2016年CRI Structural Reform Key to Growth, Implementation Hard: IMF Official

 

Speaking at the week-long 2016 Spring Meetings of the World Bank and the International Monetary¹ Fund, Zhu Min said, that policy makers² and economists³ have come to a consensus⁴ that structural⁵ reform should be put at the top of the agenda. 

"Because monetary policy is over burdened now. And there is not much room for fiscal⁶ policy either. Fiscal debt ratio in advanced economies has risen from 70 per cent to over 100 per cent, and that figure is also on the rise in emerging economies and low-income countries. So that left the only option to take measures on the supply side."

But Zhu added noted⁷ that such structural reports would not be an easy path. He said that unlike stimulus⁸ plans that tended to benefit everybody, structural reforms would innevitably leave some victims. Therefore, Zhu said it was extremely important and urgent to build social safety nets for everyone, particularly for those who suffered. 

In the run-up to the Spring Meetings, the IMF cut its global economic outlook by 0.2 percent, citing the continued slowdown in growth and geo-political uncertainties⁹. One bright spot is China where the IMF upgraded its forecast from 6.3 per cent in January to 6.5 per cent for this year. 

Zhu Min said the latest data supports the need for change. 

"At a time when the global economy continues to go down and recovery remains¹⁰ slow, a stable Chinese economy is extremely precious. Everybody uttered a sigh of relief. According to the data, PMI is going up while PPI is coming down. That means the overall demand has played an influential¹¹ role. The manufacturing sector¹² is coming back and the service sector and consumption continued to stay strong. All these factors have brought the economy back to a strong growth and had therefore restored market confidence and a stable currency exchange rate." 

Zhu Min also acknowledged the difficulties China is facing in undergoing structural reform. He also urged the government to communicate more effectively before rolling out policies due to the huge impact any changes would have on the global economy. 

As the president of this year's G20, China and other members have agreed to roll out monitoring objectives to fully¹³ implement¹⁴ the commitments made at the Brisbane Summit last year. The group has also agreed to increase infrastructure¹⁵ investment and transparency in financial institutions. Green finance has been highlighed as another important focus.

Meanwhile, China has also put forward proposals to widen the use of the SDR basket of currencies to inject more fuel to create global growth.

Xiaohong, CRI, Washington DC.

1 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。

2 makers   

n.制造者，制造商（maker的复数形式）

参考例句：

• The makers of the product assured us that there had been no sacrifice of quality. 这一产品的制造商向我们保证说他们没有牺牲质量。
• The makers are about to launch out a new product. 制造商们马上要生产一种新产品。 来自《简明英汉词典》

3 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

4 consensus   

n.(意见等的)一致，一致同意，共识

参考例句：

• Can we reach a consensus on this issue?我们能在这个问题上取得一致意见吗？
• What is the consensus of opinion at the afternoon meeting?下午会议上一致的意见是什么？

5 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。

6 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。

7 noted   

adj.著名的，知名的

参考例句：

• The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
• Jim is noted for arriving late for work.吉姆上班迟到出了名。

8 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。

9 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告

10 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。

11 influential   

adj.有影响的，有权势的

参考例句：

• He always tries to get in with the most influential people.他总是试图巴结最有影响的人物。
• He is a very influential man in the government.他在政府中是个很有影响的人物。

12 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。

13 fully   

adv.完全地，全部地，彻底地；充分地

参考例句：

• The doctor asked me to breathe in,then to breathe out fully.医生让我先吸气，然后全部呼出。
• They soon became fully integrated into the local community.他们很快就完全融入了当地人的圈子。

14 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

15 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。