Ladies and Gentlemen,
Today, Industrial and Commercial Bank of China Limited officially established under the concern from Central Party, State Council, direct guiding from leadership office of the pilot restructuring reform of state-wholly-owned commercial bank and the support from all state ministries and everybody. On behalf of Industrial and Commercial Bank of China Limited, I welcome all the Leaders and guests to the conference. I sincerely thank for all of your concern and support to ICBC.

ICBC was established on Jan 1, 1984. During these 22 years of development, ICBC rode with the tide to open to the world. Phenomenal results have been achieved under the theme of "Quality for Humaneness, Passion for Reputation, In Search of Excellence, and Dedication to Our Customers". Since inception in 1984 till end of September, 2005, total assets jumped from RMB 270 billon to RMB 6.3 trillion, a 23 times increase, deposit balances from RMB 170 billion to RMB 5.6 trillion, a 32 times increase and loan balances from RMB 250 billion to RMB 3.1 trillion, a 12 times increase. ICBC has built a management system of a characteristic large commercial bank "Manage 1 Level Down, Monitor 2 Levels" under vertical leadership, an independent and authoritative internal audit scheme.  ICBC are the first to build a large modern data center. Operation data are centralized, real-time across the whole bank.  ICBC pioneered to launch consolidated credit management system and corporate credit evaluation system. T+1 day operation management reporting is automatically generated. 22 years of hard efforts had made ICBC become China largest bank in wholesaling, retail, mortgage, E-banking, assets custody and clearing.

On April 4, 2005, State Council approved ICBC reform plan, reform then entered a new dimension.

Financial reorganization,  restructuring or even public listing are just one of the steps and not the final aim in overall reform of state-owned commercial bank. Reform will let China state-owned commercial bank experience the unprecedented system changes. Reorganize equity structure, establish scientific corporate governance structure, improve governance efficiency and quality are the important steps of change. Therefore, ICBC has always put corporate governance as the top of all priorities in the reform.

After 6 months of hard work, Industrial and Commercial Bank of China Limited Inauguration Meeting finally convened as scheduled. This marked ICBC reform has been fully accomplished at this stage, and now standing at the starting point of another new round of development.

Memory to the hard early days! Here, on behalf of Industrial and Commercial Bank of China Limited, I sincerely thank for all leaders and guests who support ICBC over the years. I expressed my utmost gratitude to all ICBC staff who sacrifice and work to their most for ICBC. I pay my dearest tributes to all ICBC past leaders and old staff who contributed significantly to the development of ICBC.

Overall objectives of ICBC restructuring are: speed up the reform and convert operating mechanism focusing on complete modern equity system and modern corporate governance system in accordance with modern commercial banking requirements, establish a comprehensive modern financial corporate system, ultimate aim is to transform ICBC into a large modern commercial bank with sufficient capital, strict internal control, safe operation, good service and well-efficient, and strong international competitiveness.

In this regard,  ICBC will manage scientifically,  ICBC will shoulder more, act faster, speed up the reform.  ICBC will establish a scientific and highly-efficient corporate governance and organizational structure, a scientific decision-making scheme and comprehensive internal control scheme and risk control system. Business and management flow will be integrated for a horizontal structure in organization and vertical management in business. Human resources are managed under market approach and effective incentive-constraint mechanism.  ICBC will also rebuilt financial accounting system and reporting scheme according to international standard, as well as a highly-transparent information disclosure system.  ICBC will continue to improve our technical standard to build an international information technology platform. ICBC will commit to full, coordinated sustainable growth to realize best of interests to all shareholders, bank, staff and customers.

Dear comrades and friends, starting from this moment of Industrial and Commercial Bank of China Limited establishment, ICBC begin a new milestone again.  ICBC will manifest the scientific management thoughts under the guiding line of Fifth Plenary Session of Sixteenth Congress of CCP to further speed up the reform, to march forward to our aim of being a modern commercial bank.

Success and failure of this  restructuring as a whole is related to China banking reform, economic development and social stability.  ICBC fully understand that reform is not a straight road to Rome. There will be many obstacles lying ahead, but we firmly believe that, under the proper guidance from State Council and Central Party, support from shareholders and all of you, and the hard efforts from all our staff, we will definitely complete all reform tasks, we will delve into the task of building a modern banking corporation, heading for becoming the mainstay among China banks,  will continue to contribute even more to the sustainable development of national economy and to the overall progress of a new society!

Thank you.