$ 4. 2 trillion with container throughput up to 190 million teus. the throughput at hong kong ’ s container terminals increased more than 20 times from around 1 million teus in 1979 to 22 million teus in 2013. however, if the majority of the mainland ’ s imports and exports continue to be routed through hong kong, how many additional container terminals would need to be built? could our road system cope with trucks hauling containers all over the territory? and is this what we want for hong kong? 5. in fact, hong kong ’ s position as an intermediate trading hub for mainland china ’ s external trade has become more prominent over the past decades. in 1979, our trade intermediation activities ( including logistics industry ) accounted for about 15 % of gdp and rose to 20 % in 1990. since china ’ s accession to the world trade organisation in 2001, direct competition from the mainland has increased, but the pie has also grown much bigger. the total trade volume of the mainland surged from us $ 510 billion in 2001 to us $ 4. 2 trillion in 2013. and, while the percentage of trade being directly processed in hong kong has been trending downwards ( from 30 % to 10 % ) during the same period, the value of goods has risen bis central bankers ’ speeches sharply from us $ 150 billion to more than us $ 400 billion. taking into account the fastgrowing offshore trade, the total value of trade in goods handled by hong kong would jump from some us $ 300 billion to us $ 900 billion during the same period. this shows that the trade creation effect is much greater than the diversion effect. hong kong ’ s trade intermediation activities ( including logistics industry ) amounted to us $ 64 billion in 2012, accounting for 25 % of our gdp and employing 770, 000 workers ( 21 % of the total workforce ). these figures demonstrate that we should be able to seize the abundant business opportunities arising from the mainland ’ s expansion in external trade if we continue to fortify our trade relations with the mainland and the rest of the world, just like our trade intermediation activities growing from 15 % of gdp in 1979 to 20 % in the early 1990s, and then to 25 % now. 6. let me illustrate with another example why hong kong will not be marginalised as the mainland continues to open up to the world. let ’ s look at the opening of the cross - strait “ three direct links ”. prior to 2008, there were no direct

ten and twelve - year dinar bonds of the republic of serbia in the secondary market declined during july by around 30 bp. on this account, going forward we can expect an additional decline of the costs of public debt servicing and, in turn, lower costs of private sector borrowing. lastly, i would like to stress that in the past period we also remained successful in the achievement of our second objective – financial stability. by ensuring dinar and fx liquidity in a timely manner, trimming the key policy rate and introducing a moratorium, we simultaneously contributed to the preservation of favourable financial conditions for corporates and households and their higher disposable income, as well as to the preservation of all financial stability indicators. not only that the share of npls in total loans did not increase during the pandemic, it went down further and currently stands at 3. 6 %. at the same time, thanks to price and financial stability, the basis of which is also made up of the relative stability of the exchange rate, we have maintained confidence in the domestic financial system, as attested by dinar savings of households, which have been posting new records month after month, and have exceeded rsd 100 bn, whereby we provide an additional contribution to the dinarisation process in serbia. chart 17 npl share in total loans, gross principle ( in rsd bn ) ( in % ) 21. 4 21. 5 21. 6 15. 7 16. 9 19. 0 18. 6 17. 0 9. 9 5. 7 4. 1 3. 7 3. 6 chart 18 dinar savings ( in rsd bn ) 93. 1 79. 6 61. 1 34. 0 household sector other sectors source : nbs. june corporate sector npl share in total loans ( rhs ) 100. 5 12. 5 13. 8 38. 6 46. 0 51. 1 50. 2 19. 7 17. 9 july source : nbs. * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * * ladies and gentlemen from the press, dear colleagues, allow me to conclude today ’ s speech with the following words – everything in terms of serbia ’ s economy that we have achieved in the years leading up to the pandemic – price, financial and fiscal stability,