hong kong, support the building and development of hong kong as an international financial center, and finally promote the high - level opening - up of china's financial markets. in the end, i wish hong kong a new and splendid success as an international financial center! thank you! 2 / 2 bis - central bankers'speeches

be more aware that china ’ s financial system may face a series of challenges arising from financial globalization and china ’ s wto accession. a great deal of topics are to be studied, giving rise to crucial tasks for scholars in the field of finance. nevertheless, i would like to stress that researchers are also lucky as they are in a transition period and the country is undergoing unprecedented economic and financial reform, where many economic and financial phenomena are hard to be well explained by existing theories and experiences. china ’ s practice has provided researchers with abundant materials and room for innovation in such areas as sequence of financial market development, coordination of the development of money market, capital market and insurance market, the roadmap and institutions associated with the evolution of multi - layer financial markets, in particular capital markets and financial risk management system. moreover, chinese authorities have been conducting monetary policy management, exchange regime reform, rural financial system reform, policy bank reform and related legal system reform under very complicated circumstances. these issues unique to china also provide scholars with sufficient room for research. china ’ s financial researchers have been exposed to the frontier by the great time. this is not only a precious opportunity, but also a great challenge. modern economic and financial theory emerged in the western countries after long - term observation and research by western economists. the theory is subject to relatively strict conditions, which may not be appropriate in china ’ s practice. nevertheless, we believe that china ’ s financial researchers will take a scrupulous attitude and not confine to the existing theories and historical experiences. with these efforts, theoretical development will be brought to a new stage on the basis of china ’ s reform practice, giving rise to financial theory development in the world. passion is needed in the reform, while cool mind is necessary for research. researchers need to be objective, independent and scrupulous with the research work. economic and financial performance involves the interaction of interests of different parties. the objective of financial theoretical research is to objectively describe the patter of interests and the rule of its change, providing guidance to economic and financial policy making aimed at establishing appropriate incentive mechanisms. in this vein, the china financial institute will take measures to further mobilize research resources to conduct pioneering study on important theoretical issues with respect to china ’ s reform and development under the support of financial supervisory agencies, commercial banks, securities firms, insurance companies, publishing houses, schools and financial research institutes. in conclusion, i wish professor huang da continued success in economic and financial