When the new government took office, it was confronted with a complex economic situation both at home and abroad, with downward pressures on the rise of the Chinese economy. Growth of fiscal revenues slowed down to such a degree that the central fiscal revenue even experienced negative growth at one point. And it was difficult to further increase money supply as there had already been much water in the pool, so to speak. Under such conditions, we decided to focus on transforming government functions and reforming government institutions as the number one task for the new government. We intended to use it to kick off profound and sweeping reform and exercise effective macro control, playing the role of "soldier" and "cannon" when a Chinese chess game begins. Over the past six months and more, we have stayed focused and worked to innovate ways of macro control while maintaining stability. At the same time, we have addressed the issue at its root and made intensive efforts to seek steady progress in transforming government functions, streamlining administration and delegating power. As a matter of fact, the central government has abolished or delegated to lower levels the power of approval over more than 300 items in four batches. We thought that it would take some time for this move to unleash the vitality of the market, but as it has turned out, the strong signal sent by this move has already produced initial, if not immediate, effect in boosting market expectations, galvanizing the market and mobilizing capital from all sources. There has been a burst of enthusiasm for investment and entrepreneurship. The combined effects of accelerated reform and structural readjustments have exceeded people's expectations. Since the beginning of this year, the number of registered enterprises has risen by 25 percent. Among them, the number of registered private and individually owned enterprises has been up by 37 percent, resulting in a growth of around 23 percent in private investment, obviously faster than the growth of government investment. This was also an important factor behind the steady and improved performance of the Chinese economy in the third quarter. Transforming government functions and fully delegating all the power that should be delegated have unlocked market vitality, potential demand and inherent driving force for development. As such, they can give a strong boost to structural readjustment, transformation and upgrading, and advance reform through further opening-up. The primary objective of the establishment of the China (Shanghai) Pilot Free Trade Zone is to promote trade and investment facilitation and enhance efficiency in economic operation through streamlining administration and power delegation. By streamlining administration and delegating power, the government can get things done without extra costs or do more with less. This is what we should fully appreciate.
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