Accelerating Reforms to Establish a Risk Prevention System – A View from the IMF
基金組織觀點(diǎn)：加快改革步伐，建立風(fēng)險(xiǎn)防范體系

Christine Lagarde, IMF Managing Director
基金組織總裁 克里斯蒂娜·拉加德

Beijing, March 20, 2016
北京，2016年3月20日

Ladies and Gentlemen,
女士們，先生們：

Good afternoon, Xiàwǔ hǎo.
下午好。

Let me start by thanking Mr. Long Guoqiang, Vice Director of the Development Research Center, for the kind introduction. I would also like to thank Governor Zhou for giving me the opportunity to share this panel with him on such an important topic.
首先我要感謝國務(wù)院發(fā)展研究中心副主任隆國強(qiáng)的介紹，也要感謝周小川行長(zhǎng)，讓我有機(jī)會(huì)能同他一道來共同討論這個(gè)重要問題。

Establishing a stronger and safer international monetary system to prevent risks is of paramount importance for advanced and emerging economies alike. The moment could not be more fitting, given the conjuncture of risks and transitions in the global economy.
建立更有力、更安全的國際貨幣體系以防范風(fēng)險(xiǎn)，對(duì)發(fā)達(dá)經(jīng)濟(jì)體和新興經(jīng)濟(jì)體而言，都是頭等大事。全球經(jīng)濟(jì)正處在風(fēng)險(xiǎn)和轉(zhuǎn)型交匯的時(shí)期，現(xiàn)在正是構(gòu)建和改善該體系最恰當(dāng)?shù)臅r(shí)刻。

With China making a major contribution, over the past few years, we saw the center of global economic “gravity” shift toward emerging and developing economies. Together this group of countries is home to 85 percent of the world’s population and accounting for almost 60 percent of global GDP. Since the crisis, they have become the engine of global activity, contributing more than 80 percent of global growth.
以中國為代表，我們看到，過去幾年里，全球經(jīng)濟(jì)重心轉(zhuǎn)移到了新興和發(fā)展中經(jīng)濟(jì)體。這些國家占世界總?cè)丝诘?5%，全球GDP約60%。危機(jī)爆發(fā)以來，這些國家成為全球活力的來源，貢獻(xiàn)了全球增長(zhǎng)的 80%。

Yet today, economic momentum in this group of countries is slowing. Structural shifts on the global landscape, including lower commodity prices and tighter and more volatile financial conditions, are denting their long run growth potential. China itself is in the midst of an historic transformation to deliver on the Chinese Dream of a “great rejuvenation of the Chinese nation”.
但現(xiàn)在這些國家經(jīng)濟(jì)發(fā)展的勢(shì)頭正在放緩，長(zhǎng)期發(fā)展?jié)摿σ蛉蚪?jīng)濟(jì)形勢(shì)的結(jié)構(gòu)性轉(zhuǎn) 變而受到抑制，如大宗商商品價(jià)格下降，金融條件收緊且波動(dòng)更劇烈。中國本身正處在實(shí)現(xiàn)“中華民族偉大振興”這一中國夢(mèng)的歷史轉(zhuǎn)折期。

We all agree that this transition is good for China, and good for the world – but that the road may at times be bumpy.
我們都認(rèn)為這樣的轉(zhuǎn)變對(duì)中國來說是好事，對(duì)世界來說也是好事，但這條道路可能充滿曲折。

The global economy today is increasingly multipolar, complex, and interconnected. One needs to ask how the international monetary system can be strengthened so that China and other emerging countries can restore momentum and safely deepen economic and financial integration.
今天，全球經(jīng)濟(jì)越來越多極化，越來越復(fù)雜，互聯(lián)程度也越來越高。人們要問，如何強(qiáng)化國際貨幣體系，從而使中國和其他新興國家恢復(fù)發(fā)展勢(shì)頭，妥善深化經(jīng)濟(jì)和金融一體化呢？

As one of the largest and most systemic economies in the world, China has a clear and central role to play in this system – as Governor Zhou has eloquently articulated. The decision to include China’s currency as part of the SDR basket starting October this year, along with the 2010 governance reforms which places it among the top 3 shareholders in the IMF, are a testament to its growing leadership role in the global arena. And we should anticipate an even greater role for China in the future.
中國是世界上規(guī)模最大、最具系統(tǒng)性影響的經(jīng)濟(jì)體之一，在國際貨幣體系中發(fā)揮著明確的核心作用，對(duì)此周行長(zhǎng)已經(jīng)表達(dá)的非常明確了?；鸾M織于2010年開展的份額改革在2015年終獲生效，使得中國躋身于基金組織前三大股東之列，并決定從今年10月份開始將人民幣納入特別提款權(quán)貨幣籃子。這些行動(dòng)都是中國在全球舞臺(tái)上領(lǐng)導(dǎo)作用增強(qiáng)的明證。我們期待中國將來能發(fā)揮更大的作用。

