| Chinese to English Translation (中译英） |
深化金融合作 促进共同发展 Deepen Financial Cooperation and Promote Common Development Chen Yuan, President of China Development Bank 尊敬的各位嘉宾， Distinguished guests: 当前，在经济全球化向纵深发展，科技进步突飞猛进，资金、技术、资源、产业等流动与重组日益加快的背景下，区域合作蓬勃发展，亚洲金融合作已成为全球合作的亮点。从20世纪90年代初交流合作，到东盟“10＋3”机制、《清迈协议》和货币互换安排，再到亚洲债券基金的建立，一个互利、健康、开放的亚洲金融合作格局正在形成，合作的深度和广度在不断深化。 At present, economic globalization is progressing rapidly; science and technology are developing by leaps and bounds; the flow and reorganization of technologies, resources, industries are ever quickening. As a result, regional cooperation is booming, and Asia’s financial cooperation has become the highlight of global cooperation. The exchanges and cooperation in the 1990s, the ASEAN 10 + 3 mechanism,the Chiang Mai Initiative, the exchange of currencies, and the establishment of Asian Bond Fund have contributed to the establishment of a mutually beneficial, sound and open Asian financial cooperation pattern. Meanwhile, cooperation is being constantly expanded in scope and depth. 与欧美国家不同，亚洲多数国家金融体系以信贷融资为主，证券融资不够发达。其弱点是责任链条长，风险向银行集中和沉淀，防范风险的能力脆弱。虽然现在亚洲金融危机已成为历史，但其体制性根源并没有完全消除，亚洲应对金融风险的能力仍有待提高。因此，发展区域内债券市场，构建强健的金融体系，促进金融深化和金融发展，是亚洲金融合作的重要内容。 Unlike in some countries in Europe and the Americas, the centerpiece of the financial systems in most Asian countries is credit financing while securities financing is underdeveloped. The weaknesses of such financial systems include long responsibility chains, banks shouldering most of the risks, and weak capacities to fend off risks. Although the Asian Financial Crisis is already history, its systematic causes have not been removed completely. Asia’s ability to address financial risks has yet to be improved. Therefore, developing regional bond market, establishing a robust and sound financial system, and deepening the development of the finance sector are important aspects of Asian financial cooperation. 目前，亚洲债券市场已经有了一定的发展，今后要继续扩大发行人种类和债券品种，扩大相互间投资，加快融合，增强互信合作和依存度，强化亚洲债券市场发展的基础设施。这里面重要的是建立起来一套互信和合作的长期对话机制，并以此成为下一步合作的基础。 At present, the Asian bond market has made some progress. In the future, we must expand types of issuers and bonds, enlarge mutual investment, step up integration, enhance mutual trust, cooperation and interdependence, and strengthen the infrastructure for Asian bond market development. It’s important to establish a long-term dialogue mechanism featuring mutual trust and cooperation, thus paving the way for future cooperation. 与此同时，各国还必须完善金融内部治理结构，加强微观制度和金融基础设施的建设。微观制度包括法人、法人治理结构、所有制、产权；金融基础设施包括会计标准、支付、信用、业绩考核和法律等方面。前者决定社会每一个细胞的健康水平，后者决定全社会的运转效率。两者相互独立、相互支持，共同推动经济社会的持续健康发展。 Meanwhile, countries shall improve internal financial management structure and strengthen micro-systems and financial infrastructure. Micro-systems include legal persons, legal person management structure, ownerships, and property rights. Financial infrastructure includes accounting standards, payments, credit, performance assessment, relevant laws and so on. The former determines the health of every cell in society while the latter determines the operational efficiency of the entire society. The two are independent of each other yet mutually supportive; and they both boost sustained and healthy socioeconomic development. 作为亚洲的一员，中国的繁荣发展和亚洲各国息息相关，中国的金融发展之路，也不可避免地要和整个亚洲金融体系融为一体。由于历史原因，中国和多数亚洲国家一样，还没有形成发达的金融体系和市场，弱金融和弱货币的地位已严重影响了在亚洲经济格局中发挥作用。中国必须建立起强健高效的金融体系，不断提升人民币的国际地位，才能有力支撑经济社会的发展，进一步促进亚洲经济繁荣。 As a part of Asia, China’s prosperity and development are closely interrelated
with other Asian countries. Inevitably, China’s financial development
must be incorporated into the entire Asian financial system. Due to historical
reasons, China, like many other Asian countries, does not have a fully-fledged
financial system and market. 加速金融体系和市场建设，必须要把政府和市场的力量结合起来。有效的政府作用是经济社会持续发展的必要条件，能够对市场经济和制度建设起孵化作用，提高市场的效率和效用。这就需要把市场建设作为一个重要目标和任务加以推动，深入到微观制度和金融基础设施建设中去。一方面政府对于金融体系的建设要相应给予支持，另一方面政府的参与和推动也要市场化运作，推动市场建设和市场发展。 Accelerating the building of the financial system and the market calls for the combined forces of the government and the market. An effective government role is a prerequisite for sustained socioeconomic development and can act as a catalyst for market economy and system building, thus enhancing market efficiency and efficacy. We must take market building as a priority task and endeavor to boost it and incorporate it into the micro-systems and the building of financial infrastructure. On the one hand, the government shall render support to the building of the financial system. On the other hand, governmental participation and promotion shall be market-oriented, with a view to pushing forward market development. 开发性金融作为连接政府和市场间的桥梁，是针对市场失灵和制度落后，为维护国家金融安全、增强经济竞争力而出现的一种金融形式，是金融合作的重要载体。它以融资为手段，把政府力量、市场力量和金融力量结合起来，整合各种资源要素，推进市场建设，完善微观制度和金融基础设施，用建设市场的方法实现政府的发展目标。从各国实践看，无论在战后重建还是在拯救亚洲金融危机中，开发性金融机构都发挥了不可忽视的重要作用。 Developmental finance, as a bridge linking the government and the market, is a financial form created against the backdrop of a runaway market and underdeveloped systems, with a view to protecting state financial security and enhancing economic competitiveness. It's also an important medium of financial cooperation. Developmental finance combines the forces of the government, the market and finance, through financing means; it incorporates various resources, pushes forward market development, improves micro-systems and financial infrastructure, and achieves government development goals through market development. It can be concluded from the experience of various countries that developmental financial institutions have played a notable role in post-war construction and tackling the Asian financial crisis. 作为中国政府的开发性金融机构，国家开发银行能够在亚洲金融合作中发挥积极作用。近年来，我们充分利用国际国内两个市场和两种资源，积极开展国际合作，支持中国“走出去”战略，帮助印尼等国进行海啸灾后重建。从2002年开始，开行不良贷款率连续三年处于2%以下的低位运行状态和小幅度波动，今年一季度不良贷款率1.11%。先进的市场业绩为我们参与亚洲金融合作提供了重要支撑。国家开发银行愿意与大家一起共同努力，为推动亚洲金融合作贡献力量！ 谢谢大家！ As a developmental financial institution of the Chinese government, China Development Bank can play a positive role in Asian financial cooperation. In recent years, we have taken advantage of international and domestic markets and resources, energetically carried out international cooperation, upheld China’s strategy of "going global", and helped Indonesia and other countries in their reconstruction after the tsunami disaster. Since 2002, China Development Bank’s non-performing loan ratio has remained under 2% for three consecutive years, with small fluctuations. The non-performing loan ratio of the first quarter stands at 1.11% this year. Our remarkable market achievements have provided important support for our participation in Asian financial cooperation. China Development Bank is willing to work together with you and contribute to the promotion of Asian financial cooperation. Thank you all! |