本帖最后由 三T上人 于 2016-7-22 19:07 编辑 <br /><br />|
5. The expansion of China’s military power and military operations has caused concern in Washington and unsettled some governments in the region. Please explain China’s intentions. Does the U.S. alliance structure in Asia make Beijing feel less secure? Should Washington do more to accommodate Chinese security interests?
XI: China has always pursued a defense policy that is defensive in nature and a military strategy featuring active defense. In strengthening our defense and military building, we are not going after some kind of military adventure. It never crosses our mind. China has no military base in Asia and stations no troops outside its borders. China is a big country that has vast territorial land, sea and airspace and very long borders. We need to maintain proper investment in our defense and keep the troop size at an appropriate level. To demonstrate China’s determination to uphold peace and development, I announced not long ago a troop cut by 300,000. China has long pledged never to practice expansionism and seek hegemony. History has and will continue to prove this.
China has contributed more U.N. peacekeepers than any other permanent member of the Security Council. The Chinese military has played important roles in antipiracy escort operation in the Gulf of Aden and in the shipping of chemical weapons out of Syria for destruction. In our neighborhood, China’s military has helped many countries to deal with natural disasters. It will do still more within its capacity to provide public security goods to the international community.
Both China and the United States are major Asia-Pacific countries, whose interests intersect more closely and interact more frequently than in any other region of the world. Both sides desire to see peace and stability in the Asia-Pacific, as it serves their common interests as well as those of the countries in the region. The Asia-Pacific should be a cooperative ground for enhanced China-U.S. coordination and collaboration rather than their Coliseum for supremacy. Our attitude is this: we welcome whatever that contributes to regional peace and stability, and oppose whatever that may lead to conflict and turmoil in the region.
In the Asia-Pacific, both China and the United States should vigorously implement the principles of mutual respect and win-win cooperation. China participated in RIMPAC for the first time in 2014. The two militaries are stepping up the two Confidence-Building Mechanisms. We hope to identify still more converging ground in the region for the two countries, continuously build up strategic trust and work with other countries in making the region more peaceful, stable and prosperous.
6. China has had a tumultuous summer, with plummeting stock markets, a devaluation of the renminbi and signs of economic weakness. Many investors around the world wonder if the Chinese economy is weaker than the official figures show and if the government is sufficiently in control. What’s your assessment of the economy and what is being done to shore up confidence among Chinese and global investors?
XI: China’s economic growth is still one of the fastest in the world. In the first half of the year, the Chinese economy grew by 7%, which is hard-won considering the intricacy and changeable nature of the overall global economy. A growth rate of around 7% would be sufficient to reach our goal of doubling the 2010 GOP and per capita income by 2020.
The Chinese economy is still operating within the proper range. What China needs is a higher quality and efficiency of economic development by successfully addressing the problem of unbalanced, uncoordinated and unsustainable development, so that our economy will be put on a more solid basis and go forward more steadily. We are stepping up efforts to shift our growth model, make structural adjustment and place greater emphasis on developing an innovation and consumption-driven economy. It is our hope that by solving these problems, China’s economy will transform itself and retain its robust dynamism for development.
Against the overall global economic backdrop, many countries have encountered difficulties. The Chinese economy is also under a downward pressure. But it is a problem in the course of progress. What I want to emphasize, in particular, is that whatever happens, China will stay strongly committed to deepening its reform on all fronts while opening still wider to the outside world. We will work in a coordinated fashion to ensure growth, promote reform, make structural adjustment, improve people’s well-being and forestall risks, enhancing and innovating macro-regulation and ensuring steady and fairly rapid economic development. With China steadily promoting a new type of industrialization, IT application, urbanization and agricultural modernization, its household savings rate being so high and consumer spending enjoying a huge potential plus its diligent workforce, its rising middle-income population, its robust service sector and its vast and potential-rich market, China has the capacity and is in the position to maintain a medium-high growth in the years to come.
To understand China’s economy, one needs to take a longer view. If you liken it to a large ship on the sea, the question you ask is whether it is sailing in the right direction, does it have sufficient engine power and energy to stay long. Any ship, however large, may occasionally get unstable sailing on the high sea. Investors will come to a right judgment if they have a full understanding of China’s progress in economic development since the start of reform and opening-up, of China’s strategies formulated recently to ensure sustained and steady growth, and of the relevant data and trends in China’s economic performance. The report released by the American Chamber of Commerce in Shanghai showed that 95% of the surveyed businesses have planned to increase or maintain their investment in China. That is a decision made by over 300 American entrepreneurs, a decision I believe all smart investors will make.
7. Early on your leadership laid out an ambitious program for reform, promising to let markets play a “decisive” role. The stock market rescue this summer, however, has raised questions about your leadership’s commitment to economic reform. Why did you think it necessary to intervene in the stock markets? What significant economic reforms lay ahead over the coming months and year? People’s Daily and other state media have reported on resistance to reform; where does the opposition come from?
