以下为视频寄语文稿：

大家好，我是迈克尔·斯宾塞。斯坦福大学商学院前院长、经济学名誉教授。我要感谢中国商务部邀请我出席第八届虹桥国际经济论坛。

我将参加“消费与中国大市场机遇”专题环节，我们将探讨如何促进消费和扩大投资，在创造就业的领域推动未来增长。作为整体议程的一部分，还需要关注房地产领域的不平衡，以及金融领域的相关问题，并探讨解决办法。从许多国家的经验看，家庭部门的资产负债表受损会压制消费和总需求。

令人振奋的是，中国在保持长期增长的关键因素上已取得突出成就，包括创新和科技应用。我非常期待与大家展开讨论，谢谢。

Below are the scripts:

Greetings and good day. I’m Michael Spence. I’m a professor of economics emeritus and a former Dean of the Stanford Business School. I would like to thank the Ministry of Commerce of China for inviting me to attend the 8th Hongqiao International Economic Forum.

I’ve been invited to participate in the session on consumption and the opportunities in the vast Chinese market. In our conversation we’ll explore opportunities to boost consumption and expand investment in areas that create employment and then drive future growth, the imbalances in the real estate sector and related issues in the financial sector and to discuss ways to resolve them. We know from past experience in a fairly wide range of countries that lingering balance sheet damage especially in the household sector has depressing effects on consumption and on aggregate demand.

The positive news of course is that the key elements of sustained longer term growth related to innovation and advanced science and technology and their applications in multiple dimensions are well developed in China. I’m very much looking forward to the discussion with all of you. Thank you.