China not immune to global slowdown, warns UN

时间：2007-01-12 06:57:44

（单词翻译:单击）

Jan.11 - The Chinese economy is not immune to a slowdown in the global economy, even more so if such a slowdown is dragged by the U.S. economy, warned a UN report on Wednesday.

 

According to the UN World Economic Situation and Prospects1 2007,released on Wednesday, China is expected to grow at a robust2 pace of 9 percent in 2007, only a slight moderation from the 10.5 percent growth rate estimated for 2006.

 

China's exports have grown at a pace of more than 20 percent per year since its accession to the WTO five years ago. Should this trend continue, China would become the largest exporting economy in the world by 2009.

 

However, this spectacular export growth is largely based on further processing of imported intermediate goods, the UN report noted3. About 60 percent of China's exports can be categorized as such "processing trade" with slim value-added margins4.

 

As also the United States is a key export market for China, this trade structure makes the Chinese economy vulnerable to a U.S.-led global slowdown.

 

The report also considered a more pessimistic scenario5, however, under which house prices in the United States would make a more significant dive and push U.S. economic growth below 1 percent in 2007.

 

Should this happen, then economic growth in China would drop to a much lower 5 percent in 2007, it added.

 

Revalue the RMB

 

During 2006, China's current account surplus increased further to about 200 billion dollars. Continued export surpluses have allowed China to accumulate substantial amounts of official foreign-exchange reserves which now have reached a level of more than 1 trillion dollars, the highest in the world.

 

The large external surplus of China has led to increased international pressure from countries of current account deficits6, especially the United States, demanding China revalue its currency, the RMB, and also has given rise to protectionist actions against Chinese exports.

 

A more flexible exchange-rate policy could be part of a concerted solution, but from the Chinese perspective should be aligned7 with its ongoing8 reforms to strengthening its financial system, recommended the world body in the report.

 

On domestic aspects of the Chinese economy, the UN report pointed9 out China apparently10 has not succeeded in solving its unemployment problems.

 

The report considered that creating more jobs remains11 a key policy challenge for the Chinese economy.

 
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1 prospects fkVzpY     
n.希望，前途(恒为复数)
参考例句：
  • There is a mood of pessimism in the company about future job prospects. 公司中有一种对工作前景悲观的情绪。
  • They are less sanguine about the company's long-term prospects. 他们对公司的远景不那么乐观。
2 robust FXvx7     
adj.强壮的，强健的，粗野的，需要体力的，浓的
参考例句：
  • She is too tall and robust.她个子太高，身体太壮。
  • China wants to keep growth robust to reduce poverty and avoid job losses,AP commented.美联社评论道，中国希望保持经济强势增长，以减少贫困和失业状况。
3 noted 5n4zXc     
adj.著名的，知名的
参考例句：
  • The local hotel is noted for its good table.当地的那家酒店以餐食精美而著称。
  • Jim is noted for arriving late for work.吉姆上班迟到出了名。
4 margins 18cef75be8bf936fbf6be827537c8585     
边( margin的名词复数 )； 利润； 页边空白； 差数
参考例句：
  • They have always had to make do with relatively small profit margins. 他们不得不经常设法应付较少的利润额。
  • To create more space between the navigation items, add left and right margins to the links. 在每个项目间留更多的空隙，加左或者右的margins来定义链接。
5 scenario lZoxm     
n.剧本，脚本；概要
参考例句：
  • But the birth scenario is not completely accurate.然而分娩脚本并非完全准确的。
  • This is a totally different scenario.这是完全不同的剧本。
6 deficits 08e04c986818dbc337627eabec5b794e     
n.不足额( deficit的名词复数 )；赤字；亏空；亏损
参考例句：
  • The Ministry of Finance consistently overestimated its budget deficits. 财政部一贯高估预算赤字。 来自《简明英汉词典》
  • Many of the world's farmers are also incurring economic deficits. 世界上许多农民还在遭受经济上的亏损。 来自辞典例句
7 aligned 165f93b99f87c219277d70d866425da6     
adj.对齐的，均衡的
参考例句：
  • Make sure the shelf is aligned with the top of the cupboard.务必使搁架与橱柜顶端对齐。
8 ongoing 6RvzT     
adj.进行中的，前进的
参考例句：
  • The problem is ongoing.这个问题尚未解决。
  • The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
9 pointed Il8zB4     
adj.尖的，直截了当的
参考例句：
  • He gave me a very sharp pointed pencil.他给我一支削得非常尖的铅笔。
  • She wished to show Mrs.John Dashwood by this pointed invitation to her brother.她想通过对达茨伍德夫人提出直截了当的邀请向她的哥哥表示出来。
10 apparently tMmyQ     
adv.显然地；表面上，似乎
参考例句：
  • An apparently blind alley leads suddenly into an open space.山穷水尽，豁然开朗。
  • He was apparently much surprised at the news.他对那个消息显然感到十分惊异。
11 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。

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