wu xiaoling : be objective and scrupulous to promote china ’ s financial theoretic research speech by ms wu xiaoling, deputy governor of the people ’ s bank of china, celebrating the publication of professor huang da's books, beijing, 3 june 2005. * * * professor huang da, distinguished guests : today, experts and scholars from the financial sector, education sector and publishing sector gather at the great hall of the people celebrating the publication of the collected works of huang da as an effort to promote china ’ s financial theory development. this is an important event for developing philosophical science and advancing china ’ s financial theoretic study. on behalf of mr. zhou xiaochuan, governor of the people ’ s bank of china and the president of the china financial institute as well as the two institutions, i warmly congratulate the publication of the collected works of huang da and the convening of the conference. professor huang da is a famous economist and educator, well known both at home and abroad. he is one of the scholars who first conducted monetary theory research in china and who established the discipline of finance in china. as early as when the people ’ s republic of china was founded, professor huang da began to conduct education and research activities on finance. with a scrupulous attitude, he has long conducted research on theoretical and empirical issues of china ’ s money, banking, price, public finance and macroeconomic development, etc. his research work has been essential to the development of fiscal and finance research framework and the evolution of financial theory study in china. given his outstanding contribution and position in financial research, he was a deputy to the eighth national people ’ s congress ( npc ), a member of the npc ’ s financial and economic committee and the president of the renmin university. he was also appointed a member of the first monetary policy committee of the people ’ s bank of china and the head of china financial institute. at present, he remains its honorary president. the collected works of huang da centralized his research work on financial theory. as we cheer for the publication of the collected works, we shall not forget the efforts of researchers on financial theory development in a time horizon ever since the founding of the people ’ s republic of china, in particular from the commencement of economic reform and opening up. with these efforts, a solid theoretical foundation has been laid for future development of the financial discipline and the reform of china ’ s financial system. however, we shall

up and running by the end of this june. regulators are soliciting opinions on its operational rules. these rules suggest that there will be fewer emission quotas that are freely allocated to polluters previously, and financial regulators should be involved in the supervision of the carbon market. the carbon market should be a financial market in nature and allow carbon financial derivatives trading. this will make sure that all risks are fully priced in so that the carbon price plays a better role of serving either as an incentive or a constraint. international coordination matters a lot if we are to succeed in the above undertakings. the fund plays a unique role in this regard. the fund plans to integrate climate change into its surveillance and include climate risk scenario analysis in its financial sector assessment. it is also leading the efforts on closing the data gaps under the network for greening the financial system ( ngfs ). we support all these efforts, and look forward to more research findings and policy advice from the fund. we stand ready to strengthen capacity building cooperation with the fund. the pbc has provided experience sharing to developing countries in drafting green taxonomy. the fund also places great value on capacity building. we could offer joint climate risk management training programs via the china - imf capacity development center. in a nutshell, central banks could contribute to the net zero goal in many ways, such as developing a strong policy system, a diversified market system, and enhancing international coordination. much still needs to be done and today ’ s seminar is just a beginning. i look forward to working with all of you to produce more deliverables. thank you. 2 / 2 bis central bankers'speeches