RemarkstotheCaijingAnnualConference.doc

Remarks to the Caijing Annual Conference
财经年会致词

JW Marriott Hotel, Beijing
北京JW万豪酒店

December 15, 2011
2011年12月15日

Thank you, Mr. Yang, for the very kind introduction. It’s always been a pleasure working with you, when I was a governor, for those interviews and also, as you indicated, at the grand opening of the United Family Hospital. Thank you, also, to Caijing Magazine Editor-in-Chief Wang Boming and Boyuan Foundation Chairman Qin Xiao for the invitation to speak here today. This annual conference offers a very important venue for participants from China and abroad to share their perspectives on China’s future.

谢谢杨先生非常客气的介绍。一直很高兴与你在我还是州长时的那些采访合作，还有如你所说的，在和睦家医院开幕典礼上的合作。还要感谢“财经”杂志主编王波明和博源基金会主席秦晓邀请我今天在这里发言。这个年会提供了一个非常重要场所，让来自中国和国外的与会者分享他们对中国未来的观点。

Indeed, there may be few topics more widely or hotly discussed than China’s future. And, some would argue, the future of the U.S.-China relationship is among the most important globally of any bilateral relationship.

事实上，可能没有几个比中国的未来更被广泛或热烈议论的话题。并且，有人会说，美中关系的未来是全球任何双边关系中最重要的。

China Growth Sparked by Opening and Reform
改革开放所引发的中国经济增长

As we consider the future of U.S.-China relations and China’s place in the global economy, it’s important to figure out how exactly China’s economic transformation happened. Because just a quarter century ago China’s economic success was hardly a sure thing.

当我们考虑美中关系的未来和中国在全球经济中的地位时，弄清楚中国经济转型究竟是怎样发生的很重要。因为，仅仅四分之一个世纪前，中国的经济成功还是一件非常不确定的事。

How did China grow so fast? And why did this growth occur when it did? Why these last 30 years, starting in 1979, and not the 30 years before that, starting in 1949?

中国是如何发展得这么快的？为什么这种增长在那时发生？为什么是在1979年之后的30年，而不是这之前的30年，于1949年开始？

The first answer to these questions I think is rather simple. China prospered because it unleashed the drive, the ingenuity and the talent of its people. China’s economic growth was sparked by its unprecedented economic and cultural opening up to the world.

我认为对这些问题的初始回答很简单。中国蓬勃发展是因为它让其人民的能动性、聪明才智得以释放。中国的经济增长是由其前所未有面向世界的经济和文化开放所引发的。

The explosive growth along China’s eastern coast, and increasingly in inland provinces, has lifted hundreds of millions of people out of poverty and into a thriving middle class. What China has done is an unprecedented economic transformation, and the citizens and the government leaders of this country have every right to be proud of what they’ve accomplished.

中国东部沿海以及越来越多内陆省份的爆炸式增长，已经让数以百万计的人民摆脱贫困，成为欣欣向荣的中产阶级。中国已完成的是前所未有的经济转型，并且这个国家的公​​民和政府领导人完全有权利为他们所取得的成就感到自豪。

A Strong China is Good for the U.S. and the World
一个强大的中国对美国和世界有利

The United States unequivocally welcomes this transformation. America remains committed to building a positive, cooperative, comprehensive relationship with China. As President Obama affirmed to President Hu at the recent APEC summit in Hawaii, and to Premier Wen at the East Asia Summit in Bali, the United States very much welcomes a thriving and prosperous China that plays a greater role in world affairs because it’s good for the people of China. It’s good for the people in the region. It’s good for the people of the United States. And it’s good for the global economy.

美国明确地欢迎这一转型。美国继续致力于与中国建设一个积极合作全面的关系。正如欧巴马总统最近在哈瓦伊APEC峰会上向胡主席以及在巴厘岛东亚峰会上向温总理所明确的，美国非常欢迎一个在世界事务中发挥更大作用的繁荣昌盛的中国，因为它对中国人民有益。它对该地区人民有益。它对美国人民有益。并且，它对全球经济有益。

America has a stake in China’s continued economic growth and China has a stake in a quick and strong U.S. economic recovery. Simply put, a strong U.S. economy means more jobs for the people of China. And a strong Chinese economy with growing prosperity among its people means more jobs for Americans.

