First, last September we introduced a series of measures to ensure the stability of financial institutions and the market to bolster public confidence in our financial systems. These measures included the provision of liquidity assistance to the banking system, provision of full deposit guarantee according to the principles of the Deposit Protection Scheme and the establishment of a Contingent Bank Capital Facility;

Second, in November and December last year, we introduced new measures in two phases to address the funding needs of small and medium enterprises (SMEs). In the first phase, we allowed greater flexibility in the use of the loans under the SME Loan Guarantee Scheme and extended the guarantee period for the Working Capital Loan. In the second phase, we set up a Special Loan Guarantee Scheme whereby the Government's guarantee ratio was increased to 70 per cent and the guarantee commitment to $100 billion to help SMEs to solve their cashflow problems. Since the launch of these measures, the Government had approved more than 3000 applications, involving loans of over $6 billion;

Third, after the meetings of the Task Force on Economic Challenges, the Chief Executive announced a series of measures to preserve employment, including the provision of more than 60000 employment opportunities this year through expediting works projects, the recruitment of civil servants and creating temporary and other posts. The Government also sought co-operation between the public and private sectors, including universities, statutory bodies and local and international Chambers of Commerce to create employment and internship opportunities; and

Fourth, after introducing a Renminbi 4-trillion stimulus package last November, in December the Central Government introduced 14 measures to support our financial stability and economic development. We are maintaining close liaison with the Central Government and relevant Mainland authorities to ensure maximum benefit of these opportunities for our businesses and employment.