Third, adherence to reform and opening up. Reform and opening up is the engine for China's economic and social progress. We resolutely push forward the reform in the economic system, develop the socialist market economy and always take the reform of state-owned enterprises as the core link, with focus on raising the independent innovation capacity, risk control capability and market competitiveness of those enterprises. The public ownership economy grew strongly. Meanwhile, we unswervingly encourage, support and guide the development of non-public economy. Today, the added value created by the non-public economy has made up one third of China's GDP. We faithfully transfer the functions of the government, give full play to the fundamental role of market in resource allocation and use more economic and legal ways to manage economic and social activities. In the field of retail sales of consumer goods, the proportion of government pricing has dropped from 100 percent prior to reform and opening up to less than 4 percent today. The capital, labor, land, property rights and technology markets in China developed from scratch and have been growing rapidly. China also makes fundamental reform in the planning, taxation, financial, and foreign trade systems. We are opening increasingly wide to the outside world and have developed an all-dimensional, multi-layered and wide-ranging opening pattern. China's accession to the World Trade Organization (WTO) in December 2001 marks a new stage of opening up. Over the past 28 years, China's total foreign trade volume increased from $20.6 billion to $1.42 trillion, with an average annual growth rate of more than 17 percent and China has become the third largest trading country in the world. China's actually utilized foreign direct investment exceeded $620 billion, ranking the first among developing countries for a row of 13 years. China's foreign exchange reserve increased from $167 million in 1978 to over $940 billion, the largest in the world. Most of the global top 500 companies have invested in China and some multinationals have moved their Asian and Pacific headquarters and R&D centers to China. More than 50 countries have recognized China's full market economy status and China's contribution to the world economic growth is more than 10 percent and that to the global trade increase is over 12 percent.

China always adheres to the road of peaceful development. The Chinese civilization cherishes peace and advocates maintaining harmony while allowing for difference and that never do to others what you would not like them to do to you. The Chinese people once suffered from the humiliation imposed by imperialist forces and years of turbulence and wars and especially understand the value of peace. No matter how the international situation fluctuates, China will always follow the independent foreign policy of peace, pursue the diplomatic policy and purpose of maintaining world peace and promoting common development and be committed to establishing an open, fair, just and transparent international multi-trade system, pushing the economic globalization toward the direction of common prosperity and building the regional and international environment of peace, cooperation and harmony. Facts have proved and will continue to prove that China's development poses no threat to other countries in the world but creates more development opportunities and broader market. China was, is and will be the firm force for maintaining world peace and promoting common development.

Ladies and gentlemen, friends:

Talking about China-Chile relations, the Chinese people are most impressed by "four first". Chile is the first Latin American country to establish diplomatic relationship with China, to reach the bilateral agreement with China on China's accession to the WTO, to recognize China's full market economy status and to sign bilateral free trade agreement with China. The "four first" is strong evidence that China and Chile are reliable friends and partners enjoying mutual benefit and win-win cooperation.

We are glad to see that in recent years with the joint efforts China-Chile relations enter a new period of rapid growth. Politically, the two countries enjoy frequent high-level exchanges and increasing political mutual trust. In 2001 President Jiang Zemin