*  *  *  Distinguished guests, ladies and gentlemen, I am very glad to have this opportunity to attend the conference organized by the Forum of 50 Chinese Economists and wish to stimulate, through the anticipated discussions, academic research and to contribute to policy-making and reforms.
In the process of financial reform, we have spent a huge amount of resources in addressing non-performing loans (NPLs), resolving potential financial risks and avoiding financial crisis. In the next round of financial reforms, there are important areas in which that we must take actions, such as financial legislation, especially the insolvency law and laws concerning loan frauds, and certainly accounting rules and standards.