On one hand, China is steadily³ moving towards a market-based economy and its recent WTO entry will accelerate this, he said.

    Furthermore, globalization and the information age have spurred the pace and momentum⁴ to dramatic levels.

    On the other hand, there are risks, especially for foreign investors over the next two to three years. China's WTO accession will result in painful adjustment costs in conjunction with unfinished financial and State-owned enterprise (SOE) reforms, as well as rapid urbanization, he said.

    "But our near-term assessment⁵ is that, provided macroeconomic policies remain accommodative, the economy will weather this difficult period, very likely averaging GDP growth of around 7 per cent," added Subbaraman.

 

Bible n.a book considered authoritative⁶ in its field权威书籍：被认为是某一领域里具有权威性的书

  例：the bible of French cooking.

      法式烹饪的权威著作

foothold n.立足处

market-based economy市场经济

globalization n.全球化

information age信息时代

pace n.速度, 步调

momentum n.动力, 要素

dramatic a.戏剧性的, 生动的

adjustment n.调整, 调节

in conjunction with…与……一道

conjunction n.联合, 关联

urbanization n.都市化, 文雅化

macroeconomic policy宏观经济政策

accommodative a.善于适应新环境的

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