Strengthen Confidence and Work Together for A New Round of World Economic Growth
Special Message by H.E. Wen Jiabao
Premier of the State Council of the People's Republic of China At the World Economic Forum Annual Meeting XX
28 January XX
Professor Klaus Schwab, Executive Chairman of the World Economic Forum, Ladies and Gentlemen,
I am delighted to be here and address the World Economic Forum Annual Meeting XX. Let me begin by thanking Chairman Schwab for his kind invitation and thoughtful arrangements. This annual meeting has a special significance. Amidst a global financial crisis rarely seen in history, it brings together government leaders, business people, experts and scholars of different countries to jointly explore ways to maintain international financial stability, promote world economic growth and better address global issues. Its theme -- "Shaping the Post-Crisis World" is highly relevant. It reflects the vision of its organizers. People from across the world are eager to hear words of wisdom from here that will give them strength to tide over the crisis. It is thus our responsibility to send to the world a message of confidence, courage and hope. I look forward to a successful meeting.
尊敬的施瓦布主席，
女士們，先生們，朋友們：
我首先在中國牛年到來的時候給大家拜年。牛年象徵著勤勞、奉獻和富足，我衷心祝願我們這個世界在牛年經濟得以復甦和發展，人民幸福安康。
我很高興出席世界經濟論壇XX年會，並發表特别致辭。首先，我要感謝施瓦布主席的盛情邀請和周到安排。本屆年會意義特殊，在歷史罕見的國際金融危機之中，各國政要、企業家和專家學者聚集在這裡，圍繞"重塑危機後的世界"這一主題，共同探討維護國際金融穩定、促進世界經濟成長的舉措，探索全球綜合治理之道，既有重要的現實意義，也體現了會議舉辦者的遠見卓識。各方面熱切期盼從這裡聽到富有智慧的聲音，凝聚戰勝危機的力量。我們有責任向世界傳遞信心、勇氣和希望。我預祝本屆年會取得成功！
The ongoing international financial crisis has landed the world economy in the most difficult situation since last century's Great Depression. In the face of the crisis, countries and the international community have taken various measures to address it. These measures have played an important role in boosting confidence, reducing the consequences of the crisis, and forestalling a meltdown of the financial system and a deep global recession. This crisis is attributable to a variety of factors and the major ones are: inappropriate macroeconomic policies of some economies and their unsustainable model of development characterized by prolonged low savings and high consumption; excessive expansion of financial institutions in a blind pursuit of profit; lack of self-discipline among financial institutions and rating agencies and the ensuing distortion of risk information and asset pricing; and the failure of financial supervision and regulation to keep up with financial innovations, which allowed the risks of financial derivatives to build and spread. As the saying goes, "A fall in the pit, a gain in your wit," we must draw lessons from this crisis and address its root causes. In other words, we must strike a balance between savings and consumption, between financial innovation and regulation, and between the financial sector and real economy.
我們正在經歷的這場國際金融危機，使世界經濟陷入上世紀大蕭條以來最困難的境地。各國和國際社會紛紛採取積極應對措施，對提振信心、緩解危機、防止金融體系崩潰和世界經濟深度衰退起到了重要作用。這場危機的原因是多方面的。主要是：有關經濟體巨觀經濟政策不當、長期低儲蓄高消費的發展模式難以為繼；金融機構片面追逐利潤而過度擴張；金融及評級機構缺乏自律，導致風險信息和資產定價失真；金融監管能力與金融創新不匹配，金融衍生品風險不斷積聚和擴散。"吃一塹，長一智。"我們必須從中認真吸取教訓，正確處理儲蓄與消費的關係，金融創新與金融監管的關係，虛擬經濟與實體經濟的關係，從根本上找到化解危機之策。
The current crisis has inflicted a rather big impact on China's economy. We are facing severe challenges, including notably shrinking external demand, overcapacity in some sectors, difficult business conditions for enterprises, rising unemployment in urban areas and greater downward pressure on economic growth.