1. Where is the IMS today?
一、國際貨幣體系的現(xiàn)狀

Over the coming few months, the IMF, in consultation with our membership, will be exploring possible options to strengthen the resilience of the international monetary system.
接下來幾個(gè)月，基金組織將與各成員國磋商，探討可采取哪些措施加強(qiáng)國際貨幣體系的抵御能力。

So let me start with how we see that system today.
因此，我首先要談的是我們要如何看待今天的國際貨幣體系。

The 2008 financial crisis revealed considerable fault lines in the system. The impetus for reform was inevitable.
2008年金融危機(jī)暴露出該體系存在嚴(yán)重的斷層。改革勢(shì)在必行。

The priorities for the Fund were clear. We overhauled our own surveillance toolkit to take better account of economic and financial interconnections and spillovers, and revamped our institutional view on the management of capital flows. This is crucial to draw more attention to the risks and global implications of domestic policies. We are also enhancing our understanding of the impact of non-economic spillovers such as epidemics.
基金組織的工作重點(diǎn)很明確。我們徹底改革了基金組織的監(jiān)督工具，更妥善地考慮了經(jīng)濟(jì)與金融互聯(lián)性和溢出效應(yīng)，改進(jìn)了關(guān)于資本流動(dòng)管理的機(jī)構(gòu)觀點(diǎn)。這是使各國更關(guān)注本國政策風(fēng)險(xiǎn)和全球影響的關(guān)鍵。我們還加深了對(duì)流行病等非經(jīng)濟(jì)溢出效應(yīng)影響的理解。

The Fund’s role in the overall global financial safety net was also strengthened. The recent approval of the 2010 governance reforms led to a doubling of our quota resources – to about US$660 billion. This increase will put the Fund on a stronger financial footing and boost its permanent lending capacity.
基金組織在全球金融安全網(wǎng)中的作用也得到加強(qiáng)。近期批準(zhǔn)2010年治理和份額改革后，基金組織的份額資源增加了一倍，約達(dá)到6600億美元。這一增長(zhǎng)將強(qiáng)化基金組織財(cái)務(wù)基礎(chǔ)，提高其長(zhǎng)期貸款能力。

Recent steps also bode well for greater representation of dynamic emerging economies in the governance of the Fund. With the quota reforms, the BRIC countries are now among our top 10 shareholders.
近期的各種措施也預(yù)示著充滿活力的新興經(jīng)濟(jì)體在基金組織治理中贏得更大的話語權(quán)。份額改革后，所有金磚國家現(xiàn)在均已進(jìn)入十大股東之列。

There have also been improvements outside the Fund. Think of improvements to the global architecture, with the creation of the Financial Stability Board. Think of improvements in global cooperation, through the G20, of which China is currently the Chair. And think of improvements to the global financial safety net, with the creation of the Contingent Reserve Arrangement, the Chiang Mai Initiative, and the ESM in Europe. In many of these initiatives, China is a key founder and contributor.
基金組織以外的領(lǐng)域也取得了進(jìn)展。比如，金融穩(wěn)定委員會(huì)的成立改善了全球架構(gòu)；二十國集團(tuán)推動(dòng)了全球合作，中國目前正擔(dān)任二十國集團(tuán)的主席國；又如金磚銀行應(yīng)急儲(chǔ)備安排、清邁倡議以及歐洲穩(wěn)定機(jī)制的創(chuàng)立完善了全球金融安全網(wǎng)。中國是其中一些此類倡議的主要?jiǎng)?chuàng)建者和推動(dòng)方。

Today, there is also a network of bilateral swap lines that extends beyond the major advanced countries to include systemic emerging economies. Again, China is becoming increasingly important in this network, with more than 30 renminbi swap lines in place as of end-2015. These are equivalent to about US$500 billion and account for 85 percent of all global swap lines.
如今，雙邊互換網(wǎng)絡(luò)已經(jīng)不僅局限于主要發(fā)達(dá)國家，而是延伸至具有系統(tǒng)性影響的新興經(jīng)濟(jì)體。中國在該網(wǎng)絡(luò)中的作用也越來越重要，截至2015年底，已確定了30多項(xiàng)人民幣互換額度，數(shù)額約為5000億美元，占全球互換總額度的85%。

