yi gang : speech - giving full play to finance and promoting more efficient and resilient economic development keynote speech by mr yi gang, governor of the people's bank of china, at the annual conference of financial street forum 2021, 20 october 2021. * * * ladies and gentlemen, dear friends, good afternoon! it gives me great pleasure to attend this year ’ s financial street forum. this time the theme is “ economic resilience and financial accomplishments ”. i would like to share with you my observations on this topic. first, the system and mechanism of socialist market economy is the source and fundamental guarantee for china ’ s economic resilience. in the socialist market economy, and under the leadership of the communist party of china ( cpc ), there are hundreds of millions of market entities with clear property rights. with hard budget constraints, these market entities work hard to create value for the society and provide products and services needed by the society. in this sense, each of them is competitive ; otherwise, they are already out of business. it is these market entities who fuel the unceasing development of china ’ s economy. when the economy reeled from external shocks, these market entities manifested strong resilience. they flexibly adapted their production and operation arrangements to prices, orders, workforce and raw materials. yet on many occasions, what they faced was more fierce market competition and even life - or - death stakes. therefore, with commitment to the cpc ’ s basic lines, we focus on the central task of economic development, adhere to the four cardinal principles, continue to reform and open up, and we make improvements to the socialist market economic system. in this way, fundamental guarantee is provided for continuously vitalizing market entities and enhancing economic resilience. the covid - 19 pandemic broke out in early 2020 and has lasted till now. and china ’ s success in responding to it is sufficient to demonstrate that our socialist market economic system is more resilient than any other economic systems in the world. in terms of financial policies, the people ’ s bank of china ( pbc ) launched monetary and credit policies in the amount of rmb300 billion, rmb500 billion and rmb1 trillion respectively last year to support market entities and rolled out another rmb300 billion worth of central bank lending in september this year, which were earmarked for the support of micro, small and medium - sized enterprises ( msmes ). under the socialist market

michael s barr : brief remarks - national community reinvestment coalition just economy conference brief remarks ( via pre - recorded video ) by mr michael s barr, vice chair for supervision of the board of governors of the federal reserve system, at the national community reinvestment coalition just economy conference, washington dc, 29 march 2023. * * * good morning. thank you to the national community reinvestment coalition ( ncrc ) for the invitation to speak with you today. i regret that i cannot be there in person, but i can imagine the energy and excitement in a room full of so many dedicated community development professionals. i appreciate all the work that ncrc members and partner organizations do to advance economic opportunities for people and communities throughout the country, and the role you play in helping to inform public policy. for these brief remarks, i was asked to share my thoughts on the community reinvestment act ( cra ), a topic of great interest to all of you and to me as well. as you are well aware, the federal reserve is working in partnership with the office of the comptroller of the currency ( occ ) and the federal deposit insurance corporation ( fdic ) to release a final rule for the cra. the cra is one of the seminal laws enacted to address systemic inequities in access to credit and one of the best tools that we, as regulators, have to help ensure banks meet their affirmative obligation to serve the credit needs of the communities in which they do business, including low - and moderate - income communities. cra has been an area of focus for me for over 25 years. as many of you know, i have had the opportunity to research and write about the cra and its impact long before joining the federal reserve board. therefore, i was pleased to be asked by chair powell to lead the fed's efforts, taking the baton from vice chair brainard, as the agencies work together to finalize much - needed updates to the cra. the three agencies have been inclusive and analytical in their approach to cra reform. extensive stakeholder engagement and policy deliberations directly informed our proposal last year. what i will lay out as priorities for cra reform align with the priorities you have heard previously from the federal reserve, occ, and fdic. first, a successful reform of cra must advance the core purpose of the statute. the law was intended to address inequities in access to credit and promote