李克强总理在博鳌亚洲论坛2016年年会开幕式上的演讲（中英对照）

女士们，先生们！

Ladies and Gentlemen,

中国与亚洲的发展休戚与共。各位朋友十分关心当前中国的经济形势，借此机会，我愿意从怎么看和怎么干两方面作简要阐述。

China’s development is closely linked with that of Asia, and I know that many friends are interested in the economic situation in China. So I wish to take this opportunity to say something about how we should look at the Chinese economy and what we intend to do in China to ensure continued growth.

首先是对中国经济怎么看？去年中国经济总量为67.7万亿元人民币，超过10万亿美元，一举一动举世瞩目。同时，中国又处在结构调整优化的过程中，地区之间、行业之间走势出现分化，所谓“横看成岭侧成峰，远近高低各不同”。特别是在世界经济复苏乏力、去年增速为6年来最低的情况下，中国又处在经济转型升级过程中，各方看法有些差异是难免的。看中国经济，一是看整体。去年中国GDP增长6.9%，增速比过去有所放缓，但仍居于世界主要经济体前列，这不仅是在高基数基础上的增长，而且是在转型升级过程中实现的。今年以来，中国经济运行开局总体平稳，并出现新的积极变化。我们推出的一系列稳增长、调结构、促改革措施的政策效应正在不断累积。二是看走势。根据国家统计局数据，去年全国城镇新增就业1300多万人，居民收入增长超过GDP增速。今年1－2月就业形势基本稳定，31个大城市调查失业率保持在5.1%左右，和去年基本持平。产业升级步伐加快，服务业、高技术产业和装备制造业均保持较快增长。内需持续扩大，消费实现了两位数增长。消费和服务业成为拉动经济的主要力量，能耗强度和主要污染物排放持续下降，这标志着增长质量在改善。三是看长远。中国虽然已经成为世界第二大经济体，但人均收入仍处于世界的中等水平，这本身是差距，也是潜力，尤其在中国的中西部还有巨大的空间和回旋余地。中国正处在工业化、城镇化推进过程中，改革动力强，内需有空间，发展有韧性，创新有手段，中国经济长期向好的基本面没有也不会改变。

First, how should we look at the Chinese economy? China’s total GDP last year was RMB67.7 trillion yuan, or over US$10 trillion. Every move of this economy attracts world attention. Meanwhile, China is in the process of structural readjustment, and there is divergence among different regions and sectors. This is like what a Chinese poem says, one gets different impressions of a mountain when viewing it from the front, sideways, at a close range or from afar. Given the sluggish growth of the world economy, the lowest ever in six years, and with the Chinese economy undergoing transformation and upgrading, it is simply natural that different people may see the Chinese economy differently.

In my view, when we look at the Chinese economy, we should first of all look at its overall performance. Last year, China grew by 6.9%, a bit slower than in the past, but still one of the fastest among the major economies. It was achieved on the basis of the huge size of the economy which was in the process of transformation. Since the beginning of this year, the Chinese economy has on the whole enjoyed steady performance and seen new, positive changes. The number of measures we introduced to promote steady growth, restructuring and reform are being paid off.

Second, we need to look at the overall trend of the economy. According to the National Bureau of Statistics, over 13 million new jobs were created in China’s urban areas last year, and the growth of people’s income was faster than that of the GDP. The employment situation in the first two months of the year has stayed basically stable, with surveyed unemployment rate standing at around 5.1% in 31 major cities, roughly the same as last year. As industrial upgrading picked up speed, the service sector, high-tech industries and equipment manufacturing industries all maintained fast growth. Domestic demand continued to rise, and consumption growth stayed at double digit. Consumption and services have now become the main drivers of growth. Both energy intensity and the discharge of main pollutants went down, an indication that the quality of growth is getting better.

Third, we need to look at the prospect of the economy for the long run. China has become the world’s second largest economy, but its per capita GDP is still at the middle level in the world. There is both a gap to fill and a potential to tap, especially in China’s central and western regions, where we see huge space and room for development. China is now in the process of industrialization and urbanization. There is strong impetus for reform and much space for expanding domestic demand. Development is resilient, and the tools are many to boost innovation. The fundamentals of the Chinese economy have stayed unchanged and will remain sound in the long run.