美国与中国经济的持续增长利益攸关，而且，中国与美国经济快速和强劲的复苏利益攸关。简而言之，一个强劲的美国经济意味着中国人民有更多的就业机会。一个强劲的、其人民日益繁荣的中国经济意味着美国人有更多的就业机会。

China Must Do More and Open Further
中国需要继续努力并进一步开放

China’s own recent history proves that when it opens itself there is nothing that its people cannot accomplish. Beginning with the economic reforms under Deng Xiaoping in 1979 and continuing through China joining the WTO in 2001, China has made its economy fairer, freer and more open to international competition.

中国自己的近代史证明，当它开放自己时，没有什么事情是其人民完成不了的。从1979年邓小平领导下的经济改革开始，一直到2001年中国加入世贸组织，中国已经使其经济更公平、更自由和更加对国际竞争开放。

The reforms are far from complete, but the trends are clear. The more China has opened up, the more it has benefited from the rules-based international trading system established in the post-World War II era.

这些改革还远没有完成，但趋势是明确的。中国越开放，就越从后二战时代所建立的以规则为基础的国际贸易制度中受益。

At the same time, China has acknowledged that the growth model it has relied on for the last 30 years -- one based on low-cost exports to the rest of the world and investment in resource-intensive heavy manufacturing -- cannot serve it as well over the next 30 years.

与此同时，中国意识到，它过去30年所一直依赖的增长模式 - 一个以向世界其他地方进行低成本出口和以资源密集的重型制造业投资为基础的增长模式 - 不能在未来30年很好地为其服务。

Premier Wen Jiabao observed that China’s over-reliance on low-cost exports is -- and these are his words now -- quote, “unsustainable, unbalanced, uncoordinated, and unstable.” End quote.

温家宝总理注意到，中国对低成本出口的过度依赖 – 这些都是他的原话 – 是“不可持续不平衡、不协调和不稳定的”。

The need for change is reflected in China’s latest five-year plan with its focus on expanding domestic consumption, reducing energy and carbon intensity, expanding the services sector, and fostering innovation in newly emerging industries.

改革的必要性体现在中国最新的五年规划中，其重点是扩大国内消费，减少能源和碳排放强度，扩大服务业，并促进新兴产业创新。

But there’s a gap between the goals that China has identified in its five-year plan and the steps it’s taking to achieve them.

但是，中国在其五年规划中所确定的目标与其实现它们的步骤之间存在着差距。

China’s current business climate, quite frankly, is causing growing frustration among foreign businesses and government leaders. In examining this concern, the single largest barrier to improved U.S.-China economic cooperation is a lack of openness in many areas of the Chinese economy. And if this lack of openness continues it will mean less innovation from Chinese businesses, fewer opportunities for the Chinese people, and slower growth for the Chinese economy. These are outcomes that neither China nor the world economy can afford.

坦率地说，中国当前的商业环境正在国外企业和政府领导人中引起越来越多的的挫折感。在研究这种担心时，改善的美中经济合作的最大障碍是中国经济的许多领域缺乏开放。如果这种开放的缺乏继续下去，它将意味着较少的来自中国企业的创新，对中国人民来说，较少的机会，对中国经济来说，放缓的增长。这些结果是无论中国还是世界经济都无法承受的。

At the same time, as one of the largest economies in the world, China must adhere to its international obligations, and indeed help strengthen the rules-based international trading system. That’s why we in the United States are troubled by the trend in China toward more intense state intervention in the Chinese economy.

同时，作为世界最大经济体之一，中国必须信守其国际义务，并确实帮助加强以规则为基础的国际贸易体系。这就是为什么我们在美国对中国走向更强国家经济干预的趋势感到困扰。

Areas for Opening/Reform: Financial Services
开放/改革领域：金融服务业

We in the United States want China to succeed, so I’d like to highlight a few areas where more opening could help create a more dynamic and prosperous China.

我们在美国希望中国成功，所以我想强调几个更多开放可以帮助建立一个更加充满活力和繁荣中国的领域。

China has stressed its intent under the latest Five-Year Plan to accelerate services reform, including a focus on opening, and on competition. However, some of China’s most restrictive policies on foreign participation remain in those very same sectors.

