中國曾長期實行高度集中的計劃經濟，把計劃看成是絕對的，束縛了生產力的發展。這場金融危機使我們看到，市場也不是萬能的，一味放任自由，勢必引起經濟秩序的混亂和社會分配的不公，最終受到懲罰。真正的市場化改革，決不會把市場機制與國家宏觀調控對立起來。既要發揮市場這只看不見的手的作用，又要發揮政府和社會監管這只看得見的手的作用。兩手都要硬，兩手同時發揮作用，才能實現按照市場規律配置資源，也才能使資源配置合理、協調、平衡、可持續。

For many years in the past, China practiced a highly centralized planned economy and regarded planning as being absolute. This hampered the development of productivity. The ongoing financial crisis has made it clear to us, however, that the market is not a cure-all, either. A totally laissez-faire approach will inevitably lead to economic disorder and unfair social distribution, and will eventually take its toll. A credible market-oriented reform should never set the market against government macro-regulation. The invisible hand of the market and the visible hand of government and social supervision should both act, and act vigorously. Only in this way can resources be distributed according to market rules and distributed in a reasonable, coordinated, balanced and sustainable manner.

國際金融危機再次告訴人們，不受監管的市場經濟是多么可怕。從上世紀９０年代以來，一些經濟體疏于監管，一些金融機構受利益驅動，利用數十倍的金融杠桿進行超額融資，在獲取高額利潤的同時，把巨大的風險留給整個世界。這充分說明，不受管理的市場經濟是注定行不通的。因此，必須處理好金融創新與金融監管的關系、虛擬經濟與實體經濟的關系、儲蓄與消費的關系。

The international financial crisis once again shows how dangerous a market economy without regulation can be. Since the 1990s, some profit-driven financial institutions in economies lacking effective regulation have raised massive capital with a leverage of dozens of times. While they reaped huge profits, the world was exposed to enormous risks. This fully demonstrates that a totally unregulated market economy cannot work. We must strike a balance between financial innovation and regulation, between the financial sector and real economy, and between savings and consumption.

有效應對這場危機，還必須高度重視道德的作用。道德是世界上最偉大的，道德的光芒甚至比陽光還要燦爛。真正的經濟學理論，決不會同最高的倫理道德準則產生沖突。經濟學說應該代表公正和誠信，平等地促進所有人，包括最弱勢人群的福祉。被譽為現代經濟學之父的亞當·斯密在《道德情操論》 中指出：“如果一個社會的經濟發展成果不能真正分流到大眾手中，那么它在道義上將是不得人心的，而且是有風險的，因為它注定要威脅社會穩定。”道德缺失是導致這次金融危機的一個深層次原因。一些人見利忘義，損害公眾利益，喪失了道德底線。我們應該倡導：企業要承擔社會責任，企業家身上要流淌著道德的血液。

To effectively meet the crisis, we must fully recognize the role of morality. Nothing is greater than morality. It shines even more brightly than the sun. True economic theories will never come into conflict with the highest moral and ethical standards. Instead, they should stand for justice and integrity, and contribute in an equal way to the well-being of all people, including the most vulnerable ones. Adam Smith, known as the father of modern economics, held the view in The Theory of Moral Sentiments that if the fruits of a society's economic development cannot be shared by all, it is morally unsound and risky, as it is bound to jeopardize social stability. The loss of morality is an underlying cause for the current crisis. Some people have sacrificed principle and sought profits at the expense of public interests. They have crossed the moral baseline. We should call on all enterprises to take up their social responsibilities. Within the body of every businessman should flow the blood of morality.

女士們，先生們！

Ladies and Gentlemen,

英國是我這次歐洲之行的最后一站。這次訪問，加深了我對歐洲的了解。中歐合作已經站在一個新的歷史起點上。我對中歐發展全面戰略伙伴關系更加充滿信心。我們之間不存在歷史遺留問題，也不存在根本利害沖突。中歐合作基礎堅實，前景光明。英國是最早進入現代化的國家，你們在發展經濟、保護環境等方面，都有許多成功的經驗。我們愿意向你們學習，加強交流與合作。

Britain is the last leg of my European trip. I have gained a deeper understanding of Europe through this visit. China-EU cooperation is now standing at a new historical starting point and I am all the more confident about the China-EU comprehensive strategic partnership. There are no outstanding issues left over from history or conflict of fundamental interests between the two sides. What we have is a solid foundation and a bright future for cooperation. As the first industrialized country, Britain has accumulated rich experience in economic development and environmental protection. We hope to learn from your experience and strengthen exchanges and cooperation with you.

未來屬于青年一代。中英關系的美好前景要靠青年去開拓。撫今追昔，我想起對中英文化交流作出重要貢獻的劍橋校友李約瑟博士。他的鴻篇巨著《中國科學技術史》，在東西方兩大文明之間架起了一座橋梁。繼承傳統、勇于創新，是劍橋大學的優秀品格。希望更多的劍橋人關注中國，用發展的眼光看中國，做中英交流的友好使者。我相信，只要中英兩國青年相互學習，攜手共進，一定會譜寫出中英關系的嶄新篇章。

The future belongs to the younger generation. It is incumbent upon you to build an even more splendid future of China-Britain relations. Here and now, I cannot but mention Dr. Joseph Needham, a Cambridge alumnus who made important contribution to cultural exchanges between China and Britain. With his monumental masterpiece, Science and Civilization in China, he built a bridge between the two great civilizations of East and West. To honor tradition and innovation is the outstanding character of Cambridge. I hope more of you will turn your eyes to China, see my country in the light of her development, and act as ambassadors of China-Britain friendship. I believe that as long as you, the young people of China and Britain learn from each other and strive for progress hand in hand, you will add a brilliant new chapter to the annals of our relations.

謝謝大家！

Thank you!