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FAREEDZAKARIAGPSMeetingwithWorldLeadersattheUnitedNationsAiredSeptember28,2008-13:00ETBelowisthecompletetranscriptofFareedZakaria'sinterviewwithChinesePremierWenJiabao.TheinterviewwastapedSeptember23,andportionswereshownonFareedZakariaGPSonSeptember28.Zakaria:Wearenowbeginningtheformalinterview,justsoeveryonerealizes.WenJiabao:Beforewebegin,IwouldliketoletyouknowthatIwillusethewordsfromthebottomofmyhearttoansweryourquestions,whichmeansthatIwilltellthetruthtoallyourquestions.IalwaystellpeoplethatsometimesImaynottellwhatisonmymind,thataslongasIspeakoutwhatisonmymind,thewordsaretrue.Ithinkyouarenowinterviewingastatesman,andatthesametimeyouareinterviewingastatesmaninhiscapacityasacommonpeople.Ipreferdialoguetolong-windedspeeches,soyoucanalwaysinterruptmeandraiseyourquestions.Thatwouldcertainlymakeourdialoguemorelively.Zakaria:Ilookforwardtothechanceforthisdialogue,andIbeginbythankingyouforgivingustheopportunityandthehonor.ThefirstthingIhavetoaskyou,Ithinkisonmanypeople'sminds.WhatdoyouthinkofthecurrentfinancialcrisisaffectingtheUnitedStates,anddoesitmakeyouthinkthattheAmericanmodelhasmanyflawsinitthatwearejustrecognizingnow?WenJiabao:ItookofficeastheChinesepremiersixyearsago,andbeforethenIwasservingasthevicepremierofthecountry.WhenIwasthevicepremier,IexperiencedanotherfinancialcrisisbutinAsia.AndinwakeoftheAsianfinancialcrisis,ChinaadoptedaproactivefiscalpolicyanddecidednottodevaluetheRMB,theChinesecurrency,butdoingsowemanagedtoovercomethedifficulties.ButnowtheproblemsintheUnitedStatesstartedwiththesubprimecrisisandlateron,FannieMaeandFreddieMacwereinvolvedintheproblems,andtheLehmanBrotherswasintrouble,MerrillLynchwasintrouble,theAIGwasintrouble,andsuchlargeinvestmentbankingcompaniesandinsurancecompaniesallencounteredsystematicproblems.AndthishasmademefeelthatthistimethecrisisthatoccurredintheUnitedStatesmayhaveanimpactthatwillaffectthewholeworld.Nonetheless,infaceofsuchacrisis,wemustalsobeawarethattoday'sworldisdifferentfromtheworldthatpeoplelivedinbackinthe1930s.Sothistimeweshouldjoinhandsandmeetthecrisistogether.IfthefinancialandeconomicsystemintheUnitedStatesgowrong,thentheimpactwillbefelt,notonlyinthiscountrybutalsoinChina,inAsiaandintheworldatlarge.IhavenotedahostofpoliciesandmeasuresadoptedbytheU.S.governmenttopreventanisolatedcrisisfrombecomingasystematicone,andIhopethatmeasuresandstepstheyhaveadoptedwillpayoff.IalsohopethatthesemeasuresandstepswillnotonlysavesomemajorU.S.financialcompaniesbutalsohelpstabilizetheU.S.economyandensurethattheU.S.economywillgrowonabalancedcourse.Zakaria:Whenyoulookatyourowneconomy,asyouknow,therearemanypeoplewhonowsaytherewillbeasignificantslowdownoftheChineseeconomy.TherearepeoplepredictingthatChinesegrowthratesmayslowtoasmuchas7percent.Doyouthinkthatwillhappen?Andifitdoes,Iwonder,whatdoyouthinktheconsequenceswillbeinChina?WenJiabao:Yes,indeed.China'seconomyhasbeengrowingatanannualaveragerateof9.6percentfor30yearsrunning.Thisisamiracle.Particularlybetweentheyear2003and2007,Chinahadenjoyedadouble-digitgrowthforitseconomy,andatthesametimetheCPIgrewinforlessthan2percentayear.ItisfairtosaythatChinahasachievedafairlyfastandsteadyeconomicgrowth.Thistime,Chinahasbeenproactiveinadoptingregulatorymeasures.Ourpreviousconsiderationsweretopreventafast-growingeconomyfrombecomingoverheatedandtopreventthefastersoaringpricesfrombecomingobviousinflation.Butthingshavechangedveryfast,andIrefertothesub-primecrisisintheUnitedStatesandtheseriousfinancialturbulencesthatfollowthesub-primecrisis.Andasaresult,wehaveseenadeclineinexternaldemand,andChina'sdomesticdemandcanhardlybeincreasedinaverysignificantmannerinashortperiodoftime.Inthiscase,itistruethatwedohavethisriskofaslowdownintheChineseeconomy.Inthiscontext,wemustre-adjustthemacroeconomicpolicyinChinainordertoadaptourselvestoexternalchanges.Whatismostimportantisforustostrikeabalancebetweeneconomicgrowth,dampeningthepricerisesandbringinginflationundercontrol.AndtostrikeabalancebetweenjobcreationanddampeninginflationandIknowit'svery,verydifficulttostrikeabalanceinallthoseareas.Weneedtoadoptaflexibleandprudentmacroeconomicpolicytoadapttoexternalchangesinordertoensureveryfastandsteadyeconomicgrowthandatthesametimekeepinginflationdown.Zakaria:DoyouthinkyoucancontinuetogrowiftheUnitedStatesgoesintoamajorrecession?WenJiabao:Inthefirsthalfofthisyear,orgiventhestatisticsforthefirsteightmonthsofthisyear,wecanseethatwehavemanagedtodothat.ApossibleU.S.economicrecessionwillcertainlyhaveanimpactontheChinaeconomy.Asweknowthat10yearsago,theChina-U.S.tradevolumestoodatonly$102.6billionU.S.,whiletodaythefiguressoarto$302billionU.S.,actuallyrepresentinganincreaseof1.5-fold.AshrinkingofU.S.demandwillcertainlyhaveanimpactonChina'sexport.AndtheU.S.financeiscloselyconnectedwiththeChinesefinance.IfanythinggoeswrongintheU.S.financialsector,weareanxiousaboutthesafetyandsecurityofChinesecapital.That'swhyintheverybeginningIhavemadeitclearthatthefinancialproblemsinthiscountrynotonlyconcernstheinterestsoftheUnitedStatesbutalsothatofChinaandtheworldatlarge.Zakaria:Thereisa