美国保尔森就全球经济讲话060913.docx

1、美国保尔森就全球经济讲话060913Remarks by Treasury Secretary Henry M. Paulson on the International EconomyTreasury Department Cash RoomWashington, D.C.One week from today, I will be in China to discuss the economic relationship between our two nations. Today I will speak about China, and more broadly about the i

2、nternational economic system. The prosperity of the United States and China is tied together in the global economy, and how we work together on a host of bilateral and multilateral issues will have a significant impact on the health of the global economy. Half of all global economic growth in the la

3、st five years has come from the United States and China, and our two economies will continue to be the drivers of growth in the future.Yet many view the growth of China and its increasing importance as the clearest and most tangible threat of globalization. Those who welcome Chinas growth and integr

4、ation into the world economy, as I do, should confront this argument directly.I have spent 32 years working in financial markets, much of that time in economies around the globe, and I have learned a number of important lessons. One lesson is that those nations that reform their economies and open t

5、hemselves to competition benefit their citizens greatly. They have better jobs, improved living standards, and greater opportunity. At the same time, those nations that try to close themselves off from competition, hinder free markets, and fail to invest in their people, simply get left behind. The

6、benefits of competition extend well beyond manufactured goods and agricultural products. Greater efficiencies and advanced technologies in a number of services have a multiplier effect, strengthening the entire economy. One area where I have personal experience is in financial services where I am a

7、strong advocate of opening up the domestic capital markets and financial systems of our trading partners to international competition. Healthy capital markets are absolutely critical to any nations long-term economic success. And I dont know of a single example of a nation which has a strong financi

8、al system and strong capital markets that has not opened itself up to foreign competition. The U.S. experience illustrates the benefits of openness and competition. Our economy is by far the worlds strongest because it is built on openness ?openness to people of all nationalities, openness to new id

9、eas, openness to investment, and openness to competition. It is a model that others strive to emulate. And we aim to keep it that way. Our proven success has allowed us to effectively advocate free trade and open markets here in the United States and around the world.A good illustration of the benef

10、its of competition through trade can be found in Asia. Thirty years ago, economist and author, Gunnar Myrdal, used Asia as a metaphor for global poverty. But Asian nations opened their markets and allowed their businesses to compete in the world market place. What Myrdal referred to as the Asian Dra

11、ma is now the Asian miracle, with hundreds of millions of people freed from poverty.Vietnam, where I attended the APEC meetings last week, is a case in point. In 1986, the Vietnamese launched the Doi Moi program of economic reforms that liberalized Vietnams economy and began to open it to foreign tr

12、ade and investment. Vietnams trade has since grown by 20-30% per year, and the country has been second only to China in its rate of real GDP growth. When I visited Vietnam, I spoke to its leaders, but I also spent time with young entrepreneurs and students. They are eager to join the global economy

13、and replicate the success of others in the region. We must appreciate and reinforce Vietnams commitment to continuing economic reform, and the rules-based trading system. I will work closely with the President, my colleagues in the Administration, and Congress to bring Vietnam into the World Trade O

14、rganization, because it is in the interest of the United States and Vietnam.Trade is not a zero-sum game. Rapid economic growth in Vietnam and other nations around the world benefits Americans by adding to the growth of the global economy, and over time, creating greater demand for our products and

15、more jobs for our workers. Our prosperity is linked to the strength of foreign economies. And we are adversely affected by their economic declines and financial shocks. The Asian Financial Crisis of 1997 may have reduced growth by as much as 1 percentage point in the United States and Europe. Financ

16、ial markets also are global. The Russian default in 1998 led to a sudden widening in credit spreads and a financial shock which contributed to the failure of the hedge fund, Long Term Capital Management, in the United States. There are no islands of economic stability in todays world. Globalization

17、and interdependence are here to stay. No nation can turn back the clock. In todays interdependent world, U.S. exports and U.S. employment opportunities are affected by how well our major trading partners are doing. When any major economy does well, its growth benefits the overall global economy. Whe

18、n a major economy falters, it is a drag on global growth. We see this illustrated by Japan, the worlds second largest economy, which struggled for a decade with sluggish growth and deflation. Japans economic reforms over the past five years have produced an economic recovery, and we all have benefit

19、ed from the boost to global growth and the increase in Japanese import demand. Japans reforms are not complete, and they must continue. However, these steps demonstrate the importance of growth-enhancing reforms in major economies as an effective way to increase jobs in the United States and prosper

20、ity globally.Economic integration makes economies more efficient, more productive, and more competitive. Integration gives businesses greater access to markets around the world, and increases their ability to achieve economies of scale. Global markets give consumers more choices. And global competit

21、ion helps reduce the prices of goods and services ?a real benefit to those with lower incomes, whether in the United States or abroad. Enhanced competition from global integration greatly benefits the international economic system, particularly the United States. The Institute for International Econ

22、omics has estimated that the integration of the global economy generates an economic gain of $1 trillion to the U.S. economy, every year. And I know from my previous life at an investment bank that global economic integration also leads to a lower cost of capital, more opportunities for investors to

23、 achieve higher returns, and more stable long-term economic growth. This is the foundation of prosperity, jobs, and opportunity. Yet, despite the benefits of competition and the expansion of world trade, there are many who oppose what is commonly know as globalization. Ironically, this protectionist

24、 sentiment comes from many quarters in those nations ?including in the United States and China ?which have benefited the most from the economic growth generated by global competition. This widespread and growing resistance is not surprising, because the benefits of competition, while significant, ar

25、e not spread evenly and competition can create losers as well as winners. The short-term problems are more immediately visible in the form of job losses that are very real and painful. Protectionist policies do not work and the collateral damage from these policies is high. By closing off competitio

26、n and blocking the forces of change, protectionism reduces the losses of the present by sacrificing the opportunities of the future. Jobs saved in the short term job are off-set by more job losses and a lower standard of living in the future.I believe it is the responsibility of all nations to searc

27、h for ways to moderate income disparities and help those who lose their jobs to international competition. We in America must think creatively about how to assist those who fall behind. As the President has repeatedly emphasized, the most effective method for generating new, high-quality jobs, and h

28、igher living standards, is to develop the skills and the technologies that promote economic competitiveness. This means helping people of all ages pursue first rate education and training opportunities. Because I care deeply about the competitiveness of the U.S. economy I will be an outspoken advoca

29、te for maintaining ?and extending ?free and fair trade. The United States wants open markets. We welcome foreign investment. And we seek partners to join us in advancing a global agenda that will help realize the benefits of economic liberalization and competition. We will not heed the siren songs o

30、f protectionism and isolationism.We recognize how important it is to work with our major trading partners to revive the Doha round of trade negotiations. And U.S. Trade Representative Susan Schwab and others are looking for creative ways to do just that.Trade negotiations are never easy. But the Doh

31、a round is just too important to let slip away. We have before us an historic opportunity for the international community to join together to generate economic growth, spark development, and raise living standards across the world like no other action. The stakes are huge. And they transcend the pur

32、ely economic. Closer economic ties between nations help promote international peace and prosperity by creating common interests and raising the costs of conflict. In fact, the greatest threat today is not from conflict between states, but from instability within states, and from those states, like North Korea and Iran, which are not prepared to abide by international standards of conduct, including WMD proliferation and terrorism. It is also true that the hope and opportunity which can come from broad-based economic progress ca