2016年CRI G20 Meeting Enhances Confidence in Economy

 

As part of a joint¹ declaration issued after the sessions, the Finance Ministers and Central Bankers have agreed that stimulus² measures will continue to be needed to try to spur growth.

All have agreed that the global economy needs to look beyond ultra-low interest rates and simply printing money as a way to keep their respective economies moving.

Wang Hai-yan is with the Washington, DC-based China India Institute, a research and consulting firm.

She says the session in Shanghai has suggested caution, rather than panic.

"I don't think they see the urgency, because if they don't see crisis upcoming, so there is no crisis responses. They do call for coordinated³ efforts on monetary⁴ front, on the fiscal⁵ spending front, and called for each country to launch structural⁶ reforms, but a lot of these talks are in the right directions, but the immediate⁷ action, the urgency, are not there yet, precisely⁸ because we are not headed into recession, not yet."

Wang Hai-yan says despite the slow-down of the world's two largest economies, both China and the US remain on relatively⁹ solid economic tracks.

"Because, even though there is a downward pressure, there are a lot of headwinds coming up, but the forecasting of a 3 to 3.4 percent global growth is not a recession. U.S. economy is steady, a not robust¹⁰ recovery but very steady, annualized growth this year could be around 2.5 percent. China, the second largest economy, could head to a range of 6.5 to 7 percent."

Shanghai's meeting has seen Finance Minister and Central Bank Governors also agree to continue a focus toward structural economic reforms to try to make growth sustainable over the long-term.

Chinese Finance Minister Lou Jiwei has gone on-record at the sessions in Shanghai saying Chinese authorities will maintain a flexible fiscal policy, while at the same time keeping the debt ratio at a sustainable level.

He also says Chinese monetary policies will continue to try to ensure price stability in the domestic market.

David Lipton, deputy Managing Director of the IMF, says the current Chinese growth model remains¹¹ sound.

"The economy continues to grow. It's slowed a little but it continues to grow. I think what's interesting is that the economy is not just one economy now. There is part of the economy that is slowing. The export-oriented heavy industry, part of the economy. But there is another part of the economy. The part that derives¹² from household spending to partly services and to partly durable¹³ goods that's growing and growing pretty quickly. There is a kind of transition underway. It will be complicated. It may be a bumpy¹⁴ transition, but it's continuing. The important thing for the rest of the world is that even if there is no hard landing, this transition will be very meaningful for the rest of the world."

Promises of so-called 'green financing' and a renewed focus on stamping-out funding for terrorism have also been made.

The Finance Ministers and Central Bank Governors meeting in Shanghai comes in advance of this year's G20 Summit, which is slated¹⁵ to take place in Zhejiang's capital, Hangzhou, on September 4th and 5th.

For CRI, this is Li Jianhua.

1 joint   

adj.联合的，共同的；n.关节，接合处；v.连接，贴合

参考例句：

• I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
• We wrote a letter in joint names.我们联名写了封信。

2 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

3 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法

4 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

5 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

6 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

7 immediate   

adj.立即的；直接的，最接近的；紧靠的

参考例句：

• His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
• We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。

8 precisely   

adv.恰好，正好，精确地，细致地

参考例句：

• It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
• The man adjusted very precisely.那个人调得很准。

9 relatively   

adv.比较...地，相对地

参考例句：

• The rabbit is a relatively recent introduction in Australia.兔子是相对较新引入澳大利亚的物种。
• The operation was relatively painless.手术相对来说不痛。

10 robust   

adj.强壮的，强健的，粗野的，需要体力的，浓的

参考例句：

• She is too tall and robust.她个子太高，身体太壮。
• China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。

11 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

12 derives   

v.得到( derive的第三人称单数 )；（从…中）得到获得；源于；（从…中）提取

参考例句：

• English derives in the main from the common Germanic stock. 英语主要源于日耳曼语系。 来自《简明英汉词典》
• He derives his income from freelance work. 他以自由职业获取收入。 来自《简明英汉词典》

13 durable   

adj.持久的，耐久的

参考例句：

• This raincoat is made of very durable material.这件雨衣是用非常耐用的料子做的。
• They frequently require more major durable purchases.他们经常需要购买耐用消费品。

14 bumpy   

adj.颠簸不平的，崎岖的

参考例句：

• I think we've a bumpy road ahead of us.我觉得我们将要面临一段困难时期。
• The wide paved road degenerated into a narrow bumpy track.铺好的宽阔道路渐渐变窄，成了一条崎岖不平的小径。

15 slated   

用石板瓦盖( slate的过去式和过去分词 )

参考例句：

• Yuki is working up an in-home phonics program slated for Thursdays, and I'm drilling her on English conversation at dinnertime. Yuki每周四还有一次家庭语音课。我在晚餐时训练她的英语口语。
• Bromfield was slated to become U.S. Secretary of Agriculture. 布罗姆菲尔德被提名为美国农业部长。