【观点】中国人民银行行长、国家外汇局局长潘功胜：如何做好当前和今后一个时期的金融工作？

2023金融街论坛年会于今日召开，本届论坛年会主题为“更好的中国，更好的世界——加强金融开放合作，促进经济共享共赢”。中国人民银行行长、国家外汇局局长潘功胜在2023金融街论坛年会开幕式上发表讲话。

潘功胜表示，学习贯彻好中央金融工作会议精神是金融系统当前最重要的工作任务，结合当前经济金融形势，他就学习贯彻中央金融工作会议精神，谈了四点体会，分享了对当前经济形势的看法，明确了货币金融政策的后续部署，重点介绍了防范化解金融风险有关工作安排，以及如何加快构建中国特色现代金融体系。具体而言，包括我国经济增长持续回升向好，高质量发展稳步推进；始终保持货币政策的稳健性，支持实体经济稳定增长；防范化解重点领域金融风险，切实维护金融稳定；深化金融供给侧结构性改革，加快构建中国特色现代金融体系。

中国人民银行行长、国家外汇局局长潘功胜在2023金融街论坛年会上的讲话

（2023年11月8日）

尊敬的尹力书记、殷勇市长、云泽局长、会满主席、傅华社长、金立群行长，尊敬的各位来宾：

大家上午好！

在中央金融工作会议刚刚结束之际，金融街论坛年会的召开有着特别的意义。习近平总书记在中央金融工作会议上发表重要讲话，总结党的十八大以来金融工作，分析金融高质量发展面临的形势，部署当前和今后一个时期金融工作，为我们做好新时代金融工作提供了根本遵循。学习贯彻好中央金融工作会议精神是金融系统当前最重要的工作任务。

下面，我结合当前经济金融形势，就学习贯彻中央金融工作会议精神，谈几点体会。

第一，我国经济增长持续回升向好，高质量发展稳步推进。

今年前三季度，我国GDP增速5.2%，全年5%的预期目标有望顺利实现，前天我会见了国际货币基金组织来中国进行经济金融磋商访问的代表团，他们最新的预测认为2023年中国经济将增长5.4%，这个增速在全球大型经济体中保持领先。随着宏观调控政策效应的持续释放，近期经济增长动能增强，生产消费稳步回升，就业物价总体改善，国际收支基本平衡，主要经济指标向好。经济转型持续推进，高技术产业投资保持较快增长，前三季度最终消费对经济增长的贡献率达到83%，有条件继续保持经济平稳增长和物价平稳运行。 CXO UNION-CXO联盟（cxounion.cn）

观察中国的经济增长需要注意两个视角。一是基数规模。我国GDP总量已超120万亿元人民币，在大基数的背景下，5%的增长已经是一个不低的速度。二是需要平衡好经济增速和增长的质量及可持续性。我国经济需要合理的增速，但更重要的是实现高质量、可持续的发展，转变经济增长方式比追求高增长速度更加重要。

第二，始终保持货币政策的稳健性，支持实体经济稳定增长。

今年以来，货币政策加大逆周期调节，统筹运用总量与结构、数量与价格工具，有力有效地支持了实体经济发展。3月、9月两次下调存款准备金率，释放中长期资金超过1万亿元；6月、8月两次降低政策利率，带动贷款市场报价利率等市场利率持续下行。8月，推出房地产金融“政策包”，调降首付比、房贷利率下限，完善二套房认定标准；指导商业银行调整存量房贷利率，居民家庭每年节省支出约1700亿元，惠及约5000万户家庭、1.5亿人。两次增加支农支小再贷款、再贴现额度。延长实施普惠小微贷款支持工具等6项结构性货币政策工具。

目前，货币信贷总量保持合理增长，信贷结构持续优化，企业贷款利率处于较低水平，为经济恢复发展提供了有力有效的支持。

下一阶段，货币政策将更加注重跨周期和逆周期调节，平衡好短期与长期、稳增长与防风险、内部均衡与外部均衡的关系，为稳定物价、促进经济增长、扩大就业、维护国际收支平衡营造良好的货币金融环境。