2. The need for further reform of the IMS
二、進(jìn)一步改革國際貨幣體系的必要性

So, with all these important changes, a natural question is why the need for further reform of the international monetary system?
既然發(fā)生了這些重要的變化，人們自然要問為什么還要進(jìn)一步改革國際貨幣體系？

In my view, the answer is simple. These reforms were implemented in response to the crisis back in 2008.
我認(rèn)為答案很簡(jiǎn)單。這些改革是為了應(yīng)對(duì)2008年爆發(fā)的危機(jī)。

The world today presents us with new realities that require a different response. Ongoing financial globalization and integration is creating challenges that we need to adapt to. I can think of three such new and interrelated realities.
當(dāng)今世界出現(xiàn)了新情況，我們需對(duì)此做出不同的反應(yīng)。金融全球化和一體化正在推進(jìn)，我們需要適應(yīng)由此產(chǎn)生的挑戰(zhàn)。下面我列舉三個(gè)相互關(guān)聯(lián)的新情況。

New reality number 1: Post-crisis adjustments and increased financial integration have contributed to the build-up of financial vulnerabilities.
新情況1：危機(jī)后的調(diào)整和金融一體化程度的提高導(dǎo)致金融脆弱性累積。

The good news here is that global current account imbalances have narrowed since the crisis. The not-so-good news is that the nature of the adjustment – combined with increased financial integration in many emerging and developing economies – may have increased domestic vulnerabilities.
這一新情況帶來的好消息是，危機(jī)爆發(fā)以來全球經(jīng)常賬戶失衡有所改善；但不那么好的消息是，調(diào)整本身以及許多新興和發(fā)展中經(jīng)濟(jì)體金融一體化程度提高可能加劇國內(nèi)脆弱性。

Financial integration brings clear benefits in terms of better allocation of capital globally and greater risk sharing. But if not properly managed and regulated, it can bring financial stability risks, which the global financial safety net may not be adequate to handle.
金融一體化能改善全球資本分配，促進(jìn)風(fēng)險(xiǎn)共擔(dān)，帶來的好處是顯而易見的。但如果缺乏妥善的管理和監(jiān)管，金融一體化可能造成全球金融安全網(wǎng)不足以應(yīng)對(duì)的金融穩(wěn)定風(fēng)險(xiǎn)。

As of end-2014, total cross border flows in emerging and developing economies stood at about US$20 trillion. It is no surprise that cross border borrowing, particularly for banks and corporates, has become an important source of funding for many emerging economies. Yet, this source of funding can contribute to balance sheet mismatches and possible liquidity pressures.
截至2014年底，新興和發(fā)展中經(jīng)濟(jì)體的跨境資金流動(dòng)總額約為20萬億美元?？缇辰栀J，特別是銀行和公司借貸，成為許多新興經(jīng)濟(jì)體融資的主要資金來源，這并不足為奇。但是，這種融資來源會(huì)導(dǎo)致資產(chǎn)負(fù)債表錯(cuò)配，可能造成流動(dòng)性壓力。

Let us also piece together the major elements of the financial safety net that can be called upon to alleviate such liquidity pressures. These would include four broad elements: individual countries’ foreign exchange reserves, bilateral swap lines, regional financing arrangements, and financing through multilateral institutions like the Fund.
現(xiàn)在我們?cè)賮砜偨Y(jié)一下可以用于減輕流動(dòng)性壓力的金融安全網(wǎng)的關(guān)鍵要素，主要包括 四大要素：?jiǎn)蝹€(gè)國家的外匯儲(chǔ)備、雙邊互換額度、區(qū)域融資安排和通過基金組織等多邊機(jī)構(gòu)進(jìn)行融資。

Together these resources were “roughly” estimated at about US$16 trillion in 2014, of which the bulk – US$12 trillion – is individual countries’ foreign reserves. Yet, not all countries have equal access to the various elements of the safety net.
據(jù)“粗略”估計(jì)，2014年這些資源共達(dá)16萬億美元，其中大部分（約12萬億美元）是單個(gè)國家的外匯儲(chǔ)備。但不是所有國家都能平等獲取安全網(wǎng)中的各項(xiàng)資源。

