李克强在2016夏季达沃斯论坛开幕式发表特别致辞后回答问题以及同部分企业家代表对话交流实录

Transcript of Premier Li Keqiang Answering Questions After Delivering Special Address at the Opening Ceremony and Meeting with Business Community During 2016 Summer Davos Forum

2016年6月27日，国务院总理李克强在天津梅江会展中心出席2016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。6月28日，李克强在天津梅江会展中心同出席2016夏季达沃斯论坛的部分企业家代表对话交流。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

On 27 June 2016, Premier of the State Council Li Keqiang answered questions from Executive Chairman of the World Economic Forum Klaus Schwab after delivering a special address at the opening ceremony of the 2016 Summer Davos Forum at Tianjin Meijiang Conference and Exhibition Center. On 28 June, Premier Li Keqiang had a dialogue with some business leaders attending the Forum at Tianjin Meijiang Conference and Exhibition Center. Below is a transcript of the two events:

[施瓦布] 非常感谢李克强总理刚才与我们分享对中国经济的看法。我们不应该低估领导如此大的经济体所面临的挑战。按照惯例，我很荣幸能够代表参会嘉宾向您提两个问题。您在特别致辞中谈到，中国正在推进结构性改革和经济结构调整，中国经济保持了稳健发展的势头。我也认为，今年一季度中国经济实现6.7%的增长是了不起的成就。我们也看到，中国经济依然面临下行压力，中国政府将采取什么措施来保持经济平稳和健康发展？ 

Klaus Schwab: Premier Li Keqiang, thank you for sharing with us such a comprehensive and integrated vision of China’s economy. We should not underestimate the challenge related to leading such a large economy. You have graciously agreed to answer one or two questions. You described China’s structural reforms and economic adjustment in your special address. And I think it is remarkable to achieve 6.7% growth. And you also shared with us this growth rate is quite stable, but there are still very substantial downward pressures. Now, my question would be: are there any special measures which the Chinese government will take to secure healthy and sustainable economic development? 

[李克强] 我首先想说明的是，中国经济今年一季度实现了6.7%的增长，二季度以来仍然以稳定的态势在向前发展。这很不容易，因为这是在中国经济总量达到十万亿美元基础上实现的增长。当前6.7%的增长量，比若干年前同期两位数增速的增长量还要大，而且我们的经济增长是在世界经济复苏乏力的背景下实现的。去年以来，我们的出口总体来讲是负增长，我们是靠经济的内生动力在拉动增长，是靠内需市场在提供增长的空间，而且我们还是在克服长期积累的矛盾中推动增长。

Li Keqiang: In the first quarter of this year, China’s economy grew at 6.7%. And entering Q2, we have maintained a steady momentum of economic development. I should point out that neither has come easily. Such a growth has been achieved when the size of the Chinese economy has reached 10 trillion US dollars. So, the 6.7% growth has generated more additional output than a double digit growth several years ago. Moreover, we have achieved such growth at a time of sluggish global economic recovery. I can also tell you that since last year, growth of Chinese exports has on the whole been in the negative territory. We have relied on our internal drivers to spur growth and our domestic market to provide the room for development. And we have achieved such growth while tackling the longstanding problems in China’s development.

中国经济已经有了这样大的体量，如果单纯追求高速增长，不仅资源环境等方面会受到瓶颈制约，而且也不可持续。我们保持经济的中高速增长，可以满足国内比较充分的就业、人民收入不断增加以及环境有所改善的需要。从这几年所采取的政策看，我们没有搞“大水漫灌”式的强刺激，而是坚持稳中求进，持续实施积极的财政政策和稳健的货币政策，着力推进结构性改革，保持了经济中高速增长，增长保持在合理区间，符合预期。所以我们的政策取向仍然要保持稳定。微博@高斋翻硕 公众号:高斋翻译学堂

When the size of China’s economy has become so big, if we still blindly pursue a high growth speed, it will only put more pressure on our resources and the environment, and such growth is unsustainable. The truth is, a medium-high growth is good enough for us in adding jobs, increasing personal income and improving the environment. Recent years have not seen China resort to massive stimulus measures in boosting growth. We have strived for progress while maintaining stable economic performance. We have adhered to pursuing a proactive fiscal policy and prudent monetary policy. And we have focused on advancing structural reforms and succeeded in sustaining medium-high growth. Growth has remained within its proper range and been consistent with our anticipation. Going forward, we will maintain the stability of our policy direction. 

