白金生在澳大利亚与香港人民币贸易及投资对话会议上的演讲（中英对照）

英文版：Address to Australia-Hong Kong RMB Trade and Investment Dialogue.doc

中文版：在澳大利亚与香港人民币贸易及投资对话会议上的演讲.doc

Address to Australia-Hong Kong RMB Trade and Investment Dialogue

在澳大利亚与香港人民币贸易及投资对话会议上的演讲

 

Dr Martin Parkinson PSM, Secretary to the Treasury

白金生博士，澳大利亚国库部常务副部长

 

Sydney

悉尼

 

12 April 2013

2013年4月12日

 

Introduction

开场

 

It has been my pleasure to attend this morning’s dialogue, and I am sure you will all agree it has been a fascinating discussion.

 

我很荣幸能出席今天的对话会议，我相信在座诸位都同意，今天的讨论非常引人入胜。

 

The quality of the discussion reflects the quality of the participants we have gathered here today, but also the importance of the issues at hand.

 

今天，讨论的质量之高反映了与会者的水平，同时也显示了当前议题的重要性。

 

There is no doubt that we are in the midst of a significant shift in economic weight towards the Asia-Pacific region. China is the dominant story in this shift, but it also involves the rise of India, Indonesia and other emerging economies in the region. The Government’s Australia in the Asian Century White Paper sets out the challenges and opportunities this shift presents for Australia and our partners in the region.

 

毫无疑问，我们正处于经济重心向亚太地区转移的关键时期。中国在此次经济重心转移中起着主导性的作用，但是同时，该地区包括印度、印度尼西亚和其他新兴经济体在内的崛起也同样不可或缺。我们政府所作的《亚洲世纪中的澳大利亚》白皮书概述了此次经济重心转移为澳大利亚以及我们在亚太地区的伙伴们所带来的挑战和机遇。

 

When we look back at the past two decades, we can see the enormous impact of China’s opening to trade with the rest of the world, not only for the Chinese economy, but also for economies in the region and elsewhere. Looking forward, the next wave of reform will centre on China’s financial integration with the rest of the world, which will significantly impact on the way global financial markets operate. It will also impact on the way in which each of you do business. We need to be ready for these changes.

 

回看过去的二十年，我们看到的是中国对世界开放贸易所带来的巨大影响，这影响不仅仅施于中国经济本身，同时也影响到了亚太和世界其他地区。展望未来，中国与世界的金融融合将成为下一波变革的中心，对全球金融市场都产生深远的影响。同时，也会影响到在座每一位的商业运营。我们要做好准备，迎接变革。

 

In this light, it is not surprising that the Prime Minister focussed on financial sector issues in her discussions with China’s leadership earlier this week. Those discussions also coincided with the announcement on direct trading between the Australian dollar and RMB and the granting of market maker status by the PBoC to Westpac and ANZ. These are, undoubtedly, important steps in our financial integration with China.

 

因此毫不意外地，在本周初总理会晤中国领导人时重点讨论了金融领域的议题。与该会晤同期发生的，是我们两国政府宣布，启动了澳元对人民币的直接交易，并且经由中国人民银行批准，西太平洋银行和澳新银行成为做市商。这无疑是我们与中国金融融合中的重大进展。

 

For businesspeople looking for opportunities in new markets, the prospect of increasing capital flows with China and the ability to transact directly in RMB presents significant opportunities.

 

对于在新市场上寻求商机的商人而言，我们与中国之间增长的资本流，我们得以与人民币直接交易，这些远景都代表了巨大商机。

 

It also presents challenges. A number of us here would have experienced first-hand Australia’s own capital account and financial reform era of the late 1970s and early 1980s, and the economic, strategic and political turning point this was for Australia.

 

挑战也随之而至。我们中间的一些人或许亲身经历了七十年代末期、八十年代初期在澳大利亚发生的资本账户改革和金融改革，对于澳大利亚当时所面临的经济、战略和政治方面的拐点记忆犹新。

 

We have an opportunity here to also be a partner in China’s reform process, along with other countries and markets in the region, including our co-hosts from Hong Kong who continue to play a critical role in this process.

