第一篇：拉加德总裁2018IMF-人民银行讲话
Belt and Road Initiative: Strategies to Deliver in the Next Phase
“一带一路”倡议：下一阶段实施的战略
Christine Lagarde, IMF Managing Director 国际货币基金组织总裁 克里斯蒂娜·拉加德
IMF-PBC Conference, Beijing
国际货币基金组织－民银行研讨会，北京
April 12, 2018 2018年4月12日
1.Introduction 1．引言
Governor Yi, Excellencies, distinguished guests, ladies and gentlemen – good morning!Zao Shang Hao!
易行长，各位阁下，各位嘉宾，女士们、先生们——早上好（中文）！
Thank you for the kind introduction.感谢您的热情介绍。
One year ago, here in Beijing, I spoke about the promise of the Belt and Road Initiative.一年前，就在北京，我曾谈到“一带一路”倡议的承诺和巨大潜力。
It is quite appropriate that we are gathered again at the beginning of the spring season, just when flowers start to bloom, to see how the Belt and Road Initiative(BRI)is developing.初春时节，鲜花盛开，我们的再次齐聚一堂，共同见证“一带一路”倡议取得的进展。时机非常恰当。
This is what I would like to discuss with you today: first, the early indications of progress under the Belt and Road Initiative – the blossoms – and then, equally important, how to make sure this endeavor can fully deliver in bearing fruit.而这也是我今天想与各位讨论的内容：首先，“一带一路”的成果已初现端倪，绽放出了花朵；其次，同等样重要的是，如何确保这一努力结出累累硕果。
2.Belt and Road Potential 2．“一带一路”的潜力
In 2013, when President Xi announced the Belt and Road Initiative, he described it as a platform for international cooperation.From promoting trade, to fostering financial inclusion, to facilitating people-to-people exchanges, this initiative seeks to bring the world closer together.2013年，在习主席宣布“一带一路”倡议时，他将之形容成为一个开展国际合作的平台。从促进贸易到推动普惠金融，再到促进人与人的交流，这一倡议寻求拉近世界各地之间的距离。
One of the examples of how the Belt and Road can connect communities is through infrastructure investment.“一带一路”将各群体相连的一个典型例子是基础设施投资。
We know that good infrastructure can help achieve more inclusive growth, attract more foreign direct investment, and create more jobs.我们知道，良好的基础设施有助于实现更具包容性的经济增长、吸引更多的外国直接投资并创造更多的就业机会。
A major project can transform the economic fortunes of a city or even an entire region.一个重大项目可以改变一个城市乃至整个地区的经济命运。
The Thailand-China high-speed railway is one example of infrastructure’s transformative impact.When completed, the new line will be the first of its kind in Thailand and could enhance the economy’s integration into regional supply chains.泰中高铁就是一个的很好例子，展示了基础设施带来的变革性影响。一旦建成，这条新线路将成为泰国第一条高铁，并将促进该国融入本地区的供应链。
Another example is in Kazakhstan, where a recently constructed manufacturing development zone is already stimulating trade and linking previously isolated areas.另一个例子是哈萨克斯坦。近期，该国建成了制造业开发区，这已开始促进之前闭塞的地区之间开展贸易和交流。
Given the more than 70 BRI participating countries, it is difficult to estimate precisely the overall investment needs.But they will be in the hundreds of billions of dollars annually.“一带一路”拥有70余个参与国，因此很难准确估计所需的总投资规模，但每年的投资需求将会达到几千亿美元。
Clearly, there is a pressing need for infrastructure and already there are signs of progress.In other words, blooms are starting to appear.很明显，基础设施的需求十分迫切，且成果也初见端倪。换句话说，鲜花开始绽放。
But there is a concern that some investments – if not properly tended – could wither on the vine.但也有人担心，一些投资如果管理不当，可能会中途失败。
So allow me to highlight two challenges facing the Belt and Road Initiative.因此，我想重点谈一下“一带一路”倡议面临的两个挑战。
3.Addressing Challenges in the Next Phase of Belt and Road 3．应对“一带一路”下一阶段的挑战
The first challenge is ensuring that Belt and Road only travels where it is needed.第一个挑战是，确保“一带一路”的项目仅在有需要的地方推进。
With any large-scale spending there is sometimes the temptation to take advantage of the project selection and bidding process.由于涉及大规模的支出，人们有时会面临项目甄选和招标过程中的诱惑。
Experiences from across the globe show that there is always a risk of potentially failed projects and the misuse of funds.全球经验显示，项目失败的风险和资金使用不当的情况总是存在的。
Even when the right project is picked, difficulties often arise during implementation.即便是选择了正确的项目，在实施过程中也常会遇到困难。
If Chinese and other companies assist with construction overseas, they may face new political, legal, and environmental obstacles.如果中国和其他国家的企业帮助在海外开展建设，那么它们可能会面临政治、法律和环境方面的新障碍。
Preparing for these situations, selecting projects that fill true infrastructure gaps, and implementing them in the most efficient way should be top priorities moving forward.未来的首要工作，是为这些情况做好准备，选择那些能真正填补基础设施缺口的项目，并以最高效的方式予以实施。
This is related to the second challenge – focusing on sound fiscal policies.这与第二个挑战有关——关注稳健的财政政策。
The Belt and Road Initiative can provide much-needed infrastructure financing to partner countries.“一带一路”倡议可以为伙伴国提供其亟需的基础设施融资。
However, these ventures can also lead to a problematic increase in debt, potentially limiting other spending as debt service rises, and creating balance of payment challenges.不过，这些项目也可能带来问题，导致债务水平上升。这可能会增加偿债成本，从而限制了其他方面的支出。其也可能带来国际收支方面的挑战。
In countries where public debt is already high, careful management of financing terms is critical.This will protect both China and partner governments from entering into agreements that will cause financial difficulties in the future.公共债务已然很高的国家，应该对融资条款进行谨慎管理。这将防止中国与其伙伴国政府 签署那些未来将有可能引发财政困难的协议。
Fortunately, we know that China’s leadership is aware of these potential risks – as well as the proven strategies that can help address the challenges.幸运的是，我们知道中国领导人已经意识到了这些潜在风险。此外，一些策略已被证明能帮助应对这些挑战。
A good starting point is ensuring transparent decision-making.An overarching framework between the various agencies involved in the Belt and Road Initiative would help provide clarity to all stakeholders.一个好的起点是确保决策透明。在“一带一路”倡议内，各机构之间建立起一个总体框架，将帮助为所有利益相关方提供清晰的信息。
A “one-stop shop” for the BRI could provide such a framework.The recently established International Development Cooperation Agency, which will be in charge of China’s foreign aid as well as the BRI, could potentially play this role.为“一带一路”倡议建立一个“一站式服务”的机构，便可提供一个这样的框架。近期成立的、负责中国对外援助和“一带一路”工作的国家国际发展合作署，可能会发挥出这种作用。
Digital tools can help as well.数字工具也有所帮助。
