We will continue to press ahead with the experimentation in tokenised green bonds, leveraging blockchain technology to enhance the efficiency of bond issuance and transaction, and to explore real-time tracking and reporting of the environmental impact of projects funded by bond proceeds. And to promote financial inclusion, we are now looking into an arrangement to earmark a certain proportion of future green and infrastructure bond issuances for priority investment by MPF funds. This will provide a meaningful investment option for MPF scheme members to receive reasonable returns while investing in a better future for our city. Climate finance is a subject that is very dear to the hearts of many of us here. It's also an exciting subject that I could keep talking about. But I am aware that I have taken more than a fair share of your time. So what remains for me is to wish the ASIFMA event every success, and double down on the HKMA's commitment to working with  3/4  BIS - Central bankers' speeches  ASIFMA towards our common purpose of scaling up Hong Kong's green and sustainable finance. Thank you. 4/4  BIS - Central bankers' speeches
But I also feel there is reason to ask how fundamental, in the sense of how natural and sustainable, the low level of housing construction actually is. After all, it seems rather remarkable that the rising prices in the housing market have not stimulated supply more. If construction had reacted in what might seem a more natural way and followed prices and demand better, the increase in prices would have been less dramatic. Part of the explanation is probably that we had some excess production of housing during the economic boom, that led to the crisis in the early 1990s. But this is not enough to explain why so little has been built in the past fifteen years. There appears to be some form of obstacle or sluggishness that has held back construction. It is important that we analyse what this is and, if possible, try to remedy it. I would like to point out that I do not believe that the solution is to try to stimulate massive housing construction. One problem in many countries was that there was a boom in the housing market, not just with regard to demand for housing, but also supply, where excessive resources were attracted to the housing sector. The large supply – the overcapacity that was built up – probably meant that the fall was much greater once demand declined and housing prices began to fall. But here in Sweden developments have rather been the opposite.