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2005年NPR美国国家公共电台四月-China and the Dollar

时间:2007-07-17 03:21来源:互联网 提供网友:atm009e   字体: [ ]
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Today we are gonna wrap up our series on the falling US dollar. It has lost about thirty percent of its value over the last few years, and that has many economists2 and politicians worried as we've heard over the last couple of days. The dollar's fall also has repercussions3 for US relations around the world. NPR's Mike Shuster reports on the challenges it presents for the relationship with one of the America's largest trading partners, China.

The weakness in the dollar, say economists, should stimulate4 US exports by making them cheaper. It should make imports more expensive thereby5 helping6 to adjust the record trade deficits8 that US is experiencing. But this is not happening with China. China acts in the international currency markets to make sure its currency does not grow stronger against the dollar. It does that by using its vast reserve of dollars to buy US treasury9 securities. That helps the US finance its enormous budget deficit7. But there are broader concerns beyond the purely10 economic about this involving relationship with China says Curd11 Cambo, an expert on Asia at the Center for Strategic & International Studies in Washington.

"In many respects, China, even more than Japan, is actually paying for some of our extravagances, that we are undertaking12 such as the war in Iraq."

Many factors have generated the US budget deficit now at more than four hundred billion dollars annually13. Certainly the Bush tax cuts were the most important factor. But the increased costs associated with the 911 attacks, the war in Afghanistan, the war against terrorism, the costs of homeland security and the war in Iraq now make up a large part of the deficit. Philip Swagle, the former chief of staff of the Council of Economic advisors14 argues that there's no direct relationship between these national security costs and the investment coming from China.

"I don't think you can earmark the moneys in that way. it's not that you know China, the money that we are getting from China is, you know this check is paying for this weapon of Pentagon."

But K. argues there is an inherent relationship between the two that he views as potentially very troublesome.

"Whether the United States should be putting major national security endeavors like the war on Iraq and in Afghanistan and the larger war in terrorism on the national credit card, in the final analysis that does not make good sense. It is not a conservative and smart way to undertake economic or national security policy."

For the moment and probably for the near term, most economists say, China will continue to invest in US Treasury Securities as it has been doing, even if the value of the dollar continues to slide which many economists believe will occur. The slide in the dollar's value has hurt and will hurt China's investments in the US. But China will tolerate those losses says Richard Haass, a former senior official in the State Department during the first Bush administration,because other economic factors are more important to China right now, such as the production stimulated15 by exports to the US.

"The Chinese leadership has made a political decision that what matters more than the absolute value of their large holdings of dollars is employment. This Chinese leadership can not afford massive unemploy...growth of unemployment. It’s already high enough in China or too high. And as a result, they've been willing to trade some of the value away of the assets they are sitting on in order to avoid the political risk of larger amounts of underemplyment or unemployment."

No one's predicting a crisis in the dollar on the near horizon, but many economists are concerned about whether this arrangement can remain stable several years out. Gil Foslar, chief economist1 for the conference board in New York, worries that in a few years the Chinese may change their economic priorities with important repercussions for the US.

"Are they willing to in some ways invest in maintaining that strength by holding our securities? I think, I think absolutely. Do I think we can do this in perpetuity? I think absolutely not."

There are many positive economic benefits for the US in its relationship with China. In addition to the financing of the budget deficit, cheap Chinese products are good for American consumers. They also force American producers to be price competitive helping to keep inflation in check. Yet many members of Congress, especially on the conservative side, often have nothing but harsh things to say about China, about its rising military power, its potential challenge to the US and Asia, and even about trade. China-bashing has not gone out of style. This relationship is highly nuanced, says C.C, and potentially very destabilizing.

"What the United States has never been particularly good at is dealing16 with a country that has healthy doses of both areas of cooperation and competition and that is our destiny with China in a decade years and decades ahead."

Finding its way through the trade imbalance, the dollar weakness, the budget imbalance and its new relationship with China is one of the greatest challenges for the second Bush administration.

Mike Shuster, NPR news.

点击收听单词发音收听单词发音  

1 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。
2 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》
3 repercussions 4fac33c46ab5414927945f4d05f0769d     
n.后果,反响( repercussion的名词复数 );余波
参考例句:
  • The collapse of the company will have repercussions for the whole industry. 这家公司的垮台将会给整个行业造成间接的负面影响。
  • Human acts have repercussions far beyond the frontiers of the human world. 人类行为所产生的影响远远超出人类世界的范围。 来自《简明英汉词典》
4 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。
5 thereby Sokwv     
adv.因此,从而
参考例句:
  • I have never been to that city,,ereby I don't know much about it.我从未去过那座城市,因此对它不怎么熟悉。
  • He became a British citizen,thereby gaining the right to vote.他成了英国公民,因而得到了投票权。
6 helping 2rGzDc     
n.食物的一份&adj.帮助人的,辅助的
参考例句:
  • The poor children regularly pony up for a second helping of my hamburger. 那些可怜的孩子们总是要求我把我的汉堡包再给他们一份。
  • By doing this, they may at times be helping to restore competition. 这样一来, 他在某些时候,有助于竞争的加强。
7 deficit tmAzu     
n.亏空,亏损;赤字,逆差
参考例句:
  • The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
  • We have a great deficit this year.我们今年有很大亏损。
8 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
9 treasury 7GeyP     
n.宝库;国库,金库;文库
参考例句:
  • The Treasury was opposed in principle to the proposals.财政部原则上反对这些提案。
  • This book is a treasury of useful information.这本书是有价值的信息宝库。
10 purely 8Sqxf     
adv.纯粹地,完全地
参考例句:
  • I helped him purely and simply out of friendship.我帮他纯粹是出于友情。
  • This disproves the theory that children are purely imitative.这证明认为儿童只会单纯地模仿的理论是站不住脚的。
11 curd oYmzN     
n.凝乳;凝乳状物
参考例句:
  • I'd like to add some pepper to the bean curd.我想在豆腐里加一点辣椒粉。
  • The next one is bean curd with crab roe.下一个是蟹黄豆腐。
12 undertaking Mfkz7S     
n.保证,许诺,事业
参考例句:
  • He gave her an undertaking that he would pay the money back with in a year.他向她做了一年内还钱的保证。
  • He is too timid to venture upon an undertaking.他太胆小,不敢从事任何事业。
13 annually VzYzNO     
adv.一年一次,每年
参考例句:
  • Many migratory birds visit this lake annually.许多候鸟每年到这个湖上作短期逗留。
  • They celebrate their wedding anniversary annually.他们每年庆祝一番结婚纪念日。
14 advisors 9c02a9c1778f1533c47ade215559070d     
n.顾问,劝告者( advisor的名词复数 );(指导大学新生学科问题等的)指导教授
参考例句:
  • The governors felt that they were being strung along by their advisors. 地方长官感到他们一直在受顾问们的愚弄。 来自《现代汉英综合大词典》
  • We will consult together with advisors about her education. 我们将一起和专家商议她的教育事宜。 来自互联网
15 stimulated Rhrz78     
a.刺激的
参考例句:
  • The exhibition has stimulated interest in her work. 展览增进了人们对她作品的兴趣。
  • The award has stimulated her into working still harder. 奖金促使她更加努力地工作。
16 dealing NvjzWP     
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。
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TAG标签:   npr  公共电台  china  dollar
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