We expect financial conditions to tighten in the second quarter.

The acceleration of loan growth will add further fuel to the current growth momentum and we see upside risks to our growth and inflation forecasts this year. The economy is accelerating on all three cylinders.

I think we've passed an inflection point. We're seeing an end to the golden period of extremely low-cost labor in China. There are plenty of workers, but the supply of uneducated workers is shrinking.

Since China moved on the currency last July, the economy has been charging along. China should feel comfortable and confident in driving through reforms. There has been no economic or financial turbulence.

Between now and May, we'll continue to see concrete measures being announced to ease restrictions on holding foreign exchange, easier access to foreign exchange by domestic firms and even by residents.

January trade numbers appeared stronger than expected, in line with global growth momentum.