agriculture, smes, private companies, and green finance. 1 / 2 bis - central bankers'speeches looking forward, faced with the challenging situation, the advanced economies and the emerging market economies need better collaboration on macroeconomic policies. that is why the theme of this session, " growth and inflation dynamics ", is so important. i hope the productive discussion here today will give us some clues to jointly tackle the difficult problems we all have on hand. thank you very much. 2 / 2 bis - central bankers'speeches

such as m2 and social financing. they have been replaced by qualitative descriptions such as " being basically aligned with nominal economic growth ". the monetary and credit growth as needed by the real economy is also changing with high - quality economic development and structural transformation. the changes in the growth rates of monetary and credit aggregates essentially reflect the structural changes in china's economy and the associated supply - side structural changes in china's financial sector. when we look at aggregates from a mathematical perspective, the growth rate is the ratio of the current increase to the total existing amount, with the former being the numerator and the latter the denominator. currently, as the outstanding amount of social financing in china has exceeded rmb390 trillion and m2 stands at over rmb300 trillion, china's macro financial aggregates are huge. however, we should be aware that many of the existing loans are being used with low efficiency, mobilizing such loans is essentially as significant to economic growth as issuing new loans. in terms of the changes in the credit structure, of the outstanding loans totaling almost rmb250 trillion, real estate loans and local financing vehicle loans account for a large share, which is declining rather than expanding. only after having offset the decline, can the increase in other loans be reflected. as a result, it is quite difficult to maintain an overall credit growth of over 10 percent as seen in the past. the measurement of money supply should also be improved constantly to adapt to the changing situation. china's statistical coverage for m1 was set 30 years ago. with the facilitation of financial services and the rapid development of financial markets and financial innovations such as mobile payment, major changes have taken place to the range of financial products that meet the statistical definition of money supply, particularly that of m1, entailing dynamic improvements to the statistical coverage of 4 / 7 bis - central bankers'speeches money supply. judging by the functions of money, we should work on incorporating in m1 statistics personal demand deposits and some highly liquid financial products, which can be even used to make direct payments, so as to better present a true picture of money supply. we can also continue to refine intermediate variables for monetary policy, and gradually weaken our focus on quantitative targets. when the growth of money and credit has pivoted from supply constraints to demand constraints, it obviously runs against the law of economic performance if the emphasis remains on quantitative growth, or even " the obsession