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VOA标准英语2009年-Asia Hopes to Spend Its Way Out of Economic Cri

时间:2009-01-15 00:55:35

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With the global economic slowdown increasingly felt in Asia, the region's governments have taken steps to shield their economies from the worst. But will these measures work?

Asian governments are spending like never before. Japan's government says it will provide some $700 billion in tax cuts, liquidity1 injections into cash-strapped financial institutions and cash handouts2 to citizens. China says it will use most of its $600 billion stimulus3 package to build roads and bridges and improve social services. Here in Thailand, the government promised aid to farmers and continued programs to aid the poor such as free electricity, water and bus rides.

All these measures are aimed at one thing: reviving economic activity to counter rapidly falling export revenues.

Jeffrey Sachs is an economist4 at Columbia University in New York, specializing in development issues. He spoke5 at the Asian Development Bank in Manila earlier this month.

"It seems to me that the most likely way out of this, including for Asia to overcome the crisis, has to rely heavily on public spending. Government purchases of both consumption goods and provision of government services in health and education, in housing and public investment mainly infrastructure6 investment," he said. "The happy thing about Asia is that Asia needs all of that desperately7."

Some recent measures are meant to illicit8 a rapid turnaround. For example, tax cuts and cash handouts like those proposed in Japan and South Korea are meant to boost incomes and encourage consumer spending. Other measures like infrastructure spending proposed by China and Indonesia could take many years to show results.

In Japan, while economists9 agree with short-term moves like pumping liquidity into the banking10 system to restart lending, some criticize Prime Minister Taro11 Aso's plan to give cash to consumers as a waste of public funds. They say Japan's long recession in the 1990's showed such handouts to be ineffective in stimulating12 demand.

"In reality, the effect of this policy is really, really minimal," said Hideaki Hirata, an economics professor at Hosei University in Tokyo. "The amount is just 120 bucks13 [US dollars]. This amount would not be sufficient to stimulate14 the economy."

Hirata says the economy would be better off if the government invests in education, especially for poorer Japanese.

Joseph Zvglich is the assistant chief economist at the Asian Development Bank, which lends to governments in the region.

"The question is, are you getting it into the hands of the people that are going to spend it?" asked Zvglich. "Because if it goes into savings15, it won't have an impact. If you are getting it into the hands of somebody who is credit constrained16, they are going to likely to spend it. By targeting the poorer segments of the population in particular, it would have a bigger impact."

But a short-term boost to the economy could be the goal for some governments, especially those faced with immediate17 political challenges.

Hirata, at Hosei University, says Japanese politicians are positioning for elections that could come as early as April.

"They [Japanese politicians] are really thinking about very short-term issues," said Hirata. "That is the election. Long term does not yield any short-term fruit so they do not have much interest in those long-term economic policy [policies]."

In Thailand, Prime Minister Abhisit Vejjajiva, who took office last month after a court ruled the previous government had violated election laws, has stuck to populist measures to shore up his legitimacy18 in the politically divided nation.

Zvglich says governments have to carefully balance short-term stimulus and long-term gains.

"Having funds to those who will spend it will have a rapid effect. But that's not going to have any pay back later on," he said. "After the crisis is gone, paying back the debt that is generated will be an issue. Having infrastructure projects which will provide for future growth is important. But we do have to keep in mind any infrastructure investment is going to only happen with a lag. Unless there are plans that can be scaled up very quickly, infrastructure spending is not going to give an immediate boost."

One question about these plans is how will Asian countries pay for all this spending? China and Japan have enormous foreign currency reserves, but poorer nations in the region will have to borrow. The Philippines last week borrowed one and a half billion dollars from international investors19 to cover its stimulus spending.

Sachs argues for greater regional cooperation. He called on Japan - with its strong currency - to provide long-term assistance to other Asian nations. He says this would help both Japan and the rest of the region.

"Since Japan is very reluctant to expand its own government investments, maybe understandably, it could expand other countries' government investment by providing long term yen-backed financing …to increase the levels of government spending on these critical long term sustainable development," Sachs said.

But whether individual stimulus packages work at home, economists say a lot still depends on what happens overseas - particularly in the United States. Many people in Asia are keenly watching President-elect Barack Obama's economic stimulus plan, hoping it succeeds, and ripples20 across the Pacific.