我们并不忽视世界经济的变量，以及中国经济存在的突出矛盾和风险隐患。我们应对挑战还有比较充分的政策工具。正像刚才我在特别致辞中讲到的，中国中央政府的债务率还比较低，我们实施积极的财政政策仍然可以加力；中国的储蓄率比较高，我们推进金融改革、盘活存量资金、顺畅金融服务实体经济的传导机制还有空间。也就是说，中国宏观政策“工具箱”有应对更大挑战的条件和准备。我想强调的是，在经济出现短期波动时，市场应当平静看待，因为从全年乃至长期看，中国经济能够实现在合理区间内稳定增长，实现稳增长和调结构的平衡，并且通过结构性改革尤其是供给侧结构性改革，使发展的可持续性不断增强。 

In the meantime, we will not underestimate the “variables” in the global economy, nor the potential risks and challenges in China’s economy. We have a good reserve of policy instruments to help us meet various challenges. As I said in the special address, the central government debt ratio is pretty low and there is room for us to do more in implementing the proactive fiscal policy. We have a high savings rate in China. That means there is still more that we can do to pursue financial reform, harness existing funds and enhance the transmission mechanism for the financial sector to better serve the real economy. In a word, we are prepared with a good “toolbox” of macro policy instruments to deal with greater challenges. I wish to emphasize that the market should view those short-term fluctuations in China’s economy in a calm way. When viewed in the whole of the year and in the long run, China’s economy will stay within the proper range and maintain steady growth, and we will be able to strike a balance between steady growth and structural adjustment and, by pursing structural reforms especially supply-side structural reforms, achieve more sustainable development.

中国经济的预期长期向好，希望在场的企业家都能成为中国市场的长期投资者、助力者、推动者。短期如果有问题，我们会用微调的办法来解决。这就像我刚才不断调试麦克风，是在看会场的短期、具体服务能不能让大家满意。（众人笑）微博@高斋翻硕 公众号:高斋翻译学堂 

We have confidence in a long-term, positive trend of China’s economy. I hope that all the business people present here will be long-term investors in China’s market and a force for boosting such a trend. We will use fine-tuning measures to address short-term problems, just as I was fine-tuning my earplug to see if the audio services at the meeting venue have satisfied your need. (Laughter)

[施瓦布] 谈到第四次工业革命，可能五到十年后，我们就可以有植入式麦克风或耳机来实现交流了。刚才您也多次提到第四次工业革命对中国经济发展的重要性。我想问的问题是，中国政府将采取什么政策措施来充分发挥第四次工业革命的潜力？

Klaus Schwab: Maybe with the industrial revolution, in five to ten years, we will have implanted microphones. Would you allow me another question? Your mentioned the importance of the fourth industrialization for the future of China’s economy. Now what policies will the Chinese government introduce to fully leverage the potential of this fourth industrial revolution?

[李克强] 我在刚才的特别致辞中讲到，要破解世界经济复苏乏力的难题，需要寻找治本之策，很重要的就是推动结构性改革。新一轮工业革命不论以什么来称呼，确实是在蓬勃发展，是不可忽视的力量。昨天晚上我和施瓦布先生等参加会议的有关人员会面时，大家普遍认为，到传统企业或传统产业占主导地位的地方去看，可能会有压抑感，看到很多困难；但是到那些抓住新一轮工业革命机遇、新产业发展迅猛的企业和地方去看，就会感到新经济新动能所带来的不仅是希望，而且是蓬勃的力量。 

Li Keqiang: As I said in the special address, to crack the hard nut of the sluggish global economic recovery, we must address the issue at its root. Hence the imperative to advance structural reforms. This new round of industrial revolution, however one may call it, is now booming and it is a force that no one can afford to overlook. Yesterday evening, I had a meeting with Professor Schwab and a number of forum delegates. It seems that we share such an impression among us that if you go to a place dominated by traditional companies or industries, you may see a lot of problems and find the situation disheartening, but if you go to a place or a company which has seized the opportunity of the new round of industrial revolution and where new industries are booming, you feel that the new economy and new drivers are bringing not just hope but powerful strength. 

