Chinese spend less because they have no money, Fan Gang

时间：2007-06-01 01:28:00

（单词翻译:单击）

Chinanews, Beijing, June 1 - Fan Gang, a member of the central bank's monetary1 policy committee, recently issued a report titled "The Internal and External Balance of Chinese Economy". The report makes an in-depth discussion on some sensitive issues related with Chinese economy. In this report, Fan attributes China's low consumption level to the fact that most Chinese do not have much money to spend. He also says that it will be acceptable for Renminbi to appreciate by 5% annually2. This is the first time that the central bank’s think tank made such statements on a public occasion. It should be worth noting that while the chief economist3 made such statement, Renminbi exchange rate to the US dollar had just hit a new high to touch the 7.65 point in its six trading days, the Beijing Morning Post reported.

 

When talking about the low consumption problem in China, Fan says that the problem has been caused by the fact that most Chinese have little money to spend and the widening income gap between the rich and the poor has made such problem become even worse now.

 

Fan points out that in China, people who make an annual income of 10,000 yuan account for 80% of the working population and these people contribute to only 40% of the new GDP growth. The rest of the GDP growth is made by the high-income group, who account for only 20% of the working population. “Since the high-income group tend to spend little, it turns out that the average consumption level in China remains4 low,” Fan says.

 

On the other hand, investment in China will remain high, the economist claims. For a long time to come, investment and capital accumulation will not only become an important booster to the Chinese economy, they will also become essential to China's urbanization, industrialization and modernization5 process, the financial expert declares.

 

60% of the investment in China is boosted by the demand for housing and public equipment. Investment in these two sectors6 will remain steady and sustainable. In light of this, it is necessary for China to keep a 20% annual investment growth, Fan says.

 

He also points out that it is wrong to make a simple comparison between the Chinese economic structure and the current American economic structure.

 
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1 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。
2 annually VzYzNO     
adv.一年一次，每年
参考例句：
  • Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
  • They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。
3 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。
4 remains 1kMzTy     
n.剩余物，残留物；遗体，遗迹
参考例句：
  • He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
  • The remains of the meal were fed to the dog.残羹剩饭喂狗了。
5 modernization nEyxp     
n.现代化，现代化的事物
参考例句：
  • This will help us achieve modernization.这有助于我们实现现代化。
  • The Chinese people are sure to realize the modernization of their country.中国人民必将实现国家现代化。
6 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》

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