In Kenya, for example, the government recently launched an e-procurement system that made the review process more efficient and accessible.例如在肯尼亚，政府近期启动了一个电子采购系统，这使评估工作更加高效、更易展开。
Innovations like these can also help foster an open process and level playing field for project selection, which is essential for strong private sector participation.此类创新也有利于为项目选择建立公开的流程并营造公平的环境，而这对鼓励私人部门密切参与至关重要。
For projects that have already been approved, dispute resolution systems can prevent small problems from turning into major complications.对于已获批准的项目，建立争议解决机制 将能防止小问题演变成为大麻烦。
As projects are designed and implemented, meeting environmental standards can build trust within the community and allow investments to become sustainable building blocks for growth.随着项目的规划和实施，满足环境标准可在各群体中建立信任，并使项目投资成为可持续增长的基石。
These policies can enable success under the Belt and Road Initiative.这些政策能够确保“一带一路”倡议下的项目取得成功。
The IMF remains well-positioned to provide guidance in these areas, particularly by helping countries improve their overall public financial management.基金组织在这些领域经验丰富，随时准备着在这些方面给予指导，特别是在帮助各国全面改善公共财政管理问题上。
Through regular reviews of all IMF member economies – “surveillance” in IMF parlance – we offer policy advice to help countries maintain macroeconomic stability and debt sustainability, including for scenarios such as stepped-up investment.通过对全体基金组织成员经济体开展定期评估（也就是基金组织所说的“经济监督”），我们将提供政策建议，帮助各国维持宏观经济稳定和债务的可持续性，这也包括了投资不断增加的情况。
Through our capacity development, we assist our members, including China, in modernizing economic institutions, building human capital, and maintaining sound macroeconomic policies.通过开展能力建设，我们将帮助包括中国在内的各成员国 实现经济体制现代化，建设人力资本，维持稳健的宏观经济政策。
While much of our focus is on the Belt and Road Initiative today, I am also pleased to announce the launch of the new China-IMF Capacity Development Center(CICDC).This center will soon begin offering a series of activities, including macro-financial training courses, to officials from many of our member countries, including China.虽然我们今天的讨论主要关注“一带一路”倡议，但我也很高兴地宣布新的中国-国际货币基金组织联合能力建设中心（CICDC）正式启动。该中心很快将开始为包括中国在内的各成员国官员提供一系列的培训活动，包括宏观金融培训课程。
4.Conclusion 4．结论
Let me conclude by looking to the promise of the season.最后，让我来谈谈这个季节的承诺。
The steps taken today can help secure the expected gains from the Belt and Road Initiative and allow the buds we see to reach full bloom.今天采取的措施，有助于保障“一带一路”倡议取得预想成果，让我们所看到的花蕾最终盛开。
Working together, we can ensure there is a good harvest for many years to come.通过共同努力，我们可以确保在未来的许多年终将能收获累累硕果。
Thank you, and I wish you a successful conference.谢谢，预祝会议圆满成功。
Xièxiè.谢谢（中文）。
第二篇：IMF总裁拉加德2014年国际妇女节致辞
IMF总裁拉加德2014年国际妇女节致辞
We at the IMF are celebrating International Women's Day today.And I would like to share this moment with you to tell you that, at the IMF, we are trying to focus on women’s issues: making sure that everybody knows that women make a difference, that women bring value to the table, that they contribute to the economy and that they matter enormously when it’s a question of focusing on value, focusing on principles and delivering on what they promise.我们今天在国际货币基金组织庆祝国际妇女节。我想与大家分享这一时刻，并想告诉你们，国际货币基金组织一直关注妇女问题：让妇女发挥作用，带来价值，为经济做出贡献；在价值、原则、实现潜力这些重要问题上，妇女起着举足轻重的作用。我们要使所有人都了解这一点。
第三篇：总裁拉加德涉腐败案遭指控
总裁拉加德涉腐败案遭指控
国际货币基金组织(IMF)总裁拉加德27日宣布，自己因一项腐败案遭到“玩忽职守”罪的指控。但是拉加德称自己无意下台。
她说，她不会因遭到指控而辞职。她说：“他将回到华盛顿，向董事会作简报。” 2007年底，时任法国财长的拉加德指定法官对商人贝尔纳·达比与里昂信贷银行的售让纠纷进行仲裁。达比指控里昂信贷银行1993年在出售其所有的阿迪达斯公司时隐瞒了巨额盈利。仲裁法庭后来裁定达比获赔连息在内共计4亿多欧元，其中还包括4500万欧元的精神赔偿。这起仲裁案的结果在法国引起争议，拉加德被反对派指责滥用职权。延伸阅读：
拉加德2007年出任法国经济、财政与工业部长后不久，涉嫌滥用职权，命令一家私营仲裁机构解决知名企业家贝尔纳德·塔皮耶（即上文贝尔纳·达比）与一家前法国国家控股银行之间的争端。
塔皮耶是时任总统尼古拉·萨科齐2007年竞选总统时的主要资助者之一。按检方的说法，塔皮耶的官司已纠缠多年。法国最高法院先前判决他败诉，然而他不服。
那家仲裁机构最终认定，银行在1993年出售塔皮耶名下阿迪达斯运动服装品牌时操作不当，需赔偿塔皮耶5.58亿美元。
最高法院检察官让－路易斯·纳达尔质疑拉加德为何决定下令仲裁，而不是寻求由法院解决争端；面对巨额赔偿金，拉加德为何决定不上诉。
拉加德否认滥用职权。她的法律顾问认为，那家前国家控股银行已经注册成为商业实体，完全适用经由仲裁解决纠纷的做法。同时，没有迹象表明拉加德本人从这一事件中受益。此前据中新网报道，贝尔纳德·塔皮耶被指是萨科齐的好友，因此拉加德的处理方法可能得到了萨科齐的授意。
第四篇：国际货币基金组织总裁拉加德在包容性资本主义大会上的讲话
Good morning.What a great privilege to be hereamong such illustrious guests to discuss such animportant topic.上午好。很荣幸能够在这里与各位尊贵的来宾讨论这一重要的问题。
Let me thank Lady Lynn de Rothschild and theInclusive Capitalism Initiative for convening today’sevent.I would also like to recognize the great civicleaders here today—His Royal Highness, the Prince ofWales;President Clinton, and Fiona Woolf, LordMayor of the City of London.我感谢林恩·罗斯柴尔德夫人和―包容性资本主义倡议‖举办今天的活动。我还想向今天在座的伟大的公民领袖——查尔斯王子殿下、克林顿总统，以及伦敦市长菲奥娜·伍尔夫——致以敬意。
We are all here to discuss ―inclusive capitalism‖—which must be Lynn’s idea!But what does itmean? As I struggled with the answer to that, I turned to etymology and to history.我们今天在这里讨论―包容性资本主义‖——这肯定是林恩的主意！但这是什么意思呢？ 为了回答这一问题，我求助于词源和历史。
Capitalism originates from the Latin ―caput‖, cattle heads, and refers to possessions.Capital isused in the 12th century and designates the use of funds.The term ―capitalism‖ is only usedfor the first time in 1854 by an Englishman, the novelist William Thackeray—and he simplymeant private ownership of money.资本主义来自拉丁文―Caput‖，即牲口的头，指拥有的财产。12 世纪使用―资本（Capital）‖一词，指资金的使用。―资本主义（Capitalism）‖一词在 1854 年才被英国小说家威廉·萨克雷第一次使用，仅指钱财的私人拥有。
The consecration of capitalism comes during the 19th century.With the industrial revolutioncame Karl Marx who focused on the appropriation of the means of production—and whopredicted that capitalism, in its excesses, carried the seeds of its own destruction, theaccumulation of capital in the hands of a few, mostly focused on the accumulation of profits,leading to major conflicts, and cyclical crises.资本主义一词在 19世纪被神化。随着工业革命的推进，卡尔·马克思关注生产工具的占有，他预言，在经济过剩状态下，资本主义播下了自身毁灭的种子，造成了资本在少数人手中积累（主要是利润的累积），从而导致重大冲突和周期性危机。
So is ―inclusive capitalism‖ an oxymoron? Or is it the response to Marx’s dire prediction thatwill lead to capitalism’s survival and regeneration—to make it truly the engine for sharedprosperity?
