INTO THE STORMFOR much of the past year the fast-growing economies of the emerging world watched the Western financial hurricane from Their own banks held few of the mortgage-based assets that undid the rich world’s financial Commodity exporters were thriving， thanks to high prices for raw China’s economic juggernaut powered And， from Budapest to Brasília， an abundance of credit fuelled domestic Even as talk mounted of the rich world suffering its worst financial collapse since the Depression， emerging economies seemed a long way from the centre of the 过去一年的大部分时间里，高速发展的新兴国家一直在远处观望着西方国家的金融风暴。他们的银行仅持有少量抵押资产，而类似的资产已经破坏了发达国家的金融公司。商品出口商因为原材料的高价格而日渐富有。中国不可抗拒的经济力量已然开启，而且信贷刺激的内需从布达佩斯到巴西利亚都表现得非常充足。尽管大萧条后关于西方国家受难于金融崩塌的话题与日俱增，但新兴国家似乎距离金融风暴的中心还有一段距离。No As foreign capital has fled and confidence evaporated， the emerging world’s stockmarkets have plunged (in some cases losing half their value) and currencies The seizure in the credit market caused havoc， as foreign banks abruptly stopped lending and stepped back from even the most basic banking services， including trade 不过目前的情况不再是那样了，随着境外资本的流失和经济信心的消失，新兴国家股市暴跌（有些地区已经腰斩），本币迅速贬值。由于外国银行突然中断贷款，并且收缩了包括贸易信贷在内的基础银行服务，新兴国家的信贷市场突发混乱，并引发了一场浩劫。Like their rich-world counterparts， governments are battling to limit the damage (see article) That is easiest for those with large foreign-exchange Russia is spending $220 billion to shore up its financial services South Korea has guaranteed $100 billion of its banks’ Less well-endowed countries are asking for Hungary has secured a EURO5 billion ($6 billion) lifeline from the European Central Bank and is negotiating a loan from the IMF， as is U Close to a dozen countries are talking to the fund about financial 新兴国家的政府和发达国家的政府一样都在为控制损失程度而奋斗。不过对于外汇储备充足的国家来说难度会小一些：俄罗斯斥资2200亿美元重振金融服务行业；韩国政府担保了1000亿美元的银行债务。而那些储备并不充足的国家正在四处求援：匈牙利成功向欧洲央行求得了50亿欧元（约66亿美元）的生命线，同时也在同国际货币基金组织协商借款事宜，同时向国际货币基金组织求援的还有乌克兰。近一打儿的国家在向基金组织求助。Those with long-standing problems are being driven to desperate Argentina is nationalising its private pension funds， seemingly to stave off default (see article) But even stalwarts are looking Figures released this week showed that China’s growth slowed to 9% in the year to the third quarter-still a rapid pace but a lot slower than the double-digit rates of recent 有持续问题的国家正棋行险招：阿根廷正在将私人养老金国有化，意图阻止违约的发生。即使强有力的国家也表现出虚弱一面：本周公布的数字表明今年中国的增长率在第三季度减缓为9%，虽然增速还算快，但是与近些年的两位数增率相比缓慢了不少。Blowing cold on credit对信贷没兴趣The various emerging economies are in different states of readiness， but the cumulative impact of all this will be Most obviously， how these countries fare will determine whether the world economy faces a mild recession or something Emerging economies accounted for around three-quarters of global growth over the past 18 But their economic fate will also have political 众多新兴经济的意愿并不相同，但是累计在一起的影响力却非同一般。最明显的就是这些国家的表现将会决定世界经济所面临的是一个较为缓和的衰退还是更可怕的情况。在过去18个月的全球经济增长中，新兴经济贡献了75%。但是他们的经济命运也会有一些政治后果。In many places-eastern Europe is one example (see article)-financial turmoil is hitting weak But even strong regimes could Some experts think that China needs growth of 7% a year to contain social More generally， the coming strife will shape the debate about the integration of the world Unlike many previous emerging-market crises， today’s mess spread from the rich world， largely thanks to increasingly integrated capital If emerging economies collapse-either into a currency crisis or a sharp recession-there will be yet more questioning of the wisdom of globalised 在类似东欧的很多地区，金融混乱目前的打击目标是软弱的政府；但强硬的政权同样会尝到苦果。