1、中国的经济Chinas Economy中国的经济Chinas economy held the line on growth in 1999, mainly with government assistance, as the economy continues to suffer from the effects of massive, and accelerating, restructuring. The coming year could see some improvement, though the economy is likely to remain under stress
2、as the restructuring intensifies over the next three to five years. Large-scale job loss and gluts of consumer goods are still dampening demand, but deflation has begun to flatten out. Recovery in the rest of Asia helped keep exports strong, though foreign investment dipped (see Trade and Foreign Di
3、rect Investment). Chinas preparations to enter the World Trade Organization (WTO) will accelerate the pace of the toughest reforms yet in agriculture, the state-owned sector, and banking, among others. Economic performance depends in large part on how well China implements these reforms and on non-s
4、tate sector growth. Foreign firms are also likely to see these reforms as crucial, as WTO implementation is deeply entwined with these issues.Noteshold the line坚持下去, 保持不变assistance n.协助, 援助suffer (from) vi.受损失，受害massive a.大规模的，大量的restructure vt.更改结构, 调整, 改组stress n.重压, 压力, 重点large-scale job loss大规模失
5、业gluts of consumer goods消费品供应过剩glut n.供应过剩；充斥dampen vt.抑制，压抑demand n.需求(量), 需要deflation n.通货紧缩, 物价低廉flatten (out) vi.变平, 变单调recovery n.恢复, 复苏foreign investment外国投资dip vi.轻微下降(通常是暂时的)toughest reform最艰难的改革tough adj.强硬的, 艰苦的, 坚强的state-owned sector国有部门（行业）performance n.成就，表现implement vt.贯彻，实现，执行non-stat
6、e sector非国有部门（行业）crucial adj.至关紧要的entwined (with) vi.缠绕，纠缠在一起issue n.论点, 问题OVERALL ECONOMIC PERFORMANCE IN 19991999年度经济成就GDP Chinas GDP grew slightly more than 7 percent in 1999, thanks only to the governments ongoing stimulus program. With other Asian countries recovering, Chinas probable WTO acces
7、sion this year, and a new drive to boost the private sector, however, both the Chinese government and outside analysts predict slightly stronger growth-around 7.5 percent-in 2000. Investment Investment in fixed assets rose 7.8 percent in 1999, and is expected to increase by another 7.8 percent in 20
8、00. Much of the investment came from the governments stimulus plan. Prices Consumer and retail prices fell throughout 1999. Overcapacity in many industries was chiefly responsible for the 27-month deflation, but slack demand caused by consumer worry about job security and education and health costs
9、also played a role. Many economists believe that the worst is past, and that deflation will wane in 2000.Notesperformance n.something performed; an accomplishment完成的事；成就GDP:gross domestic product国内生产总值thanks (to) n.（与to连用） 由于；多亏 例：It was thanks to John that we won the game. 多亏约翰，我们才赢了这场比赛。ongoing st
10、imulus program持续不断的刺激计划（措施）ongoing adj.currently taking place进行中的：现在正在发生的stimulus n.促进因素, 刺激program n.程序, 纲要, 计划WTO:world trade organization世界贸易组织accession n.access; admittance进入；接收drive n.energy, push, or aggressiveness干劲、冲动或攻击性boost vt.to assist in further development or progress刺激增长：辅助长远的发展和进步 例：
11、a bill intended to boost local charities. 一项意在刺激地方慈善事业增长的议案private sector:non-state sector非国有部门，私营部门analyst n.分析家predict vt.to state, tell about, or make known in advance, especially on the basis of special knowledge预测，预知，预告investment n.投资fixed assets固定资产（如厂房、机器设备等）retail price零售价格overcapacity n.too
12、 great a capacity for production of commodities or delivery of services in relation to actual need生产能力过剩：与实际需要相比，过大的生产工业商品能力或过多的服务 例：the problem of overcapacity in many large industries. 许多大型工业存在着生产能力过剩的问题deflation n.Economics a persistent decrease in the level of consumer prices or a persistent inc
13、rease in the purchasing power of money because of a reduction in available currency and credit【经济学】 通货紧缩：由于可获得货币和信贷的减少，导致消费品价格水平的持续下降或货币购买力的持续提高slack demand需求不旺盛slack a.lacking in activity; not busy清淡的：缺少活力的；不忙碌的 例：a slack season for the travel business. 旅游业的淡季job security就业保障security n.安全；保障wane vi
14、.亏缺, 衰落OVERALL ECONOMIC PERFORMANCE IN 19991999年度经济成就Monetary policy Chinas impressive money-supply growth rates continued in 1999. Deflation-fighting efforts included the issuance of more than *200 billion ($24.16 billion) in new currency last year; the institution in November of a tax on individua
15、l savings deposits; and another round of interest rate cuts. The government also increased its reliance on open-market operations in 1999, after suspending operations through mid-1998. This could be the year Beijing further relaxes its control over loan interest rates. Financial reforms China steppe
16、d up the pace of financial reform in 1999 and this pace is likely to continue in 2000. A few of the more high-profile moves included: establishing asset-management companies to relieve the four state banks of their bad loans; slightly loosening restrictions on foreign participation in commercial ban
