国际货币与金融委员会第二十七次会议公报（中英对照）

Communiqué of the Twenty-Seventh Meeting of the International Monetary and Financial Committee

国际货币与金融委员会第二十七次会议公报

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

会议由新加坡副总理兼财政部长尚达曼主持

April 20, 2013

2013年4月20日 

Policy actions have defused key short-term risks. An uneven recovery is emerging but growth and job creation are still too weak. New risks are arising while several old risks remain. We need to act decisively to nurture a sustainable recovery and restore the resilience of the global economy. Financial sector repair and reform remain a priority. Advanced economies need to balance supporting domestic demand with reforms to tackle structural weaknesses that weigh on growth, while implementing credible fiscal plans. Emerging market and developing economies that are experiencing relatively high growth should begin to rebuild policy space while those exposed to volatile capital flows should avoid financial vulnerabilities. We welcome the directions set forth in the Managing Director’s Global Policy Agenda.

政策行动缓解了主要的短期风险。经济正开始出现不均衡的复苏，但增长力度和就业的创造依然过于疲弱。新的风险正在形成，而若干旧有风险继续存在。我们需要采取果断行动，促进可持续的复苏，恢复全球经济的抗冲击能力。金融部门修复和改革仍是一项优先任务。先进经济体一方面需要通过改革解决阻碍增长的结构性薄弱环节来支持国内需求，另一方面还应实施可信的财政计划。增长相对较快的新兴市场和发展中国家应开始重建政策空间，其中那些可能面临资本流动波动的国家应防止金融脆弱性因素的发展。我们对《总裁全球政策议程》中列出的方向表示欢迎。

Advanced economies. A moderate and steady private sector-led recovery is in the making in the United States, while Japan has stepped up efforts to combat deflation. Growth in the euro area as a whole has yet to materialize. Continued progress in improving public finances is essential in most advanced economies. Where country circumstances allow, fiscal policies should avoid pro-cyclicality, focus on structural balances, and let automatic stabilizers operate fully to support growth. Credible medium-term fiscal consolidation plans remain crucial, in particular for the United States and Japan. Accommodative monetary policy is still needed to help bolster growth but needs to be accompanied by credible medium-term fiscal consolidation plans and stronger progress on financial sector and structural reforms. This will also help contain any potential impacts of monetary easing on capital flows and exchange rates. Eventual exit from monetary expansion will need to be carefully managed and clearly communicated. In the euro area, further progress in repairing bank balance sheets and reducing financial fragmentation is crucial. Structural reforms to boost productivity and employment need to continue. Further tangible progress is needed on core elements of an effective banking union and a stronger fiscal union, to strengthen the resilience of the monetary union.

先进经济体。美国经济正在私人部门带动下小幅稳步复苏，日本加大了抗击通货紧缩的力度。欧元区作为一个整体尚未实现增长。在多数先进经济体，继续改善公共财政十分重要。在本国状况允许的情况下，财政政策应避免顺周期性，并让自动稳定器充分发挥作用以支持增长。可信的中期财政整顿计划仍非常重要，特别是对于美国和日本来说。仍需通过宽松的货币政策促进经济增长，但在放松货币状况的同时，需实施可信的中期财政整顿计划，并在金融部门改革和结构改革方面取得更大进展。这将有助于缓解货币放松可能对资本流动和汇率产生的影响。货币扩张政策的最终退出需要谨慎安排和明确沟通。欧元区必须进一步修复银行资产负债表，减轻金融分割状态。需要继续实施结构改革以提高竞争力和就业。在建立有效的银行业联盟和更强健的财政联盟方面，需要取得进一步的切实进展，以增强货币联盟的抗冲击能力。 

Emerging market and developing countries. With activity picking up, policies should be recalibrated to rebuild buffers and guard against financial vulnerabilities. When dealing with macroeconomic or financial stability risks arising from large and volatile capital flows, macroeconomic policy adjustment could be supported by prudential measures and, as appropriate, capital flow management measures. Such measures should not, however, substitute for warranted macroeconomic adjustment. We note the Fund’s increased support for Arab countries in transition and welcome the bilateral support thus far. More needs to be done by the Fund and the wider membership to support countries undertaking difficult reforms. We also welcome the Fund’s strengthened engagement with small states to better reflect their needs in program design and technical assistance.

新兴市场和发展中国家。随着经济活动回升，各项政策应加以调整，以重建缓冲和防范金融脆弱性因素。为了应对大规模、波动不定的资本流动造成的宏观经济或金融稳定风险，在进行宏观经济政策调整的同时，可采取审慎性措施，适当时还可采用资本流动管理措施。但这种措施不应取代必要的宏观经济调整。我们注意到基金组织加强了对阿拉伯转型国家的支持，我们对迄今为止的双边支持表示欢迎。基金组织和更广泛的成员国还应采取进一步措施，向正在进行艰难改革的国家提供及时的资金支持。基金组织还加强了对小国的工作，在规划设计和技术援助中更好地反映它们的需求，我们对此表示欢迎。

Low-income countries. Continued robust growth in many low-income countries provides room for replenishing policy buffers while addressing pressing infrastructure and social needs, including targeted support to the poor through subsidy reform. We note recent changes to the Fund’s facilities for low-income countries and the temporary extension of the zero interest rate. We urge members to unlock the financing necessary to ensure the self-sustainability of the Fund’s concessional lending, following the 2012 decision on gold sale windfall profits. We call on the Fund to closely monitor the sustainability of the PRGT in relation to the needs of low-income countries. We also look forward to the finalization of the review of the debt limits policy in Fund-supported programs.

低收入国家。许多低收入国家继续强劲增长，使它们有机会能重建政策缓冲，同时满足紧迫的基础设施和社会需求，包括通过补贴改革为贫穷人口提供有针对性的支持。我们注意到，基金组织最近改革了对低收入国家贷款机制，并暂时延长了零利率政策的期限。我们在此敦促，继 2012年基金组织做出有关黄金出售额外收入的处置决定之后，成员国能释放必要之资金，使基金组织的优惠贷款能够自我维持下去。我们呼吁基金组织密切监测减贫与增长信托相对于低收入国家需求的可持续性。我们还期待着最终完成对基金组织支持规划中的债务限额政策的检查。