美国财政部长盖特纳北京大学演讲中英文全文

第一篇：美国财政部长盖特纳北京大学演讲中英文全文

The United States and China, Cooperating for Recovery and Growth

The United States and China, Cooperating for Recovery and GrowthTreasury Secretary Timothy F.Geithner

Speech at peking Universityto help arrest the sharp fall in private demand.Alongside these fiscal measures, we acted to ease the housing crisis.And we have put in place a series of initiatives to bring more capital into the banking system and to restart the credit markets.These actions have been reinforced by similar actions in countries around the world.In contrast to the global crisis of the 1930s and to the major economic crises of the postwar period, the leaders of the world acted together.They acted quickly.They took steps to provide assistance to the most vulnerable economies, even as they faced exceptional financial needs at home.They worked to keep their markets open, rather than r etreating into self-defeating measures of discrimination and protect ion.And they have committed to make sure this program of initiatives is sustained until the foundation for recovery is firmly established, a commitment the IMF will monitor closely, and that we will be able to uate together when the G-20 Leaders meet again in the United States this fall.We are starting to see some initial signs of improvement.The global recession seems to be losing force.In the United States, the pace of decline in economic activity has slowed.Households are saving more, but consumer confidence has improved, and spending is starting to recover.House prices are falling at a slower pace and the inventory of unsold homes has come down significantly.Orders for goods and services are somewhat stronger.The pace of deterioration in the labor market has slowed, and new claims for unemployment insurance have started to come down a bit.&nb sp;

The financial system is starting to heal.The clarity and disclosure provided by our capital assessment of major U.S.banks has helped improve market confidence in them, making it possible for banks that needed capital to raise it from private investors and to borrow without guarantees.The securities markets, including the asset backed securities markets that essentially stopped functioning late last year, have started to come back.The cost of credit has fallen substantially for businesses and for families as spreads and risk premia have narrowed.These are important signs of stability, and assurance that we will succeed in averting financial collapse and global deflation, but they represent only the first steps in laying the foundation for recovery.The process of repair and adjustment is going to take time.;

China, despite your own manifest challenges a s a developing country, you are in an enviably strong position.But in most economies, the recession is still powerful and dangerous.Business and households in the United States, as in many countries, are still experiencing the most challenging economic and financial pressures in decades.The plant closures, and company restructurings that the recession is causing are painful, and this process is not yet over.The fallout from these events has been brutally indiscriminant, affecting those with little or no responsibility for the events that now buffet them, as well as on some who played key roles in bringing about our troubles.The extent of the damage to financial systems entails significant risk that the supply of credit will be constrained for some time.The constraints on banks in many major economies will make it hard for them to compensate fully for the damage done to the basic machi nery of the securitization markets, including the loss of confidence in credit ratings.After a long period where financial institutions took on too much risk, we still face the possibility that banks and investors may take too little risk, even as the underlying economic conditions start to improve.And, after a long period of falling saving and substantial growth in household borrowing relative to GDp, consumer spending in the United States will be restrained for some time relative to what is typically the case in recoveries.These are necessary adjustments.They will entail a longer, slower process of recovery, with a very different pattern of future growth across countries than we have seen in the past several recoveries.Laying the Foundation for Future Growth

As we address this immediate financial and economic crisis, it is important that we also lay the foundations for more balanced, sustained growth of the global economy once this recovery is firmly established.A successful transition to a more balanced and stable global economy will require very substantial changes to economic policy and financial regulation around the world.But some of the most important of those changes will have to come in the United States and China.How successful we are in Washington and Beijing will be critically important to the economic fortunes of the rest of the world.The effectiveness of U.S.policies will depend in part on Chinas, and the effectiveness of yours on ours.Although the United States and China start from very different positions, many of our domestic challenges are similar.In the United States, we are working to reform our health care system, to improve the quality of education, to rebuild our infrastructure, and to improve energy efficiency.These reforms are essential to boosting the productive capacity of our economy.These challenges are at the center of your reform priorities, too.We are both working to reform our financial systems.In the United States, our challenge is to create a more stable and more resilient financial system, with stronger protections for consumer and investors.As we work to strengthen and redesign regulation to achieve these objectives, our challenge is to preserve the core strengths of our financial system, which are its exceptional capacity to adapt and innovate and to channel capital for investment in new technologies and innovative companies.You have the benefit of being able to learn from our shortcomings, which have proved so damaging in the present crisis, as well as f rom our strengths.Our common chall enge is to recognize that a more balanced and sustainable global recovery will require changes in the composition of growth in our two economies.Because of this, our policies have to be directed at very different outcomes.In the United States, saving rates will have to increase, and the purchases of U.S.consumers cannot be as dominant a driver of growth as they have been in the past.In China, as your leadership has recognized, growth that is sustainable growth will require a very substantial shift from external to domestic demand, from an investment and export intensive driven growth, to growth led by consumption.Strengthening domestic demand will also strengthen Chinas ability to weather fluctuations in global supply and demand.If we are successful on these respective paths, public and private saving in the United States will increase as recovery strengthens, and as this happens, our current account deficit will come down.And in China, domestic demand will rise at a faster rate than overall GDp, led by a gradual shift to higher rates of consumption.Globally, recovery will have come more from a shift by high saving economies to stronger domestic demand and less from the American consumer.The policy framework for a successful transition to this outcome is starting to take shape.In the United States, we are putting in place the foundations for restoring fiscal sustainability.The president in his initial budget to Congress made it clear that, as soon as recovery is firmly established, we are going to have to bring our fiscal deficit down to a level that is sustainable over the medium term.This will mean bringing the imbalance between our fiscal resources and expenditures down to the point-roughly three percent of GDp--wh ere the overall level of public debt to GDp is definitively on a dow nward path.The temporary investments and tax incentives we put in place in the Recovery Act to strengthen private demand will have to expire, discretionary spending will have to fall back to a more modest level relative to GDp, and we will have to be very disciplined in limiting future commitments through the reintroduction of budget disciplines, such as pay-as-you go rules.The president also looks forward to working with Congress to further reduce our long-run fiscal deficit.And, critical to our long-term fiscal health, we have to put in place comprehensive health care reform that will bring down the growth in health care costs, costs that are the principal driver of our long run fiscal deficit.The president has also proposed steps to encourage private saving, including through automatic enrollment in retirement savings accounts.xiexiebang.com范文网(FANWEN.CHAZIDIAN.COM)

第二篇：美国财政部长盖特纳北京大学演讲中英文

The United States and China, Cooperating for Recovery and Growth

The United States and China, Cooperating for Recovery and GrowthTreasury Secretary Timothy F.Geithner

Speech at Peking Universityto help arrest the sharp fall in private demand.Alongside these fiscal measures, we acted to ease the housing crisis.And we have put in place a series of initiatives to bring more capital into the banking system and to restart the credit markets.These actions have been reinforced by similar actions in countries around the world.In contrast to the global crisis of the 1930s and to the major economic crises of the postwar period, the leaders of the world acted together.They acted quickly.They took steps to provide assistance to the most vulnerable economies, even as they faced exceptional financial needs at home.They worked to keep their markets open, rather than r etreating into self-defeating measures of discrimination and protect ion.And they have committed to make sure this program of initiatives is sustained until the foundation for recovery is firmly established, a commitment the IMF will monitor closely, and that we will be able to uate together when the G-20 Leaders meet again in the United States this fall.We are starting to see some initial signs of improvement.The global recession seems to be losing force.In the United States, the pace of decline in economic activity has slowed.Households are saving more, but consumer confidence has improved, and spending is starting to recover.House prices are falling at a slower pace and the inventory of unsold homes has come down significantly.Orders for goods and services are somewhat stronger.The pace of deterioration in the labor market has slowed, and new claims for unemployment insurance have started to come down a bit.&nb sp;

The financial system is starting to heal.The clarity and disclosure provided by our capital assessment of major U.S.banks has helped improve market confidence in them, making it possible for banks that needed capital to raise it from private investors and to borrow without guarantees.The securities markets, including the asset backed securities markets that essentially stopped functioning late last year, have started to come back.The cost of credit has fallen substantially for businesses and for families as spreads and risk premia have narrowed.These are important signs of stability, and assurance that we will succeed in averting financial collapse and global deflation, but they represent only the first steps in laying the foundation for recovery.The process of repair and adjustment is going to take time.;

