geopolitical risks remain high, as conflicts between russia and ukraine, and palestine and israel are still going on. this will continue to affect the stability of international trade environment and the safety of industrial and supply chains, pose challenges to commodity prices, and increase the difficulty in coordinating international macroeconomic policies. green recovery fell short of expectations. since the outbreak of the covid - 19 pandemic, countries'expenditures on green recovery have not reached the level as promised earlier, rendering global green spending insufficient to address ongoing environmental crises, such as climate change, natural destruction, and pollution. iii. strengthening international macroeconomic policy dialogue and coordination 2 / 4 bis - central bankers'speeches economic globalization is the trend of the times and the shared aspiration of all peoples, and openness, cooperation, mutual benefit and win - win strategy are wise choices. since the 18th national congress of the communist party of china ( cpc ), the people's bank of china ( pboc ) has resolutely implemented president xi jinping's vision of global governance, and actively participated in global financial governance and policy coordination through global governance platforms and mechanisms such as the group of twenty ( g20 ), the imf, the bank for international settlements ( bis ), and multilateral development banks ( mdbs ) to contribute chinese wisdom, perform its due responsibilities, and safeguard the interests of china. the world has entered a new period of turbulent changes, and the global governance system is undergoing crucial adjustment and reform. the pboc will continue to actively participate in international economic and financial governance, maintain and strengthen macroeconomic and financial policy dialogue and coordination with other countries, especially the major economies, and support the construction of an open world economy. half a month ago, the china - us financial working group held its first meeting, during which the two sides conducted professional, pragmatic, frank, and constructive communication on monetary policies, financial stability, financial regulation, and other issues of mutual concern. both sides agreed to maintain communication. faced with the complex and severe international situation, we sincerely hope that all countries will strengthen dialogue and cooperation. first, we need to effectively strengthen international macroeconomic policy dialogue and coordination, especially in critical areas such as global economic growth, risk prevention, digital economy, green development, and climate change, in a bid to jointly promote global economic growth and maintain financial stability. second, we need to unswervingly push forward global financial governance reforms to ensure equitable and

efficient global financial governance. the imf should press ahead with quota reforms to realign the proportion of quotas, so as to better reflect the relative positions of member countries in the global economy and enhance the voice and representation of emerging markets and developing countries. third, we need to uphold the authority and effectiveness of the multilateral trade system. we shall advance bilateral, regional, and multilateral cooperation, resolutely oppose the politicization of economic and trade issues, jointly maintain the stable and smooth operation of global industrial and supply chains, safeguard a diverse and stable global economic landscape, and push for an economic globalization that is more open, inclusive, balanced, and beneficial to all. fourth, we need to strengthen communication and cooperation in green finance. currently, china is working to peak carbon emissions and achieve carbon neutrality. the pboc will adhere to the green and open mindset, continuously leverage the resource allocation, risk management, and market pricing functions of green finance, and strive to build a sound financial system to support green and low - carbon development. we are willing to share china's experience with other countries and strengthen exchanges and cooperation in green finance standards and environmental information disclosure. additionally, we would like to work with relevant countries to actively perfect the transition finance framework, enrich and improve products of 3 / 4 bis - central bankers'speeches transition finance, and support the orderly transition of high - emission sectors and enterprises towards green and low - carbon development. finally, thank you for your attention to the financial work and your support for the pboc. i wish the forum a complete success! thank you! 4 / 4 bis - central bankers'speeches