remarks by governor yi gang of the pboc at the boao forum for asia on april 22, 2022, the boao forum for asia annual conference held a session on " global inflation, interest rate hikes and economic stability ". governor yi gang attended the session and delivered a keynote speech. the following is the english translation of the keynote speech as prepared for delivery : distinguished guests, ladies and gentlemen : today, i will mainly talk about china's economic outlook and monetary policy response. the international landscape is fraught with uncertainties. recent geopolitical tensions have further pushed up inflationary pressure worldwide. china ’ s financial market is not immune to the external shocks and domestic covid - 19 situation is also putting more downward pressure on growth. in the face of these challenges, china has adopted pre - emptive measures to cope with the situation. our accommodative monetary policy is stepping up support for the real economy. since december 2021, one - year and five - year lprs have gone down by 15 and 5 basis points respectively. by end - march, m2 and total social financing expanded by 9. 7 and 10. 6 percent respectively, both saw significant increases compared with the end of 2021. the pboc has announced it would contribute over 1 trillion rmb to the central government, which comes from the central bank ’ s accumulated profit of the past few years and is equivalent to an extra 1 % of gdp in fiscal budget. this extra budget is front - loaded, mainly used for vat refund and budget transfer to local governments. this is a good example of a combination of an accommodative monetary policy and proactive fiscal policy. structure wise, we are providing support to key areas and weak links of the economy through more targeted facilities. two special central bank lending facilities have been introduced to promote technological innovation and inclusive elderly services. we have also installed the carbon emission reduction facility ( cerf ) and the central bank lending program for the clean and efficient use of coal, providing re - lending support to enterprises through financial institutions. this has enabled the financial institutions to lend out more than 230 billion yuan to qualified carbon reduction programs and led to an annual reduction equivalent to over 40 million tons of carbon dioxide emission. green finance has also enjoyed rapid growth. as of end - march, the amount of green bonds reached 1. 3 trillion yuan, up by 36 % year on year. as of end - 2021, the amount of green loans grew

actively improve credit card npls write - off policies. c. favorable policies are formulated to guide commercial banks to set up more independent credit card profit mode. commercial banks are encouraged to set up credit card centers enjoying independent management and accounting d. actively explore and set up pricing and interest sharing mechanism by adopting marketoriented measures. the interest of different parties should be balanced, and their enthusiasm and devotion should be mobilized. e. considering some dishonest merchants use credit cards to get cash and related punishment is lack of legal support, relevant legal system should be improved. judicial departments should possess legal enforcement support to effectively crack down such illegal behavior. as china ’ s bankcard industry become more and more market - oriented, bank card self - regulatory organization has become an effective market monitoring mechanism and should play a bigger role in safeguarding the fair and orderly competition. commercial banks and relevant departments should have further negotiation, and allow bankcard self - regulatory organization to play the coordination and monitoring role. some nonstandard relentless measures should be correct for the virtuous market development. sixth, guiding and promoting the development of bankcard industry the development of bankcard industry not only boosts consumption and domestic demand, but also reduces cash use, improve management over budgetary fund, increase tax revenue, prevent corruption, and cultivate social credit. it ’ s beneficial both to the country and to the people. although china ’ s bankcard industry has developed greatly, there is still a long way to become abreast with the need of building a socialist market economy. it ’ s no easy job to change the traditional habit of using cash. relevant government should spare no efforts to jointly create a favorable social environment. relevant ministries should make combined efforts to formulate a favorable policy environment. in line with the national policy to encourage the use of tax control pos machines, preferential taxation measures will be formulated to support their purchase. by listing the purchase expenditure and prededucting income tax ， merchants are encouraged to buy tax control pos machine and pos machines. tax incentive measures should be adopted to encourage more and more medium and small - sized merchants to accept bankcards. telecom companies should be guided to apply preferential policies for the collection of fees through bankcards. as for merchants with large annual turnover that refuse to accept bankcards, tax inspection should be strengthened to prompt them voluntarily accept bankcards, and reduce cash circulation. seventh, disseminate bankcard knowledge and guiding people to have a good understanding