income countries, expanding the participation in the governance of these processes to non - paris club countries, such as china. the global sovereign debt roundtable, created in 2023 and comprising official bilateral creditors, private creditors and debtor countries, is a useful complement to the common framework, focusing on fostering debate on the most important challenges facing restructuring. development models is necessary to ease tensions over access to scarce resources, like water and energy, which often fuel conflicts. conclusions globalization has undoubtedly increased integration between countries and created opportunities for economic and social progress in many regions of the world. however, it has also exposed very clear limitations. current trade and geopolitical tensions are symptoms of a system that has not fully met the expectations and needs of the world ’ s population. every day, thousands of people continue to suffer from deprivation and violence, often from seemingly endless fratricidal conflicts. the economy appears to have become globalized without fostering a ‘ global consciousness ’. economic integration and international cooperation need to be revived, and their flaws corrected with policies that promote sustainable and inclusive development – policies that combine growth with social justice, environmental protection and the eradication of poverty. peace and prosperity are closely intertwined. peace is not merely the absence of conflict ; it is also about creating the conditions for every individual to live in dignity, free from fear and poverty. at the same time, any prosperity that does not contribute to widespread well - being will prove fleeting, and risks generating conflicts and instability. as pope paul vi stated in his encyclical populorum progressio, ‘ development means peace ’. 30 today, these words remind us of the urgent need to work for a future of fairer and more peaceful prosperity. paul vi, encyclical letter populorum progressio, 26 march 1967, no. 87.

options to invest in china via other channels, of which, hong kong plays a prominent role. hong kong serves as a key bridge connecting mainland's financial markets with the international market. third, rmb is more widely accepted and used in international trade and financial transactions. the pboc follows a market - driven approach to the cross - border use of rmb, and focuses on improving institutional arrangements and financial infrastructure. the international use of rmb has been rising steadily in cross - border payments, investment and financing, and foreign exchange ( fx ) reserves. the international use of rmb has started to generate network effect, and is providing more choices for market players at home and abroad. it has facilitated trade and investment, reduced the exchange rate risks, and cut currency conversion costs. china's experiences have shown that opening - up is a strong driving force for high - level development of the financial markets. it helps the financial sector to better support the real economy and become more competitive internationally. fourth, let me briefly talk about the pboc's participation in global financial governance. the world has entered a period of turmoil and transformation, and the international governance system is also undergoing profound changes. the pboc has long been an active participant in global financial governance through such fora like the g20, the imf and the bis. 3 / 4 bis - central bankers'speeches we are also actively participating in bilateral financial cooperation. this year, china has established financial working groups with both the us and the eu. the pboc is the leading agency on the chinese side for both groups. they provide an ongoing channel to strengthen communication and coordination on macroeconomic and monetary policies, promote financial stability and deepen practical financial cooperation with both the us and the eu. going forward, the pboc will continue to uphold multilateralism and contribute our share to more, not less, economic and financial integration of the world. first, we will strengthen macroeconomic policy dialogue and coordination, to jointly promote global growth and financial stability. second, we will push for global governance reform to make financial governance more fair and more efficient. this will include improving the imf's governance structure and representativeness. third, we will work with other economies to keep global industrial and supply chains stable, and promote an economic globalization that is more open, inclusive, balanced and beneficial for all. last but not least, let me talk about the special role that hong kong can play as an international financial center