金融時(shí)報(bào):中國經(jīng)濟(jì)仍將路遇顛簸

中國經(jīng)濟(jì)仍將路遇顛簸

中國經(jīng)濟(jì)增長放緩并不令人意外，但經(jīng)濟(jì)失衡令人擔(dān)憂。動(dòng)作遲緩的國有企業(yè)得到的資本遠(yuǎn)超理智水平，而充滿活力的中小企業(yè)只能吸引到較少資金。這方面的改革僅取得微小進(jìn)展。

測(cè)試中可能遇到的詞匯和知識(shí)：

decry抨擊、譴責(zé)[d?'kra?]

trumpet大聲說出或宣告|['tr?mp?t]vt.

sluggish['sl?ɡ??]adj.行動(dòng)遲緩的

piecemeal[?pi:smi:l]adj.零碎的;逐個(gè)完成的

China GDP: push me pull you (321 words) by Lex, January 21, 2015 6:15 pm

China announces what the market already knows: annual economic output grew by “about 7.5 per cent”. The actual number: 7.4. Despite the lack of surprise, this can still be taken as either a disaster or a relief. Bears decry the slowest growth since 1990. Bulls trumpet a positive surprise: economist forecasts for 2014 had been revised down to 7.3 per cent (merely the lowest number that could still be rounded up to 7.5).

Either way, China is slowing on an annual basis. Again, no surprise since there is more of the economy to grow: 7.4 per cent of a $17tn economy is more than 10 per cent of the $6tn economy China was a couple of years back.

Of more concern are the economic imbalances. China has long been a junkie of fixed-asset investment, which accounts for about half of GDP — even as that investment becomes increasingly unproductive. Sluggish state-owned enterprises with implicit government-backed loan guarantees receive more capital than is rational. Vibrant small and medium enterprises, responsible for 60 per cent of GDP and three-quarters of new job creation, attract less funding.

China is making piecemeal progress towards implementing change. This month's launch of WeBank, backed by private enterprises (including Hong Kong-listed Tencent) indicates that the incumbent banks — as firmly entrenched a vested interest as can be found — have lost one round. WeBank targets the smaller borrower. Alibaba, which already extends loans to some of its customers, is likely to launch next.

Structural change generally brings pain. Monetary palliatives might help by stimulating more liquidity. Economists expect more easing after last November's interest rate cut. Yet this, too, has unintended consequences as liquidity flows to shadow finance and into mainstream risk assets. This week's stock market slump as the government moved to curb stock speculation through use of margin lending illustrates the sensitive balance.

China's economy will shift, but the route to change is clearly bumpy. Expect more carrots and sticks — and more bumps — ahead.

請(qǐng)根據(jù)你所讀到的文章內(nèi)容，完成以下自測(cè)題目：

1.What do the “bears” and “bulls” mentioned in the paragraph 1 refer to?

A.Two kinds of animals.

B.The republicans and the democrats

C.The pessimists and the optimists

D.The capitalists and the communists.

答案(1)

2.According the article, which of the statements below is not true?

A.Chinese economy depends a lot on fixed-asset investment.

B.State-owned enterprises cannot make changes flexibly

C.Chinese economy is balanced and steady.

D.Small enterprises attract less funding than big ones.

答案(2)

3.What is the main topic of the article?

A.Economy reform is sure to happen in China, before which it will be confronted with more bumps and uncertainty.

B.China will accelerate the development of small enterprises.

C.Chinese economy won't work unless the state-owned enterprises disappear.

D.China will start its own quantitative easing plan to ensure the success of economy reform.

答案(3)

* * *

(1)答案：C.The pessimists and the optimists

解釋：文章第一段中提到的“熊”和“牛”分別指悲觀主義者和樂觀者。

(2)答案：C.Chinese economy is balanced and steady.

解釋：文章第3段講道，中國經(jīng)濟(jì)失衡問題更令人擔(dān)憂，所以中國經(jīng)濟(jì)并不如選項(xiàng)中說的一般平衡。

(3)答案：A.Economy reform is sure to happen in China, before which it will be confronted with more bumps and uncertainty.

解釋：本文主旨即為：中國經(jīng)濟(jì)將發(fā)生轉(zhuǎn)型，但變革的道路顯然崎嶇不平。預(yù)計(jì)未來將出現(xiàn)更多的“胡蘿卜和大棒”，還有更多的顛簸。

英國《金融時(shí)報(bào)》