OVERALL ECONOMIC PERFORMANCE IN 1999
GDP China's GDP grew slightly more than 7 percent in 1999, thanks only to the government's ongoing stimulus program. With other Asian countries recovering, China's probable WTO accession this year, and a new drive to boost the private sector, however, both the Chinese government and outside analysts predict slightly stronger growth-around 7.5 percent-in 2000.
Investment Investment in fixed assets rose 7.8 percent in 1999, and is expected to increase by another 7.8 percent in 2000. Much of the investment came from the government's stimulus plan.
Prices Consumer and retail prices fell throughout 1999. Overcapacity in many industries was chiefly responsible for the 27-month deflation, but slack demand caused by consumer worry about job security and education and health costs also played a role. Many economists believe that the worst is past, and that deflation will wane in 2000.
Notes
performance n.something performed; an accomplishment完成的事；成就
GDP:gross domestic product國(guó)內(nèi)生產(chǎn)總值
thanks (to) n.（與to連用） 由于；多虧
例：It was thanks to John that we won the game.
多虧約翰，我們才贏了這場(chǎng)比賽。
ongoing stimulus program持續(xù)不斷的刺激計(jì)劃（措施）
ongoing adj.currently taking place進(jìn)行中的：現(xiàn)在正在發(fā)生的
stimulus n.促進(jìn)因素, 刺激
program n.程序, 綱要, 計(jì)劃
WTO:world trade organization世界貿(mào)易組織
accession n.access; admittance進(jìn)入；接收
drive n.energy, push, or aggressiveness干勁、沖動(dòng)或攻擊性
boost vt.to assist in further development or progress刺激增長(zhǎng)：輔助長(zhǎng)遠(yuǎn)的發(fā)展和進(jìn)步
例：a bill intended to boost local charities.
一項(xiàng)意在刺激地方慈善事業(yè)增長(zhǎng)的議案
private sector:non-state sector非國(guó)有部門(mén)，私營(yíng)部門(mén)
analyst n.分析家
predict vt.to state, tell about, or make known in advance, especially on the basis of special knowledge預(yù)測(cè)，預(yù)知，預(yù)告
investment n.投資
fixed assets固定資產(chǎn)（如廠房、機(jī)器設(shè)備等）
retail price零售價(jià)格
overcapacity n.too great a capacity for production of commodities or delivery of services in relation to actual need生產(chǎn)能力過(guò)剩：與實(shí)際需要相比，過(guò)大的生產(chǎn)工業(yè)商品能力或過(guò)多的服務(wù)
例：the problem of overcapacity in many large industries.
許多大型工業(yè)存在著生產(chǎn)能力過(guò)剩的問(wèn)題
deflation n.[Economics] a persistent decrease in the level of consumer prices or a persistent increase in the purchasing power of money because of a reduction in available currency and credit【經(jīng)濟(jì)學(xué)】通貨緊縮：由于可獲得貨幣和信貸的減少，導(dǎo)致消費(fèi)品價(jià)格水平的持續(xù)下降或貨幣購(gòu)買(mǎi)力的持續(xù)提高
slack demand需求不旺盛
slack a.lacking in activity; not busy清淡的：缺少活力的；不忙碌的
例：a slack season for the travel business.
旅游業(yè)的淡季
job security就業(yè)保障
security n.安全；保障
wane vi.虧缺, 衰落
Monetary policy China's impressive money-supply growth rates continued in 1999. Deflation-fighting efforts included the issuance of more than *200 billion ($24.16 billion) in new currency last year; the institution in November of a tax on individual savings deposits; and another round of interest rate cuts. The government also increased its reliance on open-market operations in 1999, after suspending operations through mid-1998. This could be the year Beijing further relaxes its control over loan interest rates.
Financial reforms China stepped up the pace of financial reform in 1999 and this pace is likely to continue in 2000. A few of the more high-profile moves included: establishing asset-management companies to relieve the four state banks of their bad loans; slightly loosening restrictions on foreign participation in commercial banking; granting domestic insurance firms the ability to invest in closed-end securities funds; and expanding the number of listed investment funds.
The government's budget woes Government revenue, while rising of late, is still falling far short of the budget's requirements. Though the State Administration of Taxation reported that total revenue was up 13.4 percent in 1999, tax evasion remains a serious problem. The government has already issued billions of RMB in Treasury bonds both to help recapitalize the ailing banks and to stimulate the suffering economy, and more such outlays will be necessary before either recovers.
Foreign currency and the value of the RMB China's foreign-currency reserves reached $154.68 billion at the end of 1999, up 6.7 percent. Most analysts expect that the RMB's value will remain relatively stable this year.