人类的智慧就在于能够抓住新的希望，包括新一轮工业革命。中国政府大力倡导创新发展，不仅包括技术创新，也包括体制机制创新，给人以更多创新空间。我们正在推动大众创业、万众创新，努力把所有人的潜能尽可能发挥出来。现实中，即便是一些智力天生有障碍的人，也可能在某些方面表现出奇才，我们要珍惜每一个人的创造力。这是我想讲的第一点。

 微博@高斋翻硕 公众号:高斋翻译学堂

Mankind has the wisdom of embracing such new hope, hope of the new round of industrial revolution. The Chinese government has made a strong call for innovation-driven development, including both technological innovation and institutional innovation to create more room for everyone to be an innovator. We are championing mass entrepreneurship and innovation in a bid to bring out as much potential of each individual as possible. We have seen such examples in our real world that even an intellectually challenged person may demonstrate a genius’ talent in certain areas. So we must cherish the creativity of each individual. This is the first point I want to make.

第二，我们要实施支持创新、发展新产业的财税政策。中国中央政府已经出台了一系列税收优惠和金融支持政策。昨天我听天津市的汇报，了解到天津对创新型企业的融资不仅给担保支持，而且给风险补偿，就是为了让金融机构和创投基金、天使基金能够更好发挥作用，支持新产业发展，支持传统产业改造升级。 

Second, we need to implement fiscal and tax incentives to support innovation and development of new industries. The central government has adopted a series of preferential tax measures and provided financial support. Yesterday I was briefed by the Tianjin local officials and learned that the Tianjin municipal government has provided guarantee support and risk compensation for the financing extended to innovation-oriented companies. This way, the financial institutions, venture capital and angel capital can provide stronger support for developing new industries and upgrading traditional industries.

第三，我们要实施差别化的产业政策，支持新一轮科技革命和产业变革。对传统产业，要推动改造，要通过严格环保、质量、安全等标准来压缩过剩产能、淘汰落后产能。同时，对新产业制定鼓励发展的政策，给新业态提供合理的成长空间。微博@高斋翻硕 公众号:高斋翻译学堂

Third, we will implement differentiated industrial policies to support the new round of scientific revolution and industrial transformation. We will upgrade traditional industries, enforce stricter environmental, safety and product quality standards to cut overcapacity and eliminate backward capacity. We will introduce supportive measures to boost the growth of new industries and provide new forms of business reasonable space for growth. 

最后我想强调，下一次我们见面时，希望在座各位不论是在改造传统产业方面，还是在发展新产业方面，都能成为新的领军人物。

To conclude, I want to emphasize that next time when we meet again, whether you are engaged in transforming a traditional industry or developing a new one, you are all the new champions.

[荷兰皇家帝斯曼集团董事长兼首席执行官 谢白曼] 李总理，近几年，中国政府大力推进结构性改革，包括国企改革、政府职能转变、减税降费等。我想了解的是，中国政府推进结构性改革的重点领域在哪里？取得了哪些进展？ 

Feike Sijbesma, Chairman and CEO of Royal DSM: Premier Li, in recent years, the Chinese government has made vigorous efforts to pursue structural reform, including reforms of the SOEs and functions in the government, and cut in taxes and fees, etc. Could you share with us the priorities in those structural reforms and the progress China is making? 

[李克强] 在回答你的问题之前，我首先对世界经济论坛长期以来和中国保持十分密切的合作关系表示高度赞赏。也很高兴与各位新老朋友见面。 

Li Keqiang: Before answering your question, I want to first express my high appreciation to the World Economic Forum for forging such a close partnership with the Chinese side. I’m also very happy to meet friends here, both old and new.

中国政府这几年一直在努力推进全面改革，着力为结构性改革创造条件，同时又通过结构性改革来推动经济持续稳定增长，在经济稳定增长和调整结构之间保持平衡。实践证明，我们不依靠“大水漫灌”式的强刺激，而是着力推进结构性改革尤其是供给侧结构性改革，有效释放了人的创造力和市场的潜力，不仅使中国的经济结构有了优化，也支撑了中国经济保持中高速增长。微博@高斋翻硕 公众号:高斋翻译学堂

In recent years, the Chinese government has made hard efforts in advancing all-round reform to create the necessary conditions for structural reforms and use structural reform in return to underpin sustained and steady economic growth. We want to maintain balance between steady growth and structural adjustment. What happened in the past couple of years has shown that the Chinese government has not resorted to massive stimulus measures. Instead, we have focused on structural reforms, especially supply-side structural reforms to bring out the creativity of each and every individual and potential of the market. These efforts have improved China’s economic structure and supported a medium-high growth of the economy.

