2018年CRI IMF Chief calls for removal of protectionist policies

 

IMF chief Christine Lagarde characterized the near term future of the world economy as bright, but she warned that long term challenges await. She said high debt levels, financial instability, and lack of trust on existing multinational¹ trade frameworks are some of the risks the world should take care of in the long run.

The IMF has set its forecast for world economic growth this year and next year at 3.9 percent while slightly uplifting its predictions of growth for major economies such as China, the US and the eurozone from a few months ago.

Lagarde said to tackle the risks in the long run, national governments should keep working on structural² reforms, create more policy buffers³, and more importantly forsake⁴ protectionist approaches on trade.

"And third policy, steer⁵ clear of all protectionism measures. In that respect, we believe that each country can do more from looking at its own domestic policies to helping⁶ those affected⁷ by the dislocation from technological⁸ change and trade. So that relates to measures that need to be taken at home to improve compliance⁹ but also to deal with those that are not benefitting from trade."

Addressing the recent trade tensions between the US and China, Lagarde said the current situation threatens global trade and investment, both of which are finally picking up momentums¹⁰ after the financial crisis and currently the two main factors driving the world economy.

"If you boil it down to the GDP decimal and you associate that with that threat or the other threat, some people might say that it is not particularly meaningful. As I said, investment and trade are two key engines that are finally picking up. We do not want to damage that. It does not mean to say that only one party has to do something. Everybody has to do something. And I would not limit the discussions between China and the US. All partners have to talk to each other."

The spring meetings of the two leading international financial institutions come after the Trump¹¹ administration recently announced additional tariffs¹² on imported steel and aluminum¹³ and threatened to impose broad tariffs against Chinese imports.

These unilateral protectionist measures have sparked widespread criticism and provoked threats of retaliation¹⁴ from major trading partners, raising the prospect¹⁵ of escalating¹⁶ global trade conflicts that threaten the global recovery.

At a press conference, Lagarde also welcomed the new opening-up policies by the Chinese government. She said though still at an early age, these policies are certainly putting China on the right track of economic growth.

"I was actually in Bo'ao in the province of Hainan when President Xi announced some of the measures that will be taken to open up, remove caps, and reduce tariffs. Certainly those are helpful measures. We will be very attentive¹⁷ to the actual implementation¹⁸ and delivery of such measures, because this is what actually matters. But it is certainly going in the right direction of removing barriers and facilitating investment."

Chinese president Xi Jinping pledged a series of new opening-up policies at the recently concluded Bo'ao Forum¹⁹ in China's Hainan province, promising²⁰ to cut investment barriers, lowering auto²¹ import tariffs and so on.

1 multinational   

adj.多国的，多种国籍的；n.多国籍公司，跨国公司

参考例句：

• The firm was taken over by a multinational consulting firm.这家公司被一个跨国咨询公司收购。
• He analyzed the relationship between multinational corporations and under-developed countries.他分析了跨国公司和不发达国家之间的关系。

2 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。

3 buffers   

起缓冲作用的人（或物）( buffer的名词复数 )； 缓冲器； 减震器； 愚蠢老头

参考例句：

• To allocate and schedule the use of buffers. 分配和计划缓冲器的使用。
• Number of times the stream has paused due to insufficient stream buffers. 由于流缓冲区不足导致流程暂停的次数。

4 forsake   

vt.遗弃，抛弃；舍弃，放弃

参考例句：

• She pleaded with her husband not to forsake her.她恳求丈夫不要抛弃她。
• You must forsake your bad habits.你必须革除你的坏习惯。

5 steer   

vt.驾驶，为…操舵；引导；vi.驾驶

参考例句：

• If you push the car, I'll steer it.如果你来推车，我就来驾车。
• It's no use trying to steer the boy into a course of action that suits you.想说服这孩子按你的方式行事是徒劳的。

6 helping   

n.食物的一份&adj.帮助人的，辅助的

参考例句：

• The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
• By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。

7 affected   

adj.不自然的，假装的

参考例句：

• She showed an affected interest in our subject.她假装对我们的课题感到兴趣。
• His manners are affected.他的态度不自然。

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 compliance   

n.顺从；服从；附和；屈从

参考例句：

• I was surprised by his compliance with these terms.我对他竟然依从了这些条件而感到吃惊。
• She gave up the idea in compliance with his desire.她顺从他的愿望而放弃自己的主意。

10 momentums   

[物]动量（momentum的复数形式）

参考例句：

• The vector sum of the angular momentums of each component particle of an extended body. 动量矩伸展体的每个组成微粒的角动量的矢量值。
• I sincerely wish this CSW a successful session for vigorous new momentums to global gender equality. 衷心地祝愿本届会议取得成功，为全球性别平等事业增添新的动力。

11 trump   

n.王牌，法宝；v.打出王牌，吹喇叭

参考例句：

• He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
• The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。

12 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

13 aluminum   

n.(aluminium)铝

参考例句：

• The aluminum sheets cannot be too much thicker than 0.04 inches.铝板厚度不能超过0.04英寸。
• During the launch phase,it would ride in a protective aluminum shell.在发射阶段，它盛在一只保护的铝壳里。

14 retaliation   

n.报复，反击

参考例句：

• retaliation against UN workers 对联合国工作人员的报复
• He never said a single word in retaliation. 他从未说过一句反击的话。 来自《简明英汉词典》

15 prospect   

n.前景，前途；景色，视野

参考例句：

• This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
• The prospect became more evident.前景变得更加明朗了。

16 escalating   

v.（使）逐步升级( escalate的现在分词 )；（使）逐步扩大；（使）更高；（使）更大

参考例句：

• The cost of living is escalating. 生活费用在迅速上涨。 来自《简明英汉词典》
• The cost of living is escalating in the country. 这个国家的生活费用在上涨。 来自辞典例句

17 attentive   

adj.注意的，专心的；关心(别人)的，殷勤的

参考例句：

• She was very attentive to her guests.她对客人招待得十分周到。
• The speaker likes to have an attentive audience.演讲者喜欢注意力集中的听众。

18 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

19 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

20 promising   

adj.有希望的，有前途的

参考例句：

• The results of the experiments are very promising.实验的结果充满了希望。
• We're trying to bring along one or two promising young swimmers.我们正设法培养出一两名有前途的年轻游泳选手。

21 auto   

n.(=automobile)(口语)汽车

参考例句：

• Don't park your auto here.别把你的汽车停在这儿。
• The auto industry has brought many people to Detroit.汽车工业把许多人吸引到了底特律。