Agriculture Falling agricultural prices, due to bumper harvests, were responsible for the small rise in rural incomes of only 4 percent in 1999. This was less than half of the average urban income, which rose more than 9 percent. Rural poverty is likely to be exacerbated when China joins the WTO-an additional 9.6 million farm workers are expected to lose their jobs as a result of China opening its agricultural markets.
Notes
monetary policy貨幣政策
money-supply貨幣供給
deflation-fighting反通貨緊縮
issuance n.發(fā)行
institution of a tax on individual savings deposits對(duì)個(gè)人儲(chǔ)蓄存款征稅制度
cut vi.to reduce the size, extent, or duration of; curtail or shorten削減：減少…的尺寸、范圍或持續(xù)時(shí)間；截短或縮短
例：cut a payroll; cut a budget; cut the cooking time in half.
削減員工數(shù)；削減預(yù)算；把做飯時(shí)間縮短一半
reliance on open-market operations依賴(lài)公開(kāi)市場(chǎng)操作
suspending operations公開(kāi)市場(chǎng)操作暫停
suspend vi.to cause to stop for a period; interrupt暫行一段時(shí)期；中斷
relax vt.使松馳，緩和
financial reforms金融改革
high-profile moves全面的調(diào)控措施
move n.to attempt to seize control of控制：想要掌握控制權(quán)
asset-management company資產(chǎn)管理公司
bad loans不良貸款
to loosen restrictions on foreign participation in commercial banking放松對(duì)外資機(jī)構(gòu)參與商業(yè)銀行業(yè)務(wù)的限制
closed-end securities funds封閉式證券投資基金
listed investment funds上市投資基金
budget預(yù)算
revenue收入
the State Administration of Taxation國(guó)家稅務(wù)局
tax evasion避稅
evasion n.the act or an instance of evading逃避，躲避，逃脫
treasury bonds國(guó)庫(kù)券
to recapitalize the ailing banks調(diào)整經(jīng)營(yíng)困難銀行的資本結(jié)構(gòu)
recapitalize vt.to change the capital structure of (a corporation)調(diào)整…的資本結(jié)構(gòu)；改變（某個(gè)企業(yè)）的資本結(jié)構(gòu)
ailing adj.生病的, 境況不佳的
outlays n.花費(fèi)，支出，開(kāi)銷(xiāo)
average adj.平均的
urban income城市收入
rural poverty農(nóng)村貧困
exacerbate vt.惡化, 劇增
GDP China's GDP grew slightly more than 7 percent in 1999, thanks only to the government's ongoing stimulus program. With other Asian countries recovering, China's probable WTO accession this year, and a new drive to boost the private sector, however, both the Chinese government and outside analysts predict slightly stronger growth-around 7.5 percent-in 2000.
Investment Investment in fixed assets rose 7.8 percent in 1999, and is expected to increase by another 7.8 percent in 2000. Much of the investment came from the government's stimulus plan.
Prices Consumer and retail prices fell throughout 1999. Overcapacity in many industries was chiefly responsible for the 27-month deflation, but slack demand caused by consumer worry about job security and education and health costs also played a role. Many economists believe that the worst is past, and that deflation will wane in 2000.
Notes
performance n.something performed; an accomplishment完成的事；成就
GDP:gross domestic product國(guó)內(nèi)生產(chǎn)總值
thanks (to) n.（與to連用） 由于；多虧
例：It was thanks to John that we won the game.
多虧約翰，我們才贏了這場(chǎng)比賽。
ongoing stimulus program持續(xù)不斷的刺激計(jì)劃（措施）
ongoing adj.currently taking place進(jìn)行中的：現(xiàn)在正在發(fā)生的
stimulus n.促進(jìn)因素, 刺激
program n.程序, 綱要, 計(jì)劃
WTO:world trade organization世界貿(mào)易組織
accession n.access; admittance進(jìn)入；接收
drive n.energy, push, or aggressiveness干勁、沖動(dòng)或攻擊性
boost vt.to assist in further development or progress刺激增長(zhǎng)：輔助長(zhǎng)遠(yuǎn)的發(fā)展和進(jìn)步
例：a bill intended to boost local charities.
一項(xiàng)意在刺激地方慈善事業(yè)增長(zhǎng)的議案
private sector:non-state sector非國(guó)有部門(mén)，私營(yíng)部門(mén)
analyst n.分析家
predict vt.to state, tell about, or make known in advance, especially on the basis of special knowledge預(yù)測(cè)，預(yù)知，預(yù)告
investment n.投資
fixed assets固定資產(chǎn)（如廠房、機(jī)器設(shè)備等）
retail price零售價(jià)格
overcapacity n.too great a capacity for production of commodities or delivery of services in relation to actual need生產(chǎn)能力過(guò)剩：與實(shí)際需要相比，過(guò)大的生產(chǎn)工業(yè)商品能力或過(guò)多的服務(wù)
例：the problem of overcapacity in many large industries.
