第五次中印财金对话联合声明

　　联 合 声 明

　　第五次中印财金对话

　　2011年11月8日，新德里

　　根据2005年4月温家宝总理访印期间两国政府签署的《中华人民共和国政府和印度共和国政府关于启动中印财金对话机制的谅解备忘录》，中印双方已分别于2006年4月、2007年12月、2009年1月及2010年9月成功举行四次中印财金对话。第五次中印财金对话于2011年11月8日在新德里举行。

　　双方就全球宏观经济形势及应对政策措施交换了意见，特别就当前全球经济面临的风险及中印两国在危机过后的复苏阶段中所发挥作用进行了交流。双方就国际货币体系改革及强劲、可持续与平衡增长框架等二十国集团议题进行了深入讨论。

　　宏观经济形势与政策应对措施

　　双方均认为全球经济正处于关键时期。由于一些发达经济体主权债务是否可持续存在不确定性，全球经济增长放缓，下行风险加剧。新兴经济体虽然增长相对强劲，但受到发达经济体增长放慢的影响，已出现增速放缓的明显迹象。面临这些挑战，双方认为在此关键时期，加强国际政策合作非常必要。两国将采取一切必要措施促进国内经济增长。同时，两国支持二十国集团为此所作的努力，承诺落实戛纳中短期政策行动计划，推动全球经济实现强劲、可持续及平衡增长。

　　中印财政改革

　　双方分享了推动可持续增长的财政政策经验。印方认识到基于税收与支出改革的财政整顿是实现经济可持续增长的关键，已开始进行财政改革，强调实施审慎支出管理，资金重点支持基础设施等优先发展领域，调整改进税收结构与商业模式等。2011年，中国政府继续实施了积极的财政政策，并适时适度地调整政策力度、节奏与重点，以加快转变经济发展方式为主线，处理好保持经济平稳较快发展、调整经济结构和管理通胀预期三者关系，更加注重稳定物价总水平，进一步扩大内需，不断增强经济发展的协调性、可持续性和内生动力。

　　二十国集团中的中国与印度

　　双方就戛纳峰会成果交换了意见，并强调了二十国集团作为世界经济合作主要平台的重要性。双方认识到强劲、可持续及平衡增长框架在促进国际宏观经济政策协调方面发挥的积极作用。双方敦促发达经济体采取负责任的宏观经济政策，妥善处理其债务和金融稳定问题，促进投资，创造需求。双方同意在G20框架下加强协调和合作，共同努力，促进两国和全球经济的稳定和增长。

　　大宗商品价格

　　大宗商品价格，特别是粮食和能源价格过度波动对于当前全球经济复苏带来风险和挑战。我们支持国际社会加强合作，通过减少价格扭曲和进一步规范金融市场，确保现货市场的稳定与强劲发展。国际社会应该共同努力，提高生产能力，促进生产者与消费者有效对话以平衡供需关系，并增加对发展中国家的融资与技术支持。应加强金融衍生品市场监管，以防止可能破坏市场稳定的活动。

　　双边金融合作

　　双方重申了深化两国金融合作，促进双边全面经济合作的承诺。双方对两国监管机构之间日益加强的合作表示欢迎，并承诺为进一步促进两国金融机构合作创造良好环境。中方介绍了加强金融控股公司监管的经验，双方还就金融普惠倡议进行了讨论。

　　中印两国承诺加强对话，增进战略互信，深化双边合作以取得务实成果。双方一致同意于2012年第四季度在北京举行第六次中印财金对话。

　　中华人民共和国政府 　　　　　　　　　　　　　　  　 印度共和国政府

　　Joint Statement

　　The Fifth India-China Financial Dialogue

　　New Delhi, 8th November, 2011

　　In accordance with the MoU on the Launch of the Financial Dialogue between the People’s Republic of China and the Republic of India, signed during Chinese Prime Minister Wen Jiabao’s visit to India in April 2005, the two sides have since successfully held four Financial Dialogues in April 2006, December 2007, January 2009 and September 2010, respectively. The Fifth India-China Financial Dialogue was held on 8th November 2011, in New Delhi。

　　Both sides exchanged views on the global macro economic situation and policy responses, with specific reference to current risks to the global economy and the role of India and China in the post crisis recovery phase. Both sides had in-depth discussions on G20 issues including reforms in the International Monetary System and the Framework for Strong, Sustainable and Balanced Growth。

　　Macroeconomic situation and policy responses

　　The two sides recognised that the global economy is in a critical phase.  Global economic growth has weakened and downside risks have heightened due to uncertainty over the sustainability of sovereign debts in some advanced economies. In emerging markets, where growth is relatively stronger, there are clear signs of a slowing as developments in advanced economies begin to weigh on these countries. In the face of these challenges, both sides recognised that strengthening of international policy cooperation is needed at this juncture. While we will take all necessary measures in our respective countries to help maintain global growth, we support G20 efforts in this regards and are committed to the Cannes Action Plan for short and medium term policy actions towards strong, sustainable and balanced growth。

　　Fiscal Reform in both Countries

　　Both sides shared their experiences in fiscal policy for sustaining growth process. Recognizing the fact that fiscal consolidation anchored on the process of reforms in tax and expenditure is key to sustaining  macroeconomic outcomes, India is focusing on  prudential expenditure management, measures to reallocate resources to priority development sectors, particularly infrastructure, rationalization of tax structure and re-engineering the business processes

　　for providing an enabling environment for better tax compliance. Focusing on accelerating the transformation of economic growth model, China continues with proactive fiscal policy in 2011, and adjusts its intensity, pace and priorities to reasonable extent and at appropriate time  to properly handle the relationship between economic growth, structural adjustment and management of inflation expectation, give more emphasis to price stability and further expand domestic demand, in order to ensure the coordinated, sustainable and endogenous development。

　　India and China in the G20

　　Both sides exchanged views on the outcomes of the Cannes Summit and underscored the importance of the G20, as the premier forum for international economic cooperation. We recognize the signature effort of the G20 Framework for Strong, Sustainable and Balanced Growth in fostering international macroeconomic policy coordination. Two sides urged the developed economies to adopt responsible macroeconomic policies to handle the issues of debt and financial stability properly, promote investment and create demands. Both sides agreed to strengthen coordination and cooperation in the G20 for the stability and growth  of both the countries and the global community。

　　Commodity Prices

　　Excessive volatility in commodity prices, particularly those for food and energy, poses risks and challenges for the ongoing recovery of the world economy. We support the international community in strengthening cooperation to ensure stability and strong development of physical market by reducing distortion and further regulate financial market. The international community should work together to increase production capacity, strengthen producer-consumer dialogue to balance supply and demand, and increase support to the developing countries in terms of funding and technologies. The regulation of the derivatives market for commodities should be accordingly strengthened to prevent activities capable of destabilizing markets。

　　Bilateral Financial Cooperation

　　Both sides reiterated their commitment to deepening financial cooperation between the two countries with an aim of promoting overall bilateral economic cooperation. Both sides welcomed the enhanced cooperation between regulatory agencies, and committed to creating an enabling environment to promote further cooperation of financial institutions between the two countries. The Chinese side shared its experiences in the area of regulatory oversight schemes for Financial Holding Companies. Two sides also discussed initiatives towards financial inclusion。

　　India and China committed themselves to enhance the dialogue process to deepen mutual cooperation to achieve practical outcomes and strengthen strategic mutual trust. Both sides agreed to hold the Sixth India-China Financial Dialogue in China in the last quarter of 2012.

For the Government

of the People’s Republic of China

For the Government

of the Republic of India