4) We will make institutional innovations to strengthen construction of government-subsidized housing.

We will promote the use of direct monetary housing subsidies to people displaced by the rebuilding of run-down areas, and encourage municipal governments to utilize multiple means to increase the supply of public rental housing so that more people in urgent need of housing can find new homes as soon as possible. We will basically complete the renovation of run-down areas in state forestry areas and of dilapidated housing on state forestry farms. In urban areas, work on 4.8 million government-subsidized housing units will be basically completed and construction will begin on an additional 7.4 million units, including 5.8 million units to be rebuilt in run-down areas. We will give targeted guidance and adapt measures tailored to specific local conditions in order to vigorously support the people's demand for first homes or second homes if their first homes are inadequate, and spur the steady and sound development of the real estate market.

We will strengthen exchange and cooperation with Hong Kong and Macao in areas such as the economy and trade, and basically realize the liberalization of trade in services with the two regions by the end of 2015. We will support Hong Kong in elevating its position as an international financial, shipping, and trade center, and promote the long-term prosperity and stability of its economic and social development as well as the steady improvement of its people's wellbeing. We will support Macao in becoming a world tourism and leisure center and in building a platform for facilitating business and trade cooperation between China and Portuguese language countries, and will support appropriately diversifying its economy and promoting its sustainable development. We will expand and deepen exchange and cooperation in all fields between the mainland and Taiwan, quickly complete the follow-up talks on the cross-Straits Economic Cooperation Framework Agreement, and promote economic integration for the mutual benefit of all.

This year we have an additional important task to perform: on the basis of soliciting a wide range of opinions and drawing on the wisdom of the people, we must formulate the Thirteenth Five-Year Plan for National Economic and Social Development and complete the preparatory work for submitting it to the Fourth Session of the Twelfth NPC for deliberation.

Fellow Deputies,

Accomplishing all the work for economic and social development in 2015 is an onerous but important task. We will unite even closer around the CPC Central Committee with Comrade Xi Jinping as General Secretary, hold high the great banner of socialism with Chinese characteristics, take Deng Xiaoping Theory, the important thought of Three Represents, and the Scientific Outlook on Development as our guide, implement the guiding principles from General Secretary Xi Jinping's major speeches, willingly accept the oversight of the NPC, and seek comments and suggestions from the CPPCC National Committee with an open mind. We will pool together our hearts and our energy in striving to achieve all the targets set out in the Twelfth Five-Year Plan and promote sustainable and sound economic and social development.

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