jorgovanka tabakovic : financial service in the era of digital economy address by ms jorgovanka tabakovic, governor of the national bank of serbia, at the 17th china international finance forum, virtual, 17 - 18 december 2020. * * * honoured hosts, esteemed participants of the 17th china international finance forum, it is my pleasure to greet you on behalf of the national bank of serbia and my own, even if it is in this virtual way. the topic of this year ’ s forum emerged on its own. it is not easy to talk about financial services in the era of digital economy in front of you because you are the leaders in this respect. but it is not difficult either, because you are the kind of leaders that assist and encourage others to make advances in this field. you are the leaders who share their experience and knowledge with others. and serbia is a proof of that. this is a good opportunity to quote a great serbian poet desanka maksimovic and her timeless advice to young people : stay healthy, gain knowledge and love your country. we live at a time when knowledge has taken a back seat to information and when wisdom has taken a back seat to knowledge. and wisdom is eternal. like the ancient chinese piece of wisdom that if you think in terms of centuries, you should teach the people. that is why i first and foremost want to say that technology should serve people and not the other way round. innovations make our lives easier and safer. they save time, our most valuable resource. therefore, they are tools for achieving goals, and not the goal itself. chinese citizens know this very well, because you are global leaders in this respect. you know that technology alone cannot solve big economic challenges : it cannot set priorities, or make decisions about spending and investments. people will always be those who make these calls. this is why technology must serve people, and not the other way around. on this path, as on any other, we are called to cooperate. serbia wants to build future with those who look far and see far. with our proven friends who are creating future to the benefit of the human civilisation, which can survive and thrive only if we all cooperate. dear friends, for the national bank of serbia, easier and cheaper financial services are among our top priorities. in the centre, at the end and at the beginning – is man and its wellbeing in the 21st century. acting in this manner – proactive

seasonally - adjusted data, 2008 = 100 ) chart 8 average net wages ( 2008 = 100 ) iii iv i ii iii iv i ii iii iv i ii iii iv i ii iii iii iv i ii iii iv i ii iii iv i ii iii iv i ii iii in real terms in nominal terms with exports and imports increasing only modestly in real terms, the contribution of net exports to gdp growth in the third quarter was neutral. once again, exports failed to record stronger growth due to the drop in exports of base metals, caused by weaker export demand, especially from the euro area countries. on the side of imports, a decrease was registered for intermediate goods and an increase for equipment and consumer goods. chart 9 exports and imports ( in eur mln ) chart 10 imports by key components ( seasonally - adjusted data, 2008 = 100 ) 1, 600 1, 400 1, 200 imports 1, 000 exports 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 11 1 3 5 7 9 original data trend - cycle seasonally - adjusted data iii iv i ii iii iv capital goods i ii iii iv i intermediate goods ii iii iv i ii iii consumer goods imports of equipment are the key indicator of an upturn in fixed investment in the third quarter, fixed investment being the only component with an estimated positive contribution to gdp growth. with downward revisions to growth forecasts for our key trading partners, the national bank of serbia revised down its gdp growth projection for serbia to around 2. 0 % in 2011 and around 1. 5 % in 2012. the national bank of serbia ’ s projection is based on the expected stagnant economic activity in the euro area in 2012 and a decline in some of our important export partners. global growth deceleration, particularly in the eu and cefta countries, could feed through to the serbian economy along the following channels : ( 1 ) lower export demand for our products, ( 2 ) a decline in direct and portfolio investments, ( 3 ) higher interest rates due to rising country risk premium, and ( 4 ) more limited access to foreign sources of funding. the channels of impact of the global slow - down on the serbian economy are discussed in more detail in a separate text box of this inflation report. however, let me reiterate : despite the inevitable consequences of the slowdown which we have thoroughly analysed, we see it as bis central bankers ’ speeches encouraging that risk premium movements so far indicate higher