美国财政部长盖特纳北京大学演讲中英文全文_米歇尔北大演讲中英文
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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 aistance 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 receion 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 aement of major U.S.banks has helped improve market confidence in them, making it poible for banks that needed capital to raise it from private investors and to borrow without guarantees.The securities markets, including the aet backed securities markets that eentially stopped functioning late last year, have started to come back.The cost of credit has fallen substantially for businees and for families as spreads and risk premia have narrowed.These are important signs of stability, and aurance 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 proce 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 receion is still powerful and dangerous.Busine and households in the United States, as in many countries, are still experiencing the most challenging economic and financial preures in decades.The plant closures, and company restructurings that the receion is causing are painful, and this proce 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 lo of confidence in credit ratings.After a long period where financial institutions took on too much risk, we still face the poibility 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 neceary adjustments.They will entail a longer, slower proce of recovery, with a very different pattern of future growth acro countries than we have seen in the past several recoveries.Laying the Foundation for Future Growth
As we addre 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 succeful 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 succeful we are in Washington and Beijing will be critically important to the economic fortunes of the rest of the world.The effectivene of U.S.policies will depend in part on Chinas, and the effectivene 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 eential 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 succeful 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 le from the American consumer.The policy framework for a succeful 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 Congre 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 Congre 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)
