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Li Keqiang on China's economy
2016/07/29

当前世界经济复苏乏力,全球贸易持续低迷,以保护主义、孤立主义为代表的“逆全球化”思潮抬头,地缘政治风险上升,英国公投脱欧等带来新的复杂变化。

Now world economic recovery remains slow and global trade is sluggish. Meanwhile, the idea of “de-globalization” is emerging, as represented by protectionism and isolationism; geopolitical risks are increasing; and Britain’s exit from the EU has brought new complexities to the world situation.

本次对话会是在世界经济发展处于关键时刻举行的重要会议,也是中国政府同主要国际经济金融机构之间一次具有开创性的集体对话,表明中国愿同国际社会加强沟通。希望各方准确把握世界发展大势,找出促进世界经济增长的良策,共同推动复苏经济、稳定金融、引导预期。李克强提出五点建议:

Being the first collective dialogue between the Chinese government and major international economic and financial institutions, the roundtable demonstrates China’s readiness to strengthen communication with the international community. We hope that all sides will have a correct reading of the development trend in the world, put forth good policies to spur world economic growth, and work together to promote economic recovery, stabilize the financial sector and guide market expectations. Premier Li raised the following five proposals at the roundtable:

一是加强宏观经济政策协调。当前形势下,各方应把推动强劲、可持续、平衡增长,以及发展经济、改善民生放在政策制定的优先位置,加强协调,集中精力共同促进世界经济复苏。

First, step up macro-economic policy coordination. Under the current situation, all parties need to focus their policies on promoting strong, sustainable and balanced growth, developing the economy and improving people’s lives. It is important to strengthen coordination and make efforts to jointly promote world economic recovery.

二是平衡处理好解决周期性因素和深层次结构性矛盾、短期问题与中长期问题的关系。适度扩大总需求,把结构性改革放在突出位置,实施有利于扩内需、调结构的财政和货币政策,发挥消费和服务对经济的拉动作用,发展新经济,形成经济增长的新引擎。

Second, strike a balance between addressing the cyclical issues and structural problems, and between short-term and medium-to-long term challenges. We need to expand aggregate demand as appropriate, give priority to structural reform, and implement fiscal and monetary policies that help boost domestic demand and adjust economic structure. We need to ensure that consumption and the service sectors play a bigger role in driving economic growth, develop the new economy, and foster new drivers of growth.

三是推动全球贸易投资自由化便利化。面对全球经济低迷和需求不振,贸易限制措施不能解决问题,不利于结构性改革,只会雪上加霜,延缓世界经济复苏进程。应当坚定支持经济全球化,旗帜鲜明反对各种形式的保护主义,维护多边贸易体系主渠道地位。

Third, advance global trade and investment liberalization and facilitation. We are now faced with a sluggish global economy and weak global demand. Trade-restrictive measures will only aggravate the situation and slow down global recovery. They will in no way help solve problems or facilitate structural reform. We need to firmly support economic globalization, oppose protectionism in all forms, and uphold the dominant role of the multilateral trading system.

四是促进包容性增长。应当放松管制,促进竞争,支持创新,推进财政、金融、劳动力市场改革,改善基础设施,增加更多更高质量的就业。把落实2030年可持续发展议程,促进包容性增长作为世界经济复苏的发展方向和重要推动力量。

Fourth, promote inclusive growth. We need to promote deregulation, enhance competition and encourage innovation. We need to advance fiscal, financial and labor market reforms, improve infrastructure, and create more and better jobs. Implementation of the 2030 Agenda for Sustainable Development and efforts to promote inclusive growth should become the direction and important driving force for world economic recovery.

五是更好发挥金融支持经济复苏的作用。既要加强宏观审慎管理,完善跨境资本合理监管,防范系统性金融风险,又要在金融领域加强协调,稳定预期,为经济复苏营造良好环境。

Fifth, give better play to the role of the financial sector in supporting economic recovery. We need to strengthen macro-prudential regulation, improve supervision of cross-border capital flows, and prevent systemic financial risks. We also need to strengthen coordination and stabilize expectation in the financial sector, so as to create an enabling environment for economic recovery.