一些专家认为中国每年需要7%的增长率来阻止社会动荡的发生。总体来说，如此争端必将影响全球经济一体化的讨论。与以往数次新兴经济危机不同，这次的混乱始于发达国家，很大程度上要归咎于一体化的资本市场。一旦新兴经济崩溃，无论是货币危机还是剧烈的经济萧条，大家对于金融全球化是否属明智之举会有更多的质疑。Fortunately， the picture is not universally All emerging economies will Some will surely face deep But many are facing the present danger in stronger shape than ever before， armed with large reserves， flexible currencies and strong Good policy-both at home and in the rich world-can yet avoid a 幸运的是上述恐怖的场景没有发生在全球的每个角落：所有的新兴经济都会减缓发展速度，有一些也必将面临深度萧条；但是更多的国家在面临当下危机的时候却拥有比以往任何时候都强壮的形式，用充足的储备、弹性的货币和强大的预算武装自己。新兴国家及发达国家良好的政策可以避免大灾难的发生。One reason for hope is that the direct economic fallout from the rich world’s disaster is Falling demand in America and Europe hurts exports， particularly in Asia and M Commodity prices have fallen: oil is down nearly 60% from its peak and many crops and metals have done That has a mixed Although it hurts commodity-exporters from Russia to South America， it helps commodity importers in Asia and reduces inflation fears Countries like Venezuela that have been run badly are vulnerable (see article)， but given the scale of the past boom， the commodity bust so far seems unlikely to cause widespread 至少有一个原因值得抱有希望：发达国家此次灾难的直接经济影响还是在可控的范围内。欧美锐减的需求对出口来说无疑是一个打击，特别是对亚洲和墨西哥。商品价格走低：原油价格与巅峰时期比较已经下降了60%，很多粮食和金属类商品跌幅更大。这两个现象有混合效果：尽管从俄罗斯到南美的商品（能源）出口企业备受打击，但却帮助了亚洲的商品（能源）进口商，并且缓和了各地对通胀的恐惧。委内瑞拉的情形一直很糟糕，也很脆弱；不过由于过去极度的繁荣，商品价格下跌目前还不会引发大范围传播的危机。The more dangerous shock is Wealth is being squeezed as asset prices China’s house prices， for instance， have started falling (see article) This will dampen domestic confidence， even though consumers are much less indebted than they are in the rich Elsewhere， the sudden dearth of foreign-bank lending and the flight of hedge funds and other investors from bond markets has slammed the brakes on credit And just as booming credit once underpinned strong domestic spending， so tighter credit will mean slower 比商品价格更令人震惊的事情发生在金融领域。由于资产价格的下降，财富水平正在被挤压缩水。以中国房价为例，目前已经开始下跌。尽管新兴国家的消费者比发达国家的负债水平低很多，上述情况还是会挫伤国内的经济信心。在其他方面，国外银行借款骤然匮乏、对冲基金以及其他投资者逃离债券市场，这些因素给信贷增长踩了一脚急刹车。正如发达的信贷曾经强力支撑国内支出那样，信贷紧缩将意味着增长放缓。Again， the impact will differ by Thanks to huge current-account surpluses in China and the oil-exporters in the Gulf， emerging economies as a group still send capital to the rich But over 80 have deficits of more than 5% of GDP Most of these are poor countries that live off foreign aid; but some larger ones rely on private For the likes of Turkey and South Africa a sudden slowing in foreign financing would force a dramatic A particular worry is eastern Europe， where many countries have double-digit In addition， even some countries with surpluses， such as Russia， have banks that have grown accustomed to easy foreign lending because of the integration of global The rich world’s bank bail-outs may limit the squeeze， but the flow of capital to the emerging world will The Institute of International Finance， a bankers’ group， expects a 30% decline in net flows of private capital from last 需要再次重申的是，冲击的表现会因国家的不同而有所区别。