美国财政部长珍妮特·耶伦关于美中经济关系的讲话

Remarks by Secretary of the Treasury Janet L. Yellen on the U.S.-China Economic Relationship

2023年 12 月 14 日

December 14, 2023

华盛顿 ——12月14日（星期四），美国财政部长珍妮特·耶伦在华盛顿特区美中贸易全国委员会成立50 周年晚宴上发表了关于美中经济关系的讲话。

WASHINGTON – On Thursday, December 14, Secretary of the Treasury Janet L. Yellen delivered remarks on the U.S.-China economic relationship at the U.S-China Business Council’s 50th Anniversary Dinner in Washington, DC.

晚上好。感谢美中贸易全国委员会的邀请和马克（Marc）的介绍。

Good evening. Thank you to the U.S.-China Business Council for the invitation and to Marc for the introduction.

今天，我们共聚一堂，庆祝美中贸易全国委员会成立50周年。同时，我们还纪念一年多前美中两国领导人拜登总统和习近平主席在印尼巴厘岛举行的峰会。自那次峰会之后，拜登总统指示我和其他高级官员深化与中国的沟通，从而推动了一系列行动，包括我7月访华与中国新经济团队会晤，以及美国财政部与中国政府共同设立经济和金融工作组。目前，工作组已经举行两次会议。差不多一个月前，拜登总统再次与习近平主席会晤，此前我于11月在旧金山接待了我的中国同行、国务院副总理何立峰。

We are here to celebrate the 50th anniversary of the U.S.-China Business Council. We also mark a little over a year since the meeting between President Biden and President Xi in Bali, Indonesia. Following this meeting, President Biden directed me and other senior officials to deepen our communication with China, setting in motion actions from my visit to China in July to meet China’s new economic team to the Treasury Department’s launch of the Economic and Financial Working Groups with the Chinese government. The Working Groups have now met twice, and I welcomed my counterpart, Vice Premier He Lifeng, to San Francisco in November before President Biden met with President Xi almost exactly one month ago today.

在这一轮外交活动中，一些对今天在座的许多人来说都很重要的问题，比如市场准入，一直是我关注的焦点。今晚，我将讨论这个领域和其他领域的问题，回顾我们正在奉行的经济方针的基础和过去一年取得的进展，并阐述未来一年的计划。

Throughout this diplomacy, issues that are important to many of you in the audience today, such as market access, have been top of mind for me. I’ll discuss this and other areas tonight as I step back to reflect on the foundations of the economic approach we’re pursuing; the progress we’ve made over the past year; and our plans for the year ahead.

一、对中国的经济方针的基础

I. FOUNDATIONS OF OUR ECONOMIC APPROACH TO CHINA

拜登政府的对中国战略始于国内投资和重建海外联盟。拜登总统上任时，国内和国际上都有大量工作要做。特朗普政府未能在国内基础设施和先进技术等关键领域进行投资，同时也忽视了与我们的合作伙伴和盟友几十年来建立和加强的关系。这使得美国在竞争激烈的全球经济中更加脆弱和孤立，而全球经济要求各国采取完全相反的做法。这损害了我们的全球地位，也意味着美国企业和工人错失了重大经济机遇。

The Biden Administration strategy towards China begins with investing at home and rebuilding alliances abroad. When President Biden took office, considerable work was needed both domestically and internationally. The Trump Administration had failed to make investments at home in critical areas like infrastructure and advanced technology, while also neglecting relationships with our partners and allies that had been forged and strengthened over decades. This left America more vulnerable and more isolated in a competitive global economy that demands that nations take exactly the opposite approach. It damaged our global standing and meant significant missed economic opportunities for American firms and workers.

过去三年，拜登政府已经纠正了过去的路线。我们通过拜登总统的“投资美国”议程在国内进行投资。拜登政府的经济计划帮助美国从疫情中走出，实现了历史上最快的经济复苏。《两党基础设施法》（Bipartisan Infrastructure Law）、《芯片与科学法》（CHIPS and Science Act）和《降低通货膨胀法》（Inflation Reduction Act）——连同它们正在推动的私营部门投资——正在促进经济增长，建设未来清洁能源产业，并为美国历来被忽视的人民和地区增加机会。

Over the past three years, the Biden Administration has course corrected. We’re investing at home through President Biden’s Investing in America agenda. The Administration’s economic plan helped power a historically fast recovery from the pandemic. The Bipartisan Infrastructure Law, the CHIPS and Science Act, and the Inflation Reduction Act—together with the private sector investments they’re driving—are fueling economic growth, building the clean energy industries of the future, and increasing opportunity for people and places in America that have historically been left behind.