China, despite your own manifest challenges a s a developing country, you are in an enviably strong position.But in most economies, the recession is still powerful and dangerous.Business and households in the United States, as in many countries, are still experiencing the most challenging economic and financial pressures in decades.The plant closures, and company restructurings that the recession is causing are painful, and this process is not yet over.The fallout from these events has been brutally indiscriminant, affecting those with little or no responsibility for the events that now buffet them, as well as on some who played key roles in bringing about our troubles.The extent of the damage to financial systems entails significant risk that the supply of credit will be constrained for some time.The constraints on banks in many major economies will make it hard for them to compensate fully for the damage done to the basic machi nery of the securitization markets, including the loss of confidence in credit ratings.After a long period where financial institutions took on too much risk, we still face the possibility that banks and investors may take too little risk, even as the underlying economic conditions start to improve.And, after a long period of falling saving and substantial growth in household borrowing relative to GDP, consumer spending in the United States will be restrained for some time relative to what is typically the case in recoveries.These are necessary adjustments.They will entail a longer, slower process of recovery, with a very different pattern of future growth across countries than we have seen in the past several recoveries.Laying the Foundation for Future Growth

As we address this immediate financial and economic crisis, it is important that we also lay the foundations for more balanced, sustained growth of the global economy once this recovery is firmly established.A successful transition to a more balanced and stable global economy will require very substantial changes to economic policy and financial regulation around the world.But some of the most important of those changes will have to come in the United States and China.How successful we are in Washington and Beijing will be critically important to the economic fortunes of the rest of the world.The effectiveness of U.S.policies will depend in part on Chinas, and the effectiveness of yours on ours.Although the United States and China start from very different positions, many of our domestic challenges are similar.In the United States, we are working to reform our health care system, to improve the quality of education, to rebuild our infrastructure, and to improve energy efficiency.These reforms are essential to boosting the productive capacity of our economy.These challenges are at the center of your reform priorities, too.We are both working to reform our financial systems.In the United States, our challenge is to create a more stable and more resilient financial system, with stronger protections for consumer and investors.As we work to strengthen and redesign regulation to achieve these objectives, our challenge is to preserve the core strengths of our financial system, which are its exceptional capacity to adapt and innovate and to channel capital for investment in new technologies and innovative companies.You have the benefit of being able to learn from our shortcomings, which have proved so damaging in the present crisis, as well as f rom our strengths.Our common chall enge is to recognize that a more balanced and sustainable global recovery will require changes in the composition of growth in our two economies.Because of this, our policies have to be directed at very different outcomes.In the United States, saving rates will have to increase, and the purchases of U.S.consumers cannot be as dominant a driver of growth as they have been in the past.In China, as your leadership has recognized, growth that is sustainable growth will require a very substantial shift from external to domestic demand, from an investment and export intensive driven growth, to growth led by consumption.Strengthening domestic demand will also strengthen Chinas ability to weather fluctuations in global supply and demand.If we are successful on these respective paths, public and private saving in the United States will increase as recovery strengthens, and as this happens, our current account deficit will come down.And in China, domestic demand will rise at a faster rate than overall GDP, led by a gradual shift to higher rates of consumption.Globally, recovery will have come more from a shift by high saving economies to stronger domestic demand and less from the American consumer.The policy framework for a successful transition to this outcome is starting to take shape.In the United States, we are putting in place the foundations for restoring fiscal sustainability.The President in his initial budget to Congress made it clear that, as soon as recovery is firmly established, we are going to have to bring our fiscal deficit down to a level that is sustainable over the medium term.This will mean bringing the imbalance between our fiscal resources and expenditures down to the pointthe United States is committed to a strong and stable international financial system.The Obama Administration fully recognizes that the United States has a special responsibility to play in this regard, and we fully appreciate that exercising this special responsibility begins at home.As we recover from this unprecedented crisis, we will cut our fiscal deficit, we will eliminate the extraordinary governmental support that we have put in place to overcome the crisis, we will continue to preserve the openness of our economy, and we will resolutely maintain the policy framework necessary for durable and lasting sustained non-inflationary growth.In China, the challenge is fundamentally different, and at least as complex.Critical to the success of your efforts to shift future growth to domestic demand are measures to raise household incomes and to reduce the need that households feel to save large amounts for precautionary reasons or to pay for major expenditures like education.This involves strengthening the social safety net with health care reform and more complete public retirement systems, enacting financial reforms to help expand access to credit for households, and providing products that allow households to insure against risk.These efforts can be funded through the increased collection of dividends from state-owned enterprises.The structure of the Chinese economy will shift as domestic demand grows in importance, with a larger service sector, more emphasis on light industry, and less emphasis on heavy, capital intensive export and import-competing industries.The resulting growth will generate greater employment, and be less energy-intensive than the current structure of Chinese industry.Allowing the market, interest rates, and other prices to function to encourage the shift in production will be particularly important.An important part of this strategy is the governments commitment to continue progress toward a more flexible exchange rate regime.Greater exchange rate flexibility will help reinforce the shift in the composition of growth, encourage resource shifts to support domestic demand, and provide greater ability for monetary policy to achieve sustained growth with low inflation in the future.International Financial Reform

These are some of the most important domestic economic challenge we face, and these issues will be at the core of our agenda for economic cooperation.But I think it is important to underscore that we also have a very strong interest in working together to strengthen the framework for international economic and financial cooperation.Let me highlight three important areas.At the G-20 Leaders meeting, we committed to a series of actions to help reform and strengthen the international financial architecture.As part of this, we agreed to put in place a stronger framework of standards for supervision a nd regulation of the financial system.We expanded and strengthened the Financial Stability Forum, now renamed the Financial Stability Board.China and other major emerging economies are now full participants alongside the major financial centers, in this critical institution for cooperation.We will have the chance together to help redesign global standards for capital requirements, stronger oversight of global markets like derivatives, better tools for resolving future financial crises, and measures to reduce the opportunities for regulatory arbitrage.We also committed to an ambitious program of reform of the IMF and other international financial institutions.Our common objective is to reform the governance of these institutions to make them more representative of the shifting balance of economic and financial activity in the world, to strengthen their capacity to prevent future crisis, with stronger surveillance of macroeconomic, exchange rate, and financial policies, and to equip them with a stronger financial capacity to respond to future crises.We also committed to mobilize $500 billion in additional finance through the enlargement and membership expansion of the IMFs New Arrangements to Borrow in order to provide an insurance policy for the global financial system.As part of this process of reform, the United States will fully support having China play a role in the principal cooperative arrangements that help shape the international system, a role that is commensurate with Chinas importance in the global economy.I believe that a greater role for China is necessary for China, for the effectiveness of the international financial institutions themselves, and for the world economy.China is already too important to the global economy not to hav e a full seat at the international table, helping to define the policies that are critical to the effective functioning of the international financial system.Second, we must cooperate to assure that the global trade and investment environment remains open, and that opportunities continue to expand.As economies have become more open and more closely integrated, global economic growth has been stronger and more broad-based, bringing increasing numbers out of poverty, and turning developing nations into major emerging markets.The global commitment to trade liberalization and increasingly open investment played a critical role in this process ¨C in the industrialized world, in East Asia, and, since 1978, in China.As we go through the severe stresses of this crisis, we must not turn our backs on open trade and investment-for ourselves and for those who have yet to experience the fruits of growth and development.The United States, China, and the other members of the G20 have committed to not resort to protectionist measures by raising trade and investment barriers and to work toward a successful conclusion to the Doha Development Round.And third, one of the most critical long-term challenges that we both face is climate change.Individually and collectively, there is an urgent need to ensure that each and every country takes meaningful action to deal with this threat.Reducing land and forest degradation, conserving energy, and using clean technology are important objectives that complement both our efforts to achieve a new, sustainable pattern of growth and our goal of reducing greenhouse gas emissions.China and the United States already are working closely through the Strategic and Economic Dialogue in areas such as clean transportation, clean and efficient production of electricity, and the reduction of air and water pollution.We must continue these efforts for the sake of our natio ns and the planet.Conclusion In the last few years the frequency, intensity, and importance of U.S.-China economic engagements have multiplied.The U.S.-China Strategic and Economic Dialogue that President Obama and President Hu initiated in April is the next stage in that process.I look forward to welcoming Vice Premier Wang, State Councilor Dai and their colleagues to Washington to participate in the first meeting of the U.S.-China Strategic and Economic Dialogue.Our engagement should be conducted with mutual respect for the traditions, values, and interests of China and the United States.We will make a joint effort in a concerted way 同心协力.We should understand that we each have a very strong stake in the health and the succes s of each others economy.China and the United States individually, and together, are so important in the global economy and financial system that what we do has a direct impact on the stability and strength of the international economic system.Other nations have a legitimate interest in our policies and the ways in which we work together, and we each have an obligation to ensure that our policies and actions promote the health and stability of the global economy and financial system.We come together because we have shared interests and responsibilities.We also have our own national interests.I will be a strong advocate for U.S.interests, just as I expect my counterparts to represent China¡¯s.China has benefited hugely from open trade and investment, and the ability to greatly increase its exports to the rest of the world.In turn, we expect incre ased opportunities to export to and invest in the Chinese economy.We want China to succeed and prosper.Chinese growth and expanding Chinese demand is a tremendous opportunity for U.S.firms and workers, just as it is in China and the rest of the world.Global problems will not be solved without U.S.-China cooperation.That goes for the entire range of issues that face our world from economic recovery and financial repair to climate change and energy policy.I look forward to working with you cooperatively, and in a spirit of mutual respect.美国财政部长盖特纳于6月1日在北京大学发表了演讲，谈到了美中合作对全球经济复苏和增长的重要性。以下是其演讲稿的中文翻译。以英文原文为准，中文翻译仅供参考。

