After the three-year ( 2000-2002 ) program of reengineering on its internal control and in-house administration,the Bank last year continued its vigilance in this area of management.Remarkable results surfaced after more rules and regulations were established, human resources were optimally allocated,and administrative improvement emerged in such operations as financial management,accounting and auditing, strategy blueprinting,credit management,treasury operation and IT building up.These were marvelous success stories in achieving our initial targets and objectives for perking up management and administration,which provided adequate warranty for guarding against and mitigating financial risks and upgrading the quality of credit assets at the Bank.
    By the end of 2003,the ratio of non-performing loans was 3.7 per cent , down by 1.3 per cent than the beginning of the year.It was a " double fall " ,both for the absolute amount of bad debts and for the ratio in relation to the portfolio as a Whole. Moody's Investors Service in the United States rated the Bank A2; the Standard & Poor's Corp., USA,gave a BBB + rating;and Rating and Investment Information Co., Japan,reconflrmed A for the Bank.All the three ratings were compatible to china's sovereign ratings .
   Last year saw the creations of three subsidiaries of the Bank-Nanjing Branch and Dalian Branch , and Hangzhou Representative Offlce.In another development,the headquarters of the Bank moved to its new address , bringing with it more comfortable working conditions to the employees and a new shop -front for the organization.

   The year 2003 also witnessed a"double breakthrough"in the business operations of the Bank.One was the RMB 104 billion yuan in the outstanding balance of its own total credit on the balance sheet-breaking through the RMB 100 billion threshold.The other was the USD131.6 billion export ofmechanical ,eleceronic,and high-and new-tech products accumulatedly backed up by the Bank,surpassing the USD1OO billion milestone for the first time in the Bank's history.Now the total assets of its core operations qualifles the Bank the third largest among the world's financial agencies of the same description . And it is second if the accounts onlent from foreign governments are included .

   In the past ten years since its founding , The Export-Import Bank of China approved export credits of different categories worth a total of RMB 307.9 billion,with actual loan disbursements of RMB 270.2 billion . The annual growth of the latter averaged a wonderful 46.3 per cent , which was much faster than the annualized growth of 24.5 per cent for the national exports of mechanical,electronic,and high-and new-tech products . Understandably, the Bank was proud of its lending hand when mechanical and electronic products almost doubled from 24.7 per cent of the entirety of Chinese exports in 1993 to 51.9 per cent ten years later in 2003 .
   More than 90 per cent of the ships and other vessels exported so far were supported by strong policy financing instruments from The Export-Import Bank of China.By the end of 2003,the Bank had provided an accumulated total of RMB 65.5 billion in support credit to 976 ships and vessels,whose tonnages added up to 25.15 million.Such credit backup was instrumental in the - building industry and its upstream sectors,creating a great number ofjob opportunities for related industries,easing China on to the third largest exporter of ships and other vessels in the world for some years running,becoming an important player among global ship builders.
   The Bank spared little effort supporting Chinese enterprises venture beyond the border to win overseas construction contracts,offshore investment projects,processing agreements,and resources tapping ventures.The implementation of the Central Committee strategy by the Bank facilitated greatly Chinese flrms in their accessing the international market where they grow transnational.By the end of 2003,overseas contracts backed by the Bank numbered 441,associating a total of loans worth RMB 77.6 billion.In addition ,there were 87going-on off shore investment projects involving accommodations of RMB 15.9 billion.

   The EXport-Import Bank of China could not hanve made these achievements without the correct leadership of the party ceentral Committee and the State Council,the joint hard working of a united team of employees,and the support and assistance of related partners and friends On behalf of the Bank,here I Would like to extend my sincere thanks to our friends both in China and overseas.

   The year of 2004 is critical to the sucessful implementation of the "Tenth Five-Year Plan"for the country and is of singnificance to the Bank's reform and development.As it is,China's economic development now faces a critical moment of strategic opportunities which,when and if taken to ourbest advantage, will prove vital and decisive in our approaching a comfortable life for all chinese nationals.As a State export credit agency,The Export-Import Bank of China is fully commmitted to the successful implmentation of the national"going out"strategy and to the promotion of export growth,foreign

   relation development and international economic cooperation Such policey financial instruments as export credit and Govermental Concesional Loans,which are part of the mandate portfolio of this Bank,will shoulder more and more important responsibilities in the macro mechanisms with which the central government regulates.Historty confers this mandate of honor onto the bank,but together with it furnishes us with precious opportunities for growth and development.

   In the year ahead,we are determined to ensure fast development in each of our policy financial services by upgrading management and improving client service.We are ready,starting form what we have archieved over the past decade, to brave new fronties by aiming always at something better and somewhat higher.In celebrating the tenth anniversary of this Bank,and nurturing the ambition of paving a sturdy foundation for fulfilling the "Tenth anniversary of this Bank,and nurturing the ambition of paving a sturdy foundation for fulfilling the "tenth Five-Year Plan" statement,we hereby promise,that we are ready to,and that we are confident we can,live uo to our mandate missions amidst a more aggressive national drive for more shares of opportunities in the technological and economic cooperation and competition on the world marketplace and make new contributions to the fast,sustained and healthy development of the national economy.