Structural reforms are needed in many areas to raise economic potential. To enhance productivity, greater competition is needed, both at home and from abroad. Productivity improvements are vital, as the working-age population is declining. In China, GDP growth has been very rapid for the past three decades. It is now decelerating towards six per cent. This was to be expected after such vigorous growth.
*  *  *  Introduction The Minister for Treasury, Right Honourable Sir Rabbie L. Namaliu, CSM, KCMG, MP, members of the Board, executives of the Bank of Papua New Guinea, ladies and gentlemen. The Central Banking Act (CBA) 2000 specifies the objectives and functions of the Bank of Papua New Guinea.