Distinguished Guests, Ladies and Gentlemen:

Good Evening!

I am very pleased to be with you, my old and new friends in auction business community, to share together the achievements brought by the resumption of China's auction business for over 20 years and the 10th anniversary of the implementation of the Auction Law, and to look into the prosperous and harmonious future.

In 1986, the market economy sprouting pushed forward the resumption and development of auction business. During the past 20 years, the auction business experienced from in small scale to big one, especially after the implementation of Auction Law in 1997, the business stepped to a stage of rapid development. Auction, a fair, transparent and increasingly improved mode of operation, is applied step by step into the settlement of personal property, real estate and even property rights. The special function of service of auction with lower costs and high-efficiency allocation of social resources promotes the circulation of commodities, liquidizing of assets, return of cultural relics and prosperity of market. In 2006, total transaction value in auction business was close to US$300 bullion, achieving "Double Brilliant Success" in economic and social benefits. We can not separate the above-said achievements from the innovation and mutual efforts of enterprises and businessmen engaging in auction for over 20 years, the enhancement of the government to push forward relative laws and regulations and improve the administration and service, the self-regulation of China Association of Auctioneers and local industry associations, and the concern and support of the all sectors of the society to auction business.

Comrades, 20 years, to history, are just the blink of an eye and the achievements are limited. Auction business, a new industry, has many responsibilities to undertake. The future 20 years, to auction business, will face both challenges and opportunities and it is the task in front of the business to how to adapt to the general situation of economic development, actively and effectively respond to and settle the problems confronting auction, scientifically push forward the professional development of the business to construct a perfect credit system in the business, create a harmonious environment, optimize the business structure and strengthen the social responsibility of the business to realize win-win in social and economic benefits to the maximum extent, which is the inevitable task of auction business in the future and also the key work of the Ministry of Commerce to regulate and push forward the development of the business.

I believe that through joint efforts, China's auction business with 20-year brilliant course will certainly greet the following 20 years with more resplendence.

Thanks!