一是保持货币信贷和社会融资规模合理增长。运用多种货币政策工具，保持流动性合理充裕，引导金融机构增强信贷增长的稳定性和可持续性。按照中央金融工作会议要求，积极盘活被低效占用的金融资源，提高资金使用效率。目前，我国银行体系贷款余额超过200万亿元，社会融资规模余额超过300万亿元，过去几年，每年贷款新增20万亿元左右，社会融资规模新增30多万亿元。盘活存量贷款、提升存量贷款使用效率、优化新增贷款投向，这三个方面对支撑经济增长同等重要。 CXO UNION-CXO联盟（cxounion.cn）

二是持续加大对重大战略、重点领域和薄弱环节的支持力度。用好支农支小再贷款、再贴现和普惠小微贷款支持工具，延续实施碳减排支持工具、支持企业技术进步专项再贷款、普惠养老专项再贷款等，支持科技创新、民营小微、先进制造、绿色发展、普惠养老等领域健康发展，做好“五篇大文章”。

三是合理把握利率水平，推动实体经济融资成本稳中有降。去年以来，美联储快速加息，但我国货币政策坚持以我为主，政策利率稳步下行。我们将继续以我为主实施好利率调控，按照经济规律和逆周期宏观调控需要，引导和把握宏观利率水平，保持利率水平与实现潜在经济增速的要求相匹配。

四是保持人民币汇率在合理均衡水平上的基本稳定。今年以来，美元利率水平高企，全球避险情绪上升，推动美元指数升至2003年以来较高水平，带动非美元货币对美元集体贬值。得益于国内经济持续回升向好，人民币对一篮子货币基本稳定，对非美元货币有所升值。下半年以来，中国外汇交易中心人民币汇率指数上涨2%，人民币对美元小幅贬值0.3%，对欧元、英镑、日元分别升值1.5%、2.1%、3.7%。国际市场普遍认为美联储此轮加息接近尾声，美元持续升值的动能减弱。 CXO UNION-CXO联盟（cxounion.cn）

我们坚持市场在汇率形成中起决定性作用，有效发挥汇率的宏观经济和国际收支自动稳定器功能。同时，坚决对市场顺周期行为进行纠偏，坚决对扰乱市场秩序行为进行处置，坚决防范汇率超调风险,防止形成单边一致性预期并自我强化。经过多年发展，中国外汇市场的市场参与主体更加成熟，交易行为更加理性，市场运行更有韧性。中国人民银行、国家外汇局作为外汇市场的监管者，在面对市场变化时更加从容，经验更加丰富。我们有信心、有能力、有条件维护外汇市场的稳定运行，保持人民币汇率在合理均衡水平上的基本稳定。

第三，防范化解重点领域金融风险，切实维护金融稳定。

目前，我国金融体系整体稳健，金融风险可控，金融机构整体健康，金融市场平稳运行。目前，各方面比较关心中小金融机构、房地产金融和地方政府债务的风险。

关于中小金融机构风险。我国高风险金融机构无论是数量还是资产规模在金融系统的占比都非常小。经过近几年的改革化险，高风险中小银行数量已经较峰值下降一半。少数高风险机构相对集中的省份正在制定实施中小银行改革化险方案，进一步压降高风险机构数量和风险水平。中国人民银行将会同有关部门，完善金融风险监测、评估与防控体系，健全具有硬约束的金融风险早期纠正机制，提升中小金融机构风险早期纠正工作的标准化和权威性。

关于房地产金融风险。我国房地产市场经过20多年的长周期繁荣，正在进行重大转型并寻找新的均衡点。住房需求的中枢水平、住房市场交易结构以及业务模式都正在进行深刻变化，呈现出一些新的特征。房地产市场转型带来了一定挑战，同时也蕴含了新的发展机遇。我国城镇化仍处于发展阶段，新市民规模较大，刚性和改善性住房需求有很大潜力，房地产市场长期稳定发展具有坚实基础。 CXO UNION-CXO联盟（cxounion.cn）

行业发展长周期繁荣背景下，部分房地产企业长期“高杠杆、高负债、高周转”经营，资产负债快速扩张，叠加房地产市场供求关系的重大变化、疫情冲击等，以恒大为代表的企业风险显性化并向行业扩散。近三年来，按照党中央、国务院部署，行业主管部门和地方政府采取了多项措施，金融部门配合从供需两端综合施策，改善行业融资性和经营性现金流，优化调整房地产金融政策，包括出台“金融16条”，设立保交楼专项借款，调整首付比、按揭贷款利率等宏观审慎金融政策。随着经济回升向好，加上房地产政策效果显现以及市场的自身修复，8月份以来，房地产市场成交总体改善。