坦率地說，這場危機對中國經濟也造成較大衝擊，我們正面臨嚴峻挑戰。主要是：外部需求明顯收縮，部分行業產能過剩，企業生產經營困難，城鎮失業人員增多，經濟成長下行的壓力明顯加大。
As a big responsible country, China has acted in an active and responsible way during this crisis. We mainly rely on expanding effective domestic demand, particularly consumer demand, to boost economic growth. We have made timely adjustment to the direction of our macroeconomic policy, swiftly adopted a proactive fiscal policy and a moderately easy monetary policy, introduced ten measures to shore up domestic demand and put in place a series of related policies. Together, they make up a systematic and comprehensive package plan aimed at ensuring steady and relatively fast economic growth.
中國作為一個負責任的大國，在危機中採取了積極負責的態度。我們把擴大國內有效需求特別是消費需求作為促進經濟成長的基本立足點。及時調整巨觀經濟政策取向，果斷實施積極的財政政策和適度寬鬆的貨幣政策，迅速出台擴大國內需求的十項措施，陸續制定和實施一系列政策，形成了系統完整的促進經濟平穩較快發展的一攬子計畫。這個計畫包括：
First, substantially increase government spending and implement a structural tax cut. The Chinese Government has rolled out a two-year program involving a total investment of RMB 4 trillion, equivalent to 16 percent of China's GDP in XX.
一是大規模增加政府支出和實施結構性減稅。中國政府推出了總額達4萬億的兩年計畫，規模相當於XX年中國GDP的16%。
The investment will mainly go to government-subsidized housing projects, projects concerning the well-being of rural residents, railway construction and other infrastructural projects, environmental protection projects and post-earthquake recovery and reconstruction. Some of them are identified as priority projects in China's 11th Five-Year Plan for Economic and Social Development. The rest are additional ones to meet the needs of the new situation. This two-year stimulus program has gone through scientific feasibility studies and is supported by a detailed financial arrangement. RMB 1.18 trillion will come from central government's budget, which is expected to generate funds from local governments and other sources. The Chinese Government has also launched a massive tax cut program which features the comprehensive transformation of the value-added tax, the adoption of preferential tax policies for small and medium-sized enterprises （SMEs） and real estate transactions, and the abolition or suspension of 100 items of administrative fees. It is expected to bring about a total saving of RMB 500 billion for businesses and households each year.
主要投向保障性安居工程、農村民生工程、鐵路交通等基礎設施、生態環保等方面的建設和地震災後恢復重建，這裡既有“十一五”規劃內加快實施的項目，也有根據發展需要新增的項目。這個計畫經過了科學論證，在資金保證上作了周密的安排，其中中央政府計畫投資1.18萬億元，並帶動地方和社會資金參與建設。中國政府還推出了大規模的減稅計畫，主要是全面實施增值稅轉型，出台中小企業、房地產交易相關稅收優惠政策等措施，取消和停徵100項行政事業性收費，一年可減輕企業和居民負擔約5000億元。
Second, frequently cut interest rates and increase liquidity in the banking system. The central bank has cut deposit and lending rates of financial institutions five times in a row, with the one-year benchmark deposit and lending rates down by 1.89 percentage points and 2.16 percentage points respectively. Thus the financial burden of companies has been greatly reduced. The required reserve ratio has been lowered four times, adding up to a total reduction of 2 percentage points for large financial institutions and 4 percentage points for small and medium-sized ones. This has released around RMB 800 billion of liquidity and substantially increased funds available to commercial banks. A series of policy measures have been adopted in the financial sector to boost economic growth, including increasing lending, optimizing the credit structure, and providing greater financial support to agriculture and the SMEs.
二是大頻度降息和增加銀行體系流動性。中央銀行連續5次下調金融機構存貸款利率，其中一年期存、貸款基準利率累計分別下調1.89和2.16個百分點，大幅度減輕企業財務負擔。連續4次下調存款準備金率，大型金融機構累計下調2個百分點，中小型金融機構累計下調4個百分點，共釋放流動性約8000億元，使商業銀行可用資金大幅增加。我們還出台一系列金融促進經濟成長的政策措施，擴大貸款總量，最佳化信貸結構，加大對“三農”、中小企業等方面的金融支持。
Third, implement the industrial restructuring and rejuvenation program on a large scale. We are seizing the opportunity to push ahead comprehensive industrial restructuring and upgrading. To this end, plans are being drawn up for key industries such as automobile and iron and steel, which not only focus on addressing the immediate difficulties of enterprises but also look toward their long-term development. We have taken strong measures to facilitate the merger and reorganization of enterprises, phase out backward production capacity, promote advanced productive forces, and improve industry concentration and the efficiency of resource allocation. We encourage our enterprises to upgrade technologies and make technological renovation. We support them in making extensive use of new technologies, techniques, equipment and materials to restructure their product mix, develop marketable products and improve their competitiveness. Our financial support policies are being improved, a sound credit guarantee system installed and market access eased for the benefit of SME development.
