the global system of labor division was gradually established and has evolved after decades of efforts. it is the fruit of the close cooperation of countries following market rules and development trend, and also plays a great role in promoting the world ’ s economic and social development and improving social welfare globally. any ideas aiming to “ knock down old schemes and put up new ones ” or “ make a fresh start ” are by no means economical. they will greatly damage the common interests of the people in the world and cannot be realized in the short run. over the past few decades, china has made growing contributions to global economic growth, and played a crucial role in tiding over several global economic and financial crises. china has provided an inexhaustible flow of high - quality and inexpensive goods for other countries, which laid an important foundation for sustaining “ high consumption and low inflation ” in developed economies in the past 20 - odd years. with its savings accounting for more than one quarter of the world ’ s total, china has made enormous contributions to the balance between the world ’ s gross savings and total investments and provided a massive amount of surplus funds for world economic growth. since the outbreak of the pandemic, the chinese government has dispatched medical expert teams and donated and exported a large amount of prevention supplies and equipment, all of which are expected to play a key role in helping the world win the battle against covid - 19. according to incomplete statistics, chinese financial institutions have donated over rmb200 million worth of anti - virus supplies to 70 countries and regions. in terms of macroeconomic policies, the international community should strengthen communication and coordination and make the greatest efforts to forge synergy, so as to amplify positive effects and reduce adverse impacts. first, large economies should actively consider the spillover effects of their policies and balance internal and external impacts. as the world economy has been highly integrated today, communication and coordination with other countries should be enhanced when formulating and 3 / 5 bis central bankers'speeches introducing policies, so as to smooth out spillover risks and jointly safeguard the overall interests of the international community. developed countries like the us, european countries and japan have a particularly substantial impact on less - developed countries both adjacent and beyond. in the dollar - dominated international monetary system, the us federal reserve system ( fed ), to some extent, acts as the world ’ s central bank and plays a big part in the global economic and financial stability. if the fed focuses too much on domestic welfare

; ( iii ) lastly, the emergence of decentralised market infrastructures : new technologies tend to reduce the use of proven centralised settlement systems. 2 / 3 bis central bankers'speeches these revolutions offer the potential for increased market efficiency while reducing costs and time. but they entail several risks, and they could lead to significant concentration effects among a few dominant private networks : these would in practice “ re - intermediate ”, but without the trust and regulation associated with the architecture of the monetary and financial edifice that we – public and private players – have built together over a period of decades. in the face of this major challenge, we need to both innovate and regulate. for some, the conjunction between the two should be an “ or ”, considering them mutually exclusive : innovation in the form of a central bank digital currency would be an alternative, indeed the only alternative, to the unchecked development of decentralised finance. for me, the conjunction is “ and ” : the two pillars clearly work together to create a framework that can foster sustainable innovation ; this is why the eu should adopt the mica regulation on crypto assets in the first half of this year. but the worst conjunction would be “ neither, nor ” : revolutions always happen quickly, and we are at risk of neither innovating nor regulating in time. in that case we would have failed in our historical mission and jeopardised centuries of work building up confidence in our money. in conclusion, we are all trying to deal with high uncertainty. even more than in “ normal ” times we have to keep our eyes wide open to the present realities, but at the same time not lose sight of the structural priorities beyond the current emergencies. as the french writer antoine de saint exupery puts it in the little prince : “ as for the future, your task is not to foresee it, but to enable it ” ( “ pour ce qui est de l ’ avenir, il ne s ’ agit pas de le prevoir, mais de le rendre possible ” ). i thank you for your attention. 1 oecd forecast, december 2021 2 estimations by swissre, 14 december 2021 3 / 3 bis central bankers'speeches