CCTV9英语新闻11月：中国共产党第 3 次全体会议预期稳定金融改革

A key part of the meeting -- will be plans for financial reforms. While optimism from investors¹ has pushed up related stocks to feverish² highs, CCTV reporter Cheng Lei show us why the hype shouldn’t be part of those expectations.

For those expecting big surprises from the financial reform plans, they might be let down. Huang Yiping, professor at Peking University’s China Center for Economic Research, which is tasked with research to back up the reform plans, says by their very nature, the plans won’t be radical³.

“Even if initially⁴ aggressive, it’s reassessed by so many, viewpoint, reflected, final, well rounded document.” said Huang Yiping, Professor, China Center for Economic Research.

Of the tough nuts left to crack, its interest rates that may move first.

“Savings rates, interest rate within 12 months…” said Jerry Lou, Chief Strategy Officer, Morgan Stanley Huaxin Securities.

In contrast, opening up on the capital account, which means Chinese people would be able to invest overseas freely, may need to come later.

“Hardest, most dangerous, capital account, exchange rate reform, harder, to get there you need financial institutions to be more competitive.” said Chen Long, Professor, Cheung Kong Graduate School of Business.

But reform is already in the air and the entrepreneurs, who are among Chen’s students at the business school, are feeling it.

“Can feel the change of tone, in the first half, pessimistic, now changed, reforms including FTZ, the seed has been planted, but it may take much longer to see the fruit.” said Chen Long, Professor, Cheung Kong Graduate School of Business.

“Here on Beijing’s financial street, it takes me just minutes to walk from the securities regulator to the banking⁵ regulator, but China’s top regulatory bodies have very different functions and interests, so pushing for coordinated⁶ financial reform can be quite a challenge.” Said Cheng Lei, CCTV reporter in Beijing.

“Chinese government is a big administration, when they make big reform steps, may not have calculated every step carefully, especially the other administration’s steps, so these bumps happen from time to time.” said Jerry Lou, Chief Strategy Officer, Morgan Stanley Huaxin Securities.

What Jerry is most upbeat about is the de-risking that’s going on in the financial system and believes it will eventually translate into higher stocks.

“The market will gradually adapt to de-leveraging and de-risking, this will give us the path to sustainability, at one point -- maybe 2014, 2015, we’ll have very strong bull market.” said Jerry Lou, Chief Strategy Officer, Morgan Stanley Huaxin Securities.

The financial reforms package from the Third Plenum meetings may not shock and awe⁷ -- but those who are bullish on China’s reforms -- recognize they’re not an end in itself -- but a thirty five year process that’s going to go much further in the next decade.

 

1 investors   

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

2 feverish   

adj.发烧的，狂热的，兴奋的

参考例句：

• He is too feverish to rest.他兴奋得安静不下来。
• They worked with feverish haste to finish the job.为了完成此事他们以狂热的速度工作着。

3 radical   

n.激进份子，原子团，根号；adj.根本的，激进的，彻底的

参考例句：

• The patient got a radical cure in the hospital.病人在医院得到了根治。
• She is radical in her demands.她的要求十分偏激。

4 initially   

adv.最初，开始

参考例句：

• The ban was initially opposed by the US.这一禁令首先遭到美国的反对。
• Feathers initially developed from insect scales.羽毛最初由昆虫的翅瓣演化而来。

5 banking   

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。

6 coordinated   

adj.协调的

参考例句：

• The sound has to be coordinated with the picture. 声音必须和画面协调一致。
• The numerous existing statutes are complicated and poorly coordinated. 目前繁多的法令既十分复杂又缺乏快调。 来自英汉非文学 - 环境法 - 环境法

7 awe   

n.敬畏，惊惧；vt.使敬畏，使惊惧

参考例句：

• The sight filled us with awe.这景色使我们大为惊叹。
• The approaching tornado struck awe in our hearts.正在逼近的龙卷风使我们惊恐万分。