面对国内外多重困难挑战和经济下行压力,中国政府稳定宏观政策取向,着力推进结构性改革尤其是供给侧结构性改革,积极发展新经济,培育新动能,改造和提升传统动能,使中国经济呈现在加速转型升级中平稳增长、在平稳增长中加快转型升级的格局,不仅增长速度在主要经济体中位居前列,经济结构转型升级也取得积极成效。

Facing the many tough challenges at home and abroad as well as downward economic pressure, the Chinese government has managed to sustain steady economic growth and accelerate economic transformation. Efforts were made to keep the direction of macroeconomic policy stable, focusing on structural reform - that on the supply side in particular, and to grow the new economy and foster new drivers of growth while upgrading traditional ones. China has remained one of the fastest growing major economies, and made good gains in upgrading its economic structure.

过去三年多,服务业占GDP比重提高了8.6个百分点,最终消费对GDP增长的贡献率提高了16.9个百分点。新经济等的快速发展带动了传统产业改造提升和释放活力,有力促进了就业扩大,近三年城镇新增就业年均保持在1300万人以上。

In the past three years, the service sector as a share of GDP rose by 8.6 percentage points and the contribution of final consumption to GDP growth was up by 16.9 percentage points. Fast development of the new economy has helped to transform and revitalize the traditional industries and strongly boosted employment. Over 13 million urban jobs were created on an average annual basis in the past three years.

中国经济稳中有进、稳中有好,呈现增量崛起、存量调整、结构转型的态势,根本上依靠的是改革创新。我们大力推进简政放权、放管结合、优化服务等改革,实施创新驱动发展战略,大众创业、万众创新蓬勃兴起,众创经济、分享经济等新业态方兴未艾,对经济增长、结构转型升级和增加就业提供了有力支撑。

China’s economy has maintained steady performance and made positive advances. The new drivers of growth are rising, traditional drivers of growth are adapting, and the overall economy is undergoing a structural shift. All these have been made possible by reform and innovation. The Chinese government has made tremendous efforts to streamline administration, delegate power, enhance regulation where necessary, and provide better services. Thanks to the strategy of innovation-driven development, mass entrepreneurship and mass innovation are booming, and new forms of business, including economy based on crowd business and crowd innovation and sharing economy, are thriving. All these are what underpin China’s economic growth, structural transition and upgrading and job creation.

我们将更加充分发挥中国丰富的人力和人才资源优势,深入推进新型城镇化发展,通过全面深化改革和扩大开放,为新动能的壮大提供多点支撑。欢迎各方进一步为中国经济,特别是实现动能转换、结构转型建言献策。

We will fully leverage China’s human capital advantage, advance the new type of urbanization and deepen all-round reform and opening-up to bolster the new sources of growth. China welcomes the ideas and suggestions on its economic development, especially ways to create and upgrade the sources of growth and transform the economic structure.

中国将保持宏观经济政策的连续性、稳定性、针对性,坚持实施积极的财政政策和稳健的货币政策,根据形势变化加强相机调控,适时预调微调。适度扩大总需求,以推进供给侧结构性改革为主线,多措并举积极稳妥降低非金融企业杠杆率。在化解过剩产能的同时,努力保障职工权益,推进大众创业万众创新等促进转岗再就业。

China will maintain the continuity, stability and focus of its macroeconomic policy, continue to pursue a proactive fiscal policy and a prudent monetary policy, enhance discretionary macro-regulation and undertake preemptive adjustment and fine-tuning as the changing dynamics require. China will expand aggregate demand as appropriate, focus on supply-side structural reform and take multi-pronged steps to bring down the leverage ratio of non-financial enterprises in an active yet prudent manner. While addressing overcapacity, China will take measures to protect the rights and interests of employees and help them get re-employed by boosting mass entrepreneurship and innovation.

当前中国经济运行平稳,国际收支保持顺差,外汇储备充裕,财政金融体系稳健,人民币不存在持续贬值的基础。我们将坚定不移推进汇率市场化改革,进一步发挥市场的决定性作用,保持人民币汇率在合理均衡水平上的基本稳定。

China now enjoys steady economic performance, a surplus in its international balance of payments, ample foreign exchange reserves and a sturdy fiscal and financial system. There is no basis for continuous depreciation of the RMB. China will stay on the course of market-oriented reform of the exchange rate, give greater play to the decisive role of the market, and keep RMB exchange rate basically stable at an adaptable and equilibrium level.

