華爾街日報記者：我有兩個問題。一個問題是現(xiàn)在國際投資者都非常關(guān)注中國的股市，您是否認(rèn)為在過去的兩年，中國的股市上漲或者發(fā)展過快、過猛？您是否認(rèn)為普通的投資者現(xiàn)在承擔(dān)著過大的風(fēng)險？中國政府打算采取什么樣的措施來給股市降溫，或者說來調(diào)控股市？另外一個問題是有關(guān)中國的外匯儲備投資的。中國政府提出要建立一個新的投資機構(gòu)，尋求外匯儲備的多元化。我想問的是，中國新成立的這種機構(gòu)，它將把投資投向哪些具體的資產(chǎn)？
Wall Street Journal: International investors are now very interested in China's stock market. Do you think the rise of the stock market over the past two years went too far too fast? And the average Chinese investors might be risking too much? What measures is your government considering to further cool down or regulate the stock market? And on another topic related to investment. The government has announced plans for a new agency to manage the diversification of China's foreign exchange reserves. Can you tell us what kind of assets this agency will invest in?
溫家寶：我關(guān)注股市的發(fā)展，但更關(guān)注股票市場的健康發(fā)展。去年以來，我們加強了資本市場的基礎(chǔ)性制度建設(shè)，特別是成功地推進了股權(quán)分置改革，解決了歷的遺留問題。我們的目標(biāo)是建立一個成熟的資本市場。這就需要：第一，提高上市公司的質(zhì)量；第二，建立一個公開、公正、透明的市場體系；第三，加強資本市場的監(jiān)管，特別是完善法制。最后，要加強股市信息的及時披露，使股民增強防范風(fēng)險的意識。
你談到中國的外匯儲備如何使用，這確實是我們面臨的一個大問題。從我國的經(jīng)歷來看，外匯少的時候，有少的難處。上世紀(jì)90年代的時候，我們因缺少外匯，曾經(jīng)向國際貨幣基金組織借，他們只借給我們八億美元?，F(xiàn)在外匯多了，超過一萬億美元了，怎么把它使用好？這又成為我們一個新的難題。
中國實行外匯儲備的多元化，這是基于外匯安全的考慮。我們是要組建一個外匯投資機構(gòu)，這個機構(gòu)是超脫于任何部門的，依照國家的法律來經(jīng)營外匯，有償使用，接受監(jiān)管，保值增值。
中國對外投資時間還短，我們十分缺乏經(jīng)驗。我最近查了一下資料，現(xiàn)在非金融類的對外投資，截至2006年底，只有733億美元，去年一年新增160億美元。這同發(fā)達國家比起來，簡直是微乎其微。
我知道你提出的問題，是關(guān)注我們成立這個公司開展對外投資會不會影響美元資產(chǎn)。在中國的外匯儲備當(dāng)中，美元資產(chǎn)占多數(shù)，這是個事實。中國購買美元資產(chǎn)是互利的，中國組建外匯投資公司，不會影響美元資產(chǎn)。
Premier: I follow closely the development of the stock market, and I particularly hope to see its healthy growth. Since last year, we have strengthened the development of institutional infrastructure for the capital market. In particular, we have successfully introduced the reform of listing non-tradable shares of listed companies, thus resolving an outstanding issue. Our goal is to build a mature capital market. To meet this goal, first, we need to improve the performance of listed companies. Second, we need to develop an open, fair and transparent market system. Third, we need to enhance oversight and regulation of the capital market and especially improve the relevant legal framework. Finally, we should see to it that stock market related information is released on a timely basis and make individual stock investors more aware of investment risks.
As to the issue of how to use China's foreign exchange reserves you have mentioned, this is indeed a big issue we face. From our own experience, we know how difficult it could be when we lacked foreign exchange. In the 1990s, China did not have enough foreign exchange, so we borrowed foreign exchange from the IMF. The IMF only lent us 800 million US dollars. Now our foreign exchange reserves have exceeded one trillion US dollars, and how to make good use of them has become a new issue for us.
China practices diversification of its foreign exchange reserves to ensure their security. Yes, we do plan to set up a foreign exchange investment company, and it will not be under any government department. The company will manage the foreign exchange according to law on a paid-use basis. It will be under government oversight and regulation and should preserve and increase the value of the assets.
As it has not been long since China began to make investment overseas, we have little experience in this area. I recently looked at the statistics, which show that as of the end of year 2006, China's overseas investment in the non-financial category was only 73.3 billion US dollars. It increased by 16 billion US dollars last year. Still, it is insignificant in comparison with that of developed countries.
