and redesign our processes, but also to play a role in the development and support of our ecosystem, through a participatory approach. ladies and gentlemen, to conclude, i would say that we may have taken some time to grasp the scale of the digital revolution, but the numerous initiatives and interactions, such as this meeting, leave us with the hope that the backlog will be quickly cleared and that this revolution will effectively contribute to sustainable and inclusive development in our countries. in this respect, we are pleased to note the willingness of international organizations, including the imf, main interlocutor of central banks, to upgrade their means and human resources with a view to providing support to their member countries. as such, i suggest, if you deem it suitable, that we request the fund to institutionalize such a meeting in our region, at the frequency most appropriate to us. hence, we would be able to continue the debates and exchanges, assess the progress made, ultimately unite our efforts, and capitalize on our mutual experiences in order to better address the current and future challenges of digital transformation. thank you.

zhou xiaochuan : capital return of state - owned enterprises speech by mr zhou xiaochuan, governor of the people ’ s bank of china, at the 2005 annual meeting of china enterprises ’ leaders & the 20th anniversary of < china entrepreneurs >, beijing, 11 december 2005. * * * ladies and gentlemen, fellow participants, good afternoon. it is my great honor to discuss issues of common interest with many entrepreneurs in this gathering. in the same gathering two year ago, i expressed my hope to have more dialogues with entrepreneurs. i regret that i couldn ’ t attend yesterday and this morning ’ s discussions and listen to your marvelous speeches, since i just came back from a business trip. today, i would like to take this opportunity to share with you my opinions on capital returns of enterprises. nowadays, it is already natural for private enterprises to distribute dividends. but are state - owned enterprises willing to pay dividends? should the state accept dividends? those questions draw attentions from many and are worthy of discussion. here, i also wish to exchange my personal views with you. 1. background of the issue economic development has produced different backgrounds for the issue. background one : many state - owned enterprises including state - holding companies have more profits than before. some enterprises have even higher profits due to high energy prices, particularly oil prices. background two : to promote reform process, government needs huge amount of funds to dissolve historical burdens. in the aftermath of asian financial crisis, sources of fund were needed to help enterprises in distress, establish a safety net and to relieve enterprises off social functions. background three has a lot to do with public companies. many people criticized listed companies because they seldom paid dividends. as listed companies, i think they should reward their investors after raising funds in the capital market. background four : reform of state - owned commercial banks. currently, china construction bank, bank of china and the industrial and commercial bank of china have undergone financial restructuring and recapitalization. furthermore, china construction bank has become a listed company. as their holding company, the central safe investment co. ltd. has made it clear that it expects dividends. however, since 1994, state - owned enterprises have never paid dividends to their investors. people will ask why there are such differences. 2. dividend distribution or not : my personal view i think owners have the right to receive dividends. first, in terms of corporate governance, this will set a clear operational target for management