【英语财经】G20支持中国稳定经济努力 G20 supports China’s efforts to stabilise economy

China received broad international support for its economic policy and changes to its currency peg on Saturday, with finance ministers and central bankers from the world’s leading economies accepting Beijing was managing a difficult economic transition.

The Chinese authorities managed to convince most leading finance ministers and central bankers that is devaluation and new currency management arrangements were a step on the road to a more market-determined exchange rate.

Their success dispelled some official fears that China’s new exchange rate regime, introduced on August 11 and which has sparked global turmoil in financial markets, was a competitive devaluation designed to boost its exports.

The relief about China’s intentions came as the G20 finance ministers and central bank governors, representing 85 per cent of the global economy, pledged to take steps to improve growth and expressed confidence in the economic outlook. The optimism came despite evidence that global growth is falling short of expectations.

Speaking after the two-day meeting in Ankara, Christine Lagarde, managing director of the International Monetary Fund, said there had been a very open dialogue with China over its economy and policies and she thought it “extremely comforting to have that level of understanding”.

On the sidelines of the meeting, European ministers and officials also showed firm support for Beijing. Wolfgang Sch?uble, German finance minister, said the G20 agreed there was no reason to fear slower Chinese growth.

George Osborne, UK chancellor, said China was going through a difficult transition from an investment-led economy to one more dependent on consumption and the authorities commitments had been more open than before. “We don’t want to see that blown off course. The messages we’ve been receiving here about that have been encouraging”.

Pierre Moscovici, the EU Commissioner for Economic Affairs, praised “the absolute determination of the [Chinese] authorities to sustain growth”.

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European enthusiasm for Beijing was replicated in softer terms by US officials. Jack Lew, US Treasury secretary, pressed Lou Jiwei, his Chinese counterpart, for a signal that China would allow market pressures to drive the renminbi up as well as down.

A senior US Treasury official added that since the new currency regime was in place, “the [authorities’] interventions have been to stabilise” to “prevent an uncontrolled drop”, but he added the real test would come if the authorities let the currency rise when there was market pressure for an appreciating renminbi. He urged Beijing in future to communicate its intentions better.

Only Japan expressed dissatisfaction at the explanations China gave to the G20. Taro Aso, the Japanese finance minister criticised Chinese representatives for an incomplete explanation of their motives. “They may have tried to be constructive, but they weren’t detailed enough”, he told reporters.

The G20 communique sought to bind China into its commitments with a common pledge to “refrain from competitive devaluations” and to “avoid persistent exchange rate misalignments”.

中国的经济政策和汇率形成机制改革周六得到广泛国际支持，全球主要经济体的财长和央行行长承认：北京方面正在应对一场艰难的经济转型。

中国当局成功说服多数主要经济体的财长和央行行长：人民币贬值和新的汇率管理安排，是向着在更大程度上由市场决定汇率的目标迈出的一步。

中方成功化解了某些官方圈子的担忧，即中国在8月11日出台、已导致全球金融市场出现动荡的新的汇率形成机制，是一项旨在刺激出口的竞争性贬值之举。

各方对中国的意图感到松口气之际，代表全球经济85%的20国集团(G20)财长和央行行长承诺采取措施提振经济增长，并表示对经济前景有信心。与这种乐观情绪形成对比的是，有证据表明全球经济增长未能达到预期。

国际货币基金组织(IMF)总裁克里斯蒂娜?拉加德(Christine Lagarde)在为期两天的安卡拉会议结束后表示，该组织与中方围绕中国的经济和政策进行了开诚布公的对话，她认为“达成如此程度的相互理解让人极为欣慰”。

在会议间隙，欧洲各国部长和官员也表现出对北京方面的坚定支持。德国财长沃尔夫冈?朔伊布勒(Wolfgang Sch?uble)表示，20国集团一致认为，没有理由担心中国增长放缓。

英国财政大臣乔治?奥斯本(George Osborne)表示，中国正在经历一场艰难的转型，从投资主导型经济转向在更大程度上依赖消费，而当局的承诺比之前更加开放。 “我们不希望看到这个大方向脱轨。在这方面，我们收到的讯息一直是令人鼓舞的。”

欧盟经济事务专员皮埃尔?莫斯科维奇(Pierre Moscovici)对“（中国）当局保持增长的坚定决心”表示赞赏。

相对于欧洲对北京方面的积极支持，美国官员的反应则没那么积极。美国财长杰克?卢(Jack Lew)敦促中国财长楼继伟发出信号表明，中国不仅将允许市场压力压低人民币汇率，也将允许其推高人民币汇率。

美国财政部一名高级官员补充说，自新的汇率形成机制到位以来，“（当局）的干预措施一直是为了稳定汇率”，以“防止汇率下滑失控”，但他又说，真正的考验将是，当人民币面临上行的市场压力时，当局会不会允许汇率上升。他敦促北京方面将来更好地表明自己的意图。

只有日本对中国给予20国集团的解释表示不满。日本财务大臣麻生太郎(Taro Aso)批评中方与会代表对自己的动机解释不充分。“他们可能试图表现出建设性态度，但他们不够详尽，”他对记者们表示。

20国集团公报试图让中国加入共同的承诺：“避免竞争性贬值”以及“避免持续的汇率失调”。

译者/和风