This demands rigorous reform by all nations, including the United States and the countries of Asia. We in the United States are in the middle of a necessary transition: we must save more and spend less. And we must not only save more and spend less, we must borrow less, as well. Our partners must meet this change with changes of their own. There is no way around it: Long-term growth requires stronger and broader-based domestic demand in today's high-saving Asian economies. This will raise living standards across the region, create jobs in America, improve business for many in this room, and help stabilize the global economy.

这要求包括美国和亚洲各国在内的所有国家都大力实行改革。我们美国人正处在一个必要的转型过程中：我们必须增加储蓄，减少开支。我们不仅必须多存钱、少花钱，还必须少借钱。我们的合作伙伴也必须自行调整，以应对上述这种变化。没有任何迂回路径：长期增长必须要靠今日高储蓄的亚洲经济体增加并扩大国内需求。这将提高整个地区的生活水平，在美国创造就业机会，让在座许多人的生意更红火，并帮助稳定全球经济。

For years, my image of the global economy was an inverted pyramid resting on the shoulders of American women, since we are the primary consumers in the world. And therefore, it seems to me that that is no longer a sustainable model. And so we have to change how we do business internally and externally. And, above all, we must reach agreement on the rules and principles that will anchor our economic relationships in the coming decades.

多年来，全球经济在我看来好似一座坐落在美国妇女双肩上的倒金字塔，因为我们是全世界的主要消费者。因此，在我看来这不再是一个可持续的模式。所以我们必须改变我们在国内和国外从事商业经营的方式。而最重要的是，我们必须就能在今后几十年稳固我们的经济关系的规则和原则达成一致。

Last March in APEC meetings in Washington, I laid out four attributes that I believe characterize healthy economic competition. And these are very simple concepts, easy to say, hard to do: open, free, transparent, and fair. Hong Kong is helping to give shape to these principles and is showing the world their value.

今年3月在华盛顿举行的亚太经合组织会议上，我阐述了我认为健康的经济竞争应当具备的四个特征。这些概念简单明了，但知易行难——开放、自由、透明、公平。香港正在帮忙使上述原则具体化，正在向全世界展示它们的价值。

First, we must seek an open system where any person anywhere can participate in markets everywhere.

首先，我们必须努力建立一个开放的体系，让任何地区的任何人都能参与任何一处市场。

Second, we must seek a free system, one in which ideas, information, products and capital can flow unimpeded by unnecessary or unjust barriers. That is why President Obama has mobilized a government-wide effort to attract foreign investment to America. Now, in the past, foreign investment has been seen as controversial. But today we know it helps create growth and jobs, and it can attract American dollars held overseas back into the US economy. As we welcome investors to our country, we hope that all investors, including those from America, will receive an enthusiastic welcome overseas.

其次，我们必须努力建立一个自由的体系，让创意、信息、产品和资本能够自由流通，不被不必要或不公平的壁垒所阻碍。正是出于这个原因，奥巴马总统已调动政府各部门努力将外国投资吸引到美国。而在过去，外国投资曾被视为是有争议的。但现在，我们知道外国投资有助于创造增长和就业机会，还能将海外持有的美元吸引回美国经济中。在我们欢迎投资者到我国投资的同时，我们也希望包括美国投资者在内的所有投资者都能在海外受到热情欢迎。

Third, we must seek a transparent economic system. Rules and regulations need to be developed out in the open through consultation with stakeholders. They must be known to all and applied equally to all. Hong Kong is a testament to the power of transparency, good governance, the rule of law, freedom of the press, an independent judiciary, and a vibrant civil society, all of which help to explain why so many people choose to do business here.

第三，我们必须努力建立一个透明的经济体系。规则和规章应当经与利益相关者共同磋商公开制定。它们必须为所有各方所了解，并平等适用于所有各方。香港展示了透明、良治、法治、新闻自由、司法独立和一个欣欣向荣的公民社会的力量，所有这些都有助于说明为什么这么多人选择在香港从事商业经营。

Openness, freedom and transparency contribute to the fourth principle we must ensure: fairness. Fairness sustains faith in the system. That faith is difficult to sustain when companies are forced to trade away their intellectual property just to enter or expand in a foreign market, or when vital supply chains are blocked. These kinds of actions undermine fair competition, which turns many off from competing at all.

开放、自由和透明都为我们必须保障的第四项原则创造了条件，这就是公平。公平能够保持人们对这个体系的信任。当公司企业为了开辟或扩大一个外国市场而不得不以其知识产权作交换时，或当关键的供应链被切断时，这种信任便难以维持。这类行为有损于公平竞争，挫伤了很多人的竞争意愿。

A growing number of countries in Asia are proving the value of these principles. And the United States deeply believes in them, because their value has been proven time and again, not only in times of prosperity but also in times of hardship, as well. At the end of the Vietnam War, there was a thriving commentary around the world on the idea of America’s economic decline. That seems to be a theme that kind of repeats itself every couple of decades. But all the while, then and now, these principles were nurturing a system of entrepreneurship and innovation that allowed two college students to found a small tech startup called Microsoft. And today, they are helping power companies like Solyndra, a green-energy startup in California that began producing solar panels in 2007 and now installs them in more than 20 countries worldwide.

越来越多的亚洲国家正在证明上述原则的价值。美国坚信上述原则，因为其价值一次又一次地得到验证，不仅是在繁荣时期，而且是在困难时刻。在越战结束时，全世界有关美国经济衰退的言论流行一时。这种言论似乎每隔20年便会再次冒头。然而，从过去到现在，上述原则扶持了一个鼓励创业和创新的体系，这个体系促使两名大学生创立了一家名叫微软的小型科技公司。今天，上述原则正在扶植着像加州绿色能源初创公司Solyndra这样的能源公司，这家公司自2007年起开始生产太阳能板，现在他们的太阳能板被用于全世界20多个国家。