VOA慢速英语: 中国有可能面临经济下滑

From VOA Learning English, this is the EconomicsReport.

China’s economy is growing slowly after years ofstrong gains. Some China watchers in the UnitedStates say the Chinese economy is slowing to a halt.They use the word stagnating. They say stagnation is a real threat unless new reforms can bring big changesto the Chinese economic system.

How the economic stagnation could affect the UnitedStates has caught the attention of some U.S. policymakers.

Behind a billboard, construction takes place in Beijing, but estimates of China's economic growth are shrinking.

Matt Salmon of Arizona is a member of the House ofRepresentatives. At a recent congressional hearing, hesaid China’s “quest for development and globalinfluence has come at a high cost of alienating partners and allies alike. Thereare cracks in the foundation, and imbalances remain politically, economicallyand militarily.”

Chinese government statistics show China’s economy grew at its slowestrate in 24 years in 2014. The growth rate was under eight percent, comparedto rates of 10 percent or more a few years ago.

The International Monetary Fund has predicted that China’s gross domesticproduct will grow at a yearly rate of 5.9 percent over the next six years. TheGDP is a measure of the size of an economy.

Derek Scissors is a resident scholar at the American Enterprise Institute inWashington, DC. He said China’s economic slowdown is “not avoidable.” Hesaid the problem is more than 10 years old.

He said the economy started slowing down in 2003. At that time, “thegovernment under Hu Jintao pushed aside market reforms in favor of publicinvestment, directing the finance by the state largely through state ownedenterprises.”

“From 2003 to 2008, the Chinese economy was getting bigger and gettingless healthy,” he said. The following year, it started to show signs ofstagnation.

At the congressional hearing, another House member asked whether thestagnation will lead to a collapse.

Derek Scissors said he does not believe stagnation will lead to China’scollapse. He also said a slowing of the economy does not mean China haslost its significance in the world. He said, “The mixed economy that Chinahas doesn’t lend itself (to) acute economic crisis.” He added that the countrycan stay in the same state a long time without major changes.

Jerome Cohen is a professor at New York University. He said China is facingproblems. But, he said the U.S. should not underestimate the imagination anddynamism of Chinese leaders in meeting international economic problems. He said one example of this is the new Asian Infrastructure Investment Bankand related organizations.

Mr. Cohen added that many authoritarian governments were able to continuesteady economic growth. He said China is no exception. But he added, “Thevery economic progress leads to the kind of ferment that we are beginning towitness in China.”

And that’s the Economics Report. I’m Mario Ritter.

Yang Chen reported this story. Mario Ritter adapted it for VOA LearningEnglish. George Grow was the editor.

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Words in This Story

stagnating– adj. slowing down to a halt, not moving

statistics – n. numbers that represent information about people, industry,science or other objects of study

significance– n. the quality of being important or of being meaningful

authoritarian – adj. not permitting dissent

ferment – n. being in a state of excitement and confusion caused by change