During the meeting, Mr. Marvin Goodfriend discussed the analysis framework for monetary policy transmission mechanism; Mr. Hervé Ferhani presented on the impact of banking soundness and competitiveness on monetary policy transmission mechanism; Mr. Lajos Bokros, Director of the World Bank financial services advisor/ Europe and Central Asia office and Prof. Bennett T. McCallum from Carnegie Mellon University spoke on the experience of post-transition and industrial countries respectively; and this afternoon, Prof. Noriyuki Takayama from Hitotsubashi University will talk about the impact of ageing and social securities system on monetary policy transmission from the Japanese experience.
Their research and presentations are very helpful for us to learn the useful country experience and further improve the monetary policy transmission and adjustment mechanism. With respect to China’s monetary policy transmission mechanism, I would like to add the following points:  I.