various forms. in particular, we should pay attention to the development of the informal financing market. the informal financing market here refers to financing activities of the individuals and the enterprises. currently, there is no legal prohibition for financing between individuals, except for usury, which is strictly prohibited in china ; as for corporate lending to unspecified customers, such business should be strictly subject to financial supervision as it relates to public interests. however, in my view, we may need to give a second thought to the current strict control over financing activities among the enterprises and those to the individuals. nowadays, due to low deposit interest rate, high risks involved in stock market investment, and risks in investing in the much fluctuating mutual fund, trust and other collective investment products, many rich people are willing to lend directly, or through a joint - owned company. as the people ’ s bank of china has already removed the upper limit of lending rates for financial institutions, this type of financing activities has a greater potential to develop. at present, some small enterprises and individuals often have difficult access to bank loans, but due to some factors such as the regional advantages, some people or their companies are able to control loan risks in a way that could not be done by banks. why shouldn ’ t we take necessary measures to normalize these financing activities? so long as the sources of funds of these lenders, either individuals or companies, are specified, the existence of these non - deposit taking lending entities should help to standardize the informal financing activities. on such a count, we should newly establish a specific type of financial institutions, which could be either called investment companies if their business are confined to equity investment, credit investment and securities investment, or called loan companies that specialize in micro credit business. many countries and regions such as the united states, hongkong and south africa have established their respective unique supervisory system for these loan institutions. in this regard, we should also promote the legislation of investment company, regulate private fund placement, and advance micro credit business development so as to satisfy the financing needs of the small enterprises and natural persons. in many countries, rules have been formulated to regulate and supervise the above mentioned lending institutions. these rules allow individuals and companies to issue loans with a license ( such as in hongkong and the newyork state of the united states ), or require the lenders to register every transaction and pay relevant fees ( such as in south africa ). any violations of the supervisory rules will be punished

be attained. in terms of the financial market, china ’ s financial system has maintained sound operation in face of the pandemic. fluctuations in the stock market have been relatively small. bond issuance in the first nine months totaled rmb42 trillion, up 25 percent year on year. the foreign exchange market has seen stable performance, and rmb has appreciated against usd slightly. ii. efforts have been made to adhere to the sound monetary policy, and to continue to 2 / 4 bis central bankers'speeches implement and improve the structural financial policies which have proved effective in pandemic response, so as to accomplish development targets and tasks of the year. china ’ s gdp grew by 0. 7 percent in the first three quarters, and is expected to achieve a positive growth for the whole year. though the global economy has recovered a bit from the bottom, uncertainties remain high over the development of the pandemic. according to the international monetary fund ( imf ), the global economy growth is projected at – 4. 4 percent in 2020. therefore, it will take some time for the global economy to return to the pre - pandemic level. in order to cushion the impacts of the covid - 19 pandemic, a major public health emergency, financial authorities have released some unconventional policy measures. as the peak of the economic impact of the pandemic on china has passed and economic activities have gradually returned to normal, some policies have fulfilled their tasks for the current stage. but the policy measures for supporting msbs and private enterprises, stabilizing and securing employment, and bolstering the green development will continue to be implemented and further improved, so as to advance the formation of a new development pattern of dual cycles with the domestic cycle as the mainstay and international and domestic cycles facilitating each other. first, the monetary policy will be better suited to the demand for high - quality economic development. it should be in line with high - quality development, and more emphasis should be placed on the quality and effectiveness of financial services for the real economy. financial institutions will be better motivated to provide long - term support for the real economy and offer continued support for agro - related industries, msbs and private enterprises. in particular, general secretary xi jinping stated at the general assembly of the united nations on september 22, “ china will scale up its intended nationally determined contributions by adopting more vigorous policies and measures. we aim to have co2 emissions peak before 2030 and