我们也在加强与世界各国——包括印太地区国家——的经济联系。在我访问印度、印度尼西亚、日本、韩国和越南期间，我亲眼目睹了该地区的活力。与该地区的经济进一步融合——如果从战略角度出发——可以带来巨大的惠益。我们可以提高国内生产，为不断扩大的市场服务，为美国工人创造就业机会。我们还可以通过合作来加强我们的经济安全，包括通过建立更安全的供应链，增强美国经济的复原力，同时促进印太经济体的进一步增长。

We’re also deepening our economic ties with countries around the world, including those in the Indo-Pacific. In my trips to India, Indonesia, Japan, South Korea, and Vietnam, I saw the region’s dynamism firsthand. Greater economic integration with the region—when pursued strategically—can be immensely beneficial. We can boost production at home to serve expanding markets, creating jobs for American workers. And we can partner to bolster our economic security, including through building more secure supply chains, increasing America’s resilience while enabling more growth in Indo-Pacific economies.

正如我以前所说，美国的基本经济实力意味着我们无需担心与中国或任何其他国家的健康经济竞争。我们的实力使我们能够在应对挑战的同时寻求新的机遇。正是在这样的背景下，我们制定了对中国的经济方针。

As I’ve said before, America’s fundamental economic strength means that we have nothing to fear from healthy economic competition, with China or any other country. Our strength positions us to seek new opportunities while navigating challenges. It’s within this context that we’ve shaped our economic approach to China.

我和其他美国官员多次重申，美国并不寻求与中国脱钩。这样做只会损害双方经济，并产生负面的全球影响。我在今年4月关于美中经济关系的讲话中已经明确表示了这一点。我还提出了我们与中国关系的三大目标。美国将寻求与中国互利共赢的健康经济关系。我们将寻求与中国合作应对全球性挑战。由于国家安全必须始终是我们的首要任务，我们将在必要时通过经济手段确保我们国家的安全利益和保护人权。

I and other U.S. officials have repeatedly stated that the United States does not seek to decouple from China. This would be damaging to both our economies and would have negative global repercussions. In my speech on the U.S.-China economic relationship in April, I made this clear. I also laid out three objectives for our relationship. The United States will pursue a healthy economic relationship with China, one that benefits both sides. We will seek to cooperate with China on global challenges. And because our national security must remain our foremost priority, we will deploy our economic tools when needed to secure our country’s national security interests and protect human rights.

二、进展情况

II. PROGRESS SO FAR

在过去的一年里，我们推动了这一愿景。首先，我将从寻求健康的经济关系谈起。

Over the past year, we’ve advanced this vision. I’ll start with our pursuit of a healthy economic relationship.

美中贸易全国委员会成立之初，中国在全球GDP中的占比不到3%，而现在这一比例已经接近18%。中国已成为美国仅次于加拿大和墨西哥的第三大贸易伙伴，而美国则是中国最大的贸易伙伴。这带来巨大的机遇，我知道许多委员会成员和今天在座的各位都清楚地看到了这一点。美国对中国的出口和中国对美的投资可以支持美国就业。美国企业还可以从获得关键生产要素中获益，降低生产成本，提高竞争力，创造更多就业机会。

When the U.S.-China Business Council was established, China’s share of global GDP was less than 3 percent. Now, it’s almost 18 percent. China has become the United States’ third largest trading partner after Canada and Mexico; the United States is China’s largest. This provides a tremendous opportunity, one I know many Council members and others here today see clearly. American exports to China and Chinese investment in the United States can support American jobs. And American businesses can benefit from access to key inputs that allow them to lower production costs, become more competitive, and create even more jobs.

然而，长期以来，美国工人和企业无法与中国工人和企业公平竞争。从非市场手段、外国公司准入壁垒到针对美国公司的胁迫行动，中国采取了各种不公平的经济做法。这些做法损害了美国工人和企业。过去一年，我们通过工作组和直接外交途径持续表达了这些担忧。让我明确一点：我将始终维护你们的利益，努力确保美国工人和企业受到公平对待。

But for too long, American workers and firms have not been able to compete on a level playing field with those in China. The PRC deploys unfair economic practices, from non-market tools, to barriers to access for foreign firms, to coercive actions against American companies. These policies harm American workers and firms. Over the past year, we’ve consistently raised these concerns through the Working Groups and direct diplomacy. Let me be clear: I will always champion your interests and work to make sure that American workers and firms are treated fairly.

