李克强总理达沃斯座谈实录
Richard Lesser, President and CEO of Boston Consulting Group: The Chinese RMB devalued sharply not so long ago. Some people think that this might trigger a chain reaction, and some even worry about a currency war. What is your view on this? And also now the IMF has postponed its review of the Special Drawing Rights, how do you see the RMB globalizing in the months and years ahead?
李克强:我想说明一个事实,自本届政府成立以来,人民币实际有效汇率已经上升了15%。由于近来许多国家的货币兑美元大幅下跌,国际市场的走势使我们调整了人民币汇率中间价报价机制,但也只是小幅微调。如果算总账,本届政府成立至今,人民币兑美元的实际有效汇率还是有比较大幅度上升的。坦率地讲,人民币汇率小幅回调以后,目前已基本保持稳定。人民币不存在持续贬值的基础。因为中国经济运行在合理区间,我们有比较充足的外汇储备,而且货物贸易的顺差还在增加,这都表明人民币汇率能够在合理、均衡的水平上保持基本稳定。只是有的时候,用中国的话讲,“躺着也会中枪”。
Li Keqiang: I wish to draw your attention to one fact: Since the formation of this government, the real effective exchange rate (REER) of the RMB has appreciated 15%. As many currencies significantly depreciated against the dollar recently, developments on the international markets compelled us to adjust the quotation regime of the RMB central parity. Yet it was a small adjustment. Overall, the REER of the yuan has appreciated by a large margin during the term of this government. The truth is, after the small adjustment, the RMB exchange rate is now basically stable. There is no basis for continued depreciation of the RMB, because the Chinese economy has been operating within the proper range, we have ample foreign exchange reserves, and surplus of trade in goods has been rising. All these show that the RMB exchange rate can stay basically stable at an adaptive and equilibrium level. Yet as the Chinese often say, in some circumstances, one may get caught up in the middle of something unrelated.
我们不希望通过人民币贬值来刺激出口,这不符合我们结构调整的方向,我们更不愿意看到世界上发生“货币战”。中国作为一个同世界经济高度融合的主要经济体,如果真的发生了“货币战”,对中国只有害、少有利。举个例子,人民币汇率小幅回调以后,我曾经问过有关部门和主营出口的企业,他们都希望人民币汇率保持合理均衡水平上的基本稳定。因为如果市场有一个持续贬值的预期,企业连出口长单都拿不到。这怎么能够有利于中国的出口呢?
We have no intention to boost exports by devaluing the yuan. This is not in keeping with our policy of structural adjustment. Still less do we want to see a global "currency war". As the Chinese economy has become so highly integrated into the global economy, a "currency war" would only bring more harm than good to China. As a matter of fact, after the small adjustment of the exchange rate, I once talked about this with relevant departments and some export-oriented firms in China. They said they hope the RMB exchange rate will remain basically stable at a reasonable and balanced level. Should there be market expectations of continued depreciation of the yuan, these companies could hardly get any long-term export order. How could this be beneficial for China's exports?
大家都知道,中国对外贸易中,大宗商品贸易占很大比重。今年1到8月份,中国进口的原油是2.2亿吨,比去年同期增长了10%,大豆进口同比增长了7%,铁矿石进口与去年同期基本持平,进口了6亿多吨。但是大宗商品进口价格下来了,有的下跌了40%、50%,这给我们也带来了影响。关税下来了,财政收入受到较大压力。但是国际市场价格不是我们能决定的,我们进口量没有下来,由于价格下降导致进口额减少,应该由谁来负责?我想大家可以进行讨论。大家都知道,如果国际市场大宗商品价格有所回升,我们进口关税也可以多征收,这能够用于改善我们的民生。同时,PPI也会有变化,这对企业利润、经营效益的改善是有利的,当然这需要各方共同努力。
As you know, commodity trade takes up a large part in China's total foreign trade. Between January and August this year, China imported 220 million tons of crude oil, up by 10% over the previous year. Soy bean imports rose by 7%, and iron ore imports were over 600 million tons, more or less the same as last year. However, commodity prices have dropped significantly, with some plunging 40-50%. We have been affected as a result. There were less tariffs and hence the strains on China's public finance. But commodity prices are not something for us to decide. Total import volume has not declined, yet the value of imports has come down as a result of falling prices. Who should be held accountable for this? It is a topic that can be further discussed and debated. If international commodity prices rebound, we would get more import tariffs. This would mean more public money to spend on improving people's lives. There would be change in the PPI too, which is beneficial for improving corporate profitability and performance. This is an issue that requires joint efforts for a solution.
