李克强同出席夏季达沃斯论坛的中外企业家代表对话交流实录.

　　Transcript of Premier Li Keqiang’s Meeting with Chinese and Foreign Business Representatives at the Ninth Annual Meeting of the New Champions

　　2015年9月9日下午，国务院总理李克强在大连国际会议中心同出席第九届夏季达沃斯论坛的中外企业家代表举行对话交流。实录如下：

　　On the afternoon of 9 September, Premier Li Keqiang met with domestic and foreign business representatives at the Ninth Annual Meeting of the New Champions held at the Dalian International Conference Center. Following is the transcript:

　　李克强：尊敬的施瓦布主席，女士们、先生们，祝贺世界经济论坛新领军者年会在大连召开。这已经是第九届年会了，无论在前排还是后排都有很多熟悉的面孔、许多老朋友。因为场地有限，很难和大家一一握手问候。但是你们能来到这个论坛，说明你们对中国关心，也愿意参与中国的现代化建设。我很高兴和大家见面，因为每次参加这个年会总会得到一些新的信息，特别是这次的主题是“描绘增长新蓝图”，我也愿意就此同大家分享和交流。

　　Li Keqiang: Professor Schwab, ladies and gentlemen, let me first send my congratulations on the opening of the ninth Annual Meeting of the New Champions in Dalian. It’s good to see so many familiar faces and old friends in the audience. As the place is so packed today, it’s difficult for me to walk into the audience and shake hands with each one of you. But I do appreciate the interest you have shown in China by coming to the meeting and your participation in China’s modernization process. I am very happy to meet you here, because each time I come to the annual meeting, I get some new food for thought. The theme of the annual meeting this year – Charting a New Course for Growth – is highly relevant. I look forward to sharing my views and observations with you on this topic.

　　英国联合利华公司首席执行官保罗·伯尔曼：我们都很关注世界经济的发展，您在刚才的会见中谈到全球经济增长放缓，中国经济增长也出现放缓势头。您谈的几点很重要，使我们对中国经济未来发展的趋势继续保持乐观的态度。您谈到需要找到发展的新动能。我的问题，这种发展的新动能具体是什么?明年中国将担任20国集团轮值主席国，请问中国为20国集团峰会制定了什么议程?如何通过落实议程来实现全球更可持续的、公平的、长期的增长?

　　Pau Polman, CEO of Unilever: We are all following the world economy very closely. In our bri discussion just now, you mentioned the slowing down of global growth, including China itself. What you said is very important, making us optimistic in the future of the Chinese economy. You also mentioned the need to find new drivers for growth. What are the new drivers specifically? As China takes over the chairmanship of the G20 next year, what agenda have you set for the G20 summit? How could this agenda bring about more sustainable, equitable and longer-term growth?

　　李克强：国际金融危机爆发至今已经7年了，目前世界经济仍然增长乏力。中国经济也的确受到下行的压力。大家都很关心中国的经济形势，我认为，中国的经济形势可以说是“形有波动，势仍向好”。这是因为今年上半年中国经济增长7%，在世界主要经济体中居前列。

　　Li Keqiang: It has been seven years since the global financial crisis broke out. Global growth remains sluggish. It’s true that the Chinese economy has come under downward pressure. I know that you all follow the Chinese economy very closely. The “shape” of the economy is that there have been some ups and downs, but the underlying trend remains positive. In the first half of this year, the Chinese economy expanded by 7%, which is one of the highest among the world’s major economies.

　　我曾经说过，只要有比较充分的就业，与GDP同步增长的居民收入和不断改善的环境，这样的发展速度就是我们能够接受的。反过来讲，今年上半年城镇调查失业率在5.1%左右，新增城镇就业人数在700万以上，这也证明了中国经济运行保持在合理区间。

　　I have said on several occasions, a GDP growth that secures sufficient employment, increase in household income in step with GDP growth and improvement in the environment would be one that we can live with. In the first half of this year, surveyed urban unemployment rate was around 5.1%. And we added over 7 million urban jobs. All these show that the Chinese economy has been running within the proper range.