《美中两国为复苏和增长的合作》

我很高兴今天能再次来到中国，并在这个伟大的学校与你们见面。

我第一次来到中国和北京大学是在1981年的夏天，那时，我还是一名学习普通话的大学生。我与一些来自美国的研究生和本科生在这里。次年夏天，我又回到了北京师范大学。

我们学习相当努力，并有幸与许多优秀教授一起工作，他们中的一些人今天也在这里。我们走遍这座城市并在中国的华东地区旅行，我们不仅有机会了解你们的历史和你们的抱负，还开始通过你们的眼睛看美国。

几十年来，我们看到历史上最不寻常的经济转型的开始。中国正在蓬勃发展。经济改革带来了收入的极快和持续提高。中国作为一个重要经济力量的崛起和更充分地融入世界经济，给美国和世界其他经济体带来了实实在在的好处。

由于认识到积极、合作和全面的关系符合我们的共同利益，胡锦涛主席(图库 论坛)和奥巴马总统在4月同意建立战略和经济对话机制。克林顿国务卿和我将于下个月在华盛顿主持我们与王岐山副总理和戴秉国国务委员的第一次会议。今天和明天，我将荣幸地出席在北京的一系列会见，为这次经济讨论作准备。

这些会见将使我们有机会讨论经济领域的风险和挑战，审视我们在为更加平衡和可持续的经济复苏奠定基础的过程中，所共同面临的长期挑战，并探讨我们共同关心的国际金融改革。

目前的挑战和风险

世界经济正在经历多年来最具挑战性的经济和财政压力。

国际货币基金组织预测，今年世界经济将出现60多年来的首次萎缩。世界贸易的衰退很可能是自第二次世界大战结束以来最严重的。与正常年份世界经济的潜在增长率相比，产出损失可达到3至4万亿美元。

面对这一挑战，中国和美国共同努力，帮助形成一个强有力的全球战略，遏制危机，为经济复苏奠定基础。这些努力，以及中国、美国和其他主要经济体所采取的强有力政策行动的综合效应，已帮助减缓增长的恶化速度，修复金融系统和提升信心。

事实上，当前危机与以往的区别，不仅在于其全球规模及严重程度，还在于全球反应的范围和速度。

在4月份的20国集团领导人伦敦会议上，我们商定了一个前所未有的协调的政策行动计划，以支持经济增长，稳定和修复金融体系，恢复对贸易和投资至关重要的信贷流动，通过国际金融机构来为新兴市场经济体调动财政资源，并保持贸易和投资市场的开放。

这项针对经济复苏战略的历史性协定之所以达成，部分取决于中国和美国已经出台的政策行动。

在危机加剧时，中国迅速出台了强有力的增强国内需求的投资和金融措施计划。

在美国，新政府上任的第一周，我们就建立了一个全面的税收优惠和投资计划──第二次世界大战以来和平时期最大的恢复努力，以帮助遏制私人需求的急剧下降。除了这些财政措施，我们还采取行动减轻住房危机。我们出台了一系列举措，使更多的资金进入银行系统，并重新启动信贷市场。

这些举措在世界各国采取类似举措之后得到了加强。

与30年代的全球危机以及战后各个主要经济危机相比，世界各国领导人这次采取了联合行动。他们行动相对迅速。他们采取措施向最脆弱的经济体提供援助，尽管他们自身的国家也面临着特殊的金融需求。他们致力于继续开放市场，而不是退回到自我击败的歧视和保护措施中去。

他们承诺确保这一动议计划维持到复苏基础的牢固确立，而国际货币基金组织将密切监测此承诺，这样我们将能够在20国集团领导人今年秋天在美国再次会晤时一起来评估。

我们开始看到一些改善的初步迹象。全球经济衰退似乎失去力量。在美国，经济活动下跌步伐已经放缓。家庭节省更多，但消费者信心有所改善，消费已开始恢复。房屋价格的下降正在放缓，未售出房屋的库存已经大幅下降。商品和服务的订单有所提升。劳动力市场的恶化速度已经放缓，新申请失业保险的人数已开始有所下降。

金融体系已开始恢复。我们对美国主要银行的资本评估报告中所提供的澄清和披露信息，帮助提振信心，使需要资本的银行可以向私人投资者融资，借款时无需担保。证券市场，包括去年年底已基本停止运转的资产抵押证券市场已经开始恢复。企业和家庭的信贷成本已大幅度下降，因为利差和风险溢价已经缩小。

这些都是重要的稳定迹象，对我们将成功避免金融崩溃和全球性通货紧缩的保证，但它们只是为经济复苏奠定基础的第一步。修复和调整的过程还需时日。

中国作为一个发展中国家尽管有你们自己的明显挑战，但你们处在一个令人羡慕的强势地位。而在世界大多数经济体中，经济衰退仍然严峻而危险。美国与许多国家一样，企业和家庭正在经历几十年来最具挑战性的经济和财政压力。

金融系统的损害程度导致了重大的风险，以至信贷供应将会在一段时间内受到限制。许多主要经济体对银行的限制将使他们很难完全补偿基本的证券化市场机制所遭受的损害，包括对信贷评级丧失信心。在经历了漫长的时期金融机构承担太多风险后，我们仍然面临的可能是，即使根本经济条件开始改善，银行和投资者可能只愿承担太少风险。

经过长期的相对国内生产总值的储蓄下降和家庭借贷大幅度增长，美国的消费者支出，相对于经济复苏时期来说，将在一段时间内受到限制。

这些都是必要的调整。他们将需要更长的、较慢的复苏过程，在各国以一种不同以往的未来增长模式。为未来的发展奠定基础

在我们继续处理当前金融和经济危机的同时，我们还要在恢复一旦确定时，重视为未来全球经济的持续增长和更加均衡奠定基础。

成功地过渡到一个更加平衡和稳定的全球经济，将需要对世界各地的经济政策和金融监管进行非常重大的变革。但是，这些变革中的一些最重要的部分将不得不在美国和中国进行。我们在华盛顿和北京的成功程度，将对世界其他地区的经济命运至关重要。美国政策的成效将部分取决于中国的，反之亦然。

虽然美国和中国从不同的位置开始，我们的许多国内改革的挑战是相似的。我们正在努力改革我们的卫生保健系统，提高教育质量，重建我们的基础设施，并提高能源效率。我们认为这些改革对提高我们经济的生产能力是必不可少的。这些挑战也是你们改革的重中之重。

我们双方都在对我们的金融体系进行改革。在美国，我们的挑战是创建一个更稳定、更具弹性的金融系统，为消费者和投资者提供更强有力的保护。当我们努力加强和重新设计规范以实现这些目标时，我们面临的挑战是维护我们金融体系的核心优势，也就是在适应、创新以及使资本流向新技术和创新公司方面的特殊能力。你们可以从学习我们的被当前的危机证明具有如此破坏性的缺陷和我们的优势中获益。

我们共同的挑战是要认识到一个更加均衡的、可持续的全球复苏将要求我们两个经济体经济增长构成的变化。因此，我们的政策必须针对非常不同的结果。

在美国，储蓄率将不得不上升，同时美国消费者的购买不可能再像过去那样作为增长的主要动力。

在中国，正如你们的领导已经意识到的，可持续的增长将要求一个非常重大的从外部需求到国内需求、从投资和出口密集型增长到消费导向型增长的转变。

如果我们在各自的路径上成功，随着复苏增强，美国的公共和私人储蓄将上升，并且随之，我们的经常账户赤字将减少。在中国，由于消费比例的逐步转高，中国的国内需求将以快于整体GDP的速度增长。

在全球，复苏将更多依靠高储蓄经济体转向更强的国内需求，而更少依靠美国消费者。

为顺利过渡到这一结果的政策框架已经开始形成。

在美国，我们正在建设恢复财政可持续性的基础。

总统在给国会的初步预算中明确，一旦复苏牢固确立，我们将必须削减财政赤字到一个中期可持续的水平。这意味着将我们的财政资源与支出之间的不平衡减少到这样一点——大约GDP的百分之三——使公共债务占GDP的整体水平处于明确的下降路径。我们的复兴法案中提到的用以增强私人需求的暂时投资和税收优惠政策将到期，自由决定的支出将不得不回落到一个相对GDP更加适度的水平，并且我们将不得不非常有纪律的通过恢复预算纪律，例如现收现付制度，来限制未来的承诺。