三是大範圍實施產業調整振興規劃。我們抓住機遇全面推進產業結構調整和最佳化升級，制定汽車、鋼鐵等重點產業的調整和振興規劃，既著眼於解決企業當前存在的困難，又致力於產業的長遠發展。採取有力措施，推進企業兼併重組，淘汰落後產能，發展先進生產力，提高產業集中度和資源配置效率。我們鼓勵企業技術進步和技術改造，支持企業廣泛套用新技術、新工藝、新設備、新材料，調整產品結構，開發適銷對路的產品，提高生產經營水平。我們不斷完善和落實金融支持政策，健全信用擔保體系，放寬市場準入，支持中小企業發展。
Fourth, actively encourage innovation and upgrading in science and technology. We are speeding up the implementation of the National Program for Medium- and Long-Term Scientific and Technological Development with a special focus on 16 key projects in order to make breakthroughs in core technologies and key generic technologies. This will provide scientific and technological support for China's sustainable economic development at a higher level. We are developing high-tech industrial clusters and creating new social demand and new economic growth areas.
四是大力度推進科技創新和技術改造。加快實施國家中長期科學和技術發展規劃，特別是16個重大專項，突破一批核心技術和關鍵共性技術，為中國經濟在更高水平上實現可持續發展提供科技支撐。推動發展高新技術產業群，創造新的社會需求，培育新的經濟成長點。
Fifth, substantially raise the level of social security. We have accelerated the improvement of social safety net. We will continue to increase basic pension for enterprise retirees and upgrade the standard of unemployment insurance and workers' compensation. We will raise the level of basic cost of living allowances in both urban and rural areas, welfare allowances for those rural residents without family support and the special allowances and assistance to entitled groups. This year, the central budget for social security and employment will increase at a much higher rate than the growth of the overall fiscal revenue.
五是大幅度提高社會保障水平。我們加快完善社會保障體系，繼續提高企業退休人員基本養老金，提高失業保險金和工傷保險金的標準，提高城鄉低保、農村五保等保障水平，提高優撫對象撫恤和生活補助標準。今年，中央財政用於社會保障和就業的資金投入增幅將大大高於財政收入的增幅。
We are advancing the reform of the medical and health system and working to put in place a nationwide basic medical and health system covering both urban and rural areas within three years and achieve the goal of everyone having access to basic medical and health service. It is estimated that governments at all levels will invest RMB 850 billion for this purpose. We give priority to education and are now working on the Guidelines of the National Program for Medium- and Long-Term Educational Reform and Development.
我們積極推進醫藥衛生體制改革，力爭用三年時間基本建成覆蓋全國城鄉的基本醫療衛生制度，初步實現人人享有基本醫療衛生服務，預計三年內各級政府將為此投入8500億元。我們堅持優先發展教育，正在制度國家中長期教育改革和規劃發展綱要。
This year, we will increase public funds for compulsory education in rural areas, offer more financial support to students from poor families and improve the well-being of middle and primary school teachers so as to promote equity in education and optimize the educational structure. We are using every possible means to lessen the impact of the financial crisis on employment.
今年將進一步提高農村義務教育公用經費標準，加大對家庭經濟困難學生的資助，提高中國小教師待遇，繼續促進教育公平和最佳化教育結構。我們實施更加積極的就業政策。特別是出台了大學畢業生和農民工就業的各項措施，進一步開闢公益性就業崗位，千方百計減緩金融危機對就業的影響。
We are following a more active employment policy. In particular, we have introduced various policy measures to help college graduates and migrant workers find jobs and provided more government-funded jobs in public service. These major policy measures as a whole target both symptoms and root causes, and address both immediate and long-term concerns. They represent a holistic approach and are mutually reinforcing. They are designed to address the need to boost domestic demand, readjust and reinvigorate industries, encourage scientific innovation and strengthen social security. They are designed to stimulate consumption through increased investment, overcome the current difficulties with long-term development in mind, and promote economic growth in the interest of people's livelihood. These measures can mobilize all resources to meet the current crisis.
