中国曾长期实行高度集中的计划经济，把计划看成是绝对的，束缚了生产力的发展。这场金融危机使我们看到，市场也不是万能的，一味放任自由，势必引起经济秩序的混乱和社会分配的不公，最终受到惩罚。真正的市场化改革，决不会把市场机制与国家宏观调控对立起来。既要发挥市场这只看不见的手的作用，又要发挥政府和社会监管这只看得见的手的作用。两手都要硬，两手同时发挥作用，才能实现按照市场规律配置资源，也才能使资源配置合理、协调、平衡、可持续。

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.

国际金融危机再次告诉人们，不受监管的市场经济是多么可怕。从上世纪９０年代以来，一些经济体疏于监管，一些金融机构受利益驱动，利用数十倍的金融杠杆进行超额融资，在获取高额利润的同时，把巨大的风险留给整个世界。这充分说明，不受管理的市场经济是注定行不通的。因此，必须处理好金融创新与金融监管的关系、虚拟经济与实体经济的关系、储蓄与消费的关系。

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.

有效应对这场危机，还必须高度重视道德的作用。道德是世界上最伟大的，道德的光芒甚至比阳光还要灿烂。真正的经济学理论，决不会同最高的伦理道德准则产生冲突。经济学说应该代表公正和诚信，平等地促进所有人，包括最弱势人群的福祉。被誉为现代经济学之父的亚当·斯密在《道德情操论》 中指出：“如果一个社会的经济发展成果不能真正分流到大众手中，那么它在道义上将是不得人心的，而且是有风险的，因为它注定要威胁社会稳定。”道德缺失是导致这次金融危机的一个深层次原因。一些人见利忘义，损害公众利益，丧失了道德底线。我们应该倡导：企业要承担社会责任，企业家身上要流淌着道德的血液。

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.

女士们，先生们！

Ladies and Gentlemen,

英国是我这次欧洲之行的最后一站。这次访问，加深了我对欧洲的了解。中欧合作已经站在一个新的历史起点上。我对中欧发展全面战略伙伴关系更加充满信心。我们之间不存在历史遗留问题，也不存在根本利害冲突。中欧合作基础坚实，前景光明。英国是最早进入现代化的国家，你们在发展经济、保护环境等方面，都有许多成功的经验。我们愿意向你们学习，加强交流与合作。

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.

未来属于青年一代。中英关系的美好前景要靠青年去开拓。抚今追昔，我想起对中英文化交流作出重要贡献的剑桥校友李约瑟博士。他的鸿篇巨著《中国科学技术史》，在东西方两大文明之间架起了一座桥梁。继承传统、勇于创新，是剑桥大学的优秀品格。希望更多的剑桥人关注中国，用发展的眼光看中国，做中英交流的友好使者。我相信，只要中英两国青年相互学习，携手共进，一定会谱写出中英关系的崭新篇章。

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.

谢谢大家！

Thank you!