English-Chinese Translation
Translate the following two passages into English.
Passage 1
Belt and Road Initiative: Two Key Channels to Achieving Financial ConnectivityBy Christine Lagarde, IMF Managing DirectorBelt and Road Forum Session on Financial Connectivity
Governor Yi, Minister Liu, Distinguished Guests, Ladies and Gentlemen — good morning! Zao Shang Hao!易行长，刘部长，尊敬的嘉宾，女士们、先生们——早上好！ 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.首先，我想对中国人民银行和中国财政部组织这场重要的会议表示感谢。
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.”在这个美丽的春天相聚，让人想起一句中国谚语——“一年之计在于春”。
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.在接下来的三天中，我们将讨论未来若干年“一带一路”倡议将如何增进世界各国在基础设施和金融层面的互联互通。我们不妨从金融互联互通谈起。为什么？因为历史告诉我们，基础设施和金融的互联互通是相伴而行的。
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.想想古代的丝绸之路。通商的愿景促使商人千里跋涉。随着时间流逝，人们修建桥梁、建筑等基础设施，甚至建起整座新城，来满足最初规模较小的贸易站和金融往来的需求。
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.在现代背景下，更深层次的金融互联互通可以通过几个重要渠道来实现。我今天想强调两个渠道：加强资本流动和改善金融包容性。
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.允许资本跨境流动能帮助支持包容性增长。如何支持？通过促进基础设施、制造业甚至医疗行业的投资。
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.目前，发展中国家的外国直接投资（FDI）仅占GDP的1.9% ；而在全球金融危机之前，这个数字是2.5% 。为推进主要基础设施建设进展，需要再次增加资本流动规模，并以安全的方式对其进行管理。
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.对资本流动更加开放也能降低融资成本，提高金融部门效率，允许资本支持生产性投资和新增就业。
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).这对中国尤为适用。中国向境外投资者进一步开放债券市场，能够 实现债券市场投资者多元化，并促进人民币国际化。
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.事实上，国际货币基金组织近期就这一专题出版了一本题为《中国债券市场的未来》的新书。它概述了中国债券纳入全球指数会如何给中国金融市场以及全球投资者带来巨大变化。
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. 该书还强调了资本市场开放带来的挑战。幸运的是，我们从经验中获悉了成功所需的要素，包括完善的金融监管 、透明的投资规则以及关注财政可持续性。
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.关于最后一点，中国更加关注“一带一路倡议”项目的长期成功，财政部刘部长今天宣布的“一带一路”倡议债务可持续性框架正是朝着正确的方向迈出了令人欢迎的一步。
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.同样令人欢迎的是，当前的工作开始确保“一带一路”倡议项目的投资环保、低碳并具有抵御气候变化的能力。这将有助于增强环境的可持续性。
2. Increased Financial Inclusion
We also need increased financial inclusion — my second channel for a more effective BRI.我们还需要改善金融包容性，这是我认为提升“一带一路”倡议有效性的第二个渠道。
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.这里列举几个数字：亚太地区中低收入经济体近一半的成年人口没有银行账户。 曾向金融机构借款的人口比重不到10%。
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.然而我们知道，各国若要在21世纪繁荣发展，弥合金融缺口是一项“必须完成的经济任务”。国际货币基金组织的分析表明，如果亚洲金融包容性最弱的国家将金融缺口缩窄至泰国（一个新兴市场经济体）的水平， 这些国家的贫困率能降低近4%。
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。如何实现这一目标？一方面，制定能使更多妇女和农村 居民获得金融服务的政策。在发展中国家，妇女面临的金融性别缺口约为9%，且自2011年来基本保持不变。
There is no silver bullet, but we know that fintech can play a catalyzing role.这个问题没有根治的良方，但我们知道金融科技能发挥催化作用。
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.例如，柬埔寨通过强有力的公私合作关系支持移动金融发展，自2011年来微型金融机构的数量增加了两倍。目前，这些机构已向200多万个新借款者提供贷款，占成年人口的比重接近20%，这些公民很多从未开立银行账户。现在，他们可以通过储蓄规划未来，甚至也许可以自行创业。
These are ideas that can work everywhere. But countries have to be willing to partner and learn from each other.这些理念适用于所有国家，但这些国家必须有意愿开展合作并相互学习。
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.这就是国际货币基金组织和世界银行去年 10 月启动 “巴厘岛金融科技议程” 的主要原因之一。该议程阐述的核心原则——从发展金融市场到维护金融诚信——能帮助所有国家，因为其旨在改善金融包容性。
It is a model for international collaboration, much like this forum.这是国际合作的典范，很像“一带一路”论坛所实践的。
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.” 我在开头引用了一句中国谚语。本着全球互联的精神，我想以一首西方诗歌来结尾。英国诗人约翰 • 邓恩这样描绘丝绸之路，“没有人能如岛屿，独立于世；每个人，都是大陆的一部分” [4]，他说的一点都没错。
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.正如我们的历史，现代金融格局表明，强化各国之间、跨国金融机构之间的联系有着巨大的潜力。这些金融联系能够带来新的建筑项目、新增就业、新的机会，并最终赋予各国实现经济安全的能力。
If we find ways to harness the potential, we can build more prosperous, inclusive economies that benefit all.只要我们设法充分利用这种潜力，就能构建更加繁荣、更具包容性且惠及所有人的经济体系。
Thank you very much. Xièxiè.
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