2017年CRI Opening up and risk control--China's bid to stabilize economic growth

 

The now-concluded meetings of the Central Economic Working Conference have closed this year with a focus on promoting reform and opening up next year, as well as taking steps to eliminate systemic risks.

The meeting, which maps out the economic work for the next year, has suggested the country's policy toward international trade needs to be opened up further.

Specifically, it calls for increasing imports by cutting tariffs¹ on some products, while at the same time, raising the product quality on goods being exported from China.

Huo Jianguo with the Chinese Academy of International Trade and Economic Cooperation says this forms a foundation for China's international trade policies.

"Previously² we only mentioned a policy that requests using imports to drive exports, but it doesn't equal an overall trade policy. However this time I see it as a prototype of a unified³ trade policy for the country. That is to say we set a tone for international trade, which requires higher competitiveness of our exported goods and, at the same time, an expansion of imports, with the ultimate goal of balancing exports and imports," Huo said.

As part of the sessions, central authorities have announced plans to lower the threshold for foreign funds to enter the financial sector⁴, allowing foreign institutions to invest in Chinese bonds, insurance and banks.

Zong Liang is a chief researcher with the Bank of China.

"On one hand opening up in financial sector must be adapted to the country's economic development. On the other, its goal is to build a new business environment, to let China become a global business hub. What should this environment look like? It would let foreign companies come to China under the expectations that they're going to make more money and make their businesses better off," Zong noted⁵.

Controlling systemic risk is also a major concern.

Steps have been taken through this year to try to root out systemic risks to the financial markets, including curbs⁶ on capital flight and tighter regulations on how companies generate financing.

Yi Gang, vice⁷ governor of the People's Bank of China, says they plan to keep this trend up in the coming few years.

"We will strengthen supervision⁸ on financial products with new standards. All financial companies and their products must be licensed⁹; unlicensed businesses will be banned. Meantime, we're going to keep an eye on companies which have a range of services, including financial components¹⁰. We will prevent irrational¹¹ financing and crack down illegal fund raising activities," Yi said.

The growth of defecits across China has begun to slow through this year.

Paul Sheard, chief economist¹² for S&P Global, suggests that authorities should focus on transparency when handling debt issues.

"China needs to figure out ways of dealing¹³ with that and making sure it doesn't become a destabilizing influence. Perhaps, when it comes to local government finances, one thing which could probably going a long way, is greater transparency about exactly what the plumbing¹⁴ is, and what the assets are, and so the outside world, including even the Chinese government itself, the central government, gets better visibility into what exactly is going on," Sheard said.

1 tariffs   

关税制度； 关税( tariff的名词复数 )； 关税表； （旅馆或饭店等的）收费表； 量刑标准

参考例句：

• British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
• The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。

2 previously   

adv.以前，先前（地）

参考例句：

• The bicycle tyre blew out at a previously damaged point.自行车胎在以前损坏过的地方又爆开了。
• Let me digress for a moment and explain what had happened previously.让我岔开一会儿，解释原先发生了什么。

3 unified   

(unify 的过去式和过去分词)； 统一的； 统一标准的； 一元化的

参考例句：

• The teacher unified the answer of her pupil with hers. 老师核对了学生的答案。
• The First Emperor of Qin unified China in 221 B.C. 秦始皇于公元前221年统一中国。

4 sector   

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。

5 noted   

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。

6 curbs   

v.限制，克制，抑制( curb的第三人称单数 )

参考例句：

• In executing his functions he is not bound by any legal curbs on his power. 在他履行职务时，他的权力是不受任何法律约束的。 来自辞典例句
• Curbs on air travel were being worked out and would shortly be announced. 限制航空旅行的有关规定正在拟定中，不久即将公布。 来自辞典例句

7 vice   

n.坏事；恶习；[pl.]台钳，老虎钳；adj.副的

参考例句：

• He guarded himself against vice.他避免染上坏习惯。
• They are sunk in the depth of vice.他们堕入了罪恶的深渊。

8 supervision   

n.监督，管理

参考例句：

• The work was done under my supervision.这项工作是在我的监督之下完成的。
• The old man's will was executed under the personal supervision of the lawyer.老人的遗嘱是在律师的亲自监督下执行的。

9 licensed   

adj.得到许可的v.许可，颁发执照(license的过去式和过去分词)

参考例句：

• The new drug has not yet been licensed in the US. 这种新药尚未在美国获得许可。
• Is that gun licensed? 那支枪有持枪执照吗？

10 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。

11 irrational   

adj.无理性的，失去理性的

参考例句：

• After taking the drug she became completely irrational.她在吸毒后变得完全失去了理性。
• There are also signs of irrational exuberance among some investors.在某些投资者中是存在非理性繁荣的征象的。

12 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。

13 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

14 plumbing   

n.水管装置；水暖工的工作；管道工程v.用铅锤测量（plumb的现在分词）；探究

参考例句：

• She spent her life plumbing the mysteries of the human psyche. 她毕生探索人类心灵的奥秘。
• They're going to have to put in new plumbing. 他们将需要安装新的水管。 来自《简明英汉词典》