Mr. Chairman,

At its annual session this year, UNCITRAL continued its work in drafting and considering the relevant conventions, model laws and legislative guides. We are satisfied with the progress achieved. At present, the major task for UNCITRAL is to complete the work on the Legislative Guide on Secured Transactions by the end of 2007 and finish, as soon as possible, the third reading of the Draft Convention on Transport Law with a view to adopting it at the 2008 annual session. These two instruments will help the member states adopt new and unified rules in the fields of international financing and international trade and transportation, thus facilitating international trade. The Chinese delegation is in favor of an early adoption of the two instruments mentioned above.

The Chinese delegation also commends UNCITRAL for holding the congress on "Modern Law for Global Commerce" during its 40th Session. In our view, convening such meetings on a regular basis will facilitate the exchange of views on the current status of international rules formulated by international organizations and on national commercial legislation and its implementation. Such meetings will also improve the understanding and enhance implementation by countries of the legal instruments on international commerce.

Mr. Chairman,

As a professional legal agency of the UN, UNCITRAL is an important forum where the legal rules on international trade are formulated. It is playing an increasingly important role in this regard. The Secretariat of UNCITRAL has devoted itself to studying the latest developments and new frontiers of international trade and has made tireless efforts to formulate corresponding, generally applicable rules, for which we would like to expresses our appreciations and support. It is our hope that UNCITRAL will work effectively to further promote the unification of the global trade law.

The Chinese delegation always attaches great importance to the work of UNCITRAL. China has fully participated in UNCITRAL's work in drafting conventions, model laws and legislative guides and has joined the relevant international conventions. In its domestic legislation, China has benefited from UNCITRAL's model laws and legislative guides. We have also made efforts to raise awareness at home on the achievements of UNCITRAL.

Mr. Chairman,

The year 2008 will mark the 50th anniversary of the adoption of the Convention on the Recognition and Enforcement of Foreign Arbitral Awards, namely, the New York Convention. The implementation of the New York Convention has fully reflected the indispensable role of UNCITRAL in unifying the legal rules on international trade and has demonstrated the Convention's impact around the globe. China will take part in UNCITRAL's activities in commemoration of the 50th anniversary of the New York Convention and will also hold commemorative events at home.

Thank you, Mr. Chairman.