当然，我们也充分认识到，中国经济已深度融入全球经济，一些国际机构纷纷下调今年世界经济增长预期目标，世界经济不稳定、不确定因素增多，必然会对中国经济带来影响甚至冲击。同时，国内深层次结构性矛盾凸显，经济下行压力较大，转型升级过程中必然伴随阵痛，尤其是一些行业的企业生产经营困难。我们不回避困难，这说明有信心，我们也知道问题症结所在，因此，要在适度扩大总需求的同时，注重推动结构性改革尤其是供给侧结构性改革。总的看，中国经济希望大于困难。

Of course, we are fully aware that the Chinese economy is now deeply integrated with the world economy. Some international agencies have lowered the growth forecast for this year and destabilizing factors and uncertainties are on the rise. The impact will be felt in the Chinese economy. At the same time, in China, the deep-seated structural problems have become more prominent, and the economy still faces growing downward pressure. As the economy goes through transformation and upgrading, temporary problems have occurred, and companies in certain industries are facing a hard time with their operation. We will not dodge these problems. In fact, knowing where problems are have made us all the more confident. We will expand aggregate demand as appropriate, and at the same time press ahead with structural reform, supply-side structural reform in particular. On the whole, for the Chinese economy, we believe there are more hopes than difficulties.

关于中国经济下一步怎么干？人代会通过的《政府工作报告》已经做了详细阐述。昨天我们从三亚乘动车组来博鳌。动车组不单靠车头拉动，车厢也有动力，如果拿动车组比喻中国经济，就是要使中国经济运行平稳，保持合理的速度。在我国资源环境约束加大的背景下，高速运行不仅不经济，也不利于节能环保，难以持续。因此，保持中高速增长是我们的目标，我们将按照创新、协调、绿色、开放、共享的新发展理念，坚持发展是第一要务，打造动能充足的保持中高速增长、迈向中高端水平的经济发展动车组。

Next, what do we intend to do to ensure continued growth? The Government Work Report adopted by the NPC has laid that out in great detail. Yesterday evening, we took the bullet train to travel from Sanya to Boao. A bullet train is powered not just by its locomotive, but also the facilities installed in between carriages. If we are to compare the Chinese economy to a bullet train, what we need to do is to keep it steady and move at a reasonable speed. With growing environmental and resources constraints, high-speed is not economical; nor is it environment friendly or sustainable. Our goal is to maintain medium-high speed of growth. China’s development will be guided by the new vision of innovative, coordinated, green, open and shared development. We will continue to give priority to development, and work to build dynamic engines to propel the economy, making sure that it maintains medium-high speed growth and moves towards the medium-to-high end of development.

如同动车组一样，经济发展首先要保持平稳运行、安全运行。几年来，我们不断创新宏观调控思路，提出区间调控的新方式，把稳物价作为上限，把保就业作为下限。这一区间有效稳定了市场预期。今年，我们提出经济增长的预期目标为6.5%－7%，这是一个新的区间，可以使增长目标富有一定弹性。经济运行短期小幅波动是难以避免的，我们不会因一时的小幅波动而违背市场运行规律办事。但一旦经济运行滑出合理区间，我们也会遵循经济规律采取综合性措施。目前，中国政府负债率不足40%，中央政府负债率只有17%，居民储蓄率高，发展多层次资本市场有空间，创新金融调控手段也有很大余地，我们不仅有能力防范住系统性区域性风险，而且有足够的政策工具稳定经济运行。比如，去年有关部门和金融机构协作，用市场化的办法发行和使用专项建设基金，促进了有效投资的扩大，有力地支持了调结构、稳增长，今年要继续以市场化方式筹集专项建设基金。

Like running a bullet train, to develop the economy, the first thing is stability and safety. In the past few years, we have adopted innovative approaches to macro-control, including a new range-based approach. We have set it our upper limit to keep price rises in control and our minimum target to ensure sufficient employment. This range-based approach has effectively stabilized market expectations. This year, we expect the economy to grow by 6.5%-7%, a new range designed to allow certain flexibility with the growth target. Short-term and minor fluctuations in the economy can hardly be avoidable. We will not try to redress these minor fluctuations with moves that are against market rules. But once the economy slips out of the reasonable range, we will definitely take overarching measures in line with the laws of the economy. Currently, the debt-to-GDP ratio of the Chinese government is less than 40%, and for the central government, it is only 17%. We also have a high savings rate. The space is ample to develop a multi-tiered capital market, and new tools are available to introduce innovative regulatory measures to the financial sector. We are not only well positioned to prevent systemic, regional financial risks, but also supported by enough policy tools to keep the economy steady. Last year, for instance, with collaboration among relevant agencies and financial institutions, special funds for specific projects were raised and used based on market-based approaches to expand effective investment. Such an approach strongly facilitated economic restructuring and ensured steady growth. This year, we will continue this practice.

