OVERALL ECONOMIC PERFORMANCE IN 1999

　　GDP China's GDP grew slightly more than 7 percent in 1999, thanks only to the government's ongoing¹ stimulus² program. With other Asian countries recovering, China's probable WTO accession this year, and a new drive to boost the private sector³, however, both the Chinese government and outside analysts⁴ predict slightly stronger growth-around 7.5 percent-in 2000.

　　Investment Investment in fixed⁶ 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 retail⁷ 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 economists⁸ believe that the worst is past, and that deflation will wane⁹ in 2000.

　　Notes

　　performance n.something performed; an accomplishment完成的事；成就

　　GDP:gross domestic product国内生产总值

　　thanks (to) n.（与to连用） 由于；多亏

　　例：It was thanks to John that we won the game.

　　多亏约翰，我们才赢了这场比赛。

　　ongoing stimulus program持续不断的刺激计划（措施）

　　ongoing adj.currently taking place进行中的：现在正在发生的

　　stimulus n.促进因素, 刺激

　　program n.程序, 纲要, 计划

　　WTO:world trade organization世界贸易组织

　　accession n.access; admittance进入；接收

　　drive n.energy, push, or aggressiveness干劲、冲动或攻击性

　　boost vt.to assist in further development or progress刺激增长：辅助长远的发展和进步

　　例：a bill intended to boost local charities.

　　一项意在刺激地方慈善事业增长的议案

　　private sector:non-state sector非国有部门，私营部门

　　analyst⁵ n.分析家

　　predict vt.to state, tell about, or make known in advance, especially on the basis of special knowledge预测，预知，预告

　　investment n.投资

　　fixed assets固定资产（如厂房、机器设备等）

　　retail price零售价格

　　overcapacity n.too great a capacity for production of commodities or delivery of services in relation to actual need生产能力过剩：与实际需要相比，过大的生产工业商品能力或过多的服务

　　例：the problem of overcapacity in many large industries.

　　许多大型工业存在着生产能力过剩的问题

　　deflation n.[Economics] a persistent¹¹ 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【经济学】通货紧缩：由于可获得货币和信贷的减少，导致消费品价格水平的持续下降或货币购买力的持续提高

　　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.

　　旅游业的淡季

　　job security就业保障

　　security n.安全；保障

　　wane vi.亏缺, 衰落

　　Monetary¹² 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 savings¹³ 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 restrictions¹⁴ on foreign participation¹⁵ in commercial banking¹⁶; 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 woes¹⁷ Government revenue, while rising of late, is still falling far short of the budget's requirements. Though the State Administration of Taxation¹⁸ reported that total revenue was up 13.4 percent in 1999, tax evasion¹⁹ remains²⁰ a serious problem. The government has already issued billions of RMB in Treasury²¹ bonds both to help recapitalize the ailing²² banks and to stimulate²³ the suffering economy, and more such outlays²⁴ 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 relatively²⁵ stable this year.

　　Agriculture Falling agricultural prices, due to bumper²⁶ 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 exacerbated²⁷ 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货币政策

　　money-supply货币供给

　　deflation-fighting反通货紧缩

　　issuance n.发行

　　institution of a tax on individual savings deposits对个人储蓄存款征税制度

　　cut vi.to reduce the size, extent, or duration of; curtail²⁹ or shorten削减：减少…的尺寸、范围或持续时间；截短或缩短

　　例：cut a payroll³⁰; cut a budget; cut the cooking time in half.

　　削减员工数；削减预算；把做饭时间缩短一半

　　reliance on open-market operations依赖公开市场操作

　　suspending operations公开市场操作暂停

　　suspend vi.to cause to stop for a period; interrupt暂行一段时期；中断

　　relax vt.使松驰，缓和

　　financial reforms金融改革

　　high-profile moves全面的调控措施

　　move n.to attempt to seize control of控制：想要掌握控制权

　　asset-management company资产管理公司

　　bad loans不良贷款

　　to loosen restrictions on foreign participation in commercial banking放松对外资机构参与商业银行业务的限制

　　closed-end securities funds封闭式证券投资基金

　　listed investment funds上市投资基金

　　budget预算

　　revenue收入

　　the State Administration of Taxation国家税务局

　　tax evasion避税

　　evasion n.the act or an instance of evading逃避，躲避，逃脱

　　treasury bonds国库券

　　to recapitalize the ailing banks调整经营困难银行的资本结构

　　recapitalize vt.to change the capital structure of (a corporation)调整…的资本结构；改变（某个企业）的资本结构

　　ailing adj.生病的, 境况不佳的

　　outlays n.花费，支出，开销

　　average adj.平均的

　　urban income城市收入

　　rural poverty农村贫困

　　exacerbate²⁸ vt.恶化, 剧增

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