- way rmb exchange rate fluctuation driven by the market. this helps maintain stable economic and financial performance and forestall systemic financial risks at the macro level. recent cases show that when macro 3 / 5 bis - central bankers'speeches variables go wrong, instability and financial risks will arise. domestically, our macro variables such as interest rates, the rmb exchange rate, economic growth rate and unemployment rate are reasonable, coordinated, and stable, which helps a lot in preventing systemic financial risks. at the same time, we have taken a series of measures to contain financial risks and we have firmly defended the bottom line whereby no systemic risks will occur. we've steadily and properly defused the risks of key enterprise groups and financial institutions. the number of high - risk small and medium - sized financial institutions has fallen by half from the peak of over 600 to over 300. the aggregate scale of high - risk " quasi - credit " shadow banks has been slashed by about rmb30 trillion. nearly 5, 000 p2p online lenders have been shut down. we've worked to ensure that all parties, including financial institutions and their shareholders, regulators, and local governments, fulfill their respective responsibilities, so that the proverb " what goes around comes around " becomes a reality and all stakeholders have proper expectations on the ground of positive incentives. we've advanced the construction of financial infrastructures, pushed for the formulation of the law on financial stability, and established the financial stability fund. all these efforts are aimed at maintaining financial stability and safeguarding the legitimate rights and interests of depositors, small and medium investors, as well as the insured. third, promoting full employment and economic growth. currency stability and financial stability help promote full employment and economic growth. the report to the 20th cpc national congress emphasizes that " to build a modern socialist country in all respects, we must, first and foremost, pursue high - quality development ", and the report proposes to implement an employment - first strategy. over the past five years, china's economy has grown at an average annual rate of 5. 2 percent in real terms, higher than the world economy's average of around 2. 3 percent over the same period. we've maintained relatively full employment, with an increase of around 13 million urban employees each year. at the same time, the pboc has worked proactively to keep the macro economy stable and promote economic growth, taking full employment as a major task and objective

and financial resources. we do appreciate that the system is still in a developmental phase and has yet to reach its ideal configuration. the arrival of ten new members, moreover, will not make things any easier for a time. i would nevertheless like to suggest that a collective effort be undertaken to rationalise the work of the escb, not least by containing the number of meetings in frankfurt and elsewhere. the challenges posed by emu are clearly diverse and vary from country to country as well as across time, depending on a host of factors ranging from the extent of catching - up that needs to be done and the tools available to policymakers, to the degree of cross - sectoral linkages and of consensus on the respective national strategies. in practice, however, the underlying economic causes are probably quite similar across countries, often being manifestations of macroeconomic imbalances and structural inefficiencies. as such they must be addressed sooner rather than later. only in this way will it be possible for our countries to derive full benefit from eu membership. that probably hardly needs emphasizing in this forum because central bankers understand the importance of coherent policies designed to achieve a more efficient allocation and use of resources. at the same time, however, we are also conscious of the difficulties involved in reconciling what is conceptually desirable with what is feasible in practice. it is to be hoped, therefore, that our countries ’ considerable efforts to integrate successfully and without undue delay into emu will receive a sympathetic response and not be perceived as a potential source of instability.