economy is blessed with powerful innovation capability, a super - large market, a complete industrial system, sophisticated infrastructure, and abundant highquality human resources. we have confidence, capability, and means to overcome difficulties, resolve challenges, and achieve sustained growth. in 2025, china is expected to continuously inject strong growth momentum and stable force to the world. china will respond to the expectation of the international community with responsibility and courage, and it will continue to play its important role as the engine of the world economy. not long ago, the central economic work conference was convened. it made clear the target, macro policies and key tasks for the economic work in 2025. we will implement more proactive macroeconomic policies, and further improve the economic governance approach. the first is to strengthen counter - cyclical adjustments in macroeconomic policies, and tune the trajectory of economic growth and functioning so as to maintain stable economic growth. we will implement more proactive fiscal policies, raise fiscal deficit ratio, expand fiscal expenditure, and adjust and improve the structure and distribution of fiscal expenditure. we will also implement an appropriately accommodative monetary policy, adopt a mix of monetary policy instruments including interest rates and required reserve ratio to bolster adequate liquidity and a favorable social financing environment. the second is to proactively promote the transition of china's economic growth model to enhance the quality and sustainability of economic growth. it was made clear at the central economic work conference convened last month that we should focus on boosting domestic demand, especially the consumption demand of residents, and vigorously boosting consumption would be the top priority of the economic work for this year. the priority of macroeconomic policies should shift from promoting more investment in the past to promoting both consumption and investment, with more importance attached to consumption. by increasing residents'income, enhancing consumption subsidy support, innovating consumption supply, and improving social security, we will effectively expand consumption, give better play to the role of consumption in driving up economic growth, and promote high - quality development of the chinese economy. we will improve our approach to economic governance on an ongoing basis. we will handle the relations between the government and the market in a better way, scientifically balance their boundaries, and respect and leverage the decisive role of the market in resource allocation. we will speed up the building of a unified national market, foster a sound law - based economic environment, and create a more fair and vital market environment. the third is to focus on addressing risks

to incorrect pricing and, in turn, improper allocation of resources. a lack of confidence in the financial system generally means rising counterparty risk, requirements for higher risk premiums, and raising the overall cost of capital in the economy. without sound values and proper conduct, we will not be able to restore trust, and this will affect confidence. and when there is little or no confidence, there are risks to stability, growth, jobs, and development. thank you. bis central bankers ’ speeches