financial cooperation and activate trade between the two sides. to more effectively promote multilateral economic, trade and financial cooperation, we should not miss the fine opportunity available and sturdy foundation laid down. macao can enlarge its role as economic, trade and financial platform via the following conceptions : 1 ) by making use of its historical, cultural and legal framework connection with lusophone countries, macau can actively assist enterprises of the mainland, particularly the pan - pearl river region, to start business in lusophone countries. as rmb cross border trade settlement business has been inaugurated, they can strive to settle transactions denominated in rmb. 2 ) amcm is able to organize financial institutions of the pan - pearl river region to visit lusophone countries and help them to establish business connections with financial institutions there with a view to rolling out related business with them. 3 ) all along, the guangdong province has been dubbed with the reputation of being a “ province of manufacturers ”. now, an overall plan is being implemented to replace conventional industries with more innovative industries. it is prudent to make use of macao as the platform to channel suitable enterprises to set up manufacturing concerns in lusophone countries. the move will trigger off a series of multilateral trade transactions. in addition, related financial services can be generated in the course of relocation of the factories. 4 ) in the regulatory realm, channels of co - operation needs to be built up and regulatory system framework needs to be established in order to safeguard cross - border financial activities and flow of funds. the above are food for further thought. finally, i believe that through interaction and endeavour of regulatory authorities, financial sectors and enterprises of member states, we are able to promote sustainable, steady and healthy development in the economic, trade, manufacturing and financial areas. in the face of all these, macao can make good advancement and be able to enhance its role as platform for economic, trade and financial services. thank you!

take this occasion to share with you the following observations : 1. appropriate laws and regulations are needed to foster a regulatory environment that is conducive to financial innovation. it is worthwhile to attempt new ideas as long as they would not contravene the requirements of existing laws and regulations. however, we must have a full understanding of the related risks. and, we must have an appropriate risk control system or measures to mitigate or eliminate the risks. apart from complying with necessary regulatory procedure, the new ideas must facilitate market development without impairing the rights of consumers. to this end, the qdii scheme for stock investment can serve as a classic example. the introduction and moderation of the qdii scheme as well as the gradual opening of the mainland capital market represent an important step towards financial system reformation. these measures are also financial innovation conducive to financial market development. based on this situation, we can expect more innovation in financial policies. in the near future, a wave of keenly anticipated innovations in financial institutions, products, service and cooperation will arise from innovated financial policies. 2. there should be ongoing observation of changes in market development, analysis of special needs of customers, segmentation of customers and markets, as well as the establishment of a system to trace the demand of market and customers. the regulators should proceed in tandem with the pace of market development and monitor changes and characteristics of consumer demands. as far as financial products are concerned, asset management and structural financing that are selling like hot cakes are good examples. 3. financial innovation should be adapted to time, place and people. this issue has been explored before with macao as an example. 4. maintain good communication between regulators and market participants. it is normal for regulators to receive tons of complaints and enquiries from consumers. as these letters are mostly pinpointing financial products and services, regulators would gain a better understanding or come up with a general idea on the types of services demanded by consumers during the course of handling these complaints and enquiries. 5. investors and consumers need education. it is desirable to initiate a two - pronged measure. based on the objectives of protecting the rights of the consumers and investors as well as facilitating the penetration of the financial market, the regulator can actively embark on financial consumption related education through various channels such as the media and topical exhibitions etc. on the other hand, the market participants are encouraged to launch more promotions that are infused with educational