国际货币基金组织国际货币与金融委员会第三十次会议公报（中英对照）

英文版：Communiqué of the Thirtieth Meeting of the International Monetary and Financial.doc

中文版：国际货币与金融委员会第三十次会议公报.doc

Communiqué of the Thirtieth Meeting of the International Monetary and Financial Committee (IMFC)

国际货币与金融委员会第三十次会议公报

 

Chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore

会议由新加坡副总理兼财政部长尚达曼主持

 

Washington, D.C., October 11, 2014

美国华盛顿特区，2014年10月11日

 

The global recovery continues, but is uneven and weaker-than-expected, and downside risks have increased. We are committed to lifting potential growth and to creating a more robust, sustainable, balanced, and job-rich global economy. We will pursue bold and ambitious measures to: invigorate demand and remove supply constraints through appropriate macroeconomic policies and critical structural reforms; place government debt on a sustainable track; safeguard financial stability; reinforce cooperation to manage spillovers; and continue to rebalance global demand. We are deeply concerned about the human and socioeconomic impact of Ebola. We welcome the Managing Director’s Global Policy Agenda.

 

全球经济在继续复苏，但这种复苏不均衡，弱于预期，并且，下行风险已经加剧。我们致力于提高潜在增长，创造更加强劲、可持续、均衡、有利于就业的全球经济。我们将采取大刀阔斧、雄心勃勃的措施，以实现以下目标：通过实施适当的宏观经济政策和关键的结构性改革，来促进需求和消除供给约束；实现政府债务的可持续性；维护金融稳定；加强合作，处理溢出效应；继续推进全球需求再平衡。我们深切关注埃博拉疫情给人类和社会经济带来的影响。我们对总裁的全球政策议程表示欢迎。

Global economy. An uneven recovery continues, despite setbacks. A number of countries face the prospect of low or slowing growth, with unemployment remaining unacceptably high. A revival in economic activity is underway in some advanced economies, notably in the United States and United Kingdom. The recovery is modest in Japan, and tentative in the euro area. Growth remains firm and should increase moderately across many emerging market economies, and will generally remain buoyant in low-income developing countries. Downside risks arise from the challenges associated with monetary normalization in some advanced economies, protracted below-target inflation in others, increased risk-taking amidst low volatility in financial markets, and heightened geopolitical tensions.

 

全球经济。虽然遭受了一些挫折，但不均衡的经济复苏仍在继续。一些国家今后的经济增长可能低迷或减缓，失业率可能仍将处在不可接受的高水平。一些先进经济体的经济活动正在复苏，特别是在美国和英国。日本经济在温和复苏，欧元区的复苏步伐彷徨不定。许多新兴市场经济体的增长依然稳健，并且会温和上升，而低收入发展中国家的增长将普遍保持强劲。下行风险来自以下几方面：一些先进经济体的货币正常化带来挑战；其他经济体的通胀长期低于目标水平；金融市场的低波动环境促使冒险行为增加；地缘政治紧张局势加剧。

 

Ensuring robust, durable and inclusive growth. Bolstering today’s actual growth and tomorrow’s potential growth, while ensuring resilience and sustainability, must be our utmost priority. Accommodative macroeconomic policies should continue in economies with economic slack, accompanied by decisive implementation of critical structural reforms in all countries. Particular emphasis must be placed on measures to: boost labor demand and supply, including through reducing youth unemployment and increasing opportunities for women and older workers in the economy; improve credit flows to productive sectors; and enhance the business environment to support private investment. Additional public and private infrastructure investment is also important for supporting the recovery and lifting growth potential, particularly in countries with clearly identified needs, economic slack and fiscal space. Raising the efficiency of investment will benefit all countries.

 

确保强劲、持久、具有包容性的增长。促进当前的实际增长和未来的潜在增长，同时确保抵御能力和可持续性，这应该是我们工作的重中之重。存在经济闲置产能的经济体应继续采取宽松的宏观经济政策，同时所有国家都应坚定实施关键的结构性改革。必须特别重视以下措施：促进劳动力需求和供给，包括减少青年人失业、增加女性和年长工人在经济中的工作机会；改善面向生产部门的信贷资金流动；以及加强商业环境，以支持私人投资。扩大公共和私人基础设施投资对于支持经济复苏和提高增长潜力也很重要，特别是在需求明确、存在经济闲置产能、具备财政空间的国家。所有国家都会从提高投资效率中受益。

 

Fiscal policy. Fiscal strategies should continue to be implemented flexibly so as to support growth and job creation, while placing debt as a share of GDP on a sustainable path. To enhance the contribution of fiscal strategies to growth, countries should consider changes in the composition and quality of government expenditures and revenues. Formulation and implementation of concrete medium-term fiscal consolidation plans remains crucial in many advanced economies. Emerging market and low-income developing economies should rebuild fiscal buffers where needed, including through revenue mobilization. Countries should strengthen institutional frameworks to manage fiscal risks, while reorienting expenditure toward essential public services and better targeting subsidies.

