拉加德央行现状：系列解读IMF总裁拉加德
拉加德央行现状：系列解读IMF总裁拉加德她认为，过去，金融普惠的问题很难解决，但金融科技可以发挥催化剂的作用。“比如在柬埔寨，通过强大的公私合营的项目支持移动金融的发展，使得2011年以来小额贷款机构的数量增加了两倍，给超过200万名新增借款人提供了贷款，占到了成年人口的20%。我们相信这种做法不仅在柬埔寨能够成功，在各个国家都能成功，可以互相学习。”在谈及金融普惠的话题时，拉加德介绍：“目前，在中等收入的亚太国家，近一半成年人都没有银行账户，只有不到10%的人从金融机构借过钱。我们都知道，消弭金融鸿沟是国家繁荣发展必不可少的关键。国际基金组织的研究分析表明，在金融最不包容、最不普惠的亚洲国家，通过金融普惠，贫困率降低了近4%，其方法就是允许女性和农村人口获得金融服务。”“现在的资本流通，尤其是外商直接投资偏低。金融危机之前，流向低收入国家的资金比例是2.5%，而现在只有1.9%。更加开放的资本流动，可以提升金融效率、降低金融成
“中国越来越重视‘一带一路’建设的长期效果，我们对此非常欢迎。”4月25日，国际货币基金组织（IMF）总裁拉加德（Christine Lagarde）在第二届“一带一路”国际合作高峰论坛资金融通分论坛上表示。此次论坛主题为促进可持续发展，构建开放、市场导向的投融资体系，推动共建“一带一路”高质量发展。
拉加德引用中国谚语称，“一年之计在于春”，她表示，正如本届论坛即将公布的一系列文件所规划的，“一带一路”倡议正在向更加绿色、更加可持续和更加包容的方向发展，特别是中国财政部即将在今天晚些时候发布的《“一带一路”债务可持续性分析框架》，这一文件放眼未来，为参与“一带一路”倡议的各方伙伴长远发展进行规划。
国际货币基金组织看重投融资从金融层面推动更多“一带一路”倡议更加绿色地发展，从而使“一带一路”倡议在财政、金融、投资和环保方面兼并发展，成为惠及世界和惠及未来的倡议。
拉加德认为，资本自由的跨国流通流动可以进一步支持包容性增长，可以加大基础设施、制造业、医疗、健康等部门的投资。
“现在的资本流通，尤其是外商直接投资偏低。金融危机之前，流向低收入国家的资金比例是2.5%，而现在只有1.9%。更加开放的资本流动，可以提升金融效率、降低金融成本，从而拉动新的投资，支持新的就业。”拉加德说。
拉加德表示，中国就是一个加强资金融通而受益的最好例子。“中国进一步向外国投资人开放债市，将带来更丰富的多元化，促进人民币国际化。中国债市的开放将为中国境内及境外投资者带来机遇和收益。将中国债市纳入全球性指数，将带来巨大的、颠覆性的改变。不仅对中国的金融市场，也会对全球的投资人带来极大的益处。”她说。
拉加德认为，开放资本市场也会带来的一些挑战，还需要健全的管理、透明的投资规则以及可持续性的财政。“中国表示会确保‘一带一路’项目投资是绿色的、低碳的、符合气候要求的，这会让投资在金融和环境上都变得非常可持续，也有利于子孙后代。”
在谈及金融普惠的话题时，拉加德介绍：“目前，在中等收入的亚太国家，近一半成年人都没有银行账户，只有不到10%的人从金融机构借过钱。我们都知道，消弭金融鸿沟是国家繁荣发展必不可少的关键。国际基金组织的研究分析表明，在金融最不包容、最不普惠的亚洲国家，通过金融普惠，贫困率降低了近4%，其方法就是允许女性和农村人口获得金融服务。”
她认为，过去，金融普惠的问题很难解决，但金融科技可以发挥催化剂的作用。“比如在柬埔寨，通过强大的公私合营的项目支持移动金融的发展，使得2011年以来小额贷款机构的数量增加了两倍，给超过200万名新增借款人提供了贷款，占到了成年人口的20%。我们相信这种做法不仅在柬埔寨能够成功，在各个国家都能成功，可以互相学习。”
演讲全文
Belt and Road Initiative: Two Key Channels to Achieving Financial Connectivity
By Christine Lagarde IMF Managing Director
Governor Yi Minister Liu Distinguished Guests Ladies and Gentlemen — good morning! 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.
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.”
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.
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.
So where there is financial connection we see that rapid improvements in quality of life can quickly follow.
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.
1. Increased Capital Mobility
First enabling capital to flow more freely.
Allowing capital to flow across borders can help support inclusive growth. How? By enhancing investments in infrastructure manufacturing and even health care.
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.
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.
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).
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.
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.
On this last point China’s increased focus on the long-term success of BRI projects and the announcement today by Finance Minister Liu of a BRI debt sustainability framework are very welcome steps in the right direction.
So too is the work that is now beginning to ensure that investment in BRI projects is green low-carbon and climate resilient. This will lead to increased environmental sustainability.
2. Increased Financial Inclusion
We also need increased financial inclusion — my second channel for a more effective BRI.
A few numbers: close to half of the adult population in low and middle-income Asia-Pacific economies do not have a bank account. Less than 10 percent have ever borrowed from a financial institution. [1]
And yet we know that closing the finance gap is an “economic must-have” for nations to thrive in the 21st century. IMF analysis shows that if the least financially inclusive countries in Asia narrowed the finance gap to the level of Thailand — an emerging market economy — the poverty rate in those countries could be reduced by nearly 4 percent. [2]
How can we get there? In part through policies that enable more women and rural citizens to access financial services. The financial gender gap for women in developing countries is about 9 percent and has remained largely unchanged since 2011. [3]
There is no silver bullet but we know that fintech can play a catalyzing role.
In Cambodia for example strong public-private partnerships in supporting mobile finance has led to a tripling in the number of micro-financial institutions since 2011. These institutions have now provided loans to over 2 million new borrowers representing nearly 20 percent of the adult population. Many of these citizens had never had a bank account. Now they can save for the future and perhaps even start a business of their own.
These are ideas that can work everywhere. But countries have to be willing to partner and learn from each other.
That is one of the major reasons why last October the IMF and World Bank launched the Bali Fintech Agenda. The agenda lays out key principles — from developing financial markets to safeguarding financial integrity — that can help each nation as it strives for greater financial inclusion.
It is a model for international collaboration much like this forum.
Conclusion
Let me conclude.
I began with a Chinese proverb. In the spirit of global connections I will close with a western poet. The English poet John Donne who wrote about the Silk Road was right when he said “No man (or woman!)is an island entire of itself; every man is a piece of the continent a part of the main.” [4]
Just like our history our modern financial landscape reveals the enormous potential of better connections between nations and between financial institutions across borders. These financial connections can lead to new construction new jobs new opportunities and ultimately the ability to achieve economic security.
If we find ways to harness the potential we can build more prosperous inclusive economies that benefit all.
Thank you very much. Xièxiè.
[1] International Monetary Fund 2018 Financial Inclusion in Asia-Pacific Asia-Pacific Departmental Paper No 18/17 Washington D.C.
[2] International Monetary Fund 2018 Financial Inclusion in Asia-Pacific Asia-Pacific Departmental Paper No 18/17 Washington D.C.
[3] World Bank The 2017 Global Findex Database Washington D.C.
[4] John Donne Devotions upon Emergent Occasions. Originally published in 1624.
来源/IMF官方网站、央视财经、经济网
责编/张广琳 审校/刘梦 监制/李雨思
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