At a time of rapid business expansion, we adopted effective measures to prevent and mitigate financial risks. Based on the five-category loan classification, the ratio of non-performing loan on the Bank's balance sheet was 4.91% at end 2005; the outstanding volume and the ratio of NPL s both have declined for seven years consecutively. The quality of credit asset further improved. We successfully issued RMB40 billion of financial debenture and US$1 billion of global bond. We also issued onshore floating rate note worth USD 500 million for the first time ever. All of these fund-raising efforts ensured the capital demand of the credit business. The international credit ratingsof China Eximbank continued to be compatible to that of the People's Republic of China.
    The year 2006 will be the first year of the Eleventh Five-Y ear Plan and a critical year of reform and development for the Bank. At the global level, peace, development and cooperation have become the main theme of the times and multi-polarization and economic globalization is progressing towards equilibrium, reciprocity, and mutual benefit. A new round of restructure and globalization of the world economy will help China to maintain sustainable economic growth, quicken her industrial upgrading and more extensively participate in the global economic cooperation. Given the ever growing domestic demand, social and political stability, effective macro-economic policy, and the constantly improving market system in China, the economy will continue a momentum of rapid andsustained growth. At the same time, we are aware of the many uncertainties and bottlenecks. As a policy bank supporting China's foreign trade and external economic cooperation, China Eximbank undertakes an unique and important function in maintaining a steady and relatively fast economic growth, speeding up the transformation of growth pattern, and enhancing innovation capability. We shall always bear in mind our mandate, define the Bank's role and future direction from a strategic perspective, and honor our mission by exerting best efforts to promote reform and innovation.
    Looking into the year 2006, we are full of confidence. We will adopt the philosophy of Scientific Development to guide the Bank's undertaking. We will clearly understand the circumstances, emancipate the mind, speed up the pace of reform and strive to play a more important role in supporting China' economic growth and promoting external economic cooperation. We shall further change the operational philosophy, innovate in financial products and business types, improve means of service, and raise the quality of financial services. We will move faster to build a modern financial institution and realize the strategic objective of becoming a bank for innovation. We need to vigorously develop financial business with a view to expanding operation and reducing both the outstanding volume and ratio of NPL s. We will spare no efforts to promote China's active participation in international economic and technological cooperation and competition, and to contribute to establishing a harmonious society in our own country and a harmonious world at large.