- up. next, let me say a few words on green finance. by end - 2020, outstanding green loans in china were about 12 trillion rmb, or 2 trillion usd, ranking the first in the world. outstanding green bonds in china registered about 800 billion rmb, or about 120 billion usd, ranking the second largest in the world. such rapid progress in green finance is giving strong support to china ’ s green transition. china ’ s pronounced goal of peaking carbon emission by 2030 and achieving carbon neutrality by 2060, also known as the 30 / 60 goal, sets a higher bar for all of us. to be carbon neutral, the following two tasks are top on the agenda. first, we must mobilize massive green investment in line with market principles. according to various estimates, hundreds of trillions of rmb is needed to achieve the 30 / 60 goal. public finance, however, could cover only a tiny fraction. it is therefore imperative to put in place sound public policy incentives to encourage market forces to fill in the gap. second, we must evaluate and address the potential impacts of climate change on financial stability and monetary policy. studies show that climate change may make extreme 1 / 3 bis central bankers'speeches weather more frequent and lead to greater loss. meanwhile, green transition may cause the value of carbon - intensive assets to fall and sour the balance sheet of firms and financial institutions. this will heighten credit risk, market risk and liquidity risk, and further undermine the stability of the entire financial system. it may also affect the scope and transmission of monetary policy, and be a drag on key variants such as growth and productivity. these are new challenges to financial stability, as they make the evaluation of monetary policy more difficult. bearing in mind these two key tasks, we have identified green finance as a priority for this year and for the next 5 years. in that vein, let me highlight the following aspects. first, we will improve the taxonomy of green finance. it ’ s the basis for identifying green economic activities and channeling funds to green projects. the pbc issued taxonomies of green bonds and green credit in 2015 and 2018 respectively. we are about to finish revising the green bond endorsed project catalogue by removing fossil fuel projects. we are now working with our european counterparts to harmonize taxonomies and plan to announce a common taxonomy this year. this issue will also be discussed at the g20. second, we will strengthen information disclosure. the

wu xiaoling : strengthening china ’ s financial industry in the process of opening up speech by ms wu xiaoling, deputy governor of the people ’ s bank of china, at the sino - us economy and trade forum, beijing, 14 february 2006. * * * ladies and gentlemen, it is a great pleasure to join such a distinguished audience to discuss about issues related to trade and economic cooperation between china and the united states. as two large countries in the world, china and the united states maintains a friendly cooperative relationship between each other not only fits in with their respective fundamental interests, but also helps to create a favorable environment for world development. it is an independent choice of the chinese people to embark on the way transiting to the market economy and it is an internally generated force that pushes china to open to the outside world and actively integrate into the world economy. opening up has not only brought china vitality, but also deepened the reform process which helped to create a better platform for the chinese economy to integrate into the world economy. china is developing in the process of opening up while the rest of the world is benefiting from china ’ s development. china ’ s financial industry has also benefited from the opening up process. in october 1979, mr. deng xiaoping, the late architect and mastermind of china ’ s reform and opening up, asked mr. rong yiren to establish the china international trust and investment corporation ( citic ), a holding company with its business spreading from the financial sector to various other industries. the incorporation of citic has opened for china a window to the outside world in terms of external financing. after that, china began to introduce foreign financial institutions in the country by allowing them to set up representative offices, operational entities and even joint - equity institutions in china, turning a new chapter in the reform and opening up of the chinese financial industry. it is the financial reform and opening up that has brought china out of the rigid doctrine that confined the country to a self - pride fallacy of “ a nation of no domestic and external debt ”, and helped china to learn to use financial instruments and foreign capital to develop the chinese economy. in conventional chinese wisdom, borrowing debt becomes a feasible choice only when other options are exhausted. in the past, a chinese usually needs to save several months or even years before he or she could offer to buy some relatively expensive goods, and borrowing money is considered to be something shameful and reflecting one ’ s incapability. under