 ..ethoedd o'r peth yn iawn i'n gwerthio hefyd anhygoelau trifesadol... ..y'r Gwyddon Lleodraethol i'r Oeddfa Enterosu... ..i ddechrau eich Cyfrifnoedd i Gwyddon Lleodraethol i'r Peth. G�ffer dechrau. Da'r bod ni'n ddweud i'r yw ddweud yra. Ar y dylai gydawn o'r ffaint gennyn... ..alegnetd gyda'r Gwyddon Lleodraethol i'r Gwyddon Lleodraethol... ..a bod ni'n ddrech a'r cyfrifnoedd... Y Ffasg Unifedd yng Nghymru yn ymlaen nhw'n gwirionedd, neu oedd yn gwirionedd ar y ddechrau, ac sydd wedi'i ffordd na fyddeni'r ddod o gynhyrchu ar y ddod o'r ddod o'r ddod o'r ddod o'r ddod o'r ddod o'r ddod o'r ddod o'r ddod, yn cyfnod o'r ddod o'n cyhoeddion i'r ddod o'r ddod. Rydych chi'n gwirionedd yn y rhan â'r ddod o'r ddod, as you do, amongst your many different responsibilities, the largest bank in the world, by any metric of comparison, and for that reason, and for many other reasons, you are most welcome to be with us. Thank you, Rory. I think one of the main aims, and this is the brainchild to the Ireland China Institute, I have to say, is the brainchild of Dr Brendan Halligan here, am y gallwn i'n dweud y dweud. A'r ddweud ymlaen i'r gweithio, dwi'n meddwl, yn gweithio, yn ddweud y cynllun o'r ddweud o'r ddweud o'r Ffair jyfaint i Eurpo Unedig, a rwy'n credu i'r ddweud ar hyn o'r cyd-doedd a'r ddweud o'n meddwl. Dwi'n ddweud o'r ddweud, yn gallu ei wneud ymlaen yng ngllytio dr Yang of such notable reputation could not have been done without the assistance and the help of our current ambassador of the People's Republic of China, dr Yu Xiaoyong, and I'd like him maybe to say an address and say a few words. You know, we just had a visit of Party Secretary Hu Chun Hua from Guangdong, and we see him off at his entourage off yesterday, and this is a very important visit, or we say the most important visit since this year. Both sides talk a lot of cooperation, exchanges, and they give a lot of impetus for the relations, and it shows great momentum of our bilateral relations between China and Ireland. And one of the delegation, Hu Chun Hua, Su Ji, during all the visits they both to say is Guangdong occupies or produce 10% of the total GDP of China, 25% of the total trade of China. He said, Guangdong occupies 10% of the total GDP of China, 25.9% of the total trade of China, and the trade is both, trade and the GDP of Guangdong is by the terms, by the quantity of 1 trillion and up. It's just that the total GDP of China is 25 trillion, and the trade of Guangdong is 1 trillion dollars, about 6 trillion, 7 trillion. And we have the president of the biggest bank in the world today, so I'm sure this creation of this forum and this series of speech by the leadership of this institute will really present to us and this country a very good channel for Ireland to understand more of China and to know those leaders in all works of life to say the least and the banking and services leaders of China so that we can continue to input the more energy and vitality into this very promising and the very prosperous relations to deepen our understanding to know more people face to face and to deepen our relations. Thank you very much and thank you all. Wish this presentation I'm sure will be a complete success. Dr Yung Khaisiwch, PhD of Economics, Economics and Management School of Wuhan University. Dr Yang was the Vice-Chairman and President of Industrial and Commercial Bank of China Limited. Now he is a special advisor to the China Banking Regulatory Commission, Academic Advisor to China Finance 40 Forum, Academic Advisor to Institute of Digital Finance, Peeking University. He's also a tutor of PhD students at Financial Research Institute of People's Bank of China and part-time professor at China University of Political Science and Law and the School of Economics, Peeking University. It is my great pleasure to ask Dr Yang to address you now. Distinguished guests, ladies and gentlemen, good afternoon. Can you maintain a stable operation that everyone is very concerned about? Today I would like to take this opportunity to talk to you about the development of the financial industry of China. Meanwhile, another heated topic about China is the risk condition of Chinese banks and whether the financial system can operate in a healthy and stable manner. Today I would like to take this opportunity to present some and exchange some ideas about the trends of Chinese economy and banking sector. First of all, I would like to talk about how to look at the trend of China's macroeconomy. Many of you have seen that there has been a certain decline in China's economic growth over the past few years. Are you worried that this decline will continue for a long time and will not be able to stop? First, I would like to talk about how we should view China's macroeconomy. For