IMF Economists Call for Greater Effort to Rebalance China's Economy

Economists¹ from the International Monetary² Fund say the current financial turmoil³ in advanced economies should prompt China to rebalance its economy to secure sustainable growth.

IMF economists made the remarks at a seminar in Beijing, explaining the agency's recent World Economic Outlook.

Wu Jia has the details.

 
In its latest World Economic Outlook, the International Monetary Fund said the global economy is in a dangerous new phase with growing risks of a downturn.

The agency predicted that real GDP in the advanced economies would expand at an anemic pace of about 1.5 percent this year and 2 percent next year.

IMF's Senior Resident Representative for China IL Houng Lee says this sluggish⁴ growth poses challenges.

"Emerging and developing countries' consumption in the share of total global GDP is not really picking up. So if there is no rebalancing and there is no growth coming from advanced countries, their growth over the medium term will remain low."

The IMF has lowered its growth forecast for emerging economies to about 6 percent in 2012, as they suffer from declining demand from developed economies.

For the same reason, the agency has cut China's 2012 growth to 9 percent from a previous forecast of 9.5 percent.

Murtaza Syed, an IMF expert on the Chinese economy, explains.

"In our previous projections⁵, we had net exports contributing 1.1 percentage points to growth in 2012. We have now marked that down to 0.7. That's 0.4 percentage points reduction. And that matches more or less with what we've done to our growth forecast for China."

Syed points out that the world's second largest economy should rebalance its economy to secure long-term growth.

"Rebalancing the economy involves many different reforms in China. It's not just about the social safety net. It's also about developing the financial system. Rebalancing is also about improving household incomes. And there are many ways of doing this and will take some time."

China has been intensifying⁶ efforts to change its decades of export-led growth model since the outbreak of the international economic crisis in 2008.

The country's trade surplus narrowed in August as imports jumped sharply, suggesting domestic demand has become a bright spot for the Chinese economy.

For CRI, I'm Wu Jia.

1 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》

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 turmoil   

n.骚乱，混乱，动乱

参考例句：

• His mind was in such a turmoil that he couldn't get to sleep.内心的纷扰使他无法入睡。
• The robbery put the village in a turmoil.抢劫使全村陷入混乱。

4 sluggish   

adj.懒惰的，迟钝的，无精打采的

参考例句：

• This humid heat makes you feel rather sluggish.这种湿热的天气使人感到懒洋洋的。
• Circulation is much more sluggish in the feet than in the hands.脚部的循环比手部的循环缓慢得多。

5 projections   

预测( projection的名词复数 )； 投影； 投掷； 突起物

参考例句：

• Their sales projections are a total thumbsuck. 他们的销售量预测纯属估计。
• The council has revised its projections of funding requirements upwards. 地方议会调高了对资金需求的预测。

6 intensifying   

v.（使）增强， （使）加剧( intensify的现在分词 )；增辉

参考例句：

• The allies are intensifying their air campaign. 联军部队正加大他们的空战强度。 来自辞典例句
• The rest of the European powers were in a state of intensifying congestion. 其余的欧洲强国则处于越来越拥挤的状态。 来自英汉非文学 - 历史