如果中华人民共和国能在工业和金融领域摆脱国家主导的经济方式，我相信这对中华人民共和国也会更好。国有企业扮演过于强大的角色会窒息经济增长，而过度倚重安全机构则会阻碍投资。我经常听到美国企业提及他们在中国面临的种种挑战。美中贸易全国委员会2023年会员调查显示，美国企业正在重新考虑其投资计划和资源配置，拟将公司部分业务转移出中国的比例比高于2016年以来的任何一年。这些趋势应该引起中国的关注，这也展示结构性改革和公平对待外国企业会给中国带来的潜在惠益。除了吸引更多外资，这还将有助于在中国经济发展的关键时刻解决中国经济做法所导致的低效率和脆弱性问题。

If the PRC were to shift away from its state-driven economic approach in industry and finance, I believe that would be better for the PRC as well. Too strong a role for state-owned enterprises can choke growth and an excessive role for the security apparatus can dissuade investment. I hear frequently from American companies about the challenges they’re facing. The Council’s 2023 member survey revealed that companies are reconsidering their investment plans and resource commitments, with a higher portion of companies indicating plans to move some of their operations out of China than in any year since 2016. These trends should be concerning to China, and point to the potential benefits to China of pursuing structural reforms and treating foreign firms fairly. Beyond attracting more foreign investment, this would help address the inefficiencies and vulnerabilities that have resulted from China’s economic practices, at a critical moment in its economic trajectory.

在寻求健康的经济关系的同时，我们还在全球挑战方面与中国开展合作。气候变化对自然环境和经济的影响继续加剧。太多低收入和新兴市场经济体深受不可持续的债务之苦。作为回应，拜登政府通过对美国国内投资和加强海外联系正在恢复美国在应对当前紧迫严峻的全球挑战方面的领导地位。作为占全球GDP 40% 的世界最大的两个经济体，美国和中国有义务共同推动集体行动，造福于全世界的人民和经济体。

Alongside seeking a healthy economic relationship, we’ve also pursued cooperation with China on global challenges. The physical and economic impacts of climate change continue to mount. Too many low-income and emerging market economies suffer from unsustainable debt. In response, the Biden Administration’s investments at home and deepened ties abroad are restoring America’s leadership in addressing the urgent and severe global challenges of our time. But as the world’s two largest economies, representing 40 percent of global GDP, the U.S. and China together have an obligation to drive collective action, for the benefit of people and economies around the world.

美国财政部和中国人民银行共同主持了G20可持续金融工作组的工作，而要加强我们在气候问题上的合作，还有很多工作要做。我们与中国就发展中国家的主权债务问题开展了合作。这方面的进展一直过于缓慢，因此最近在具体案例上取得的进展可能会为受债务困扰的国家打开大门，更快更好地解决问题。我们还与中国协作，推进了加强国际金融体系的工作。中国现已——和大多数其他国家一样——同意按照等比例增资方式增加国际货币基金组织（IMF）资金，这将加强IMF在全球金融安全网中的核心作用。

Treasury and the People’s Bank of China co-chair the G20 Sustainable Finance Working Group, though there’s much more to be done to increase our collaboration on climate. We’ve worked with China on sovereign debt issues in developing countries and see potential for recent progress on specific cases to open the door to better and faster resolution for debt-distressed countries, as progress has been too slow. And we’ve advanced work with China to strengthen the international financial system. China has now agreed—along with most other countries—to an equiproportional quota increase at the International Monetary Fund that will strengthen the role of the IMF at the center of the global financial safety net.

在寻求健康的经济关系和合作应对全球挑战的同时，我们也坚持承诺在必要时利用经济手段保护我们自己和盟友的国家安全。这是我们不能、也不会妥协的领域。但我们的政府也肯定会清楚解释我们的行动，并直接表达我们的担忧。我们通过沟通来避免危害稳定的误解。我们在今年 8 月推出拜登总统关于对外投资的行政命令时就做到了这一点。我们通过该行政命令采取狭义的、有针对性的行动，并公开透明地阐明我们的理由和意图。我们还表达了对中国某些行动的担忧，包括其对关键矿产的出口管制，以及某些中国公司对俄罗斯国防工业部门提供的支持。

As we’ve pursued a healthy economic relationship and cooperation on global challenges, we’ve also maintained our commitment to protect our and our allies’ national security using economic tools when needed. This is an area where we cannot and will not compromise. But our Administration has also made sure to clearly explain our actions and directly express our concerns. We communicate to avoid misunderstandings that could cause harmful instability. We did this with the rollout of President Biden’s Executive Order on outbound investment last August, where we are taking narrow, targeted action and are being transparent about our rationale and our intent. We’ve also communicated our concerns with certain PRC actions, including its export controls on critical minerals, as well as the support that certain Chinese companies have provided for Russia’s defense industrial sector.

