Our global weather systems, oceans, information networks, supply chains, solar system, galaxies and even our universe can these days be mapped and modelled in microscopic detail in close to real time. We cannot yet do so for our economies. I believe our economic policies would be better able to serve the public, and better understood by them, if we could do so. 47  All speeches are available online at www.bankofengland.co.uk/speeches  47  References  Agerström, J, Carlsson, R, Nicklasson, L and Guntell, L (2016), ‘Using descriptive social norms to increase charitable giving: The power of local norms’, Journal of Economic Psychology, Vol. 52, pp. 147-153. Alesina, A, Tabellini, G and Trebbi, F (2017), ‘Is Europe an Optimal Political Area?’, NBER Working Paper, No. 23325. Bank of England (1963), ‘Branches of the Bank of England, Bank of England Quarterly Bulletin, 1963 Q4. Bank of England (2019), ‘Agents’ summary of business conditions’, Bank of England, 2019 Q1, available at https://www.bankofengland.co.uk/agents-summary/2019/2019-q1/agents-survey-on-preparations-for-eu-withdrawal Baptista, R, Farmer J D, Hinterschweiger, M, Low, K, Tang, D and Uluc, A (2016), ‘Macroprudential policy in an agent-based model of the UK housing market’, Bank of England Staff Working Paper, No. 619. Berger, J, Dell’Ariccia, G and Obstfeld, M (2018), ‘Revisiting the Economic Case for Fiscal Union in the Euro Area’, International Monetary Fund Research Department. Bolton, A, Enzer, M, Schooling, J et al (2018), ‘The Gemini Principles: Guiding values for the national digital twin and information management framework’, Centre for Digital Built Britain and Digital Framework Task Group.

This is done mostly in collaboration with other financial centres and overseas authorities, including the Banque de France. Back in 2014, the HKMA and Banque de France signed a memorandum of understanding to strengthen cooperation between the two financial centres. To me, this collaboration can go beyond China opportunities to cover other new market developments, including Fintech and green finance. 7. Let me start with the opportunities in Mainland China. As you are aware, last year marked the 40th anniversary of the reform and opening-up of Mainland China. Throughout these years, Hong Kong remains as the gateway to Mainland China. Today, as Mainland China continues to open up its capital markets, we serve as a major platform for international investors to access the world’s second largest stock market and third largest bond market. Take Bond Connect as an example. It provides a convenient channel for international investors to access the Mainland’s bond market using international market practices such 1/2  BIS central bankers' speeches  as the nominee holding structure. Similarly, Stock Connect provides access channel for international investors to invest in the Mainland’s stock markets by engaging brokers and custodians in Hong Kong through existing structure. 8. With the smooth inclusion of A-shares into MSCI Emerging Markets Index last year, more global indices are planning to add RMB products into their constituent assets. For example, RMB bonds will be included in the Bloomberg-Barclays Global Aggregate Index starting this April and FTSE’s Global Equity Index Series will also include A-shares from this June.