Action needed for global financial stability

时间：2007-10-22 07:41:20

（单词翻译:单击）

WASHINGTON, Oct.22 - A senior Chinese official has urged the international community to analyze1 the root causes of the recent financial turmoil2 and make efforts to safeguard global financial stability.

 

"Activity in the major advanced economies slowed in the second quarter of 2007, posing significant downside risks to global growth," Wu Xiaoling, deputy governor of People's Bank of China, said on Saturday at the 16th meeting of the International Monetary3 and Financial Committee.

 

Credit market woes4 in the United States may further dampen the housing market, suppress consumption and investment, and give rise to potential risks of recession with a spillover effect in other countries, she warned.

 

"It is all the more urgent a priority to strengthen surveillance of the important advanced economies to safeguard global financial stability and economic prosperity," said the Chinese official.

 

"This round of adjustment has not yet come to an end," Wu said. "Despite liquidity5 injection by the major central banks, credit conditions are unlikely to be restored within a short period of time."

 

She said it is also necessary to re-examine the role of financial innovation and the development of derivatives6 as well as associated risks.

 

As for the Chinese economy, Wu said a major task for the government is to prevent overheating.

 

"The government has taken measures to strengthen macroeconomic management, improve investment structure, increase fiscal7 expenditure8 in the social sector9, boost domestic demand, and speed up reform in the financial sector," she said.

 

In a joint10 statement issued on Friday, finance officials from the world's seven richest nations also warned that the credit crisis will hurt economic growth.

 

"Strong global fundamentals and well-capitalized financial institutions provide a sound and resilient basis but uneven11 conditions are likely to persist for some time and will require close monitoring," they said.

 

The International Monetary Fund has warned the global economy will slow its continued expansion due to the recent financial turmoil trigged by the US subprime mortgage difficulties.

 

Among the major advanced economies, the projection12 for US growth in 2007 as a whole is unchanged at 1.9 percent, but has been lowered by 0.9 percentage point to 1.9 percent in 2008.

 
 
 

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1 analyze RwUzm     
vt.分析，解析 (=analyse)
参考例句：
  • We should analyze the cause and effect of this event.我们应该分析这场事变的因果。
  • The teacher tried to analyze the cause of our failure.老师设法分析我们失败的原因。
2 turmoil CKJzj     
n.骚乱，混乱，动乱
参考例句：
  • His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
  • The robbery put the village in a turmoil.抢劫使全村陷入混乱。
3 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。
4 woes 887656d87afcd3df018215107a0daaab     
困境( woe的名词复数 )； 悲伤； 我好苦哇； 某人就要倒霉
参考例句：
  • Thanks for listening to my woes. 谢谢您听我诉说不幸的遭遇。
  • She has cried the blues about its financial woes. 对于经济的困难她叫苦不迭。
5 liquidity VRXzb     
n.流动性，偿债能力，流动资产
参考例句：
  • The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
  • The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。
6 derivatives f75369b9e0ef2282b4d10e367e4ee2a9     
n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数
参考例句：
  • Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
  • These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句
7 fiscal agbzf     
adj.财政的，会计的，国库的，国库岁入的
参考例句：
  • The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
  • The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。
8 expenditure XPbzM     
n.(时间、劳力、金钱等)支出；使用，消耗
参考例句：
  • The entry of all expenditure is necessary.有必要把一切开支入账。
  • The monthly expenditure of our family is four hundred dollars altogether.我们一家的开销每月共计四百元。
9 sector yjczYn     
n.部门，部分；防御地段，防区；扇形
参考例句：
  • The export sector will aid the economic recovery. 出口产业将促进经济复苏。
  • The enemy have attacked the British sector.敌人已进攻英国防区。
10 joint m3lx4     
adj.联合的，共同的；n.关节，接合处；v.连接，贴合
参考例句：
  • I had a bad fall,which put my shoulder out of joint.我重重地摔了一跤，肩膀脫臼了。
  • We wrote a letter in joint names.我们联名写了封信。
11 uneven akwwb     
adj.不平坦的，不规则的，不均匀的
参考例句：
  • The sidewalk is very uneven—be careful where you walk.这人行道凹凸不平—走路时请小心。
  • The country was noted for its uneven distribution of land resources.这个国家以土地资源分布不均匀出名。
12 projection 9Rzxu     
n.发射，计划，突出部分
参考例句：
  • Projection takes place with a minimum of awareness or conscious control.投射在最少的知觉或意识控制下发生。
  • The projection of increases in number of house-holds is correct.对户数增加的推算是正确的。

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