some friends, after they see that China's economic growth has slowed down for the past few years, they are worried that this trend will continue for a long time and cannot be stopped. I would like to talk about the decline in China's economic growth over the past few years. Felly, 10% or even above 10% of the growth is similar to that of the previous year. At present, 6% to 7% of the growth rate is not possible for the huge economy of the US$11,000 billion. I would like to point out that the so-called slowdown of Chinese economic growth came into being after comparison with the extremely high growth rates of 9%, 10% or even higher rates in the previous years. China's current GDP growing at 6% to 7% in the last few years must not be judged as too slow for a huge economy of China at 9.78 trillion euros. I also suggest that, in addition to focusing on the growth rate of the economy, what is more important is the reasonable and the quality of the economic structure and the growth rate. I would like to talk about the change in the economic growth rate of China at present. At a certain point, it is the result of our main adjustment. So, we are now going to call China's economic development stage the new trend. And I suggest that we should not only focus on the growth rate, but also focus on the rationality of economic structure and quality of our growth. Frankly speaking, our current changes of economic growth rates are, to some extent, a result of the active adjustments made by the Chinese government. So, we call the current situation of Chinese economy as new normal. At present, China's economy has made a lot of positive changes. Some key indicators are clearly changing. I think that with the continuous growth of the Chinese economic structure, the internal movement of the economic growth rate is strengthening and strengthening. Development quality is also constantly improving. Up to now, we have seen some positive changes growing up in Chinese economy with some key economic indicators permanently improved. With deepening economic restructuring, I believe that China is now steamed up again with new driving forces of growth and improved better quality of development. I would like to make some introduction. The Chinese economic movement has shown a new stability. At present, the growth rate of the Chinese economy has increased from the growth rate of the two numbers in the past decades to 6% to 7%. At the same time, the growth rate of the economy has been raised by investment exports, and it has been transferred to consumption. I think that this type of driving force is more healthy and sustainable compared to the higher growth rate. I would like to elaborate more. First, a new stability has appeared within Chinese economy. In the past decades, China kept a double-digit GDP growth rate, which is now eased to 6% to 7% every year. At the same time, economic growth has transformed from previously relying on investments and exports to now being driven by consumption. In my view, compared with faster economic growth rates, such a present growth rate and growth pattern is healthier and more sustainable. Why do I say that? Because the GDP growth rate was 6.9% in 2015. It was 6.7% in 2016, and it was 6.9% in the first quarter of this year. So the growth rates now are very stable between the years and quarters with just minor changes. Besides, indicators about employment, CPI and income have all been very stable. In 2016, China's new employment rate was 1314 million people. In 2016, the average growth rate was 4.02%, and it was a relatively low level of growth rate in the past few years. For the 13 billion people in the developing world, it is very difficult and very important. 14 million people have been newly employed throughout last year in China's urban areas, and the registered unemployment rate in China was 4.02% in urban areas in China. This was a relatively low level in the past few years. Given China's population of 1.3 billion, this stable employment was no easy task, and it was very important to us as a huge developing economy. In 2016, China's CPI was 2.0% in 2016. This year, CPI was 1.4% in the first quarter of this year. In May, CPI was 1.5% in the first quarter of this year, and it was 0.1% in the first quarter of last month. CPI, since September of 2011, has reached the same level as last month in 54 months, and the growth rate has increased significantly. Today, CPI is 7.4% in the first quarter of this year. In May, it is 5.5% in the first quarter of this year. We believe that this data can be accepted in the current situation, and the growth rate for the entire economy has also increased. For CPI, it was 2.0% in 2016, and in the first quarter of this year, it stood at 1.4%. In May, just last month, it was 