First, steadfast in pressing ahead with the socialist market economic system reform. We have carried out restructuring of the public ownership system and instead established an economic system featuring the public ownership as the mainstay and co-existence of various economic sectors. Non-state sectors have experienced rapid development and constituted an important force in supporting economic growth and job creation in China.
In the emerging markets, there are [15] cases in which the direct resolution costs of banking sector crises have exceeded 10% of GDP. And among the industrial countries, systemic strains have been just as evident.