中国在最新的五年规划中强调了其加快服务业改革的意图，其中包括将重点放在开放和竞争上。然而，中国一些对外方参与最具限制性的政策仍然存在于这些相同的部门。

Regarding financial services, for example, among its peers in the G-20 and Financial Stability Board, China stands out as the nation with the most restrictive policies regarding foreign participation in the financial services sector. Opening up China’s financial services sector to more foreign investment would promote China’s own goals of innovation and economic transformation while providing better services to small businesses and to households throughout China.
拿金融服务业来说，在G-20 和金融稳定委员会的同伴之中，中国作为在金融服务业对外资参与有最严格限制政策的国家而显得突出。向更多外资开放中国的金融服务业将促进中国自己的创新和经济转型目标，同时向中国各地的小企业和家庭提供更好的服务。

A case in point is insurance. According to most market observers, foreign insurers remain far ahead of their Chinese competitors in terms of the expertise, the products and the quality of service, and yet in key segments of the insurance market foreign insurance companies in China are restricted to doing business through weak performing joint venture partnerships that prevent these foreign companies from ever attaining a majority share. A robust insurance industry in China would reduce the need for the Chinese people to save so much of their income and this would enable more domestic consumption, which is a key goal of the five-year plan.

一个典型的例子是保险。据大多数市场观察家称，外方保险商仍然在专业知识、产品和服务质量方面远远领先于他们的中国竞争对手，但在保险市场的关键环节，在中国的外方保险公司只被限于通过业绩不良合资伙伴关系来做生意，并且这种合资伙伴关系让这些国外公司永远不能获得多数股份。在中国，一个强大的保险行业将减少中国人民将他们那么多收入存起来的需求，并且，这将促进更多的国内消费，这是五年规划的一个关键目标。

I cited insurance, but there are many other financial service sectors in China where a more level playing field for foreign firms could provide Chinese firms and consumers with greater value-added services and products. These include commercial banking, fund management, securities underwriting, and consumer finance services including auto loans, credit cards, and on-line payment services.

我提到保险，但有很多其他中国金融服务部门，在这些部门中，一个对外国公司更公平的赛场可以为中国企业和消费者提供更好的增值服务和产品。这些部门包括商业银行、基金管理、证券承销，以及消费者金融服务，其中包括汽车贷款、信用卡和网上支付服务。

Allowing more open and equal foreign competition in these areas would advance industry standards and actually create a more diverse and developed Chinese financial system. In many of these sectors there is little activity being conducted by Chinese companies, so greater foreign participation would not take away jobs from the people of China.

允许这些领域更加开放和平等的外方竞争，将促进行业标准，并实际上创建一个更加多样化和发达的中国金融体系。在许多这些部门中，中国公司并没有开展多少活动，因此，更多的外方参与不会夺走中国人的工作。

Areas for Opening/Reform: Intellectual Property
开放/改革的领域：知识财产

Enforcement of intellectual property rights is also one of the areas where China must continue to devote attention. China’s poor protections and enforcement of intellectual property rights makes it difficult for innovative companies, both foreign and Chinese companies, to compete on a level playing field. Despite some progress, foreign companies and industries ranging from pharmaceuticals to biotechnology to advanced manufacturing to entertainment still lose billions of dollars every year from IP theft in China.

知识产权执法也是中国必须继续投入精力的领域之一。中国不良的知识产权保护和强制执行令创新型企业，无论是外方还是中国的公司，都难以在一个公平的赛场上竞争。尽管取得了一些进展，从医药到生物技术到先进制造到娱乐的各个外方公司及行业每年在中国仍然因知识财产盗窃损失数十亿美元。

Take software, for example. In the United States, for every one dollar of computer hardware sales there’s about 88 cents in software sales, but in China, for every dollar in hardware sales there’s only 8 cents in software sales. According to the American Business Software Alliance, that discrepancy is largely explained by the fact that nearly 80 percent of the software used on computers in China is counterfeit. Software companies actually report that they earn more from legitimate sales of their products in Vietnam than in all of China, despite the fact that China’s economy is 50 times larger than that of Vietnam.

