intertemporal adjustments, help consolidate and add momentum to the economic recovery, and create a favorable monetary and financial environment for economic and social development. in the process, we will pay special attention to the handling of three sets of relationships. first, the relationship between short - term and long - term concerns. maintaining price stability and pushing for a mild rebound in prices will be an important consideration. we will use interest rates, reserve requirements, and other policy instruments in a flexible manner while maintaining policy resolve and avoiding drastic policy swings. second, the relationship between stabilizing growth and preventing risks. we will take a coordinated approach in balancing the provision of support for the real economy and the need to maintain the soundness of financial institutions. we will be committed to forestalling and defusing financial risks while promoting high - quality economic development. third, the relationship between internal and external concerns. in conducting the regulations, we will focus primarily on domestic economic and financial conditions while taking into account the spillover effects from the economic and monetary policy cycles of other economies. ii. some thoughts on the evolution of future monetary policy framework 3 / 7 bis - central bankers'speeches based on years of practice and exploration, the monetary policy framework with chinese characteristics has preliminarily taken shape and witnessed continuous improvement. globally, explorations into the theory and practice of monetary policy have also been evolving. since the beginning of this year, in light of the changing situation, the european central bank and the bank of japan have adjusted successively their monetary policy frameworks. meanwhile, the bank of england has conducted a review of its policy making, forecasting, and communication. to better serve the needs of high - quality development, we are also conducting research on china's future monetary policy framework. first, we will optimize the intermediate target variables for monetary policy. as prescribed by law, the ultimate objective of china's monetary policy is to maintain the stability of the currency value and thereby promote economic growth. to achieve the ultimate objective, we need to keep an eye on and target some intermediate variables in the execution of monetary policy. while price - based regulation is prevalent in most of the major advanced economies, china adopts a combination of quantity - and pricebased regulatory measures. traditionally being quite attentive to the indicators of financial aggregates, we have made continuous improvements and adjustments. in recent years, specific quantitative targets are set no more in our monetary policy for the growth rates of financial aggregates,

since february 2005, the pbc organized commercial banks and the cup to hold the large - scale bankcard knowledge dissemination and education program named “ the spring of bankcard - - - the history and outlook of china ’ s bankcard industry ”. commercial banks also launched similar programs at different places. a lot of people participated in these programs, and the number and extent people involved is unprecedented. all the above efforts have helped spread bankcard knowledge, cultivate the awareness of using card in the safe way, improve users ’ environment, and create a good external environment. meanwhile, more work needs to be done, and various media such as network, tv, broadcast, and newspaper can be employed to make the bankcard knowledge more publicly available. we should also try to win social understanding and support, improve the acceptance of bankcard, mobilize different parties to be involved in bankcard ’ s development, and so promote the rapid development of the bankcard industry. comrades, china ’ s bankcard industry has achieved a lot in a short period of time, and this market, with the most potential, has witnessed the fasteor growth in the world. generally speaking, china ’ s bankcard sector is still at the initial development stage, and it ’ s an arduous job to implement the instruction of cpc central committee and the state council, and to fulfill the task and priorities set fourth by several opinions regarding promoting development of the bankcard industry. this conference is a good opportunity for us to reach consensus and to move forward in an organized and coordinated way. i believe that china ’ s bankcard industry will move to a new stage with our combined efforts, and the bankcard industry will achieve comprehensive, rapid, healthy and coordinated development.