many investors are now actively looking for investment opportunities in asia, particularly mainland china, to diversify their investment portfolios. at the same time, mainland issuers can also make use of our platform to reach out to the increasingly wealthy investor base in the islamic world. 12. clearly, there is a strong foundation for both sides to work together to complement each other, grow the pie bigger and achieve a win - win proposition in developing islamic finance. for this important reason, the hkma entered into a memorandum of understanding ( mou ) with bank negara malaysia in 2009 to strengthen mutual co - operation in the area of islamic finance. we are very pleased to have worked closely with bank negara malaysia to put together and bring this workshop to hong kong under the framework of the mou. building a deep talent pool is crucial for further development of the islamic finance industry. workshops of this kind will undoubtedly help to promote market awareness and knowledge of islamic finance, while also providing an excellent forum for market players to exchange views and business contacts. we will continue to work closely with the treasury markets association to raise the expertise in islamic finance in hong kong. 13. apart from our continuous efforts to put in place a conducive platform, it is also crucial for market players to maximize their readiness to grasp the opportunities brought by the development of islamic finance in hong kong. after all, market players will be the ones who drive the growth of the market ultimately. so, i highly encourage you all to gear up for the new opportunities ahead of us. on this, i am pleased to note that some financial institutions have already started to get ready by mobilizing their staff in the middle east or malaysia to hong kong, as well as providing training to their staff in hong kong. the fact that you are here today is also a good indication that you are keen to prepare yourselves. i hope you would take the most out of this workshop. 14. thank you. bis central bankers ’ speeches

of full blown economic fragmentation, and what actions can be taken to sustain globalisation, even in the face of a changing global trade landscape? 1 / 3 bis - central bankers'speeches since this is a conference about the chinese economy, perhaps we can start with a quick examination of how china is adapting to the change and turning the challenge into opportunity. despite the headwinds in the trade sector, china's world export share has remained at around 15 per cent since 2018. this reflects two important trends. first, china has continued its economic diversification and regional collaboration through expanding its import and export network, particularly to broader emerging markets. it has also stepped up outward direct investments to establish stronger footholds in the global supply chain amidst friend - shoring or near - shoring. second, china's manufacturing industries have doubled down on their efforts to move up the value chain, from low - end, labour - intensive component manufacturing to highertech, full - spectrum product manufacturing, supported by china's own domestic market and growing capability in more sophisticated technology goods. indeed, this is a process that pre - dates the recent rise in global trade protectionism, if just for the classic reason of comparative advantage. what we have witnessed is that even as some production may have been diverted away from china, these have been largely concentrated in a few sectors – namely, textiles, electronics and autos – and in the assembly segment rather than upstream. while chinese exports might take up a smaller share of some markets as a result, it is exporting more intermediate goods and capturing a larger share of imports from other regional economies. china's search for new trade opportunities through diversification and supply chain upscaling has brought structural transformation to the chinese economy and helped maintain china's key position in global manufacturing. the process, together with other changes in the global supply chain, will bring fundamental changes to global trade and investment. it would be premature to predict what the new order will be. but one thing is for sure, those who embrace the change and rise to the challenge will benefit greatly, and it should not be a zero - sum game. now let me shift gear and touch on some emerging opportunities we are going to discuss at this conference. i will focus on two panel themes : digital trade transformation and innovative trade finance – two topics that are increasingly relevant as we transition towards a digitalised global economy. digitalisation of trade offers a range of benefits. for firms, digital transformation of trade and