多亏中国和海湾产油国经常项目下的巨额顺差，新型经济整体还不断的向发达国家输送资本。但是80 多个国家的财政赤字已经超过GDP的5%，其中的多数是那些依靠国外救助过活得贫困国家；不过也有一些依靠私人资本的大国。对于类似土耳其和南非的国家来说，突然减缓的境外融资迫使其进行大幅调整。东欧的情况特别令人担忧，那里的不少国家赤字水平已经达到了两位数。另外，象俄罗斯这样处于顺差的国家，其银行也逐渐适应了可以轻易从外国取得的贷款，原因自然是全球金融一体化。发达国家的救助计划也许可以限制财富被挤压的水平，但资本流向新兴世界的速度无疑会减慢。国际金融研协会预测私人资本的净流量比去年回减少30%。A wing and a prayer飞行之翼与祈祷者This credit crunch will be grim， but most emerging markets can avoid The biggest ones are in relatively good The more vulnerable ones can (and should) be 信贷紧缩必将令人生畏，不过多数新兴市场可以躲过一劫，最大的市场形势还相当不错。比较脆弱的市场可以（也应该）得到帮助。Among the giants， China is in a league of its own， with a $2 trillion arsenal of reserves， a current-account surplus， little connection to foreign banks and a budget surplus that offers lots of room to boost Since the country’s leaders have made clear that they will do whatever it takes to cushion growth， China’s economy is likely to slow-perhaps to 8%-but not Although that is not enough to save the world economy， such growth in China would put a floor under commodity prices and help other countries in the emerging 在那些坚强的巨人中，中国卓然不群：手握2万亿美元的储备，经常项下的顺差状态，与国外银行罕有关联，过剩的预算给推动支出留有足够空间。鉴于国家领导人已经明确表示将不惜一切代价为经济增长减速缓冲，中国的经济增长应该会减缓到大约8%的水平，但是决不会崩溃。虽然这不足以挽救世界经济，但是该增长率将会为商品价格建底并帮到新兴世界的其他国家。The other large economies will be harder hit， but should be able to weather the India has a big budget deficit and many Brazilian firms have a large foreign-currency But Brazil’s economy is diversified and both countries have plenty of reserves to smooth the shift to slower With $550 billion of reserves， Russia ought to be able to stop a run on the In the short-term at least， the most vulnerable countries are all smaller 其他的经济大国会受到更大的冲击，不过应该可以禁受住风暴侵袭。印度的财政赤字巨大，巴西很多公司面临巨大的外汇风险。但巴西经济已经实现多样化，同时上述两个国家拥有充足的储备来平稳过渡到缓慢的增长。俄罗斯掌握着5500亿美元的储备，应该能够阻止对卢布的抢购。至少在短期内，小国家才是最弱不禁风的。There will be pain as tighter credit forces But sensible， speedy international assistance would make a big Several emerging countries have asked America’s Federal Reserve for liquidity support; some hope that China will bail them A better route is surely the IMF， which has huge expertise and some $250 billion to Sadly， borrowing from the fund carries a That needs to The IMF should develop quicker， more flexible financial instruments and minimise the conditions it attaches to Over the past month deft policymaking saw off calamity in the rich Now it is time for something similar in the emerging 受到紧缩信贷压力进行的调整必然带来痛苦，但快速的国际援助是明智之举，因为这会让结果很不相同。一些新兴国家已经向美联储求援以缓解流动性问题；有一些则希望中国可以拯救他们与水火。更佳的求救路线莫过于国际货币基金组织，因为它掌握大量的专门知识和2500亿美元的可出借款项。不幸的是人们认为向基金借款有辱其名，国际货币基金组织应该推出更快捷、更灵活的金融工具，同时实现借贷条件最小化。过去数月中，机敏的决策驱散了发达国家的灾难。现在也正是新兴世界发生类似事情的时候了。
Protectionism Doesn't Pay The global financial crisis is no doubt a catalyst for trade As the world economy deteriorates， some countries try to boost growth prospects by erecting trade China calls on these governments not to replay history and revert to protectionism and economic Previous global economic crises were usually accompanied by frequent trade The United States' erection of large-scale tariffs in 1930， for example， triggered a retaliatory global trade During the two oil shocks in the 1970s and 