Second, the volume of foreign capital remains stable. Currently the international competition of attracting investment is very fierce, we have implemented a series of approaches issued by the State Council such as expanding opening up and actively using foreign capital to improve the business environment and stabilize the volume of foreign capital. In the first half of this year, the total volume of foreign capital reached 441.5 billion yuan, dropping by 0.1 percent year on year, remaining stable.

Working with relevant departments, we have amended and issued the Industries Guidance Catalogue for Foreign Investment, The Superior Industries Catalogue For Foreign Investment In Middle And Western Areas, and The Negative List For Foreign Investment In Pilot Free Trade Zone. A greater amount of foreign capital was further allowed while foreign enterprises' confidence in China's development was further reinforced.

The industrial structure of foreign investment have also seen positive changes, among which, foreign investment in the manufacturing industry increased by 3 percent with the beverage production and the cultural, educational and sports items manufacturing industries growing relatively fast.

The service industry saw a 0.3 percent reduction in foreign investment, but the leasing and environmental services, which are new in the service industry, witnessed a large increase in foreign investment.

Foreign investment into central China has increased by 42.1 percent. The total value of foreign investment remains stable and the structure is further optimized. We implemented the Party Central Committee and the State Council's directives for building pilot free trade zones with high-level and high-standards with deepening the reform and opening up of the Shanghai Pilot Free Trade Zone, summarizing the reform experiences of pilot free trade zones in Guangdong, Tianjin, and Fujian , speeding up the construction of 7 new pilot free trade zones in Liaoning and other areas as well as promoting the construction of platforms for national economic development zones, border economic cooperation zones, and cross border economic cooperation zones to achieve new efficiencies.

Third, Chinese companies have become more rational in making outbound investments. Last year, some companies made irrational investments abroad. Taking this into account, we checked authenticity and compliance together with relevant authorities and gave these companies guidance to increase their awareness of risk precaution and promote healthy and standardized outbound investment.

China's foreign direct investment for the first half of this year reached 331.1 billion yuan, down by 42.9 percent, with irrational outbound investment being effectively contained. As for investment into specific countries, the investment of Chinese companies to Belt and Road countries decreased by only 3.6 percent, much less than the 42.9 percent drop of the aggregate outbound investment. Companies have paid more attention to physical investment, and the investment in overseas manufacturing decreased less than that in the real estate industry as well as culture, sports and the entertainment industry. A number of merger and acquisition projects have been carried out smoothly, especially the big ones. In addition, the turnover of our contracted projects in other countries reached 462.2 billion yuan, an increase of 7.2 percent.

Fourth, China has made positive progress in international economic and trade relations. China has successfully hosted the first Belt and Road Forum for International Cooperation. At the opening ceremony, President Xi Jinping in his speech announced to launch the initiative on promoting unimpeded trade cooperation along the Belt and Road, to host the China International Import Expo, and to implement major foreign aid measures, receiving vigorous praise and positive responses from Belt and Road countries and international organizations.

There are 83 countries and international organizations from five continents participating in the initiative on promoting unimpeded trade cooperation along the Belt and Road, which shows broad representation. In fact, more countries and international organizations joined this initiative after the forum. The 100-Day Action Plan of the US-China Comprehensive Economic Dialogue has also yielded significant and balanced results. The US began to lower the barriers in its policy in terms of liquefied natural gas (LNG) exports to China, and China's exports of cooked poultry to the US and related financial applications are also under the way. China has approved the application of five biotechnology products of the US and lifted the ban on imports of U.S. beef. We have been actively promoting trade and investment liberalization and facilitation, and signed free trade agreement with Georgia. We have been maintaining the multilateral trading system, and urging the WTO members to fulfill the obligations as specified in the Article 15 of the Protocol on the Accession of the People's Republic of China.

In the second half of this year, the domestic and international environment is generally favorable for China to develop its foreign trade, but at the same time, there are still unstable and uncertain factors around. We will follow the decisions and arrangements of the Central Committee of the Communist Party of China and the State Council, make progress on the basis of stable development, firmly uphold and implement the new concepts of development, and try our best to stabilize growth, promote the reform, adjust the structure, benefit the people, and prevent the risks in commercial fields. We will dedicate ourselves to creating a favorable environment for the 19th National Congress of the Communist Party of China, and ensure the completion of goals and tasks for this year. Thank you all.

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