許多大型工業(yè)存在著生產(chǎn)能力過(guò)剩的問(wèn)題
deflation n.[Economics] a persistent decrease in the level of consumer prices or a persistent increase in the purchasing power of money because of a reduction in available currency and credit【經(jīng)濟(jì)學(xué)】通貨緊縮：由于可獲得貨幣和信貸的減少，導(dǎo)致消費(fèi)品價(jià)格水平的持續(xù)下降或貨幣購(gòu)買(mǎi)力的持續(xù)提高
slack demand需求不旺盛
slack a.lacking in activity; not busy清淡的：缺少活力的；不忙碌的
例：a slack season for the travel business.
旅游業(yè)的淡季
job security就業(yè)保障
security n.安全；保障
wane vi.虧缺, 衰落
Monetary policy China's impressive money-supply growth rates continued in 1999. Deflation-fighting efforts included the issuance of more than *200 billion ($24.16 billion) in new currency last year; the institution in November of a tax on individual savings deposits; and another round of interest rate cuts. The government also increased its reliance on open-market operations in 1999, after suspending operations through mid-1998. This could be the year Beijing further relaxes its control over loan interest rates.
Financial reforms China stepped up the pace of financial reform in 1999 and this pace is likely to continue in 2000. A few of the more high-profile moves included: establishing asset-management companies to relieve the four state banks of their bad loans; slightly loosening restrictions on foreign participation in commercial banking; granting domestic insurance firms the ability to invest in closed-end securities funds; and expanding the number of listed investment funds.
The government's budget woes Government revenue, while rising of late, is still falling far short of the budget's requirements. Though the State Administration of Taxation reported that total revenue was up 13.4 percent in 1999, tax evasion remains a serious problem. The government has already issued billions of RMB in Treasury bonds both to help recapitalize the ailing banks and to stimulate the suffering economy, and more such outlays will be necessary before either recovers.
Foreign currency and the value of the RMB China's foreign-currency reserves reached $154.68 billion at the end of 1999, up 6.7 percent. Most analysts expect that the RMB's value will remain relatively stable this year.
Agriculture Falling agricultural prices, due to bumper harvests, were responsible for the small rise in rural incomes of only 4 percent in 1999. This was less than half of the average urban income, which rose more than 9 percent. Rural poverty is likely to be exacerbated when China joins the WTO-an additional 9.6 million farm workers are expected to lose their jobs as a result of China opening its agricultural markets.
Notes
monetary policy貨幣政策
money-supply貨幣供給
deflation-fighting反通貨緊縮
issuance n.發(fā)行
institution of a tax on individual savings deposits對(duì)個(gè)人儲(chǔ)蓄存款征稅制度
cut vi.to reduce the size, extent, or duration of; curtail or shorten削減：減少…的尺寸、范圍或持續(xù)時(shí)間；截短或縮短
例：cut a payroll; cut a budget; cut the cooking time in half.
削減員工數(shù)；削減預(yù)算；把做飯時(shí)間縮短一半
reliance on open-market operations依賴(lài)公開(kāi)市場(chǎng)操作
suspending operations公開(kāi)市場(chǎng)操作暫停
suspend vi.to cause to stop for a period; interrupt暫行一段時(shí)期；中斷
relax vt.使松馳，緩和
financial reforms金融改革
high-profile moves全面的調(diào)控措施
move n.to attempt to seize control of控制：想要掌握控制權(quán)
asset-management company資產(chǎn)管理公司
bad loans不良貸款
to loosen restrictions on foreign participation in commercial banking放松對(duì)外資機(jī)構(gòu)參與商業(yè)銀行業(yè)務(wù)的限制
closed-end securities funds封閉式證券投資基金
listed investment funds上市投資基金
budget預(yù)算
revenue收入
the State Administration of Taxation國(guó)家稅務(wù)局
tax evasion避稅
evasion n.the act or an instance of evading逃避，躲避，逃脫
treasury bonds國(guó)庫(kù)券
to recapitalize the ailing banks調(diào)整經(jīng)營(yíng)困難銀行的資本結(jié)構(gòu)
recapitalize vt.to change the capital structure of (a corporation)調(diào)整…的資本結(jié)構(gòu)；改變（某個(gè)企業(yè)）的資本結(jié)構(gòu)
ailing adj.生病的, 境況不佳的
outlays n.花費(fèi)，支出，開(kāi)銷(xiāo)
average adj.平均的
urban income城市收入
rural poverty農(nóng)村貧困
exacerbate vt.惡化, 劇增