我上个月会见何副总理时，美中两国在过去一年取得的进展已经显而易见。我们共同表示，双方都不寻求脱钩；我们欢迎建立一个公平竞争环境之下的健康经济关系的目标；我们致力于共同应对全球挑战；我们将在未来加强沟通。通过会谈和声明，我们为两国经济关系及其未来发展道路设定了重要条件。

When I met with Vice Premier He last month, the progress the U.S. and China had made over the past year was evident. We jointly stated that neither side is seeking to decouple; that we welcome the objective of a healthy economic relationship that provides a level playing field; that we are committed to working together on global challenges; and that we will intensify communication going forward. Through our meetings and our statements, we established important parameters for our economic relationship and its future path.

三、展望今后一年

III. THE YEAR AHEAD

上述进展将在未来一年中为我们提供助益。让我来概述一下美中经济关系在2024年的三大重点要务。

This progress will serve us in the year ahead. Let me provide an overview of three main priorities for the U.S.-China economic relationship in 2024.

首先，在接下来的一年里，美国将致力于继续负责任地管理美中双边经济关系。我们知道这一关系将继续面临挑战。美国和中国在很多领域存在重大分歧。而且对我们两国都产生影响的种种冲击的风险始终存在。我们不寻求解决我们之间的所有分歧，也不试图避免所有冲击。这根本就不切实际。我们的目标是使我们的沟通具有韧性，以使我们在出现分歧以及发生冲击时能够防止误解导致事态升级并造成损害。

First, over the next year, the United States will aim to continue to responsibly manage the U.S.-China bilateral economic relationship. We know that this relationship will face continued challenges. There are many areas on which the U.S. and China strongly disagree. There is also always the risk of shocks that impact both of our countries. We seek not to resolve all our disagreements nor avoid all shocks. This is in no way realistic. But we aim to make our communication resilient so that when we disagree, when shocks occur, we prevent misunderstanding from leading to escalation and causing harm.

我们首先要建立起经受得住客观环境中种种挑战的持久沟通渠道。明年，各工作组将继续定期举行会谈。我计划作为财政部长第二次访华，访问议程的一个重要部分将集中于与对等官员讨论受到关切的棘手领域。美国将继续致力于就我们的各项行动进行清晰的沟通，从我们的对外投资制度到颁行《降低通货膨胀法》（Inflation Reduction Act）的更多条款，还有我们的制裁措施。关于中国采取的种种国家安全行动，我们的做法将保持力度。继续稳定我们的关系以防止出现升级不会成为新闻，但我们的经济和我们的人民——而且要重申的是，乃至世界各地的经济和人民——将更加安全、更有保障。这就是美国和中国构建我们的关系并负责任地管理这一关系的意义所在。

Our work began by establishing durable communication channels that can withstand challenging circumstances. Next year, the Working Groups will continue to meet regularly. And I plan to take my second trip to China as Treasury Secretary, where a significant portion of the agenda will focus on discussing difficult areas of concern with my counterpart. The United States will maintain our commitment to clear communication on our actions, from our outbound investment regime, to the rollout of additional Inflation Reduction Act provisions, to our sanctions. And we will keep pressing the PRC on its national security actions. Continuing to stabilize our relationship to prevent escalation won’t make news. But our economies, our people—and, again, also economies and people around the world—will be safer and more secure. This is what it means for the U.S. and China to build and responsibly manage our relationship.

