slowest是什么意思west在线翻译读音例句

32CHInaTODay

opiNioN

INfaceoftheWest’s“GreatStagnation,”

developingeconomieswillfostergreater

integrationwithChina,thusliftingChina’s

overallinfluenceintheworld.

AsG20leadersmetinCannes,theyfacedan

economicsituationinthedevelopedeconomies

bestsummedupbyGoldmanSachs,thecompany

thatcoinedtheterm“BRIC,”asthe“GreatStag-

nation.”Untilrecentlydevelopmentsfollowing

thefinancialcrashof2008havebeenaccurately

termedasthe“GreatRecession,”describingthe

thebottomofthedownturnhaspassedinmost

effeatureofthesituationhas

becometheextremelysloweconomicrecoveryin

advancedeconomies,hencetheG浣溪沙端午拼音 reatStagnation.

Inthethirdquarterof2011,ic

outputreacheditslevelatthepeakoftheprevi-

he

rmore,15

sscycle’s

peak,the2.6percentgrowthseeninthethird

quarterof2011isfarfromthetypeofrapidex-

pansionyouwouldexpectduringthe“recovery”

theprevi-

-warhistory

followingtherecessionof1980,bythe15thquar-

icgrowth

ryis

lessthanathirdasfast.

ThesituationinEuropeandJapanisworse.

Inneitherhasoutputregaineditspre-crisispeak

threeandahalfyearsaftertheeconomicdown-

econdquarterof2011,EU

GDPwasstill1.9percentbelowitspre-crisislevel

lat-

terthesituationhadbeenworsenedbytheearth-

quakeandtsunami.

Turningtotrade,importstodeveloped

economiesinthelastyearhavealmoststopped

re6.4percentbelowtheirpre-

crisispeakinJune2010and6.1percentbelowin

U,importswereshrinking

–7.8percentbelowtheirpre-crisispeakinJune

2010and9.6percentoffthelevelofAugust2011.

Giventheextremelyslowgrowthinthedevel-

opedeconomiesandthatanalysisofunderlying

macro-economicfactorssuchassavingsandin-

vestmentgivesnoreasontoexpectasubstantial

acesChinainanew

ostthe

entireperiodsinceChinalauncheditseconomic

reformsin1978,ithasbeengrowingmorerapidly

thanothereconomiesbutinacontextwherethe

developedeconomiesweregrowingsignificantly.

Theonlyseriouspreviousrecessioninadvanced

economiesduringChina’sreformperiodw不要人夸好颜色只留清气满乾坤 asright

atitsbeginning,in1980-1981,whenChinahad

scarcelybegunintegratingintotheinternational

ernationalslowdownsin1990

and2000werebriefandmild,andwhilethe1998

SoutheastAsianfinancialcrisishadsignificant

impactonChina,itdidnotoriginateinthedevel-

opedeconomies.

Almostuninterruptedgrowthinthedeveloped

economiesduringtheperiodofChina’seconomic

reformsundoubtedlycreatedoverestimation

withinChinaastotheirstability,andChinese

analysismighthavebeenverydifferentifitsre-

formperiodhadoverlappedsignificantlywiththe

internationaleconomiccrisesof1973and1979.

Recently,forexample,itwasastonishingtoread

articlesintheChinesepressaboutareportbythe

-

trialrevivalasthoughithadalreadyhappened

rialproductionisstill

6.6percentbelowitspre-crisispeak.

Ineconomicsandbusinessthereisvirtuein

neitheroptimismnorpessimism,thereisonlyvir-

urrenttrends,Chinahasto

baseitselfonaperspectivethatforseveralyears

therewillbeslowgrowthindevelopedeconomies

-

velopingeconomies,whilegrowingmorerapidly

thandevelopedones,willnotintheveryshort

ByJOHNROSS

Chinainfaceofthewest’s

“greatstagnation”

JohnRossisvisiting

professoratAntaiCol-

legeofShanghaiJiao

2000to2008hewasdi-

rectorofeconomicand

businesspolicyinthe

administrationofthe

MayorofLondonKen

i-

ouslyservedasadviser

toseveralmajorinter-

nationalmining,finance

andequipmentmanu-

facturingcompanies.

August19,2011,NewYork:TheDowJonesendsanothervolatileweek,closingmorethan

100pointsdownfortheday.

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33

January2012

AStheglobaleconomicmeltdowntrig-

melendingmess

entersitsfourthyear,signsofafullre-

Eurozonedebtcrisisrageson,furthertroubling

thefragileworldeconomy.