目前，房地产相关贷款占银行贷款余额的23%，其中约80%为个人住房贷款，一直以来，在中国，我们实行非常审慎的个人住房贷款政策，房地产市场调整对金融体系的外溢影响总体可控。

下一步，中国人民银行将积极配合行业主管部门和地方政府，做好金融支持房地产市场平稳健康发展工作，弱化房地产市场风险水平，防范房地产市场风险外溢。引导金融机构保持房地产信贷、债券等重点融资渠道稳定，一视同仁满足不同所有制房地产企业合理融资需求。为保障性住房等“三大工程”建设提供中长期低成本资金支持，完善住房租赁金融政策体系，推动构建房地产发展新模式。

关于地方政府债务风险。总的看，我国政府的债务水平在国际上处于中游偏下水平，中央政府债务负担较轻。地方政府债务有两个特点。一是主要用于基础设施投资，一般有实物资产支持，对当地经济发展产生了较好的正外部性。二是大部分地方政府债务主要集中于经济规模较大、经济增长较快的省份，他们有能力自行化解债务。

今年以来，金融部门已会同有关部门采取多项措施，积极支持地方政府稳妥化解债务风险。

一是严肃财经纪律，推动地方政府和融资平台通过盘活或出售资产等方式，筹措资源偿还债务。

二是对于债务负担相对较重的地区，严格控制新增政府投资项目。 CXO UNION-CXO联盟（cxounion.cn）

三是金融管理部门出台相关政策，引导金融机构按照市场化、法治化原则，与融资平台平等协商，通过展期、借新还旧、置换等方式，分类施策化解存量债务风险、严控增量债务，并建立常态化的融资平台金融债务监测机制。必要时，中国人民银行还将对债务负担相对较重地区提供应急流动性贷款支持。

四是支持地方政府通过并购重组、注入资产等方式，逐步剥离融资平台政府融资功能，转型成为不依赖政府信用、财务自主可持续的市场化企业。

第四，深化金融供给侧结构性改革，加快构建中国特色现代金融体系。

加快建设现代中央银行制度，完善货币政策和宏观审慎政策“双支柱”调控框架。深化利率汇率市场化改革，健全市场化利率形成、调控和传导机制。

推动金融机构体系在规模、结构、区域布局上更加合理。强化债券市场制度建设，加强金融基础设施统筹，提高债券市场市场化定价能力和市场韧性。完善广泛覆盖、高效安全的现代支付体系。健全覆盖全社会的征信体系，推进中国征信市场发展。

推动金融业高水平双向开放。稳慎扎实推进人民币国际化，深化外汇领域改革开放，稳步扩大金融市场制度型开放，促进贸易和投融资便利化。做好中美、中欧金融工作组工作，务实推进国际金融合作，积极参与国际经济金融治理。

预祝本届金融街论坛年会取得圆满成功。 CXO UNION-CXO联盟（cxounion.cn）

谢谢大家！

翻译：

Pan Gongsheng, Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange: How to do a good job in the current and future financial work?

The 2023 Financial Street Forum Annual Meeting was held today, with the theme of “A Better China, a Better World – Strengthening Financial openness and Cooperation to promote economic sharing and win-win”. Pan Gongsheng, Governor of the People’s Bank of China and director of the State Administration of Foreign Exchange, delivers a speech at the opening ceremony of the 2023 Financial Street Forum Annual Meeting.

Pan Gongsheng said that learning and implementing the spirit of the Central Financial Work Conference is the most important task for the financial system at present. In light of the current economic and financial situation, he talked about four experiences on learning and implementing the spirit of the Central Financial Work Conference, shared his views on the current economic situation, and clarified the follow-up deployment of monetary and financial policies. The paper focuses on the work arrangements for preventing and defusing financial risks, and how to accelerate the construction of a modern financial system with Chinese characteristics. Specifically, China’s economic growth continues to pick up and improve, and high-quality development is steadily advancing. We will maintain the soundness of our monetary policy to support steady growth of the real economy. We will guard against and defuse financial risks in key areas and effectively maintain financial stability. We will deepen supply-side structural reform in the financial sector and accelerate the building of a modern financial system with Chinese characteristics. CXO UNION-CXO联盟（cxounion.cn）

Speech by Pan Gongsheng, Governor of the People’s Bank of China and Director of the State Administration of Foreign Exchange, at the 2023 Financial Street Forum Annual Meeting

(8 November 2023)

Secretary Yin Li, Mayor Yin Yong, Director Yun Ze, President Huiman, President Fu Hua, President Jin Liqun, Distinguished guests:

Good morning, everyone!