同时，作为我们长期财政健康的关键，我们必须进行全面的卫生保健改革，以降低卫生保健成本的增长，这些成本是我们长期财政赤字的主要动力。

总统还建议了鼓励私人储蓄的步骤，包括通过自动注册退休储蓄账户。

除了这些财政行动，我们设计我们的政策以解决金融危机，从而谨慎的最小化纳税人的风险，并且一旦条件许可就允许有序的退出或解除。在所有财政部、美联储和联邦存款保险公司设立的各种金融机构中，我们一直在谨慎地确定经济条款水平，以便当条件正常化、风险溢价消退时对这些机构的需求将会淡出。一旦条件允许，银行有强烈的动机用私人资本替换公共资本。

在中国，挑战有根本的不同，但至少一样复杂。

成功实现转向国内需求推动未来增长的关键是增加居民收入和减少因为防御原因和用于例如教育的主要支出等使居民觉得需要大量储蓄的需求。这包括增强社会保障体系包括卫生保健改革和更完善的公共退休系统，实施金融改革以帮助扩大居民的信用获得并提供产品帮助居民防范风险。

当国内需求的重要性增加的时候，中国经济的结构将转变，更大的服务业，更强调轻工业，并减少强调重工业、资本密集出口和进口竞争产业。由此带来的增长将产生更多的就业，和较目前中国经济结构更少的能源密集。允许市场、利率和其他价格发挥作用以鼓励生产的转变是至关重要的。

这一策略的一个重要部分是政府承诺将继续向更灵活的汇率政策推进。更大的汇率灵活性将帮助加强增长构成的转变，鼓励资源向支持国内需求转移，并提供货币政策更大的能力，以实现将来的持续增长和低通货膨胀率。

国际金融改革

我们正面对一些最重要的国内经济挑战，而这些问题将是我们经济合作议程的核心。

但是我想重要的是要强调我们也有非常强烈的意愿一道努力，以加强国际经济和金融合作的框架。

让我强调三个重要方面。

在20国集团领导人会议上，我们承诺采取一系列行动以帮助改革和加强国际金融架构。

作为其中的一部分，我们同意出台一个更强的对金融体系进行监督和管理的标准框架。我们扩大和加强了金融稳定论坛，现在更名为金融稳定委员会。中国和其他主要新兴经济体现在正与主要金融中心一起全面参与这个关键机构中的合作。我们将有机会一起帮助重新设计资本要求的国际标准，更好的监督全球市场，例如衍生品，更好的工具来解决未来金融危机，以及更好的措施以减少监管套利的机会。

我们也承诺了一个雄心勃勃的计划以改革国际货币基金组织和其他国际金融机构。我们共同的目标是要改革这些机构的治理，以使他们更多的代表世界经济和金融活动的平衡转变，以增强他们预防未来危机的能力，并使他们具备更强的金融能力以应对未来的危机。通过国际货币基金组织的新贷款协议的扩大和成员增加，我们承诺动员5000亿美元额外资金，用于为全球金融体系提供一个保险政策。

作为这个改革进程的一部分，美国将全面支持中国在旨在帮助塑造国际体系的主要合作协议中发挥作用，中国的作用应与其在全球经济中重要性相称。

我相信中国发挥更大的作用对中国，对国际金融机构本身的效率，以及对世界经济都是必要的。

中国对全球经济已经太重要了，不能在国际谈判桌没有一个用以帮助确定作为国际金融体系有效功能关键的政策的完整席位。

第二，我们必须合作以确保全球贸易和投资环境保持开放，并且那种机会继续扩大。当经济已经变得越来越开放、越来越紧密地一体化，全球经济增长变得更强也具有更广泛基础，使更多的人脱离贫困，并使发展中国家转变为新兴市场。全球贸易自由化的承诺和增加的自由投资在这个进程中起关键作用 口 在工业化世界，在东亚，在1978年后的中国。当我们面对这次危机的严重压力，我们不应该背弃自由贸易和投资 口为我们自己，也为那些还没有享受到增长和发展的果实的人们。美国、中国和20国集团的其他成员承诺不采取增加贸易和投资壁垒的保护主义措施并将努力实现多哈发展议程的成功结论。

第三，我们共同面对的最紧要的长期挑战之一是气候变化。减少土地和森林退化、节约能源和使用清洁能源技术是重要的目标，补充了我们建立新的、可持续增长模式的努力和我们减少温室气体排放的目标。中国和美国已经通过战略和经济对话在诸多领域紧密合作，例如清洁运输，电力的清洁、有效生产，以及空气和水污染的减少。为了我们的国家和这个星球，我们必须继续这些努力。

结论：

在过去几年中美中经济活动的频率、强度和重要性都成倍增加。奥巴马总统和胡主席在四月份动议的美中战略和经济对话是该进程的下一个阶段。我期盼着欢迎王(岐山)副总理、戴(秉国)国务委员和他们的同事到华盛顿参加对话的第一次会议。

我们的交往应互相尊重中美的传统、价值和利益。我们将同心协力。我们应该理解我们都拥有很强的对彼此经济健康和成功的利益。

中国和美国，各自以及共同，对全球经济和金融系统如此重要，我们对国际经济体系的稳定和强健有直接的影响。其他国家对我们的政策和我们合作的方式都有合法权益，并且我们每个都有义务确保我们的政策和行动促进了全球经济和金融系统的健康和稳定。

我们走到一起，因为我们有共同的利益和责任。我们也有我们各自国家的利益。我将极力主张美国的利益，正如我希望我的对方代表中国的利益一样。中国已经从开放的贸易和投资中获得了巨大的利益，并有能力极大的增加她从世界其他地区的出口。反过来，我们希望更多机会出口到中国和投资中国经济。

我希望中国成功和繁荣。中国的增长和中国需求的扩大为美国的公司和工人带来了大量的机会，正如在中国和世界其他地区发生的那样。

离开美中合作，全球问题将得不到解决。这包括我们世界面临的所有问题，从经济复苏和金融修复到气候变化和能源政策。

我期望和你们一起努力合作，并本着相互尊重的精神。

第三篇：盖特纳演讲全文

盖特纳演讲全文：

中国处在令人羡慕的强势地位

[2009-06-02]

中国作为一个发展中国家尽管有你们自己的明显挑战，但你们处在一个令人羡慕的强势地位。而在世界大多数经济体中，经济衰退仍然严峻而危险

美国财政部长盖特纳于6月1日上午在北京大学发发表演讲，以下是其演讲稿翻译全文：

我很高兴今天能再次来到中国，并在这个伟大的学校与你们见面。

我第一次来到中国和北京大学是在1981年的夏天，那时，我还是一名学习普通话的大学生。我与一些来自美国的研究生和本科生在这里。次年夏天，我又回到了北京师范大学。

我们学习相当努力，并有幸与许多优秀教授一起工作，他们中的一些人今天也在这里。我们走遍这座城市并在中国的华东地区旅行，我们不仅有机会了解你们的历史和你们的抱负，还开始通过你们的眼睛看美国。

几十年来，我们看到历史上最不寻常的经济转型的开始。中国正在蓬勃发展。经济改革带来了收入的极快和持续提高。中国作为一个重要经济力量的崛起和更充分地融入世界经济，给美国和世界其他经济体带来了实实在在的好处。

由于意识到积极、全面的合作关系符合我们的共同利益，胡锦涛主席和奥巴马总统在4月同意建立战略和经济对话机制。克林顿国务卿和我将于下个月在华盛顿主持我们与王（岐山）副总理和戴（秉国）国务委员的第一次会议。今天和明天，我将荣幸地出席在北京的一系列会见，为这次经济讨论作准备。

这些会见将使我们有机会讨论经济领域的风险和挑战，审视我们在为更加平衡和可持续的经济复苏奠定基础的过程中，所共同面临的长期挑战，并探讨我们共同关心的国际金融改革。

世界经济正在经历多年来最具挑战性的经济和财政压力。

国际货币基金组织预测，今年世界经济将出现60多年来的首次萎缩。世界贸易的衰退很可能是自第二次世界大战结束以来最严重的。与正常年份世界经济的潜在增长率相比，产出损失可达到3至4万亿美元。

面对这一挑战，中国和美国共同努力，帮助形成一个强有力的全球战略，遏制危机，为经济复苏奠定基础。这些努力，以及中国、美国和其他主要经济体所采取的强有力政策行动的综合效应，已帮助减缓增长的恶化速度，修复金融系统和提升信心。

