exchange – which let me remind you has been the best performer of asia in 2017, but will also make it accessible and desirable to a host of investors across the world. to further add, the technological improvement would be a further boost for trading within and outside the country. i am sure that the partnership of pakistan stock exchange with china will bear fruits by developing competitive and profitable securities and derivative products. the local financial institutions in this consortium have an important role to play as well. with the thorough understanding of the domestic markets and wellpoised to assist their foreign counterparts, the consortium would be instrumental in raising productive capital from both within and outside pakistan. this capital would play a critical role for the corporate sector at a time when the chinapakistan economic corridor is in full swing. this is just the tip of the iceberg, ladies and gentlemen. with proper planning and execution, such future collaborations could be game turners for all the stakeholders. not only would this help raising the economic growth of the country, but will also unlock the business - to - business and person - to - person barriers, and may be a good avenue to learn from each other in various fields such as banking, engineering, transportation, telecommunication, energy, and many more. to sum up, the possibilities are limitless. the key, ladies and gentlemen, would be to have an open mind and learn from the experiences of such co - ordinations in other parts of the world like the trans - african highway network, pan - american and pan - european corridors. our year on year lsm growth in nov 2016 is 8. 1 % compared with 4. 5 % in nov 2015. private sector credit expanded by rs. 376 billion and is broad based in state bank of pakistan july - dec fy 17 compared with rs 283 billion in corresponding period 2016. such good news will contribute to psx and the investors sentiments. in the end, i would like to thank you all for your time, and congratulate you for making this step a success. god bless!

and redressed before consumers and investors can regain confidence on a brighter future. to some of you my speech today may have sounded rather gloomy. you might have felt that it is easy for someone from asia, a region that is growing strongly and to some extent suffering from overheating pressures, to lecture colleagues in europe, which is in the midst of a sovereign debt crisis and suffering from low growth and high unemployment, about what are the right things to do. but it is far too easy to overlook the fact that emerging asia ’ s dynamism today is the result of very painful adjustments that took place after the widespread devastation caused by the asian financial crisis of 1997 – 98. you may or may not know that hong kong had had a very serious housing market bubble, which collapsed in late 1997. in the six years after that, housing prices declined by close to 70 %, with unemployment rising three times. at the same time, the economy contracted by 8. 7 % over 5 quarters with deflation amounting to 15 % during this period of adjustment. there was a lot of pain and sense of gloom during this very difficult period, but hong kong people did not give up and kept on trying their best to deal with the problems. after this very painful adjustment, hong kong has re - emerged stronger and more resilient than ever before. bis central bankers ’ speeches in conclusion, i wish to leave with you the following message : the breakdown of monetary, fiscal and market disciplines has contributed to the deepness and severity of the latest crisis in the advanced economies. in my view, there is unfortunately no easy way out or clever solution that could avoid the need and thus the pain of structural adjustments that would redress the imbalances built up in the last decade or two. going forward, we must realise that we have to restore the 3ds or three disciplines, without which the conditions for sustainable economic recovery would not exist. are we now in an era of awakening? i am not totally sure but i think, or at least i hope, we are. if not, then market forces would eventually push all of us into that position, except that the later the awakening occurs the heavier the price we will have to pay. bis central bankers ’ speeches