中国经济要行稳致远，必须激发自动力，培育新动能。

For the Chinese economy to move steadily forward for the long run, we need to stimulate internal forces and develop new engines.

动力首先来自改革开放。30多年来中国快速发展的历程证明，只要改革不断推进，中国经济就会持续前行。今年我们将继续深化简政放权、放管结合、优化服务等改革，进一步放宽市场准入，政府可以集中更多精力加强事中事后监管，强化知识产权保护，打击假冒伪劣，营造公平竞争环境，激发市场活力和社会创造力。

The growth momentum comes, first and foremost, from reform and opening-up. The rapid development of the Chinese economy over the past three decades proves that as long as reform continues, the economy will keep going forward. This year, we will continue to deepen such reforms as streamlining administration, delegating powers, and improving oversight and services. We will provide easier market access. The government can focus more on ongoing and ex-post supervision, step up protection of intellectual property rights, fight against fake and substandard products, create a level-playing field for competition, and boost market vitality and social creativity.

我们要积极推进财税金融体制改革。比如，全面推开营改增，这是结构性改革的重大举措，将为企业减轻税负5000多亿元，不仅有利于统一税制、消除重复征税，更重要的是会有力促进服务业特别是研发等高端服务业的发展和制造业转型升级。绝大部分企业会有不同程度的减税，其中小微企业的税收负担将明显减轻。在当前财政困难的情况下，政府这么做是为了放水养鱼，用短期财政收入的“减”，换取持续发展势能的“增”，这本身也说明我们财政政策还有一定的空间。又比如，金融领域的改革，可以推出按市场化方式的债转股，这有利于降低企业杠杆率。

We will actively promote reforms of the fiscal and financial systems. For example, business tax will be replaced with VAT in all sectors, a major step of structural reform that will save businesses more than RMB500 billion in tax. This will not only help us form a consistent tax system and eliminate double taxation. More importantly, it will strongly boost the development of the service industry, especially high-end services, such as R&D, and support the transformation and upgrading of the manufacturing sector. Most enterprises will benefit from the tax reduction to varying degrees, and small and micro businesses will see their tax burden significantly lightened. In times of fiscal difficulties, the government is doing this to release more water to nourish the fish in the pond, i.e. to generate continued momentum of growth with a short-term drop in fiscal revenue. It is also indicative of the room for fiscal flexibility left at our disposal. Let me give you another example. For reforms in the financial sector, we can explore market-based approaches for debt-for-equity swap to help lower corporate leverage ratio.

开放也是改革。我们将着力提高对外开放水平，包括有序扩大服务业、金融等领域的开放，把中国进一步打造成范围更广、环境更优的外商投资最佳目的地。前年我们启动了“沪港通”，这是我国资本市场对外开放的重大举措。“深港通”今年内也将择机推出。人民币将继续在合理均衡基础上保持稳定，中国经济的基本面决定人民币不存在长期贬值的基础。中国是负责任大国，将按照主动性、渐进性、可控性原则推动人民币汇率形成机制市场化改革，不打货币战，绝不会用货币贬值来刺激出口。

Greater openness is also a way of reform. We will open the country wider to the outside world, including orderly opening of the services, financial and other sectors, and make China a most preferred destination for foreign investment with more opportunities and better environment. The year before last, we launched the Shanghai-Hongkong Stock Connect. This was a major step in opening up China’s capital market. At an appropriate time this year, the Shenzhen-Hongkong Stock Connect will also be launched. We will continue to maintain the basic stability of the RMB exchange rate at an adaptive and equilibrium level. The economic fundamentals are such that allows for no basis for continued depreciation of the RMB exchange rate. China is a responsible major country. We will continue to make the RMB exchange rate more market-oriented by acting on the principles of voluntarism, gradualism and controllability. We will not fight a currency war, and will never stimulate export by depreciating the currency.