1.5%, and was down by 0.1% over April of this year. On the other hand, the PPI, the producer price index, started to increase with higher and higher growth rates month over month since September of 2016. That was after 54 months of consecutive declines over the past months, and it reached 7.4% in the first quarter of this year. In May, just last month, PPI was 5.5%. We believe that this is not only acceptable at present, but also very conducive to promote the economic growth rate. For the income indicators, the real average disposable income of Chinese residents increased by 6.3% in last year, and by 7.0% in the first quarter of this year. This leads to better living conditions for Chinese residents. Top on the stability, secondly, our economic restructuring also is proving to be quite effective. For example, the overcapacity has been and is still being reduced right now. In 2016, last year, China cut more than 65 million tonnes of production capacity of iron and steel, and cut over 290 million tonnes of coal capacity. These both exceeded the annual reduction targets set at the start of last year. For this year, China will further reduce overcapacity of 50 million tonnes of iron and steel, and 150 million tonnes of coal. Up to now, China has achieved, respectively, 63.4% and 46% of both these results. Ffarn地 tain syniadol frieddio'r cerddr o gydawn, a newid y ffarnedog wedi ddod y mondiaeth, a tyw i'r cymaint yn y mynd ddiogel cymaint, sy'n bywch gyda'r pftlau y boedd yng nghymru. Oeddiwch wedi ddechrau 5,3,4 roedd yr ychydig ar gwellaeth y cyfrydol sydd ymgylesi. Fyrdiwch Cymru am hir bod yn ein oed, os ym ysgol diwrnodd yr yg thumbs, at y cyfrifol ychydig, The Chinese property market also tends to be healthier and more rational. The housing prices in China's tier one and tier two cities have sufficiently stabilized and the process of reducing inventory in China's tier three and tier four cities is now stepping up. By the end of last year, the total area of residential housing for ship in China is now peidwyr sildas. Bydd y bydd y maen nhw'n gweithio'r argynwys ar gyfer y Hwylliannau yng Nghymru, yn ymgyrch yn 3.2% ar y maen nhw, ac mae'r cyfnod yn y ddechrau'r ysgol yma yma, ac mae'r drwb yn 6.4%. Mae'r rhonddaeth yn cael ei ffordd a'r rhonddau sydd gennych'r byw sydd, ychydig i arblig a'u rhonddau yn y pethau melyddraethau, ofser o ran bydd D yn Cynllunio'r Cynghoriadau, teulu i dyfodol, teulu i dddweithio ac drwych y pethau. Mae'n ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud o'r ddweud yw'r ddweud o'r ddweud. with over several tens of millions of residents. For example, Shanghai, Beijing, Guangzhou, Shenzhen and the capital cities of China's provinces in different parts of China. For tier three and tier four cities, they are smaller cities in some provinces in China with one million or two million people residents. We understand that one million and two million in the European context still make up for a very big city here. Here. And the rising trend of corporate leverage ratio in China has been curbed. By the end of March of this year, the leverage ratio of industrial enterprises with sizable companies has been curbed. The leverage ratio of industrial enterprises with sizable scale in China was 56.2% and down by 0.7 percentage points over the same period last year. This was discussed also during our lunch just now with our host. Now a days, consumption in China has become an important driving force for our economic growth. Last year, the final consumption contributed to 64% of the economic growth. 64.6% to GDP growth with a steady increase for the last four years and a contribution rate at 64.6% of GDP growth is higher by 19.3 percentage points in the year 2007. In the first quarter of this year, this contribution rate was even higher to 77.2%. At the same time, investment and exports also have a relatively extreme performance. In 2016, China's fixed asset investment has increased by 8.1%. This year, it has increased by 9.2%. At the same time, the investment of industrial enterprises and the investment of the people is more obvious. Since September 2016, it has continued to rise. In 2017, the same ratio has increased by 5.8% and 7.7%. The growth rate has increased by 1.6% and 4.5%. Investments and exports were also doing very well. The investments in fixed assets in China increased by 8.1% year on year in last year and by 9.2% in the first quarter of this year. Among the investments, those into manufacturing industry and private investments had a very strong recovery with a constant pick up since September of 2016, and these were up by 5.8% and 7.7% respectively in the first quarter of this year. The growth rates were higher than last year by 1.6% points and 4.5% points respectively. The industrial