所以，―包容性资本主义‖的提法是不是矛盾的？或者，作为对马克思可怕预言的应对之策，它是否能使资本主义生存下去并获得新生——使它真正成为人类共享繁荣的引擎？
If so, what would the attributes of inclusive capitalism be? Trust, opportunity, rewards for allwithin a market economy—allowing everyone’s talents to flourish.Certainly, that is the vision.如果是这样，包容性资本主义应该具备哪些特征呢？在市场经济中，所有人都获得信任、机会和回报——使每个人的才能得到充分发挥。当然，这只是美好的愿景。
Most recently, however, capitalism has been characterized by ―excess‖—in risk-taking,leverage, opacity, complexity, and compensation.It led to massive destruction of value.Ithas also been associated with high unemployment, rising social tensions, and growing politicaldisillusion – all of this happening in the wake of the Great Recession.然而，近年来资本主义的特征是―过度‖——体现在冒险、杠杆、不透明、复杂、薪酬等各个方面。这导致价值观遭到巨大破坏，同时，也导致了高失业、不断加剧的社会紧张局势以及人们对政治的日益失望——这些都是在―大衰退‖之后发生的。
One of the main casualties has been trust—in leaders, in institutions, in the free-market systemitself.The most recent poll conducted by the Edelman Trust Barometer, for example, showedthat less than a fifth of those surveyed believed that governments or business leaders wouldtell the truth on an important issue.受到最严重损害的一个方面是信任——对领导者的信任，对机构的信任，对自由市场体系本身的信任。例如，在爱德曼公司开展的一项最新调查中，不到五分之一的受访者相信政府或企业领导者在重要问题上会说实话。
This is a wakeup call.Trust is the lifeblood of the modern business economy.Yet, in a worldthat is more networked than ever, trust is harder to earn and easier to lose.Or as the Belgianssay,―la confiance part à cheval et revient à pied‖
(―confidence leaves on a horse and comesback on foot‖).这向我们发出了警钟。信任是现代商业经济的命脉。但在比以往任何时候都更加网络化的世界中，更难赢得信任，更易失去信任。或者，正如比利时的一句格言：―在马上失去信心，但是得徒步找回信心。‖
So the big question is: how can we restore and sustain trust?
所以，一个重要问题是：我们能够恢复和维持信任吗？
First and foremost, by making sure that growth is more inclusive and that the rules of the gamelead to a level playing field—favoring the many, not just the few;prizing broad participationover narrow patronage.首先是确保经济增长更具包容性，游戏规则保证公平的竞争环境——有利于很多人，而不是少数人；鼓励广泛的参与，而不是狭窄的惠顾。
By making capitalism more inclusive, we make capitalism more effective, and possibly moresustainable.But if inclusive capitalism is not an oxymoron, it is not intuitive either, and it ismore of a constant quest than a definitive destination.通过使资本主义更加包容，我们就能使资本主义更加有效，并且可能更可持续。但如果包容性资本主义不是一种矛盾的提法，它也同样不是一种凭直觉的。它是不断的探索和追求，而不是必然的结果。
I will talk about two dimensions of this quest—more inclusion in economic growth, and moreintegrity in the financial system.我来谈谈这一探索追求过程中的两个方面——让经济增长更加包容，让金融体系更加稳健。Inclusion in economic growth1、经济增长的包容性
Let me begin with economic inclusion.One of the leading economic stories of our time is risingincome inequality, and the dark shadow it casts across the global economy.我首先来谈谈经济包容。当今时代的最重要的经济问题之一就是收入不平等的日益加剧及其对全球经济的不利影响。
The facts are familiar.Since 1980, the richest 1 percent increased their share of income in 24out of 26 countries for which we have data.事实是我们所熟悉的。1980年以来，在我们掌握数据的 26个国家中，有 24个国家，其最富有的1%的人的收入份额继续增大。
In the US, the share of income taken home by the top one percent more than doubled since the1980s, returning to where it was on the eve of the Great Depression.In the UK, France, andGermany, the share of private capital in national income is now back to levels last seen almost acentury ago.在美国，最富有的1%的人的实得收入份额自上世纪 80年代以来上升了一倍多，回到了―大萧条‖前夕的水平。在英国、法国和德国，私人资本在国民收入中所占份额现在也回到了近一个世纪前的水平。
The 85 richest people in the world, who could fit into a single London double-decker, control asmuch wealth as the poorest half of the global population– that is 3.5 billion people.全球最富有的85个人，虽然只能塞满一辆伦敦双层巴士，但他们控制的财富却相当于全球穷困的一半人口（35亿人）的所有身家。
With facts like these, it is no wonder that rising inequality has risen to the top of the agenda—not only among groups normally focused on social justice, but also increasingly amongpoliticians, central bankers, and business leaders.因此，毫不奇怪，不平等加剧问题已成为首要议题——不仅是通常关注社会公平问题的各种团体关注这一问题，而且政治家、中央银行和商界领袖也越来越重视这一问题。
Many would argue, however, that we should ultimately care about equality of opportunity, notequality of outcome.The problem is that opportunities are not equal.Money will always buybetter-quality education and health care, for example.But due to current levels of inequality,too many people in too many countries have only the most basic access to these services, if atall.The evidence also shows that social mobility is more stunted in less equal societies.然而，很多人会说，我们最终应关注机会的平等，而不是收入的平等。问题是，机会不是平等的。例如，金钱总是能买来更高质量的教育和医疗保健。但鉴于当前的不平等水平，在太多的国家，有太多的人即使能获得服务，也只能获得一些最基本的服务。有关证据还显示，在平等程度较低的社会里，社会阶层流动性受到较大阻碍。
