女士們，先生們！

Ladies and Gentlemen,

我知道，與會者對中國經濟前景很關注，或許有人擔憂受到中國經濟速度放緩的拖累，還有人擔憂受到中國經濟轉型的沖擊。因此，我想多介紹中國的情況。

I know you are all interested in the outlook of the Chinese economy. Some of you may even worry about the possible potential impact of China's economic slowdown and transition. To ease your concerns, let me spend more time today on what is really happening in China.

當前，中國經濟發展進入新常態，經濟由高速增長轉為中高速增長，發展必須由中低端水平邁向中高端水平，為此要堅定不移推動結構性改革。

The Chinese economy has entered a state of new normal. The gear of growth is shifting from high speed to medium-to-high speed, and development needs to move from low-to-medium level to medium-to-high level. This has made it all the more necessary for us to press ahead with structural reform.

應當看到，中國經濟增速有所放緩，既有世界經濟深度調整的大背景，也是內在的經濟規律。現在，中國經濟規模已居世界第二，基數增大，即使是7%的增長，年度現價增量也達到8000多億美元，比5年前增長10%的數量還要大。經濟運行處在合理區間，不一味追求速度了，緊繃的供求關系變得舒緩，重荷的資源環境得以減負，可以騰出手來推進結構性改革，向形態更高級、分工更復雜、結構更合理的發展階段演進。這樣，中國經濟的“列車”不僅不會掉擋失速，反而會跑得更穩健有力，帶來新機遇，形成新動能。

It must be noted that the moderation of growth speed in China reflects both profound adjustments in the world economy as well as the law of economics. The Chinese economy is now the second largest in the world. With a larger base figure, a growth even at 7% will produce an annual increase of more than 800 billion US dollars at current price, larger than a 10% growth five years ago. With the economy performing within the reasonable range and the speed of growth no longer taken as the sole yardstick, the strained supply-demand relationship will be eased, the pressure on resources and the environment will be lowered, and more time and energy will be devoted to push forward structural reform. That means, the economy will enter a more advanced stage of development, with more sophisticated division of labor and a more optimized structure. If I could compare the Chinese economy to a running train. What I want you to know is that this train will not lose speed or momentum. It will only be powered by stronger dynamo and run with greater steadiness, bringing along new opportunities and new momentum of growth.

剛剛過去的2014年，我們就是按照這個思路做的。面對下行壓力，我們沒有采取強刺激，而是強力推進改革，尤其是政府帶頭改革，大力簡政放權，激發市場和企業的活力。全年GDP增長7.4%，在世界主要經濟體中是最高的；城鎮新增就業1300多萬人，在經濟放緩情況下不減反增，登記失業率、調查失業率都是下降的；CPI上漲2%，低于年初預期目標。事實說明，我們出臺的一系列宏觀調控政策是正確的、有效的。更重要的是結構性改革邁出新步伐。

In 2014, we followed exactly the afore-mentioned approach. In the face of downward pressure, we did not resort to strong stimulus; instead, we vigorously pursued reforms, and the government in fact led these reforms by streamlining administration and delegating power. This has motivated both the market and the business sector. GDP grew by 7.4% for the whole year, the best among major economies in the world. Over 13 million new jobs were created in cities, with both registered and surveyed unemployment rates lower than the previous year. That is, we achieved growth in employment despite the economic slowdown. CPI was kept at 2%, lower than the target set at the beginning of the year. These outcomes prove that the host of macro-regulation measures China adopted have been right and effective. More importantly, new progress has been made in advancing structural reform.

不可否認，2015年，中國經濟仍面臨較大下行壓力。在這種情況下如何選擇？是追求短期更高增長，還是著眼長期中高速增長，提升發展質量？答案是后者。我們將繼續保持戰略定力，實施積極的財政政策和穩健的貨幣政策，不會搞“大水漫灌”，而是更加注重預調微調，更好實行定向調控，確保經濟運行在合理區間，同時著力提升經濟發展的質量和效益。

Needless to say, the Chinese economy will continue to face substantial downward pressure in 2015. What shall we choose to do under such circumstances? Shall we go for even higher growth for the short term, or for medium-to-high growth and a higher quality of development over the long run? The answer is definitely the latter. We will maintain our strategic focus and continue to pursue a proactive fiscal policy and a prudent monetary policy. We will avoid adopting indiscriminate policies. Instead, we will put more emphasis on anticipatory adjustment and fine-tuning, do an even better job with targeted macro-regulation to keep the economy operating within the reasonable range, and raise the quality and performance of the economy.

