and overseas construction contracts, and other projects under "going out" strategy. Operations have also developed from the initial export credit extension into a giant regime as a policy financer that is both full-spectrum in service and multi-tiered in organization. Now its portfolios cover three major businesses, namely, export credit, Chinese governmental concessional loans, and onlending of foreign government loans.

　　The Export-Import Bank of China is now well positioned firstly as a major policy banker for the exports of mechanical, electronic, and high- and new-tech products, overseas construction contracts, and offshore investment deals, secondly as the sole onlending agency for foreign government loans, and thirdly as the exclusive lending house for concessional loans of Chinese government to other economies, qualifying the Bank as a major player in the support lineup for the foreign trade and economic cooperation, and an important module of the financial system of the country.

　　Armed with the ideological lines of realism, emancipating the mind and “seeking truth from facts”, the Bank in the past decade spared little effort in pursuing a corporate culture of pragmatism and hard working. Product innovation, restructured organization, improved banking services, strengthened grass-root administration, and upgraded asset quality, have all combined to present an institution of enhanced capacity and refreshed appearance.

　　By the end of 2003, the outstanding balance of credits of the Bank added up to RMB 104 billion yuan, and the exports of mechanical, electronic, and high-tech products supported by the Bank was valued a total of USD 131.6 billion. These figures represent a significant contribution in expanding the export of mechanical and electronic products, and high and new-tech products, in improving the composition of export commodities, in implementing the national “going out” strategy, in diversifying export market destinations, in invigorating foreign trade through science and technology, in helping the diplomatic departments develop foreign relationship and international economic cooperation, and in effecting greater influence of China among other developing countries.

　　Up to now, the Bank is ranked among the top of its peers in the world in terms of business size. The total of operational assets in its portfolios stands close to that of the Export-Import Bank of the United States , ranking the Bank the third among all government export credit agencies of the same definition. An addition of the accounts onlent from foreign governments, however, will raise the Bank into the second place, next to Japan Bank for International Cooperation. Meanwhile, the quality of the Bank's assets has been upgrading, with occurrence of non-performing loans falling to 3.7 % by the end of last year.

　　By the end of 2003, the Bank has owned five business branches, including Banking Department (H.O.) in Beijing , and Shanghai , Shenzhen, Nanjing , and Dalian Branches. It has eight domestic representative offices, which are located in Harbin , Qingdao , Hangzhou , Xi'an , Chengdu , Wuhan , Fuzhou , and Guangzhou . In addition, there are two overseas representative offices, one in Central West Africa , and the other in Southern and Eastern Africa .

　　Along with the continued expansion of organization and growth of core businesses, a reservoir of quality human resources is now in store, as evidenced by their professional credentials and certificates. By the end of 2003 the number of employees at the Bank came up to 626, with 532 of them having three years or more working experience at banks, which was 85 per cent of the entire workforce. And 534 of the staff members were of college and or university education background or above, also amounting to 85 per cent.

　　What we have is but a result of the past decade, and what we will aim at in the future should be a terrain higher than we have ever visited. We are proud of our past, and we are ambitious for the years to come. In the new era when the nation is disposed to striving for a relatively comfortable life for all its citizens, The Export-Import Bank of China is fully committed to shouldering its share of duties for further opening of the country to the world beyond. Confronted with new scenarios, mission statements and expectations, the Bank is ready, starting from what we have accumulated beneath and behind us, to brave new frontiers by aiming always at something better and somewhat higher. We will continue to strengthen our internal management, determined to build the Bank into a modernized State export credit agency that is staffed with the best people, managed by a professional team, celebrated for the quality of its credit assets, and tailored to the specific needs of Chinese manufacturers eyeing at the world markets.

　　Under the guidance of Deng Xiaoping's theory and the important thought of “Three Represents”, and rallying closely around the Party Central Committee chaired by General Secretary Hu Jintao, the Bank will continue to pursue a corporate culture of pragmatism and hard working, and endeavor to achieve more and greater successes in the years to come. In the midst of a more aggressive national drive for more shares of opportunities in the technological cooperation and economic competition on the world marketplace, The Export-Import Bank of China will certainly have a unique role to play, and we are confident that we can play it well and make new contributions to the sustained, rapid, healthy growth of our national economy.