1980s， trade frictions emerged when major economies attempted to increase exports by depreciating their And in the wake of the 1997 Asian financial crisis， there was a notable uptick in antidumping actions， countervailing duties and other protectionist The financial crisis is now spilling over into the real economy， hitting sectors like manufacturing and In almost all countries， factories are closing and unemployment is rising， creating political pressure and social More and more governments are strengthening intervention in their economies under the excuse of 'economic security' and protecting vulnerable domestic industries to curb imports from other countries， especially those in emerging Trade protectionism differs from legally acceptable measures to protect It is an abuse of remedies provided by multilateral trade This kind of protectionism is morphing into more complex and disguised forms， ranging from conventional tariff and nontariff barriers to technical barriers to trade， industry standards and industry With the economic crisis worsening， caution must be taken even in employing trade protection measures consistent with World Trade Organization At the Group of 20 Financial Summit in November 2008， world leaders called for countries to resist trade protectionism and committed themselves to refraining from erecting new barriers to trade and investment， a message strongly echoed by the Asia-Pacific Economic Cooperation summit at the end of last year， and the World Economic Forum held in Davos last History tells us that trade protection measures hurt not only other countries， but eventually the country that erected that trade barrier in the first To counter the Great Depression， the US adopted the Smoot-Hawley Act in 1930， which raised import duties of over 20，000 foreign products significantly and provoked protectionist retaliation from other Faced with that crisis， other countries pursued beggar-thy-neighbor policies that slashed global trade volumes from $36 billion in 1929 to $12 billion in Among the victims， not the least was the US itself， where exports shrank from $2 billion in 1929 to $2 billion in Even in the US， the Smoot-Hawley Act was widely believed to be a catalyst that aggravated the effects of Great DGlobal trade is now in dire Thanks to shrinking external demand caused by the economic crisis， major trading countries have seen their export growth tumble or have suffered huge Germany's exports dropped 6% in November 2008， compared to the same period the prior year -- the highest one-month drop since China also experienced negative export growth in November， and a 5% decline last month， when compared to the prior Protectionist policies would make things even worse and the consequences would be hard to In the heat of the crisis， it's critical that all countries refrain from pointing fingers at each other or pursuing their own interests at the expense of The financial crisis reflects a chronic illness resulting from global economic structural imbalance and financial risk accumulation， and there is no quick fix to this The fundamental interest of every country is to step up consultation and cooperation and keep international trade smoothly Healthy