At the end of the Central Financial Work Conference, the annual meeting of the Financial Street Forum has special significance. General Secretary Xi Jinping delivered an important speech at the Central Financial Work Conference, summarizing the financial work since the 18th National Congress of the Party, analyzing the situation facing high-quality financial development, and making arrangements for the current and future financial work, which provides fundamental guidelines for us to do financial work in the new era. Learning and implementing the spirit of the Central Financial Work Conference is the most important task of the financial system at present. CXO UNION-CXO联盟（cxounion.cn）

Next, I will discuss some experiences on studying and implementing the spirit of the Central Financial Work Conference in light of the current economic and financial situation.

First, China’s economic growth has continued to pick up, and high-quality development has made steady progress.

In the first three quarters of this year, China’s GDP grew by 5.2%, and the target of 5% for the whole year is expected to be achieved smoothly. The day before yesterday, I met with the International Monetary Fund (IMF) delegation visiting China for economic and financial consultations. Their latest forecast is that the Chinese economy will grow by 5.4% in 2023, which is one of the fastest growth rates among large economies in the world. With the continuous release of the effects of macro-control policies, the momentum of economic growth has recently gained momentum, production and consumption have steadily picked up, employment prices have generally improved, the balance of international payments has been basically balanced, and major economic indicators have turned positive. Investment in high-tech industries has maintained rapid growth. In the first three quarters of this year, final consumption contributed 83% to economic growth. We have the conditions to maintain steady economic growth and stable prices.

China’s economic growth requires two perspectives. First, the base size. China’s total GDP has exceeded 120 trillion yuan. In the context of a large base, a growth rate of 5% is already a high speed. Second, we need to strike a balance between economic growth and the quality and sustainability of growth. China’s economy needs a reasonable growth rate, but it is more important to achieve high-quality and sustainable development, and it is more important to change the economic growth mode than to pursue a high growth rate. CXO UNION-CXO联盟（cxounion.cn）

Second, we will always maintain the robustness of monetary policy to support the steady growth of the real economy.

Since the beginning of this year, monetary policy has increased counter-cyclical adjustment, and coordinated use of aggregate and structural, quantity and price tools has effectively supported the development of the real economy. The reserve requirement ratio was cut twice in March and September, releasing more than 1 trillion yuan in medium – and long-term funds. In June and August, the policy interest rate was lowered twice, driving market interest rates such as the quoted interest rate of the loan market to continue to decline. In August, the real estate finance “policy package” was launched, reducing the down payment ratio and the lower limit of mortgage interest rates, and improving the identification criteria for second homes. We guided commercial banks to adjust the interest rates on outstanding mortgages, saving households about 170 billion yuan a year and benefiting about 50 million households and 150 million people. Twice increased the amount of re-loans and rediscount for supporting agriculture and small businesses. We will extend the implementation of six structural monetary policy tools, including the Inclusive small and micro loan support facility.

At present, the total amount of money and credit has maintained reasonable growth, the credit structure has been continuously optimized, and the interest rate of corporate loans has been kept at a low level, providing strong and effective support for economic recovery and development.

In the next stage, monetary policy will pay more attention to cross-cyclical and counter-cyclical adjustment, strike a balance between short-term and long-term, stable growth and risk prevention, and internal and external equilibrium, and create a sound monetary and financial environment for stabilizing prices, promoting economic growth, expanding employment, and maintaining the balance of international payments. CXO UNION-CXO联盟（cxounion.cn）

First, we will maintain appropriate growth in money and credit and social financing. We will use a variety of monetary policy tools to maintain reasonable and sufficient liquidity and guide financial institutions to make credit growth more stable and sustainable. In accordance with the requirements of the Central Financial Work Conference, we will actively put financial resources used inefficiently to work and improve the efficiency of the use of funds. At present, the loan balance of China’s banking system exceeds 200 trillion yuan, and the balance of social financing exceeds 300 trillion yuan. In the past few years, the annual loan increase is about 20 trillion yuan, and the social financing increase is more than 30 trillion yuan. Activating outstanding loans, improving the efficiency of their use, and optimizing the direction of new loans are equally important to supporting economic growth.