Fundamentally, excessive inequality makes capitalism less inclusive.It hinders people fromparticipating fully and developing their potential.从根本上说，过度不平等降低了资本主义的包容性。它阻碍人们充分参与，阻碍他们实现自己的潜能。
Disparity also brings division.The principles of solidarity and reciprocity that bind societiestogether are more likely to erode in excessively unequal societies.History also teaches us thatdemocracy begins to fray at the edges once political battles separate the haves against thehave-nots.差距也带来了分化。在极度不平等的社会中，将社会凝聚在一起的团结和互惠原则更有可能被侵蚀。历史告诉我们，一旦政治斗争将有产者与无产者对立起来，民主就开始受到损害。
A greater concentration of wealth could—if unchecked—even undermine the principles ofmeritocracy and democracy.It could undermine the principle of equal rights proclaimed inthe 1948 Universal Declaration of Human Rights.更大程度的财富集中——如果不加以控制——甚至会损害精英治理和民主制度的原则。它可能损害1948年《世界人权宣言》所宣称的平等权利。
Pope Francis recently put this in stark terms when he called increasing inequality ―the root ofsocial evil‖.教皇弗朗西斯最近用了一个旗帜鲜明的术语——他把不平等加剧称作―社会罪恶的根源‖。
It is therefore not surprising that IMF research—which looked at 173 countries over the last 50years—found that more unequal countries tend to have lower and less durable economicgrowth.因此，毫不奇怪，我们最近的研究（通过观察173个国家过去50年的变化）发现，在不平等程度更高的社会，经济增长更慢、更不持续。
So much for the diagnosis—what can be done about it? We have done some recent work onthis as well.We focused on the fiscal policy dimension—which is part of the IMF’s corebusiness.We found that, in general, fiscal policies have a good record of reducing socialdisparities—for example, transfers and income taxes have been able to reduce inequality byabout a third, on average, among the advanced economies.这就是对问题的诊断——那么应该采取什么行动呢？我们最近在这方面也做了一些工作。我们侧重于财政政策方面——这是基金组织的核心工作之一。我们发现，一般而言，财政政策能够有效地缩小社会差距——例如，在先进经济体，转移和所得税平均而言能使不平等程度下降约三分之一。
But it is a complex issue and policy choices need to be made carefully.Fiscal discipline is oftenthe first victim on the political battlefield, and we obviously want to choose measures that dothe most good and the least harm.但是，这是一个复杂的问题，需要谨慎地做出政策选择。财政纪律往往是政治斗争的第一受害者。我们显然希望采用益处最大、害处最小的措施。
Some potentially beneficial options can include making income tax systems moreprogressive without being excessive;making greater use of property taxes;expandingaccess to education and health;and relying more on active labor market programs and in-worksocial benefits.一些可能更为有益的选择包括：在不过度的情况下，提高所得税的累进程度；更多采用财产税；扩大对教育和医疗的获得渠道；更多依赖积极的劳动力市场计划和在职社会福利。But we must recognize that reducing inequality is not easy.Redistributive policies alwaysproduce winners and losers.Yet if we want capitalism to do its job—enabling as many peopleas possible to participate and benefit from the economy—then it needs to be more inclusive.That means addressing extreme income disparity.但我们必须认识到，减轻不平等并不容易。再分配政策总是有利于一些人而不利于另一些人。然而，我们如果希望资本主义发挥应有的作用——使尽可能多的人参与到经济生活中来，从中受益——那么就需要提高其包容性。这意味着，要解决收入差距极度严重的问题。
第五篇：A Changing Global Economy, A Changing IMF(拉加德东京年会年会致辞：前路展望)(中英对照)
Annual Meetings Speech: The Road Ahead—A Changing Global Economy, A Changing IMF 年会致辞：前路展望——日益变化的全球经济，不断改变的基金组织
Christine Lagarde, Managing Director, International Monetary Fund 国际货币基金组织总裁 克里斯蒂娜·拉加德
Tokyo, Friday, October 12, 2012
东京，2012年10月12日
Introduction—the World Comes to Japan 引言——四海共聚于日本
Ohayo gozaimasu—good morning!Ohayo gozaimasu——上午好！
Mr.Chairman, governors, honored guests: on behalf of the International Monetary Fund, let me welcome you all to these Annual Meetings.Tokyo e yokoso!主席先生，各位理事，尊敬的各位来宾：首先，我谨代表国际货币基金组织，欢迎各位莅临本届会议。东京欢迎您（Tokyo e yokoso）！
Let me acknowledge and thank His Imperial Highness, Crown Prince Naruhito, for being with us this morning.We feel deeply privileged by his presence.I would also like to thank our Japanese hosts for their incredible hospitality.And let me bid a very warm welcome to my friend President Jim Kim, who is taking part in his first Annual Meetings.I know how he feels—I was in his shoes last year!