 

财政政策。应继续灵活地实施财政战略，以支持经济增长和就业创造，同时使债务对GDP比率步入可持续的轨道。为了使财政战略对经济增长做出更大贡献，各国应考虑改变政府支出和收入的构成和质量。在许多先进经济体，制定和实施具体的中期财政整顿计划仍然至关重要。新兴市场和低收入发展中经济体在必要时应重建财政缓冲，包括采取收入调动措施。各国应增强管理财政风险的制度框架，同时扩大基本公共服务支出和提高补贴针对性。

 

Monetary policy. Monetary policy in advanced economies continues to support the recovery and should address protracted below-target inflation in a timely manner, being mindful of financial stability risks and consistent with central bank mandates. Eventual normalization of monetary policy in the context of strengthened growth and price stability will be needed. Carefully calibrated and well-communicated normalization would minimize adverse spillovers and spillbacks and be beneficial to the global economy. Emerging market economies should rebuild policy buffers where limited. Macroeconomic policies need to be sound, and in that regard, exchange rates should be allowed to respond to changing fundamentals and to facilitate external adjustment. When dealing with macroeconomic and financial stability risks arising from large and volatile capital flows, the necessary macroeconomic policy adjustment could be supported by prudential measures and, as appropriate, capital flow management measures.

 

货币政策。先进经济体的货币政策继续支持经济复苏，并应及时解决通胀长期低于目标水平的问题，在此过程中应警惕金融稳定风险，并与中央银行职能保持一致。在经济增长加强、价格稳定的环境下，最终需要实现货币政策的正常化。应继续谨慎调整货币政策正常化过程，并进行有效沟通，这能尽量减少负面的溢出和溢回效应，并且有利于全球经济。政策缓冲有限的新兴市场经济体应重建这些政策缓冲。宏观经济政策应当保持稳健，为此，应允许汇率随经济基本面的变化而变动，并促进外部调整。在应对大规模、波动不定的资本流动带来的宏观经济和金融稳定风险时，一方面应实施必要的宏观经济政策调整，另一方面可以采取审慎措施，在必要时还可采取资本流动管理措施。

 

Increasing the resilience of the financial system remains a priority in all countries, including through well-designed micro- and macro-prudential measures in the context of prolonged monetary accommodation and excessive risk-taking in some asset markets.

 

在所有国家，提高金融体系的抵御能力仍是一项优先任务，这包括，在长期货币宽松和一些资产市场存在过度冒险的环境下，采取设计完善的微观和宏观审慎措施。

 

Policy cooperation and coherence. Global imbalances have narrowed for both structural and cyclical reasons, but rebalancing remains a key priority, calling for continued action by both deficit and surplus countries. Global financial regulatory reforms should be implemented promptly and consistently, including addressing too-big-to-fail problems through capital requirements and effective resolution regimes, aligning cross-border application of over-the-counter derivative rules, and mitigating potential financial stability risks emanating from shadow banking. We support the IMF’s ongoing work on international taxation and revenue mobilization, including to address tax evasion and tax avoidance and enhance fiscal transparency, in close cooperation with relevant international bodies. Further progress is needed to improve the transparency of beneficial ownership of companies and other legal arrangements, including trusts. We stress the importance of strengthening the global trading system to support growth.

 

政策合作与一致性。由于结构性和周期性因素，全球失衡已经缩小，但再平衡仍然是一项要务，要求逆差国和顺差国都继续采取行动。应迅速、一致地实施全球金融监管改革，包括通过资本要求和有效的破产处置制度来解决“太大而不能倒”问题，协调统一场外衍生产品规则的跨境运用，以及缓解影子银行业务带来的潜在金融稳定风险。基金组织目前正与相关国际机构密切合作，就国际征税和收入调动问题开展工作，包括解决逃税避税和提高财政透明度，我们对此表示支持。需要在改善公司和其他法律制度安排（包括信托）受益所有权的透明度方面取得进一步进展。我们强调加强全球贸易体系以支持经济增长的重要性。

 

IMF lending and surveillance. We welcome the Fund’s scaled-up assistance to Guinea, Liberia, and Sierra Leone, affected by Ebola, and call for its continued support. We also support the Fund’s stepped-up engagement with states in a fragile situation. We call on the Fund to sustain its engagement with small states. We support the Fund’s continued engagement with Arab Countries in Transition and call on the international community to step up its support for these countries, including by implementing the Deauville Partnership. We call on the Fund to work closely with the World Bank and other international institutions to support the countries affected by the humanitarian crisis in the Middle East, in order to mitigate the adverse effects on the economies of the region and spillovers to the global economy.