我们着力推进的结构性改革尤其是供给侧结构性改革，包括简政放权、放松对企业和市场的不合理管制等，特别是对企业登记制度、投资审批制度等进行改革，使得中国这两年每天新增的市场主体达到4万多户，这有力支撑了就业，每年城镇新增就业人数都在1300万以上。我们说稳增长，重要目的是为了保就业。 

In pursuing structural reforms, especially supply-side structural reforms, we have focused on streamlining administration, delegating government power and lifting the undue restrictions on companies and the market. In particular, we have reformed the corporate registration system and investment review system. As a result, in the last couple of years, as many as 40,000 new market entities get registered on an average daily basis. They have given strong boost to employment. Over 13 million urban jobs are added annually. All efforts for maintaining steady economic growth are aimed at ensuring employment. 

结构优化也是与简政放权、推动大众创业万众创新结合在一起的。大量中小企业、小微企业不仅提供了就业机会，也使得服务业成为第一大产业，使消费快速而稳定地增长、超过投资对经济的支撑。这就使中国的经济结构得到了优化。微博@高斋翻硕 公众号:高斋翻译学堂

The endeavor of streamlining administration and delegating power and encouragement of mass entrepreneurship and innovation have also contributed to the improvement of the economic structure. In this process, micro businesses and SMEs have been the largest contributor of new jobs, and made the service sector the biggest sector in the economy. Consumption has been on the rise, fast yet steady, and it has exceeded investment in terms of contribution to GDP growth. All these have made positive impacts on China’s economic structure.

第二，我们大规模减税降费和清除不合理收费，实际上是为企业特别是新成长的企业提供发展的空间。今年新登记企业的活跃度比去年还要高，达到70%以上，这显示了政策的效果。

Second, we have introduced significant tax cuts and eliminated the undue administrative fees. This has opened up broad space for companies, especially emerging companies, to grow. The activity rate of newly registered companies this year is higher than last year, standing at above 70%. Our policies have paid off.

第三，我们正在推进国有企业包括国有大企业的改革，让国企瘦身健体，集中精力发展主业，减少过多的管理层级，发展混合所有制经济，提高企业的核心竞争力。同时，我们继续努力创造国有企业和民营企业公平竞争的条件与环境，这本身也是结构性改革。微博@高斋翻硕 公众号:高斋翻译学堂 

Third, we have continued to reform SOEs, including large SOEs, to make them leaner but healthier and to ensure that they focus on main businesses, cut the excessive tiers of management and introduce mixed ownership in order to enhance their core competitiveness. We are creating conditions and the environment for SOEs and private companies to compete as equals on a level playing field. This in itself is an effort of structural reform.

总之，改革是中国经济发展的根本动力，我们将坚定不移地推进改革。 

In one word, reform is the fundamental driving force for China’s economic development, and we will stay firm on this course.

[美国云火炬（CloudFlare）公司首席执行官 普林斯] 感谢您今天与我们进行这样的对话交流。我们公司与中国的百度合作伙伴一起，在中国对云计算基础设施进行大量投资。我非常赞赏您在特别致辞中专门提到了云计算对中国发展的重要性。我的问题与中国制造业转型升级和互联网发展有关。中国政府出台了《中国制造2025》和“互联网+”行动计划，这些政策对于中国将会产生什么影响？中国政府在有关领域的工作重点是哪些？ 

Matthew Prince, CEO of CloudFlare: Premier Li, thank you for meeting with us today. My company is investing in cloud computing infrastructure across China with our partner Baidu. I appreciate your statement in the special address on the importance of cloud to China. My question is about China’s strategy to upgrade its manufacturing industry and boost its Internet development, specifically the Made in China 2025 and Internet+ initiatives. What will be the impact of these initiatives? What will be the Chinese government’s next priorities in these areas?

[李克强] 中国是世界上最大的发展中国家，正处于工业化进程之中。制造业仍然是中国发展的基础，现在的关键是要让制造业转型升级，由中低端迈向中高端。正因为如此，我们推出了《中国制造2025》和“互联网+”行动计划，这与这次达沃斯论坛的主题第四次工业革命有契合之处。微博@高斋翻硕 公众号:高斋翻译学堂

Li Keqiang: China is the world’s largest developing country and a country that is still in the process of industrialization. The manufacturing sector is still of fundamental importance to China’s development. The priority now is to transform and upgrade the manufacturing sector from low-medium to medium-high level. Hence we introduced theMade in China 2025 and Internet+ action plan, which have much commonality with the theme of this year’s forum - the fourth industrial revolution.

