Transcript of Premier Li Keqiang's Dialogue with WEF Chief and International Business Leaders at the Annual Meeting of the New Champions 2018

李克强在2018年夏季达沃斯论坛开幕式发表特别致辞后回答问题以及同国际工商企业界代表对话交流实录

On 19 September 2018, following his address at the Opening Ceremony of the Annual Meeting of the New Champions 2018 held in Tianjin, Premier Li Keqiang of the State Council took a question from Executive Chairman of the World Economic Forum Klaus Schwab. On 20 September, Premier Li sat down for a dialogue with representatives of international business leaders attending the Annual Meeting. Below is a transcript of these interactions:

2018年9月19日，国务院总理李克强在天津梅江会展中心出席2018年夏季达沃斯论坛开幕式并发表特别致辞后，回答了世界经济论坛主席施瓦布的提问。9月20日，李克强在天津梅江会展中心同出席2018年夏季达沃斯论坛的国际工商企业界代表对话交流。有关问答和对话交流实录如下：微博@高斋翻硕 公众号:高斋翻译学堂

Professor Schwab: Premier Li Keqiang, thank you for this very comprehensive presentation of your government's policy. I also feel there are many messages in your speech which are certainly reassuring for foreign and Chinese leaders present here. I want to thank you for taking the time to develop in such a detailed way your policies and your intentions. You developed a concept on how China will keep up reform and opening-up. Now many of the business leaders are concerned about the credit situation and the financial situation, the financial risk of the country, particularly related to the issue of deleveraging. What is your response here?

施瓦布：尊敬的李总理，感谢您刚才全面细致地向我们介绍了中国政府的政策与目标。我相信在座的中外嘉宾都和我一样，从您的讲话中获得了很多重要的信息。我们知道中国正在深入推进改革开放。我的问题是关于中国的信贷和融资问题，还有去杠杆化。可能在座很多人和我一样对此都有一些关切，想听一听您对这些问题怎么看。

Premier Li Keqiang: True, China's macro leverage ratio is not low by global standards, but it's not the highest either. An important objective factor is the high savings rate in China and the lack of smooth channels of direct financing. The past few years have indeed seen a relatively fast increase in China's leverage ratio. To ensure sustainable development in the long run, we have taken measures to stabilize the leverage ratio, which has led to a moderating increase in leverage in the first half of this year. The deleveraging we pursue is structural in nature, as the leverage ratio has become quite high in some sectors. Recent statistics have indicated the beginning of its downward trajectory in these sectors.

李克强：中国的宏观杠杆率在世界上比较而言虽然不算低，但并不是最高的。这其中有一个重要原因，就是中国的储蓄率比较高，同时直接融资渠道还没有比较流畅地打通，这是客观因素。另一方面，中国的杠杆率在过去一些年确实上升得比较快。为了长远可持续发展，近年来我们采取了稳杠杆的措施，可以说今年上半年杠杆率增幅是在下降的。我们讲结构性地去杠杆，是因为的确在有一些方面杠杆率偏高了，从最近的数据看这些方面的杠杆率也在稳中有降的过程当中。微博@高斋翻硕 公众号:高斋翻译学堂

At the same time, though, we have taken note of the difficulties facing businesses, particularly micro and small businesses, in accessing affordable financing. We have endeavored to address this scarcity by rolling out a host of measures targeting micro and small businesses. We will also expand channels of direct financing by fostering the capital markets. For example, when we discovered inappropriate tax levies on venture capital funds recently, the State Council took swift steps to rescind these levies. We encourage the development of venture capital funds, which will offer more channels for direct financing.微博@高斋翻硕 公众号:高斋翻译学堂

但同时，我们也发现，有一些企业，特别是小微企业碰到融资难、融资贵的问题。我们正采取一系列措施来推动解决特别是小微企业的融资难问题。我们还要拓展直接融资的渠道，培育可以发展直接融资的资本市场。比如最近我们发现一些方面对创投基金采取的征税措施不当，国务院及时采取措施予以制止，我们鼓励创投发展，让直接融资有更多的渠道。

Everything has both upsides and downsides. As an ancient adage cautions, one cannot have both the fish and bear's paw, which essentially means that many decisions entail difficult trade-offs. The reason we have gone thus far is that we have made enormous efforts to minimize the trade-offs and achieve simultaneous progress of sometimes conflictual objectives. Continuing to do so would be a challenge and a test of our wisdom. We do hope distinguished guests present and insightful people around the world will contribute wisdom to us in meeting the challenges. The journey ahead may be tortuous, our goals will be achieved through steadfast efforts.

