su ning : keep good credit records and endeavor to aim for a harmonious society speech by mr su ning, deputy governor of the people ’ s bank of china, at the launch ceremony of the national credit information education month, beijing, 31 may 2008. * * * vice mayor mr. gou zhongwen, ladies and gentlemen, good morning! welcome to the launch ceremony of the national credit information education month. i appreciate your care and support to the building of china ’ s credit information system. enterprises and individuals, as the subjects of a credit information system, comprise an important force pushing ahead the building of a credit information system. improved awareness of enterprises and individuals of the credit information system and expanded outreach can help protect the rights and interests of enterprises and individuals and promote the healthy development of the credit industry. it remains a priority in the pbc ’ s credit information work to popularize the knowledge about credit information, help enterprises and individuals to understand and use credit information to create more transaction and development opportunities. in recent years, under the guidance of the central publicity department and with the support of the ministry of education and other central government authorities and local governments, the pbc has undertaken various credit information educational campaigns and achieved some good results. credit information is no longer a strange word, but has penetrated into the daily life and economic and financial activities of the public, starting to influence behaviors of enterprises and individuals in its unique manner and propelling the building of a social credit system. in order to improve understanding of credit information system and expand its use, the pbc has decided to launch the national credit information education month, in a bid to generate synergy and magnify the results. credit is not something that you are endowed with. if default is not recorded or punished, people will not have the motive or discipline to value creditworthiness, and it is possible that honest enterprises and individuals will turn their back to credit and honesty. as such, the building of social credit is not only to be held up by moral standards, but also be regulated by legal and institutional systems. the credit information system, as an institutional guarantee regulating credit - related behaviors of enterprises and individuals, is the foundation for the social credit system and the cornerstone for the stable performance of a modern financial system. in recent years, the pbc has implemented policy measures of the state council on social credit system building, organized commercial banks to establish a national database covering credit information of both enterprises and individuals, namely the

philip lowe : remarks on a panel at the australian national university's crawford australian leadership forum remarks by mr philip lowe, governor of the reserve bank of australia, on a panel at the australian national university's crawford australian leadership forum, canberra, 19 june 2017. * * * thank you for the invitation to be part of this panel at the crawford australian leadership forum. the central issue is : where does the future growth in the global and australian economy come from? there are four points that i would like to make. 1. for a while, growth can come from a cyclical upswing in the global economy. over 2017, the global economy has improved. it is not just a story in one or two countries, but one that is broad based. after nearly a decade, the healing process after the financial crisis is well advanced, although there is still plenty of scar tissue. the chinese economy has continued to grow, although there are some fault lines. and in europe, it has been a few years now since the underlying problems last erupted. globally, monetary policy remains accommodative, there has been a lot of financial system repair and fiscal policy is no longer contractionary. this is all helping. so we are in a better position than we have been for some time. to be clear, we are not talking about a boom and there are still plenty of risks out there. but globally things are better. animal spirits have been missing for quite a while and they might just be starting to come back. 2. at some point, the cyclical upswing will run its course. beyond that, much depends upon demographics and technology. here there are reasons for pessimism and for optimism. many developed economies, as well as china and korea, face big demographic challenges. populations are stagnant or declining. they are also ageing. older societies want to save, rather than invest, especially so when there will be fewer people tomorrow than there are today. and older societies are likely to be more risk averse. so this is a major issue. on technology, i am more optimistic. there are great advances being made in science : in the material sciences, in power generation and storage, in genetics and the health sciences, and in computing and artificial intelligence. it is hard to be sure how these will all play out, but advances in these areas open up possibilities that few of us can imagine. they can transform our economies and form the basis for a new wave of