首先，《中国制造2025》和“互联网+”是不可分割的。我们要推动中国制造升级，使中国200多项产量占世界第一的工业产品跃上新水平，必须依靠互联网、云计算、大数据等，向数字化、智能化方向发展。

First, the Made in China 2025 and Internet+ initiatives are inseparable. To upgrade China’s manufacturing sector and elevate China’s 200+ industrial products, the output of which is the largest in the world, to a new level, we need to rely on the Internet, cloud computing, big data and other technologies to make China’s manufacturing smarter and more digitized.

第二，依托“互联网+”推动制造业升级，可以在全球范围内集众智、汇众力，以解决各种需要解决的问题。昨天我举了所参观的天津一家公司的例子，他们从事的就是以云计算来服务制造业企业。希望你的公司不仅与百度这样的中国大公司合作，也可考虑与中国正在成长的、新的云计算类公司合作。 

Second, in upgrading China’s manufacturing sector, we need to use the Internet+ to pool intellect and resources globally to offer solutions to various problems. In my special address yesterday, I gave the example of a local Tianjin company of cloud computing which serves the manufacturing sector. I hope that CloudFlare will not just work with big companies like Baidu, but also consider partnering with new growth cloud computing companies in China. 

第三，制造业的升级必须适应市场的变化。中国已是中等收入国家，中等收入人群的需求是多种多样的，制造业要走定制化、个性化的路子，通过互联网迅速捕捉客户的需求，按照客户需求来提供产品。在这一过程中还要与客户互动，这样制造业才有更广阔的市场，产品和服务才可以有机结合。当今是市场需求迅速变化的时代，也是每个人的潜能都有可能通过“双创”和“互联网+”等得到挖掘的时代，这对制造业是挑战，更是巨大机遇。 

Third, in upgrading the manufacturing sector, we must be highly responsive to the market changes. China is already a middle-income country. The middle-income class has diverse needs, so we must ensure that the manufacturing sector is customized and suited to customers’ individual needs. We need to use the Internet to get a better feeling of their needs and make our products accordingly. There is also need for interactions with customers, and this will open up a broader market for the manufacturing sector and integrate products with services. We live at a time of fast changing market demands and a time when the potential of each individual can be brought out through mass entrepreneurship and innovation and Internet+. This presents a challenge to the manufacturing sector, but more importantly, an opportunity.

[美国铝业公司董事会主席兼首席执行官 柯菲德] 刚才您谈到了“云”的重要性，那么我的问题要从“云”转到重工业，虽然重工业也产生很多“云彩”。中国政府一直在下大力气解决产能过剩问题，产能过剩也受到国际社会的广泛关注，包括国际媒体的高度关注。我知道中国已经出台了一系列政策措施，我想具体问中国政府将如何应对去产能在经济、社会等方面产生的影响？

Klaus Kleinfeld, Chairman and CEO of ALCOA: Thank you for taking the time. I have a question that goes on the “cloud” to the heavy industry that sometimes produces a lot of clouds. You and your administration have been very clear in addressing the issue of overcapacity. This has also caused a lot of media and international attention. As China is taking massive actions to address the issue, how are you going to deal with the economic and social impact of the changes?

[李克强] 刚才我们讨论了好像浮在天上的“云”，现在要看看立在地上的传统重工业。实际上两者之间已经在发生密切联系，云计算正在对改造提升传统工业发挥越来越大的作用，通过搜集和分析海量数据资源，能够找到传统工业改造升级的新路径，同时传统工业也是云计算能够产生和发展的基础之一。

Li Keqiang: Just now we discussed the “cloud” floating in the sky. Now we need to turn our attention to the traditional heavy industries standing on the ground. But the truth is a close link is already taking shape between these two. Cloud computing is playing a greater role in transforming and upgrading traditional industries by collecting and analyzing massive data to find new pathways to renovate and upgrade traditional industries. And traditional industries are one of the basis for the birth and growth of cloud computing. 

重工业是传统工业，我们不能放弃重工业，因为没有重工业，在座各位手上拿的手机等产品用的材料就没有来源。我们现在去产能，要去的是过剩、落后的重工业产能。重工业产能过剩，是世界经济复苏乏力、贸易增长低迷造成的，需要各国共同应对。

Heavy industry is a traditional industry. We must not turn our back on heavy industries. Without heavy industries, where do we get the materials for the cell phones and other products? What we are doing now is to cut the excess and backward capacity in heavy industries. Such excess capacity is the result of the sluggish global economic recovery and anemic growth of global trade, so it’s a global issue that requires a global solution.