17、king; granting domestic insurance firms the ability to invest in closed-end securities funds; and expanding the number of listed investment funds. The governments budget woes Government revenue, while rising of late, is still falling far short of the budgets requirements. Though the State Administra
18、tion of Taxation reported that total revenue was up 13.4 percent in 1999, tax evasion remains a serious problem. The government has already issued billions of RMB in Treasury bonds both to help recapitalize the ailing banks and to stimulate the suffering economy, and more such outlays will be necess
19、ary before either recovers. Foreign currency and the value of the RMB Chinas foreign-currency reserves reached $154.68 billion at the end of 1999, up 6.7 percent. Most analysts expect that the RMBs value will remain relatively stable this year. Agriculture Falling agricultural prices, due to bumper
20、harvests, were responsible for the small rise in rural incomes of only 4 percent in 1999. This was less than half of the average urban income, which rose more than 9 percent. Rural poverty is likely to be exacerbated when China joins the WTO-an additional 9.6 million farm workers are expected to los
21、e their jobs as a result of China opening its agricultural markets.Notesmonetary policy货币政策money-supply货币供给deflation-fighting反通货紧缩issuance n.发行institution of a tax on individual savings deposits对个人储蓄存款征税制度cut vi.to reduce the size, extent, or duration of; curtail or shorten削减：减少的尺寸、范围或持续时间；截短或缩短 例：c
22、ut a payroll; cut a budget; cut the cooking time in half. 削减员工数；削减预算；把做饭时间缩短一半reliance on open-market operations依赖公开市场操作suspending operations公开市场操作暂停suspend vi.to cause to stop for a period; interrupt暂行一段时期；中断relax vt.使松驰，缓和financial reforms金融改革high-profile moves全面的调控措施move n.to attempt to seize con
23、trol of控制：想要掌握控制权asset-management company资产管理公司bad loans不良贷款to loosen restrictions on foreign participation in commercial banking放松对外资机构参与商业银行业务的限制closed-end securities funds封闭式证券投资基金listed investment funds上市投资基金budget预算revenue收入the State Administration of Taxation国家税务局tax evasion避税evasion n.the act
24、 or an instance of evading逃避，躲避，逃脱treasury bonds国库券to recapitalize the ailing banks调整经营困难银行的资本结构recapitalize vt.to change the capital structure of (a corporation)调整的资本结构；改变（某个企业）的资本结构ailing adj.生病的, 境况不佳的outlays n.花费，支出，开销average adj.平均的urban income城市收入rural poverty农村贫困exacerbate vt.恶化, 剧增SOE reform
25、With many of the smaller and more inefficient SOEs already closed, the government now has to tackle the behemoths, the countrys largest employers. The number of laid-off SOE workers is expected to hit 12 million this year.The non-state sector China has made several moves to encourage the non-state s
26、ector in recent months. As China prepares to enter the WTO, private firms may gain more opportunities to participate in the capital markets. Parts of the service sector may also be deregulated. Employment In 1999, urban registered unemployment was 3.1 percent. Official unemployment figures do not in
27、clude the rural population, the floating population, or the millions who are technically unemployed, but still on SOE payrolls. Independent analysts estimate that when these populations are included, Chinas unemployment rate reaches double digits.SCENARIOS FOR 2000 WTO preparations aside, the PRC ec
28、onomy is facing several years of high unemployment, stubborn overcapacity, industrial and agricultural restructuring, and slower growth than that of the early 1990s. The prospect of WTO membership gives the countrys leaders an added impetus to implement reforms. Implementation will be difficult, and
29、 will almost certainly meet resistance, especially at the local level. Nevertheless, reform will progress, if slowly, and China will continue on its path to full integration with the world economy.NotesSOE=state-owned enterprises国有企业reform n.改革inefficient adj.效率低的, 效率差的tackle vt.应付(难事等), 处理, 解决behem
30、oths n.巨兽, 庞然大物employer n.雇主, 老板lay-off v.解雇, 停止工作laid-off SOE workers国有企业下岗工人capital market资本市场deregulate v.解除管制employment n.雇用, 工作, 职业urban registered unemployment城市登记失业（人数）official unemployment figures官方失业人数rural population农村人口floating population流动人口payroll n.薪水册estimate v.估计, 估价, 评估double digits
31、两位数scenario n.an outline or a model of an expected or a supposed sequence of events预料或期望的一系列事件的梗概或模式stubborn adj.难应付的, 难处理的overcapacity n.too great a capacity for production of commodities or delivery of services in relation to actual need生产能力过剩：与实际需要相比，过大的生产工业商品能力或过多的服务industrial and agricultural restructuring工农业结构调整impetus n.推动力, 促进implementation n.执行resistance n.反抗, 抵抗, 抵抗力full integration with the world economy与世界经济全面接规.integration n.the act or process of integrating结合的行为和过程Chinese Economy on Fast Track中国经济步入快车道-1The size of the Chinese economy is likely to climb, in world rankings, fr