我感谢皇太子徳仁亲王今天上午出席我们的会议。对于他的到来，我深感荣幸。我想要感谢日本主办方的盛情款待。同时，也请允许我向我的朋友金墉行长致以诚挚的欢迎。这是他首次出席年会，我可以体会他此刻的心情——去年的这个时候，我也有着同样的心情！
When the Annual Meetings were last held in Tokyo, back in 1964, Japanese Prime Minister Hayato Ikeda said that “the vital challenge which we all face, whether domestically or internationally, is to promote stable economic growth and reduce the disparity between the rich and the poor.” As the old saying goes: the more things change, the more they stay the same(plus ça change, plus c’est la même chose).上一次在东京举行年会是在1964年。那届年会上，日本首相池田勇人曾说过：“我们所有人面临的一个重大挑战是，要推动经济稳步增长，并缩小贫富差距，无论在国内还是在国际层面上均如此。”而俗话说得好：变化越多，越容易保持永恒
Japan has come a long way since 1964.从1964年至今，日本走过了漫长的路程。
I have just returned from Sendai, the scene of last year’s devastating earthquake and tsunami.The scene of so many lost lives, so many shattered dreams.And yet I saw a city born anew.I saw firsthand the amazing efforts of the Japanese people in rebuilding their country and their lives.I saw courage and confidence.我不久前刚刚去过仙台，那个城市在去年遭受了地震和海啸的摧残。在那里，如此多的生命被扼杀，如此多的梦想被击碎。但是这一次，我看到了一个焕然一新的城市。我亲眼看到日本人民为重建家园、挽救生命付出的巨大努力。我看到了勇气和信心。
It is an inspiration to the world.They understood what we must all understand—only by standing together as one can we overcome the turmoil of today and improve our collective future.这是对全世界一个莫大的鼓舞。他们所了悟的也正是我们所有人都应清楚的一个道理——只有万众一心，携手共进，我们才能平复今日的动荡，改善我们共同的未来。
This morning, I would like to share some sense of what that future might look like—for the global economy, the IMF, and all of us.在这里，我想谈谈自己对这个未来世界的一点看法，它关乎全球经济，关乎基金组织，也关乎我们所有人。
And so I will talk about three things: 因此，我要谈谈三方面问题：
A.The pace and scale of change in the global economy;全球经济变化的速度和规模；
B.Navigating the road ahead;如何向前路挺进；
C.My sense of the Fund for the future.我对未来的基金组织的看法。
A.World in Flux—Big Sweeping Changes A.风云变幻的世界——席卷全球的巨大变化
As we grapple with the great changes happening around us, perhaps we can learn from the 1964 Tokyo Annual Meetings.我们在奋力应对周遭的巨大变化时，或许可以从1964年的东京年会中得到一些启发。
Back then, the members who gathered here stood on the cusp of a bright new world, a golden era.Japan was in the midst of an economic rebirth and the global economy was roaring ahead.在那时，汇聚于此的成员国正处在一个美好新世界的巅峰上，一个黄金时代正在它们眼前铺展开来。日本的经济正在浴血重生，全球经济也在不断轰鸣向前。
Just look at how far we have come.Look at the remarkable rise in living standards, measured by real GDP per capita: nearly 3½ times higher for the world, 4 times higher for Japan, a stunning 9½ times higher for emerging Asia.World trade volumes are 16 times higher.And, led by China, half a billion people in Asia alone have pulled themselves out of poverty over the past few decades.且看一看我们的成就吧。先看看生活水平的大幅提升，若以人均实际GDP来衡量，全世界几乎上升了3.5倍，日本上升了4倍，亚洲新兴经济体则上升了9.5倍，多么令人惊叹的数字！再看看世界贸易量，如今已增加了16倍。另外，过去几十年里，在以中国为首的亚洲国家中，已有5亿人口脱离了贫困。
As we look ahead today, our world is being reshaped once again by a number of big megatrends.如今，当我们展望未来时，我们的世界正在诸多重大趋势中得到重新塑造。
Big demographic changes are taking place: vast numbers of young people in rising economic regions;graying populations in advanced and major emerging economies;and more and more women participating in the economy.By 2035, Africa will have the world’s largest labor force of more than a billion people—more than India or China.But by then, there will also be more than a billion people aged over 65 in the world.人口构成正在发生巨大改变：在逐渐崛起的经济地区，青年人口数量巨大；在先进经济体和主要新兴经济体，人口日趋老龄化；参与经济活动的妇女数量与日俱增。到2035年，非洲将拥有世界最大的劳动力市场，劳动人口将超过10亿——多于印度或中国。但是到那时，全世界65岁以上人口也将超过10亿。
Economic power is spreading from west to east, and prosperity has begun to move from north to south.Emerging markets and developing economies now account for half of world GDP, up from a quarter in 1964.经济实力正由西向东扩散，经济繁荣正开始从北向南转移。如今，在全世界GDP中，新兴市场和发展中经济体已占到一半的比重，而在1964年，其比重仅有四分之一。
The communications and technology innovations are propelling our economies and societies to ever-greater heights.An infinity of interconnections binds us together, opening up a portal of a billion possibilities for every one of us.Today, nearly 3 billion people are connected to the internet—truly a worldwide web.通讯和技术革新在不断推升经济和社会发展。数不尽的纽带将我们联结在一起，为每一个人开启了一扇通往无数可能的大门。今天，有将近30亿人与互联网相连——这的确是一个名符其实的万维网。
In short, the sands of the global economy are shifting.总之，全球经济的流沙正在不断漂移。
The strength and dynamism of Asia is obvious.This also holds true for other emerging regions.When I was in Brazil earlier this year, for example, I witnessed a female president, Dilma Rousseff, absolutely determined to pursue inclusive growth and push forward her agenda of reducing inequality.We can learn a lot from those regions that had their time of trauma.亚洲呈现了明显的实力和活力。这种实力和活力在其他新兴地区也是同样存在的。比如，今年早些时候，我在出访巴西时了解到，巴西女总统迪尔玛∙罗塞夫已下 定决心，要实现包容性增长，并不断推进减轻不平等方面的日程。我们能从那些经历过创伤的地区学到很多。
Europe too is going through a historical process of integration, however laborious.Yes, the Eurozone is being severely tested, and it must keep pushing ahead with implementing the policy initiatives it has announced.But we should also recognize that deeper banking and fiscal integration, alongside deep-seated structural reforms, will fortify its economic foundations and lay the groundwork for a stronger and more resilient union in the future.欧洲也在经历一体化的历史进程，而这是一个艰难的过程。的确，欧元区正在经受严峻的考验，必须要落实其宣布的政策倡议，不断向前推进。但我们还应当认识到，银行业和财政一体化程度的加深，再加上深层次的结构性改革，将增强该地区经济基础，为在将来建设一个更强大、更有抵御能力的联盟铺平道路。
The Middle East, too, is transforming.And yes, the road ahead will be fraught with difficulty.But with commitment, and with external support, I am confident that the promises of the Arab transformation will shine through as a beacon of hope.When I met with President Morsi of Egypt, he spoke to me of his resolve to pursue ambitious economic reforms underpinned by strong and democratic institutions, and he is delivering.中东地区也在不断转变。前进的道路确实会困难重重。但我相信，只要有了决心，有了外部的支持，阿拉伯国家转型的前景将成为我们的希望之光。在我与埃及总统穆尔西会晤时，他向我表达了坚定的决心，即，要在强有力的民主制度的基础上推进目标远大的经济改革。他正在履行这一承诺。
Sub-Saharan Africa is also breaking through—growing strongly and steadily after decades of stagnation.Of course, there is still a long way to go to win the long war against poverty.But old stereotypes are fading fast, with the rise of fast-growing “frontier markets” attracting lots of outside interest.Look at Nigeria, a country I visited earlier this year.This is a country that for many years squandered its inheritance of oil riches, but now is growing impressively—helped by dynamic reforms and strong leadership.撒哈拉以南非洲地区也取得了突破性进展——在长达几十年的停滞之后，这一地区出现了强劲、稳定的增长。当然，要想打赢抗击贫困的持久战，还有很长的路要走。但是，旧时的成见在快速消退，“前沿市场”的崛起和飞速增长又引来了大量的外部关注。我们来看一下尼日利亚的情况。我曾在今年早些时候出访过该国。很多年以来，该国一直都倚仗着丰富的石油资源，而如今，它正以令人赞叹的速度不断增长——这得益于充满活力的改革和强有力的领导。
These changes are shaping our future.这些变化正在塑造我们的未来。
But there are big challenges as well.We must not get carried away.As you will have seen from our forecasts, the global recovery is still too weak.Job prospects for untold millions are still too scarce.The gap between rich and poor is still too wide.但我们也面临着重大的挑战。我们决不能沾沾自喜。正如我们的预测所反映的那样，全球复苏仍极为脆弱。几百万人口的就业前景仍极为渺茫。贫富差距仍极为悬殊。There is a tough road ahead to turn our optimism into reality.要想将我们的乐观期待变为现实，我们还要经历一段艰辛的旅途。
B.Navigating the Road Ahead B.向前路挺进
This brings to me to my second point—how do we successfully navigate that road? How do we manage this change?
