. china ’ s commitment to the wto and its internal demands for economic growth necessitate accelerated development of its financial market. second, the step - bystep opening of markets and intensifying economic globalization have brought the country ’ s economic growth dependence on foreign trade to 60 percent. more and more enterprises are starting up international businesses, calling on domestic financial institutions to provide enterprises and companies with a series of financial services including hedging, risk control, fx finance, etc. the concept of investment in financial markets has also taken shape among individual residents. the introduction of cross - market financial products is beginning to meet market demands. expanding market demands offered opportunities for the development of both the interbank market and financial products. third, learning lessons of the asian financial crisis, people now have a more profound understanding of the importance of sound development of financial markets. compared with the global financial market, china ’ s interbank market still has great potential for development. with progress in reform of transforming state - owned commercial banks into joint - stock banks, banks will have to offer better products in the financial market so as to fulfill the twin goals of minimizing risks and maximizing profits. china ’ s interbank market has huge potential and wide open space for development. furthermore, as opening - up deepens, china, with the objectives set forth in the 3rd plenary session of the 16th national congress of the cpc, will further perfect the exchange rate forming mechanism, gradually lift improper fx restrictions and finally realize the convertibility of rmb under capital accounts. these objectives cannot be accomplished without further development of the interbank market and the innovation and diversification of financial products. in all, it is one of the objectives of china ’ s financial market development to create an all - round and multi - layer financial market system. the realization of these objectives and goals will rely on the deepening and advancement of the financial market. some newly emerged products such as abs, mbs and cdo all reflect new changes in market demands. the development of financial engineering is closely related to the infrastructure of the financial market and a favorable service system. in the future process of financial market deepening, the development of financial products must be accelerated and innovations must be encouraged so as to further meet market demands. the market should give greater play to price discovery, and should strengthen the ability of financial enterprises to price financial products. without good products or financial institutions with comparatively strong pricing capabilities, it is difficult to reach the goals

, mainly due to a 4 % drop in food prices, 1 / 4 bis - central bankers'speeches especially a 30 % fall in pork price, which is a very big component of cpi in china. we don't think the fall in food price will sustain and expect cpi to go up afterwards. there have been some green shoots on the pmi front. manufacturing pmi has in general, stayed in an upward trajectory from may this year. services pmi is doing much better, and has stayed in the expansionary territory since the beginning of this year. when looking at china's economy, we need to pay attention to two things. first, china's gdp is already more than 120 trillion yuan, or 18 trillion us dollars. it would be difficult to grow at a rate of 8 or 10 percent, like in the past. second, china is experiencing a transition of economic growth model. the traditional model of relying heavily on infrastructure and real estate might generate higher growth, but would also delay structural adjustment and undermine growth sustainability. high - quality and sustainable growth is far more important. so right now we should focus more on improving economic structure, and forming new growth drivers. the ongoing economic transformation will be a long and difficult journey, but it is a journey we must take. looking ahead, the chinese economy remains highly resilient thanks to its strengths, such as innovation ability, big market, good infrastructure, well - established industrial chains, rich and well - educated human resources, just to name a few. as renewable energy and other new drivers of economy continue to grow, and as the recent policy measures gradually take effect, such as those supporting the real estate sector, reducing the debt burden of local governments, as well as the issuance of an additional 1 trillion rmb central government bond, i am confident that china will enjoy healthy and sustainable growth in 2024 and beyond. second, let me talk about pboc's monetary policy response. in general, we have kept our monetary policy accommodative to support economic development. this year, the pboc has used a mix of tools, including cutting the reserve requirement ratio ( rrr ), cutting policy rate, and guiding the market rates, including the lpr to go down. as a result, monetary and financial conditions have remained favorable for economic development. m2 and total social financing increased by 10. 3 % and 9. 3 % year - on - year in october respectively. the weighted average