I know by raising this question, you may wonder whether the overseas investment to be made by this newly established company will affect US dollar denominated assets. China's foreign exchange reserves mainly consist of US dollar denominated assets. This is the fact. China's holding of US dollar denominated assets is mutually beneficial in nature. The setting up of a Chinese foreign exchange investment company will not affect the US dollar denominated assets.
Wall Street Journal: International investors are now very interested in China's stock market. Do you think the rise of the stock market over the past two years went too far too fast? And the average Chinese investors might be risking too much? What measures is your government considering to further cool down or regulate the stock market? And on another topic related to investment. The government has announced plans for a new agency to manage the diversification of China's foreign exchange reserves. Can you tell us what kind of assets this agency will invest in?
溫家寶：我關(guān)注股市的發(fā)展，但更關(guān)注股票市場的健康發(fā)展。去年以來，我們加強了資本市場的基礎(chǔ)性制度建設(shè)，特別是成功地推進了股權(quán)分置改革，解決了歷的遺留問題。我們的目標(biāo)是建立一個成熟的資本市場。這就需要：第一，提高上市公司的質(zhì)量；第二，建立一個公開、公正、透明的市場體系；第三，加強資本市場的監(jiān)管，特別是完善法制。最后，要加強股市信息的及時披露，使股民增強防范風(fēng)險的意識。
你談到中國的外匯儲備如何使用，這確實是我們面臨的一個大問題。從我國的經(jīng)歷來看，外匯少的時候，有少的難處。上世紀(jì)90年代的時候，我們因缺少外匯，曾經(jīng)向國際貨幣基金組織借，他們只借給我們八億美元?，F(xiàn)在外匯多了，超過一萬億美元了，怎么把它使用好？這又成為我們一個新的難題。
中國實行外匯儲備的多元化，這是基于外匯安全的考慮。我們是要組建一個外匯投資機構(gòu)，這個機構(gòu)是超脫于任何部門的，依照國家的法律來經(jīng)營外匯，有償使用，接受監(jiān)管，保值增值。
中國對外投資時間還短，我們十分缺乏經(jīng)驗。我最近查了一下資料，現(xiàn)在非金融類的對外投資，截至2006年底，只有733億美元，去年一年新增160億美元。這同發(fā)達國家比起來，簡直是微乎其微。
我知道你提出的問題，是關(guān)注我們成立這個公司開展對外投資會不會影響美元資產(chǎn)。在中國的外匯儲備當(dāng)中，美元資產(chǎn)占多數(shù)，這是個事實。中國購買美元資產(chǎn)是互利的，中國組建外匯投資公司，不會影響美元資產(chǎn)。
Premier: I follow closely the development of the stock market, and I particularly hope to see its healthy growth. Since last year, we have strengthened the development of institutional infrastructure for the capital market. In particular, we have successfully introduced the reform of listing non-tradable shares of listed companies, thus resolving an outstanding issue. Our goal is to build a mature capital market. To meet this goal, first, we need to improve the performance of listed companies. Second, we need to develop an open, fair and transparent market system. Third, we need to enhance oversight and regulation of the capital market and especially improve the relevant legal framework. Finally, we should see to it that stock market related information is released on a timely basis and make individual stock investors more aware of investment risks.
As to the issue of how to use China's foreign exchange reserves you have mentioned, this is indeed a big issue we face. From our own experience, we know how difficult it could be when we lacked foreign exchange. In the 1990s, China did not have enough foreign exchange, so we borrowed foreign exchange from the IMF. The IMF only lent us 800 million US dollars. Now our foreign exchange reserves have exceeded one trillion US dollars, and how to make good use of them has become a new issue for us.
China practices diversification of its foreign exchange reserves to ensure their security. Yes, we do plan to set up a foreign exchange investment company, and it will not be under any government department. The company will manage the foreign exchange according to law on a paid-use basis. It will be under government oversight and regulation and should preserve and increase the value of the assets.
As it has not been long since China began to make investment overseas, we have little experience in this area. I recently looked at the statistics, which show that as of the end of year 2006, China's overseas investment in the non-financial category was only 73.3 billion US dollars. It increased by 16 billion US dollars last year. Still, it is insignificant in comparison with that of developed countries.
I know by raising this question, you may wonder whether the overseas investment to be made by this newly established company will affect US dollar denominated assets. China's foreign exchange reserves mainly consist of US dollar denominated assets. This is the fact. China's holding of US dollar denominated assets is mutually beneficial in nature. The setting up of a Chinese foreign exchange investment company will not affect the US dollar denominated assets.