Since its foundation in 2001, the Aluminum Corporation of China limited (Chalco) has been listed in New York, Hong Kong and Shanghai. Chalco is an international aluminum corporation which integrates the mining of bauxite, alumina refining, aluminum smelting, energy and global trade. Chalco has developed a number of leading proprietary technologies, including the treatment of low-grade bauxite, ore-dressing Bayer Process for alumina production, newly-structured smelting cells, and the technology of super-strong current smelting, which have turned Chalco a global industrial leader and have been exported to over 20 countries. This is a historic achievement because since then China has grown from an importer of aluminum technology into an exporter. On behalf of the board of directors, I’d like to extend sincere gratitude and respect to investors at home and abroad, and different social communities for their care and support.

In recent years the global economic recovery has remained weak. China’s economy is slowing down with the problems of industrial overcapacity. In the face of the New Normal and new challenges, Chalco has made great efforts to deepen structural readjustment, speed up transformation and upgrading, improve corporate management and strive for innovation-driven development. Chalco has achieved progress while maintaining stability in all businesses against an unfavorable condition by addressing market challenges in a calm manner.

During the 13th Five Year Plan period, Chalco will stay committed to the vision of innovative, coordinated, green, open and sharing development. With the goal of improving economic performance in mind, we will do our best to enhance the quality and efficiency of Chalco’s operation, and continue to push ahead with reform, innovation, transformation and upgrading. We are committed to reform through the target costing approach. We will expand operations in advantageous areas, eliminate outdated production capacity, increase economic benefits through innovation and boost market-oriented reforms. Special efforts will be made to carry out the principle of “Two Responsibilities” and enhance precision management. And we will actively adapt to the New Normal and create new demands. We will continue to build Chalco into a world class corporation with international competitiveness, by creating more value for shareholders, increasing benefits for the corporation and raising income for employees. Therefore, we will be able to make greater contribution to the implementation of the strategic blueprint of Four Comprehensives, the Two Centenary Goals, and the great rejuvenation of the Chinese nation.