事实上，当前危机与以往的区别，不仅在于其全球规模及严重程度，还在于全球反应的范围和速度。

在4月份的20国集团领导人伦敦会议上，我们商定了一个前所未有的协调的政策行动计划，以支持经济增长，稳定和修复金融体系，恢复对贸易和投资至关重要的信贷流动，通过国际金融机构来为新兴市场经济体调动财政资源，并保持贸易和投资市场的开放。

这项针对经济复苏战略的历史性协定之所以达成，部分取决于中国和美国已经出台的政策行动。

在危机加剧时，中国迅速出台了强有力的增强国内需求的投资和金融措施计划。

在美国，新政府上任的第一周，我们就建立了一个全面的税收优惠和投资计划──第二次世界大战以来和平时期最大的恢复努力，以帮助遏制私人需求的急剧下降。除了这些财政措施，我们还采取行动减轻房地产市场的危机。我们出台了一系列举措，使更多的资金进入银行系统，并重新启动信贷市场。

这些举措在世界各国采取类似举措之后得到了加强。

与30年代的全球危机以及战后各个主要经济危机相比，世界各国领导人这次采取了联合行动。他们行动相对迅速。他们采取措施向最脆弱的经济体提供援助，尽管他们自身的国家也面临着特殊的金融需求。他们致力于继续开放市场，而不是退回到自我击败的歧视和保护措施中去。

他们承诺确保这一动议计划维持到复苏基础的牢固确立，而国际货币基金组织将密切监测此承诺，这样我们将能够在20国集团领导人今年秋天在美国再次会晤时一起来评估。

我们开始看到一些改善的初步迹象。全球经济衰退似乎失去力量。在美国，经济活动下跌步伐已经放缓。家庭支出减少，但消费者信心有所改善，消费已开始恢复。房屋价格的下降正在放缓，未售出房屋的库存已经大幅下降。商品和服务的订单有所提升。劳动力市场的恶化速度已经放缓，新申请失业保险的人数已开始有所下降。

金融体系已开始恢复。我们对美国主要银行的资本评估报告中所提供的澄清和披露信息，帮助提振信心，使需要资本的银行可以向私人投资者融资，借款时无需担保。证券市场，包括去年年底已基本停止运转的资产抵押证券市场已经开始恢复。企业和家庭的信贷成本已大幅度。

这些都是重要的稳定迹象，对我们将成功避免金融崩溃和全球性通货紧缩的保证，但它们只是为经济复苏奠定基础的第一步。修复和调整的过程还需时日。

中国作为一个发展中国家尽管有你们自己的明显挑战，但你们处在一个令人羡慕的强势地位。而在世界大多数经济体中，经济衰退仍然严峻而危险。美国与许多国家一样，企业和家庭正在经历几十年来最具挑战性的经济和财政压力。

金融系统的损害程度导致了重大的风险，以至信贷供应将会在一段时间内受到限制。许多主要经济体对银行的限制将使他们很难完全补偿基本的证券化市场机制所遭受的损害，包括对信贷评级丧失信心。在经历了漫长的时期金融机构承担太多风险后，我们仍然面临的可能是，即使根本经济条件开始改善，银行和投资者可能只愿承担太少风险。

经过长期的相对国内生产总值的储蓄下降和家庭借贷大幅度增长，美国的消费者支出，相对于经济复苏时期来说，将在一段时间内受到限制。

这些都是必要的调整。他们将需要更长的、较慢的复苏过程，在各国以一种不同以往的未来增长模式。

在我们继续处理当前金融和经济危机的同时，我们还要在恢复一旦确定时，重视为未来全球经济的持续增长和更加均衡奠定基础。

成功地过渡到一个更加平衡和稳定的全球经济，将需要对世界各地的经济政策和金融监管进行非常重大的变革。但是，这些变革中的一些最重要的部分将不得不在美国和中国进行。我们在华盛顿和北京的成功程度，将对世界其他地区的经济命运至关重要。美国政策的成效将部分取决于中国的，反之亦然。

虽然美国和中国从不同的位置开始，我们的许多国内改革的挑战是相似的。我们正在努力改革我们的卫生保健系统，提高教育质量，重建我们的基础设施，并提高能源效率。我们认为这些改革对提高我们经济的生产能力是必不可少的。这些挑战也是你们改革的重中之重。

我们双方都在对我们的金融体系进行改革。在美国，我们的挑战是创建一个更稳定、更具弹性的金融系统，为消费者和投资者提供更强有力的保护。当我们努力加强和重新设计规范以实现这些目标时，我们面临的挑战是维护我们金融体系的核心优势，也就是在适应、创新以及使资本流向新技术和创新公司方面的特殊能力。你们可以从学习我们的被当前的危机证明具有如此破坏性的缺陷和我们的优势中获益。

我们共同的挑战是要认识到一个更加均衡的、可持续的全球复苏将要求我们两个经济体经济增长构成的变化。因此，我们的政策必须针对非常不同的结果

第四篇：美国财政部长盖特纳在中美战略与经济对话闭幕式上的讲话

Strategic and Economic Dialogue Closing Statement Treasury Secretary Tim Geithner

Beijing, China May 25, 2010 在战略与经济对话闭幕式上的讲话

美国财政部长盖特纳

中国北京 2010年5月25日

I would like to begin by offering my appreciation to our Chinese hosts for their gracious hospitality.我首先感谢我们中国东道主的盛情款待。

Our economic relationship is strong, and it will get stronger.It rests on the recognition by Presidents Hu and Obama that we have shared interests and shared responsibilities.我们两国有强健的经济关系，今后还会更强健。胡锦涛主席和奥巴马总统都承认我们拥有共同利益和共同责任，双方的经济关系正是以此为基础。

Over the past year, we have acted together to help restore financial stability and economic growth to a world in crisis.Because we stood together, and because our Presidents were willing to act quickly and decisively, the world is in a much stronger position to successfully overcome the challenges ahead.在过去的一年里，为使陷入危机的世界恢复金融稳定和经济增长，我们采取了共同行动。由于我们共同努力，还由于两国首脑都愿意采取迅速果断的行动，目前全世界的状况更加稳固，有利于成功地应对未来的挑战。

When people write the history of this economic crisis, they will point to the decisive role played by international cooperation, in stark contrast to much of the pattern of past crises, where division delayed action and nations turned inward.And in writing that story, historians will point to the critical role played by the United States and China and the remarkable story of two nations, with such different traditions and such different stages of development, coming together with common objectives and a commitment to action.人们在书写这段经济危机的历史时将指出国际合作发挥的决定性作用，与过去处理危机的模式形成鲜明的对比。以往，相互间的分歧延缓了行动的步伐，各国转而闭关自守。在记录这段历史的时候，历史学家将指出美国和中国发挥的关键作用，记载两个传统迥异和发展阶段如此不同的国家相互合作，以共同的目标和付诸行动的决心谱写的卓越篇章。

Last July, when we met in Washington, China and the United States first made the case for a broad rebalancing of economic growth.The G-20 embraced the cause, and now it is a global imperative.Since that time, China and the United States have acted on that commitment.Americans are saving and investing more and borrowing less from the rest of the world, and China is consuming and importing more.去年7月，当我们在华盛顿会晤时，中国和美国首次论证了为经济增长进行更广泛的重新平衡的问题。20国集团采纳了这个意见，现在这个问题已经成为全球性的当务之急。自那时起，中国和美国根据各自的承诺采取行动。美国逐渐增加储蓄和投资，减少从国外的借贷。中国则日益扩大消费和进口。

We worked together to mobilize a substantial increase in financial resources for emerging markets and developing economies, through the International Monetary Fund(IMF)and the Multilateral Development Banks(MDBs), and to restore trade finance.These commitments were essential to arresting the free fall in global economic activity and averting much greater damage to the livelihoods of hundreds of millions of people around the world.我们通过国际货币基金组织（IMF)和多边开发银行（MDB)共同努力，为新兴市场和发展中经济体大幅度增加金融资源并恢复了贸易融资。这些承诺对于遏制全球经济活动的急剧下滑，避免全世界亿万人民的生计受到更大的损害，都是不可或缺的。

And quietly but surely, we are building a very strong network of cooperative arrangements on a range of goals, from boosting access to trade finance facilities for small and medium-sized enterprises to fighting money laundering and terrorist financing, from strengthened cooperation on financial reforms to helping Haiti repair the damage from its devastating earthquake.为了实现更大范围的目标，我们正默默地但坚定地建设非常强大的合作机制网络，从拓展中小企业获得贸易融资的途径，到打击洗钱及制止恐怖分子筹资活动；从加强金融改革的合作，到帮助海地弥补破坏性地震造成的损失等等。This second meeting of the Strategic and Economic Dialogue takes place against the backdrop of a promising improvement in the pace of growth in China and the United States and across much of the world economy, tempered by a recognition of the challenges faced by countries in Europe in restoring fiscal sustainability and promoting more balanced growth.美中两国举行第二轮战略与经济对话之际，中国和美国及世界经济的诸多方面在增长速度上出现了改善的希望，但也应该承认欧洲国家在恢复财政稳定和促进更平衡的增长的问题上面临着挑战。

