For this to happen, the country must undertake a series of domestic reforms: it needs a betterand well-regulated banking system; a broader range of financial markets, including basiccurrency derivatives; fewer restrictions on the flow of capital in and out of the economy; and amore flexible exchange rate.
要实现这一目标,中国必须进行一系列国内改革:它需要一个更完善、监管良好的银行系统;品种更丰富的金融市场,包括基本的外汇衍生品;减少对资本流入和流出的限制;以及更灵活的汇率。
These reforms will permit a more efficient allocation of domestic savings to sectors that cangenerate higher employment and productivity growth. A better financial system will give smalland medium-sized enterprises, especially those in the services sector, increased access tocredit. Allowing freer capital outflows is already giving households opportunities to diversifytheir savings and secure better returns.
这些改革将使国内储蓄更高效地分配到能够创造更多就业和更高生产率增长的行业。一个更完善的金融体系将给予(尤其是服务业的)中小型企业更多获得贷款的机会。部分放松资本流出管制,已经正在给中国家庭带来将储蓄进行分散投资并获得更高回报的机会。
But there is fierce political opposition to these reforms, which challenge the privileges ofpowerful vested interests. To overcome the resistance, the government has taken up therallying cry of making the renminbi a global currency and is ploughing ahead with its reforms.
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