LiketheGreatDepressionofthe1930s,the

currentcrisisislikelygoingthroughacycleof

contraction,the

GreatDepression,however,whichwasprimar-

ilyasecondarysectorcrisis,today’seconomic

malaiseisblamedontheextremeimbalances

be百度汉语 tweenmanycountries’bloatedtertiary,particu-

larlyfinancial,sectorsandtherealeconomythat

rysectorimbalanceshave

growntosuchextremesthatasustainableequi-

libriumwiththerealeconomyisunattainable.

Investmentsthatwouldbenefitthelivelihoodsof

workingfamiliesarebeingoverlookedinfavorof

theexcessiveprofitsthatcanbemadeinunpro-

ductiveindustries.

TheremedyfortheGreatDepressionintheU.S.

provedtobestrongergovernmentintervention

inthemarket–pursuingexpansionaryeconomic

policiesbasedonJohnMaynardKeynes’seffective

ByHUJIANGYUN

ChinaandtheglobaleconomicCrisis

HUJIANGYUNisa

researcherwiththe

DevelopmentResearch

CenteroftheState

Council.

termbeabletofullycompensateChina’sexports

forstagnationindevelopedeconomies.

TheinternationalframeworkforChina’secono-

portanttounderstand

thatwhatisfacedisa“GreatStagnation”notanew

“GreatRecession”andthatisthereisnoreasonto

anticipateamajorinternationaleconomicdown-

hereforedoesnot

needanewhugestimulusprogramofthetypeit

launchedin2008,asthiswouldleadtosevereeco-

internationaleconomic

situationrequiresadjustmentsinemphasis.

First,evenmorethanpreviously,Chinahas

r

analyticalclarityonthisisimportantasatpresent

domesticdemandisfrequentlyconfusedwithdo-

mesticconsumption–thetwoarenotthesame.

Second,whiledevelopingeconomieswillnot

immediatelybeabletofullymakeupforthenega-

tivepressureonChina’sexportsfromthe“Great

Stagnation,”theyprovideanimportantaddition

toChina’sdomesticdemand:inthelast15years

thepercentageofChina’sexportsgoingtodevel-

opingeconomieshasrisenfrom35percentto50

elopingeconomiesfacethe“Great

Stagnation,”thereforeallfaceconstrictionon

exportstodevelopedcountri《学弈》课文原文及翻译 es,whileChina’sim-

llproduce

greaterintegrationofdevelopingeconomieswith

Chinainbothexportsandimports.

WithindevelopingeconomiesmanyofChina’s

topcompanies,suchasHuawei,Haier,andLe-

novo,alreadyhavehighbrandvaluesandthe

presentsituationthereforecreatesopportunities

tofurtherenhancethepositionsofChina’sinter-

nationalbrands.

Finally,politicaldiscontentindevelopedcoun-

triesisgrowingd温和的近义词 uetothe“GreatStagnation,”evi-

dentinthepoliticalturmoilinGreeceandtherise

ofthe“OccupyWallStreet”un-

triesrealizethatwin-wineconomiccooperation

withChinaisthebestwaytoconfrontthe“Great

Stagnation,”butsomeunscrupulouspoliticiansare

attemptingtodivertattentionfromtherealprob-

lemsconfron万水千山只等闲是什么意思 tingtheireconomiesby“Chinabash-

ing.”China’spolicymakersthereforearedoubtless

followingboththepoliticalandeconomicaspects

flowingfromthe“GreatStagnation.”

C

maadministration’sre-

sponsestothecurrentcrisishavefollowedsimilar

lines–adoptingamonetarypolicyofquantitative

easingandissuingmoresovereigndebt,reform-

ingthenationalhealthcaresystemandnational-

mentdebthasshot

oinEurope,where

hard-hiteconomieshavepursuedU.S.-stylemea-

suresaswellasinstitutingstructuraltaxcutsand

rampingupspendinginthepublicsectorthrough

educationandhealthcare.

Thecountrieslessaffectedbytheeconom-

icupheavalalsodevisedavarietyofmeasures

nitsturnembarked

uponanumberofmajorinitiativestoshoreupits

economyaftertheLehmanBrotherscollapsedin

October2008.

ARMB4trillionstimuluspackagewasenacted

to七夕节文案创意 signaltheChinesegovernment’sconfidence

zeablesumhas

beenchanneledintosevenmajorareas–projects

concernedwithpeople’slivelihoods(RMB400

billion),ruralprojects(RMB370billion),infra-

structuredevelopment(RMB1.5trillion),social

undertakingsincludingeducation,health,culture

andbirthcontrol(RMB150billion),emission

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