70th anniversary today and the new m. p. was juha sipila, who forming a new government today. the agenda has developed but not fundamentally changed. we have three major tasks. 1. we need to restore cost competitiveness of our economy. this is the pre - condition to create growth and jobs. social partners. 2. we need to make structural reforms to promote growth and improve possibilities to create jobs. here the new government needs to move fast with decisions and their implementation. 3. we need to consolidate our public finances. we cannot move a growing debt burden to our children and grand - children. here we need a strong government and functioning relations between social partners. today i want to congratulate oras for its 70 - year history. i want to extend my congratulations to all in the company, the employees, the management, and the owners. the success has required major efforts for a long time from all of them. thank you! bis central bankers ’ speeches

zhou xiaochuan : the opening - up of chinese economy - from manufacturing industry to service industry keynote speech by mr zhou xiaochuan, governor of the people's bank of china, at the 2017 lujiazui forum " financial reform and steady development from a global perspective ", shanghai, 21 june 2017. * * * distinguished guests, ladies and gentlemen, good morning! it ’ s a pleasure to attend the 2017 lujiazui forum. china has built a socialist market economy to promote social and economic progress and reach prosperity through competition and optimal resource allocation. during this process, opening - up has played a significant role. i ’ d like to share my understandings of opening - up based on relevant international and domestic experiences. 1. the opening up of manufacturing industry turned china into a world factory the manufacturing industry of china opened up relatively early. there were different opinions on opening in the early days, but it was relatively easy to reach a consensus. this made the manufacturing industry an adequately opened industry. an observation on the opening - up of the manufacturing industry showed that most industries which participated in opening - up and competition early grew faster and became stronger eventually. opening - up is a process of optimizing the resource allocation by market force and competition mechanism. specifically, in terms of bringing in foreign capital ， we opened up via importing foreign products and inviting foreign companies to invest and build factories in china, which in turn competed with domestic companies. before reform and opening - up, chinese companies had no foreign competition and only little domestic competition. the pressure of competition has driven industrial firms to make great progress. in terms of going global, domestic firms compete with global players via export and doing business internationally. at the beginning, chinese companies rarely participated in international competition and only exported commodity related products. in the 1980s, very few believed that chinese manufacturing products export could have a bright future. as a result of opening - up, both processing trade products and manufactured products were able to compete globally and domestic firms started to go abroad. instead of losing the competition, chinese manufacturing industry and chinese firms experienced fast growth. china became a leading manufacturing country and gained the reputation of world factory. many industries have been moving to the higher end of global value chain. it is competition that breaks up monopolies. there was a less competitive environment in china, especially among the foreign trade enterprises. foreign trade companies, including sinochem, china minmetal, cofco and etc. were divided