动力来自调整结构。这是经济转型升级的关键。我们要积极发展新经济，大力培育新动能、改造提升传统动能，形成促进发展的“双引擎”。在推进过程中，既做减法，重点抓好钢铁、煤炭等困难行业去产能；更做加法，培育新的增长点，实施创新驱动发展战略，推动大众创业、万众创新，进一步发展服务业、高新技术产业、中小微企业，大力实施《中国制造2025》，提高实体经济竞争力。减法当中确实有一些职工需要转岗安置，但加法当中发展新经济、培育新动能，带动新产业、新业态等的成长，可以提供大量新的就业，这也会为传统动能改造提升创造条件。各级政府要利用市场倒逼机制，引导和扶持职工再就业，暂时有困难的，要保障他们的基本生活。中央和地方政府都要切实担起责任，同时，我们将积极推进新型城镇化，这是最大的内需潜力所在。要扩大基础设施建设等有效投资，为消费升级和民生改善排除障碍、优化环境、创造条件。这也将促进农业农村发展，带动农业现代化和农民持续增收。

The growth momentum comes from restructuring. Restructuring holds the key to economic transformation. We will actively develop the new economy, foster new engines of growth while upgrading traditional engines, and build the “twin engines” for development. In this process, we will reduce overcapacity, particularly in the coal, iron, steel and other industries that are experiencing difficulties. We will also foster new growth areas, follow an innovation-driven strategy, encourage mass entrepreneurship and innovation, further develop the service sector, high-tech industries, SMEs and micro companies, carry out the strategy of Made in China 2025, and increase the competitiveness of the real economy. In the process of reducing overcapacity, we may need to resettle and rearrange for some employees. However, thanks to the development of the new economy and new drivers of growth, a host of new businesses and industries have emerged, bringing along many new job opportunities and providing the conditions for upgrading traditional industries. Governments at all levels should, acting under the pressure of market forces, help employees get new jobs, and arrange for basic living necessities for those who face temporary difficulties. Both the central and local governments should bear these responsibilities. At the same time, we will actively advance urbanization, and that is the biggest source of potential domestic demand. We will expand effective investment, such as those in infrastructure, to remove obstacles, improve the environment and create better conditions to upgrade the consumption level and improve people’s lives. This will also promote the development of agriculture and the rural areas, propel agricultural modernization, and continuously increase farmers’ income.

动力来自改善民生。发展的成果最终要体现在民生改善上。反之，民生改善带来的就业增加也会促进消费，有效拉动经济发展。正所谓民生倒逼发展，发展检验改革。前天，我到三亚游客中心考察，见到一批大学生围绕旅游业搞双创，他们把一些农产品加工成工艺品和旅游纪念品，还适应群众生活需要开发了特色工具。旅游业形成了融合一二三产业的综合产业，已不同于传统旅游业。从全国来看，过去5年国内旅游总收入年均增长19%，去年国内旅游人数达到40亿人次，这有力地带动了居民消费的扩大和升级，尤其是大量增加就业岗位，这只是新经济发展与民生改善的一方面例证。今年保障和改善民生的重点是，织密织牢就业、教育、医疗、养老、住房五大民生保障“安全网”。让广大群众有事干、有钱挣，让适龄人员都有受教育的公平机会，使看病难、看病贵问题逐步得到解决，还要发挥好养老保险的保基本、兜底线作用。今年将继续加大棚户区和城市危旧住房改造力度，要把房地产去库存和棚改货币化安置结合起来，更好满足居民住房的刚性需求，按照因地制宜、分城施策原则，促进房地产市场平稳健康发展。尤其要高度重视扶贫问题，大力发展减贫事业，缩小贫富差距，实现包容发展。