On one end of the spectrum, there are reserve currency-issuing advanced economies. These are best covered by all the elements of the existing framework. On the opposite end of the spectrum, there are the non-systemic emerging and developing economies, which face the most limited set of options in this safety net.
一方面，發(fā)達(dá)經(jīng)濟(jì)體發(fā)行儲(chǔ)備貨幣?，F(xiàn)有框架的各要素最大程度地覆蓋了這些經(jīng)濟(jì)體。而另一方面，不具備系統(tǒng)性影響的新興和發(fā)展中經(jīng)濟(jì)體在該安全網(wǎng)中的選擇最有限。

Clearly, we need a bigger – and more inclusive – net that captures all risks!
我們顯然需要一個(gè)更大和更具包容性的網(wǎng)絡(luò)，以防范各種風(fēng)險(xiǎn)！

New reality number 2: Capital flow volatility is becoming a permanent feature of the global landscape.
新情況2：資本流動(dòng)波動(dòng)正成為全球形勢(shì)的一個(gè)常見特征。

Consider the exponential growth of cross-border flows over the past few years. These flows reflected both “push” factors, such as appropriately expansionary monetary policies in advanced economies, and “pull” factors, such as rapid growth in emerging economies.
過去幾年里，跨境流動(dòng)呈指數(shù)性增長(zhǎng)。這些流動(dòng)既反映出發(fā)達(dá)經(jīng)濟(jì)體恰當(dāng)?shù)臄U(kuò)張性貨幣政策等“推動(dòng)”因素，也顯示了新興經(jīng)濟(jì)體迅速增長(zhǎng)等“拉動(dòng)”因素。

Yet today, uncertainty about global economic prospects and asynchronicity in monetary policies of major advanced economies pose a challenge for the emerging world. We should expect that episodes like the “taper tantrum” of May 2013 could be recurring, rather than one-off.
然而，現(xiàn)今全球經(jīng)濟(jì)發(fā)展前景的不確定性和主要發(fā)達(dá)經(jīng)濟(jì)體貨幣政策的不同步給新興 經(jīng)濟(jì)體帶來挑戰(zhàn)。我們應(yīng)該認(rèn)識(shí)到，2013年5月“縮減恐慌”會(huì)再次發(fā)生，而不是一去不返。

The turning of the credit cycle in emerging economies – as capital inflows decelerate or even reverse – is adding a further layer of complexity. Last year, for example, emerging markets saw about $200 billion in net capital outflows, compared with $125 billion in net inflows in 2014.
新興經(jīng)濟(jì)體信貸周期的轉(zhuǎn)向使復(fù)雜性又加深了一層，如資本流入減速甚至逆轉(zhuǎn)。比如， 新興市場(chǎng)去年凈資本流出約為2000億美元，而2014年資本凈流入為1250億美元。

For a sample of 45 emerging market economies, the cumulative slowdown in capital inflows between 2010 and 2015 is estimated at about US$1.1 trillion. Relative to economic activity, the aggregate decline in net capital inflows represents about 5 percent of the sample’s GDP.
分析一個(gè)由45個(gè)新興市場(chǎng)經(jīng)濟(jì)體組成的樣本，其2010年到2015年期間資本流入增長(zhǎng)的累計(jì)降幅估計(jì)約為1.1萬億美元。與經(jīng)濟(jì)活動(dòng)規(guī)模相比，凈資本流入下降總額約占樣本經(jīng)濟(jì)體GDP的5%。

These magnitudes can test the resilience of even the most robust macroeconomic frameworks. Quick liquidity support during systemic events becomes of paramount importance to stem the risk of broader contagion.
即便一國具有最穩(wěn)健的宏觀經(jīng)濟(jì)框架，如此大規(guī)模的資本流動(dòng)變化也是對(duì)其抵御能力 的考驗(yàn)。在發(fā)生系統(tǒng)性事件時(shí)迅速提供流動(dòng)性支撐是遏制蔓延風(fēng)險(xiǎn)的重中之重。

New reality number 3: Increased financial globalization also means that financial spillovers are the norm, not the exception.
新情況3：金融全球化程度提高還意味著金融溢出效應(yīng)成為常態(tài)而非例外情況。

