加拿大联邦财长今晨在国会财委讲话全文

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TEXT-Canada Finance Minister Flaherty's statement

Aug 19 (Reuters) - Following is the prepared text of an opening statement delivered by Canadian Finance Minister Jim Flaherty to Parliament's Standing Committee on Finance on Friday:

Good morning and thank you for the opportunity to appear before the Finance Committee today on the current economic situation here and abroad.

Before I continue, I would like to wish the Chair a happy birthday - I cannot imagine a greater gift than listening to me here today.

Since his initial election in 2000, the Chair has established himself as one of the most well-regarded Members of Parliament - including through the exceptional leadership he has provided this Committee - and I applaud him.

Also, let me thank the Chair and all Finance Committee Members for embarking on their annual pre-budget consultations in a few weeks.

Along with my consultations as Minister of Finance, the Finance Committee's pre-budget consultation helps ensure Canadians have the chance to make their voices heard.

Recommendations flowing from this Committee's hearings always inform and influence the ultimate Budget document.

I am especially heartened to hear the Committee explicitly chose to emphasize the importance of the return to balance as a theme of this year's hearings - and is encouraging ideas on potential cost savings.

I would also strongly suggest the Committee talk to Canadian businesses this fall on their efforts to grow and invest in Canada.

As I have said before, we need strong private-sector investment - in productivity improving machinery and equipment, hiring and more - to ensure our economy grows and creates jobs to support a sustainable and long-term economic recovery in Canada.

I urge the Finance Committee to again undertake robust pre-budget consultations and I look forward to reviewing your findings.

Today I am here to talk about three key issues:

* the current volatile global environment;

* Canada's economic and fiscal strengths; and

* finally, a look ahead to the future.

As we have emphasized repeatedly for some time now, we are in a period where the global economic recovery - especially in the US and Europe - is fragile and growth will be modest.

However, it is important to note that the global economy is in fact largely growing - albeit slowly.

The situation has been compounded recently by questions surrounding the political determination in certain countries to address the structural problems underpinning weak growth and unsustainable fiscal situations.

That underscores one major difference between now and the fall of 2008.

At that time, we saw an international credit crisis largely triggered by a loss of confidence in international financial institutions.

The current situation is largely a problem of confidence in efforts of governments to move forward with credible, long-term solutions to reduce their deficits.

Earlier this week, I co-wrote - along with fellow finance ministers from Great Britain, Australia, South Africa and Singapore - a joint op-ed that appeared in the Financial Times and other publications around the world.

That op-ed called for a new global response to support a sustainable recovery based on credible fiscal consolidation in countries with large deficits, matched by a rebalancing of global demand in order to support growth.

As my colleagues and I noted, we must address these global challenges decisively, and commit now to fundamental, medium-term reforms.

I repeat that call here today.

Clearly, resolving the problem will require difficult and bold action - primarily in the United States and Europe - to instill confidence in a prolonged recovery.) Last week, we saw extreme swings in global markets, reacting to ongoing events, fiscal challenges, and concerns about the pace of the global economic recovery.

Canada is a trading nation, with exports representing about a third of our economic output and the US as our largest trading partner.

As such, global economic turmoil - in the U.S. and Europe - will inevitably impact our existing trading relationships and our economy.

That's why Canada has been a strong voice globally in calling for action to address current concerns - especially credible long-term fiscal plans that set the path to budgetary balance and sustainable public finances.

Indeed, that is what our Government is doing - providing a good example of a government that has its economic and fiscal house in hand for others to follow.

Our economic and fiscal fundamentals are sound and sustainable.

We have experienced seven consecutive quarters of economic growth.

Almost 600,000 more Canadians are working today than when the recession ended in July 2009.

Both the IMF and OECD forecast that our economy will be among the strongest in the G-7 this year and next.

Recently, Moody's renewed Canada's triple-AAA credit rating based on Canada's - and I quote "economic resiliency, very high government financial strength, and a low susceptibility to event risk."

Canada has by far the lowest net debt burden among G-7 countries, and we're on track to balance the budget. As the IMF declared recently, Canada has a "sound and credible plan to return to budget surpluses."

But Canada cannot and is not resting on its laurels - we are cognizant and prepared for the challenges ahead.

Recent indicators suggest that global economic growth was uneven in the first half of 2011, both here and abroad.

Indeed, while Canada experienced greater than expected growth in the first quarter, that is expected to be balanced out by a softer than anticipated second quarter - as witnessed in other G-7 countries.

In addition, the Government adopted prudent planning assumptions in Budget 2011 by adjusting down the level of nominal GDP projected by private-sector economists by $10 billion.

As a result, fiscal results to date have been broadly consistent with the conservative 2011-12 projections set out in Budget 2011.

I should note that we continue to monitor developments closely and will - as is typical - provide an update to Canadians on the economic and fiscal outlook for this year and beyond later this year as part of the Fall Update.

But rest assured our Government is squarely focused on the economy and jobs.

We are focused on creating the right conditions for businesses and individuals to succeed for long-term, sustainable economic and job growth by staying the course with the Next Phase of Canada's Economic Action Plan.

A Plan that contains several measures designed to contribute to a positive growth environment for our economy and Canadians such as:

* providing a temporary Hiring Credit for Small Business to encourage additional hiring by this vital sector;

*supporting the manufacturing sector by extending the accelerated capital cost allowance rate for investment in manufacturing or processing machinery and equipment for two years;

*new resources to support leading-edge research and development - and much more.

A Plan that ensures sound public finances, designed to achieve substantial savings for taxpayers through greater efficiency and effectiveness in government.

Once it is fully implemented three years from now, this deficit reduction action plan will achieve $4 billion in annual savings and allow the Government to return to budget balance by 2014-15, one year earlier than previously planned.

This is a responsible and prudent approach, consistent with the careful fiscal management that has been the hallmark of our Government's approach to public finances and taxpayers' money.

We are also staying the course with our plan to make Canada a low-tax jurisdiction for both families and businesses.

Our low-tax plan is working, and the world is increasingly noticing.

Indeed, only this past Sunday on the popular American news program 'Meet the Press', the Governor of Iowa, Terry Branstad, lamented the impact of Canada's competitive business environment - and I quote:

"The Canadian government has reduced their corporate income tax - I've had companies that I've called on to come to Iowa, say, 'We like Iowa, but if they don't change the federal corporate income tax we're probably going to go to Canada.' Now that's a tragedy when now Canada is beating us."

With all due respect to the Governor of Iowa, it's not a tragedy up here.

The Next Phase of Canada's Economic Action Plan will preserve this country's advantage in the global economy; strengthen the financial security of Canadian workers, seniors and families; and provide the stability necessary to secure our recovery in an uncertain world.

Before I conclude and invite questions from the Committee, let me again reassure Canadians that our Government remains squarely focused on the economy.

We are continually working to implement the Next Phase of Canada's Economic Action Plan to support the economic recovery and jobs.

We are closely and constantly monitoring global developments, and I remain in frequent and regular contact with my global counterparts.

While we should not understate the risks, Canadians can be confident that our country is well positioned to face global economic challenges as we have done successfully in the recent past.

With that, I invite the Committee's questions. Thank you.



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springwishes

thanks for sharing. Canada is doing better than US and Eu.