will further strengthen its tracking of the key enterprises in energy conservation and reduction of pollutant emission so that it can provide more services to financial institutions and increase their assets quality. additionally, the credit registration system will allow enterprises and individuals to inquire information from the system and help strengthen law enforcement in environment protection. iii. financial markets should support the reallocation of production capacity that is commensurate with environment endurance. in recent years, due to the rapid development of manufacturing industry, some east coastal regions have reached their limits in environment endurance. at the same time, western areas are suffering from under - development and lack of capitals. from the perspective of global experiences, undeveloped countries and regions also extremely need support from international industrial relocation. accordingly, it is very urgent to promote industrial structure upgrading and reallocation of production capacities according to environment endurance. of course, in the process, we should avoid repeating the past practice of polluting environment first by addressing environmental problems. in this process, financial markets and financial policy can provide support through broadening financing channels, improving foreign exchange management, enhancing insurance protection, supporting enterprises to identify and take their relative advantages, providing hybrid loans, syndicate loans, assets securitization, stocks, bonds, project finance and other financial instruments and continuously deepening foreign exchange administration reform for overseas investments. iv. reduce price distortion in resource and environment and help market mechanism to properly function. first, the role of price mechanism should be strengthened. through price reform in resource products and relaxation of price control, the price distortion in coal, oil products, natural gas, water, electricity, mineral resources will be reduced. through increasing the collection standard of pollutant emission charges and the relative price effect, heavy pollutant, high energy consumption and emission projects will be constrained while new technologies that meet environment requirements and help energy conservation and reduction of pollutant emission will be promoted. second, efforts should be made to learn from the international carbon trading mechanism, explore the implementation of emission quota mechanism and develop the emission quota trading market. since international investors have increasingly more interests in carbon trade and the establishment of many climate exchanges, carbon trade may become an effective way. at present, there are three kinds of mechanisms in carbon trading in the world, namely cdm ( clear development mechanism ), ji ( joint implementation ) and et ( emission trading ). for instance, in the european union, according to the reduction plan of greenhouse gas emission, member countries should grant emission license

the financial sector. under the negative list regime, the market access and business operations of financial institutions must also meet the qualification requirements and be conducted with licenses. there is no contradiction between the negative list management and the strengthening of interim and ex - post oversight, either. under the negative list mode, regulators can shift more resources from access management to interim and ex - post oversight to improve regulatory efficiency. second, we will coordinate and promote the opening - up of the financial service sector, the reform of the rmb exchange rate formation mechanism and rmb internationalization. the reform of the rmb exchange rate formation mechanism should aim at enhancing the flexibility of the rmb exchange rate and allowing the exchange rate to act as an “ automatic stabilizer ” in macroeconomic stability and balance of payments. the internationalization of rmb should be market - oriented. regulatory authorities should reduce the restrictions on the cross - border use of rmb. besides the market - based principle, we should also improve the support system for the use of domestic currency, which will in turn create more favorable environment and conditions for the market to play its due role. third, we will prevent risks while accelerating opening - up. we should intensify macroprudential management, implement more professional and effective financial regulation, establish sound “ firewalls ”, improve the capability of forestalling and defusing major risks, and align our regulatory competence with the level of opening - up. 2 / 3 bis central bankers'speeches in the new situation, based on our weaknesses and the demand for higher - level opening - up, we will further financial opening - up toward greater progress and provide strong support to the building of a new development pattern and high - quality economic development. thank you. 3 / 3 bis central bankers'speeches