Financial integration also strengthens spillovers, or knock-on effects, across countries. Think of the turmoil earlier this year that – for a while – wiped out the equivalent of US$6 trillion – or 8.5 percent of global GDP – in equity market indices.
金融一體化加劇了各國之間的溢出效應(yīng)或連鎖反應(yīng)。比如，今年年初的波動(dòng)雖然持續(xù)時(shí)間很短，但股票市場(chǎng)指數(shù)反映出，該波動(dòng)造成了6萬億美元或全球GDP 8.5%的損失。

In the current international architecture, the central role of major reserve currencies means that policy and financial developments in reserve issuing currencies can have significant spillover effects on other countries. These knock-on effects can constrain domestic policy choices, especially when countries are at different stages of the business cycle.
在當(dāng)前的國際架構(gòu)下，主要儲(chǔ)備貨幣發(fā)揮核心作用，這意味著儲(chǔ)備貨幣發(fā)行國的政策和金融發(fā)展變化對(duì)其他國家有著顯著的溢出效應(yīng)。此類連鎖反應(yīng)可能限制國內(nèi)政策選擇，對(duì)處于商業(yè)周期困難階段的國家來說更是如此。

Even so, major advanced economies are no longer the only source of financial spillovers.
但即使如此，主要發(fā)達(dá)經(jīng)濟(jì)體也不再是金融溢出效應(yīng)的唯一來源。

Our forthcoming research in the Global Financial Stability Report shows that financial spillovers from emerging economies – to both advanced and to other emerging economies – have become stronger since the crisis. This is particularly the case for spillovers from equity markets in emerging economies, which increased by 28 percent since the crisis. Spillovers from some of the largest emerging economies, such as China and Brazil, were even bigger – at about 40 percent.
即將出版的《全球金融穩(wěn)定報(bào)告》研究顯示，危機(jī)爆發(fā)以來，新興經(jīng)濟(jì)體的金融溢出效應(yīng)對(duì)發(fā)達(dá)經(jīng)濟(jì)體和其他新興經(jīng)濟(jì)體的影響增強(qiáng)。特別是新興經(jīng)濟(jì)體股票市場(chǎng)的溢出效應(yīng)自危機(jī)后增長(zhǎng)了28%。中國、巴西等一些最大的新興經(jīng)濟(jì)體產(chǎn)生的溢出效應(yīng)更大，約達(dá)40%。

3. What should reforms focus on?
三、改革重點(diǎn)

So these are some of the new realities to which the international monetary system needs to adapt. There are others, of course. Think of the turbo-charged speed of financial transactions; think of digital currency and blockchain technology; think of cyber-hacking – from which even central banks are not immune. So, speaking practically, where should the focus of the reforms be? In my view, it is along two key dimensions.
以上是國際貨幣體系需調(diào)整適應(yīng)的部分新情況。當(dāng)然也還有其他的因素。比如高頻金融交易，數(shù)字貨幣和數(shù)據(jù)區(qū)塊鏈，再比如網(wǎng)絡(luò)黑客攻擊，就連央行也不能幸免。實(shí)際一點(diǎn)講，改革應(yīng)該重點(diǎn)關(guān)注哪些領(lǐng)域呢？我認(rèn)為應(yīng)主要從兩個(gè)方面推進(jìn)改革。

First dimension: ensure that the global financial safety net is large enough, coherent, and works for all.
第一：確保全球金融安全網(wǎng)覆蓋充分，連貫一致，且對(duì)所有經(jīng)濟(jì)體都能發(fā)揮作用。

Clearly, strong policies and effective Fund surveillance remain the cornerstone of crisis prevention. Still, a large enough and more coherent global safety net, with a well-resourced Fund, remains critical. Options should explore measures that would strengthen the reliability and reduce the stigma associated with accessing the safety net.
強(qiáng)有力的政策和基金組織的有效監(jiān)督顯然仍是預(yù)防危機(jī)的基石。同樣，覆蓋充分和更加連貫的全球安全網(wǎng)以及資源充分的基金組織仍起著關(guān)鍵作用。我們可做的就是探索各種方法，增強(qiáng)可靠性，減少與利用安全網(wǎng)有關(guān)的污名效應(yīng)。

At the Fund, we will be looking into ways to make our resources and instruments more predictable for crisis prevention and resolution. This includes further improving coordination among the various layers of the safety net.
基金組織將研究各種方法，提高資源和工具對(duì)危機(jī)預(yù)防和解決的可預(yù)測(cè)性，包括進(jìn)一步改善安全網(wǎng)在不同層次間的協(xié)調(diào)。