 

基金组织的贷款和监督工作。我们欢迎基金组织扩大对受埃博拉疫情影响的几内亚、利比里亚和塞拉利昂几个国家的援助，并呼吁基金组织继续提供支持。我们还支持基金组织加大对脆弱国家的工作力度。我们呼吁基金组织维持对小国开展的工作。我们支持基金组织继续对阿拉伯转型国家开展工作，并呼吁国际社会加强对这些国家的支持，包括落实多维尔伙伴关系。我们呼吁基金组织与世界银行和其他国际机构密切合作，支持中东地区遭受人道主义危机的国家，以缓解该地区经济受到的不利影响以及对全球经济产生的溢出效应。

 

The temporary waiver of interest rates on Poverty Reduction and Growth Trust (PRGT) loans from 2009 through 2014 has benefitted low-income countries. We call on the Fund as trustee to consider a further temporary extension of interest relief, while safeguarding the self-sustaining capacity of the PRGT.

 

2009-2014年减贫与增长信托贷款临时免息政策使低收入国家受益。我们呼吁基金组织作为受托人，考虑进一步暂时延长免息政策，同时保障减贫与增长信托的自我维持能力。

 

We stress the importance of an adequate global financial safety net. The Fund should continue to provide support, including on a precautionary basis, for appropriate adjustments and reforms and to help protect against risks.

 

我们强调，充分的全球金融安全网十分重要。基金组织应继续为适当的调整和改革提供支持，包括提供预防性的支持，并帮助防范风险。  

 

We welcome the Triennial Surveillance Review, the review of the Financial Sector Assessment Program (FSAP), and the ongoing work on developing macro-prudential policy advice. We call for deeper analysis of risks, spillovers, and the external sector; enhanced and better integrated financial and macroeconomic surveillance; integration of bilateral and multilateral surveillance; and the provision of evenhanded, tailored and well-communicated policy advice. We underscore the importance of regular consultations between the Fund and all its members. We welcome the work on modified pari passu clauses and strengthened collective action clauses, and call on the IMF, its member countries, and the private sector to actively promote their use in new international sovereign bond issuances. We look forward to continued work on sovereign debt restructuring issues, to the crisis program review, and to the finalization of the review of the debt limits policy, combining flexibility and preservation of debt sustainability in the approach to debt limits for low-income countries.

 

我们欢迎三年期监督检查、对金融部门评估规划的检查以及在提供宏观审慎政策建议方面持续开展的工作。我们呼吁对风险、溢出效应和对外部门开展更深入的分析，实施强化的、更加一体化的金融与宏观经济监督，将双边与多边监督结合起来，以及提供一视同仁、有针对性、得到有效沟通的政策建议。我们强调基金组织与所有成员国之间定期磋商的重要性。我们欢迎在修改同等权利条款和加强集体行动条款方面开展的工作，并呼吁基金组织及其成员国以及私人部门积极推动在新发行的国际主权债券中采用这些条款。我们期待继续就主权债务重组问题开展工作，期待实施危机规划检查，并期待最终完成对债务限额政策的检查（在对低收入国家债务限额采用的方法中，将保持灵活性与维持债务可持续性结合起来）。

 

Governance. We are deeply disappointed with the continued delay in progressing the IMF quota and governance reforms agreed to in 2010 and the 15th General Review of Quotas (GRQ) including a new quota formula. We reaffirm the importance of the IMF as a quota-based institution. The implementation of the 2010 reforms remains our highest priority and we strongly urge the United States to ratify these reforms at the earliest opportunity. We are committed to maintaining a strong and adequately resourced IMF. If the 2010 reforms are not ratified by year-end, we will call on the IMF to build on its existing work and stand ready with options for next steps and we will schedule a discussion of these options.

 

治理。我们对推进 2010年商定的基金组织份额和治理改革以及包括新份额公式在内的第十五次份额总检查方面继续出现的延迟深感失望。我们重申基金组织作为以份额为基础的机构的重要性。2010年改革的实施仍是我们最重要的优先任务，我们强烈敦促美国尽快批准这些改革。我们致力于维持一个强健的、资金充足的基金组织。如果2010年改革在今年年底之前得不到批准，我们将要求基金组织在其现有工作基础上随时准备制定下一步方案，并将安排讨论这些方案。

 

Next IMFC meeting. Our next meeting will be held in Washington, D.C. on April 17-18, 2015.

 

国际货币与金融委员会的下一次会议。我们的下一次会议将于2015年4月17-18日在华盛顿特区举行。