We agreed to renew our efforts to strengthen and reinforce the global economic recovery.And we agreed to support the strong programs of policy reforms and financial support now being undertaken by the nations of Europe.我们同意继续努力，巩固和加强全球经济复苏。此外，我们同意支持欧洲国家正在实施的强有力的政策改革和财政支持方案。

We welcome the strong commitment of President Hu to the process of economic reforms to expand domestic demand and increase household consumption;expand market access in keeping with established international economic and trading rules, and advance trade and investment liberalization.我们欢迎胡锦涛主席坚定地承诺进行经济改革，致力于扩大内需，增加家庭消费；按照现行国际经济和贸易规则扩大市场准入并推进贸易和投资自由化。We welcome the fact that China's leaders have recognized that reform of the exchange rate is an important part of their broader reform agenda.Allowing the exchange rate to reflect market forces is important not just to give China the flexibility necessary to sustain more balanced economic growth with low inflation but also to reinforce incentives for China's private sector to shift resources to more productive higher value added activities that will be important to future growth.This is of course China's choice.中国领导人认识到汇率改革是更广泛的改革议程中一个重要部分，我们对此表示欢迎。允许汇率反映市场力量的作用具有重要的意义，不仅可以给予中国维持经济更平衡的增长和低通货膨胀所需要的灵活性，而且还能进一步激励中国民营部门将资源向生产力和附加值更高的活动转移，这些对未来的经济增长非常重要。当然，这取决于中国的选择。

And we welcome the progress we achieved to provide a more level playing field for U.S.firms in China.China has taken a series of steps to modify its policies to promote innovation and technological advancement.China has revised certain aspects of its product accreditation system, such as the requirement that products be patented or trademarked in China.It has affirmed its commitment to abide by the principles of non-discrimination;market competition;open trade;intellectual property protection;and leaving the terms of technology transfer and production processes to agreement between enterprises.我们欢迎我们为美国在华公司提供更公平的竞争环境取得的进展。中国采取了一系列步骤修改其政策，以促进创新和技术进步。中国修改了产品认证制度的某些环节，如要求产品必须在中国获得专利或注册商标。中国已确认致力于遵守不歧视、市场竞争、公开贸易、知识产权保护、技术转移和生产程序条款由企业之间协议解决等原则。

And we have agreed to a process of dialogue over the coming weeks and months, led by my colleagues Ambassador Kirk, Secretary Locke, and Science and Technology Director Holdren to find ways to address our remaining concerns.我们已经同意在今后数星期和数月内由我的同事柯克（Kirk）大使、骆家辉（Locke）部长和科技事务主任霍尔德伦（Holdren）率团参加有关对话，为我们关心的其余问题找到解决的途径。

We also welcome China's commitment to submit a revised offer on joining the WTO Agreement on Government Procurement by July 2010, as well as its commitment to reduce barriers to foreign investment in services, high-technology goods, high-end manufacturing, and energy saving products and facilitate foreign investment by decentralizing review and approval processes.This is progress.It does not fully resolve our concerns, but it gives us a set of basic principles on which to move forward.I want to thank Vice Premier Wang in particular for his personal role in advancing this agenda.我们还欢迎中国承诺在2010年7月前提交关于加入《世界贸易组织政府采购协议》（WTO Agreement on Government Procurement）的修订文本，以及承诺降低服务业、高技术商品、高端制造和节能产品等领域对外国投资设置的壁垒，并通过下放审批权方便外国投资。这就是进步。这样做并未完全解决我们关注的问题，但向我们提供了一套向前推进的基本原则。我特别感谢王副总理本人在推进这一议程中所发挥的作用。

The relationship between our two countries is strong and beneficial for both sides.American exports to China are growing much more rapidly than exports to the rest of the world.Compared to the first quarter of 2009, our exports to China went up by almost 50 percent while exports to the rest of the world went up by 20 percent.我们两国关系稳固，对双方都有益。美国对中国出口的增长速度超过对世界其他地区的出口。与2009年第一季度相比，我国对中国的出口几乎增长50%，而对于世界其他地区的出口仅增长20%。

These developments demonstrate the strength and dynamism of the American economy, as well as the importance of the process of rebalancing underway in China to promote stronger growth in domestic demand.And this shows that our economic strengths are complementary.Just as America benefits from China's growth, so too does China benefit from growth in the United States.这些进展表明了美国经济的强盛和活力，也说明中国为促进内需增长采取的重新平衡进程是多么重要。这还表明我们两国的经济实力相得益彰，彼此互补。美国受惠于中国的增长，中国也受惠于美国的增长。

American companies are leaders in innovation in the goods and services the world needs to grow.We are seeing a promising rise in private investment in the United States, dramatic ongoing gains in productivity supported by a stronger financial system, and a carefully designed and very substantial commitment by the U.S.government to promote investments in innovation and basic research.对于全世界增长所需的产品和服务，美国公司的创新活动居于领先地位。我们看到美国民间投资上升的大好趋势，生产力在更强大的金融体系支持下持续获得巨大收益，同时美国政府为促进对创新和基本研究的投资审慎规划了十分重大的实质性方案。

We bring to this Dialogue respect for China's interests and a commitment to closer cooperation on all the major global challenges.And a recognition of the special responsibility of the United States to contribute to the stability of the global financial system.在这次对话的过程中，我们表示尊重中国的利益并承诺为应对所有重大的全球挑战进行更密切的合作。我们也认识到美国对世界金融体系的稳定肩负着特别的责任。

I want to close by once again expressing my sincere appreciation to President Hu and Premier Wen and to the Chinese delegation for their leadership and hospitality.I am looking forward to continued progress at the forthcoming G20 meetings, first with Finance Ministers and Governors in Korea and then with Leaders in Toronto in June.在结束这次发言之际，我谨对胡主席和温总理以及中国代表团的主办和接待工作再次表示诚挚的谢意。G20即将举行会议，首先是在韩国举行的财政部长和央行行长会议，然后六月份在多伦多举行领导人会议。我期待有关会议继续取得进展。

第五篇：美国财政部长 蒂姆西演讲致辞

美中经济关系的前进道路

——就美中经济关系发表的演讲 美国财政部长 蒂姆西∙盖特纳

约翰斯霍布金斯大学高级国际问题研究院 2011年1月12日

It’s a pleasure to be here at SAIS.非常高兴来到高级国际问题研究院。

SAIS is a leader in one of the most important challenges in public policy and education – that of helping Americans understand the world and the role we play in it.This is important because we cannot effectively pursue our national interests unless we understand the objectives, the intentions, and the capabilities of other nations.贵院在公共政策和教育战线中最具重要挑战性的领域之一——帮助美国人民了解世界和我们在其中所发挥的作用——堪称是佼佼者。它之所以重要是因为，如果我们不了解其他国家的目标、意图和能力，我们就不能有效地寻求我们的国家利益。

Next week, President Obama will host President Hu Jintao at the White House.下个星期，奥巴马总统将在白宫接待胡锦涛主席。

This State Visit takes place at a time of important transition for the world economy, the Chinese economy, and the U.S.economy.此次国事访问正值世界经济、中国经济和美国经济处于重要过渡时期。

The global economy is emerging from the financial crisis, but that crisis has left lasting scars that will take years to repair.And it has left a growing gap between the growth trajectories of the large developed economies and the rapidly growing emerging economies.全球经济正在摆脱金融危机，但此次危机留下的创痕需要多年时间才会平复。危机也使大型发达经济体和迅速增长的新兴经济体的发展轨迹产生日益扩大的差距。

While many of the major economies are still confronted with the challenge of rebuilding after crisis, many of the emerging economies are at the early stage of what should be a long period of very rapid economic growth, with rising incomes creating growing demand for resources and for investment capital.当很多主要经济体依然面临危机后的重建挑战时，很多新兴经济体已经进入应会是长期快速经济增长的初期阶段，随之而来的是日益增长的收入带来对资源和投资资本的更大需求。

The growth of the United States stands between these two divergent paths.We are likely to grow at about half the rate of the major emerging economies, but about twice the rate of Europe and Japan.美国的增长处于这两种不同道路之间。我们的增长速度很可能是主要新兴经济体的一半，但大约为欧洲和日本的一倍。

These dynamics will fundamentally change the balance in the world economy, forcing changes in the architecture of the trade and financial systems.这一动态将从根本上改变世界经济的平衡，使贸易和金融系统的结构发生变化。