We will also be exploring options to strengthen the role of the SDR in the international monetary system. The merits of a general SDR allocation will be considered in mid-2016, as part of our regular five-year review of the SDR.
我們還將探索如何強(qiáng)化特別提款權(quán)在國際貨幣體系中的作用。到2016年年中，在例行 的五年期特別提款權(quán)審查過程中，我們將考慮是否應(yīng)進(jìn)行一次特別提款權(quán)的普遍分配。

Second dimension: strengthen global cooperation on issues and policies affecting global stability.
第二：加強(qiáng)在影響全球穩(wěn)定問題和政策方面的全球合作。

Increased global integration brings with it greater potential for spillovers – through trade, finance or confidence effects. As integration continues, effective cooperation is critical to the functioning of the international monetary system. This requires collective action from all countries.
全球一體化程度提高導(dǎo)致通過貿(mào)易、金融或信心影響更容易產(chǎn)生溢出效應(yīng)。隨著一體化繼續(xù)推進(jìn)，有效合作成為國際貨幣體系運(yùn)轉(zhuǎn)的關(guān)鍵，這要求各國采取集體行動(dòng)。

In practice, this involves large source countries – both advanced and emerging – to consider the impact of their policies on the rest of the world. We need to find a more systematic mechanism to discuss spillovers and how to mitigate them. There is also a need for greater cooperation on capital flows between source and recipient countries, and on global financial regulation.
實(shí)際上，這需要較大的溢出效應(yīng)來源國（無論發(fā)達(dá)經(jīng)濟(jì)體還是新興經(jīng)濟(jì)體）考慮本國政策對(duì)世界其他國家的影響。我們要找出更系統(tǒng)化的機(jī)制，探討溢出效應(yīng)和減輕該效應(yīng)的方法。各方需就來源國和接受國之間的資本流動(dòng)和全球金融監(jiān)管開展更多合作。

For its part, the Fund will be taking stock of progress in the liberalization and management of capital flows, with a focus on capital flow measures and foreign exchange intervention. The role of macro- and micro-prudential policies in limiting vulnerabilities in the non-bank sector will also be explored, along with options to promote greater equity finance.
基金組織將考慮資本流動(dòng)自由化和管理方面的進(jìn)展，重點(diǎn)關(guān)注資本流動(dòng)管理措施和外 匯干預(yù)。探索宏觀和微觀審慎政策在限制非銀行部門脆弱性方面的作用，同時(shí)采取措施促進(jìn)股權(quán)融資。

Let me conclude. Many options for reform of the international monetary system have been considered in the past. But changes have seldom been forthcoming until times of crisis.
最后，我們過去曾考慮過很多關(guān)于國際貨幣體系的改革方案，但直到危機(jī)爆發(fā)才真正做出改變。

The structural shifts unfolding on the global landscape pose challenges to the current architecture of the system. We should not wait for the next crisis to implement the reforms that we know could actually help to “prevent” it.
全球范圍內(nèi)出現(xiàn)的結(jié)構(gòu)性轉(zhuǎn)變給該體系的當(dāng)前架構(gòu)帶來挑戰(zhàn)。既然我們知道改革實(shí)際 上能預(yù)防危機(jī)，我們就不應(yīng)等到下次危機(jī)爆發(fā)時(shí)再改革。

Reforms should be reconsidered in a holistic manner and with an open mind. This is critical to ensure that we have an architecture that can cope with the stresses that may come along in the next decade.
我們應(yīng)該從全局、開放的視角重新考慮改革。這是確保我們的架構(gòu)能抵御未來十年可能出現(xiàn)的各種壓力的關(guān)鍵。

Clearly, China has a pivotal role in this process. The world will be watching closely to learn from China as it deftly manages the delicate balance between economic transformation and deeper global integration.
在這個(gè)過程中，中國顯然發(fā)揮著核心作用。中國在實(shí)現(xiàn)經(jīng)濟(jì)轉(zhuǎn)型與推進(jìn)全球一體化之間嫻熟地保持了微妙平衡，全世界都將關(guān)注中國并從中汲取經(jīng)驗(yàn)。

There is a Chinese proverb that says: “To set a good example / Set yourself as the standard.” yǐ shēn zuò zé.
中國有句話叫做“以身作則”。

I am confident that with its wise leadership, China will set the right “standard” for itself – and the entire world.
我相信，中國能夠善用其領(lǐng)導(dǎo)力，為自己也為全世界設(shè)立正確的“標(biāo)準(zhǔn)”。

Thank you.
謝謝。