governor title date event venue : mr. tariq bajwa : remarks by the governor, state bank of pakistan : april 19, 2019 : 23rd zahid husain memorial lecture : sbp head office karachi remarks by the governor, state bank of pakistan 23rd zahid husain memorial lecture 19th april 2019 honorable chief guest justice ( r ) nasir aslam zahid, learned speaker dr. zhou xiaochuan, distinguished guests, ladies and gentlemen! 1. i feel honored to welcome you all to the 23rd zahid husain memorial lecture today, on “ lessons from the role of people ’ s bank of china in china ’ s economic rise ” by dr. zhou xiaochuan, former governor of the peoples bank of china. 2. the zahid hussain memorial lecture series is one of the most prestigious events organized by the state bank of pakistan every year, and serves a dual purpose : it symbolizes our humble effort to acknowledge the services page 1 of 7 rendered to the nation by mr. zahid husain – the first governor of the state bank. and second, the lectures offer an opportunity for intellectuals, academics and policymakers to come together and engage in healthy and constructive debates on contemporary economic issues and challenges. while we may be in variance with some of the viewpoints expressed by our eminent speakers, we nonetheless wholeheartedly welcome the opportunity to learn from their understanding and interpretation of complex economic interactions, and their efforts to deal with the identified issues. ladies and gentlemen! 3. but before i introduce our eminent speaker, please allow me to briefly recognize the services rendered to our country by mr. zahid husain. as we are all aware, this country faced incredible challenges immediately after independence. in the words of quaid - i - azam muhammad ali jinnah, we got a ‘ mutilated, truncated and moth - eaten ’ country. 1 pakistan ’ s chances of survival did not appear encouraging during those earlier years. it was during these testing times that mr. zahid husain stood out amongst the dedicated lieutenants of our founding father. 4. mr. zahid husain was among the principal architects of pakistan ’ s financial and planning system. his commitment to public service and nation - building, and his resolve and ability to overcome multiple, significant challenges faced by the new - born country, set him apart from “ truncated state, divided nation ” ( ch. 2, p. 40 ‐ 60 ) from “ the struggle

has increased china ’ s and the people ’ s bank ’ s role in the global financial system. great reserves build - up, smooth sailing during the global recession page 5 of 7 and sustained high growth are all hallmarks of his era. christine lagarde, the imf ’ s managing director, has commended dr. zhou ’ s role in, and i quote, “ successfully steering monetary policy while structural transformation was in full swing, contributing importantly to china ’ s sustained growth to become the second largest economy in the world. ” end quote. 11. dr. zhou is currently a member of the group of thirty ( g30 ) and chinese economists 50 forum, and also holds teaching responsibilities at tsinghua and other institutions. he has written several books and over one hundred academic articles on various aspects of financial and economic policy. some of his important articles, such as “ rebuilding the relationship between the enterprise and the bank ” and the “ social security : reform and policy recommendations ” touch upon development and inclusive growth. i would also strongly recommend his book “ marching toward an open economic system ” to the audience here, as it offers relevant insights about china ’ s successful journey in the age of globalization. 12. given dr. zhou ’ s extensive experience at the highest levels of central banking, as well as his intellectual and research output, i am sure that his unique perspective and insights will be of enormous relevance for developing economies like pakistan. 13. we are therefore delighted that dr. zhou xiaochuan has joined us today as we honor the memory of one of our country ’ s finest civil servants. i would page 6 of 7 like to thank dr. zhou, on behalf of this forum, for taking time out of his very busy schedule and speaking to us here today. 14. i would also like to thank all of you all for attending today ’ s lecture. in keeping with our past lectures, i hope this one will also challenge your beliefs, encourage you to think outside your comfort zone, and hopefully trigger a lively, thoughtful and constructive debate. 15. without further ado, let me now invite dr. zhou to share his thoughts with us. dr. zhou xiaochuan …! - - page 7 of 7