jacqueline loh : singapore - the gateway to asia's bond market opening address by ms jacqueline loh, deputy managing director of the monetary authority of singapore, at the global borrowers & amp ; investors forum - asia, singapore, 21 september 2017. * * * toby fildes, global managing editor, globalcapital distinguished guests, ladies and gentlemen, good morning. 1. thank you very much for inviting me to the global borrowers & investors forum – asia. i am delighted that euromoney has chosen singapore to anchor the asian edition of your flagship global borrowers & bond investors forum. the forum started over 20 years 2. ago in london, and consistently attracts over 700 issuers, investors and financial intermediaries from around the world to exchange views on key issues facing global bond markets, to network and importantly, to close deals. asia is the natural next franchise for the forum. in 2016, asia ’ s debt issuance at usd 1. 3 trillion made up about one - fifth of global debt issuance, but at 20 % y - o - y, grew twice as quickly. a focused asian edition will help to make the forum more accessible to issuers, 3. investors and intermediaries based in asia. today ’ s programme is very topical, covering the deepening of asia ’ s bond markets, financing asia ’ s infrastructure and the rise of asia ’ s green bond market, and features distinguished speakers like governor agus of bank indonesia and sir robert stheeman, chief executive of the uk debt management office. i will touch on these themes briefly. asian bonds are a mainstream asset class. asian bond markets are growing healthily and asian bonds are an essential component of any balanced and diversified portfolio. over the last five years, asian bond issuances grew at a compound annual growth rate of more than 10 %. asian bonds now make up over 30 % of the j. p. morgan emerging markets government bond index. since last year, 2 asian countries received rating upgrades, notably indonesia to investment grade1. 5. asia is expected to remain the fastest - growing region in the world. the imf places emerging asia at the top of the global growth league table, with average growth rates of 6. 3 % p. a. from now to 20222, outstripping expected outturns in the developed economies3 as well as all other developing regions. china and india, the two largest asian markets, are expected to grow by 6

close to balance to a deficit of some 2 % of gdp from 1994 to 1996. notwithstanding this development, on balance, the decision to join the eu was without a doubt beneficial for austria as a whole, not only in the medium and long run, but even in the short run. to what extent can our experience be relevant to central and eastern europe? basically, european integration was conceived as a project aimed at ensuring peace, stability and prosperity in europe. this aim is not restricted to western europe only. the most recent and forthcoming enlargement of the european union should be seen as the realization of the eu ’ s longer - term objective of providing a framework for political stability and economic progress throughout europe. but i am afraid that we have sometimes become very selective in our perception of central and eastern europe. we tend to take note only of certain developments and give some well - meant advice. and sometimes i have the impression that we easily fail to appreciate the enormous progress that has already been made in most of the – let me say “ former ” – transition countries, especially in those which are most advanced in reforms and transformation. however, the latest enlargement of may 2004, as well as the forthcoming enlargement with bulgaria and romania, is the well - deserved confirmation of the impressive progress these countries have made. let me congratulate you on these major achievements! having said this, there is a consistent need for economic reform in all societies. while the reforms which can be characterized as transition - specific sooner or later come to an end, other reforms will never be complete, and the need for further adjustments will always arise. constant reform efforts are the key to achieving a path of sustainable high real growth. maintaining a faster pace of average real growth than in the european union is a minimum requirement for keeping the catching - up process going in central and eastern europe. we all need and benefit from this catching - up process, both in europe as a whole and at the global level, as we cannot afford to let the gap between rich and poor countries persist or become wider. notwithstanding the progress made so far, a balanced and consistent policy mix will be of crucial importance also for central and eastern europe in its catching - up and integration efforts. let me focus on two aspects of this policy mix : first, structural reforms are the key to long - term success. existing productive capacities have to be reshaped and new ones have to be built, above all in the service sector. in particular,