我們正在采取有效措施防范債務、金融等潛在風險。中國儲蓄率高達50%，能夠為經濟增長提供充裕資金。地方性債務70%以上用于基礎設施建設，是有資產保障的。金融體制改革也正在推進。我在這里要向大家傳遞的信息是，中國不會發生區域性、系統性金融風險，中國經濟不會出現“硬著陸”。

We are taking effective measures to fend off debt, financial and other potential risks. China's high savings rate, which now stands at 50%, generates sufficient funds for sustaining economic growth. Besides, China's local debt, over 70% of which was incurred for infrastructure development, is backed by assets. And reform of the financial system is making progress. What I want to emphasize is that regional or systemic financial crisis will not happen in China, and the Chinese economy will not head for a hard landing.

要看到，中國還是一個發展中國家，實現現代化還有很長的路要走。和平是中國發展的基礎條件，改革開放和人民對幸福美好生活的追求是發展的最大動力。中國城鄉和區域發展空間廣闊，國內需求潛力巨大。以中高速再發展一、二十年，中國的面貌就會持續改善，也會給世界帶來更多發展機遇。

It must be pointed out that China is still a developing country and still has a long way to go before achieving modernization. While peace is the basic condition for China's development, reform and opening-up along with our people's desire for a happy life constitute the strongest impetus propelling development. The space of development in China's rural and urban areas and various regions is enormous, and the country's domestic demand will simply generate great potential of growth. Development at medium-to-high speed for another ten to twenty years will bring even bigger changes to China and create more development opportunities for the world.

中國經濟要頂住下行壓力，實現“雙中高”，就需要對傳統思維“說不”，為創新體制“叫好”，下決心推進結構性改革。要創新宏觀調控，增添微觀活力，調整城鄉、區域和產業結構，促進比較充分的就業特別是年輕人的就業，改善收入分配和民生福祉。這需要付出艱辛努力，但是我們將不畏困難。只有沿著促改革、調結構的路子堅定走下去，才能使中國經濟長期保持中高速增長，發展邁向中高端水平。

For the Chinese economy to withstand downward pressure, and to maintain medium-to-high speed of growth and achieve medium-to-high level of development, we need to say "no" to traditional mindset. We must encourage innovative institutions, and press ahead with structural reform. We need to adopt more innovative macro-regulation policies and develop a more vigorous micro economy. We need to promote more balanced development of industries, between rural and urban areas and among regions. We need to ensure relatively high employment rate, especially sufficient employment for the young people. And we need to optimize income distribution and raise the people's welfare. All this certainly calls for tremendous efforts. Yet we will stay undaunted in the face of difficulties. We will unswervingly press ahead with reform and restructuring to ensure that our economy maintains medium-to-high speed of growth and achieves medium-to-high level of development.

中國經濟要行穩致遠，必須全面深化改革。用好政府和市場這“兩只手”，形成“雙引擎”。一方面要使市場在資源配置中起決定性作用，培育打造新引擎；另一方面要更好發揮政府作用，改造升級傳統引擎。

To ensure long-term and steady growth of the Chinese economy, we need to comprehensively deepen reforms. We need to properly use both the hand of the government and the hand of the market, and rely on both the traditional and new engines of growth. We will let the market play a decisive role in resource allocation to foster a new engine of growth. At the same time, we will give better scope to the role of the government to transform and upgrade the traditional engine of growth.

我們說要打造新引擎，就是推動大眾創業、萬眾創新。中國有13億人口、9億勞動力、7000萬企業和個體工商戶，人民勤勞而智慧。如果把全社會每一個細胞都激活，就會使整個經濟肌體充滿生機，進而匯聚成巨大的推動力量。大眾創業、萬眾創新蘊藏著無窮創意和無限財富，是取之不竭的“金礦”。

To foster a new engine of growth, we will encourage mass entrepreneurship and innovation. China has 1.3 billion people, a 900-million workforce, and over 70 million enterprises and self-employed businesses. Our people are hard-working and talented. If we could activate every cell in society, the economy of China as a whole will brim with more vigor and gather stronger power for growth. Mass entrepreneurship and innovation, in our eyes, is a "gold mine" that provides constant source of creativity and wealth.

這使我想起30多年前的中國農村改革，放開搞活，讓農民自主決定生產經營，調動了廣大農民的積極性，結果只用了短短幾年時間，就解決了長期沒有解決的吃飯問題。制度創新激發了億萬人的創造力，也改變了億萬人的命運。兩個月前，我去了中國東部的一個村莊，那里有700多戶人家，卻開設了2800多家注冊網店，每天向世界各地售出超過3000萬件各類商品。這就是勤勞肯干大眾創業的生動寫照。

 Speaking of this, I think of China's rural reform conducted more than 30 years ago. The reform brought farmers' initiatives into full play and allowed them to decide for themselves matters related to rural production and management. Consequently, the problem of hunger that previously haunted China was solved in just a couple of years. In short, a structural innovation that unleashed the creativity of the people changed the lot of hundreds of millions in China. I also think of a small village I visited two months ago in eastern China. In the village were some 700 households and over 2,800 registered online stores. Each day, more than 30 million items of various sorts were sold to different parts of the world. The story of the village speaks vividly of the hard-working Chinese people actively engaged in entrepreneurship.