中国在某些行业确实有过剩产能，这几年我们一直在消化这些过剩产能。中国在这方面的决心是坚定的，既是解决国内的问题，也是履行一个负责任大国的责任。有一点我要强调，中国重工业产能主要面向的是国内市场，并不是大量出口，我们去年乃至今年1－5月的出口总体是下降的。

There is excess capacity in some sectors in China. In recent years, we have taken strong steps to phase out overcapacity. We are firm in our determination to carry on with this effort, not only to meet our domestic need, but also to do what we should for the international community as a responsible major country. I want to emphasize that China’s heavy industry capacity is mainly oriented toward the domestic market, not for large exports. Exports both last year and in the first five months of this year declined.

我们正在着力消化钢铁、煤炭产业的过剩产能，未来几年要消化1－1.5亿吨钢和8亿吨煤，涉及近200万人的就业。但我们推进大众创业万众创新，新产业、新业态蓬勃兴起，支撑就业的能力超出预期，所以我们有能力使工人转岗而不下岗。中央政府已安排1000亿元的资金，同时也要求地方政府有相应的配套资金，一起努力，使富余员工转岗得到比较妥善的安置。

We are now working hard to phase out the excess capacity of steel and coal. In the next few years, we plan to eliminate 100-150 million tons of excess steel capacity and 800 million tons of coal-making capacity, involving the employment of some two million people. Yet it is encouraging that with mass entrepreneurship and innovation, new industries and new forms of business have flourished and added more jobs than we expected, so we are able to ensure that the affected workers will not lose their job but will get re-employed. The central government has allocated 100 billion yuan for this purpose, and asked local governments to come up with matching funds for the re-employment and re-settlement of affected workers. 

对去过剩产能，既要坚定不移，又要坚持市场化、法治化的原则，用好环保、质量、安全等标准。毫无疑问，我们要保障职工的合法权益，政府有这个责任。在座的各位企业家，相信你们在经营中都不缺乏履行社会责任的意识。

In carrying out this task, we need to be firm in the resolve, and follow a market-driven and law-based approach. We will enforce stricter environmental, safety and product quality standards to meet our goal. No doubt, the legal rights and interests of workers will be protected in this process. This is not just the responsibility of the Chinese government. I believe you all have a strong awareness of fulfilling corporate social responsibilities in your business operations.

[美国赛富时（Salesforce）公司主席兼首席执行官 贝尼奥夫] 非常高兴今天有机会见到您，再次感谢您抽出这么多时间与我们交流互动。我们都看到中国经济取得了不起的发展成就，您也在多个场合向我们描绘了中国经济未来发展的规划和蓝图，其中也有挑战和困难。我的问题是，您认为现在中国经济面临的最紧迫挑战和困难是什么？另外，在应对这些挑战和困难中，我们作为全球企业家的代表，应该怎样与中国进行合作，可以提供什么样的帮助？

Marc Benioff, Chairman and CEO of Salesforce: Premier Li, it’s nice to see you again. Thank you for the tremendous commitment of time you’ve made to the conference. China has an incredible economic success and you have depicted China’s future economic blueprint on many occasions. I would like to know what are the most urgent challenges or obstacles in China’s economy. As CEOs like myself and others being here, is there a way that we can partner with you and how can we help you eliminate these obstacles and challenges?

[李克强] 中国经济面临的最大挑战，用一句话很难描述，但摆在我们面前的起码有双重重大挑战。一个是世界经济复苏乏力，使深入融合世界经济的中国经济遇到不确定、不稳定的外部环境。另一个方面是，中国长期积累的矛盾、传统的粗放发展方式与机制性障碍纠缠在一起，使中国经济转型升级面临挑战。当然，我们还是立足于解决自身的矛盾，办好中国自己的事。

Li Keqiang: It is hard to describe the biggest challenge China’s economy faces in one sentence. We now face, at the minimum, two major challenges. One is the sluggish global economic recovery, which means China’s economy, one that is deeply integrated into the world economy, now confronts an uncertain and unstable external environment. The other challenge is the entwining of our own longstanding problems, the historical extensive mode of development and institutional barriers. We will focus on tackling our domestic issues and managing our own affairs well.