international trade can help revive the world During the Great Depression， the US recovered from its economic woes because the Franklin D Roosevelt administration implemented the New Deal and shunned Today's unprecedented financial crisis has inflicted a severe impact on China and other countries as China's economic growth has slowed， exports have plunged and unemployment pressure has Yet even so， China still firmly believes that trade protectionism isn't a solution to the world's In 2008， amid a contraction in global trade， China imported $133 trillion worth of goods from countries around the world -- an 5% increase over the prior These imports are boosting the economic development of China's trading Since the crisis broke out， the Chinese government has decisively put forward a series of measures aiming at stimulating domestic Given the size and openness of our country， the growth in China's domestic markets can be translated into greater market potential and investment opportunities for other This year China will continue to increase imports and send buying missions abroad for large-scale purchase of equipment， products and China has always championed our mutually beneficial opening-up policy and advocated international economic We maintain that the Doha Round of global trade negotiations should be taken forward in a way that meets the interests of members and complies with the multilateral trading system already China is ready to stand together with all nations in the world to face up to the challenges of today， tackle the financial crisis through cooperation and guide the world economy into a new period of 贸易保护主义无法拯救世界经济对贸易保护主义来说，全球金融危机无疑是一针催化剂。近一时期，随着全球经济形势恶化，一些国家自危、自利、自保倾向抬头。有识之士为此感到忧虑，呼吁各国在出台经济刺激计划时，一定要防止贸易保护主义和经济孤立主义的历史重演。历次全球经济危机往往都伴随着贸易争端的高发。1930年美国政府大范围提高关税，引发了全球范围报复性贸易战。上世纪七八十年代两次石油危机时，主要国家放任货币贬值以扩大出口的作法引发了贸易摩擦。1997年亚洲金融危机之后，全球反倾销、反补贴和保障措施案件明显增多。当前，金融危机已蔓延到制造业、服务业等实体经济领域，各国工厂倒闭剧增，失业率上升，政治压力和社会问题接踵而至。越来越多国家以“经济安全”和保护本国虚弱产业为由加强政府对经济的干预，阻挠其他国家特别是新兴国家企业出口。贸易保护主义不同于正当的贸易保护措施，它是对多边贸易规则中救济措施的滥用。从传统的关税和非关税壁垒，到技术性贸易壁垒、行业标准等，以及产业保护主义，当前贸易保护主义的形式更加复杂多样，隐蔽性更强。在危机加剧的背景下，即使符合WTO规则的保护措施也应慎用，这已成为各国共识。在2008年11月举行的G20金融峰会上，各国领导人同声呼吁抵制贸易保护主义，承诺在未来一年内，避免设置新的贸易和投资壁垒。年底的APEC领导人会议和今年初的世界经济论坛达沃斯年会，再次发出了反对保护主义强音。历史是一面镜子。任何针对他国的贸易保护举措，不仅会损害对方，最终也会伤及自身。经验告诉我们，大规模的贸易保护措施将使金融危机下本已严峻的经济形势更加困难。1930年美国为了应对经济危机，颁发了《斯姆特－霍利关税法》，大幅提高超过2万种外国商品的进口关税，结果引起了其他国家的贸易保护主义报复。面对危机，各国以邻为壑，全球贸易总额大幅缩减，从1929年的360亿美元缩小到1932年的120亿美元，美国自身也深受其害，出口总额从1929年的52亿美元左右缩减到1932年的12亿美元。这一法案即使在美国国内也被普遍认为是大萧条加剧的催化剂。如今全球贸易形势已相当严峻：经济危机导致外需衰退，各主要贸易国的出口增速已急剧下滑，甚至出现大幅萎缩。德国08年11月份出口额较前月大幅下滑6%，为1990年以来的最大单月降幅。中国08年11月以来出口连续出现负增长，其中09年1月出口下降了5%。如果未来贸易保护主义泛滥，使严峻的形势雪上加霜，造成的后果很难预料。我们应该认真思索，这样的后果世界能否承受，又是否值得承受？危机当头，重要的是各国携手共克时艰，而非互相指责，以邻为壑。金融危机是全球经济结构失衡、金融风险积聚长期积累的结果，解决问题也不可能一蹴而就。当前加强磋商、增强合作，保持国际贸易渠道畅通，才符合各国的根本利益。国际贸易的健康发展，是推动世界经济复苏的重要力量。当年罗斯福政府实行新政，与贸易保护主义决裂，带领美国经济走出低谷，推动了全球经济的增长。在这场前所未有的世界金融危机中，中国与其他国家一样都受到严重冲击。去年第三季度以来，经济增速放缓，出口大幅下滑，就业压力加大。即便如此，中国仍坚定认为，贸易保护主义是条死胡同。在全球贸易萎缩的情况下，2008年中国从各国进口11331亿美元的商品，增长5％，促进了贸易伙伴的经济发展。危机爆发以来，中国政府果断出台了一系列扩大内需的措施。作为一个开放的大国，中国内需的提升可为其他国家提供更大的市场空间和更多的投资机会。今年，中国将继续扩大进口，积极组织企业采购团，赴海外大规模采购，进口设备、商品和技术。中国始终奉行互利共赢的开放战略，倡导国际经济合作。我们主张积极推进符合各国利益与多边贸易体制的多哈回合谈判。中国愿与世界各国一道，以开放迎接挑战，以合作应对危机，共克时艰，推动世界经济走向新的繁荣。
