effectively upgrade and appropriately expand china's economic output. second, we need to strike the right balance between internal and external concerns in achieving economic growth. in recent years, the chinese economy has seen effective improvements in its external equilibrium. china's current account surplus - to - gdp ratio, which fell from around 10 percent in 2007 to approximately 2 percent in 2011, has stayed within an internationally accepted range of 1 - 2 percent in recent years. currently, as international geopolitical tensions have led to economic deglobalization, international trade politicalization and instrumentalization, the world's sustainable economic growth and welfare growth are facing obstacles. upholding free trade and fair competition, we will remain committed to expanding two - way opening - up, and we will make better use of both domestic and international markets as well as their resources to further enhance the international competitiveness of chinese enterprises and to accelerate the establishment of a new development paradigm. third, we need to strike the right balance between investment and consumption. during past economic cycles in the history, we have confronted economic downward pressures mainly by boosting investment and maintaining supply - side productive capacity, which has played a significant and effective role. in pursuing high - quality development, we need to follow the direction of economic restructuring to adjust investments and channel more of them to areas such as sci - tech innovation and basic livelihoods. we will continue to apply a people - centered development philosophy, focus on raising household income, optimize the structure of fiscal expenditures, enhance the social security system, and promote consumption growth, thus giving rise to a virtuous cycle in which " government encourages consumption, consumption activates markets, markets lead businesses, and businesses expand investment ". to achieve the right balance in the economy, we need to deal with the following priorities. first, macro economic policies should pivot from over - emphasis on investment to both consumption and investment, with more focus on consumption. second, the relationship between government and market should be handled in a more appropriate manner, which calls for a scientific management and balance of the boundaries between government and market, and an enhanced 4 / 6 bis - central bankers'speeches pertinence as well as targetedness of policies regarding market concerns. third, reform and opening - up will be further deepened to foster a favorable economic environment based on the rule of law and to create a more equitable and vibrant market environment. iii. the positive role the pboc plays in serving high - quality development of the

xiang junbo : combatting money laundering and terrorist financing in china speech by mr xiang junbo, deputy governor of the people ’ s bank of china, at the high level seminar on aml and combatting terrorist financing, beijing, 22 september 2005. * * * money laundering is always accompanied by criminal activities generating economic gains and to our society, the damage is obvious. money laundering not only destroys the fairness and equality principle of market economy, disturbs orderly competition, damages reputations and normal operations of financial institutions, threatens the soundness and safety of financial systems, but also becomes the source of corruption and erodes the social fundamental institutions. to be more troublesome, money laundering and terrorist financing have interlaced with each other and threatened global security. a series of terrorist attacks in the last four years have already rung the alarm bell. money laundering and terrorist financing have already threatened and challenged seriously the human society, sustainable development in the 21st century. currently, international community has made considerable progress in combating money laundering and terrorist financing. for example, the united nation ( un ) has issued several legal documents in this regard, including the united nation convention against illicit traffic in narcotic drugs and psychotropic substances, the international convention for the suppression of the financing of terrorism, the united nation convention against transnational organized crime and the united nation convention against corruption etc. on july 29, 2005, the un security council issued the un security council resolution 1617, which “ urges all member countries to implement the forty recommendations on money laundering and 9 special recommendations on terrorist financing of the financial action task force on money laundering ( fatf ) ”. fatf and its regional organizations have been set up successively. many countries have already issued and implemented anti - money laundering and terrorist financing laws in succession. but, we have to note that, money laundering, terrorist financing and those serious criminal activities supported by them, such as drug trafficking, smuggling, population trafficking and corruption, and terrorist attacks are still rampant and threaten the safety, stability and prosperity of human society. according to the un report of the secretarygeneral ’ s high - level panel on threats, challenges and change, lack of international cooperation is one of the fundamental drawbacks that international communities cannot respond effectively to money laundering and terrorist financing. in recent years, china has made great efforts in preventing, cracking down and punishing of money laundering and terrorist financing activities and therefore achieved obvious progress. now, i would like to brief you the situation