constituents who either must execute or those that can benefit from these reforms. it is for this reason that i truly appreciate your theme for the coming fiscal year of “ levellingup : linking action with vision ”. in a short phrase, you emphasize the need for direction through vision but likewise realize that success requires affirmative action. towards this end, the bsp values the efforts of baiphil to step up its capability - building initiatives. we also welcome baiphil ’ s move to thoroughly align its varied activities with its vision of providing excellent banking support at par with the best in the asia pacific. achieving this singular goal alone will demand unity of purpose throughout the organization. down the road, we see that this will result not only in a rise in the number of seminars for bank personnel. more importantly, we expect this to translate to responsive training programs that enable bankers to keep up with the fast - changing global environment. it is clear to us that today ’ s financial market norms are markedly different compared to practices just a decade or two ago. we now live in an era of stricter capital requirements, steeper yardsticks of governance and higher standards of consumer protection. we certainly expect banking practices to evolve as global markets grapple further with the lingering global financial crisis. indeed, the only thing that remains constant is change itself. but financial markets rarely give us the opportunity to pause and dictate the changes that are evolving before us. banks – with all the formalities of an organization and its brick and mortar structures – must always be ready to adjust if they are to meet the changing needs of their own publics. this is a hurdle … but not an impossibility. to be able to put themselves in a position to be this flexible, banks must ensure that both skills and knowledge are already in place before change takes root. the reform agenda as a training guide this seems to be an oxymoron : to ask banks to have skills and knowledge in place well before these competencies will be demanded by the changes in front of us. bis central bankers ’ speeches however, this investment in capacity is precisely what is dictated by today ’ s market landscape. we need to anticipate change and by doing so, we allow ourselves the opportunity to parlay the uncertainties of change into opportunities that come with vigilance. there is then a convenient nexus between the agenda of reform and the dictates of capacitybuilding. from our perspective, nothing is more urgent than the policy

and led international cooperation on green finance. we have taken the lead in advancing related tasks on g20 sustainable finance. the pboc and the united states department of the treasury co - chaired the g20 sustainable finance working group and led the development of the g20 sustainable finance roadmap in 2021, which has become an important guideline for mobilizing market funds to address climate change at the international level. in 2022, we took the lead in formulating the g20 framework for transition finance, which was adopted at the g20 bali summit in november last year and became a guide for all parties to establish a system of transition finance. we have published a common ground taxonomy - climate change mitigation ( cgt ) with relevant departments of the european commission. as the understanding of green transition varies across countries, strengthened consultation is needed to gradually accelerate mutual recognition and the trading of green financial products and green pricing in the global market. over the past three years, the pboc and relevant european agencies have continued to harmonize the standards of green finance between china and europe, and jointly published the cgt in 2021 and an updated version in june 2022. the latest version of cgt is 80 percent aligned with the european version. many domestic and foreign financial institutions have issued green bonds and green loans with reference to the cgt, which is highly recognized by the market. we have strengthened international cooperation on green finance under multilateral mechanisms such as the central banks and supervisors network for greening the financial system ( ngfs ) and the international platform on sustainable finance ( ipsf ). we have worked together to build a green " belt and road ". in 2019, under the guidance of the pboc, the green finance committee ( gfc ) of the china society for finance and banking jointly launched the green investment principles for the belt and road ( gip ) with the city of london, as well as many chinese and foreign financial institutions, to help developing countries build up their green finance capacities and improve their resilience to climate change. in recent years, under the centralized and unified leadership of the cpc central committee, the cpc shanghai municipal committee and shanghai municipal people's government have made remarkable progress in the building of an international financial center. shanghai's roles as an rmb asset allocation center, a financial risk management center, a fintech center, a high - quality business environment center, and a financial talent development center have been further enhanced. shanghai is home to