pan gongsheng : speech - launch ceremony of southbound bond connect speech by mr pan gongsheng, deputy governor of the people's bank of china, at the launch ceremony of southbound bond connect, 28 september 2021. * * * honorable deputy director deng zhonghua, chief executive carrie lam cheng yuetngor, financial secretary paul chan mo - po, deputy director yin zonghua, chief executive eddie yue wai - man, chairman chen siqing, distinguished guests, good morning! in 2017, the northbound trading under the mutual bond market access and connection scheme between the mainland and hong kong ( northbound bond connect ) was launched. since then, the scheme has been functioning smoothly and efficiently for four consecutive years, representing a milestone in the opening - up of china's financial market. built on the solid cooperation between the mainland and hong kong, upon approval of the central government, it is decided to launch the southbound bond connect, facilitating mainland institutions to go out and invest efficiently in hong kong and the global bond markets. this is another major step of the central government toward bolstering hong kong's development and deepening financial cooperation between the mainland and hong kong. here, entrusted by governor yi gang and cpc pbc committee secretary guo shuqing, and on behalf of the people's bank of china ( pbc ), i would like to extend warm congratulations on the launch of the southbound bond connect. china's experience in developing the financial market demonstrates that unswervingly expanding opening - up provides strong driving force and crucial guarantee for building a market - based, law - based, and internationalized financial market, and it is a key move toward enhancing the capabilities of the financial sector in serving the real economy and its international competitiveness. hong kong, as one of the major global financial centers, boasts a highly open business environment, a deep financial market, well - developed financial infrastructure, and an internationalized financial regulatory system, making it a key gateway and bridge for the mainland financial market's opening up. in the past years, we have been working closely with the hong kong monetary authority ( hkma ) and other relevant authorities to continuously optimize the northbound bond connect. on the basis of thorough evaluation, we jointly devised the southbound bond connect scheme. the official launch of the southbound bond connect today denotes that china's bond connect scheme now achieves two - way connectivity. it manifests the central 1 / 2 bis - central bankers'speeches government '

all over the country shall be to build up national centralized individual and enterprise credit information databases and “ provide convenient, quick and highly efficient credit information services to government departments, financial regulatory departments, financial institutions, enterprises and individuals according to law ”. meanwhile, “ all regions and departments shall actively support the building and development of financial credit information system and make full use of its credit information resources to strengthen credit building and management ”. third, supervision should be intensified to cultivate and regulate the credit information market development. the effectiveness of legislations and rules will be compromised without an effective law enforcement mechanism. therefore, the pbc will continue to strengthen the supervision over credit information market to protect legitimate rights and interests of market participants, regulate credit information service market, foster the compliance of credit reporting agencies and create a credit information environment for orderly competition and fair service. in addition, efforts will be made to actively expand the use of credit information products, cultivate market needs for credit information services, and establish an effective mechanism to encourage credit information product innovation and development so as to satisfy the diversified, specialized and multi - layered needs for credit information services. under the precondition of strict supervision, improved system and safeguarding the safety of information, the credit service market will be opened in a sequenced and appropriate way, and advanced management experience and skills of foreign countries will be introduced. fourth, public education of credit information should be enhanced. enterprise and individual are the main providers of credit information data, and constitute an important part of credit information system building. strengthening the public education of credit information, enhancing the enterprises and individuals ’ awareness of credit information system and encouraging their active participation are indispensable for the sound and sustained development of credit information system. with the efforts made in recent yeas, social awareness of credit information is basically in place, and enterprises and individuals are more aware of abiding by laws, keeping promise, respecting contract and paying debt. over the past year since the databases were launched, nearly 300 thousand people have inquired their credit reports at their own initiative. about 180 thousand enterprises who have not borrowed from the bank established their own credit files on a voluntary basis, which have enhanced their transparency and broadened their financing channels. in the future, under the guidance of the state council, the pbc will actively cooperate with relevant government departments and continue to create a benign external environment so as to promote the sound and sustained development of credit information industry. iii. the important role of credit institutions should be