China's import growth lowest in 20 months

 　　BEIJING, July 11 (Xinhuanet) -- The pace of China's import growth in June fell to its lowest level in 20 months as tightening¹ monetary² policies kicked in, resulting in the biggest monthly trade surplus this year, official statistics show.

　　Import growth is expected to slow in the coming months, thanks to the broad impact of the tightening measures, before picking up in the last quarter, economists⁴ predicted.

　　According to the General Administration of Customs (GAC), imports rose 19.3 percent, from a year earlier, to $139.7 billion, the weakest since November 2009.

　　Exports rose 17.9 percent and despite this being the smallest increase since last December they reached a record high of $161.9 billion.

　　The decline in import growth has led to a widening trade surplus, $22.3 billion in June compared to $13.1 billion in May. But in the first six months the trade surplus dropped 18 percent, year-on-year, to $44.9 billion.

　　"Import growth was weaker than expected, as imports for China's processing trade weakened and de-stocking in heavy industry continued," Wang Tao, head of China Economic Research at UBS Securities, said.

　　"Recent commodity price drops, including crude oil, also helped lower the import bill," she added.

　　June's net imports of crude oil fell 12 percent from May to 19.43 million metric tons, the lowest since October, amid refinery⁵ maintenance and slowing energy demand, according to the GAC figures.

　　"Decelerating economic growth and tightening measures to soak up market liquidity⁶ have reined⁷ in import growth, but it is not a cause for worry," Li Wei, an economist³ at Standard Chartered Shanghai, said.

　　The government is expected to announce economic growth data for the second quarter on Wednesday. Gross domestic product growth is widely predicted to slow from 9.7 percent for the first quarter.

　　"The slowdown in import growth will last two to three months or even longer due to both falling demand and possible commodity price drops," Li said.

　　Zhong Shan, vice-minister of commerce, said recently that imports will slow down in the second half, citing the government's measures to cool the economy.

　　The central bank has raised interest rates five times since mid-October, with the latest on July 7, and increased the reserve requirements for commercial banks, the amount they have to set aside, nine times since November. The consumer price index, a major gauge⁸ of inflation, surged to 6.4 percent last month, the highest in three years.

　　Zhao Fudi, GAC spokesman, said in an online broadcast on Sunday that higher prices are increasing inflationary pressure, leading to a 14.7 percent gain in the overall price of imported commodities in the first half.

　　Imports surged 27.6 percent year-on-year to $829.4 billion from January to June, as commodity prices rose during the first half. Exports increased 17.9 percent in June, down from 19.4 percent in May.

　　"This is because of weaker external demand" from developed nations, Wang said.

　　Exports increased 24 percent, year-on-year, to $874.3 billion during the first half, but exports to both the United States and the European Union, China's two major trading partners, rose by only 16.9 percent.

　　"The slow recovery of the global economy and the European debt crisis have added uncertainties⁹ to export growth," Zheng Yuesheng, head of the GAC statistics department, said.

　　Lu Zhengwei, chief economist at Industrial Bank, believes that the March earthquake and tsunami¹⁰ in Japan hurt China's exports.

　　"The disaster cut off China's imports of parts and components¹¹ used for mechanical and electrical goods, leading to a decline in those exports" which make up a majority of China's exports, Lu said.

　　As Japanese manufacturers resume full production, or come close to it, in September, China's exports will regain¹² momentum¹³, he predicted.

　　Li Wei agreed. "China's exports keep pace with the global economic recovery. And growth will probably see a turnaround in September" when orders for the Christmas season are usually made, Li said.

　　Many companies in China's coastal¹⁴ regions are far from optimistic, citing rising costs in labor¹⁵ and raw materials and yuan appreciation¹⁶, as well as shrinking demand abroad.

　　Han Jie, deputy director general of the department of commerce in Zhejiang province, said "exporters in Zhejiang have experienced a disappointing first half, and the second half will not be better".(本文由在线英语听力室整理编辑)

1 tightening   

上紧，固定，紧密

参考例句：

• Make sure the washer is firmly seated before tightening the pipe. 旋紧水管之前，检查一下洗衣机是否已牢牢地固定在底座上了。
• It needs tightening up a little. 它还需要再收紧些。

2 monetary   

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。

3 economist   

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 economists   

n.经济学家，经济专家( economist的名词复数 )

参考例句：

• The sudden rise in share prices has confounded economists. 股价的突然上涨使经济学家大惑不解。
• Foreign bankers and economists cautiously welcomed the minister's initiative. 外国银行家和经济学家对部长的倡议反应谨慎。 来自《简明英汉词典》

5 refinery   

n.精炼厂，提炼厂

参考例句：

• They built a sugar refinery.他们建起了一座榨糖厂。
• The purpose of oil refinery is to refine crude petroleum.炼油厂的主要工作是提炼原油。

6 liquidity   

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。

7 reined   

勒缰绳使（马）停步( rein的过去式和过去分词 )； 驾驭； 严格控制； 加强管理

参考例句：

• Then, all of a sudden, he reined up his tired horse. 这时，他突然把疲倦的马勒住了。
• The officer reined in his horse at a crossroads. 军官在十字路口勒住了马。

8 gauge   

v.精确计量；估计；n.标准度量；计量器

参考例句：

• Can you gauge what her reaction is likely to be?你能揣测她的反应可能是什么吗？
• It's difficult to gauge one's character.要判断一个人的品格是很困难的。

9 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告

10 tsunami   

n.海啸

参考例句：

• Powerful quake sparks tsunami warning in Japan.大地震触发了日本的海啸预警。
• Coastlines all around the Indian Ocean inundated by a huge tsunami.大海啸把印度洋沿岸地区都淹没了。

11 components   

（机器、设备等的）构成要素，零件，成分； 成分( component的名词复数 )； [物理化学]组分； [数学]分量； （混合物的）组成部分

参考例句：

• the components of a machine 机器部件
• Our chemistry teacher often reduces a compound to its components in lab. 在实验室中化学老师常把化合物分解为各种成分。

12 regain   

vt.重新获得，收复，恢复

参考例句：

• He is making a bid to regain his World No.1 ranking.他正为重登世界排名第一位而努力。
• The government is desperate to regain credibility with the public.政府急于重新获取公众的信任。

13 momentum   

n.动力，冲力，势头；动量

参考例句：

• We exploit the energy and momentum conservation laws in this way.我们就是这样利用能量和动量守恒定律的。
• The law of momentum conservation could supplant Newton's third law.动量守恒定律可以取代牛顿第三定律。

14 coastal   

adj.海岸的，沿海的，沿岸的

参考例句：

• The ocean waves are slowly eating away the coastal rocks.大海的波浪慢慢地侵蚀着岸边的岩石。
• This country will fortify the coastal areas.该国将加强沿海地区的防御。

15 labor   

n.劳动，努力，工作，劳工；分娩；vi.劳动，努力，苦干；vt.详细分析；麻烦

参考例句：

• We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
• He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。

16 appreciation   

n.评价；欣赏；感谢；领会，理解；价格上涨

参考例句：

• I would like to express my appreciation and thanks to you all.我想对你们所有人表达我的感激和谢意。
• I'll be sending them a donation in appreciation of their help.我将送给他们一笔捐款以感谢他们的帮助。