 

现在我们有此机会，与亚太地区的其他国家和市场一起，成为中国改革进程中的伙伴，这里就包括我们今天会议的联合主办方香港，香港将继续为中国的改革进程发挥关键的作用。

 

On this path, China has already taken major strides by increasing the liquidity and the status of its currency offshore – in tandem with progress domestically towards a more liberalised financial sector. However, there is much more to be done before China’s financial markets and economy are ready for full-scale capital account liberalisation.

 

在这条道路上，中国已经取得了重大进展，增加了境外货币的流动性，与国内的改革合力，向着更为开放的金融业努力。但是，在中国的金融市场和经济准备好进行资本账户的完全开放之前，仍有诸多工作需要完成。

 

These developments are of critical importance for Australia but also demand prudence on our part – a clear understanding of how we can participate in the process and a clear appreciation of how we can manage the risks, uncertainties and challenges which will inevitably arise along the way.

 

这样的进展对于澳大利亚是至关重要的，但是也要求我们三思而行，我们要充分领会如何参与其中，如何应对那些必然随之而来的风险、不确定因素还有挑战。

 

RMB internationalisation through increased trade settlement

人民币贸易结算增长和人民币国际化

 

Now, I am sure that all of us here today have been watching closely the recent developments on RMB liberalisation and the greater openness in China’s capital account. In just the last few months, we have seen the appointment of the Industrial and Commercial Bank of China as an official RMB clearing bank in Singapore, further expansion of the RMB Qualified Institutional Investor Scheme, and the debut of RMB bonds in the new RMB clearing market in Taiwan. This is in addition to the many internal and external reports, announcements, speculation and opinions on the next steps in China’s opening up, sequencing and timelines for reform.

 

我相信，今天在座的所有人都密切关注人民币国际化和进一步开放资本账户的最新进展。就在几个月前，我们注意到多项变化：中国工商银行被授权为驻新加坡的官方人民币业务清算银行，人民币合格机构投资者计划进一步扩大，人民币债券首次在台湾这一新的人民币清算市场亮相。这里还不包括众多涌现出来的有关中国开放、改革措施排序和改革时间表的内部或者外部报告、公告或者猜测。

 

To date, central to China’s approach to internationalisation of the RMB has been the accumulation of RMB in offshore markets though trade settlement and the steady broadening in options for investing these offshore funds. This approach has seen the proportion of China’s cross-border trade settled in RMB increase nearly fivefold in the last three years, to 12 per cent – with around 80 per cent of cross-border RMB trade occurring in Hong Kong.

 

一直以来，中国在人民币国际化这一工作中的核心是通过贸易结算和扩大境外资金投资的选择性，在境外市场上积累人民币。通过这一做法，中国以人民币结算的跨境贸易在过去三年中增加了将近五倍，目前的比例为12％，其中大约80％左右的跨境人民币贸易发生在香港的。

 

And it is this resulting build-up in offshore deposits – particularly in Hong Kong but also in Taiwan, Singapore, London and elsewhere – which has developed a momentum and constituency for further development of RMB-denominated products and investment opportunities offshore.

 

由此离岸存款也在积聚，主要是在香港，同时包括台湾、新加坡、伦敦和其他地区。这些地区的主要特点是已经积累了进一步发展人民币计价产品和离岸投资机会的态势和顾客群体。

 

Another important development on this front was the January launch of RMB cross-border lending from Hong Kong banks to companies in the Qianhai Shenzen–Hong Kong ‘Modern Service Industry Cooperation Zone’. Featuring market-set interest rates for loans, the trial will be closely watched in considering reforms for further interest rate liberalisation onshore and cross-border movement of RMB.

 

在此方面，另一个重要的进展是在一月份推出的香港商业银行的人民币跨境贷款公司在深圳前海设立的“现代服务业合作区”。这一试点项目的特点是由借贷双方自主确定的贷款利率。此项目将得到密切关注，可以籍此考量在境内市场深化利率市场化改革，以及人民币跨境流动的改革措施。

 

The expected broadening of this pilot approach in other significant onshore markets will complement the crucial role Hong Kong has played as a laboratory of sorts in the first stages of RMB internationalisation.

 

我们预计，这一试点项目将在其他主要境内市场上得以展开，这充分显示了香港作为人民币国际化初始阶段的实验室所发挥的重要作用。