至于人民币的国际化,将由市场来选择,也要根据中国经济发展的实际来推进,它有一个过程,我们也会逐步推进人民币资本项下可兑换等措施。但有一点可以肯定,人民币持续贬值一定是不利于人民币国际化的,这不是我们的政策取向。中国愿意加入SDR,不仅是为了人民币逐渐实现国际化,也是尽一个发展中大国应尽的国际责任。中国不是世界经济风险之源,而是世界经济增长的动力之源。
As for internationalization of the RMB, it should be a market-driven process. It needs to fit China's reality of economic development and will take some time. We will gradually achieve full convertibility of the RMB under capital accounts. One thing is certain: a continually devaluing RMB is not conducive to the RMB internationalization process. This is not our policy orientation. China wishes to join the SDR, not just for making the RMB more internationalized, but also for fulfilling China's due international responsibilities as a big developing country. China is not a source of risks for the global economy; China is a driver of world economic growth.
谢谢。
Thank you.
阿联酋阿布拉吉集团创始人及首席执行官艾瑞·纳维:非常感谢总理今天抽出时间与我们进行开诚布公的对话和交流,我的问题是中国如何看待外商直接投资和在中国的投资环境,我相信这是很多跨国企业非常关心的问题。外国企业都很关注中国国内市场的开放问题,有一些外国企业担心中国利用外资的政策会变化,担心他们在中国的投资优势有可能下降,担心技术专利和知识产权保护等问题。所以我想请问,中国政府将采取什么样的具体措施来推动利用外商直接投资?
Arif Naqvi, Founder and CEO of the Abraaj Group: Thank you Your excellency for having this open dialogue with us. My question relates to FDI and investment environment. A lot of multinational companies are paying very close attention with doubt to the openness of China's domestic economy. Some are concerned about the Chinese government's policy change to foreign investment in the country, their diminishing advantage in investing in China and intellectual property rights protection. What new measures will the Chinese government take to boost FDI?
李克强:中国利用外商投资总的政策不会变,但具体政策确实在变化,而且是在向更多吸引外资、放开更宽领域的方向变化。比如今年我们继续扩大外资投资的领域,限制类条目取消了50%,为了推动外资投资的便利化,我们把核准制基本上改为了备案制,大概现在保留的需要核准的项目也只有不到5%。同时,我们正在探索以准入前国民待遇加负面清单的管理模式,推进中美、中欧投资协定的审议,同很多国家进行FTA谈判。可以说,外资进入中国的领域会更为宽广,方式会更为便利。我们吸引外资的能力实际上也在增强,在全球今年投资不佳的情况下,中国上半年吸引外资还增长了7.7%。
Li Keqiang: On the whole, there has been no change in China's overall policy on FDI. But in specific areas, there have been new steps taken or new measures introduced. These steps have opened more areas to foreign investors and will help China attract more foreign investment. For example, the number of items where restrictions were imposed on foreign investment access has been slashed by 50%. We are also taking steps to facilitate foreign investment. We have replaced past practice of comprehensive review and approval with the practice of record keeping. The number of items requiring government approval only accounts for 5% of the total. We are promoting a management model based on pre-establishment national treatment and a negative list approach. We are conducting BIT reviews with the United States and the European Union, and FTA negotiations with many countries. Foreign investment will be able to get into more areas in an easier way in China. We are also becoming more capable of attracting foreign direct investment. With global foreign investment in decline, FDI flowing into China still grew by 7.7%in the first half of this year.
