Well, experience has shown that in order to maintain an efficient, well-functioning local-currency debt market, it's helpful to focus on the key aspects of liquidity, transparency, regularity, and integrity in the structure of government bond and money markets. As such, our efficient government debt market contributes to overall capital market efficiency by providing key benchmark and hedging tools.
Now, in terms of financial system stability, the development of our domestic bond and money markets has led to stronger and sounder financial institutions. Stronger institutions and more complete markets facilitate better allocation of domestic savings. This increases domestic investment, and thus, encourages stronger economic growth. Creating local-currency bond and money markets can insulate an economy from global economic shocks in two ways.