In this new global context, China’s principal economic challenge is how it will manage the next stage in its transition from a state-dominated developing economy, dependent on external demand and technology, to a more market-oriented economy, with growth powered by domestic demand and innovation.在这一新的全球背景下，中国面临的主要经济挑战是如何处理好转型的下一阶段，即从依靠外来需求和技术的国家控制的发展中经济转向靠内需和创新带动增长、更加由市场导向的经济。

Today, I want to talk about the implications of these changes for our economic relationship with China and for U.S.economic policy.今天，我想谈一谈这些变化对美中经济关系及对美国的经济政策的含义。

China presents enormous economic opportunities for the United States and for the world, but its size, the speed of its ascent, and its policies are a growing source of concern in the United States and in many other countries.中国为美国和世界提供了巨大的经济机遇，但其规模、崛起速度和政策越来越引起美国和很多其他国家的担忧。

To put those concerns in context, I’d like to begin by stating a few fundamental propositions about our economic relationship.为给这些担忧提供一个背景，我想首先阐明一下有关两国经济关系的几个基本论点。

First, the economic relationship between the United States and China provides tremendous benefits to both our nations.Even though we compete in many areas, our economic strengths are largely complementary.首先，美中经济关系为两国都带来了巨大的利益。虽然两国在很多领域存在竞争，但两国的经济优势在很大程度上具有互补性。

Second, China faces a very complicated set of challenges as it transitions toward a more open, market oriented economy.It is very much in our interest that the Chinese manage these challenges successfully.第二，中国在向更开放、更为市场导向的经济转型时，面临一系列相当复杂的挑战。中国成功应对这些挑战非常符合我们的意愿。

Third, our priorities in our economic relationship with China – from its exchange rate to its treatment of intellectual property – reflect changes that are fundamentally in China’s interest.Ultimately, China will need to make these changes in order to promote its own long-term prosperity.第三，我们在两国经济关系中的重点关注领域——从汇率到对知识产权的处理——反映着中国需要作出的符合其根本利益的改变。为了促进其本身的长期繁荣，中国最终需要有这些改变。

Fourth, and finally, I want to emphasize that the prosperity of Americans depends overwhelmingly on the economic policies we pursue to strengthen American competitiveness.Even as we work to encourage further reforms in China, we need to understand that our strength as a nation will depend, not on choices made by China’s leaders, but on the choices we make here at home.第四，也就是最后，我想强调，美国的繁荣极大地有赖于我们奉行增强美国竞争力的经济政策。虽然我们鼓励中国实行更进一步的改革，但我们要明白，我们作为一个国家的力量不是取决于中国领导人作出的选择，而是我们自己在国内所作的选择。

Now, over the last few decades, China has emerged as a major economic force.在过去几十年里，中国已成长为一个主要的经济力量。

That growth was unleashed by China’s economic reforms, a growing labor force, and one of history’s greatest economic migrations from farms to factories.这种增长的动力是中国的经济改革、劳动力增加和历史上最浩大的从农田到工厂的经济迁徙。

But China’s growth was also made possible by the access China enjoyed to the markets, the investments, and the technology of the United States and the other major economies.但是，中国之所以能有这样的增长也是由于中国获得了美国和其他主要经济体的市场、投资和技术。

The open, multilateral system of trade and investment, with its balance of rules and responsibilities, was built with the leadership of the United States decades before China opened up to the world.这种开放与多边的体制，包括贸易和投资体制中规则与责任之间的相互平衡，是中国向世界开放之前几十年在美国的领导下建立起来的。

The opportunities created by the system were fundamental to China’s economic ascent, and they remain vital to China’s ability to continue to grow.该体制创造的机遇对中国的经济崛起极其重要，对中国能否继续增长仍然至关重要。

China needs the United States, but the United States also benefits very substantially from our rapidly expanding economic relationship with China.中国需要美国，但美国也从迅速扩大的与中国的经济关系中获益良多。

The benefits of this relationship are hard to capture in any one statistic, but remember this.这种关系的好处很难用一个统计数字来概括，但请谨记这点：

The United States is on track to export more than $100 billion of goods and services to China this year.Our exports to China are growing at twice the rate of our exports to the rest of the world.今年美国可望向中国出口1000多亿美元的服务与商品。我们到中国的出口正以高于向世界其他地方出口一倍的速度增长。

These exports are supporting hundreds of thousands of jobs across the nation in all sectors – from high technology to soybeans, aircraft to autos, and forklifts to financial services.这些出口支持着全国各行业数十万的就业机会——从高科技到大豆、飞机到汽车、从叉车到金融服务。

We have a great deal invested in each other’s success.我们对相互的成功投入甚多。

In our economic relationship with China we have focused on two principal objectives.在我们与中国的经济关系中，我们主要侧重于两个主要目标。

The first is to expand opportunities for U.S.companies to export and sell to the Chinese market.This requires a more level playing field for U.S.companies that compete with Chinese companies in China, in the United States, and around the world.首先是为美国公司出口和销售到中国市场扩大机会。这要求为在中国、美国和世界各地与中国公司竞争的美国公司开辟一个更公平的竞争市场。

Our second objective is to promote reforms that will reduce China’s reliance on export led growth and encourages a shift to domestic consumption and investment.As part of this, China’s exchange rate needs to strengthen in response to market forces.我们的第二个目标是促进改革，减少中国对外销型增长的依赖，并鼓励向国内消费和投资转变。作为其中一项内容，中国的汇率需要根据市场因素而加强。

I want to provide a quick review of some of our concerns and the extent of progress, as we see it, in each of these areas.我想简要地回顾一下在这些方面我们的一些担忧和取得进展的幅度。

First, on the broader competitive landscape in China and the opportunities and challenges we face competing in China:

首先，关于中国的更宽阔的竞争格局和我们在中国竞争所面临的机遇与挑战。

The commanding heights of China’s economy and its financial system are still dominated by the government.中国经济和金融体系的制高点仍然为政府所控制。

Chinese companies and workers are able to take advantage of a range of preferences and subsidies and operate behind trade barriers that give them a competitive advantage relative to U.S.and other foreign firms and workers.中国企业和工人能够利用一系列优惠和补贴的优势，借助贸易壁垒的屏蔽而经营，这使他们享有相对于美国和其他外国公司和工人的竞争优势。

They get access to low-cost finance, land, and energy.They enjoy preferences in terms of access to government contracts.他们可以低代价得到资金、土地和能源。在得到政府合同上享有优势。

Next, theft of intellectual property remains widespread in China, across many industries.第二，侵犯知识产权在中国的许多行业仍然很普遍。

And the Chinese government has introduced a range of new policies to encourage innovation in China that are designed to favor Chinese technology over foreign technology, including in the enormous Chinese government procurement market.中国政府出台了一系列鼓励在中国创新的新政策，旨在有利于中国技术而不利于外国技术，包括在巨大的中国政府的采购市场中。

Where these practices violate China’s international commitments, we are actively using the remedies available under U.S.and international trade laws to protect our interests.在这些做法违反了中国的国际承诺的情况下，我们积极利用美国和国际贸易法律赋予的补救办法来保护我们的利益。

And China has been gradually moving to address some of our concerns.而中国已经在逐步采取行动，解决我们所担心的一些问题。

The government recently launched a new enforcement effort to combat the theft of intellectual property and to force Chinese companies to pay for the intellectual property they use.政府最近推出了新的执法措施，打击知识产权侵权，迫使中国公司支付他们所使用的知识产权。

The Chinese leadership has committed to expand opportunities for U.S.firms in access to procurement by government entities.中国领导层已承诺扩大美国企业进入政府实体采购市场的机会。

And the government has committed not to discriminate against U.S.companies that operate in China.政府已承诺不歧视在中国经营的美国公司。

We welcome these commitments.They don’t address all our concerns, but they are something we can build on.And we will continue to press the Chinese to translate these commitments into further progress.我们欢迎这些承诺。它们不能解决我们所有的问题，但是是我们发展的基础。我们将继续敦促中国把这些承诺转化为更多进展。

Doing so is in their interest.Government domination limits competitiveness within the Chinese economy and prevents the private sector from contributing to growth at its full potential.And you can’t promote innovation if you don’t protect intellectual property.这样做符合他们的利益。政府主导束缚了中国经济内部的竞争力，妨碍私营部门对增长充分发挥作用。如果不保护知识产权，就不能推动创新。

Alongside the reforms I’ve mentioned, we want to encourage China to move definitively away from the export driven growth model of the last few decades to a growth model driven by domestic consumption.除了我上述提到的改革，我们希望鼓励中国绝对脱离过去几十年出口带动增长的模式，转向由国内消费推动的增长模式。

