secure due to stronger regulatory attention and requirements. however, work still remains to further develop an integrated, innovative and competitive market for euro retail payments. to this end, the ecb established the euro retail payments board ( erpb ) at the end of 2013. in this high - level strategic body the demand and supply sides of payment services are given equal importance. smes, as a key demand - side see, for example, “ sme access to finance in the euro area : barriers and potential policy remedies ”, monthly bulletin, ecb, frankfurt am main, july 2014. bis central bankers ’ speeches stakeholder group, are represented by ueapme and mr cohen - hadad. i am convinced that, with this collaborative governance structure, we can be both efficient and output driven. 3. what will the future bring? let me turn now to the future. how will the work of the euro retail payments board benefit smes? first, the ecb and erpb are monitoring the completion of sepa migration, which is due next year, with the phasing out of national niche credit transfers and direct debits and other waivers. furthermore, full migration to sepa credit transfers and sepa direct debits by non - euro area countries is being monitored. this final stage of the long process of adapting common standards for basic payment services will deliver on the promise to be able to use one single account for euro payments throughout the eu. second, the erpb has called for the launch of a pan - european instant credit transfer scheme in euro. instant payments are retail payments where the funds sent by the payer are irrevocably credited to the beneficiary ’ s account within seconds of the payment being initiated. payment service providers are already working on an instant sepa credit transfer scheme. i expect that instant payment services in euro will be made widely available to european consumers and small businesses by 2018. the experiences of other markets – particularly the united kingdom – show that smes greatly benefit from faster payment execution. receiving and making credit transfers instantly will free up cash flow and ease working capital needs. it can also replace card, cheque or cash payments in business situations where goods or services are only delivered against immediate and irrevocable payment and where accepting or making payments with these traditional payment instruments is cumbersome. third, electronic invoicing has long been on the agenda of european policy - makers. the erp

economy is blessed with powerful innovation capability, a super - large market, a complete industrial system, sophisticated infrastructure, and abundant highquality human resources. we have confidence, capability, and means to overcome difficulties, resolve challenges, and achieve sustained growth. in 2025, china is expected to continuously inject strong growth momentum and stable force to the world. china will respond to the expectation of the international community with responsibility and courage, and it will continue to play its important role as the engine of the world economy. not long ago, the central economic work conference was convened. it made clear the target, macro policies and key tasks for the economic work in 2025. we will implement more proactive macroeconomic policies, and further improve the economic governance approach. the first is to strengthen counter - cyclical adjustments in macroeconomic policies, and tune the trajectory of economic growth and functioning so as to maintain stable economic growth. we will implement more proactive fiscal policies, raise fiscal deficit ratio, expand fiscal expenditure, and adjust and improve the structure and distribution of fiscal expenditure. we will also implement an appropriately accommodative monetary policy, adopt a mix of monetary policy instruments including interest rates and required reserve ratio to bolster adequate liquidity and a favorable social financing environment. the second is to proactively promote the transition of china's economic growth model to enhance the quality and sustainability of economic growth. it was made clear at the central economic work conference convened last month that we should focus on boosting domestic demand, especially the consumption demand of residents, and vigorously boosting consumption would be the top priority of the economic work for this year. the priority of macroeconomic policies should shift from promoting more investment in the past to promoting both consumption and investment, with more importance attached to consumption. by increasing residents'income, enhancing consumption subsidy support, innovating consumption supply, and improving social security, we will effectively expand consumption, give better play to the role of consumption in driving up economic growth, and promote high - quality development of the chinese economy. we will improve our approach to economic governance on an ongoing basis. we will handle the relations between the government and the market in a better way, scientifically balance their boundaries, and respect and leverage the decisive role of the market in resource allocation. we will speed up the building of a unified national market, foster a sound law - based economic environment, and create a more fair and vital market environment. the third is to focus on addressing risks