由此，我要谈谈第二点——如何才能顺利走过这条道路？我们应如何应对这一变化？
I see three milestones: 我认为，应实现三个具有里程碑意义的目标：
• Putting the crisis behind us;
摆脱危机困境；
• Completing reform of the financial sector;and
完成金融部门改革；
• Addressing inequality and building inclusive growth.解决不平等问题，实现包容性增长。
Putting the crisis behind us 摆脱危机困境
The first priority, clearly, is to get beyond the crisis and restore growth—especially to end the scourge of unemployment.显然，我们首要的目标就是要摆脱危机的困扰，恢复经济增长——特别是要终结就业危机。
We know the package of policies that can get us there: accommodative monetary policy;the right pace of fiscal adjustment, mindful of not undercutting growth but with solid and realistic plans to bring debt down over the medium term;finishing the banking sector clean-up;and structural reforms to boost productivity and growth.All of this should be complemented by a rebalancing of global demand toward the dynamic emerging markets.我们清楚可以通过哪些政策来实现这个目标：采取宽松的货币政策；以适当步伐进行财政调整，同时注意不妨碍经济增长，但要通过坚实的、符合实际的计划在中期内降低债务水平；完成银行部门的清理整顿；开展旨在促进生产力和增长的结构性改革。在采取这些政策的同时，还应当恢复全球需求的平衡，使之更多地面向充满活力的新兴市场。
Let us not delude ourselves: without growth, the future of the global economy is in jeopardy.我们决不能自欺欺人：如果没有增长，全球经济的未来就会岌岌可危。
Perhaps the greatest roadblock will be the huge legacy of public debt, which now averages almost 110 percent of GDP for the advanced economies—the highest level since World War II.This leaves governments highly exposed to subtle shifts in confidence.It also ties their hands, especially as they seek to build the infrastructure of the 21th century while respecting social promises.The needs of rapidly aging populations will add to these pressures.或许，最大的障碍是遗留下来的巨额公共债务，在先进经济体，公共债务平均已接近GDP的110%，这是自二战以来的最高水平。在此情况下，市场信心稍有波动，政府就会受到极大的影响。巨额公共债务也束缚了政府的手脚，特别是当它们试图建设21世纪基础设施并履行社会承诺之时。而快速老龄化人口的需求又将加重这些压力
One lesson is clear from history—reducing public debt is incredibly difficult without growth.High debt, in turn, makes it harder to get growth.我们可以从历史中得到一个明确的教训——若无经济增长，公共债务的缩减便将极难实现。而高债务水平又会给增长带来更多障碍。
The road ahead of us is narrow and long.我们前方的道路是狭窄而漫长的。
The key now is to move from deliberation to action on the policies we know are needed, and to move together and on all fronts.We are multiple players, but it is a single game—a game of increasing complexity that can be a positive-sum game.当前的重点是，要将思考转变为行动，真正落实我们认为必要的政策，在所有领域共同采取行动。这是一场多方参与、目标一致的游戏——一场越来越复杂、但各方最终都受益的游戏。
A better financial system 改善金融体系
My second milestone is a better financial system.We know that it is crucial to the modern global economy.第二个里程碑性的目标是要改善金融体系。我们知道，这一点对于当代全球经济而言至关重要
But we need to move beyond the system that gave us the crisis—a financial sector where some, as the ancient Greeks might say, toyed with hubris and unleashed nemesis.但我们的行动需要超越这个给我们带来危机的体系，按古希腊人的话来说，这个体系充满了狂妄自大和肆意的天罚。
Today, despite some progress, the system is not yet much safer than at the time of Lehman.It is still too complex;activities are still too concentrated in large institutions;and the specter of too-important-to fail still haunts the sector.Continuing excesses and scandals show that the culture has not really changed.当前，尽管已有些许进展，但与雷曼事件时期相比，这个体系的安全程度并未显著增强。体系本身仍过于复杂；体系内的活动仍过度集中在大型金融机构中；“太重要而不能倒闭”的问题仍像幽灵一样逡巡于整个金融部门。持续不断的过度做法和丑闻都在说明，我们的金融文化并未真正改变。So, as a matter of urgent priority, we must complete the agenda of financial sector reform: better regulation, better supervision, better resolution of cross-border entities, sensible incentives in financial institutions, and a level playing field for the sector.因此，我们必须将金融部门改革作为最紧迫的工作，早日完成改革日程：改善管理，改善监督，改善跨境实体的破产解决方式，建立金融机构有效的激励机制，为该部门创造公平的竞争环境。
We are making progress, especially on the Basel III agenda for better capital and liquidity buffers.But I fear that we are losing momentum, both on implementing the agreed reforms and on making more progress in areas like derivatives, shadow banking, and too-important-to-fail institutions.我们正在不断取得进展，特别是在有关加强资本和流动性缓冲的“巴塞尔III”日程下的进展。但我担心，无论是实施既定改革，还是就衍生品、影子银行和“太重要而不能倒闭”机构等问题进一步探索，这一势头在逐渐减弱。
Many in the industry are concerned about the costs of new regulations.Are these concerns valid? A recent IMF study shows that better regulation will nudge bank lending rates up, but by relatively little.We also found that increasing capital buffers to appropriate levels helps growth, not hurts it.Reforming financial sector taxation can also help reduce excessive risk-taking and leverage.业内很多人士都对新监管规定成本的问题忧心忡忡。这些担忧是否必要呢？基金组织近期的一项研究表明，更好的监管将推升银行贷款利率，但幅度相对较小。我们还发现，如将资本缓冲增加到适当水平，将有助于增长，而非遏制增长。对金融部门税收进行的改革也可能有助于减少过度冒险和杠杆化做法
The bottom line is that the costs of reform are affordable.The costs of complacency are not.We have been there.只要改革的成本是可负担的，就没有超出我们的底线。但自满带来的成本却远非如此。我们曾经有过那样的经历。
One further point: the financial system can help ease the transition to more balanced global growth.Right now, emerging Asia accounts for about a third of world savings.Developing local financial markets can redirect more of these savings into emerging Asia’s own backyard—to the people on the edge of prosperity who need it most.另外还要说明的一点是，金融体系可能有助于推动向更均衡的全球增长的转变。目前，在世界总储蓄中，亚洲新兴经济体的储蓄量约占三分之一。通过开发本地金融市场，亚洲新兴经济体可以将更多的储蓄转移到自己的后院，即，转移到那些处于繁荣边缘、最需要这些资金的人们的手中。
Inequality and inclusive growth 不平等和包容性增长
