Distinguished Vice Chairman Zheng Wantong, Chairman Lee Yizhong, distinguished guests, ladies and gentlemen,

Good afternoon. It’s my great pleasure to join so many leading business people and entrepreneurs from around the world. I want to thank the organizers for inviting me to speak this afternoon. China Guodian Corporation is in the business of power generation while in Fortune 500 Company. In addition to power generation, our business also covers coal mines, consultancy, financing and other businesses. Our total in stored capacity has reached a hundred and forty million kilowatts, which is the second largest in the world. We are committed to the environment and to sustainability and what we are proud of is that over half of our power generators are large-scale thermal power generating units with a capacity of over 600,000 kilowatts and all our generators have been equipped with equipment to get rid of sulfur dioxide and nitrogen.

Minister Bai, the head of the National Energy Administration has praised the performance of our generating units and in recent years we have focused on tapping new energy sources and cutting emissions and we’ve also began work on renewable energy projects in Canada and South Africa. We have signed off in new energy and renewable energy projects in other countries and our high environmental standards of our generation units have entered the markets in southeast Asian countries, the republic of Korea and the Middle East. Since President Xi Jinping has put forward the Belt and Road initiative, more and more Chinese enterprises are going global and I believe there is tremendous opportunity for energy enterprises such as China Guodian Corporation.

First of all, by engaging in deeper international cooperation, energy enterprises can play a bigger role in fighting climate change. Power usage around the world continues to be on the rise and there is tremendous pressure on mankind to fight climate change. Therefore, it has become our only choice to develop low emission high environmental standards equipment. China is in the midst of a profound energy transition, so both in terms of equipment design operation and management with this tremendous opportunities, China has come a long way and the new power generating units that we in stored now up to the best standard in the world. In the meantime, developed countries have accumulated vast experience in terms of developing renewable energy, so both in terms of renewable energy and traditional sources of energy, Chinese enterprises would do well to partner with foreign companies, to benefit from their experience and contribute to the global fight against climate change.

My second point is that great international cooperation in the energy sector can help all parties involved combined their strengths for mutual benefit. Global recovery faces an uphill battle. Chinese enterprises are world leaders in some of the technologies and we have in stored large amount of production capacity. Therefore, we need to implement the strategies of our international cooperation through the Belt and Road initiative. This will help us, jointly address in the financial crisis and help the exploit of technologies and high value-added products, and ensure the free flow of technologies and win-win cooperation. This will help our common needs.

Thirdly, we need to strengthen cooperation between energy companies and this will help us go global. If we look at Fortune 500 companies, many multinational companies have over 50% of their assets in other countries. Compared with the multinationals of other countries, Chinese companies are really backward in terms of high-precision technologies and integration and fine management, and going global will help us learn from other countries, learn international practices, develop new business to enhance international competitiveness and explore new market and space for ourselves in particular for our profits. Chinese companies have already achieved a lot in going global. Let me share with you my experience based on the development of overseas market.

First, going global, we need to uphold the principal of win-win cooperation by forming a community with shared interest. We will be able to reduce obstacles and achieve sustainable cooperation and development. We need to focus on our host countries and fulfill our corporate social responsibilities so that benefits could be shared and risks could also be jointly shouldered. We need to pay more attention to introducing advanced technologies.

Secondly, we must avoid the unplanned competition. Previously there have been some unreasonable lowering of prices in the process of competition between the Chinese companies going global. This is not helpful for the long term development of Chinese companies and this is not helpful for a better image of China. Therefore, Chinese companies need to cooperate with each other instead of only competing with each other in the overseas market. Thirdly, we need to better respond to changes in the international political economic environment and the growing uncertainties. Some companies have paid cost for that. We need to remain strategically focused and pay attention and focus on areas that we are most familiar with and be mindful of the possible risks and improve our overall risk management systems for our overseas business operations and to ensure that throughout the process of decision making and management we take risks into consideration, and this will help us ensure the safety and the security of our assets.

Finally, the Guodian Group in the guidance of the Belt and Road initiative is willing to leverage our own advantages to cooperate with other companies based on win-win corporation principles. We are ready to deepen understanding, mutual learning so as to achieve common prosperity in the field of new energy emission reduction and the manufacturing of advanced equipment. We will be able to cooperate well with the other countries in terms of both technology and equipment so as to build a greener world for all of us and make our new contribution to emission reduction throughout the world.

Thank you.