On the morning of May 16, 2007, Chinese Premier Wen Jiabao of the State Council addressed the opening ceremony of the 2007 Annual Meetings of the Boards of Governors of the African Development Bank (ADB) Group in Shanghai International Convention Center.

Rwandan President Paul Kagame, President of Cape Verde Pedro Pires, President of Madagascar Marc Ravalomanana and president of the ADB Donald Kaberuka attended the ceremony.

On behalf of the Chinese government and people, Wen first of all extended congratulations on the annual meetings of the ADB. As an important regional international organization, the ADB, since its establishment 40 years ago, has made relentless efforts of promoting Africa's economic and social progress and achieved remarkable fruits. The 2007 annual meetings would definitely enhance the growth of the bank and raise its role and influence, according to Wen.

He noted that the deepening trends of world multi-polarization and economic globalization create both valuable development opportunities and serious challenges to Africa. We are glad to see that in recent years Africa enjoys increasing peace and stability, stable progress of regional cooperation and integration process, strong economic growth momentum, constant social progress and strides resolutely forward on the road of development and rejuvenation. However, we should also be aware that Africa still faces arduous tasks of economic and social development and difficulties of realizing the Millennium Development Goals. To further grow Africa should rely on its own efforts, but the support and help of the international community is equally important. We appeal to the international community, especially the developed countries, to really honor their commitment to assisting Africa, take tangible actions in terms of debt reduction and exemption, trade conditions, market access and technology transfer, help Africa grow its self-development capacity and achieve sustainable economic and social development.

Wen said that China and Africa share a profound traditional friendship and the Chinese government and people sincerely support peace and development in Africa. Since China started establishing diplomatic relations with African countries more than 50 years ago, China has built more than 900 infrastructure and public projects in Africa, provided nearly 20,000 government scholarships to 50 African countries and dispatched altogether 16,000 person-times of medical personnel to 47 African countries offering medical services to 180 million person-times of patients. China also extends zero-tariff treatment to the exports of some least developed African countries to China and offers greater market access to African products. It takes active measures to ease Africa's debt burden and has canceled a total of 10.9 billion yuan of African debt to China. It also promises the exemption of another more than 10 billion yuan of African debt and related efforts are well underway. The mutually beneficial cooperation between China and African countries has brought about tangible benefits to the people of both sides.

The friendly cooperation between China and Africa grows continuously in recent years. During the Beijing Summit of the Forum on China-Africa Cooperation successfully held in November 2006, the Chinese and African leaders agreed to build and develop the new type of strategic partnership between China and Africa featuring equality and mutual trust in terms of politics, mutually beneficial and win-win economic cooperation and cultural exchanges and jointly outlined the blueprint of China-Africa cooperation in the next 3 years. The Chinese government announced eight policy measures to reinforce the pragmatic cooperation with Africa and support Africa's growth including expanding assistance to Africa, canceling the debt of the heavily indebted poor countries and least developed countries in Africa, opening market to Africa and strengthening extensive cooperation in various economic and social sectors. We will fulfill our commitment and make joint efforts with African countries to implement those policy measures.

Wen stressed to explore new ways of cooperation and upgrade current cooperation to bring about mutual benefit. Government assistance should be combined with business cooperation. Government should provide more guidance and businesses act as the major players in the market. Project assessment should be strengthened and market rules be followed to increase the benefit of investment and loans. Greater focus should be put on public project construction, especially public infrastructure, agricultural, medical and healthcare, educational, poverty alleviation and environmental protection projects. Technological cooperation and talents training should be emphasized to increase the self-growth ability of assistance recipients. International rules should be observed and assistance projects be done in an open, fair, reasonable and transparent way. We are committed to helping Africa accelerate social and economic growth so that the African countries and people are benefited tangibly.

Over 30 years since reform and opening up China has found a development road suitable to its own national conditions and realized rapid economic growth, considerable increase of national strength and improving living standards. The Chinese financial industry has also undergone fundamental changes. Especially in recent years, China has taken major steps to reform the financial sector. Most large state-owned commercial banks have completed shareholding transformation, set up the modern banking system and enhanced asset quality. China's capital market reform moves steadily and securities market grows more sophisticated. The Renminbi exchange rate formation mechanism is being reformed and the market-oriented interest rate reform is accelerated. The financial sector gets increasingly open. According to its WTO commitment, China has relaxed the geological and business scope limitations in the financial sector and an increasing number of foreign financial institutions open offices, do business and make equity investment in China. Financial supervision and legislation are also strengthened. To cope with economic and financial globalization and meet the needs of reform and opening up, China will continue to deepen the financial reform, strengthen financial innovation, build a modern financial system, open wider the financial industry, improve financial legislation, intensify financial supervision and control financial risks so as to ensure the sustainable, healthy and safe development of the financial industry.

At present the general economic and financial situation in China is good. However, problems including growing imbalance in international payment, rapid accumulation of foreign exchange reserves and excessive liquidity still exist. We are taking comprehensive measures to solve those problems. Efforts are being made to intensify financial reform and control and use multiple financial tools to reasonably control the total amount of credit, speed up economic restructuring, stimulate domestic demand, optimize foreign trade structure, strive for basic balance of international payment, deepen the reform of foreign exchange management system, improve the Renminbi exchange rate formation mechanism, give full play to the role of market supply and demand relations, increase exchange rate elasticity, improve the management and operation of foreign exchange reserves and find new ways of using foreign exchange reserves. We are fully confident and capable of and well positioned to properly handle financial problems and maintain the sustained and healthy financial growth. This is not only conducive to China's economic and social progress but also contributes to world economic and financial stability.

Wen lastly pointed out that as the economic and trade relations between China and Africa grow closer the bilateral financial cooperation at various levels develops in an all-round way. China attaches great importance to the cooperation with the ADB and sub-regional development organizations in Africa. In particular, since China joined the ADB in 1985 the two sides have maintained sound cooperation. China-Africa cooperation is a part of international development cooperation. The Chinese government is ready to continue working with the international financial institutions including the ADB to build a bright future in Africa.

Zhou Xiaochuan, chairman of the 2007 ADB Boards of Governors and governor of the People's Bank of China, and Donald Kaberuka, president of African Development Bank, also addressed the opening ceremony.

Around 2,000 people attended the opening ceremony, including Xi Jinping, Secretary of the CPC Shanghai municipal committee, Shanghai Mayor Han Zheng, the financial, economic and industrial ministers or central bank governors of countries with membership to the ADB Boards of Governors as well as delegates of the World Bank, International Monetary Fund, other regional development and financial institutions and non-governmental organizations.

Themed "African and Asia: Partners in Development", the meetings will focus on infrastructure development in Africa, regional integrity and poverty relief. It is the first time the annual board meetings of the ADB are held in Asia and the second time outside Africa. The Chinese hosts of the meetings are the People's Bank of China, related governmental agencies and the Shanghai municipal government.

The ADB was founded in 1964 with the Boards of Governors as its supreme decision-making body. It has 77 members of which 53 are from Africa and 24 from outside Africa including China.