This brings me to my third milestone: inequality and the quality of growth in our future world.Really, this is about the human dimension of policymaking.我接下来要谈谈第三个里程碑性的目标，针对的是未来世界中的不平等问题和增长的质量。事实上，这与政策制定中人的因素有关。Growth is essential for the future global economy, but it must be a different kind of growth.A growth that is not simply the fallout from unfettered globalization.A growth that is inclusive.增长是未来全球经济的关键所在，但它必须是另一种形式的增长。这种增长并非仅是不受约束的全球化进程的结果。它应是包容性的。
Recent IMF research tells us that less inequality is associated with greater macroeconomic stability and more sustainable growth.This has profound policy implications.基金组织的近期研究告诉我们，不平等程度的减轻将带来更稳定的宏观经济和更可持续的增长。这里包含着深刻的政策启示。
It means focusing on efficiency but also keeping equity in mind when setting fiscal policy.It means fairness in sharing the burden of adjustment, and protecting the weak and vulnerable.It means better financial inclusion, so that all have access to credit and financial markets.It means better transparency and governance, so that the doors of opportunity are open to all—and if they close, one knows why.它意味着，在制定财政政策时，重点是效率，同时也要关注平等问题。它意味着，在共担财政调整负担、保护脆弱和易受影响群体的过程中，要注意实现公平。它意味着，应增强金融包容性，以使所有人都可以进入信贷和金融市场。它意味着，要加强透明度，完善治理，以确保机会的大门向所有人敞开——如果这扇门关上了，我们知道是为什么
So again, three points on which our future global economy will turn: getting beyond the crisis, improving the financial system, building a new kind of growth.所以，我想再强调一遍，未来的全球经济将有赖于三个目标的实现，即：摆脱危机困境，改善金融体系，实现新形式的增长。
C.The Future IMF—Serving our Members in the New World C.未来的基金组织——在新世界里服务于我们的成员国
What does all of this mean for the future of the IMF? 这些对于基金组织的未来意味着什么呢？
Transcending everything I have said so far is the need for greater cooperation.A world that is bound together must be a world that works together—a world that, in the words of the great Indian poet Tagore, “has not been broken up into fragments by narrow domestic walls”.在我之前所说的一切之上，是对加强合作的呼吁。一个紧密相连的世界同时也须是一个紧密合作的世界——正如伟大的印度诗人泰戈尔所言，这样的一个世界“没有被狭隘的国家围墙分割开来”。
So while multilateral institutions were important in the past, they are even more important for our future.所以，在过去曾产生重要影响的多边机构也将在未来发挥更重要的作用。
And the IMF is a premier forum for this kind of global cooperation.而基金组织将成为开展此类全球合作的一个重要的论坛。
This crisis has changed us—new approaches, new tools, new relevance.The key contours of the future IMF are emerging—but they are built on our past and what we were mandated to do by our founders.这场危机改变了我们——新方法、新工具、新经验。基金组织的未来轮廓正逐渐浮现出来，但是，这建立在以往的成就之上，建立在基金组织创立者向我们赋予的职责之上。
So what should the Fund look like for the future? 那么，未来的基金组织是什么样的呢？
First off: the IMF must always be a trusted adviser.首先：基金组织应始终是一个可信赖的顾问。
Advice is sometimes difficult—both giving and receiving!Over the past year, we made a number of big judgment calls—some controversial.The call to recapitalize European banks;the call for a larger European financial firewall;the call for a more balanced approach to fiscal adjustment;the call for urgent attention to the fiscal cliff.These were tough calls, but it is our job to make them—to be an objective, independent arbiter of economic issues, especially during hard times.有时，无论是提供建议还是接受建议，都并非易事。过去一年里，我们提出了很多项事关重大的要求——某些还引发了争议。包括：要求对欧洲银行注资；要求扩建欧洲金融防火墙；要求以更均衡的方式进行财政调整；要求对财政悬崖问题给予迫切关注。提出这些要求并不容易，但这却是我们的职责所在——我们应当是一个客观、独立的经济问题仲裁人，在经济困难时期尤为如此。
Now the Fund must push ahead and adapt even more to the shifting realities and priorities of the modern global economy, the world of vast interconnections.So we are focusing more than ever on economic and policy spillovers—how what happens in one country affects others.如今，基金组织须继续前行，更好地适应当今全球经济不断变化的现实和重点，更好地适应这个高度交织的世界。所以，我们将比以往更加注重经济和政策的溢出效应，也就是说，一个国家的动向会如何影响到其他国家。
Our new Integrated Surveillance Decision, for example, will help cross-fertilize country-level and global surveillance, shining a light on cross-border effects.Our new External Sector Report sharpens our assessment of policies from a multilateral perspective, including exchange rates.And our new Financial Surveillance Strategy substantially strengthens our focus on a sector that is at the very heart of national and global stability concerns.比如，我们新出台的综合监督决定将使国家层面与全球层面的监督彼此促进，同时重点关注跨境效应。我们新一期的《对外部门报告》强化了多边视角下的政策评估，包括对汇率政策的评估。我们新制定的金融监督战略将极大增强我们对金融部门的关注，凸显出这一部门作为国家和全球稳定问题之核心的重要地位。
Second: the IMF must have the resources necessary to stand by its membership in this world of interconnections.其次：在这个紧密相连的世界里，基金组织须拥有必要的资源以向其成员国提供支持。
So far during the crisis, we have committed $540 billion and disbursed $157 billion in 126 lending programs—57 non-concessional, 69 concessional.We are helping all kinds of countries with all kinds of problems—financing to help adjustment and transition, insurance to prevent contagion and certify good policies.And we are doing so with more flexibility and sensitivity to social conditions—for example, by calling for a longer period of fiscal adjustment in some countries.自危机爆发至今，我们已做出5400亿美元贷款的承诺，并已向126项贷款计划拨付了1570亿美元。这些贷款计划中，有57项是非优惠贷款，69项是优惠贷款。我们将帮助不同的国家解决各类不同的问题——为调整和转型提供融资支持，为防范危机蔓延提供保险，以及认证良好政策等等。面对复杂的社会状况，我们的行动有了更高的灵活度和反应度——例如，我们已要求某些国家延长财政调整时间。
