su ning : fostering modern credit culture in china speech by mr su ning, deputy governor of the people ’ s bank of china, at the international conference on “ public policy for credit reporting system ”, beijing, 28 september 2004. * * * ladies and gentlemen, i am very pleased to attend the international conference on “ public policy for credit reporting system : strengthening dialogue and cooperation between the government and the private sector ”. credit reporting system is essential to the modern financial system and plays a significant role in financial and economic development. in the recent 20 years, credit reporting system has received increased attention from the government and the private sector of all countries. this conference jointly sponsored by the world bank and the people ’ s bank of china ( pbc ) conforms to the needs of development of the credit reporting system in the world. the conference will not only enable participating countries to share the experience and lessons in their respective development but also strengthen dialogue and cooperation between the government and the private sector. i ’ d like to take this opportunity to talk briefly about evolution of credit culture in china. over thousands of years, the brilliant culture of the chinese people has nurtured the rich literature on credit culture. the confucian school attached great importance to the values of credit culture. for example, the analects of confucius stated in one chapter, if the common people lose confidence in the government, then the state will have no foundation for its existence. in another chapter, it wrote, if the government advocates credibility, it will gain confidence from the common people. the analects of confucius has touched on the credit culture in many other parts, e. g. the saying of “ if a person has no credibility, then he will not be appointed for posts ”, and that of “ a person shall insist on keeping his word and seeing his actions through to the end ”, etc. with the social and economic development, china ’ s credit culture has been confronted with unprecedented challenges. they are mainly reflected in two aspects. first, the foundation of china ’ s traditional credit culture lies in the mutual trust between individuals through contacts. ethics and the close relationship between individuals form the foundation of china ’ s traditional credit culture. such credit culture only meets the needs of economic activities within limited scope, and could no longer meet the needs when the scope for economic transactions has widened from a small community to the whole country or even the whole world. second, before the introduction of reform

gent sejko : address - launching ceremony of the first corporate security listing on the stock exchange address by mr gent sejko, governor of the bank of albania, at the launching ceremony of the first corporate security listing on the stock exchange, tirana, 7 july 2023. * * * honourable minister ibrahimaj, dear ms vokshi, ms spahiu dear mr mete, dear shareholders of the albanian securities exchange, colleagues and guests, i would like to extend my sincere appreciation to the albanian securities exchange ( alse ) for the invitation in this event, which aims to address the listing for the first time of a debt security with public offering of a private - owned capital company. first and foremost, i would like to express my enthusiasm as this first - ever public listing in the securities markets is step number one in the completion of a process which extended for several decades and required efforts from regulatory institutions, such as : the ministry of finance and economy, the albania financial supervisory authority and the bank of albania. against this backdrop, the listing would not have been possible without the consistent perseverance and the monetary and professional backing of those who wanted to build the albanian securities market, its shareholders : credins bank, american investments bank and ak - invest. they recognised the unexplored potential of the albanian market and its opportunities for developing and supporting our economy. allow me to emphasize that the central bank considers the development of a functional capital market in albania as crucial. a well - developed capital market is beneficial in several aspects, some of which i will list below : first, it improves the long - term financing of companies and efficiently directs public savings toward investments in the economy ; second, it lowers the country's exposure toward the unexpected interruption of foreign capital ; third, it reinforces the financial market and enhances the efficiency of capital distribution in the economy ; fourth, investments from non - residents ensure liquidity as well as a geographical distribution of risk ; 1 / 3 bis - central bankers'speeches fifth, it further improves the financial stability of the country by distributing risk beyond financial institutions, and by diversifying the range of financial products available ; last but not least, if business is oriented toward the capital market, the degree of formalisation in the economy, the financial transparency of businesses and their image are improved as they respond to the demands of the market. on the other hand, the listing increases the degree of market supervision and improves the well - governance practices of companies