At present, China’s working-age population is decreasing, and labor shortages begin emerging in some industries. The proportion of the service sector in the economy is becoming increasingly larger, growing to exceed 50%. Under this circumstance, China’s economy has been transitioning from a phase of rapid growth to a stage of high-quality development.
I recently shared with my staff some of our key achievements for the year, and in almost each case the result was based on cross-departmental 3/5  BIS central bankers' speeches  collaboration. We need to become transparent so staff have a clear sense of our direction. And we need to be more flexible, so that we can keep apace with a dynamic world.