creation. all these may lead to the resurgence of inflation. in addition, one more thing to consider is how to phase out massive stimulus policies in the future. when a large - scale stimulus policy is introduced, everyone is cheering. it may be very painful at the time of exit. the impact of the “ quantitative easing ( qe ) ” policy launched in 2008 has not completely dispersed so far. i wish to take this opportunity to stress that, china will, as always, unswervingly deepen the reform and enhance the opening - up of the financial sector. we will work to create a market - oriented, law - based and internationalized business environment, improve relevant laws and regulations, and advance the construction of the financial infrastructure. domestic and foreign institutions will be encouraged to cooperate on product design, equity investment, corporate governance, talent cultivation, etc., so as to advance the participation of foreign capital in the chinese market. steps will be taken to steadily push forward rmb internationalization, gradually improve the settlement, trading and reserve functions of rmb, and advance the free use of rmb. support will be offered to regional financial reform and opening - up, 4 / 5 bis central bankers'speeches especially to the china ( shanghai ) pilot free trade zone ( shftz ). as an international financial center, hong kong boasts unique advantages and abundant resources and is fully capable of playing a bigger role. at present, as shanghai is trying to build itself into an international financial center, shanghai and hong kong can establish closer ties, strengthen exchanges, complement each other and make progress together. we will also keep close communication with hong kong financial regulators to provide diversified services and create more favorable conditions for consolidating hong kong ’ s position as an international financial center and deepening the financial cooperation between shanghai and hong kong. finally, i wish the forum a complete success, and i hope the development of shanghai as an international financial center be brought to a new height! thank you! 5 / 5 bis central bankers'speeches

. first, we will introduce new institutional investors, by approving the establishment of more wealth management subsidiaries of banks and insurance asset management companies and allowing foreign specialized institutions to establish foreigncontrolled wealth management companies. second, we will step up the issuance of equity asset management products by supporting wealth management subsidiaries to increase the proportion 2 / 5 bis central bankers'speeches of equity products, trust companies to issue securities investment trust products and insurers to issue portfolio products. third, we will promote in - depth cooperation between banks and fund companies as well as between banks and insurers. banks and their wealth management subsidiaries will be encouraged to enlist more eligible managers of public funds as partners. research will be conducted on introducing policies concerning insurers ’ investment in privately offered wealth management products and private equity funds. fourth, we will guide commercial banks to advance the orderly disposal of non - standard non - performing assets, and encourage newly - established wealth management subsidiaries to increase securities investment. fifth, we will support insurers to ramp up investment in the capital market through direct investment, entrusted investment, public funds and other channels, particularly the equity investment in listed quality enterprises. sixth, we will practice differentiated and proportion - based regulation on insurers ’ allocations of equity assets and guide insurers to allocate more funds to equity assets. fifth, diversified financial instruments will be employed to smooth and restore the global supply chain. efforts should be made to increase financing support for enterprises in the international industrial chain, so as to help them expand domestic and overseas markets and raise the proportion of domestic sale of export products. export enterprises should be bolstered to resume business and trade exchanges with foreign partners at an early date, to stabilize export orders through funding measures such as buyer ’ s credit financing, and to leverage export credit insurance share risk losses. significant steps should be taken to vigorously advance the supply chain finance, to give priority to the financial needs of leading enterprises and key links, and to smooth and stabilize the upstream and downstream supply chains. the covid - 19 pandemic has not only seriously impacted china, but also taken a great toll on most other countries across the world. according to the forecasts of some international organizations, the developed economies will plunge into the worst recession since world war ii and the emerging markets will contract for the first time in nearly 60 years. in the face of such a calamity, all countries in the world should shelve differences for close cooperation.