XI: An important goal for China’s current economic reform is to enable the market to play the decisive role in resource allocation and make the government better play its role. That means we need to make good use of both the invisible hand and the visible hand.
The ups and downs of stock markets are caused by the very nature of such markets, and the government normally does not intervene. The role of the government is to maintain an open, fair and impartial market order, protect the lawful rights and interests of investors, especially small- and medium-scale investors, promote the stable growth of the stock market in the long run, and defuse massive panic. The recent unusual fluctuations in the Chinese stock market were mainly the result of previous rapid surges and big fluctuations in the international market. The Chinese government has taken some measures to defuse systemic risks. Such steps have proved successful. As a matter of fact, similar steps have also been taken in some mature foreign markets. Thanks to a mix of stabilizing steps taken, the market has entered a stage of self-correction and adjustment. To develop the capital market is a key goal of China’s reform, which will not change just because of current market fluctuations.
In 2014, we advanced reform in various areas in a fast yet steady manner, and 80 major reform tasks were basically completed. On top of that, the relevant government departments completed 108 reform tasks, with 370 reform outcomes delivered in various sectors. Since the beginning of this year, we have introduced over 70 major reform plans. On Sept. 15, we discussed and adopted a number of reform plans, including the implementation of a system of negative list on market access, policies to support the development and opening-up of key border regions, a decision to accelerate the improvement of the pricing mechanism, and a plan to encourage the injection of non-state capital in investment projects launched by state-owned enterprises in accordance with due procedures. This year, we have decided to launch over 100 key reform steps, and more major economic reform steps will be introduced. Those items of reform that facilitate growth, structural adjustment, people’s well-being and risk prevention will be prioritized. And substantive reform plans will be vigorously implemented in such areas as fiscal policy and taxation, finance, opening-up, the judiciary and people’s well-being.
This round of reform in China is comprehensive in nature and it is being pursued with unprecedented intensity. We have made enormous efforts and managed to overcome some long-standing obstacles. These reform steps have upset the vested interests of some people, and caused changes to the career and life of some people. It is only natural that there will be difficulties. Otherwise it will not be a reform. That is why I said that we must be bold enough to crack hard nuts and ford dangerous rapids during reform and that only the daring will prevail at key stages of reform. At the same time, reform calls for down-to-earth efforts. To set unrealistic expectations, play to public opinion by talking big or just scratch the surface will not work. Like an arrow shot that cannot be brought back, we will forge ahead against all odds to meet our goals of reform.
8. Your government is engaged with the International Monetary Fund to have the RMB included in the official basket of reserve currencies. The devaluation in August was seen as a step toward a more flexible exchange rate, but also spooked global markets. Will China fully open its capital account to make the yuan a free convertible currency? How concerned are you about declines in China’s foreign currency reserves and capital flight?
XI: China has been working to improve market-based RMB exchange rate regime. Recent measures to improve the quotation of the RMB central parity is a case in point, as it gives greater say to the market in deciding the exchange rate. Given the complexities in the current international economic scene and financial market and the apparent divergence in market makers’ expectations of the future trend of the RMB exchange rate, there had been a long-standing gap between the central parity and market exchange rate of the RMB. With improvements to the quotation of the RMB central parity, the RMB central parity will better respond to supply and demand in the foreign exchange markets, and systemically avert the sustained large gap between the RMB central parity and market exchange rate. Since the quotation of RMB central parity was improved on Aug. 11, initial progress has been made in correcting the deviation. Given the current economic and financial conditions at home and abroad, there is no basis for sustained depreciation of the RMB. Reform of the RMB exchange rate formation regime will continue in the direction of market operation.
China put forward the goal of convertibility of the RMB under the capital account back in the early 1990s. Over the past 20 years and more, China has been working toward this goal. Currently, there are only very few transactions that are still banned under the RMB capital account. China is advancing the convertibility of the RMB under the capital account in a steady and orderly manner.
There has been a recent drop in China’s foreign reserves. This actually reflects improvement to the mix of local currency as well as foreign exchange assets and liabilities of domestic banks, enterprises and individuals. There are three main reasons: First, some assets in foreign exchanges were transferred from the central bank to domestic banks, enterprises and individuals, including an increase of US$S6.9 billion in the balance of foreign reserve deposits of domestic banks in the first eight months of this year, with a US$27 billion increase in August alone. Second, outbound investment by domestic enterprises has grown rapidly. Third, domestic enterprises and other market entities are reducing foreign financing steadily, which helps reduce risks of high leverage operation and currency mismatch. These changes are normal capital flow, which is moderate and manageable. Foreign investors who aim at long-term gains are still investing in China. China’s foreign exchange reserves remain abundant and is still very large by international standard. With improvement to the RMB exchange rate regime and progress in RMB internationalization, it is quite normal that China’s foreign reserves may increase or decrease, and there is no need to overreact to it.