And China, our largest trading counterpart, amid the slowing of its pace of economic growth is also shifting to a domestic demand-centered growth strategy. The structural factors limiting our domestic demand recovery persist as well, such as our low birth rate and population aging, the buildup in household debt, and excessive slack in manufacturing capacity.
BIS central bankers’ speeches  3  The initial phase will, however, include only government bonds; it will be expanded to corporate bonds at a later stage. Initially in the electronic trading platform, primary dealers will be the only “price makers” while the rest of the market will be “price takers” but with full access to trading and pricing information.