e - payments, progress has been in enabling the interoperability of ewallet services offered by banks and non - bank e - money issuers. malaysia is also fostering greater retail payment linkages with the region. as malaysia lays the foundation for orderly transition to a low carbon economy, opportunities are aplenty for investments in green infrastructure. the recently announced budget 2021 continues the green tech financing scheme that would encourage private sector participation in green technology. the malaysian government also plans to issue its first sustainability bond for environmental and social initiatives next year. together with securities commission malaysia, bank negara malaysia co - chairs a joint committee comprising officials from the stock exchange and industry to collaborate on building climate resilience within the malaysian financial sector. we are currently developing a principles - based taxonomy – to guide financial institutions to classify economic activities that contribute to climate change objectives. these complement efforts by the islamic finance industry in driving the sustainability agenda through the value - based 1 / 2 bis central bankers'speeches intermediation strategy. there are many reasons to be optimistic on the future of asean - china economic ties. asean became china ’ s largest trading partner in first quarter 2020. trade and investment flows grew despite the crisis. china ’ s direct investment in asean in first three quarters this year surged 76. 6 percent year - on - year. 1 investment from asean into china increased by 6. 6 percent yearon - year, and malaysia is among the top investors. 2 many cooperative projects under the framework of the belt and road initiative resumed rapidly after the initial shock of covid - 19. i echo our prime minister ’ s call last week for asean and china to fully tap the potential of the digital economy as part of our efforts to build a stronger economic region. opportunities can also be unlocked for investments on green infrastructure – such as renewable and energy - efficient technologies, as well as addressing basic infrastructure gaps in a fiscally constrained environment. malaysia certainly welcomes china as a partner in this journey and we hope to see closer relations with chongqing. i am certain this summit will explore these further and i wish the summit success. thank you. remarks by ambassador deng xijun at the 3rd jakarta forum on asean - china relations in 2020 : “ reinforcing regional economic recovery amid covid - 19 ”, 2 november 2020. 2 malaysia is number three after singapore and thailand. 2 / 2 bis central bankers'speeches

reform agenda to strengthen their ranks in terms of capitalization, risk management, and corporate governance. this successful collaborative strategy has given the banking system sustained growth momentum. indeed, we have made great strides in various aspects of our operations. ours is a narrative of proactive management and reform to advance our vision for the country. moving forward with all that we have achieved so far, are we then set for the future? well, no environment is ever static. as the central monetary authority, our role is always evolving. this is the de facto norm in central banking amidst the transformation of the global environment, our country ’ s objectives and its needs. this task is not straightforward, as it has to contend with unexpected financial shocks, political upheavals, and natural calamities. nevertheless, amidst the tides of change, we will continue to remain focused on ensuring price and financial stability in the country. we will find better ways to adapt the flexible inflation targeting framework to the lessons of the global financial crisis — that price stability, on its own, cannot guarantee overall financial stability. thus, sustained monitoring and active surveillance of monetary linkages will consider more granular relationships within the financial market. this will allow us the added perspective of identifying pressures that may be quietly building - up. new tools may be considered based on our very own experience to ensure the delivery of the bsp ’ s mandate. this requires us to organize ourselves, strengthen our ranks, refine our tools and innovate in our 2 / 3 bis central bankers'speeches approach to ensure that we secure the interests of our stakeholders and keep pace with the shifts in the environment. we will continue to be strategic in identifying a vision and setting down a framework to achieve it. in this connection, an s & p report on the banking system, dated may 14, 2017 makes us proud of what the men and women of the bsp - past and present – have achieved. the report said : “ the central bank has a record of supporting sustainable economic growth and responding appropriately to changing economic circumstances. its ability to maintain macroeconomic and price stability through an economic cycle has been tested, including a period of exogenous shocks. " for this i thank and congratulate everyone under team bsp! the journey continues ladies and gentlemen, my term as governor of the bangko sentral ng pilipinas ends in july 2 or 38 days from today. i take this opportunity therefore to thank all institutions, individuals, family and friends who