First of all, on behalf of the People’s Bank of China, I would like to express the warmest congratulations on the opening of this seminar and the most sincere welcome and appreciation to foreign experts headed by Mr. Lipschitz, Director of the IMF institute, and the Chinese experts and scholars present at this seminar.
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.