其次，在接下来的一年里，我们将继续力促中国在经济政策及决策方面具有清晰度，以使我们自己的决策更具知情性。50年前，当中国在全球经济中的占比不到3%时，中国的过剩供给或需求变化——事实上——中国更广泛的经济政策——对全世界其他地区的影响要小得多。如今，中国占全球经济的近20%，中国体量太大，无法仅通过出口来实现增长，而且其经济政策选择产生着深远影响。在金融稳定方面也是如此。在中国发生的金融冲击——以及中国做出的反应——并不是孤立的。了解中国的有关计划，特别是了解中国打算如何应对地方政府债务以及房地产市场的挑战，或是中国在经济出现意外的薄弱环节时可能做出何种反应，对于我们这些美国的决策者来说至关重要。随着我们了解更多情况，我们将继续就美国和中国存在分歧的领域提出关切，从中国产业政策可能造成的全球溢出效应到中国采取的可能对私营部门造成不利影响的行动等等。我们还将要求中国在非市场行为及外汇活动方面有更大的透明度。我们将与我们的合作伙伴和盟友共同再度强调，要长期保持健康的经济关系，就必须为我们的企业和工人提供一个公平的竞争环境。提高清晰度将使我们能够更好地代表我们的公民做出决策。这也能帮助许多其他经济体的决策者，他们都可能受到中国做出的选择的影响。

Second, over the next year, we will continue pressing for clarity on China’s economic policies and policymaking to better inform our own decision-making. Fifty years ago, when China was less than 3 percent of the global economy, excess supply or changes in demand in China—in fact, Chinese economic policy more broadly—mattered far less to the rest of the world. Now, at nearly 20 percent of the global economy, China is too large to export its way to growth, and its economic policy choices have far-reaching consequences. The same is true for financial stability. Financial shocks in China—and China’s response to them—do not occur in isolation. Understanding China’s plans, especially how China intends to respond to challenges with local government debt and the real estate market or how it might react if unexpected weaknesses in its economy should arise, is crucial for those of us charged with policymaking in the United States. As we learn more, we will continue to raise concerns on areas where the U.S. and China disagree, from the possible global spillovers of China’s industrial policies to actions China has taken that can disadvantage the private sector. We will also ask for greater transparency on China’s non-market practices and foreign exchange practices. We will reinforce—alongside our partners and allies—that for a healthy economic relationship to be sustainable, it is essential that there is a level playing field for our firms and workers. More clarity will allow us to make better decisions on behalf of our citizens. And it also helps policymakers in the many other economies that could be affected by the choices China makes.

第三，我们将在今后一年致力于在一些领域中加快与中国展开的工作，我们两国以及许多其他国家都能在这些领域里从我们的合作以及共同的领导作用中受益。人们通常都理解，军事领导人需要快速可靠的沟通渠道，以防止危机失控。对于应对金融压力的经济政策制定者来说，了解沟通渠道另一端的对等官员并能够迅速做出决策同样至关重要。为了做到这一点，美国和中国将为我们的金融监管人员之间的交流提供便利，就像美国定期与欧盟和英国等主要金融中心进行交流一样。我们已经在就气候压力情境建模的信息交流方面进行了努力，这对于了解气候变化对我们金融系统构成的威胁并为此做好准备至关重要。而且我们正在促进类似的技术交流，探讨如果在美国或中国发生全球系统重要性银行——即G-SIB——经营失败，每个司法管辖区如何处理以及我们如何最好地协调。

Third, over the next year, we will aim to accelerate our work with China on areas where our countries and many others would benefit from our collaboration and joint leadership. It is often well-understood that military leaders need to have quick and reliable means of communication to keep a crisis from spiraling out of control. For economic policymakers responding to financial stress, it is also critical to know the counterpart on the other end of the line and be able to make a quick call. To enable this, the United States and China will facilitate exchanges between our financial regulators, as the United States does regularly with major financial centers such as the European Union and the United Kingdom. We already have efforts underway to exchange information about modeling climate stress scenarios, which is crucial to understanding and preparing ourselves for the threat climate change poses to our financial systems. And we are facilitating a similar technical exchange on how each jurisdiction handles—and how we’d best coordinate—if there were a failure of a global systemically important bank, or G-SIB, in the U.S. or China.

在反洗钱及打击恐怖主义筹资方面也存在合作空间，其中包括应对与加密货币相关的非法金融风险。我们尤其重视非法金融活动与芬太尼问题，这已成为美国18至49岁人口的主要死因。今年11月，拜登总统和习近平主席同意恢复在禁毒方面的双边合作，重点是阻止用于制造芬太尼的前体化学品的贩运。我们已经看到了进展，美国财政部和中国经济政策制定者在推进这一合作方面起着关键作用。

There is also scope for collaboration on anti-money laundering and countering the financing of terrorism, including addressing illicit finance risks associated with cryptocurrency. We are particularly focused on illicit finance and fentanyl, which has become the leading cause of death for Americans aged 18 to 49. In November, President Biden and President Xi agreed to resume bilateral cooperation on counternarcotics, with a focus on disrupting the flow of precursor chemicals used to make fentanyl. We are already seeing progress, and the Treasury Department and Chinese economic policymakers have a key role to play in taking aspects of this cooperation forward.

