海外之声 | 世界银行副行长：在发展中国家投资基建是重启全球化的新途径（中英双语）

观点速递

本文作者是若阿金·莱维，世界银行常务副行长兼首席财务官。原文摘自国际货币金融机构官方论坛（OMFIF）评论，OMFIF是一家总部位于伦敦的全球金融智库。

全球化进程开启了经济发展前所未有的时代，但也带来了很多争议。作者提出，利用发达国家的资金，支持发展中国家基础设施建设，是一条让世界更加安全、公平的新途径。其中，气候智能型基础设施更能为可持续发展做出贡献。然而，基础设施投资仍存在风险。世界银行正在采取各种积极措施，发展国内投资环境，帮助海外投资“去风险”。

最后本文作者重申，气候智能型基础设施投资对于发达经济体和发展中经济体都大有益处。

中文译文如下：

重启全球化进程

气候智能型基础设施是经济增长的受益者

若阿金·莱维

翻译：周护杏

校对：肖柏高

自1990年以来，全球化开启了经济发展前所有未的时代，约有11亿人们脱贫，处在极贫困中的世界人口比例由35%下降至10%以下。

但并非所有国家都普遍享受到了全球化带来的好处，这导致在一些国家实施保护主义政策的声音高涨。然而，在国与国之间建立围墙无法帮助落后国家。

世界领导人在进一步推进全球化的同时，必须探索让世界更加安全、公平的新途径。其中一种可行的方法，就是加强跨国基础设施建设，尤其在发展中国家。基础设施建设，包括在人力资本上的投资，能有效促进包容性增长，增强当地对境外冲击的抵抗能力，为全球经济发展注入新动能，为发达国家带来有利的投资机会。

所有主要发达经济体中，利率之所以下降，是因为人口老龄化导致更高的储蓄，以及技术变革导致资本集约度的降低。

基础设施投资能够帮助全球应对储蓄和投资在宏观经济层面上的失衡。值得注意的是，支持“气候智能型”项目能够减少随着经济增长带来的碳足迹，同时提高全球生产力，为老龄化社会中的投资者创造长期收入来源。通过改善经济前景，减少气候变化带来的风险，这样的投资也能提振投资国的信心，并增加其总需求。

然而，基础设施投资也有明显的风险，尤其在边远地区。有时这些风险，比起这些老年储蓄人能够承担的风险更为尖锐。世界银行正在帮助缩小基础设施投资和投资者应对风险能力二者之间的差距。

作为“去风险”投资的一部分，世界银行帮助各国政府建立良好的法律环境，制定项目以及减少信息上的阻碍。由世界银行主导的全球基础设施协会（Global Infrastructure Facility）正致力于发展具备投资条件的基础设施项目。世界银行已经为82个国家创造了公私合营的环境。

世界银行正努力使所做出的保证更易理解，帮助增加安全、能有回报的资产供给。我们也同时为机构投资者提供机会，通过旨在为基础设施建设融资的MCPPforInfrastructure项目（Managed Co-Lending Portfolio Programme for Infrastructure），让他们能够和私有部门为主导的国际金融公司合作。此外，国际金融公司资产管理公司已经成功管理了几只股权基金。

世界银行支持当地资本市场的发展，以利用国内资源，为国外投资创造一个更有利的环境。深化创新需要发展新的金融工具，如固定收益基础设施指数以及和新兴市场基础设施联动的债券，并且帮助政府财政资本回收。

这其中传达了非常明确的信息：气候友好型基础设施对于发达国家和发展中国家的经济都有好处。为了实现这样的投资，世界能通过多边金融机构，利用公共资源实现这一承诺。这是一个非常有效的方式，它能够增加投资机会，推动全球经济朝着包容、可持续发展的方向前进。

英文原文如下：

Renewing the globalisation agenda

Climate-smart infrastructure is winner for growth

by Joaquim Levy

Wed 29 Mar 2017

Globalisation has ushered in an unparalleled period of economic growth that has lifted nearly 1.1bn people out of extreme poverty since 1990, reducing the proportion of the world’s population living in dire circumstances from 35% to under 10%.

But the benefits of globalisation have not been universally shared. This has led to growing calls for protectionism in some countries. Erecting barriers is not, however, the way to help those left behind.

World leaders must make a better case for globalisation while exploring new dimensions that could make the world safer and fairer. One possible measure is the expansion of cross-border infrastructure investment, especially in developing countries. Infrastructure investment – together with investments in human capital – is an effective way to promote inclusive growth and foster local resilience to cross-border shocks. In addition, it can provide new sources of economic dynamism to the global economy and worthwhile opportunities to investors in advanced economies.

The decline in interest rates across all major advanced economies can be explained by higher savings from aging populations and reductions in capital intensity brought about by technological change.

Infrastructure investment can help the world respond to the macroeconomic imbalance between savings and investment. Supporting 'climate-smart' projects, in particular, would reduce the carbon footprint of economic progress, while increasing global productivity and creating long-term income streams for investors in aging societies. By improving the economic outlook and reducing the risks of climate change, such investment could also lift confidence and increase aggregate demand in investing countries.

Yet infrastructure investment carries significant risks, especially if it is carried out in distant jurisdictions. Sometimes these risks are more acute than aging savers are prepared to accept. The World Bank Group is helping to reduce the gap between the risks of infrastructure investment and investors’ capacity and appetite for risk.

As part of 'de-risking' investments, the World Bank helps governments develop a favourable legal environment, prepare projects, and lower informational barriers. The Global Infrastructure Facility hosted by the Bank is working to develop a pipeline of investment-ready infrastructure projects. The Bank has benchmarked the environment for public-private partnerships in 82 countries.

The World Bank Group is making the range of guarantees it offers easier to understand, helping to increase the supply of safe assets with positive returns. We are also creating opportunities for institutional investors to pair with the private-sector-oriented International Finance Corporation through our Managed Co-Lending Portfolio Programme for Infrastructure. This is in addition to several equity funds already managed by the IFC Asset Management Company.

The Bank supports the development of local capital markets to mobilise domestic resources and create a better environment for foreign investment. Further innovation could entail developing tools such as fixed income infrastructure indices and bonds linked to emerging market infrastructure, and fostering the recycling of assets on governments’ books.

The message is clear: climate-friendly infrastructure has a positive economic impact on advanced and developing economies. To carry out such investments, the world can use public resources to support guarantees by multilateral financial institutions. This is a highly effective way of expanding investment opportunities and propelling the international economy towards inclusive, sustainable growth.

Joaquim Levy is Managing Director and Chief Financial Officer of the World Bank Group.This article appeared in OMFIF Commentary on March 29, 2017.

观点整理  田雯

图文编辑  田雯

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