VOA慢速英语2015 中国将持续庞大政府开支提振经济?

AS IT IS 2015-03-23 Will China's Continued Big Spending Lift its Economy? 中国将持续庞大政府开支提振经济?

From VOA Learning English, this is the Economics Report.

Chinese officials have predicted lower economic growth again this year. They say that huge government spending programs are coming to a close. 

Instead, officials say they are seeking what they call “higher quality” but more modest growth. The goal is to increase domestic consumption and grow the economy in a more balanced way.

Last week, Chinese Premier¹ Li Keqiang reinforced this opinion when he announced a target growth rate of seven percent for 2015. That is well below the Chinese economy’s average over the last 20 years.

However, there are signs that the government has not yet ended its big spending programs. Li Keqiang announced a 13 percent increase in fixed² asset investments, things like buildings and machinery³. The premier also said there would be new spending in energy, railways, water management and housing.

Some economists⁵ believe this spending will be greater than needed to reach the government’s growth target. Shen Jianguang is chief Asia economist⁴ at Mizuho Securities Asia in Hong Kong. He calls the additional investments a “silent stimulus⁶ plan.”

In January, Li Keqiang promised to create 10 million new jobs in 2015, partly through investment in building projects.

The new spending program is less than the stimulus plan China put in place during the world financial crisis. In 2008, China announced a spending package of $570 billion. This year, however, Mr. Li has set aside $260 billion for spending in infrastructure⁷ and parts of the economy.

Yet the spending increase does nothing to increase personal buying in China or create demand for goods and services.

Recently, a professor at Renmin University spoke⁸ to Chinese state-run broadcaster CCTV. Tao Ran said that consumption levels are much less than what is needed to guarantee steady growth. Spending by the public is estimated at just about 40 percent of the economy while spending by government agencies makes up the rest.

The government is borrowing money to pay for new projects. Finance Minister Lou Jiwei said in a news conference that deficit⁹ spending will be about 2.7 percent of the gross domestic product. That is the value of all goods and services produced by the economy in one year. It is an increase over last year and almost as much as during the financial crisis year of 2009.

China’s debt has increased four times since 2007. The McKinsey Global Institute estimated in February that total debt in China was valued at 282 percent of the economy. That includes government, corporate¹⁰ and household debt. The same report estimates U.S. debt to be 269 percent of GDP.

China’s Ministry¹¹ of Finance had been limiting spending to cool the economy. But Mr. Shen says the Finance Ministry appears to be changing that policy.

China’s local governments hold large amounts of debt and that has hurt their ability to invest in new infrastructure. Yin Zhongqing, deputy director of the Finance and Economic committee of the National People’s Congress, spoke to reporters recently. He said the central government would offer about $160 billion in low-interest bonds to replace existing debt owed by local governments.

Words in This Story

domestic consumption – n. products and services bought and used within the country in which they are produced

average – n. a number that is calculated by adding quantities together and then dividing the total by the number of quantities

asset – n. a valuable person or thing

infrastructure package – n. a group of related things that go together

 

infrastructure – n. the basic equipment and structures (such as roads and bridges) that are needed for a country, region, or organization to operate

1 premier   

adj.首要的；n.总理，首相

参考例句：

• The Irish Premier is paying an official visit to Britain.爱尔兰总理正在对英国进行正式访问。
• He requested that the premier grant him an internview.他要求那位总理接见他一次。

2 fixed   

adj.固定的，不变的，准备好的；(计算机)固定的

参考例句：

• Have you two fixed on a date for the wedding yet?你们俩选定婚期了吗？
• Once the aim is fixed,we should not change it arbitrarily.目标一旦确定，我们就不应该随意改变。

3 machinery   

n.(总称)机械，机器；机构

参考例句：

• Has the machinery been put up ready for the broadcast?广播器材安装完毕了吗？
• Machinery ought to be well maintained all the time.机器应该随时注意维护。

4 economist   

n.经济学家，经济专家，节俭的人

参考例句：

• He cast a professional economist's eyes on the problem.他以经济学行家的眼光审视这个问题。
• He's an economist who thinks he knows all the answers.他是个经济学家，自以为什么都懂。

5 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》

6 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。

7 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。

8 spoke   

n.（车轮的）辐条；轮辐；破坏某人的计划；阻挠某人的行动 v.讲，谈（speak的过去式）；说；演说；从某种观点来说

参考例句：

• They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
• The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。

9 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

10 corporate   

adj.共同的，全体的；公司的，企业的

参考例句：

• This is our corporate responsibility.这是我们共同的责任。
• His corporate's life will be as short as a rabbit's tail.他的公司的寿命是兔子尾巴长不了。

11 ministry   

n.(政府的)部；牧师

参考例句：

• They sent a deputation to the ministry to complain.他们派了一个代表团到部里投诉。
• We probed the Air Ministry statements.我们调查了空军部的记录。