G20峯會給市場打氣 別擔心太多

SHANGHAI — Through the winter, world financial markets have tumbled and churned with a succession of worries. The Chinese economy seemed to be faltering. Commodity exporters like Russia and Brazil suffered sharp slowdowns. And with oil prices falling, banks that have lent heavily to energy companies could be hurt.

上海——整個冬天，全球金融市場因爲一連串的擔憂而動盪不安。中國經濟似乎正在崩潰。俄羅斯和巴西等大宗商品出口國大幅放緩。此外，隨着油價下跌，向能源企業大舉放貸的銀行可能會遭受重創。

On Saturday evening, finance ministers from 20 of the world’s largest economies wrapped up a day and a half of meetings with a rough consensus: The markets worry too much.

週六晚上，來自世界最大的20個經濟體的財長結束了一天半的會議，並大致達成共識：市場擔心得太多了。

The ministers turned aside suggestions that they embark on any radical changes in policy, like realigning the exchange rates of major currencies. They endorsed instead a stepped-up combination of monetary policies, government spending and structural changes, altering the wording of Saturday night’s communiqué from communiqués last year to put somewhat greater emphasis on these policies.

各國財長拒絕了徹底改變政策，如調整主要貨幣之間的匯率的建議。他們支持加大力度，實行貨幣政策、政府開支和結構性改革的政策組合。週六晚上的會議公報在去年公報的基礎上調整了措辭，多少增加了對這些政策的重視。

The ministers tried hard to persuade investors around the world that they were missing basic strengths in the global economy.

財長們努力想讓全世界的投資者相信，他們忽視了全球經濟的基本優勢。

“The magnitude of the recent market volatility has not reflected the underlying fundamentals of the global economy,” said Lou Jiwei, the finance minister of China, the country that holds the group’s presidency this year.

“近期的市場波動程度並未反映全球經濟基本面持續復甦的狀況，”中國財政部長樓繼偉說。中國今年是二十國集團（Group of 20，簡稱G20）的主席國。

Led by China, finance ministers from the Group of 20 agreed on Saturday to inform one another of all major changes in currency policies to avoid surprises that could shake up global financial markets.

週六，在中國的帶領下，G20的財長同意相互通知各自在貨幣政策上的所有重大調整，以避免令外界措手不及，進而震動全球金融市場。

The agreement to share information came in addition to renewing a previous commitment by large economies not to devalue their currencies to obtain a competitive advantage for their exporters. Devaluations make exporters’ goods less expensive in foreign markets.

除就共享信息達成一致外，會議還重申了這些經濟大國此前做出的一項承諾，即不會爲了促進本國出口企業的競爭優勢，而競相貶值貨幣。

The information sharing agreement was prompted by actions in recent months by China and Japan. China unexpectedly made small devaluations in its currency in early August and in late December, both times leading to drops in world stock markets. Japan has embraced negative interest rates and pushed hard to expand its money supply, moves that have made it less attractive to hold yen.

促使達成信息共享協議的，是中日兩國近幾個月的幾次行動。8月初和12月末，中國出人意料地讓人民幣小幅貶值，兩次都引發了全球股市的下跌。日本則實行負利率，並大力推動增加貨幣供應。這兩項舉動降低了持有日元的吸引力。

China has taken steps in the last several days to become more open about its financial policies, including holding a rare news conference on Friday morning by Zhou Xiaochuan, the governor of the People’s Bank of China, who sought to reassure financial markets that China has plans to handle a deceleration in economic growth.

過去幾天，中國採取了多項措施，對其財政政策的態度變得更加開放，其中包括中國人民銀行行長周小川週五上午舉行了一場罕見的新聞發佈會。周小川試圖向金融市場保證，中國有應對經濟增長放緩的方案。

Jacob J. Lew, Treasury secretary in the United States, and other finance ministers said that they accepted China’s assurances that its devaluations had been part of a decision to let markets play a greater role in deciding the value of the renminbi, and not an effort to gain an advantage in trade. “I think the communication that China has done these past days has helped not just ourselves but all observers to understand that more clearly, and I think that’s very positive,” Mr. Lew said.

美國財長雅各布·J·盧(Jacob J. Lew)和其他一些財長表示，他們接受中國的說法，即人民幣貶值不是爲了獲得貿易優勢，而是讓市場力量在人民幣匯率的形成中發揮更大作用的決策的一部分。“我認爲，中國過去幾天提供的信息不僅有助於我們自己，而且有助於所有觀察人士對此有更清晰的瞭解，我覺得這是非常積極的，”盧說。

Masatsugu Asakawa, Japan’s vice minister of finance for international affairs, said there had been strong agreement that countries should not devalue currencies to help the competitiveness of their exports. While expansionary monetary policies like Japan’s may have spillover effects on currencies, they are not problematic as long as the policies are aimed mainly at supporting the domestic economy, not currency depreciation, he said.

日本財務省財務官淺川雅嗣(Masatsugu Asakawa)稱，在不爲幫助提升出口商品的競爭力而貶值這一點上，各國有牢固的共識。他說，儘管像日本那樣的擴張性貨幣政策可能會對匯率產生溢出效應，但只要相關政策的主要目的是支持國內經濟，而非貨幣貶值，就沒有問題。

Many of the worries this winter have involved whether economic growth in China may be slowing more than official statistics indicate. Giving a possible glimpse into the Chinese government’s priorities in the budget to be released next Saturday, Mr. Lou said China would pursue a long list of policies aimed at helping various sectors of the Chinese economy become more efficient.

過去這個冬天的很多擔憂都涉及中國經濟增長放緩的程度，是否比官方統計數據更嚴重。樓繼偉稱，中國將採取許多政策，力圖幫助中國經濟的各個領域提高效率，這或許能顯示出，將於下週六公佈的預算裏，中國政府的政策重點。

One policy already carried out, he said, had shortened the lengthy process for obtaining some kinds of government approvals for businesses to a few days. “Through deregulation, we can invigorate entrepreneurship and innovation,” he said.

樓繼偉稱，其中一項已經實施的政策，將企業獲得某些政府審批的漫長過程，縮短到了幾天。他說，通過“簡政放權、放松管制”，“極大地鼓勵了創業和創新”。

The International Monetary Fund and some commercial banks had called for a sense of urgency in the face of a series of challenges, like negative interest rates that may be eroding the effectiveness of monetary policy. But finance ministers from the largest countries pushed back, saying they did not perceive a crisis and so a crisis response was unnecessary.

面對一系列挑戰，如可能會削弱貨幣政策的有效性的負利率，國際貨幣基金組織(International Monetary Fund)和一些商業銀行呼籲要有緊迫感。但經濟大國的財長們持反對意見，稱他們並未感到存在危機，因此不必採取危機應對措施。

“Some market participants wanted a big plan to boost the economy,” said Jeroen Dijsselbloem, the Dutch finance minister, who is also the chairman of the European Union’s council of 28 finance ministers. “But I don’t feel there is a need for a big plan. We’re not in a crisis mode.”

“一些市場主體希望制定一項提振經濟的龐大方案，”荷蘭財長耶霍恩·戴塞爾布盧姆(Jeroen Dijsselbloem)說。“但我覺得不需要制定大方案。我們並未處於危機狀態。”戴塞爾布盧姆還在歐盟28個成員國的財長組成的一個機構裏擔任主席。