by encouraging bond products innovation and encouraging institutional investor development. cultivation of transaction entities and intermediary institutions will be intensified, and fundamental institutional building of bond market will be expedited to further push forward the balanced development of financial market. ladies and gentlemen, on december 11, 2006, the transitional period under china ’ s wto commitment will expire, and china ’ s economic reform and development will definitely enter into a new historical era. as the central bank, the pbc will further strengthen and improve macroeconomic management, actively promote financial reform and opening up, in an effort to create a favorable macroeconomic environment for sustained, stable and healthy development of national economy. thank you.

use of funds raised from green financial bonds in the interbank market is now required to be disclosed on a quarterly basis. financial institutions are also required to report the use and allocation of green loans. going forward, the pbc plans to develop a mandatory disclosure system that would require all financial institutions and firms to follow uniform disclosure standards. third, we will incorporate climate change into the policy framework. the pbc is looking at the possibility of including climate change factors in the stress test of financial institutions. we are also exploring the role of monetary policy in encouraging financial institutions to support carbon emission reduction. in foreign exchange reserve investment, we will further increase the share of green bonds, limit investment in carbon - intensive assets, and incorporate climate risk factors into our risk management framework. fourth, we will encourage financial institutions to proactively deal with the climate change risk. a lot of financial institutions are already on the move. in china, the icbc has included the environmental risk compliance in its investment and financing management, while the bank of china is studying environmental risk stress test. the first batch of carbon - neutral bonds has recently been issued in china ’ s interbank market. the funds raised will be used specifically to finance clean energy and carbon - reduction projects. we are asking some pilot financial institutions to measure the carbon emission and climate risks of their projects. we are making quarterly green credit assessment of our banks, and are planning to extend such assessment to cover more financial institutions beyond the banks. fifth, we will deepen international cooperation. the pbc initiated and co - chaired the sustainable finance study group during china ’ s g20 presidency in 2016. the study group contributed to building international consensus on green finance. resumed under the italian g20 presidency this year, the study group is now co - chaired by the pbc and the us treasury. we will enhance coordination with all g20 members when discussing the roadmap for promoting sustainable finance, information disclosure, and the taxonomy of green finance. meanwhile, the pbc will continue to deepen cooperation under the network for greening the financial system ( ngfs ), the international platform on sustainable finance ( ipsf ) and other multilateral frameworks. we will continue to assist the developing countries in capacity building to support their green transition and response to climate change. in a nutshell, the financial system can play a key role in supporting green transition and managing climate - related risks. going forward, the pbc will continue to support green and high - quality