structure also kept optimizing and becoming better. The proportions of primary and secondary industries in Chinese economy are decreasing, while the proportion of the tertiary industry has kept a growing momentum since 2007. In last year, the value added of the tertiary industry accounted for 51.6% of the GDP and it's up by 12.6% points compared to the proportion in 2007. The growth rate has increased by 10.8% and 9.5%. The growth rate has increased by 4.8% and 3.5%. Within the secondary industry, the manufacturing sector is also moving towards high-end manufacturing and smart manufacturing. Last year, the value added of high-tech manufacturing increased by 10.8% and the value added of equipment manufacturing increased by 9.5%. They are both 4.8% points or 3.5% points higher respectively than the average growth rates of all industrial enterprises above sizeable scale. The value added of strategic and emerging industries such as new materials, energy conservation and environmental protection went up by 10.5% year on year in last year. The service sectors including tourism, culture, sports, healthcare and elderly care have developed very quickly and now in China we have seen a thriving sharing economy. Diolch yn dda ni. Thirdly, I would like to express a few words about the Belt and Road Initiative. This initiative is making very strong progress. A oeddych chi'n ôl yn besodol y byddych i sceisio y Ffyrdd. Ond, o cael ffyrddiasol, o'r Llywodraeth Llywnol, yn ddefnyddio cerddurol a'r sgwrs llai a'r lot yn cerddurol. Mae'r ffyrdd yma yn beniolio ddechu'r yma yn cymhwylfaeth yn cymhwylfaethol. Diolch i'r cymhwylfaeth yn cymhwylfaeth yma yn cymhwylfaethol mewn cyfwylfaethol. ond o hynny i gilyddio'r wneud rhai o'r holl o gynllun i niadolion i'r spacebarth ynglyn â'r gofyn yn blaen,lu wedi'i tyfnid o'r holl yr ystod o'r au address o unrhyw os your yepion a gyd-fawr i'r cyrchaf o grifio o glóborau, ac yn llwyddiadau y byddwyr o 822 bilion euro. Yn 2017 hefyd, Chwy fawr i'r rebentau o'r newid o raen dda niadolion i'r that rate of last year. In 2016, direct investments by Chinese enterprises in the 53 countries along the Belt and Road Initiative reached 12.9 billion euros. Up to now, Chinese enterprises have set up 53 trade and economic cooperation zones in over 20 countries, creating nearly 978 million euros of tax revenue and about 180,000 jobs for those countries. China is a representative of the Belt and Road Initiative, and is responsible for the implementation of it. China, at the same time of its own reform and development, is willing to promote the world economy to continue to grow and provide energy. In May this year, the Belt and Road International Co-operation Forum in Beijing has achieved a lot of success. In the face of the policy and development strategy, it has promoted economic development, and it has strengthened the major project cooperation. It has made a lot of new mistakes, and it has achieved a series of new things. It has provided an important basis and guarantee for the progress of the Belt and Road Initiative, and it has provided an important basis and guarantee for the progress of the Belt and Road Initiative. China is the advocate for the Belt and Road Initiative and a responsible country to put the initiative into practice. While carrying our own reforms and development, China is willing to provide new engines for sustainable growth of the world economy. The Belt and Road Forum for International Co-operation held in Beijing last month has delivered tangible results. Those participating countries from around the world into this forum last month brought up multiple new measures for policy alignment, development strategies, economic corridor construction, cooperation on key projects, financial support, etc. And we have reached a series of new consensus. These has laid sound foundation, an important guarantee for the promotion of Belt and Road Initiative. I can see from the point I mentioned earlier that the long-term basic development of the Chinese economy has not changed. China's economic growth is still very good and the potential is high. The space and potential for the future of the Chinese economy is still very wide. As an investor, I have confidence in the future development of the Chinese economy. As you can see from the information above, we feel that the fundamentals for a growing Chinese economy in the long term have not changed. China's economic growth has strong resilience, large potential and sufficient space for maneuver and it enjoys broad development prospects. As a banker, a former banker, I am very confident in Chinese economy. The second part, I want to talk about how to look at the financial development of China's banking industry. I think the time seems to be enough, so I want to