Second, we will continue to increase support for major strategies, key areas and weak links. Make good use of small reloans, rediscount and inclusive small and micro loans support tools, continue to implement carbon emission reduction support tools, support enterprise technological progress special reloans, inclusive pension special reloans, support scientific and technological innovation, private small and micro, advanced manufacturing, green development, inclusive pension and other fields of healthy development, do a good job in the “five big articles.” CXO UNION-CXO联盟（cxounion.cn）

Third, we will keep interest rates at an appropriate level and ensure that the financing costs of the real economy are steadily lowered. Since last year, the Federal Reserve has raised interest rates rapidly, but China’s monetary policy has adhered to me, and the policy interest rate has steadily declined. We will continue to exercise interest rate regulation on our own initiative. In accordance with economic laws and the need for counter-cyclical macro regulation, we will guide and maintain the level of macro interest rates and keep them in line with the requirements for achieving potential economic growth.

Fourth, we will keep the RMB exchange rate basically stable at an appropriate and balanced level. Since the beginning of this year, the high level of US dollar interest rates and the rise of global risk aversion have pushed the US dollar index to its highest level since 2003, driving the collective depreciation of non-US dollar currencies against the US dollar. Thanks to the continuous recovery of the domestic economy, the RMB is basically stable against a basket of currencies and has appreciated somewhat against non-US dollar currencies. Since the second half of the year, the RMB exchange rate index of the China Foreign Exchange Trade System has risen by 2%, the RMB has depreciated slightly by 0.3% against the US dollar, appreciated by 1.5% against the euro, 2.1% against the British pound and 3.7% against the Japanese yen. The international market generally believes that the Fed is nearing the end of this round of interest rate hikes, and the momentum of continued appreciation of the US dollar has weakened.

We insist that the market plays a decisive role in the formation of the exchange rate, and effectively play the role of automatic macroeconomic and international balance of payments stabilizer of the exchange rate. At the same time, we will resolutely correct pro-cyclical market behavior, resolutely deal with behaviors that disrupt market order, resolutely guard against the risk of exchange rate overshoot, and prevent the formation of unilateral consistent expectations and self-reinforcing. After years of development, market participants in China’s foreign exchange market have become more mature, their trading behavior has become more rational, and the market operation has become more resilient. As the regulators of the foreign exchange market, the People’s Bank of China and the State Administration of Foreign Exchange are more calm and experienced in the face of market changes. We have the confidence, ability and conditions to maintain the stable operation of the foreign exchange market and keep the RMB exchange rate basically stable at an appropriate and balanced level.

Third, we need to guard against and defuse financial risks in key areas and effectively maintain financial stability.

At present, China’s financial system is sound as a whole, financial risks are controllable, financial institutions are healthy as a whole, and financial markets are running smoothly. At present, all parties are more concerned about the risks of small and medium-sized financial institutions, real estate finance and local government debt. CXO UNION-CXO联盟（cxounion.cn）

Risks of small and medium-sized financial institutions. The proportion of high-risk financial institutions in the financial system is very small, whether in quantity or asset scale. After the reform of insurance in recent years, the number of high-risk small and medium-sized banks has fallen by half from the peak. A few provinces with relatively concentrated high-risk institutions are formulating and implementing insurance reform programs for small and medium-sized banks to further reduce the number and risk level of high-risk institutions. The People’s Bank of China will work with relevant departments to improve the financial risk monitoring, assessment, prevention and control system, improve the early correction mechanism for financial risks with hard constraints, and enhance the standardization and authority of early correction work for small and medium-sized financial institutions.

About real estate financial risk. After more than 20 years of long cycle prosperity, China’s real estate market is undergoing major transformation and looking for a new equilibrium point. The central level of housing demand, the transaction structure of the housing market and the business model are all undergoing profound changes and taking on some new characteristics. The transformation of the real estate market has brought some challenges, but also contains new development opportunities. China’s urbanization is still in the development stage, the scale of new citizens is large, rigid and improved housing demand has great potential, and the long-term stable development of the real estate market has a solid foundation.