總的看，這些重大政策措施，注重標本兼治、遠近結合、綜合協調、相互促進，把擴大國內需求、調整振興產業、推進科技創新、加強社會保障結合起來，把增加投資和刺激消費結合起來，把克服當前困難和促進長遠發展結合起來，把拉動經濟成長和改善民生結合起來，對於動員全社會力量共同應對危機，起到了關鍵性作用。
China's economy is in good shape on the whole. We managed to maintain steady and relatively fast economic growth in XX despite two unexpected massive natural disasters. Our GDP grew by 9 percent. CPI was basically stable. We had a good grain harvest for the fifth consecutive year, with a total output of 528.5 million tons. Eleven million and one hundred and thirty thousand new jobs were created in cities and towns. Household income in both urban and rural areas continued to rise. The financial system functioned well and the banking system kept its liquidity and credit asset quality at a healthy level. When China, a large developing country, runs its affairs well, it can help restore confidence in global economic growth and curb the spread of the international financial crisis. It will also help increase China's imports and outbound investment, boost world economic growth and create more development and job opportunities for other countries. Steady and fast growth of China's economy is in itself an important contribution to global financial stability and world economic growth.
當前中國經濟形勢總體上是好的。經過努力，在戰勝兩場突如其來的特大自然災害的同時，XX年中國經濟保持了平穩較快發展。國內生產總值增長9%，居民消費價格基本穩定；糧食連續5年豐收，總產量達到5.28億噸；城鎮新增就業 1113萬人，城鄉居民收入持續增加；金融體系穩健運行，銀行體系流動性和信貸資產質量保持在較好水平。作為一個發展中大國，中國把自己的事情辦好，有利於提振對世界經濟成長的信心，有利於減緩國際金融危機擴散蔓延趨勢，有利於增加中國的進口和對外投資，拉動世界經濟成長，給其他國家提供更多發展機遇和就業機會。中國經濟保持平穩較快發展，對維護國際金融穩定和促進世界經濟成長作出了重要貢獻。
Ladies and Gentlemen,
Will China's economy continue to grow fast and steadily? Some people may have doubts about it. Yet I can give you a definite answer: Yes, it will. We are full of confidence. Where does our confidence come from? It comes from the fact that the fundamentals of China's economy remain unchanged. Thanks to our right judgment of the situation and prompt and decisive adjustment to our macroeconomic policy, our economy remains on the track of steady and fast development. Our package plan takes into consideration both the need to address current difficulties and that of long-term development. It is beginning to produce results and will be more effective this year. Our confidence comes from the fact that the long-term trend of China's economic development remains unchanged.
女士們，先生們：
中國經濟能不能繼續保持平穩較快發展？有些人可能會有疑慮。我可以給大家一個肯定的回答：我們對此充滿信心。我們的信心來自哪裡？
信心來自中國經濟發展的基本面沒有改變。由於我們正確判斷形勢、及時果斷調整巨觀經濟政策，中國經濟仍然保持了平穩較快發展。我們制定並實施的既應對當前困難又著眼長遠發展的一攬子計畫，開始見到效果，今年將發揮更大作用。
We are in an important period of strategic opportunities and in the process of fast industrialization and urbanization. Infrastructure construction, upgrading of industrial and consumption structures, environmental protection and conservation projects, and various social development programs--all can be translated into huge demand and growth potential and will bolster relatively high-speed growth of our economy for a long time to come. Our confidence also comes from the fact that the advantages contributing to China's economic growth remain unchanged. With 30 years' of reform and opening-up, we have laid a good material, technological and institutional foundation.
We have a large well-trained and relatively low-cost labor force. We have a healthy fiscal balance, a sound financial system and adequate funds. Our system enables us to mobilize the necessary resources for big undertakings. There is harmony and stability in our society. What is more important, we follow a scientific approach to development which puts people first and seeks comprehensive, balanced and sustainable development. We are committed to reform, opening-up and win-win progress. We have found the right development path in line with China's national conditions and the trend of our times. Our people are hard-working, persevering and resilient. It is precisely these fine qualities that endow China, a country with a time-honored history, with greater vitality in the face of adversities.
