every 6 to 7 anti - dumping cases were filed against chinese companies. by the end of 2003, a total of 540 anti - dumping cases had been filed against china ’ s products. third, competition in the service industry has intensified. one weakness of the chinese economy lies in the underdeveloped service industry. growth of china ’ s service industry failed to match that of the manufacturing sector. the service industry accounts for 65 percent of the world gdp. it averages 70 percent for developed countries and 50 percent for developing nations, but lingering around 30 percent for china. china ’ s major telecommunications companies have long been constrained narrow business scope, resulting in persistently weak competitiveness. in the retail market, foreign companies like wal - mart and carrefour, have obvious advantages in terms of capital, management, procurement and distribution. the gap is even larger with the developed countries with regard to financial services. the chinese financial institutions are plagued by poor asset quality, capital inadequacy and less diversified products. there exists a big gap between the chinese and foreign financial institutions in terms of business operation, management skills and staff quality. in the 2nd quarter of 2004, non - performing loans recorded by the state - owned commercial banks reached rmb1. 8898 trillion yuan, accounting for 19. 2 percent of their credit assets. for the time being, the fiercest competition between the domestic and foreign institutions is over the so - called “ high - end ” clients as 80 percent of the profits of the financial industry is generated from business with these high - end customers. meanwhile, competition over quality staff is also becoming ever intense. in a broader perspective, the chinese economy has been growing at a fast speed since the beginning of reform and opening up, but its competitiveness has unfortunately not recorded the same impressive improvement. the global competitiveness report published by the world economic forum in november 2003 ranks china ’ s growth competitiveness the 44th among 102 economies in the survey while its commercial competitiveness the 46th among 95 economies. and of the “ fortune 500 ”, only 14 companies are from china ( if those from hong kong, taiwan and macao are not included ). iii. deepening reform and opening wider to improve china ’ s corporate competitiveness in face of all these challenges, we did not blame other countries, but have resorted to more aggressive reform to improve our competitiveness. the 3rd plenary session of the 16th national congress of the communist party emphasized the strategic objective of improving socialist market economic

yi gang : green finance and climate policy opening remarks by mr yi gang, governor of the people's bank of china, at a high - level seminar on " green finance and climate policy ", co - hosted by the people's bank of china and the international monetary fund, 15 april 2021. * * * madame managing director, ladies and gentleman, good morning and good evening. it gives me great pleasure to co - host this high - level seminar on “ green finance and climate policy ” with the imf. i wish to begin by extending a warm welcome to all the participants on behalf of the pbc. the international community is forming a broad consensus on tackling climate change. china has announced the goal of peaking carbon emissions by 2030 and achieving carbon neutrality by 2060, also known as the 30 / 60 goal. this requires a comprehensive economic transition, and green finance can be an accelerator in this process. the pbc attaches great importance to green finance. in 2016, we led the effort in drafting the guidance on building a green financial system and developed a specific timetable and a roadmap for this purpose. by making sure that all the policies are implemented, we have put in place an initial policy framework for green finance. as a result, china ’ s green finance market has since enjoyed fast development. by the end of 2020, green loans and green bonds in china totalled 1. 8 trillion us dollars and 125 billion us dollars respectively, ranking as the world ’ s largest and second largest. more than 40 carbon neutral bonds have been issued, with a total volume of over 10 billion us dollars. the 30 / 60 goal has set a higher bar for the financial sector. to meet this goal, we need to overcome a host of challenges. first, on the society front, public awareness of emission reduction has to be raised. second, on the market front, the carbon market has to play a greater role in price discovery. only when carbon emission is priced in, can we achieve effective resources allocation. china ’ s carbon market is still in its initial stage, and its financial nature needs to be further clarified. third, on the institutional front, climate information disclosure needs to be improved. the disclosure should be expanded to cover listed companies, financial institutions and other market players, and move from a voluntary to a compulsory basis. fourth, on the risk management front, there needs to be greater attention to the fossil fuelrelated transition risks. fossil fuels, mainly coal