49. 7 percent over the previous year. the chinese government has taken active measures to increase imports from african countries, and encouraged domestic enterprises to invest in africa. in addition, the chinese government has provided training to nearly 7, 000 african personnel in various areas. honoring it commitment ahead of schedule, china reduced the bilateral debts of 31 african countries totaling usd1. 3 billion. in the coming years, china will take further steps to enhance its support to african countries, including continuing to provide assistance within its capacity, expanding market access and strengthening cooperation in human resources and tourism. since it became a member of the african development bank in 1985, china has actively supported the work of the bank. it has provided funds totaling usd300 million in the replenishments of the resources of both the african development bank and the african development fund. up to now, china and african development bank have had nearly 20 years of cooperation. serving as a link, african development bank has played an important role in the cooperation and friendship between china and africa. we are pleased to note that, although adversely affected by the generally weak global economic performance, african economy grew by 3. 7 percent in 2003, a growth rate higher than the global average of 3. 2 percent. in many african countries, with significantly strengthened macroeconomic management capability, the macroeconomic environment has improved. in particular, fiscal deficits have been kept at relatively low levels, inflation has been effectively contained, and terms of trade have improved. nevertheless, the african economy is still confronted with severe challenges. the primary task is to achieve sustained and rapid economic growth, a prerequisite to meet the millennium goals by 2015. china ’ s experiences show that, in the course of social development, countries need to formulate their poverty reduction and economic development strategies in light of their own conditions. in particular, attention should be paid to properly handling the following issues. first, countries need to strike a proper balance between stability, development and reform. in other words, the speed of development and the pace of the reforms should be carefully weighted against people ’ s capability to absorb relevant shocks. the ultimate goal is to improve people ’ s living standard. second, importance should be attached to properly addressing the issues in the development of agriculture and the rural areas, particularly in those countries where agricultural population constitutes the overwhelming majority. third, the most effective way to reduce poverty is to help the poor people develop their local economy. african countries play a leading role in their own development

- defined underlying markets and are consistent with internationally - recognized standards are available. i want to thank the many institutions here today, and the many more that have played equally constructive roles, for their efforts in this process. this month marks the one - year anniversary of sofr and is close to the one - year anniversary of the other new risk - free rates. over that year, we have seen the establishment of new futures markets, cleared swap markets, and debt markets based on these new rates. sofr futures, which did not exist a year ago, have seen more than $ 7 trillion in cumulative notional volumes. this has been a crucial development for market liquidity and is helping to spur the growth of sofr swaps and other derivative markets. and sofr is being used in cash products, with $ 81 billion in sofr - linked debt issued over the past year. new markets do not arise overnight — in normal circumstances they can often take decades to develop. what has been accomplished over the past year is remarkable. at the same time, we have only a little over two and a half years until the point at which libor could end, and the transition needs to continue to accelerate. the private sector needs to take on this responsibility, and we expect you to do so. the federal reserve ’ s supervisory teams are including the transition away from libor in their monitoring discussions with large firms. the federal reserve will expect to see an appropriate level of preparedness at the banks it supervises. as the alternative rate reference committee ( arrc ) continues to make progress on industry - led 1 / 2 bis central bankers'speeches approaches to the transition, the transition paths away from libor will become clearer for banks of all sizes. while we expect you to take on this responsibility, we in the public sector must also recognize our need to help. the fsb has supported this transition globally, and, in the united states, the financial stability oversight council has supported the arrc ’ s work. it is important that we continue to do so, and i want to thank you all today for the thoughts you have shared with us on this transition and what is needed to make it succeed. 2 / 2 bis central bankers'speeches