Your decision earlier this year to boost our resources by $456 billion is a huge vote of confidence in the Fund, bringing our total lending power to over $1 trillion.And recently, using windfall profits from gold sales, you have also come through for the low-income countries—ensuring that we have enough resources in our Poverty Reduction and Growth Trust for concessional lending in the years to come.你们在今年早些时候做出了4560亿美元的增资决定，这是你们向基金组织投出的一张极有份量的信任票，我们的总贷款能力由此增加到了1万亿美元以上。最近，通过利用黄金出售意外利润，你们又成功地为低收入国家提供了资金保障——确保我们在未来几年里有充足的资金提供减贫与增长信托项下的优惠贷款。
Rest assured, your investments will be put to good use—helping to end crises, to prevent crises, to reduce the human costs of crises.请放心，你们的出资必将用于其应有的目的——它将有助于终止危机、防范危机、减少危机带来的人的成本。
A final but crucial point about the Fund for the future: it must truly reflect global ownership.关于未来的基金组织，还有最后一点，但也是极为重要的一点：它必须真正反映出全球共有的性质。
We need an IMF that represents the world, looks like the world, and in which the world finds a safe and comfortable home.我们所需要的基金组织应该能代表全世界，反映出全世界面貌，并为全世界人民提供安全、舒适的归宿。
In this context, the reforms agreed in 2010 represent the biggest governance change in our history.As a result: 6 percent in quotas will shift to the dynamic emerging and developing countries, or 9 percent in total since the start of the previous 2006 reform.For the first time, Brazil, China, India, and Russia will all be among our top ten shareholders.For the first time, for any international financial institution, we will have an all-elected Executive Board.因此，在2010年商定的各项改革是我们有史以来最重要的治理改革。改革的结果：有活力的新兴和发展中国家的份额将增加6%，或者说，自此前2006年改革启动至今，份额总体增加幅度将达到9%。巴西、中国、印度和俄罗斯均首次位居前十大股东之列。我们的执董会成员将全部由选举产生，这一制度在所有国际金融机构中还是前所未有的。
The good news is that we have made great progress toward this reform.We have reached most of the major milestones—over 75 percent of consents for the quota increase, more than 120 countries for Board reform.Now we must push ahead to get the 85 percent of voting power required to complete the Board reform and the 2010 package.令人欣慰的是，我们已朝着这一改革方向取得了长足的进展，实现了大部分具有里程碑意义的主要目标——超过75%的成员国已同意了份额增资，超过120个成员国已同意了执董会改革。如今，我们须进一步推进这一举措，为执董会改革和2010 年一揽子改革方案的实施获得85%表决权的同意
We can see the finish line.It is close, and today—here in Tokyo—I am again urging our membership to reach it.我们已经能看到终点线了。它就在不远处，而今天，站在这里，我要再次敦促各成员国向着这一终点继续奋进。
Mr.Chairman, Governors: this is the IMF we have been building, and will continue to build, with your support.It is yours.An IMF for all seasons and all peoples.A servant of the membership, of the world, of the people.主席先生，各位理事：这就是我们在你们的支持下努力构建并将不断巩固的基金组织。这是你们的基金组织。一个陪伴所有人度过所有不同时期的基金组织。它将服务于所有成员国，服务于全世界，服务于全人类。
Conclusion: The Spirit of Tokyo—Cooperation 结论：东京精神——合作精神
As I conclude today, let me thank and pay tribute once again to our Japanese hosts.Japan is truly the champion of multilateralism and global cooperation.It is a friend of the IMF, and we are now celebrating 60 years of partnership.在我结束今天的讲话之前，请允许我再次向日本主办方致以诚挚的谢意和敬意。日本是当之无愧的多边主义和全球合作楷模。它是基金组织的朋友，我们双方的合作关系如今已走到了第60个年头。
Let me express my deep appreciation to the magnificent, world class, staff of the IMF.I have never been more impressed by a group of dedicated professionals who work day and night to support our member countries.同时也请允许我向那些能力出众、素质一流的基金组织工作人员表达深深的谢意。我为这样一个专业人员队伍而赞叹，他们日以继夜、全情投入地工作，为成员国提供持续不断的支持，这使我深受感动。
I also wish to thank the Fund’s Executive Directors for all their great guidance and collegiality.And I would like to thank you, the members, for your constant support, for believing in us.我还要感谢基金组织的各位执董，感谢他们的正确指导和出色管理。我还要感谢你们，所有成员国，感谢你们一如既往的支持和信任。
One final reflection: as part of these Meetings, we offered an essay contest for Japanese students to share their thoughts on the IMF and the global economy.We had many wonderful, inspiring, entries.The finalists are with us today.Could they please stand up? 最后，我还想提及一点，作为本届年会的一个相关活动，我们举办了一场日本学生作文比赛，请学生们就基金组织和全球经济话题各抒己见。我们收集到了很多文思精妙、颇具启发性的文章。最终进入决赛的选手今天也来到了这里。可否站起来让大家认识一下？
One essay in particular stuck in my mind.It was written by a young woman named Nao Yonemoto.有一篇文章给我的印象最为深刻。它的作者是一位名叫米本奈绪的女学生。
Nao talked about a famous incident in Japanese history, when two warlords—Shingen Takeda and Kenshin Uesugi—were fighting for supremacy.When one warlord found out that the other was short of salt—an especially valuable commodity in those days—he sent him some from his own personal supply.奈绪提到了日本历史上一个著名的事件，两位名将——武田信玄与上杉谦信——为了权力地位发生争斗。在那个年代，盐是一种价值极高的商品，当其中一人发现他的对手没有了食盐供应时，就从自己的供给中取出一部分送给了他。
And so we have the great Japanese proverb: “give salt to your opponent”.In other words, be generous to those in need, even if they are different from you, or not on your team.The message? Helping each other in difficult times is the only way forward.由此，就有了这样一句日本谚语：“送盐予敌”。也就是说，要对那些需要帮助的人慷慨相助，即使他们与你格格不入，甚或与你为敌。这说明了什么呢？在困境中，只有彼此扶持，才能不断前行。
Mr.Chairman, Governors: the spirit of cooperation is the only way forward.I saw that spirit in Sendai the other day.I saw it as I traveled throughout our member countries over the past year.I see it again on your faces this morning.主席先生，各位理事：合作精神是推动我们向前的唯一动力。不久前，我在仙台看到了这种精神。过去一年里，当我走访各成员国时，也看到了这种精神。今天在这里，我从你们的神情中又再次看到了这种精神。
It is the spirit of our Meetings.May you travel back with it when you go home.这就是我们的会议所秉持的精神。希望大家把这种精神带回去。
Thank you.谢谢。
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