Passage 1

　　“一带一路”倡议：实现金融互联互通的两个关键渠道开幕致辞国际货币基金组织总裁 克里斯蒂娜 • 拉加德“一带一路”论坛，金融互联互通会议

　　Belt and Road Initiative: Two Key Channels to Achieving Financial ConnectivityOpening RemarksBy Christine Lagarde, IMF Managing DirectorBelt and Road Forum Session on Financial ConnectivityApril 24, 2019

　　Governor Yi, Minister Liu, Distinguished Guests, Ladies and Gentlemen — good morning! Zao Shang Hao!易行长，刘部长，尊敬的嘉宾，女士们、先生们——早上好! Zao Shang Hao!

　　I would like to thank the People’s Bank of China and the Chinese Ministry of Finance for organizing this important event.首先，我想对中国人民银行和中国财政部组织这场重要的会议表示感谢。

　　As we meet during this beautiful springtime weather it brings to mind the words of the Chinese proverb, “ The whole year must be planned for in the spring.”在这个美丽的春天相聚，让人想起一句中国谚语——“一年之计在于春”。

　　Over the next three days we will consider the ways the Belt and Road Initiative — the BRI—can help better connect the world physically and financially for years to come. It is fitting that we begin these conversations with financial connectivity. Why? Because history teaches us that physical and financial connectivity go hand-in-hand.在接下来的三天中，我们将讨论未来若干年“一带一路”倡议将如何增进世界各国在基础设施和金融层面的互联互通。我们不妨从金融互联互通谈起。为什么?因为历史告诉我们，基础设施和金融的互联互通是相伴而行的。

　　Think of the original Silk Road. The desire for trade drove merchants to travel thousands of kilometers. Over time, infrastructure in the form of bridges, buildings, and even entire new cities were built to accommodate what began as small trading posts and financial exchanges.想想古代的丝绸之路。通商的愿景促使商人千里跋涉。随着时间流逝，人们修建桥梁、建筑等基础设施，甚至建起整座新城，来满足最初规模较小的贸易站和金融往来的需求。

　　So where there is financial connection, we see that rapid improvements in quality of life can quickly follow.哪里形成了金融联系，当地的生活质量就会很快改善。

　　In our modern context, there are several important channels to achieving this greater financial connectivity. I want to highlight two today: increased capital mobility and increased financial inclusion.在现代背景下，更深层次的金融互联互通可以通过几个重要渠道来实现。我今天想强调两个渠道：加强资本流动和改善金融包容性。

　　1. Increased Capital Mobility1. 加强资本流动

　　First, enabling capital to flow more freely.第一，确保资本更自由地流动。

　　Allowing capital to flow across borders can help support inclusive growth. How? By enhancing investments in infrastructure, manufacturing, and even health care.允许资本跨境流动能帮助支持包容性增长。如何支持?通过促进基础设施、制造业甚至医疗行业的投资。

　　Right now, foreign direct investment —FDI — is only 1.9 percent of GDP in developing countries. Before the global financial crisis, it was at 2.5 percent. Making progress on major infrastructure needs will require capital flows to rise again and to be managed safely.目前，发展中国家的外国直接投资(FDI)仅占GDP的1.9% ;而在全球金融危机之前，这个数字是2.5% 。为推进主要基础设施建设进展，需要再次增加资本流动规模，并以安全的方式对其进行管理。

　　Greater openness to capital flows can also bring down the cost of finance, improve the efficiency of the financial sector, and allow capital to support productive investments and new jobs.对资本流动更加开放也能降低融资成本，提高金融部门效率，允许资本支持生产性投资和新增就业。

　　That is certainly the case here in China, where a further opening of the bond market to foreign investors will enable diversification and foster the internationalization of the Renminbi (RMB).这对中国尤为适用。中国向境外投资者进一步开放债券市场，能够 实现债券市场投资者多元化，并促进人民币国际化。

　　In fact, the IMF recently published a book on this topic, called “The Future of China’s Bond Market”. It outlines how the inclusion of China’s bonds in global indexes can be a gamechanger not only for China’s own financial markets but also for global investors.事实上，国际货币基金组织近期就这一专题出版了一本题为《中国债券市场的未来》的新书。它概述了中国债券纳入全球指数会如何给中国金融市场以及全球投资者带来巨大变化。

　　The book also underscores the challenges that come with opening up capital markets. Thankfully, we know from experience the elements that are required for success. These include sound financial regulation, transparent rules for investment, and attention to fiscal sustainability. 该书还强调了资本市场开放带来的挑战。幸运的是，我们从经验中获悉了成功所需的要素，包括完善的金融监管 、透明的投资规则以及关注财政可持续性。