信心來自中國經濟發展的長期趨勢沒有改變。我們仍處於重要戰略機遇期，在工業化和城鎮化快速推進中，基礎設施建設、產業結構和消費結構升級、環境保護和生態建設、社會事業發展，蘊藏著巨大的需求和增長潛力，它將有力支撐中國經濟在較長時間內繼續保持較高速度增長。
信心來自中國經濟發展的優勢沒有改變。經過30年改革開放，我們建立了良好的物質、技術和體制基礎。勞動力資源豐富、素質較高、成本較低；國家財政收支狀況良好，金融體系穩健，社會資金充裕；我們有集中力量辦大事的制度優勢、和諧安定的社會環境。更為重要的是，我們樹立了以人為本、全面協調可持續發展的科學發展理念，始終堅持改革開放，始終奉行互利共贏的開放戰略，找到了一條符合中國國情、順應時代潮流的正確發展道路；我們的人民擁有堅韌不拔、自強不息、百折不撓的精神和意志，正是這些優秀品質，使歷史悠久的中國在逆境中煥發更加強勁的生命力。
At the same time, there is no fundamental change in the external environment for China's economic growth. The pursuit of peace, development and cooperation is the irreversible trend in today's world. The readjustment to the international division of labor offers new opportunities. We have the confidence, conditions and ability to maintain steady and fast economic growth and continue to contribute to world economic growth.
同時，中國經濟發展的外部環境沒有根本改變，求和平、謀發展、促合作是當今世界發展不可阻擋的潮流，國際分工格局調整中蘊藏著新的機遇。我們完全有信心、有條件、有能力繼續保持經濟平穩較快發展，繼續為世界經濟發展做出積極貢獻。
Ladies and Gentlemen,
The global financial crisis is a challenge for the whole world. Confidence, cooperation and responsibility are key to overcoming the crisis. Confidence is the source of strength. The power of confidence is far greater than what can be imagined. The pressing task for the international community and individual countries is to take further measures to restore market confidence as soon as possible. In times of economic hardships, confidence of all countries in the prospect of global economic development, confidence of leaders and people around the world in their countries, confidence of enterprises in investment and confidence of individuals in consumption are more important than anything else. In tackling the crisis, practical cooperation is the effective way.
女士們，先生們：
國際金融危機是一場全球性的挑戰，戰勝這場危機要靠信心、合作和責任。堅定信心是戰勝危機的力量源泉。信念的力量，遠比想像的更為強大。國際社會和各國當務之急，是繼續採取一切必要的措施，儘快恢復市場信心。在經濟困難面前，各國對世界經濟發展的前景有信心，國家領導人和各國人民對自己的國家有信心，企業對投資有信心，個人對消費有信心，這比什麼都重要。務實合作是戰勝危機的有效途徑。
In a world of economic globalization, countries are tied together in their destinies and can hardly be separated from one another. The financial crisis is a test of the readiness of the international community to enhance cooperation, and a test of our wisdom. Only with closer cooperation and mutual help, can we successfully manage the crisis. To prevail over the crisis, accepting responsibilities is the prerequisite. When governments fulfill their responsibilities with resolution and courage, they can help maintain a stable financial order and prevent the crisis from causing more serious damage on the real economy. Political leaders must be forward-looking. They should be responsible to the entire international community as well as to their own countries and people.
在經濟全球化條件下，大家的命運已經聯繫在一起，誰也離不開誰。金融危機檢驗著國際社會加強合作的誠意和水平，考驗著我們的智慧。只有加強合作，攜手努力，同舟共濟，才能有效應對危機。承擔責任是戰勝危機不可或缺的重要基礎。各國政府堅定、勇敢、負責地承擔起責任，對於穩定金融秩序、防止危機對實體經濟影響加深，十分重要。政治家要有遠見卓識，既要對自己的國家和人民負責，也要對國際社會負責。
It is imperative that we implement the broad agreement reached since the G20 Summit on Financial Markets and the World Economy. We should not only take more forceful and effective steps to tide over the current difficulties, but also push for the establishment of a new world economic order that is just, equitable, sound and stable. To this end, I would like to share with you the following ideas.
當前，應當抓緊落實20國集團領導人金融市場和世界經濟峰會以來達成的廣泛共識，不僅要採取更加積極有效的措施渡過當前難關，而且要努力推動建立公正、合理、健康、穩定的世界經濟新秩序。為此，我提出以下意見。