china ’ s wealthiest and economically most advanced cities along the pearl river delta into a metropolitan cluster. it covers a population of nearly 70 million and generates gdp of about us $ 1. 5 trillion, providing a unique stage for financial institutions to launch and expand their business. besides, the depth of hong kong ’ s financial markets could help enterprises in the gba to access global capital. at the initial phase, we are studying ways to facilitate capital flows within the gba at the individual level, such as cross - border use of mobile payment and mutual access of wealth management products by residents in hong kong and in the mainland part of the gba. 10. apart from being a major platform for capturing china opportunities, the hkma is actively moving towards the new era of smart banking. we launched the faster payment system ( fps ) last september – a round - the - clock instant payment platform that achieves full connectivity between banks and stored value facilities. in just over three months ’ time, we have got more than two million registrations for fps. another important development is the promotion of virtual banking. we have received about 30 applications for our virtual banking licences and we hope to begin granting the first batch of licences within this quarter. in a short span of a few years, we have gone through a very high speed journey into fintech, and i am sure that there is a lot that we can share and discuss in the later panel on new finances. 11. another exciting development is green finance. the french government issued the first sovereign green bonds in 2017, which set an important market benchmark. hong kong is also actively promoting its green finance platform. in fact, in the first three quarters in 2018, 28 green bonds were issued in hong kong, with an aggregate size of over us $ 8 billion. the hksar government is launching a hk $ 100 billion government green bond programme and the first green bond will be issued later this year. with france being a forerunner in green finance and the third largest global issuer of green bonds, we look forward to sharing experiences and collaborating with paris in this area. 12. this is a quick overview of the recent developments in hong kong and the new opportunities ahead. i am sure the industry experts here today would have a lot more to share on these topics in the panel sessions, and i hope you will have a very fruitful discussion. 13. thank you. 2 / 2 bis central bankers'speeches

lives is how to use the talent and education that you have been given and the knowledge that you have attained. with respect to your professional lives, i hope that when see timothy bresnahan and manuel trajtenberg ( 1995 ), " general purpose technologies :'engines of growth?'" journal of econometrics, vol. 65, pp. 83 - 108. see paul david ( 1990 ), " the dynamo and the computer : an historical perspective on the modern productivity paradox, " american economic review, vol. 80 ( may ), pp. 355 - 61. see carol a. corrado, charles r. hulten, and daniel e. sichel, ( 2006 ), " intangible capital and economic growth, " nber working paper series 11948 ( cambridge, mass. : national bureau of economic research, january ). also see erik brynjolfsson, lorin m. hitt, and shinkyu yang ( 2002 ), " intangible assets : computers and organizational capital " brookings papers on economic activity : 1, pp. 137 - 198. you make career choices, you will look first for opportunities that excite you intellectually, that allow you to use your creative powers to the fullest extent, and that let you continue to learn and grow. i hope you will not be afraid to be unconventional, to do something nobody else has thought of before. remember that the path to success and fulfillment may not be well marked, the scaling of some predetermined ladder ; it may instead be a road without signs or maps. and remember that it is ok to fail - - really : new opportunities will always arise for those who seek them. if you remain nimble in searching out new and unexpected opportunities, it will not only benefit you, but it will also benefit the economy and our society, as long experience has shown that dynamism and creativity are the seeds of innovation and of progress. in the personal sphere, as you make your way in the world, i hope you will not forget the importance of your family and how much it has already contributed to your journey through life. remember, too, family members are the ones who will still love you even when things aren ’ t going so well. even as you focus intensively on your professional interests, i hope you will remain intellectually broad - - wellread, well - informed, and open to new experiences. and finally, i hope you will remain