2016年CRI Hard Landing Fallacy ＂No Way＂ in China: Economic Regulator

 

Xu Shaoshi head of National Development and Reform Commissionsays despite the slower pace of economic growth, China is not in for a hard-landing.

" But even with a growth rate of 6.9 percent (last year), it still proved that the economy operated within a reasonable range as we set our target at around 7 percent. Meanwhile, employment growth was also stable as 13 million more people were employed, over 3 million more than the target we set. Income increased steadily¹ reaching a pace of 7.4 percent, faster than economic growth. CPI rose gently at 1.4 percent last year while our environmental quality kept improving. Therefore I can say that our economy operated within a reasonable range."

Despite this, rating agency Moody's recently cut its outlook on China's credit rating from "stable" to "negative."

Xu says the world should adopt a new perspective when judging China's economy, which is robust² and still has growth potential.

He also refutes the belief in some quarters that China's economic slowdown is dragging down the world recovery.

"The quantity of our imports is increasing steadily despite a declining value. Our import value still ranks second in the world. Our outward investment is increasing. Last year our non-financial outward investment reached 118 billion U.S. dollars, up 14.7 percent. Our investment in countries alongside the 'Belt and Road' increased by 18.2 percent. This is also China's contribution."

The official says the Chinese and global economies will be confronted with challenges and difficulties in 2016, but China has confidence in maintaining a stable growth rate.

"In terms of the economic operation this year, we're already well-prepared mentally and all works are ready. We will focus on advancing supply-side structural³ reform while enhancing consumer demand moderately. We will continue to develop new markets, invest in new areas, and generate new momentum⁴."

The official notes that China will also actively⁵ boost effective investment to shore up economic growth and help industrial restructuring.

"The central government plans to invest 500 billion yuan this year. We will focus on key areas and weak spots to support especially projects involving the residential⁶ sector⁷, grain and water conservancy, railways in regions of central and west China, technological⁸ innovation, energy conservation and environment protection, education, medical care, culture, sports as well as poverty relief".

In response to concerns over job losses, Xu stresses that eliminating industrial overcapacity and economic transition will not cause mass unemployment.

"Firstly, although some of our enterprises are struggling, they are taking effective measures to keep job positions. Secondly⁹, our economic aggregate¹⁰ is increasing. Therefore, every point increase in our economy will drive more employment than it could before. Third, tertiary industry has more employment producing power. Fourth, mass entrepreneurship and innovation are booming and creating more jobs. Last but not least, the mobility¹¹ of the labor¹² force between regions and industries is increasing."

Xu adds that the central government is spending money to help state-owned businesses to resettle laid-off workers.

In terms of global economic cooperation, the official says China will step up exports of its advanced equipment and production capacity to countries joining the China-proposed Belt and Road Initiative.

" By a preliminary estimate, 65 countries are situated¹³ along the 'Belt and Road' routes. Many of those nations are facing major social and economic tasks including infrastructure¹⁴ construction and industrial upgrading during the process of industrialization and urbanization. The Belt and Road Initiative proposed by China fits those ambitions."

The minister notes that genuine progress is expected in railway construction and the transfer of industrial capacity to other countries and regions.

1 steadily   

adv.稳定地；不变地；持续地

参考例句：

• The scope of man's use of natural resources will steadily grow.人类利用自然资源的广度将日益扩大。
• Our educational reform was steadily led onto the correct path.我们的教学改革慢慢上轨道了。

2 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。

3 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。

4 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

5 actively   

adv.积极地，勤奋地

参考例句：

• During this period all the students were actively participating.在这节课中所有的学生都积极参加。
• We are actively intervening to settle a quarrel.我们正在积极调解争执。

6 residential   

adj.提供住宿的；居住的；住宅的

参考例句：

• The mayor inspected the residential section of the city.市长视察了该市的住宅区。
• The residential blocks were integrated with the rest of the college.住宿区与学院其他部分结合在了一起。

7 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

8 technological   

adj.技术的；工艺的

参考例句：

• A successful company must keep up with the pace of technological change.一家成功的公司必须得跟上技术变革的步伐。
• Today,the pace of life is increasing with technological advancements.当今， 随着科技进步，生活节奏不断增快。

9 secondly   

adv.第二，其次

参考例句：

• Secondly,use your own head and present your point of view.第二，动脑筋提出自己的见解。
• Secondly it is necessary to define the applied load.其次，需要确定所作用的载荷。

10 aggregate   

adj.总计的，集合的；n.总数；v.合计；集合

参考例句：

• The football team had a low goal aggregate last season.这支足球队上个赛季的进球总数很少。
• The money collected will aggregate a thousand dollars.进帐总额将达一千美元。

11 mobility   

n.可动性，变动性，情感不定

参考例句：

• The difference in regional house prices acts as an obstacle to mobility of labour.不同地区房价的差异阻碍了劳动力的流动。
• Mobility is very important in guerrilla warfare.机动性在游击战中至关重要。

12 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

13 situated   

adj.坐落在...的，处于某种境地的

参考例句：

• The village is situated at the margin of a forest.村子位于森林的边缘。
• She is awkwardly situated.她的处境困难。

14 infrastructure   

n.下部构造，下部组织，基础结构，基础设施

参考例句：

• We should step up the development of infrastructure for research.加强科学基础设施建设。
• We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设，发展各类群众文化。