The growth momentum comes from efforts to improve people’s livelihood. Development should result in better livelihood. The new jobs created as a result of improved livelihood will in turn help boost consumption and economic development. In other words, to improve people’s lives, development is something imperative, and development is also a litmus test to the success of reform. The day before yesterday, I visited a tourist center in Sanya where I found a group of university graduates who were enthusiastic participants in the mass entrepreneurship and innovation program in tourism. They turned agricultural produce into handicrafts and travel souvenirs, and developed special tools to meet people’s daily need. There, tourism becomes an integrated business covering the first, second and tertiary sectors, which makes it different from traditional tourism. Over the past five years, tourism revenue in China grew by 19% on average. Last year, four billion domestic travels were made. This gave a strong boost to the expansion and upgrading of household spending, and in particular, created many job opportunities. This is only one example of the development of new economy and better life of the people. This year, to ensure and improve people’s livelihood, we will continue to focus on fostering a “safety net” covering the five major areas of employment, education, medical care, pension benefits and housing. We will ensure that the people are employed and paid for their work, and people of the right age enjoy equal opportunities of education. We will gradually resolve the problem of access to and affordability of medical services, and make sure that pension funds play the role of ensuring basic and subsistence needs for the old-aged. This year, we will continue to renovate rundown areas and dilapidated old urban houses. We will combine the measures of reducing housing inventory with cash subsidies to relocate people from rundown areas, and better meet the justified housing need of our people. In addition, we will adopt differentiated measures, based on local conditions in different cities, to promote the stable and healthy development of the housing market. We will pay particular attention to poverty relief and make tremendous efforts to reduce poverty, so as to narrow the gap between the rich and the poor and achieve inclusive development.

动力最终来自亿万人民的活力和创造力。中国是拥有13亿多人口的最大发展中国家，有上亿受过高等教育和具有专业技能的人才，未来五年又会有三四千万大学生毕业。发挥好人力人才资源优势是我们发展的极大潜力和后劲。要健全激励机制，鼓励科技人员投身创新，让他们通过自身成果获得社会的尊重和合理回报。要完善绩效考核办法，促进广大干部竞相干事、主动作为，要搭建平台、创造条件，支持大中小企业拥抱新经济、融入新经济，同时改造和提升传统动能，让有志创业创新者卸下包袱，插上翅膀，在创造社会财富中实现自身价值，把亿万人的智慧和创造力汇聚成无可比拟的发展力量，助推中国经济闯过各种难关，跃上新的台阶。

Eventually, the growth momentum comes from the vigor and creativity of the Chinese people. China is the largest developing country, with over 1.3 billion population. Hundreds of millions of them are skilled professionals with higher education background. In the next five years, 30 to 40 million more will graduate from college. To leverage our strength in labor supply and human resources will unleash the greatest potential and momentum for development. We will improve incentive mechanisms to encourage science professionals to devote themselves to innovation, and in return, they will be held in high respect and receive reasonable returns for their achievements. We will develop better methods for performance evaluation to mobilize the enthusiasm of officials in doing their job and showing initiative. We will build platforms and create conditions to support SMEs while they embrace and become part of the new economy. At the same time, we will transform and upgrade traditional engines for the economy. This way, those interested in starting their own businesses or introducing innovations will be able to put aside any burden they may carry, feel free to act, and make their life worthwhile in the process of creating social wealth. The wisdom and creativity of hundreds of millions of people will be pooled together into an incomparable force for development, taking the Chinese economy over various hurdles and onto new levels.

中国经济升级发展，是自身提高的过程，也是世界的机遇。亚洲许多国家是中国的近邻，中国的发展首先将惠及亚洲国家。几天前，中国发布了《国民经济和社会发展第十三个五年规划纲要》，中国将朝着全面建成小康社会的宏伟目标迈进。未来5年中国经济将保持6.5%以上的增速，进口商品超过10万亿美元，对外投资将超过6000亿美元。同时，我们还将实施数百项重大工程和重大项目，这个过程将是开放的、共享的。希望在座企业家抢抓机遇，大展身手。

An upgraded Chinese economy means not only self-improvement for China but also opportunities for the world. Many countries in Asia are China’s close neighbors and they will naturally be the first to benefit from China’s development. A few days ago, China released the 13th Five-Year Plan for Economic and Social Development, which will take China towards the ambitious goal of finishing building a moderately prosperous society in all respects. In the next five years, China’s economy will grow at an average annual rate of above 6.5%, import over US$10 trillion of goods, and make US$600 billion of outbound investment. Several hundred big projects and programs will be launched and put into operation. This will be an open process to be shared by all. I hope that the business communities present here will seize the good opportunity and achieve big success.