensions. It can be found in the primary, secondary and tertiary industries. It's not just about emerging forms of business and industries such as Internet plus, the Internet of things, cloud computing, and e-commerce.
It can also be found in smart manufacturing, large-scale customer-made production in the industrial sector. It's also about the appropriately scaled-up operations in the primary industry, that is agriculture such as family farms and shareholding cooperatives.
The Chinese government is fully determined to achieve national portability of medical insurance schemes at a faster pace. This year we will basically achieve the direct settlement of such expenses at the provincial level, and we also plan to use two years of time to achieve the direct settlement of hospitalization expenses by retired elderly people in places away from their hometowns so as to remove this high concern on the minds of our people.
We still have ample social security funds and local governments can be given great autonomy to make their own decisions of adjusting downward the contributions to the five major social insurance programs and housing provident fund in keeping with their local conditions. All in all the purpose of our effort is to lessen corporate burden and put more money in the pockets of our people.
Business cooperation between our two countries has always been mutually beneficial, something that I believe the US business people know best.
As for the ongoing general election in the US, it has been lively and has caught the attention of many. No matter who get into the White House, the underlying trend of China-US ties will not change.
If next time you get asked about this question, I suggest that you can answer Hong Kong will maintain long-term stability and prosperity. The policy of the central government's policy of adhering to “one country, two systems”, the Hong Kong people governing Hong Kong and a high degree of autonomy has not changed and will not change.