China's Economy

　　China's economy held the line on growth in 1999, mainly with government assistance, as the economy continues to suffer from the effects of massive, and accelerating, restructuring. The coming year could see some improvement, though the economy is likely to remain under stress as the restructuring intensifies¹ over the next three to five years.

　　Large-scale job loss and gluts³ of consumer goods are still dampening demand, but deflation has begun to flatten⁴ out. Recovery in the rest of Asia helped keep exports strong, though foreign investment dipped (see Trade and Foreign Direct Investment).

　　China's preparations to enter the World Trade Organization (WTO) will accelerate the pace of the toughest reforms yet in agriculture, the state-owned sector⁵, and banking⁶, among others. Economic performance depends in large part on how well China implements⁸ these reforms and on non-state sector growth. Foreign firms are also likely to see these reforms as crucial, as WTO implementation⁹ is deeply entwined with these issues.

　　Notes

　　hold the line坚持下去, 保持不变

　　assistance n.协助, 援助

　　suffer (from) vi.受损失，受害

　　massive a.大规模的，大量的

　　restructure vt.更改结构, 调整, 改组

　　stress n.重压, 压力, 重点

　　large-scale job loss大规模失业

　　gluts of consumer goods消费品供应过剩

　　glut² n.供应过剩；充斥

　　dampen vt.抑制，压抑

　　demand n.需求(量), 需要

　　deflation n.通货紧缩, 物价低廉

　　flatten (out) vi.变平, 变单调

　　recovery n.恢复, 复苏

　　foreign investment外国投资

　　dip vi.轻微下降(通常是暂时的)

　　toughest reform最艰难的改革

　　tough adj.强硬的, 艰苦的, 坚强的

　　state-owned sector国有部门（行业）

　　performance n.成就，表现

　　implement⁷ vt.贯彻，实现，执行

　　non-state sector非国有部门（行业）

　　crucial adj.至关紧要的

　　entwined (with) vi.缠绕，纠缠在一起

　　issue n.论点, 问题