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Warren Buffett: China has ‘found a secret sauce for themselves’

沃伦.巴菲特：中国已经找到了自己的秘籍

Warren Buffett, known as the “god of stocks” in China, speaks highly of the country’s economic growth and is optimistic about its future.

“股神”巴菲特对中国经济增长评价很高，对其未来也持乐观态度。

“What they’ve done in the last 50 or 60 years is a total economic miracle. I never would’ve thought it could’ve happened,” Buffett told Yahoo Finance’s Andy Serwer in Omaha earlier this year. “What I do know is they have found a secret sauce for themselves, just like we found the secret sauce a couple centuries ago.”

“中国过去五六十年做出的成绩完全是一个经济奇迹。是我完全意料不到的，”巴菲特告诉记者 “我只知道中国已经找到了自己的秘籍，正如美国几个世纪以前所做的一样。”

Buffett says “countries will do it differently,” referring to the fundamental differences between China and the U.S. politically and economically. China’s state capitalism emphasizes economic growth and social stability, with tight control over domestic politics and information. Since the economic reform in 1978, China has grown at a staggering pace of 9.5% per year and has become the world’s second largest economy. In the past five years, China’s GDP growth has slowed down but still achieved an increase of 6.9% last year, dwarfing America’s 2.3% increase.

考虑到中国和美国的政治、经济的基本情况不同，巴菲特说“中美的做法是不一样的。”中国政府重视经济增长和社会稳定。自从1978年中国改革开放以来，中国以平均每年9.5%的惊人速度成为世界第二大经济体。过去5年，中国的经济增长有所放缓，但仍然在去年达到了6.9%的增长速度，远远高于美国 2.3%的GDP增速。

And Buffett believes China’s growth story is far from over.

巴菲特认为，中国的增长还远未结束。

“They can have growth in the economy from a lower base that will exceed ours percentagewise for a long time,” he said. “They’re destined for a fine economic future, just like we are.”

“中国目前经济基础要低于美国，所以从经济增长的百分比上看，很长一段时间里中国的经济增长都会高于美国。”巴菲特说。“中国经济会有一个很好的未来，美国也是。”

China will likely overtake the U.S. as the world’s No. 1 economy by 2032, according to the London-based Center for Economics and Business Research. Though, Buffett thinks it will take much longer for China to catch up.

根据London-based Center for Economics and Business的研究，到2032年，中国很有可能会超过美国，成为世界第一大经济体。不过，巴菲特认为中国需要更长的时间追上美国。

“It’s a long way off.” said Buffett. But he acknowledges the potential since China’s population is almost four times greater than the U.S. “The main thing you have to do is unleash the potential of your people”.

“中国还有很长的路要走。”巴菲特说。不过他承认这种可能性的存在，毕竟中国的人口几乎是美国的四倍。“最重要的事情是，中国必须释放自己的人口潜力。”

Buffett has pocketed some money from China’s economic leap. The only Chinese company Buffett has invested in, via his holding company Berkshire Hathaway, is BYD, a Shenzhen-based battery and electric car maker. The $232 million bet, made in 2008, is now worth about $2.1 billion.

巴菲特也从中国的经济飞跃中赚了一些钱。2008年，巴菲特以2.32亿美元投资了中国的汽车企业比亚迪，现在这笔持股已经价值21亿美元。

Buffett credits his right-hand man Charlie Munger with that call. Munger is the vice chairman of Berkshire who stands behind the investment and sticks with the company through high and lows. Buffett’s conglomerate hasn’t invested directly in Chinese companies ever since.

巴菲特将这个投资归功于自己的老搭档查理.芒格。比亚迪是巴菲特投资的第一家中国公司，此前巴菲特的公司从未直接投资过中国公司。

“When you got over $100 billion, you’re looking at any big market. We can’t go into tiny markets and really deploy enough capital,” he said. “We want to invest money intelligently. And obviously, big economies and growing economies have the potential.”

“当你拥有超过一千亿美元的时候，你会寻找任何大的市场。市场太小将不够资本这么多资本发挥效果，”他说。“我们当然希望做出明智的投资。显然，更大的经济体和增长中的经济体才有这样的潜力。”

While trade tensions running high between Beijing and Washington, China’s rise as a superpower is not necessarily a bad thing for the U.S., according to Buffett. “If you postulate two kinds of worlds 50 years from now, and one is where the United States is still doing far better than a good many of the world’s people, or you postulate something where everybody is making a lot of progress, I think you’ve gotta choose the second world,” said Buffett. “We should welcome a more prosperous world, including China.”

在中美贸易战的紧张气氛中，巴菲特认为，中国成长为一个超级大国对美国并不一定是坏事。“从现在往未来看50年，我们假设世界会出现两种情况，一个情况是美国依然远远好于全世界的其他国家；另一种情况是每个国家都取得非凡的进步和成就，我相信你会觉得第二种情况是更好的，”巴菲特说。“我们应该欢迎一个更繁荣的世界，包括中国的经济增长和繁荣。”

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