6. Foreign trade recovered rapidly and trade deficit was seen in March. The total value of imports and exports for the first quarter was US$ 617.85 billion, up by 44.1 percent year-on-year; it was 34.9 percentage points higher than that in the fourth quarter of 2009. The value of exports was US$ 316.17 billion, up by 28.7 percent, and the value of imports was US$ 301.68 billion, up by 64.6 percent. The trade surplus was US$ 14.49 billion, a drop of US$ 47.9 billion over the same quarter last year. The trade deficit in March was US$ 7.24 billion.

7. The urban and rural population’s income continued to grow with rapid growth in income transfer. In the first quarter of this year, the per capita total income of urban household was 5,787 yuan. Of this total, the per capita disposable income of urban population was 5,308 yuan, a year-on-year growth of 9.8 percent, or a real growth of 7.5 after deducting price factors. Of the per capital total income of urban household, the year-on-year growth of wage income was 9.7 percent; transferred income 13.3 percent; net income from operation 7.5 percent; and 17.0 percent from property income. The per capita cash income of rural population was 1,814 yuan, up by 11.8 percent year-on-year, or 9.2 percent growth in real term. Of this total, the growth of wage income was 16.3 percent; household operating income 7.6 percent; property income 15.6 percent; and 13.8 percent from transferred income.

8. The growth rate of money supply dropped from the high level while the newly increased credits declined as compared with that a year ago. By the end of March, the balance of broad money (M2) was 65.0 trillion yuan, a year-on-year growth of 22.5 percent, which was 5.2 percentage points lower than that at the end of last year; the balance of narrow money (M1) was 22.9 trillion yuan, a rise of 29.9 percent, or 2.4 percentage points lower; the balance of cash in circulation (M0) was 3.9 trillion yuan, up by 15.8 percent or 4.0 percentage points higher. The amount of outstanding loans of all financial institutions was 42.6 trillion yuan, increased by 2.6 trillion yuan over that at the beginning of this year, or a drop of 2.0 trillion yuan as compared with the beginning of last year. The amount of outstanding deposits of all financial institutions was 63.8 trillion yuan, an increase of 4.0 trillion yuan over the beginning of the year, or 1.6 trillion yuan less than the beginning of last year.

The environment for economic development is still fairly complicated, and we are still faced with a lot of difficulties and problems in the course of economic recovery. We should be guided by the scientific outlook on development, implement various policies set by the Central Party Committee and the State Council, maintain the continuity and stability of those policies, and continue to carry out the pro-active fiscal policy and moderately easy monetary policy. We should also improve the relevance and flexibility of the policies while facing the new situation and circumstances. In implementing the policies, we should use the right dynamics, set the pace and focus on the priorities, and at the same time to balance the relationships of steady and comparatively rapid economic development, the adjustment of economic structures and the management of the expectation of inflation. Only by doing so could we achieve a sound and fast economic and social development.