天下事有利就有弊，古人曾经说过，鱼和熊掌不可得兼。我们走到今天，我们就是想让鱼和熊掌尽可能得兼。我们知道这是一个挑战，这在考验我们的智慧，我们也希望在座的各位，各方的有识之士给我们提供智慧。我们的目标是要坚定不移地实现的，虽然会有曲折。

Stein Eric Hagen, Chairman of Orkla: My name is Stein Eric Hagen. I'm from Orkla, Norway. Mr. Premier, under the context of China-US trade frictions, a lot of countries such as Europe, the United States and Japan have started negotiations on bilateral free trade zones. The global trade governance system based on the WTO is facing great challenges. How does the Chinese government respond to this change and what measures will be taken to safeguard China's status as a global trade power? Thank you.微博@高斋翻硕 公众号:高斋翻译学堂

挪威奥克拉集团主席斯坦·埃里克·哈根：在中美贸易摩擦的背景下，欧美日等发达国家开始了双边自贸区的谈判。以WTO为主的全球现有贸易治理体系面临极大挑战。请问中国政府如何应对这一变化，并将采取什么措施维护中国的世界贸易大国地位？

Premier Li: Bilateral and multilateral trade talks are like two wheels, which should be complementary. It has been a long tradition of developed countries to engage in trade negotiations among themselves. They also have free trade talks with some developing countries. China, though being a developing country, has also been involved in bilateral FTA negotiations with some countries. We welcome any trade negotiations and wish them well so long as they are consistent with the trend of globalization and the basic principle of free trade.

李克强：首先，我认为双边和多边贸易谈判是两个“轮子”，互为补充。发达国家之间进行自由贸易的谈判由来已久，发达国家也同一些发展中国家进行自由贸易谈判。中国作为一个发展中国家，我们也同一些国家进行双边的自由贸易谈判。只要是符合全球化趋势、符合自由贸易的基本规则，中国始终抱着欢迎的态度，而且愿意看到积极的成果。

Having said that, we cannot ignore the rising trend of protectionism in the world today, which has eroded the foundations of the multilateral trading regime. As we see it, the multilateral trading rules were negotiated and have been followed by the overwhelming majority of countries for many years. And at the heart of these rules is the principle of free trade. Bilateral trade negotiations in whatever form should serve to uphold this fundamental principle.

但是，在当前形势下，我们也不能忽视，国际上的确存在着贸易保护主义抬头的问题，存在着多边贸易规则的基础受到一定动摇的问题。我们认为多边贸易规则是世界绝大多数国家共同协商并履行多年的，这个规则的基础就是要维护自由贸易。不论什么样的双边贸易谈判，都应该维护多边贸易的最基本规则。微博@高斋翻硕 公众号:高斋翻译学堂

In the last few decades, mankind has come a long way in creating material wealth. We owe this, to a large measure, to a peaceful international environment and to free trade. As we live on the same planet, we should all abide by common precepts and agreed rules. Any action, which only benefits a small group of people at the cost of undercutting the rules formulated by the majority, will only end up hurting the interests of all. Our world is, after all, one of coexistence and interdependence.

​人类最近几十年来可以说在物质成就上取得了巨大的、长足的进步，很大程度上得益于一个和平的国际环境、一个自由贸易的基本规则。我们在这个世界上共同生存，应当共同维护应遵守的理念规则。如果为了少数人的利益去破坏多数人制定的规则，最终会损害所有人的利益，这是一个共存共生的世界。微博@高斋翻硕 公众号:高斋翻译学堂

I am not suggesting that the existing multilateral trading rules are above reform or improvement. In the process of globalization and free trade, problems of one kind or another have indeed cropped up and some countries may have complaints about them. In this case we need to sit down and discuss how to improve the multilateral trading rules to make them more responsive to the needs of world development and inclusive growth. Yet, this doesn't mean that we should start all over again; what we need is to make improvements to the multilateral trade rules. In this process, we need to take care of the concerns and interests of all stakeholders, particularly those of developing countries and the least developed countries. The world can hardly be a tranquil place when a considerable number of people still live in abject poverty.

当然，并不是说现有的多边贸易规则就不可以改进了，不可以进行改革了。在推进全球化和自由贸易过程中，确实存在着这样那样的问题，对此有些国家有抱怨，那么大家可以坐下来谈。谈，可以让多边贸易规则更加适合全球发展的需要，更加适合包容增长的需要。谈和改革都不是“另起炉灶”，而是应该在原有的基础上对多边贸易规则进行完善。而且在这个过程中，我们要照顾各方的关切、利益，特别是要照顾发展中国家，尤其是最不发达国家人民的利益。因为如果极端贫困的人口在这个世界上继续成规模存在的话，这个世界也是很难安宁的。微博@高斋翻硕 公众号:高斋翻译学堂

China takes a positive attitude toward reform of WTO rules. At this year's China-EU Summit, the two sides agreed to set up a joint working group on WTO reform. When it comes to matters concerning all of us, the interests of all parties would be best served through discussions among all stakeholders.

关于世贸组织规则的改革，中国持积极的态度。我们已经同欧盟在今年的中国－欧盟领导人会晤上达成共识，成立世贸组织改革联合工作组。我们希望大家都来商量，大家的事大家商量着办，大家都好。微博@高斋翻硕 公众号:高斋翻译学堂

The task before all countries is to both promote development and improve fairness and equity by helping those in need. The international community as a whole needs to do the same: we need to sustain the momentum of global recovery and promote development and prosperity and at the same time endeavor to narrow the North-South gap.

各国是既要提高本国的发展水平，又要推进公平，解决困难群体的问题。世界也是同样，既要保持世界经济复苏的势头，实现发展和繁荣，同时又要有利于缩小南北差距。