growth of the mainland - with the full support of the central government - will help the economies of hong kong sar and macao sar maintain the momentum of strong growth. we appreciate the fund ’ s efforts to promote global economic and financial stability by strengthening surveillance. nevertheless, we believe that the fund should place greater focus on surveillance of the major developed countries that have a significant impact on the global economy. these countries should be encouraged to better coordinate their economic policies, maintain exchange rate stability for the major currencies, increase financial aid to the developing countries, and open their markets to them. while we support the efforts of the international multilateral institutions to develop standards and codes and introduce them to facilitate global economic and financial development on a voluntary basis, we suggest that the fund and the world bank should fully consider countries ’ different stages of development and their specific circumstances. in developing and introducing these standards and codes, the fund and the world bank should listen more to the voice of the developing countries while adhering to the voluntary principle and the gradual approach. as the number of international standards and codes increases, the fund and the world bank should be more selective, focusing on those that are closely related to their core areas of expertise, avoiding those areas that are not. after many years of effort, the international community has made considerable progress in development matters ; however, the developing countries still face serious bottleneck constraints. many developing countries lack development funds and can hardly achieve sustained and effective structural reform. therefore, we hope that the developed countries can implement the monterrey consensus as soon as possible, increase their development aid funds, and reach at an early time the oda level of 0. 7 percent to gnp, set by the united nations. promoting fair trade will not only help the developing countries, but will also benefit the developed countries. the developing countries have long faced an unfair trade environment. we are pleased that the fund and the world bank are promoting the doha round of trade negotiations and advocating an open and fair multilateral trade mechanism. at present, the doha round of trade negotiations has made some progress. we hope the international community will continue their efforts. we urge the developed countries to lower their trade barriers and reduce their subsidies on agricultural products, so that the doha round of trade negotiations can achieve substantive progress.

zhou xiaochuan : supporting the efforts of energy conservation and reduction of pollutant emissions through financial markets abstract of an article by mr zhou xiaochuan, governor of the people ’ s bank of china, published in green leave magazine. * * * energy conservation and eco - environment protection were basic conditions for a healthy and sustainable economic development, an important content of promoting harmonious relations between the human beings and the nature and establishing a socialist harmonious society as well as a reflection of the principles of “ put the people first ” and scientific development approach. the communist party of china ( cpc ) central committee and state council attached great importance to the work of energy conservation and reduction of pollutant emission by making a series of important policies and arrangements. in may 2007, the state council issued the comprehensive work plan for energy conservation and reduction of pollutant emission to stress the importance of the work and focus on relevant policy implementation. in june, the state council established a leadership group on energy conservation and reduction of pollutant emission, headed by premier wen jiabao. it shows that energy conservation and reduction of pollutant emission has become a top priority for our work. financial industry should improve financial services to energy conservation and reduction of pollutant emission and carry out the instructions laid in the videoconference of the state council. additionally, financial industry should strengthen awareness of social responsibility and risk prevention, establish effective information mechanism, provide market and policy support to production capacity allocation appropriate with environment endurance, reduce price distortion so that market can play a fundamental role and encourage industrial structural upgrading and a shift of economic growth model through financial market. i. highlight financial industry ’ s social responsibility and risk prevention awareness in environment protection, energy conservation and reduction of pollutant emission in spite of rapid economic growth and magnificent achievements in economic development in recent years, we have paid high costs in terms of resources and environmental degradation, conflicts between economic development and resource and environment have become increasingly poignant and people have strong complaints about environment pollution. this is directly related with unreasonable economic structure and extensive growth mode. if we don ’ t accelerate economic restructuring, shift economic growth mode, the economic development will be unsustainable. in the global compact, proposed by secretary general mr. koffi annan and initiated by the un in 2000, social responsibilities of enterprises on environment were clearly stressed and enterprises should prepare for environmental challenges and share more responsibilities in regard of environment protection, and encourage application of environment - friendly technologies.