ChineseEconomyonFastTrack(2)中国经济步入快车道

时间：2007-05-08 00:54:18

（单词翻译:单击）

China's economy will be disrupted in the short term, but in the long run, it can benefit immensely from its WTO entry, said Subbaraman.
    Rising numbers of bankruptcies1 and displaced workers are likely, as increased trade competition after the WTO forces a reallocation of resources away from protected and less competitive industries to sectors3 where China has more of a comparative advantage, he said.
    According to the International Monetary4 Fund, WTO accession will subtract 0.3 per cent from China's real GDP growth in the first year.
    Subbaraman said potential losers from the accession include the highly protected agricultural, telecommunications and banking5 sectors and some of the more capital-intensive ones such as the auto6 industry.
    Besides short-term adjustment costs, WTO accession will have a profound effect on the composition of China's balance of payments, he said.
    The reduction in trade barriers will lead to a substantial increase in merchandise imports but only a modest rise in exports.
    Furthermore, WTO entry will help spur the development of the legal and regulatory framework and accelerate reform in the bank and enterprise sectors, thus creating demand for foreign services -financial, accounting7, management consultancy and legal-to support restructuring.
    As a result, the current account surplus of US$20.5 billion in 2000 is likely to deteriorate9 and could sink into a small deficit10 by 2003, Subbaraman said in his report.
    However, the deterioration11 in China's current account should be more than offset12 by an improvement in the capital account, noted13 Paul Sheard, chief economist14 for Lehman Brothers Asia.
    The liberalization of China's services sector2 should attract stronger FDI (foreign direct investment) inflows, while measures to strengthen the rule of law and to broaden and deepen the bond and equity15 markets should help deter8 portfolio16 capital flight.
    "On our estimates, actual FDI will soar from US$46.8 billion today to around US$65 billion by the end of 2003," he said, adding that China's overall balance of payments surplus is expected to increase steadily17 in the coming years.
    "This means that the tendency for the RMB will be to appreciate once China begins to move toward a more flexible exchange rate regime," he said.
    In the long run, WTO entry is expected to add around 1.3 per cent per annum to China's GDP growth, he added.
    "We are optimistic that China will achieve an average 6 per cent growth over the next two decades," he said at the press conference.
Notes
disrupt vt.to throw into confusion or disorder干扰，扰乱：使陷入混乱，使杂乱无章
in the short term从眼前的观点看
in the long run:in the final analysis or outcome从长远看，从最终结果来看
WTO entry加入世界贸易组织
entry n.the act or an instance of entering进入：进入的行为或状态
bankruptcy18 n.破产，无偿付能力
displaced worker下岗工人
reallocation of resources资源重新配置
reallocation n.重新分配，重新划拨
less competitive industry竞争力较弱的行业
comparative advantage比较利益；比较优势
International Monetary Fund国际货币基金（组织）
WTO accession=WTO entry加入世界贸易组织
subtract vt.to take away; deduct拿走；扣除
potential a.潜在的, 可能的
capital-intensive sector资本密集型部门（行业）
balance of payments国际收支
reduction n.减少, 缩减量
trade barriers贸易壁垒
spur v.鞭策, 刺激,
legal and regulatory framework法律法规框架
framework n.构架, 框架, 结构
accelerate v.加速, 促进
management consultancy管理咨询
restructuring结构调整
current account surplus经常帐户盈余
deteriorate v.(使)恶化
sink into deficit变为赤字
sink into:to pass into a specified20 condition渐渐进入：渐渐进入某种特定状态
liberalization n.自由主义化, 使宽大
FDI (foreign direct investment)国外直接投资
to strengthen the rule of law加强法制
to broaden and deepen the bond and equity markets深化债券股票市场
deter portfolio capital flight阻止投资资本外逃
deter v.阻止
portfolio n.a group of investments一组投资
soar v.剧增
appreciate v.升值
flexible exchange rate regime浮动汇率制
optimistic a.乐观的

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1 bankruptcies bcf5e4df1f93a4fe2251954d2dc45f1f     
n.破产( bankruptcy的名词复数 )；倒闭；彻底失败；（名誉等的）完全丧失
参考例句：
  • It's a matter of record that there were ten bankruptcies in the town last year. 去年这个城市有十家破产是事实。 来自《简明英汉词典》
  • Business bankruptcies rose 50 percent over the previous year. 破产企业的数量比前一年增加５０％。 来自英汉非文学 - 政府文件
2 sector yjczYn     
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。
3 sectors 218ffb34fa5fb6bc1691e90cd45ad627     
n.部门( sector的名词复数 )；领域；防御地区；扇形
参考例句：
  • Berlin was divided into four sectors after the war. 战后柏林分成了4 个区。 来自《简明英汉词典》
  • Industry and agriculture are the two important sectors of the national economy. 工业和农业是国民经济的两个重要部门。 来自《现代汉英综合大词典》
4 monetary pEkxb     
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 banking aySz20     
n.银行业，银行学，金融业
参考例句：
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
6 auto ZOnyW     
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。
7 accounting nzSzsY     
n.会计，会计学，借贷对照表
参考例句：
  • A job fell vacant in the accounting department.财会部出现了一个空缺。
  • There's an accounting error in this entry.这笔账目里有差错。
8 deter DmZzU     
vt.阻止，使不敢，吓住
参考例句：
  • Failure did not deter us from trying it again.失败并没有能阻挡我们再次进行试验。
  • Dogs can deter unwelcome intruders.狗能够阻拦不受欢迎的闯入者。
9 deteriorate Zm8zW     
v.变坏；恶化；退化
参考例句：
  • Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗？
  • He held that this would only cause the situation to deteriorate further.他认为，这只会使局势更加恶化。
10 deficit tmAzu     
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。
11 deterioration yvvxj     
n.退化；恶化；变坏
参考例句：
  • Mental and physical deterioration both occur naturally with age. 随着年龄的增长，心智和体力自然衰退。
  • The car's bodywork was already showing signs of deterioration. 这辆车的车身已经显示出了劣化迹象。
12 offset mIZx8     
n.分支，补偿；v.抵消，补偿
参考例句：
  • Their wage increases would be offset by higher prices.他们增加的工资会被物价上涨所抵消。
  • He put up his prices to offset the increased cost of materials.他提高了售价以补偿材料成本的增加。
13 noted 5n4zXc     
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。
14 economist AuhzVs     
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。
15 equity ji8zp     
n.公正，公平，（无固定利息的）股票
参考例句：
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。
16 portfolio 9OzxZ     
n.公事包；文件夹；大臣及部长职位
参考例句：
  • He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
  • He resigned his portfolio.他辞去了大臣职务。
17 steadily Qukw6     
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。
18 bankruptcy fPoyJ     
n.破产；无偿付能力
参考例句：
  • You will have to pull in if you want to escape bankruptcy.如果你想避免破产，就必须节省开支。
  • His firm is just on thin ice of bankruptcy.他的商号正面临破产的危险。
19 deduct pxfx7     
vt.扣除，减去
参考例句：
  • You can deduct the twenty - five cents out of my allowance.你可在我的零用钱里扣去二角五分钱。
  • On condition of your signing this contract,I will deduct a percentage.如果你在这份合同上签字，我就会给你减免一个百分比。
20 specified ZhezwZ     
adj.特定的
参考例句：
  • The architect specified oak for the wood trim. 那位建筑师指定用橡木做木饰条。
  • It is generated by some specified means. 这是由某些未加说明的方法产生的。

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