It may be helpful to organize the reform agenda by reference to the “three pillars” of financial regulation enunciated by the Basel Committee on Banking Supervision – minimum prudential requirements, supervisory oversight, and market discipline.
The PBC will, in accordance with the decisions and arrangements of the CPC Central Committee, continue to deepen the practical cooperation with Hong Kong, support the building and development of Hong Kong as an international financial center, and finally promote the high-level opening-up of China’s financial markets. In the end, I wish Hong Kong a new and splendid success as an international financial center!