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点击收听单词发音收听单词发音  

1 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。
2 handouts 447505a1e297b8bcf79fa46be9e067f8     
救济品( handout的名词复数 ); 施舍物; 印刷品; 讲义
参考例句:
  • Soldiers oversee the food handouts. 士兵们看管着救济食品。
  • Even after losing his job, he was too proud to accept handouts. 甚至在失去工作后,他仍然很骄傲,不愿接受施舍。
3 stimulus 3huyO     
n.刺激,刺激物,促进因素,引起兴奋的事物
参考例句:
  • Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
  • Light is a stimulus to growth in plants.光是促进植物生长的一个因素。
4 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。
5 spoke XryyC     
n.(车轮的)辐条;轮辐;破坏某人的计划;阻挠某人的行动 v.讲,谈(speak的过去式);说;演说;从某种观点来说
参考例句:
  • They sourced the spoke nuts from our company.他们的轮辐螺帽是从我们公司获得的。
  • The spokes of a wheel are the bars that connect the outer ring to the centre.辐条是轮子上连接外圈与中心的条棒。
6 infrastructure UbBz5     
n.下部构造,下部组织,基础结构,基础设施
参考例句:
  • We should step up the development of infrastructure for research.加强科学基础设施建设。
  • We should strengthen cultural infrastructure and boost various types of popular culture.加强文化基础设施建设,发展各类群众文化。
7 desperately cu7znp     
adv.极度渴望地,绝望地,孤注一掷地
参考例句:
  • He was desperately seeking a way to see her again.他正拼命想办法再见她一面。
  • He longed desperately to be back at home.他非常渴望回家。
8 illicit By8yN     
adj.非法的,禁止的,不正当的
参考例句:
  • He had an illicit association with Jane.他和简曾有过不正当关系。
  • Seizures of illicit drugs have increased by 30% this year.今年违禁药品的扣押增长了30%。
9 economists 2ba0a36f92d9c37ef31cc751bca1a748     
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》
10 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
11 taro TgVzm3     
n.芋,芋头
参考例句:
  • Main grain crop has taro,corn,banana to wait.主要粮食作物有芋头、玉米、芭蕉等。
  • You celebrate your birthday with taro,red bean and butter.用红豆、芋头和黄油给自己过生日。
12 stimulating ShBz7A     
adj.有启发性的,能激发人思考的
参考例句:
  • shower gel containing plant extracts that have a stimulating effect on the skin 含有对皮肤有益的植物精华的沐浴凝胶
  • This is a drug for stimulating nerves. 这是一种兴奋剂。
13 bucks a391832ce78ebbcfc3ed483cc6d17634     
n.雄鹿( buck的名词复数 );钱;(英国十九世纪初的)花花公子;(用于某些表达方式)责任v.(马等)猛然弓背跃起( buck的第三人称单数 );抵制;猛然震荡;马等尥起后蹄跳跃
参考例句:
  • They cost ten bucks. 这些值十元钱。
  • They are hunting for bucks. 他们正在猎雄兔。 来自《简明英汉词典》
14 stimulate wuSwL     
vt.刺激,使兴奋;激励,使…振奋
参考例句:
  • Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
  • Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。
15 savings ZjbzGu     
n.存款,储蓄
参考例句:
  • I can't afford the vacation,for it would eat up my savings.我度不起假,那样会把我的积蓄用光的。
  • By this time he had used up all his savings.到这时,他的存款已全部用完。
16 constrained YvbzqU     
adj.束缚的,节制的
参考例句:
  • The evidence was so compelling that he felt constrained to accept it. 证据是那样的令人折服,他觉得不得不接受。
  • I feel constrained to write and ask for your forgiveness. 我不得不写信请你原谅。
17 immediate aapxh     
adj.立即的;直接的,最接近的;紧靠的
参考例句:
  • His immediate neighbours felt it their duty to call.他的近邻认为他们有责任去拜访。
  • We declared ourselves for the immediate convocation of the meeting.我们主张立即召开这个会议。
18 legitimacy q9tzJ     
n.合法,正当
参考例句:
  • The newspaper was directly challenging the government's legitimacy.报纸直接质疑政府的合法性。
  • Managing from the top down,we operate with full legitimacy.我们进行由上而下的管理有充分的合法性。
19 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
20 ripples 10e54c54305aebf3deca20a1472f4b96     
逐渐扩散的感觉( ripple的名词复数 )
参考例句:
  • The moon danced on the ripples. 月亮在涟漪上舞动。
  • The sea leaves ripples on the sand. 海水在沙滩上留下了波痕。

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