talk about the financial situation of China's banking industry. Recently, a few years ago, some friends were a little worried about the financial situation of China's banking industry. For example, how much is China's banking industry's poor assets? With the decline in Chinese economic growth, will the financial risk increase? I am willing to provide some information. The first is that China's banking industry's assets and debt models continue to maintain two-digit growth. In 2016, China's banking and financial institutions' total assets were 232 trillion yuan. The total growth rate was 15.8%. In 2017, the growth rate was 14.3%. In 2016, China's banking and financial institutions' total assets were 215 trillion yuan. The total growth rate was 16%. In 2017, the growth rate was 14.5%. In 2017, the total assets of Chinese banks stood at 3.02 trillion euros, up by 15.8% year-on-year. This number grew by another 14.3% in the first quarter of this year. The total liabilities of Chinese banks stood at 2.8 trillion euros, up by 16.0% year-on-year. And this number grew by 14.5% in the first quarter of this year. The second is that China's banking and financial institutions are still very strong. In 2016, China's banking and financial institutions' total assets were 16.49 trillion yuan. The total growth rate was 3.54%. In 2017, China's banking and financial institutions' growth rate was 4.61%. Second, the profitability of Chinese banks is very strong. The total net profits of Chinese commercial banks throughout last year for one year stood at 215.2 billion euros. It went up by 3.54% year-on-year. In the first quarter of this year, the growth rate of Chinese banks' net profits was still up again by 4.61%. In recent years, the net profits of China's largest banks such as ICBC and CCB have ranked number one and two in the whole world. In 2016, China's banking and financial institutions' growth rate and financial institutions' growth rate were 0.98% and 13.38%. In international universities, the growth rate was relatively good. Last year, the main banks of the EU were 0.5% and 0.7.8%. USA's banking and financial institutions' growth rate was 1.04% and 9.34%. The growth rate of China's banking and financial institutions' growth rate was relatively good. Last year, the return on asset and return on equity of Chinese commercial banks stood respectively at 0.98% and 13.38% respectively. These numbers are both at a very sound level among global peers because if we see the Eurozone competitors, we see that the ROA for Eurozone commercial banks last year was 0.5% and the ROE was 7.8% for major Eurozone banks. For American banks, these numbers were respectively 1.04% and 9.34%. 3. China's banking and financial institutions' growth rate was continuously improved. In 2016, China's banking and financial institutions' growth rate was 1.74%. The return on asset and financial institutions' growth rate was 0.01%. Compared with the European and American banks, the growth rate was relatively good. We know that the growth rate of the US banking and financial institutions' growth rate was 2.8%. The US banking and financial institutions' growth rate was 2.12%. The Chinese banking and financial institutions' growth rate was not very good. In 2016, the growth rate of our bank was 176.4% and the overall level of the international level was far higher than that of China's banks. 3. The asset quality of Chinese banks keeps changing for the better. By the end of 2016, last year, the MPL ratio of China's banking sector as a whole stood at 1.74% down by 0.01% points quarter on quarter. This is also of a sound level among global peers because if we look at the major banks in the Eurozone, this figure MPL ratio was 2.8% averagely, and for American banks it was 2.12%. Besides, there are adequate loan loss provisions for Chinese banks. The average provision coverage ratio for Chinese commercial banks was 176.4% by the year end of last year, much higher than the average of global peers. 4. China's banking and financial institutions' growth rate is still high. By the end of 2016, China's banking and financial institutions' growth rate was 11.25% and 13.28% by the year end of last year, much higher than the average of global peers. 4. The capital adequacy ratio of Chinese banks is still high. By the end of last year, the core tier 1 capital adequacy ratio of Chinese banking sector was 10.75%. The tier 1 capital adequacy ratio was 11.25%, and the total capital adequacy ratio was 13.28%, and all these three have met the Basel III requirements. 5. According to the Bank of China magazine, in 2016, there were 1,000 banks in the world ranking. In 2016, the number of banks listed in China was rising. 119 banks entered the ranking of 1,000 banks in the world. 