我们正在实施创新驱动战略,推动大众创业、万众创新,这本身就需要保护知识产权,需要营造公平竞争的营商环境,对在中国注册的外资企业和中国企业一视同仁,不管是合资还是独资。但不要误解,不是说没在中国注册的企业的知识产权就可以侵犯,那是中国法律不允许、世界公理也不允许的。
In the meantime, we are pursuing innovation-driven development and encouraging mass entrepreneurship and innovation. This requires that we better protect intellectual property rights and ensure that there is a level-playing field for all market entities.All foreign invested companies registered in China will be treated as equals as their Chinese counterparts, be they joint ventures or solely owned foreign companies. But don't get me wrong: this does not mean thatforeign companies which are not registered in China will not have theirintellectual property protected in China. Otherwise, it is against not only Chinese laws but also internationally accepted practices.
谢谢。
Thank you.
荷兰皇家帝斯曼集团董事长兼首席执行官谢白曼:中国政府近期采取了一系列强有力的举措应对气候变化挑战,治理环境污染。在这个过程中,北京的空气变得很好。请问中国政府在治理环境污染方面,面临的最大挑战是什么?中国在应对气候变化方面作出了新的承诺,如何在保持经济发展的同时实现这些目标?
Feike Sijbesma, Chairman and CEO of DSM: The Chinese government in recent period has shown strong resolve to address climate change and fight pollution. We hope step by step Beijing will get cleaner air. My question is what are the challenges China is facing in addressing climate change and pollution? And while addressing that, can you maintain your economic growth? Or is pollution a precondition for maintaining economic growth?
李克强:由于时间有限,请允许我简要回答。在治理环境污染方面我们受到的最大挑战是,中国是一个发展中国家,但中国又必须转变发展方式,承担应当承担的国际责任,应对气候变化。这两者之间并非没有矛盾,我们需要找到一个平衡。中国已经宣布了应对气候变化国家自主贡献方案,实现这里面提出的目标应该说对中国压力还是很大的,需要经过艰苦卓绝的努力。当然,我们既然说了,就要“言必信、行必果”。
Li Keqiang: As we both have only limited time, allow me to give abrief answer to your question. The biggest challenge China faces in controlling pollution is that China is still a large developing country, yet it needs to shift the growth model and assume due international responsibilities in tackling climate change. There is a certain conflict of interests, and we need to strike a balance between the two. Not long ago, China announced its Intended Nationally Determined Contribution. China faces tremendous pressure in meeting these goals and will have to make enormous efforts. However, now that we have made those commitments, we will deliver on our commitment with concrete actions.
中国不断加强生态保护,尤其是加大节能减排和污染治理的力度。今年上半年单位GDP能耗下降了5.9%,我们还会继续按这个方向推动转型发展、绿色发展。但是,我也希望不要因为中国加大环保力度,可能影响一些经济增长的速度,又造成一种声音,“是不是经济放缓了”、“拖累实体经济了”。我们正在采取措施,努力培育绿色的、节能的,又能支持经济增长的新动力,比如发展互联网+等新业态、新产业。当然,这需要有一个过程。
The Chinese government is taking steps to advance ecological conservation. In particular, we are intensifying efforts to save energy, cut emissions and control pollution. In the first half of this year, we managed to bring down per unit GDP energy consumption by 5.9%. We will continue to shift the growth model and promote green development. As China steps up efforts in environmental protection, the growth speed may have been affected. This may have caused concerns that the economy is slowing downand the real economy is being affected. We are working hard to foster green and energy-efficient industries that can be new drivers of growth, such as "Internet plus" and other new business models and industries. But again this needs a process.
谢谢。
Thank you.
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