【Business 0326】G20采纳一系列新原则，提高经济韧性

刘颖

"The risks for the global economy continue to persist of course, some even say they have rather increased," German Finance Minister Wolfgang Schaeuble said on Saturday during a news conference at the end of the G20 meeting in Baden-Baden.

"This is why it's all the more important that we are well prepared," Schaeuble said, adding that strengthening the economic resilience against future shocks was one of the priorities of the German G20 presidency.

Schaeuble said the adopted list of principles included policy recommendations for example on labor market regulation, but also for international trade and the "importance of open markets."

The adopted document, of which Reuters obtained a copy, is entitled "Note on Resilience Principles in G20 Economies." The list is organized around five broad themes—real sector, public finance, private finance, monetary policy and external sector.

The list includes the advice to "strengthen macroeconomic foundations and policy frameworks to reap the benefits of openness to trade and international capital flows."

It also calls on governments to "ensure that the benefits from trade are widely shared throughout the entire economy."

In the section on public finances, it says governments should ensure that public debt is on a sustainable path taking into account "longer term structural fiscal pressures."

In their main communique, the G20 countries dropped on a pledge to keep an open and inclusive global trade system after being unable to find a suitable compromise with an increasingly protectionist United States.

In an apparent reference to U.S. proposals to introduce a border tax to favor exports over imports, the separate document on resilience warns against negative spillover effects from individual policy actions.

"While the effects of individual policy actions are amplified through positive cross-border spillovers, any possible negative cross-border spillovers arising from individual policy actions should also be considered," it says.

The International Monetary Fund chief economist Maurice Obstfeld warned on Monday that U.S. proposals to overhaul the U.S. tax code by favoring exports over imports could have spillover effects to other economies such as Saudi Arabia as the measure was likely to strengthen the dollar.

刘颖

TRANSLATIONS

最近一次G20财长和央行行长会议在德国城市巴登巴登举行，上周六是会议的最后一天。德国财长沃尔夫冈·朔伊布勒在当天的新闻发布会上表示：“全球经济风险当然继续存在，甚至有人说它们变得更大了。”

他说：“因此，我们有充分的准备至关重要。” 朔伊布勒还表示，德国担任G20轮值主席国期间的首要任务之一就是提高经济对未来冲击的抵抗力。

他指出，这些已采纳的原则包括政策建议，比如劳动力市场监管，同时也涉及国际贸易和“开放市场的重要性”。

路透社取得的副本显示，上述原则构成的文件名为《G20经济体韧性原则报告》（Note on Resilience Principles in G20 Economies）。这些原则围绕五大主题展开，分别是生产服务性行业、公共金融、私人金融、货币政策和外向型行业。

文件中的建议涉及“巩固宏观经济基础和政策体系，以便从开放贸易和国际资本流动中获益。”

它还建议政府“确保整个经济全面分享贸易的益处”。

在公共金融方面，文件认为政府应当确保公共债务处于可持续水平，并考虑到“长期结构性财政压力”。

面对保护主义日渐抬头的美国，G20未能找到合适的让步方式。本次G20会议在公报中承诺，要维持开放并具有包容性的全球贸易体系。

上述文件还警告，个别政策行为会产生不利的溢出效应，这显然是指美国意欲推出有利出口而不利进口的边境税。

文件称：“积极的跨境外溢现象会放大个别政策行为的影响，同时也应当考虑个别政策行为可能产生的消极溢出效应。”

国际货币基金组织首席经济学家莫里斯·奥布斯特菲尔德本周一警告说，美国打算通过重出口轻进口的做法来调整税制，这或许会对沙特等经济体产生溢出效应，原因是此举可能让美元走强。