我们要着力做的是，通过改革创新来推动中国经济转型升级、实现可持续的健康发展。这也需要外国企业的参与。中国的改革是与对外开放并生的，在许多方面开放可以倒逼改革。外国企业的参与会带来新的技术、管理经验，这有利于中国企业和产业升级。同时，听取和采纳企业的意见，可以使我们更为有效地改革体制机制，更好地服务于企业发展。 

China needs to use reform and innovation to achieve economic transformation and sustainable, healthy development. Participation of foreign companies is needed in this process. China’s reform and opening-up have been developing side by side. In many cases, opening-up could propel reform. The involvement of foreign companies will introduce new technologies and managerial experience, which can be of help to Chinese companies and industrial upgrading. Meanwhile, to heed and adopt the views of companies will help us improve our institutions and provide them with better services. 

在中国经济转型升级过程中，新经济在发展，服务业在成长，传统产业的升级改造在推进，都有巨大市场需求。我们欢迎更多国外企业来华投资，也会为此进一步放宽准入条件，营造公平竞争的环境。不论是在中国投资还是合作，如果算一下总账，绝大多数公司是有合理甚至比较高回报的。中国仍然是世界上潜力最大的投资市场，也应该成为世界上最具吸引力的投资热土。

During China’s economic transformation, the new economy is developing, the service sector is growing and traditional industries are going through upgrading. All these will generate tremendous market demand. We welcome more foreign companies to invest in China and will further ease market access and level the playing field. Whether making investment or working in partnership with local companies, the overwhelming majority of the foreign investors would have had reasonable or even fairly high returns when they tally the total scores. China is still the most promising investment market in the world and should be the world’s most attractive investment destination. 

[毕马威全球董事长 维梅耶] 非常感谢李总理对企业家所提的问题给予开放、清晰和直接的回答，这对我们的意义非常重大。再次感谢您。我的问题跟资本市场有关。我们现在看到全球各国和地区的资本市场高度关联，上周英国公投脱欧以后，资本市场的反映就进一步凸显了这种关联度，所以各方也高度关注中国的资本市场。我的问题是，中国政府将采取什么措施来进一步加强和发展中国的资本市场和金融体系？

John B. Veihmeyer, Chairman of KPMG: Premier Li, thank you for your very open, clear and direct answers to the questions. It means a lot to us. Thank you very much for that. My question relates to the capital markets. As we all know, our capital markets are very interconnected around the world. We’ve seen a latest example of that this past week in the aftermath of the Brexit vote in the UK, just how dependent and interconnected our capital markets are. So there is tremendous interest outside of China in the strength and continued development of China’s capital markets. What can the Chinese government continue to do to strengthen and further develop capital markets and the financial system here in China? 

[李克强] 的确，世界金融市场因为英国公投脱欧的结果已经产生波动。我在昨天的特别致辞中讲了，大家还是要携起手来，提振信心，防止恐慌情绪蔓延，保持国际资本市场稳定。

Li Keqiang: It is true that the result of the Brexit vote has sent jitters across global financial markets. As I said in my special address yesterday, now is the time for all of us to work together to strengthen confidence, to prevent the spread of panic and to maintain stability of the global capital markets.

中国会尽自己的努力来维护自身金融和资本市场的稳定，这本身也是对世界的贡献。与此同时，中国还会通过金融改革来发展多层次资本市场，因为中国的资本市场总体上还不够发达，一些市场还不够成熟，资本市场在整个金融体系当中、直接融资在全社会融资当中所占的比重都很小。比如，企业的直接融资占比只有15%左右，所以我们有必要发展多层次资本市场。

On China’s part, it will do its best to maintain the stability of its domestic capital and financial markets. This is how China can contribute to the global financial stability. China will continue to enforce financial reforms to develop its multi-tiered capital markets, because on the whole capital markets in China are not yet well-developed, some markets are not yet mature, and the capital markets and direct financing each only takes up a small percentage in China’s financial system and in total social financing. For companies, direct financing only accounts for about 15% of their access to finance. Hence, we need to develop multi-tiered capital markets.

