##fis can play a big role. green finance is also one of the topics of the conference tonight. the pbc has been proactively promoting green finance. by the end of june this year, the outstanding green loans in china had reached around rmb14 trillion, growing 26 percent year on year. by the end of september, the outstanding green bonds in china had exceeded rmb1. 1 trillion, increasing 35 percent year on year. based on international experience and the specific practices in china, we need to address the following four respects to better guide market capital to support green development. first, we should refine green classification criteria. the pbc led and finished the task of revising the green bond endorsed projects cataloguethis year. we are also planning to jointly issue the china - eu shared classification catalogue for green financewith relevant authorities of the eu to drive the cross - border flows of green capital. meanwhile, as the co - chair of g20 sustainable finance working group, the pbc will proactively promote the alignment of classification criteria of various countries by playing its role in the international organization. second, we should enhance the disclosure of climate change information. recently, the pbc has formulated and issued the guidance on environmental information disclosure for financial institutions based on international experience and common criteria to guide financial institutions in disclosing information like carbon emissions. third, we should manage the transition risks related to the climate. the pbc has been organizing climate risk stress tests. financial institutions should also proactively assess and manage relevant risks through environmental risk analysis. fourth, we should improve the pricing mechanism of carbon emissions. currently, the national carbon trading market in china has already been up and running. it gives full play to the role of the market, which is conducive to maximizing the incentives and constraints of carbon emission prices. financial institutions can actively carry out research in this regard. in addition, the pbc has been working on the launch of support instruments for carbon emission reduction which provide low - cost funds for qualified financial institutions to support the development of clean energy and enhance china ’ s overall energy supply capacity. 2 / 3 bis central bankers'speeches in the coming years, the pbc will continue to refine the policy framework for regulating china ’ s sifis and effectively maintain financial stability. we also expect that systemically important banks within and outside china can jointly establish climate - friendly visions and goals to drive more market capital to support green, low - carbon

xuan changneng : strengthening international macroeconomic policy dialogue and coordination to enhance global economic and financial resilience speech by mr xuan changneng, deputy governor of the people's bank of china, at the pboc home forum, annual conference of financial street forum 2023, beijing, 9 november 2023. * * * as the world economy is undergoing profound adjustments with slow and uneven growth, the impacts of ongoing squeeze in liquidity and geopolitical conflicts deserve close attention. it was clearly pointed out at the recent central financial work conference that " we should effectively advance the highlevel opening - up of the financial markets, ensure national financial and economic security, place equal emphasis on both'bringing in'and'going global ', steadily expand the institutional opening - up of the financial sector, and facilitate cross - border investment and financing, so as to attract more foreign financial institutions and longterm capital to invest and operate in china ". strengthening international dialogue on macroeconomic and financial policy will help promote policy coordination and joint cultivation of new growth drivers, enhance global economic and financial resilience, and achieve sustainable development and win - win cooperation. now, i would like to share my views in the following three aspects : i. ongoing recovery and improvement of the chinese economy since the beginning of 2023, with the effective implementation of macro adjustment policies, china's major economic indicators have witnessed stable development and shown a clear upward trend. positive factors and bright spots in the chinese economic performance are on the rise, and expectations are improving. the first three quarters saw a year - on - year gdp growth of 5. 2 percent. in q3, the gdp registered a year - on - year rise of 4. 9 percent and a month - on - month increase of 1. 3 percent, up 0. 8 percentage points, continuing the upward trend of recovery. industrial production has accelerated its recovery. in the first three quarters, the added value of industrial enterprises above a designated size ( ieds ) increased by 4 percent year on year, up 0. 2 percentage points compared with that in h1. specifically, the profits of ieds in q3 grew by 7. 7 percent year on year. the service industry has become a powerful driving force for economic rebound, with service demand being constantly released and market vitality on a steady rise. in q3, the added value of the service industry grew by 5. 2 percent year on year, driving economic growth