尽管当前全球经济面临的不稳定和不确定因素增多,但世界市场有潜力、人类有智慧攻坚克难。各方要坚定信心,把发展经济、改善民生放在优先位置,把实现强劲、可持续、平衡增长作为一致努力的目标。

Despite the growing factors of instability and uncertainty in the global economy, the international market has the potential to grow and humanity has the wisdom to overcome difficulties. All parties must strengthen confidence, give priority to growing the economy and improving people’s lives, and work toward the goal of strong, sustainable and balanced growth.

世界经济稳定复苏要标本兼治,统筹兼顾短期和中长期问题,适度扩大总需求,按照放松管制、支持创新、改善就业、促进包容性增长的方向推动结构性改革。保持财政政策灵活性,发挥货币政策对实体经济的支持作用。

The stable recovery of the world economy requires a holistic approach to address both symptoms and root causes and to balance short-term and medium-to-long-term problems. We need to expand aggregate demand as appropriate and advance structural reform in the direction of easing regulation, supporting innovation, improving employment and promoting inclusive growth. We need to maintain flexibility of the fiscal policy and leverage the supporting role of monetary policy in growing the real economy.

促进世界经济稳定复苏是各方的共同责任。应当倍加珍惜和努力维护和平稳定的国际环境,坚定支持全球化进程和多边贸易体制发挥主渠道作用,反对各种形式的保护主义,审慎使用限制性贸易措施。

To ensure the stable recovery of the world economy is the responsibility of all parties. We must doubly cherish and endeavor to uphold a peaceful and stable international environment. We must firmly support the globalization process and the dominant role of the multilateral trading system, oppose protectionism of all manifestations and exercise caution with the use of restrictive trade measures.

各主要经济体要加强宏观经济政策协调,提高政策透明度和可预见性,充分考虑政策的外溢性影响。国际组织应为此发挥更大引领和协调作用。中方愿同各方共同推动二十国集团杭州峰会取得成功,促进世界经济实现强劲、可持续、平衡增长。

Major economies need to enhance macroeconomic policy coordination, increase policy transparency and predictability and take into full account the spillover effect of their policies. The international organizations need to play a greater steering and coordinating role in this regard. China is ready to work with all parties to ensure the success of the G20 Hangzhou Summit in order to promote strong, sustainable and balanced growth of the world economy.

当前中国经济形有波动,势仍平稳,继续向好。我们适度扩大总需求,以推进供给侧结构性改革为主线,实现增量崛起,存量调整,结构转型。但我们也看到,世界经济形势仍然复杂严峻,国内经济下行压力依然较大,面临诸多挑战。

Despite some ups and downs, the performance of the Chinese economy remains stable and continues to move in a positive direction. China is expanding aggregate demand as appropriate and focusing on supply-side structural reform to generate new drivers of growth, transform traditional drivers and shift the economic structure. That said, we are also aware of the grim and complex economic situation in the world as well as considerable downward pressure and multiple challenges facing the Chinese economy.

我们将努力攻坚克难,坚持全面深化改革,进一步简化行政程序,更大激发社会创造力和市场活力,通过实施创新驱动发展战略和大众创业万众创新,壮大新动能,改造和提升传统动能,保持经济平稳运行,促进结构不断优化。中国经济是世界经济的“稳定锚”。我们把中国的事情办好本身就是对世界发展的贡献。

We will continue to overcome difficulties, deepen reform in all respects, and further streamline administrative procedures to unleash public creativity and market vitality. We will reinforce new growth drivers and transform and upgrade traditional drivers through the implementation of the innovation-driven development strategy and the initiative to encourage mass entrepreneurship and innovation, all for the purpose of ensuring steady economic performance and improving economic structure. The Chinese economy is a “stability anchor” for the world economy. Running our own affairs well is in itself a contribution to world development.

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