我们还将继续推动共同应对全球挑战。这可以包括在自然环境和生物多样性以及适应性和复原力等方面或者为制定实现零净排放的共同原则方面寻求协调，制定实现零净排放的共同原则的工作可以借鉴美国财政部关于美国金融机构零净排放原则的国内工作。我们将继续在悬而未决的案例中寻求加快主权债务重组的进展，并倡导对债务结构进行必要的改变。我们还在债务问题和气候问题的交叉层面看到了合作的机会，因为至关重要的是债务压力不应妨碍低收入国家投资于可持续发展和采取气候行动。我们还将为加强国际金融体系寻求与中国继续合作，其中包括完善多边开发银行。

We will also continue pushing to jointly address global challenges. This could include pursuing coordination on issues like nature and biodiversity as well as adaptation and resilience, or developing common principles to achieve net zero, building on Treasury’s domestic work on net-zero principles for U.S. financial institutions. We will continue to seek faster progress on sovereign debt restructurings in outstanding cases and advocate for needed changes to the debt architecture. We see opportunities for collaboration at the intersection of debt and climate as well, as it is crucial that debt distress not block low-income countries from investing in their sustainable development and taking climate action. And we will look for ways to continue partnering with China on strengthening the international financial architecture, including through evolving the multilateral development banks.

最后，让我回到今天的活动所纪念的50周年里程碑。在过去的50年里，中国经历了巨大的变革。美国也是如此。在过去的三年里，拜登总统推动国内投资，在印太地区建立了强大的经济关系，并从这一实力地位出发，寻求对中国采取务实的经济方针。这是一种根植于在座各位共同持有的理念的方针，即美国的员工及企业能从公平条件下的良性竞争中受益。而且美国和中国之间的合作对于着手解决全世界所面临的巨大挑战必不可少。但这种方针也认识到我们在观念和政策上存在着鲜明的差异。处理这一关系并非易事，对此我们不抱任何幻想。

I’ll end by returning to the 50-year mark that today’s event commemorates. Over the past 50 years, China has undergone a massive transformation. The United States has as well. And over the past three years, President Biden has invested at home, built strong economic relationships in the Indo-Pacific region, and, from this place of strength, pursued a pragmatic economic approach to China. It’s an approach rooted in the understanding shared by those in this room that American workers and firms can benefit from healthy competition on a level playing field. And that collaboration between the U.S. and China is necessary to tackle the immense challenges the world faces. But it’s also an approach that recognizes that we are separated by stark differences in perspectives and policies. We’re under no illusion that navigating this relationship will be easy.

因此，我今天不会宣告胜利，也不会提出我们无法实现的目标。恰恰相反，我要重申我们正在采取的方针：继续以有的放矢、认真谨慎的方式负责任地管理我们的经济关系。我们将很快看到这种方针的一些益处。其他一些益处将随着时间的推移而显现。还有一些益处只有当我们认识到与之相反的情况时才会变得清晰：如果美中关系不可预测且动荡不安，那么在这样一个世界中，全世界人民都会担心我们的分歧有可能升级为冲突并可能破坏他们的生活和生计。简言之，在辞旧迎新并展望未来一年的时刻，我坚信我们正在开辟的道路不仅是务实的，而且是全世界最大的两个经济体必须采取的举措，只有这样我们才有望在未来50年为我们的人民及全世界人民取得最佳成果。

So, today, I don’t declare victory or set goals we can’t achieve. Instead, I affirm the approach we are taking: proceeding purposefully and carefully to responsibly manage our economic relationship. Some benefits of this approach we’ll see quickly. Other benefits we’ll see over time. Still others will be clear only if we consider the alternative: a world in which the relationship between the U.S. and China is unpredictable and tumultuous. In which people around the world fear that our disagreements may escalate into conflict that could undermine their lives and livelihoods. Put simply, as we end the year and look to the year ahead, I am convinced the course we are charting is not just pragmatic. It’s what’s required of the world’s two largest economies if we hope to achieve the best outcomes for our people and for people around the world, for the 50 years to come.