中国的储蓄将近国内生产总值的一半，储蓄率偏高是长期形成的，这也就使得我们非金融类企业的杠杆率比较高。我们正在采取多种措施，包括发展多层次资本市场、推进市场化的债务重组、兼并破产等方式，以逐步降低企业的杠杆率。今年1－5月份中国规模以上工业企业的利润增长了6.4%，表明我们降低非金融企业的杠杆率、提升其效益是有基础和空间的。

The Chinese people have a longstanding propensity to save, and savings in China account for nearly half of the GDP. That is one cause of the high leverage ratio of non-financial companies in China. We have taken steps to gradually bring down the high ratio by developing multi-tiered capital markets, market-based debt restructuring, merging and bankruptcy. I want to emphasize that in the first five months this year, Chinese corporate profits in the industrial sector rose by 6.4%. That means there is the basis and room for us to bring down the leverage ratio of non-financial companies and raise their efficiency.

当然，在发展资本市场的过程中，我们要防范系统性、区域性金融风险，防止金融市场风险交叉感染，改革和完善金融监管体制。总的来说，还是要按照市场化、法治化的方向来推进。像中国经济一样，中国的资本市场在某些领域发生短期波动也是难免的，但我们要防止出现“井喷式”或“断崖式”变化。与此同时，我们也要按照市场规则、国际惯例行事，包括对个别的违约行为依法进行处理，使资本市场更好地发展起来、发达起来，对中国经济起到更重要的支持作用。

In developing capital markets, we will guard against systemic and regional financial risks and prevent cross infection of different financial markets. We will also reform and improve the regulatory regime. This should be a market-driven and law-based process. Just as China’s economy, capital markets in China may also experience short-term fluctuations, which are hardly avoidable. But we will not allow rollercoaster rides of capital markets. We will follow market principles and international practices, and deal with the isolated default cases in accordance with the law. All in all, we will continue to develop the capital markets to make them more mature and better play their role in underpinning economic development.

[施瓦布] 感谢您和中国代表团出席今年夏季达沃斯论坛以及对话交流活动。我在原来教授企业政策课时就对学生讲，一个成功的未来是建立在伟大的愿景基础之上的。昨天您在特别致辞中向我们描绘了一个全面而伟大的愿景，而愿景的实现需要具体的操作细节，今天我们不仅对您昨天描绘的愿景留下极其深刻的印象，还对您刚才谈到的许多操作细节留下极其深刻的印象。媒体当中可能对一些问题有疑问，但您对所有问题都给予了非常清晰和明确的回答。我想我们所有听到这些信息的人都会作为信息的传递者，继续支持中国的发展。因为中国作为一个负责任的大国，在世界发展中有着举足轻重的地位。由于世界各国之间有相互依存的关系，我们也应该继续传达您跟我们分享的这些重要、积极的信息，这也符合我们自身的利益。 

Klaus Schwab: I would like to acknowledge the presence of such high-level government delegation, the esteemed members of government that have accompanied you. Thank you very much for your presence. Your Excellency Premier Li, when I was teaching business policy, I said a successful future has to be based on a grand vision. You presented to us yesterday your grand concept and vision. But it has also to be operationalized in the details. I think we are all impressed by the picture of China’s economy you showed us yesterday and how much it is operationalized. I am personally impressed with the detailed knowledge and facts. So to summarize, I can only say there are very often, in the world, particularly in the media, doubts and questions. But I think you have given great answers to all the questions and I think we will all act as ambassadors for what we have heard here and support the development of China in any way we can. We support China’s role as a very responsible actor. I think we all are living in a global community, interdependent. So it is in our interest to carry the message which you shared with us in the last two days. Thank you very much. 

[李克强] 感谢施瓦布先生和在座各位为天津达沃斯论坛所付出的努力。我们之间的关系确实很有意思，可以说你们是论坛的主人，也可以说中方是论坛的主人，因为论坛是在中国的土地上举办的。我赞成施瓦布先生刚才所说的，我们给大家的不仅是中国未来发展的美好蓝图，而且给出了实现蓝图的支撑细节。我希望在座的各位，用一个中国叫做“反弹琵琶”的做法，从你们的行业、从具体细节去证实中国的美好蓝图是可以实现的，你们和中国一定会实现双赢。 

Li Keqiang: I want to thank you, Professor Schwab and all present for your tremendous effort in making the Summer Davos Forum this year a success. The relationship between our two sides is indeed an interesting one: you could be said to be the host of the Forum and so could we, as the Forum is held on Chinese soil. I agree with you, Professor Schwab, that we have presented both a grand vision for China’s development and concrete details supporting the operationalization of this vision. I hope all the business representatives here may try the reverse way: to use the details in your respective industries to prove that China’s vision can become a reality. I believe we will all emerge as winners in this process.