The Chinese leadership recognizes that China is now too large relative to the world economy for it to continue to rely on foreign demand to grow.And the government has adopted a comprehensive program of reforms to rebalance the economy and shift growth to domestic demand.中国领导人认识到，如今中国在世界经济中所占比例如此之大，它不能继续依赖国外需求来实现增长。中国政府已经采用了一个综合改革项目来重新平衡经济，转向以国内需求带动增长。

This requires reforms to increase public spending on health and education, raise and enforce minimum wages, remove barriers to investment in services, expand access to financial products for individuals and entrepreneurs, and remove subsidies for investment in the sectors that drove the initial decades of growth.这要求增加卫生、教育等公共项目的投资，提高并落实最低工资，消除在服务业投资的障碍，扩大个人和企业获得和利用金融产品的渠道，并且取消对促成最初几十年增长的行业的投资补贴。

This transition will take time, but it is already having a major impact on the shape of Chinese growth, and providing increased opportunities for American companies.Domestic demand is contributing more to growth, and as a consequence, U.S.exports to China are growing more rapidly, and U.S.companies operating in China are seeing more opportunities.这种转型需要时间，但它已经对中国经济发展形态产生了重大影响，并在为美国公司企业创造更多的机会。国内需求正在为带动增长发挥更大的作用，其结果是，美国对中国的出口更迅速增长，在中国运作的美国公司看到了更多的机会。

Finally, and importantly, China still closely manages the level of its exchange rate and restricts the ability of capital to move in and out of the country.最后一点，也是重要的一点，中国仍然紧紧把握其汇率水平，并且限制资本进出中国的能力。

These policies have the effect of keeping the Chinese currency substantially undervalued, which gives Chinese companies a competitive advantage.上述政策造成中国货币价值一直严重过低，从而给中国公司带来竞争优势。

They also impose substantial costs on other emerging economies that run more flexible exchanges rates, and as a result have experienced a substantial loss of competitiveness against China.这些政策也大大增加了其他实施更具弹性的汇率的新兴经济体的代价，使它们大大失去了与中国竞争的能力。

This is not a tenable policy for China or for the world economy.对于中国乃至世界经济而言，这都不是一种站得住脚的政策。

If China does not allow the currency to appreciate more rapidly, it will run the risk of seeing domestic inflation accelerate and face greater risk of a damaging rise in asset prices, both of which will threaten future growth.And sustaining an undervalued currency will undermine China’s own efforts to rebalance growth toward domestic consumption and higher-value-added production.中国如果不允许货币更迅速地增值，将可能出现国内通货膨胀加剧的危险，并且面临资产价格破坏性上涨的更大风险，两者都将威胁未来的经济增长。一直压低币值将损害中国自身转向国内消费和更高附加值产品生产进而重新取得发展平衡的努力。

Since June of 2010, when Chinese authorities announced they would resume moving toward a more flexible exchange rate, they have allowed the currency to appreciate only about 3 percent against the dollar.This is a pace of about 6 percent a year in nominal terms, but significantly faster in real terms because inflation in China is much higher than in the United States.自2010年6月中国当局宣布将重新朝着更灵活的汇率移动以来，他们只让人民币对美元的升值幅度达到大约3%。这在表面上相当于大约每年6%的速度，但实际上要快得多，因为中国的通货膨胀远高于美国。

We believe it is in China’s interest to allow the currency to appreciate more rapidly in response to market forces.And we believe China will do so because the alternative will be too costly – for China and for China’s relations with the rest of the world.我们认为，允许人民币根据市场因素更快升值符合中国的利益。我们相信中国会这么做，因为否则将会给中国以及中国与世界其他国家的关系带来过高代价。

These are our main priorities.China’s objectives are focused on the following areas:

以上是我国的主要重点。中国的目标集中在以下方面：

• China wants more access to U.S.high technology products.• China to take greater advantage of investment opportunities in the United States.• China would like to be accorded the same terms of access that market economies enjoy.--中国希望扩大获得美国高科技产品的渠道。--中国希望更大利用美国的投资机会。

--中国希望获得与市场经济体同等的准入条件。

We are willing to make progress on these issues, but our ability to move on these issues will depend of course on how much progress we see from China.我们愿意在这些方面取得进展，但是我们向前推进的能力自然将取决于我们看到中国有多大进展。

As China reduces the role of the state in the economy, reforms policies that discriminate against U.S.companies, removes subsidies and preferences for domestic firms and technology, and allows its exchange rate to reflect market forces, then we will be able to make progress on China’s objectives.随着中国减少国家在经济中的作用，修改歧视美国公司的政策，取消给予本国公司和本地技术的补贴和优惠，并允许其汇率根据市场浮动，我们将能够就中国的目标取得进展。

In any discussion of China, I think it is important for Americans to understand the solutions to our challenges in the United States rest first and foremost in the policies of Washington, not of Beijing.我认为，在任何关于中国的讨论中，美国人都必须了解，解决我们所面临的挑战要首先取决于华盛顿，而不是北京。

Fundamentally, how many jobs and how much wealth we create will be the result of the choices we make in the United States – not the choices of others.归根结底，我们能创造多少就业机会及多少财富，将取决于我们在美国所作的选择，而不是他人所作的选择。

In our efforts to rebuild and put Americans back to work, we have to make sure we are making the investments and reform that will be essential to our capacity to grow in the future.我们在努力重建并使美国人重返工作岗位的过程中，必须确保我们进行对我们未来增长能力至关重要的投资和改革。

As countries like China, India, Brazil and other emerging economies grow and expand, we want the American economy, American workers, and American companies to play a major role in – and gain substantial benefits from – that growth.在中国、印度、巴西和其他新兴经济体增长扩展之际，我们希望美国经济、美国工人和美国公司能在其中起到重要作用，并从那些增长中获得可观的益处。

We want to see a substantial part of that growing demand outside of the United States met by goods and services that are created and produced in the United States, and fueled by investment in the United States.我们希望，对于美国以外不断增长的需求，有很大一部分将通过美国创造和制造的产品和服务来满足，并由在美国的投资所带动。

If we are successful in doing that, we will be stronger as a nation.But to be successful in meeting that challenge, there are things we must do.We must invest more in research and development.We must invest more in educational reforms.We must invest more in public infrastructure.We must create stronger incentives for investment in the United States, by both American and foreign companies.We must be more forceful and effective in promoting American exports.如果我们能够成功做到这点，我们国家就会更强盛。但是，要成功迎接那种挑战，我们必须作出多项努力。我们必须对研究开发给予更多投资。我们必须对教育改革给予更多投资。我们必须对公共基础设施给予更多投资。我们必须创造更大吸引力让美国和外国公司在美国投资。我们必须更加高效有力地推动美国出口。

And we must restore fiscal responsibility.This will require the government to spend less and spend more wisely, so that we can afford to make the investments that are critical to future growth.And in the long term, it will require tax reform that produces a system that is more simple and more fair, that encourages growth and investment, and that will help restore fiscal sustainability.我们也必须恢复财政责任。这将要求政府减少开支和增加开支的理性，从而让我们能够进行对未来成长至关重要的投资。长期而言，这需要进行税务改革，建立一种更简明、更公平的体制，鼓励增长和投资，并且有助于恢复财政的可持续性。

These are our challenges.And they are not just an economic imperative, they are national security imperative.Our strength as a nation depends on the ability of our political system to move quickly enough to put in place solutions to our long-term problems.这些都是我们的挑战。它们不只是经济要务，也是国家安全的要务。美国的实力有赖于我们的政治体制能够迅速确定解决我们长期问题的方案。

Our great strengths as a country have been in our openness to ideas and talent, our capacity to innovate, our excellence in higher education, a willingness to invest public resources strategically in scientific research and discovery, and the political will to confront challenges with wisdom and force.我国的坚强实力一向在于对思想和人才开放，能够创新，拥有优质的高等教育，愿意将公共资源战略性地投入科学研究与发现，并且具有靠智慧和力量战胜挑战的政治意愿。

If we preserve and build on these strengths, and if China successfully continues on its path to a more open, market economy, then both our countries and the world economy will be in a much stronger position.如果我们保持并进一步发展这些实力，并且中国若能继续成功迈向一个更开放的市场经济，那么，我们两国以及世界经济都将更趋兴盛。

The President recently said, “We should feel confident about our ability to compete, but we are going to have to step up our game.”

总统最近曾说：“我们对于自己的竞争能力应有自信，但是我们必须更加努力。”

China’s rise offers us the opportunity of dramatic growth in demand for things Americans create and produce.But it also will force us to raise our game.中国的崛起给我们带来一个对美国创造和制作的产品的需求大幅度增长的机会。但是它也要求我们更加一把劲。

We should welcome both the opportunity and the challenge.我们对于这个契机和挑战应该同表欢迎。

Thank you.谢谢各位。