This is the VOA Learning English Economics Report.
Chinese officials say the country’s economy grew last year at about the same rate as in 2012. The 7.7 percent growth rate was the slowest growth China has reported since 1999. Yet officials say, the growth rate was still higher than their prediction of 7.5 percent.
China GDP growth, 2010 - 2013Ma Jiantang is director of China’s National Bureau of Statistics. He says it is no easy job to keep growth at over 7.7 percent and inflation low at the same time. That is made more difficult by the size and nature of China’s economy, the world’s second largest. Mr Ma says this combination of high growth and limited inflation is unusual in the world.
China’s economy had 10 percent growth rate in the years before the world financial crisis of 2008. That economic expansion resulted from big trade surpluses and full investment. Now, says Ma Jiantang, China is seeking to move away from that growth model. The country is working to balance exports with demand at home.
Recently released information shows that households’ spending in China remains lower than in most economies. Chinese government estimates put households’ spending at about 36 percent of all goods and services produced within the country, that is down from 49 percent in 1978. By comparison, Thailand’s households’ spending represents 56percent of its economy.
Some experts dispute the belief that China’s personal consumption is so low. They say businesses often buy goods for their employees to avoid taxes, this means companies are increasing demand for household goods by buying them directly.
Chinese officials say they want to reduce the economic influence of state control businesses and to let market forces shape the economy. However, economists expect China’s growth to slow in the coming years. How quickly that happens depends on several issues. The recovery of the United States and European economies means rising demand for Chinese exports.
One issue that might slow growth is the expanding node of local government debt, that debt is estimated at about three trillion dollars, or about one third of the size of the economy. China has long tied its estimate of local officials on their ability to grow the economy. Reforms are possible, but some could slow economic growth.
The government is moving away from growth to areas such environmental protection, and the ability of local officials to contain debt. Experts say that could also weaken investment and slow growth.
And that’s the Economics Report.
This is the VOA Learning English Economics Report.
這里是美國(guó)之音慢速英語(yǔ)經(jīng)濟(jì)報(bào)道。
Chinese officials say the country's economy grew last year about the same rate as in 2012. The 7.7 percent growth rate was the slowest growth China has reported since 1999. Yet officials say, the growth rate was still higher than their prediction of 7.5 percent.
中國(guó)官員表示,去年該國(guó)的經(jīng)濟(jì)增長(zhǎng)速度與2012年相同。7.7%的增長(zhǎng)速度是1999年以來(lái)中國(guó)報(bào)告的最低增速。然而有關(guān)官員表示,這一增速仍然高于他們預(yù)測(cè)的7.5%。
Ma Jiantang is director of China's National Bureau of Statistics. He says it is no easy job to keep growth at over 7.7 percent and inflation low at the same time. That is made more difficult by the size and nature of China's economy, the world's second largest. Mr Ma says this combination of high growth and limited inflation is unusual in the world.
馬建堂是中國(guó)國(guó)家統(tǒng)計(jì)局局長(zhǎng)。他說(shuō),保持7.7%以上增長(zhǎng)的同時(shí)維持低通貨膨脹率并不容易。作為世界第二的中國(guó)經(jīng)濟(jì)的規(guī)模和性質(zhì)使得這一切更加困難。馬局長(zhǎng)表示,高增長(zhǎng)和有限通脹相結(jié)合在全球來(lái)說(shuō)都非比尋常。
China's economy had 10% growth rate in the years before the world financial crisis of 2008. That economic expansion resulted from big trade surpluses and full investment. Now, says Ma Jiantang, China is seeking to move away from that growth model. The country is working to balance exports with demand at home.
在2008年世界經(jīng)濟(jì)危機(jī)之前的那些年,中國(guó)經(jīng)濟(jì)增長(zhǎng)速度曾達(dá)到10%。這一經(jīng)濟(jì)增長(zhǎng)源于巨額貿(mào)易盈余和大量投資。馬建堂表示,中國(guó)現(xiàn)在正在尋求改變這一增長(zhǎng)模式。中國(guó)正致力于平衡出口和國(guó)內(nèi)需求。
Recently released information shows that households' spending in China remains lower than in most economies. Chinese government estimates put households' spending at about 36 percent of all goods and services produced within the country, that is down from 49% in 1978. By comparison, Thailand's households' spending represents 56% of its economy.
最新發(fā)布的信息顯示,中國(guó)的家庭支出仍然低于多數(shù)經(jīng)濟(jì)體。中國(guó)政府預(yù)計(jì)家庭支出在該國(guó)國(guó)內(nèi)生產(chǎn)總值所占比例從1978年的49%下降到了36%。相比之下,泰國(guó)的家庭支出占到其經(jīng)濟(jì)的56%。
Some experts dispute the belief that China's personal consumption is so low. They say businesses often buy goods for their employees to avoid taxes, this means companies are increasing demand for household goods by buying them directly.
一些專家對(duì)中國(guó)個(gè)人消費(fèi)如此之低的觀點(diǎn)表示異議。他們說(shuō),各企業(yè)通常為員工購(gòu)買商品以避稅,這意味著各公司通過(guò)直接購(gòu)買提升了對(duì)日常用品的需求。
Chinese officials say they want to reduce the economic influence of state control businesses and to let market forces shape the economy. However, economists expect China's growth to slow in the coming years. How quickly that happens depends on several issues. The recovery of the United States and European economies means rising demand for Chinese exports.
中國(guó)官員表示,他們希望降低國(guó)有企業(yè)的經(jīng)濟(jì)影響力,讓市場(chǎng)力量決定經(jīng)濟(jì)。然而,經(jīng)濟(jì)學(xué)家預(yù)計(jì)未來(lái)數(shù)年中國(guó)經(jīng)濟(jì)將有所放緩。而這一切會(huì)多快發(fā)生取決于數(shù)個(gè)問(wèn)題。美國(guó)和歐洲經(jīng)濟(jì)的復(fù)蘇對(duì)中國(guó)出口來(lái)說(shuō)意味著需求上升。
One issue that might slow growth is the expanding node of local government debt, that debt is estimated at about three trillion dollars, or about one third of the size of the economy. China has long tied its estimate of local officials on their ability to grow the economy. Reforms are possible, but some could slow economic growth.
其中一個(gè)可能減緩增長(zhǎng)的問(wèn)題是地方債務(wù)的擴(kuò)張節(jié)點(diǎn),預(yù)計(jì)地方債務(wù)大約為3萬(wàn)億美元,約為中國(guó)經(jīng)濟(jì)規(guī)模的1/3。中國(guó)長(zhǎng)期將地方官員政績(jī)與其促進(jìn)經(jīng)濟(jì)增長(zhǎng)的能力聯(lián)系起來(lái)。改革是可能的,但有些改革可能會(huì)減緩經(jīng)濟(jì)增長(zhǎng)。
The government is moving away from growth to areas such environmental protection, and the ability of local officials to contain debt. Experts say that could also weaken investment and slow growth.
中國(guó)政府正從經(jīng)濟(jì)增長(zhǎng)轉(zhuǎn)向環(huán)保等領(lǐng)域及地方官員遏制債務(wù)的能力。專家稱,這可能會(huì)削弱投資并減緩增長(zhǎng)。
And that's the Economics Report.
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