rating agencies play a very important role in the financial services. weakness in these sectors will adversely affect financial operation and the development of the social credit system. in addition, since the non - performing loans of the banks are closely related to the creditworthiness of their clients, the reform of the corporate sector constitutes another important part of the efforts to improve financial ecology. insufficient progress in the reform of the enterprises would make them more vulnerable to financial problems, thus leading to higher npl ratio of the banks. ecology is a systemic concept, so concerted efforts from all sections of the society are needed to improve financial ecology. first, efforts should be made to improve the legislation and law enforcing system. bankruptcy law is of utmost importance. with well - developed bankruptcy law, the lenders will be able to resort to legal procedures to protect their rights. second, the reform of the corporate sector including the state - owned enterprises should be accelerated. third, steps need to be taken to establish and improve the social credit system and strengthen the collection of credit data. fourth, the accounting, auditing and information disclosure standards should be improved. fifth, the intermediary agencies need to improve their services. improvement in financial ecology is also a kind of “ chemical changes ” that you mentioned just now. it is not a “ chemical change ” within the financial institutions. instead, it is a change from both inside and outside. a relatively long period of time is needed for such changes to take place.

economy the pboc is both a financial regulator and a supervisory authority of the macro economy. focused on the primary mandate of serving high - quality development, we will intensify the counter - cyclical adjustments of monetary policies and macro - prudential policies, and enhance the precision and effectiveness of financial support policies, so as to create a sound monetary and financial environment for the stable growth and structural adjustments of the economy. we will steadily advance the financial openingup at a high level and strike the right balance of the economy. first, we will further improve the monetary policy framework. i elaborated on the framework in lujiazui forum in june. today, i would like to emphasize the following points. in terms of policy objectives, we will take reasonable prices rise as an important consideration, and give a bigger role to price - based policy tools, such as interest rate. in terms of policy implementation, we will enrich the monetary policy toolbox on an ongoing basis, make good use of structural monetary policy tools, and gradually increase transactions of government bonds in open market operations. the pboc and the ministry of finance ( mof ) have established a joint working group, and relevant institutional arrangements will be improved continuously. in terms of policy transmission, we will continue to enhance the transparency of monetary policies, improve the independent pricing capabilities of financial institutions, and heighten consistency with fiscal policies, industrial policies, and regulatory policies, in a bid to achieve a more efficient transmission of monetary policies. second, we will provide more adaptive and targeted financial services to support economic restructuring and rebalancing. we will further intensify the macro credit management, continue to promote technology finance, green finance, inclusive finance, old - age finance and digital finance, and step up efforts to provide prime financial services for major national strategies, key areas and weak links. we will continue to build a financial market that is well - regulated, transparent, open, dynamic and resilient, and support developing diversified financing channels. the high - quality development is inseparable from sci - tech innovation. modern sci - tech innovation projects are characterized by long investment cycle, huge investment, high risk and uncertainty. they call for diversified financial services. in particular, enterprises in seed stage and start - ups are highly reliant on equity financing. therefore, active private equity investments ( pes ) and venture capitals ( vcs ) are very important market participants. the pboc will strengthen communication and cooperation with relevant