massive information traffic, and thus provide strong support for efficient financial activities. in speeding up network communications, we will construct and optimize highly reliable, redundant network architecture, promote large - scale deployment and application of the ipv6 network, and apply technologies of 5g and internet of things ( iot ) to connectthe cloud, the channels, edge computing, and end users. as a result, we will realize the virtualization of network resources, the intelligent control of network traffic, and the automation of operations management, thus improving business capacity and transaction efficiency. third, we will engage in the r & d of digital currency and enhance the inclusiveness of financial services. the e - cny is an important part of the supply - side structural reform of china ’ s financial sector. it is conducive to promoting the digital transformation of social activities and the mode of production. following the design concept that e - cny should be “ safe and inclusive, innovative and user - friendly, and time - evolving, ” the pbc has properly advanced the r & d of ecny. through the pilot tests of real users and large - scale centralized tests in batches conducted in many places, we have fully tested the system stability, product usability and applicability to different scenarios of e - cny, and we have secured progress for this stage. at the same time, we are aware of problems that require urgent solutions. the rules and system, the application environment, and the payment system of e - cny, among others, are yet to be improved. going forward, according to the principles of openness and inclusiveness, we will work on both the supply side and the demand side, continuously optimize the bottom - level business capacity and the basic technology platform of e - cny, empower external stakeholders, and collaborate with them to create an ecosystem o f e - c ny. in formulating rules and standards, on the premise of ensuring centralized management, unified cognition and counterfeit - proof features, we will fully leverage the advantages of e - cny in terms of higher settlement efficiency and better privacy protection. e - cny cannot be managed in the same way as either paper currency or bank accounts, so we must shatter what needs to be shattered and restrict what needs to be restricted. i n implementing technologies, we will harness the respective advantages and professional experience of designated operational institutions to continuously facilitate the iteration of technologies and keep them at an advanced level.

some countries are finding increasingly less room for making macroeconomic policy adjustments. since 2000, many developed countries have successively lowered their interest rates and increased their fiscal deficits in response to the worsening domestic and foreign economic situation. since interest rates in some countries have now fallen to the lowest level in decades, there is limited room for further lowering interest rates and increasing deficits. therefore, while the risk of global economic volatility is rising, the use of policy means to achieve an economic upturn is severely restricted. 4. the volatility of exchange rates among the major currencies will have a differing impact on the economic adjustment of some countries. at present, the depreciation of the dollar has put pressure on the economic recovery of the euro area. if exchange rate volatility and international capital flows were to affect each other, there will be an even greater impact on the emerging market economies whose financial sectors are still not robust. in consideration of these vulnerabilities, i believe that staff ’ s overall forecast for the world economy and the u. s. economy is too optimistic and that they have underestimated the negative impact of geopolitical instability. in light of the existing vulnerabilities in the world economy, i believe that all countries should adopt appropriate policy measures to manage and resolve them. in particular, the major developed countries need to assume even more responsibility and pursue supportive macroeconomic policies. the united states should pay more attention to its existing macroeconomic weaknesses and enhance policy coordination with other countries to prevent the negative impact of sharp exchange rate volatility on the vulnerable world economy. the euro area should accelerate structural reform in the labor market area and pursue a looser monetary policy, when necessary. japan should focus on solving the problem of nonperforming loans and endeavor to carry out financial sector reform to create conditions conducive to economic recovery. to promote economic growth, the developing countries need to further expand domestic demand, improve financing conditions, pursue a robust macroeconomic policy, and speed up structural reform. ii. crisis prevention : surveillance, standards and codes in recent years, the imf has conducted extensive research and made considerable efforts in the area of crisis prevention and resolution. in my opinion, the imf should now set priorities and focus on those areas that can really enhance the crisis prevention capabilities of member countries. enhanced surveillance will be achieved by adjusting its focus. in light of the current situation in which the world economy is more dependent on the economies