　　可以说，经济增长的新动能，就是我们在致力推动的大众创业、万众创新。通过推动商事制度等改革和“双创”，去年以来，我们平均每天新增市场主体一万家以上，而且经济结构也在发生着向好的变化。比如说，消费对经济增长的贡献率已达60%，服务业占GDP的比重已提高到50%，高技术产业增速超过1O%。这些新的变化是我们努力推动并乐于看到的。

　　Talking about new drivers of economic growth, we are encouraging mass entrepreneurship and innovation. Thanks to business registration rorm and other rorms as well as mass entrepreneurship and innovation, over 10,000 new market entities are registered on an average daily basis since last year. There are also positive changes in the economic structure. For instance, consumption is contributing about 60% to China’s economic growth. The service sector now accounts for almost 50% of GDP. Growth of high-tech industries is over 10%. All these are the changes we have been promoting, and we feel heartened by these developments.

　　当前中国经济运行可以说是缓中趋稳，一方面稳中向好，但另一方面稳中也有难。因为我们正在努力推进以结构性改革带动结构调整。在这个过程中，由于发展动能转换，一些经济指标在月度、季度间发生波动是难免的。不仅今年有，去年、前年也都有，但中国经济仍然处于合理区间。我们将坚持宏观政策的基本取向，继续下力气推动改革开放，推动结构调整。当然，我们也会加强区间调控、定向调控、相机调控，保持经济在合理区间平稳运行，为结构性改革和结构调整创造条件。

　　There has been overall stability in China’s economic performance, despite certain moderation in speed. The overall trend is positive, yet there are also difficulties to overcome. We are pressing ahead with structural rorm to advance structural adjustment. As the traditional growth drivers get replaced by new ones, it is only natural to see fluctuations in some of the economic indicators on a monthly or quarterly basis. This has happened this year, last year and the year bore last as well. The economy is still running within the proper range. We will stick to the basic orientation of our macroeconomic policy. We will continue to advance rorm and opening-up, and promote structural adjustment. We will also step up ranged-based, targeted and discretionary macro regulation to maintain steady economic growth within the proper range. All these will create enabling conditions for structural rorm and adjustment.

　　我们不会随一些经济指标的短期波动而起舞，但也不会掉以轻心，而是适时适度预调微调，加大定向调控的力度。中国人民有智慧、中国政府有能力保持经济中高速增长、迈向中高端水平，对此我们是有信心的。说到G20会议明年在中国举行，它的议题正在讨论中，中国将会发挥建设性作用。

　　We will not be swayed by short-term fluctuations in certain economic indicators, but we will not take them lightly either. We are prepared to undertake preemptive adjustment and fine-tuning as appropriate, and step up targeted macro regulation. I am confident that the Chinese people have the wisdom and the Chinese government has the capability to maintain medium-high speed of growth and achieve medium-high level of development. The G20 summit is going to be held in China next year. The agenda is still being discussed among the parties. China will play a constructive role in this process.

　　谢谢。

　　Thank you.

　　施瓦布：总理先生，刚才您谈到中国经济形势，您的观点让我们对于中国经济的发展感到更加放心。下面我想把话题转向资本市场和金融风险，这也是近期国际媒体以及国际社会非常关注的一个问题。

　　Schwab: Mr. Premier, I think you gave us, as far as the economic situation is concerned, a reassuring message. But I would like to return to capital market and financial risks which have been very much on the mind of the media and the world recently.

　　日本三菱公司董事长小岛顺彦：总理先生您好，我想问的问题是有关金融风险的。三菱集团在世界90多个国家都有大量的业务，每天我们和金融打交道的数量也相当多。近期中国自身包括股市和债务可能存在的风险都引起全球高度关注。我想请问中国政府在推进金融改革方面将采取什么样的措施?有没有时间表?

　　Yorihiko Kojima, Chairman of Mitsubishi: My question is about financial risks. Our company has offices in 90 countries worldwide. China, including its stock market and debt, has attracted close global attention. What will the Chinese government do about the financial rorm? This is very important for our company and customers. When will the rorm measures be announced?

