shanghai to focus on institutional innovation, to open up its financial sector, to build an internationally competitive financial market, and to bring the open economy to a higher level, all for the purpose of providing better services to the real sector and promoting trade and investment facilitation. to conclude, i wish the forum a crowning success! thank you! 2 / 2 bis central bankers'speeches

cpc central committee and state council, take effective measures to further support the pilot programs of financial reform and opening - up in shanghai. first, to facilitate the rmb internationalization, we will support shanghai in innovating and carrying out pilot programs in cross - border rmb business and products following the market - driven principle. we will give full play to the rmb in pricing and settlement of commodities. besides, shanghai can tap its advantages as an international financial center to provide financing support for the belt and road initiative. second, in the context of promoting rmb capital account convertibility, we will support shanghai in the pilot reforms of foreign exchange management, increasing the functions of free trade accounts in the shanghai pilot free trade zone, and promoting convenience in capital account management and convertibility of capital account. third, we will support shanghai ’ s efforts to further improve the financial market and financial services. as an international financial center, shanghai has 1 / 2 bis central bankers'speeches been playing an important role in various financial markets, including the stock, bond, money and foreign exchange markets. we will make more efforts in infrastructure development to expand the scope and depth of market, make trading more convenient and efficient, improve the legal framework, market environment, custody and settlement of transactions, in an effort to increase the appeal of the financial markets in shanghai and promote its status as an international financial center and a hub of financial markets. moreover, shanghai has huge potential in development of financial services, given its advantage as a talent pool, its appeals to foreignfunded institutions in payment and settlement businesses including third - party payment, bank card services and rating businesses, and vast space for business development. fourth, going forward, the financial sector opening will follow the principle of national treatment to gradually lift caps on foreign ownership and limits on business licenses. given shanghai ’ s unique competitive advantages, many foreign banks, securities companies, insurance companies, and investment banks have chosen shanghai as a focal point in their plans for global business development. therefore, shanghai will be the highlight of both china and the world in the development of financial institutions. the fifth is that shanghai also has considerable potential and advantages in leading the development of financial technologies. financial institutions and relevant companies in shanghai are forerunners in the country in r & d and innovation of financial technologies and we expect they will continue to do so in the future. shanghai ’ s development as an international financial center calls for concerted efforts of all parties. the pbc will continue to support