*  *  *  I am extremely pleased to be back in this beautiful, captivating land to participate in the China Financial Summit 2014, devoted to the theme of financial reform and economic growth. I would like to thank our hosts for the honor of accompanying such distinguished speakers and sharing some views with you on the implications of financial reform.
China’s economic miracle For more than three decades, China has experienced a remarkable increase in income and living standards. Average annual GDP growth has been about 10 percent, and since 2010 China has become the second-largest economy in the world. This progress has had a global impact. Many nations have benefited from China’s momentum, through the effects of greater international trade and investment.