　　李克强：最近国际金融市场发生新的波动，这也是2008年国际金融危机的延续。中国资本市场，特别是股市在今年6、7月份也发生异常波动，有关方面采取措施稳定市场，是为了防止风险的蔓延。现在可以说防范住了可能发生的系统性金融风险。这样做不是要代替或削弱市场功能，这是国际通行的做法，也符合中国国情。下一步，我们会继续推进发展多层次资本市场，而且要坚持市场化和法治化的方向，努力培育公开透明、长期稳定健康发展的资本市场。

　　Li Keqiang: There have been new fluctuations on the global financial markets recently. They are a continuation of the 2008 global financial crisis. Last June and July, there were also unusual fluctuations on China’s capital market. Relevant Chinese authorities took steps to stabilize the market to prevent any spread of risks. Now we can say that we have successfully forestalled potential systemic financial risks. This is not to replace or weaken the role of the market. What we did is common international practice and is in keeping with China’s national conditions. Going forward, we will continue to develop a multi-tiered capital market in China and pursue a market-driven and law-based approach in this process. The purpose is to establish an open and transparent capital market of long-term, steady and healthy growth.

　　至于说到中国政府债务，风险是可控的，因为债务水平还比较低，中央政府的债务不到GDP的20%，地方政府债务中70%以上是投资性的、有回报的。何况我们现在还在规范地方债务的发行，开正门、堵后门。应该说，有人对中国政府债务可能引起大的风险的担忧是多虑了。当然，我不是否定你刚才对中国政府债务问题疑虑的提问。中国人的哲学观念也是对所有的事情都要居安思危。

　　On China’s government debt, the risks are under control. China’s government debt is still at quite a low level. The central government debt is below 20% of GDP, and over 70% of local government debts take the form of investment with returns. And we are taking steps to regulate issuance of local government bonds to keep the front door open and block back doors, so to speak. Those who are concerned that China’s government debt may bring serious risks are worrying too much. Having said that, I don’t mean to question if there is a need for you to raise this issue, because for the Chinese, our philosophy is that one should always be mindful of potential dangers even in times of peace.

　　关于金融体制改革，中国会继续推进，因为这也是中国维护金融稳定的需要，是中国对外开放的需要。譬如，最近我们在降息降准的过程中就放开了一年期以上存款利率的上限，我们还会放宽民营银行准入，包括外资有序地进入和中方的合作等等，这些措施都会陆续推出。总的来说，改革的方向不会变，改革的步伐不会停。当然，改革的步骤是循序渐进的。

　　We will press ahead with the financial rorm. This is critical for China’s financial stability and opening-up. For example, while the central bank cut interest rates and the required reserve ratio recently, we lifted restrictions on the interest rate ceiling for fixed term deposits above one year. We will ease market access for private banks, including orderly introduction of foreign investors into the financial sector and their partnerships with Chinese counterparts. China will not waver in its commitment to pursuing the rorm, nor will the rorm grind to a halt. But, the rorm will be conducted in a step-by-step way.

　　谢谢。

　　Thank you.

　　美国波士顿咨询公司总裁兼首席执行官李瑞麟：不久前，人民币出现较大幅度贬值。有人认为，这带来了连锁反应，甚至担心引起“货币战”。对此，您怎么看?现在国际货币基金组织(IMF)决定推迟审议特别提款权(SDR)，中国将如何推进人民币的国际化进程?

　　Richard Lesser, President and CEO of Boston Consulting Group: The Chinese RMB devalued sharply not so long ago. Some people think that this might trigger a chain reaction, and some even worry about a currency war. What is your view on this? And also now the IMF has postponed its review of the Special Drawing Rights, how do you see the RMB globalizing in the months and years ahead?

　　李克强：我想说明一个事实，自本届政府成立以来，人民币实际有效汇率已经上升了15%。由于近来许多国家的货币兑美元大幅下跌，国际市场的走势使我们调整了人民币汇率中间价报价机制，但也只是小幅微调。如果算总账，本届政府成立至今，人民币兑美元的实际有效汇率还是有比较大幅度上升的。坦率地讲，人民币汇率小幅回调以后，目前已基本保持稳定。人民币不存在持续贬值的基础。因为中国经济运行在合理区间，我们有比较充足的外汇储备，而且货物贸易的顺差还在增加，这都表明人民币汇率能够在合理、均衡的水平上保持基本稳定。只是有的时候，用中国的话讲，“躺着也会中枪”。

　　Li Keqiang: I wish to draw your attention to one fact: Since the formation of this government, the real fective exchange rate (REER) of the RMB has appreciated 15%. As many currencies significantly depreciated against the dollar recently, developments on the international markets compelled us to adjust the quotation regime of the RMB central parity. Yet it was a small adjustment. Overall, the REER of the yuan has appreciated by a large margin during the term of this government. The truth is, after the small adjustment, the RMB exchange rate is now basically stable. There is no basis for continued depreciation of the RMB, because the Chinese economy has been operating within the proper range, we have ample foreign exchange reserves, and surplus of trade in goods has been rising. All these show that the RMB exchange rate can stay basically stable at an adaptive and equilibrium level. Yet as the Chinese often say, in some circumstances, one may get caught up in the middle of something unrelated.

