play their roles well. this applies to fiscal, structural and monetary policy. good conditions for growth are created when uncertainty about future income and expenditure is minimised. if at the same time resources are used where they make the greatest contribution to welfare, there are prerequisites for good development. economic policy should be designed so as to minimise uncertainty and so that the regulatory framework and tax system do not distort the allocation of resources in the economy. if fiscal policy is carried out so that the central government debt is stabilised at a reasonable long - term level, certainty is established in the design of the transfer systems and coming tax burdens and investment and consumption decisions are facilitated. structural policy also has an important role with regard to creating good conditions for growth. structural policy is such a broad concept that i can only point to some important components. the tax and transfer systems, for instance, should be designed so that they do not create motives for citizens to act in a way that is harmful to long - term growth and welfare. the task of the educational system is to provide access to relevant, high - quality education and that of labour market policy to ensure that demand and supply of labour power match. the tasks of the riksbank a monetary policy aiming at price stability reduces uncertainty about future real incomes. agreements on future payments and assessments of future income are thereby facilitated. demands for compensation for risk are reduced which, among other things, stimulates real investments. price stability also improves the ability of the price system to spread information about how resources are to be distributed to areas where they most benefit citizens. in a market economy, it is the task of the price system to communicate information about household preferences and, for instance, to provide signals as to where productivity is to be best developed. besides the task of safeguarding price stability, the riksbank is also responsible for the country ’ s payment system. it is a prerequisite for the functioning of a modern economy that payments can be carried out in a safe, efficient way. in order for payment systems to function, it is important that financial stability is maintained, which, for instance, means that bank crises shall be avoided. there are close connections between the responsibility of the central bank for price stability and its responsibility for financial stability. in order for the instrumental rate to have the desired effect on interest rate formation, it is, for instance, important that the payment system functions efficiently and securely, since monetary policy instruments operate via the

national bank of serbia аddress by the nbs governor at the opening ceremony of the china financial technology forum 4 september 2022, video format dr jorgovanka tabakovic, governor belgrade, august 2022 esteemed hosts and participants in the china financial technology forum, a year has passed since the previous forum and while our topic has remained the same : new age, new finance, new technologies, the conditions in which we live and work have changed significantly. nevertheless, our goal remains the same – man and his wellbeing in the 21st century. dear friends, new age and new finance call for even stronger cooperation between countries and nations. following goethe who said : tell me with whom you consort and i will tell you who you are, i can tell you that i am proud of the close cooperation the republic of serbia has developed with the people's republic of china over the past ten years. the relationship of our two countries is defined by firm partnership and mutual understanding, supported by the rock - solid friendship between the serbian president aleksandar vucic and the chinese president xi jinping. the relationship between our two countries is the best proof of the old chinese saying when brothers are as one, their strength can break even metal. this is evidenced by our economic cooperation as well. • in ten years, trade between china and serbia increased by four times. • in the first half of this year, trade with china made almost 10 % of serbia's total external trade. • a continuous upward trend in our economic cooperation is evident also in the growing share of asian countries in fdi inflows, which amounted to around 15 % from 2019 to 2021. last year, in 2021, fdi inflow from china made up 20 % of total and record - high fdi to serbia. dear colleagues, it is only natural to raise the bar of our expectations ever higher for everything that brings us good, as it is natural for financial service consumers to accept every good service we develop as something normal. the national bank of serbia, at whose helm i have been for a full decade now, has been the generator of technological changes in the market of financial services. it is these changes that have ensured to our citizens and businesses the conditions for easier, faster, simpler, cheaper and more secure transactions in the republic of serbia : – first, we significantly improved payment infrastructure in the republic of serbia, by introducing the most state - of - the - art instant payment system – n