4. China's biggest bank ranked top 10 in the world ranking. 5. China's biggest bank ranked no more top 10 in the world ranking. 6. China's biggest bank ranked no more top 10 in the world ranking. 7. ICBC ranked no more top 10 in the world ranking. According to Banker magazine, 119 Chinese banks were among the top 1,000 world banks. This number is a new record for Chinese banks, and the biggest four Chinese banks are all among the top 10 banks in the world. Moreover, ICBC, the largest bank in China and in the world as well, has ranked number 1 for the fourth consecutive year in terms of tier one capital. Cymru'r cynghorffaeth Cymru yn ystod y maes teulu i'r hawdd, ac arall y Blwyr ac yn ales nodi ddechydigol release oherwydd sy'n fwyllgor â cyfrifiad Cymru. Ydyn ni'n adrodd ac yn wneud hynny yn bobl y Maes Dhuon Yn yn fro Cafodol ac yn agi'r cyfasgwyllwyr yn bwysig yn cael gan gafael y cyfrifiad Cymru sy'n fyddir ddrwydd y cyfrifiad Cymru ar gyfer y newydd yw'r cyffredinol. Felly, y cyffredinol yw'r cyffredinol yw'r cyffredinol a'r cyffredinol yw'r cyffredinol. Diolch i allan yourliau Gymdeithasol efallai y ですig gyda y cyffredinol. Felly, y cyffredinol o'r cyffredinol yw'r cyffredinol er syniad cyria账 gan YsbFreem cyd-siegợi nhin am ddayl. 23d drwy paysance ac s Segfer, More lighter and smarter rather than those high energy consumption or high pollution industries, the Chinese enterprises will surely increase their R&D investment to consolidate their resources and they will go through necessary acquisitions and restructuring. So, for Chinese enterprises while they still ask for ordinary loans from banks, they will surely ask for more extensive and diversified financial services from Chinese banks. As a result, these banks will have to provide a full spectrum of financial services, including loans, bonds, equity, agency and consultancy services. With the fast development of big data and IT technologies, Chinese banks are pressing ahead with FinTech innovations. By incorporating FinTech with offline services in physical outlets, Chinese banks now offer a comprehensive financial ecology that offers O2O services online to offline services. In ICBC, we have an open online banking platform, and the number of users of this banking platform has reached 253 million by the end of 2016. In ICBC, we also have our own instant messaging platform, and by the end of last year, the number of users of this messaging platform was 66.49 million users. In ICBC, we also have an e-commerce platform, and by the end of last year, the transaction value of transactions processed on the e-commerce platform was 16.5 billion euros. This has grown by 44% of the start of 2016, and the total long book of our internet financing is now has grown by 20.2% in last year. The physical economy is the soil of the financial growth, and the two are the mutual profit, the new and the mutual profit. The purpose of the financial economy is to serve the physical economy. If the physical economy cannot maintain a healthy development, the stable development of the financial industry will lose its foundation. If the financial economy gets rid of its so-called innovation and self-sufficiency, it will not only cause damage to the physical economy, but also the development itself will be difficult. The real economy is the soil to nurture financial sector. These two are mutually beneficial, and they share a common destiny. The defining purpose of financial sector is to serve the real economy. If the real economy fails to keep a healthy development, then financial sector would lose its root and lose its stability. On the other hand, if the financial sector breaks away from the real economy and is indulged in unproductive so-called innovations or self-circulation, then not only the real economy would be harmed, but also the financial sector itself would not sustain for long. The role of financial security is to safeguard financial security. The risk of financial security is the foundation of the effective physical infrastructure. It is also the fundamental requirements of financial service-related economies. Currently, China's economy is on this side of the lines, so we cannot work hard. sy'n rhaglenoedd y gallwch yn gallu ffyrdd, a'r hyn sy'n gwneud o'r cyflasion hynny'n yw'r ffordd. Rydyn i'r sgolol, roedd y gallwn cyfdoedd yn ffyrdd ac yn bai adonyn i'r ddweud ar y Llywodraeth. Mae'n ffordd ar y llogfyrdd yn gallu'n ei amgylcheddol yn y bai gennym, ac mae'r mewn gyfreithiaeth yn ymdweud ar y辩edd. Mae'n cyflref sy'n gyflasion ymchwil gan yst ! Mae gyda'r cyfnod o'r cyfnodd gyda'r cyfrannu sy'n gyflwyno a'r cyfrannu ffynau i gyda'r cyfrannu a'r cyfrannu cyfnodd gyda'r cyfrannu ymlaen i gyfrannu gynnyddiadau ar gyfer y ddweudwyr cyflwyno. Ddod i fi ddod i fath o'i ddweudwyr yr adeg.