special loans to ensure their timely completion, and have put in place structural policy tools to encourage active participation by commercial banks. meanwhile, we've also expanded support for bond issuance by private firms, including private housing developers, through credit enhancement facilities. we've also rolled out a carbon reduction tool to foster green development. operating on market principles, this tool supports financial institutions'lending to enterprises focusing on clean energy, emission reduction and carbon reduction. tapping this tool, financial institutions need to estimate and disclose the carbon cuts financed by such loans. this will help promote the mentality of green development, and the practice of carbon accounting and disclosure. by the end of september 2022, around $ 35 billion equivalent ( rmb240 billion ) worth of carbon reduction credit facility has been used, mobilized around $ 60 billion equivalent ( rmb400 billion ) worth of carbon reduction loans, and financed carbon cuts of more than 80 million tons. recently, we've included two foreign - funded banks to the list of financial institutions eligible for extending such loans. going forward, the people's bank of china will continue to take xi jinping thought on socialism with chinese characteristics as our guide and implement the guiding principles set forth by the 20th cpc national congress. we will continue to build a modern central banking system, implement sound monetary policy to serve the real economy, prevent financial risks and deepen financial reforms. we will also continue to support the financial street in developing into the national center of financial administration and in contributing even more to china's modernization. finally, i wish the forum a complete success. thank you! 3 / 3 bis - central bankers'speeches

is of material importance to us. social media has also affected the way we consume news and interact with each other. this medium is playing an increasingly important role in society and influencing macroeconomic and financial outcomes. as an example, corbin fox will present his work with coauthors tomorrow on the effect of social media on the bank runs that took place earlier this year. on the methodological side, machine - learning techniques have also had a profound effect on how we think about modeling complex macroeconomic outcomes. this morning, philippe goulet coulombe will discuss how neural networks help model the volatility of various macroeconomic variables, and joel marbet and yucheng yang will discuss how new methods are being used to solve models with heterogeneous agents, which are crucial to assess the distributional consequences of economic policies. 2 / 3 bis - central bankers'speeches advances in natural language processing and machine learning have also improved our ability to forecast and nowcast a wide range of macroeconomic and financial indicators, a topic that will also be covered in a few sessions tomorrow. in closing, i hope you have many fruitful and informative conversations in this room and during breaks about the usefulness of nontraditional data and new techniques for macroeconomic analysis. i also encourage you to continue your discussions after the conference ends and to seek opportunities for joint work so that we can further develop our understanding of these exciting new tools. welcome to the federal reserve! i hope you enjoy the conference. 1 the views expressed here are my own and not necessarily those of my colleagues on the federal open market committee. 2 see tomaz cajner, laura j. feiveson, christopher j. kurz, and stacey tevlin ( 2022 ), " use of nontraditional data, " in wendy edelberg, louise sheiner, and david wessel, eds., recession remedies : lessons learned from the u. s. economic policy response to covid - 19 ( washington : brookings institution press ), pp. 315 – 46. 3 see lisa d. cook ( 2023 ), " generative ai, productivity, the labor market, and choice behavior, " speech delivered at the national bureau of economic research economics of artificial intelligence conference, toronto, canada, september 22. 3 / 3 bis - central bankers'speeches