pacific region. the cpc shanghai committee, shanghai municipal government, financial regulatory institutions in shanghai, and policy and commercial financial institutions have always supported the pbc in carrying out its work, which guaranteed the effective operation of the institutions of the pbc in shanghai. the newly founded pbc shanghai head office will also need attention and support from all of you. by making continued efforts to improve financial services, the pbc will seek to make new contributions to economic development and financial stability. thank you!

xiang junbo : the establishment of the pbc shanghai head office speech by mr xiang junbo, deputy governor of the people ’ s bank of china, at the inauguration ceremony of the people ’ s bank of china shanghai head office, shanghai, 10 august 2005. * * * honorable general secretary chen, honorable mayor han, dear guests, ladies and gentlemen, today, we are here to celebrate the inauguration ceremony of the people ’ s bank of china shanghai head office. the setup of the pbc shanghai head office is an important decision made by the cpc central committee and the state council to further improve our central bank system in the new situation, an important institutional arrangement to enhance the role of the central bank in macroeconomic management, and also a significant initiative facilitating the building of shanghai into an international financial center. now let me, on behalf of the people ’ s bank of china, express our sincere gratitude to all departments of the cpc central committee, the state council, the cpc shanghai committee, shanghai municipal government and various social circles for your support in preparing the establishment of the pbc shanghai head office. since china adopted the reform and opening - up policy, and with the gradual improvement of the socialist market economy, the central bank system in china has been constantly improved. in 1984, the state council decided to have the pbc function as a central bank. the law of the people's republic of china on the people's bank of china passed by the third plenum of the eighth national people ’ s congress in 1995 legally confirmed the pbc's central bank status. in 1998, the cpc central committee and the state council decided to reform the administrative system of the central bank by dismantling provincial branches and setting up regional branches, which further strengthened independence of the central bank. as an integral part of the pbc head office, the shanghai head office will operate under the guidance and authorization of the pbc head office in beijing. its major responsibilities include part of the central bank operational functions and some of the administrative functions. the establishment of the pbc shanghai head office will help the central bank to further improve its decision - making and operational system, and strengthen its macroeconomic management capacity. since china ’ s accession to the wto, china ’ s opening to the outside world has escalated and the economy has become increasingly market - oriented. the consequent profound changes occurring in the financial industry have given rise to higher uncertainties in the economic and financial development, posing new challenges