by 2. 8 percentage points, a contribution rate of 56. 7 percent. new driving forces are growing fast, with strategic emerging industries gathering strength, and the development of digital economy, photovoltaic technology, and new energy vehicles leading the world. in the first three quarters, investment in high - tech industries increased by 11. 4 percent year on year, and the output of solar cells, charging piles, and new energy vehicles rose by 63. 2 percent, 34. 2 percent, and 26. 7 percent, 1 / 4 bis - central bankers'speeches respectively. the balance of payments has seen improved soundness. china's current account has maintained a reasonable surplus, and its cross - border trade, investment, and financing have become more active. china's economy is expected to grow by around 5 percent this year, continuously maintaining a leading position among the major economies and playing as an important engine and stabilizer for global economic growth. recently, the international monetary fund ( imf ) has revised up its forecast for china's economic growth to 5. 4 percent. ii. complex and severe international situation the world is facing many uncertainties and challenges, such as intensified geopolitical conflicts, widespread trade protectionism, as well as high inflation, high interest rates, and high debt. looking forward, the global economic recovery is sluggish. the geopolitical games, the cumulative effects of tightened global liquidity, the potential financial risks as well as the extreme weather events are important factors that may affect the growth of the global economy. according to the world economic outlook released by the imf in october, the global economic growth rate is expected to slow down from 3. 5 percent last year to 3 percent this year and 2. 9 percent next year. the tight monetary policies in the major developed economies have played a restraining role in controlling inflation, leading to an overall decline in inflation but impairing investment and consumption. the diverging situation of emerging economies and tightened global liquidity have increased uncertainties in the growth of highly indebted economies. financial risks are evolving. as inflationary pressures ease and the risk of economic recession rises among countries, major central banks will end rate hikes at the right time, which may blunt the marginal impact of tight monetary policies on currency exchange rates, stock markets, and cross - border capital flows in various countries. however, the cumulative effects will loom larger, and risks in some economies and sectors still deserve close attention. global

. of course, shibor also has uncertainties, so various aspects shall be taken into consideration when issuing new products. from a global perspective, shibor represents a direction of reform. shibor ’ s failure would suggest the failure of china ’ s money market and bond market. without a proper pricing benchmark, the chinese currency renminbi would be regarded as a failure, so would the chinese economy. so the development of shibor can only succeed without any leeway. according to experiences elsewhere in the world, shibor shall be used as a benchmark for product innovation. shibor unavoidably has loopholes, so it ’ s natural that some new products are based on benchmarks other than shibor, such as the 7 - day repurchase rate. we shall be open to such products from a commercial perspective because everything that exists must have a reason. these benchmarks may compete with shibor in a meritorious manner. only when there is competition, can we stakeholders make comparisons before shibor becomes an established benchmark. no administrative measures shall be applied to suppress other benchmarks. in terms of market development, the future trend of shibor shall be taken into full account, and international experiences shall be drawn from, such as b2b, c2c, b2c and other types of online trading in developed countries. as far as innovation is concerned, we can also initiate innovation on our own, but new innovations are subject to the test of time and market. so when designing innovative products, it is advisable to learn from international experiences. in a long - term perspective, shibor is very important for financial innovation and the development of derivatives. insightful thinking is required when drawing from international experiences. fourth, the relationship between shibor and internal transfer pricing. one advantage of shibor is that it links the market on the one hand and internal transfer pricing of commercial banks on the other hand. many commercial banks, as nationwide large banks, have internal transfer prices across regions, products, deposits and loans, and assets and liabilities. as a result, commercial banks ’ head offices are under constant pressure from branches with a deposit surplus and branches with a loan surplus. for example, deposit surplus banks demand a hike in the interest rate when they deposit fund with the head office. how can head offices convince their branches of the legitimacy of internal transfer pricing? it is not until shibor is introduced to internal transfer pricing that can the rights and interests of various departments