举软件为例。在美国，对于每一美元的电脑硬件销售，有约88美分软件销售，但在中国，对于每一美元的硬件销售，只有8美分软件销售。根据美国商业软件联盟，这个差异很大程度被解释为这样的事实，即在中国，在电脑上使用的近80%软件是假冒的。实际上，软件公司报告称他们从越南的合法产品销售中获利超过在中国的全部获利，尽管事实上中国经济比越南大50倍。

The lack of strong intellectual property rights enforcement is troubling not just to foreign firms but to Chinese firms in China as well. I’ve heard from so many Chinese-owned companies here in China, who have devoted significant resources to developing new products and technologies, complain that they were almost wiped out by other companies illegally copying their ideas and their technology.

缺乏强有力的知识产权强制执行不仅困扰着外国公司，也困扰着在中国的中国企业。我听说在中国有如此多投入大量资源发展新产品和技术的中国人所有的企业，抱怨他们几乎被非法复制他们想法和技术的其他公司打垮了。

For every foreign company calling for stronger IP protection there are many more Chinese companies demanding the same. Stronger IPR enforcement is essential to protect the work of Chinese writers and musicians, to provide incentives for Chinese firms to invest in research and development and to help China reach its goals of fostering a more innovative and prosperous economy.

对于每家呼吁更强有力的知识财产保护的外资公司，有更多中国公司有同样的要求。更强有力的知识产权强制执行对保护中国作家和音乐家的工作，为投资研究和发展的中国公司提供激励，以及帮助中国达到它培育更创新、更繁荣经济的目标来说是必不可少的。

We just concluded the 22nd session of the U.S.-China Joint Commission on Commerce and Trade in Chengdu last month. China announced a new, permanent IP enforcement structure, led by Vice Premier Wang Qishan. That will allow much better government coordination of IP enforcement efforts and stronger outcomes on the ground. And we welcome the expanded commitment.

我们上月刚刚在成都结束了美中商务和贸易联合委员会第22次会议。中国宣布了由副总理王岐山领导的一个新的永久知识财产强制执行体系。这能使政府在知识财产强制执行的努力上更好地协调并获得更好的实地成果。我们欢迎这种扩大的承诺。

U.S. Taking Concrete Action
美国采取具体行动

I want to discuss briefly a few examples of how the United States is working diligently to enhance our trade and investment with China. And also by clearing up some misconceptions, I hope we can continue to make continued, concrete progress in our bilateral economic relationship.

我想简要讨论几个关于美国怎样勤奋工作以增强我们与中国的贸易和投资的例子。还有，通过澄清一些误解，我希望我们可以在我们的双边经济关系上继续取得持续、具体的进步。

Export Controls
出口管制

First, the United States is working to reform our Export Control system. I want to compliment our two countries' governmental working groups on export controls that have extensively deliberated to identify areas for progress on specific items. In fact, China provided a list of 141 items for which it desires greater imports, items that it wants to purchase from the United States. As a result of our work together, the United States has indicated 46 of these technologies that can be readily exported to China, and some may not need a license at all.

首先，美国正致力于改革我们的出口管制体系。我想赞扬我们两国的政府出口管制工作小组，他们广泛地磋商，以确认出那些能在具体项目上取得进步的领域。事实上，中国提供了一份141项的清单，针对它期望更多进口的项目，它想从美国购进的项目。作为我们共同努力的结果，美国表示这些技术中有46项可以很容易地向中国出口，一些可能完全不需要许可证。

We actually need additional detail from China on the remaining requested items, so that we can determine whether and under what conditions they can be exported. But as to those 46 items, the United States has actually proposed to bring U.S. companies here to China to introduce them to the Chinese companies interested in purchasing these high-tech goods. We hope China will take us up on this offer and facilitate these meetings.

实际上，我们需要中国就剩下的要求项目提供更多细节，这样我们就能决定它们能不能够出口以及在什么条件下出口。但是，至于那46个项目，美国实际上已经提议带美国公司来中国，向有兴趣购买这些高科技商品的中国公司介绍它们。我们希望中国接受我们的这个提议并为这些会议提供便利。

Chinese Investment in the U.S.
中国在美国的投资

In addition to welcoming trade with China in high-tech goods, we very much welcome and encourage Chinese investment in the United States.

除了欢迎与中国间的高科技商品贸易，我们非常欢迎并鼓励中国在美国投资。

More than five million Americans right now are directly employed by foreign companies in the United States, ranging from Japanese and German car factories to Russian steel mills to Indian energy companies to Brazilian juice processors. We’re welcoming more Chinese companies every day. There are vi