In the context of the long-term prosperity of the industry, some real estate enterprises have long-term “high leverage, high debt, high turnover” operation, rapid expansion of assets and liabilities, superimposed major changes in the supply and demand relationship of the real estate market, the impact of the epidemic, etc., and the enterprise risk represented by Evergrande has become obvious and spread to the industry. In the past three years, in accordance with the deployment of the Party Central Committee and The State Council, industry authorities and local governments have taken a number of measures, and the financial sector has cooperated with comprehensive policies from both ends of supply and demand to improve the financing and operational cash flow of the industry, optimize and adjust real estate financial policies, including the introduction of “financial 16” and the establishment of special loans to guarantee the delivery of buildings. We will adjust macro-prudential financial policies such as down payment ratios and mortgage interest rates. With the economic recovery, coupled with the real estate policy effect and the market’s own repair, since August, the real estate market transactions have generally improved. CXO UNION-CXO联盟（cxounion.cn）

At present, real estate-related loans account for 23% of bank loans, of which about 80% are personal housing loans. In China, we have been implementing a very prudent personal housing loan policy, and the spillover impact of real estate market adjustment on the financial system is generally controllable.

In the next step, the People’s Bank of China will actively cooperate with industry authorities and local governments to do a good job in supporting the stable and healthy development of the real estate market, weakening the risk level of the real estate market, and preventing risk spillover in the real estate market. We will guide financial institutions to maintain the stability of key financing channels such as real estate credit and bonds, and meet the reasonable financing needs of real estate enterprises of different ownerships without discrimination. We will provide medium – and long-term low-cost financial support for the construction of the “three major projects” such as affordable housing, improve the housing rental financial policy system, and promote the construction of a new model of real estate development. CXO UNION-CXO联盟（cxounion.cn）

On local government debt risks. In general, the debt level of the Chinese government is in the middle of the lower level in the world, and the debt burden of the central government is relatively light. Local government debt has two characteristics. First, it is mainly used for infrastructure investment, which is generally supported by physical assets, and has a good positive externality for local economic development. Second, most local government debts are concentrated in provinces with large economic scale and fast economic growth, and they are able to resolve their debts on their own.

Since the beginning of this year, the financial sector has taken a number of measures together with relevant departments to actively support local governments in steadily resolving debt risks.

First, we will tighten financial discipline and encourage local governments and financing platforms to raise resources to repay debts by revitalizing or selling assets.

The second is to strictly control new government investment projects in areas with relatively heavy debt burdens. CXO UNION-CXO联盟（cxounion.cn）

Third, the financial management department has issued relevant policies to guide financial institutions to negotiate with financing platforms on an equal footing in accordance with the principles of marketization and the rule of law, and take different measures to resolve the risks of existing debt, strictly control incremental debt, and establish a regular financial debt monitoring mechanism for financing platforms through extension, new borrowing to repay the old, and replacement. When necessary, the People’s Bank of China will also provide emergency liquidity loans to regions with relatively heavy debt burdens.

Fourth, support local governments to gradually divest the government financing function of financing platforms through mergers and acquisitions, asset injection and other means, and transform into market-oriented enterprises that do not rely on government credit and are financially independent and sustainable. CXO UNION-CXO联盟（cxounion.cn）

Fourth, deepen the supply-side structural reform of the financial sector and accelerate the building of a modern financial system with Chinese characteristics.

We will accelerate the development of a modern central bank system and improve the “two-pillar” regulatory framework for monetary policy and macro-prudential policy. We will deepen market-oriented reform of interest rates and exchange rates, and improve the mechanism for forming, regulating, and transmitting market-oriented interest rates.

We will promote a more rational system of financial institutions in terms of scale, structure and regional distribution. We will strengthen institutional development of the bond market, strengthen coordination of financial infrastructure, and improve market-based pricing capacity and market resilience in the bond market. Improve the extensive coverage, efficient and secure modern payment system. We will improve the credit investigation system covering the whole society and promote the development of China’s credit investigation market.

We will promote high-level two-way opening up of the financial sector. We will steadily advance the internationalization of the RMB, deepen reform and opening up in the foreign exchange sector, steadily expand institutional opening of the financial market, and facilitate trade, investment and financing. We will do a good job in the work of the China-U.S., China-Eu financial working groups, advance international financial cooperation in a practical manner, and actively participate in international economic and financial governance. CXO UNION-CXO联盟（cxounion.cn）

I wish the Annual meeting of the Financial Street Forum a complete success.

Thank you all!

由CXO UNION-CXO联盟（cxounion.cn）转载而成，来源于中国人民银行；编辑/翻译：CXO UNIONCXO联盟小U。

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