You can copy the content of the text element using
<xsl:template match="text">
<xsl:copy-of select="child::node()"/>
</xsl:template>
The copy will be logically the same, but not necessarily lexically the same, for example the decimal numeric character reference might be replaced by a hexadecimal reference, or by the character itself if your output encoding includes that character. The original lexical form isn't known to the XSLT processor.
Michael Kay
http://www.saxonica.com/
Author, XSLT Programmer's Reference and XPath 2.0 Programmer's Reference