　　我们不希望通过人民币贬值来刺激出口，这不符合我们结构调整的方向，我们更不愿意看到世界上发生“货币战”。中国作为一个同世界经济高度融合的主要经济体，如果真的发生了“货币战”，对中国只有害、少有利。举个例子，人民币汇率小幅回调以后，我曾经问过有关部门和主营出口的企业，他们都希望人民币汇率保持合理均衡水平上的基本稳定。因为如果市场有一个持续贬值的预期，企业连出口长单都拿不到。这怎么能够有利于中国的出口呢?

　　We have no intention to boost exports by devaluing the yuan. This is not in keeping with our policy of structural adjustment. Still less do we want to see a global “currency war”. As the Chinese economy has become so highly integrated into the global economy, a “currency war” would only bring more harm than good to China. As a matter of fact, after the small adjustment of the exchange rate, I once talked about this with relevant departments and some export-oriented firms in China. They said they hope the RMB exchange rate will remain basically stable at a reasonable and balanced level. Should there be market expectations of continued depreciation of the yuan, these companies could hardly get any long-term export order. How could this be benicial for China’s exports?

　　大家都知道，中国对外贸易中，大宗商品贸易占很大比重。今年1到8月份，中国进口的原油是2.2亿吨，比去年同期增长了10%，大豆进口同比增长了7%，铁矿石进口与去年同期基本持平，进口了6亿多吨。但是大宗商品进口价格下来了，有的下跌了40%、50%，这给我们也带来了影响。关税下来了，财政收入受到较大压力。但是国际市场价格不是我们能决定的，我们进口量没有下来，由于价格下降导致进口额减少，应该由谁来负责?我想大家可以进行讨论。大家都知道，如果国际市场大宗商品价格有所回升，我们进口关税也可以多征收，这能够用于改善我们的民生。同时，PPI也会有变化，这对企业利润、经营效益的改善是有利的，当然这需要各方共同努力。

　　As you know, commodity trade takes up a large part in China’s total foreign trade. Between January and August this year, China imported 220 million tons of crude oil, up by 10% over the previous year. Soy bean imports rose by 7%, and iron ore imports were over 600 million tons, more or less the same as last year. However, commodity prices have dropped significantly, with some plunging 40-50%. We have been affected as a result. There were less tariffs and hence the strains on China’s public finance. But commodity prices are not something for us to decide. Total import volume has not declined, yet the value of imports has come down as a result of falling prices. Who should be held accountable for this? It is a topic that can be further discussed and debated. If international commodity prices rebound, we would get more import tariffs. This would mean more public money to spend on improving people’s lives. There would be change in the PPI too, which is benicial for improving corporate profitability and performance. This is an issue that requires joint forts for a solution.

　　至于人民币的国际化，将由市场来选择，也要根据中国经济发展的实际来推进，它有一个过程，我们也会逐步推进人民币资本项下可兑换等措施。但有一点可以肯定，人民币持续贬值一定是不利于人民币国际化的，这不是我们的政策取向。中国愿意加入SDR，不仅是为了人民币逐渐实现国际化，也是尽一个发展中大国应尽的国际责任。中国不是世界经济风险之源，而是世界经济增长的动力之源。

　　As for internationalization of the RMB, it should be a market-driven process. It needs to fit China’s reality of economic development and will take some time. We will gradually achieve full convertibility of the RMB under capital accounts. One thing is certain: a continually devaluing RMB is not conducive to the RMB internationalization process. This is not our policy orientation. China wishes to join the SDR, not just for making the RMB more internationalized, but also for fulfilling China’s due international responsibilities as a big developing country. China is not a source of risks for the global economy; China is a driver of world economic growth.

　　谢谢。

　　Thank you.