delisle worrell : the growing relationship between china and barbados welcome remarks by dr delisle worrell, governor of the central bank of barbados, at the press launch of the fish and dragon festival, bridgetown, 29 january 2015. * * * ambassador wang ke of the embassy of the people ’ s republic of china in barbados other representatives of the embassy of the people ’ s republic of china in barbados, mr. david bulbulia, deputy permanent secretary, ministry of foreign affairs, mr. kirk ottley, president of the bcfa and other representatives, festival director, ms. tonika sealy, ladies and gentleman, members of the media and press good morning. they say that the world ’ s centre of gravity has shifted to the east, suddenly and dramatically. even someone like myself, with more than a passing knowledge of chinese history, culture and policy, has been astounded by the transformation. the images i see on tv daily are of an utterly different country to the one i visited in 1980. the very fact that cctv america is available in barbados, and that its global coverage is among the most dispassionate, informative and sympathetic to my sensibilities, of any international broadcaster, is something that was inconceivable back then. most barbadians are only dimly aware of the magnitude of the change that the emergence of china implies, and the myriad ways our lives might be touched by that change. we do know of chinese interest in direct investment in the caribbean ; it is substantial, and it is to be welcomed, because it benefits both sides. barbados and the caribbean benefit from the increase of our capacity to produce goods and services, and the associated employment. china, for its part, is in search of opportunities to diversify foreign investment portfolios. i have only recently been sensitized to the extent of online commerce with china, and the inbuilt features that facilitate this commerce. the chinese embassy, the annu institute, the barbados - china friendship association and other groups and individuals have provided us with glimpses into china ’ s rich, ancient, and modernizing culture. we see more of it on cctv. the confucius institute is about to get going. we see reports of missions to china, and articles on the experiences of barbadians living there. what all this makes us realise is that a whole new world has emerged, with china as its hub, and we are feeling the swell

efforts to manage climate - related financial risks, underscoring our commitment to resilience. the results of this work, led by dr. saida teleu and her team, were incorporated in barbados'2023 fsr. with the invaluable assistance of the coastal zone management unit, we've implemented a climate stress test, focusing on projecting damage to the accommodation sector, which is deeply intertwined with our tourism industry. this collaboration has allowed us to assess the potential impacts of climate - related risks on financial stability in a more data - driven and precise manner. in the most recent fsr, the bank has also successfully undertaken a significant revamp of its publication, with improvements that underscore our commitment to both innovation and comprehensive risk management. one of the key upgrades has been the introduction of a dynamic balance sheet approach to stress testing. unlike traditional methods, this approach allows us to incorporate explicit macroeconomic scenarios and extend our stress testing over a longer horizon. this dynamic perspective offers us deeper insights into how our financial system would respond to shocks in a changing economic environment. additionally, we've developed a nonperforming loan satellite model, giving us a more accurate assessment of credit risk in our financial system. we also recognised the growing importance of the real estate sector, and so we've enhanced our analysis of this sector. real estate is not only a critical component of household wealth, but also a significant driver of lending and investment activity, making it essential to the stability of our financial system. as the financial landscape changes, so too must our approach to assessing risks. in this regard, the 2023 fsr also incorporated the risks posed by digital financial services, fintech, and cybersecurity and issued a survey to the industry to gather vital data. this addition was particularly important given the rapid rise of cyber - crime and the increasing use of online financial services, and the recent publicised cyber - related breaches at the barbados revenue authority and one of our credit unions give testament to this fact. as a country, we are keen to embrace innovation, but it is equally important that we understand and manage the risks that come with these technological advancements. 4 / 6 bis - central bankers'speeches these most recent advancements significantly upgraded our report. indeed, the bank's fsr has now become, in our humble opinion, the regional benchmark for integrating climate change into financial stability assessments. however, we are keen to share our insights with our