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发布时间:2019年11月28日 09:27:03 来源:环球网校 点击量:


Belt and Road Initiative: Two Key Channels to Achieving Financial Connectivity

Opening Remarks

By Christine Lagarde, IMF Managing Director

Belt and Road Forum Session on Financial Connectivity

April 24, 2019



国际货币基金组织总裁 克里斯蒂娜 • 拉加德


Governor Yi, Minister Liu, Distinguished Guests, Ladies and Gentlemen — good morning! Zao Shang Hao!

易行长,刘部长,尊敬的嘉宾,女士们、先生们——早上好!Zao Shang Hao!

I would like to thank the People’s Bank of China and the Chinese Ministry of Finance for organizing this important event.


As we meet during this beautiful springtime weather it brings to mind the words of the Chinese proverb, “ The whole year must be planned for in the spring.”


Over the next three days we will consider the ways the Belt and Road Initiative — the BRI—can help better connect the world physically and financially for years to come. It is fitting that we begin these conversations with financial connectivity. Why? Because history teaches us that physical and financial connectivity go hand-in-hand.


Think of the original Silk Road. The desire for trade drove merchants to travel thousands of kilometers. Over time, infrastructure in the form of bridges, buildings, and even entire new cities were built to accommodate what began as small trading posts and financial exchanges.


So where there is financial connection, we see that rapid improvements in quality of life can quickly follow.


In our modern context, there are several important channels to achieving this greater financial connectivity. I want to highlight two today: increased capital mobility and increased financial inclusion.


1. Increased Capital Mobility

1. 加强资本流动

First, enabling capital to flow more freely.


Allowing capital to flow across borders can help support inclusive growth. How? By enhancing investments in infrastructure, manufacturing, and even health care.

允许资本跨境流动能帮助支持包容性增长。如何支持?通过促进基础设施、制造业甚至医疗行业的投资?忌绻伦约捍砉际员奔浜涂际允奔涞幕,可以 免费预约短信提醒,届时会以短信的方式提醒大家报名和考试时间。

Right now, foreign direct investment —FDI — is only 1.9 percent of GDP in developing countries. Before the global financial crisis, it was at 2.5 percent. Making progress on major infrastructure needs will require capital flows to rise again and to be managed safely.

目前,发展中国家的外国直接投资(FDI)仅占GDP的1.9% ;而在全球金融;,这个数字是2.5% 。为推进主要基础设施建设进展,需要再次增加资本流动规模,并以安全的方式对其进行管理。

Greater openness to capital flows can also bring down the cost of finance, improve the efficiency of the financial sector, and allow capital to support productive investments and new jobs.


That is certainly the case here in China, where a further opening of the bond market to foreign investors will enable diversification and foster the internationalization of the Renminbi (RMB).

这对中国尤为适用。中国向境外投资者进一步开放债券市场,能够 实现债券市场投资者多元化,并促进人民币国际化。

In fact, the IMF recently published a book on this topic, called “The Future of China’s Bond Market”. It outlines how the inclusion of China’s bonds in global indexes can be a gamechanger not only for China’s own financial markets but also for global investors.


The book also underscores the challenges that come with opening up capital markets. Thankfully, we know from experience the elements that are required for success. These include sound financial regulation, transparent rules for investment, and attention to fiscal sustainability.

该书还强调了资本市场开放带来的挑战。幸运的是,我们从经验中获悉了成功所需的要素,包括完善的金融监管 、透明的投资规则以及关注财政可持续性。

On this last point, China’s increased focus on the long-term success of BRI projects, and the announcement today by Finance Minister Liu of a BRI debt sustainability framework, are very welcome steps in the right direction.


So too is the work that is now beginning to ensure that investment in BRI projects is green, low-carbon and climate resilient. This will lead to increased environmental sustainability.


2. Increased Financial Inclusion

2. 改善金融包容性

We also need increased financial inclusion — my second channel for a more effective BRI.


A few numbers: close to half of the adult popu­lation in low and middle-income Asia-Pacific economies do not have a bank account. Less than 10 percent have ever borrowed from a financial institution.

这里列举几个数字:亚太地区中低收入经济体近一半的成年人口没有银行账户。 曾向金融机构借款的人口比重不到10%。

And yet, we know that closing the finance gap is an “economic must-have” for nations to thrive in the 21st century. IMF analysis shows that if the least financially inclusive countries in Asia narrowed the finance gap to the level of Thailand — an emerging market economy — the poverty rate in those countries could be reduced by nearly 4 percent.

然而我们知道,各国若要在21世纪繁荣发展,弥合金融缺口是一项“必须完成的经济任务”。国际货币基金组织的分析表明,如果亚洲金融包容性最弱的国家将金融缺口缩窄至泰国(一个新兴市场经济体)的水平, 这些国家的贫困率能降低近4%。

How can we get there? In part, through policies that enable more women and rural citizens to access financial services. The financial gender gap for women in developing countries is about 9 percent and has remained largely unchanged since 2011。

如何实现这一目标?一方面,制定能使更多妇女和农村 居民获得金融服务的政策。在发展中国家,妇女面临的金融性别缺口约为9%,且自2011年来基本保持不变。

There is no silver bullet, but we know that fintech can play a catalyzing role.


In Cambodia, for example, strong public-private partnerships in supporting mobile finance has led to a tripling in the number of micro-financial institutions since 2011. These institutions have now provided loans to over 2 million new borrowers, representing nearly 20 percent of the adult population. Many of these citizens had never had a bank account. Now they can save for the future and perhaps even start a business of their own.


These are ideas that can work everywhere. But countries have to be willing to partner and learn from each other.


That is one of the major reasons why last October, the IMF and World Bank launched the Bali Fintech Agenda. The agenda lays out key principles — from developing financial markets to safeguarding financial integrity — that can help each nation as it strives for greater financial inclusion.

这就是国际货币基金组织和世界银行去年 10 月启动 “巴厘岛金融科技议程” 的主要原因之一。该议程阐述的核心原则——从发展金融市场到维护金融诚信——能帮助所有国家,因为其旨在改善金融包容性。

It is a model for international collaboration, much like this forum.




Let me conclude.


I began with a Chinese proverb. In the spirit of global connections, I will close with a western poet. The English poet John Donne, who wrote about the Silk Road, was right when he said, “No man (or woman!) is an island, entire of itself; every man is a piece of the continent, a part of the main.”

我在开头引用了一句中国谚语。本着全球互联的精神,我想以一首西方诗歌来结尾。英国诗人约翰 • 邓恩这样描绘丝绸之路,“没有人能如岛屿,独立于世;每个人,都是大陆的一部分” [4],他说的一点都没错。

Just like our history, our modern financial landscape reveals the enormous potential of better connections between nations and between financial institutions across borders. These financial connections can lead to new construction, new jobs, new opportunities, and, ultimately, the ability to achieve economic security.


If we find ways to harness the potential, we can build more prosperous, inclusive economies that benefit all.


Thank you very much. Xièxiè.



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