appropriate market niche, effectively tap market potentials and strengthen support to reemployment efforts. ladies and gentlemen, policy implementation holds the key to success of guaranteed micro credit business. concerning the interests of laid - off workers and even social stability, extension of micro credit is indeed a solemn political task which can only be accomplished with hard work and quality services. the people ’ s bank of china should coordinate with fiscal departments at all levels to establish guarantee funds and other fiscal subsidies in time and improve the efficiency of guarantee institutions. besides, the people ’ s bank of china should work closely with the labor and social security departments to make feasible plans to promote job training and micro credit extension for laid - off workers, foster the establishment of credit community, and conduct periodical evaluation of various support schemes. all commercial banks, especially local financial institutions should adjust their own credit management in accordance with new regulations and support development of the small and medium sized enterprises to contribute to the coordinated social and economic development.

the pilot program of cross - boundary wealth management connect in some regions. fourth, we will facilitate cross - border financing for enterprises. in recent years, the people's bank of china ( pbc ) and the state administration of foreign exchange ( safe ) have established and improved the macro - prudential management policy framework for full - scale cross - border financing, allowing enterprises to borrow from abroad at their own discretion within quotas based on their net assets. as some innovative enterprises, especially the micro, small and medium - sized enterprises among them, only have small net assets initially and hence low quotas for cross - border financing, we have launched pilot programs in areas, such as zhongguancun of beijing and the shanghai pilot free trade zone, to facilitate external debt financing for them. eligible high - tech enterprises are granted facilitation quotas for external debt financing, which they can use at their discretion. this measure is supportive to the development of shanghai as a sci - tech innovation center. fifth, work will be done to support crossborder receipts and payments for new forms of trade, such as offshore trade, crossborder e - commerce and market procurement trade. sixth, we will facilitate coordinated use of cross - border funds in large conglomerates, having launched the pilot program of integrated rmb and foreign currency cash pooling for multinational corporations. moreover, in the near future, pilot programs for high - standard opening - up of foreign exchange management will be launched in the lin - gang special area of shanghai and in some parts of the guangdong - hong kong - macao greater bay area and the hainan free trade port in order to gain experience for advancing high - standard institutional opening - up of the foreign exchange sector. iv. we will improve the management of foreign exchange reserves and build world - class asset management institutions regarding the investment of foreign exchange reserves, china is an important investor in global financial markets, and a responsible investor as well. we conduct relevant operations in line with market - based principles, respect international market rules and industry practices, and maintain and promote the stability as well as development of international financial markets. since 2007, we have incorporated environmental, social and governance ( esg ) elements into the processes of foreign exchange reserves management. in china's foreign exchange reserves, green bonds, which we have invested in through multiple channels, have recorded a compound annual growth rate of around 60 percent for the past five years. the esg criteria have also been incorporated into