《商务英语阅读》第二版Chapter1 Why China Works（网上私人独家

Why China Works

A look at bright spots in the recession begins with Beijing, where state control is looking smart.

经济衰退中的一线光明开始于国家宏观调控看起来明智的北京。

The construction site of the China Pavilion, host to the World Expo Shanghai 2010

By Rana Foroohar | NEWSWEEK Published Jan 10, 2009

From the magazine issue dated Jan 19, 2009

China is the only major economy that is likely to show significant growth this year, because it is the only one that routinely breaks every rule in the economic textbook. In fact, the main reason China is not slowing as fast as the other big five economies is its capacity for macro-control.

中国是今年唯一一个可能取得亮丽增长的主要经济体，因为它是世界上唯一一个惯常打破经济教科书每一个原则的国家。事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它的宏观调控能力。

Why does China's market economic system work? Now that the United States and Europe are moving toward macro-economic control—by nationalizing the banking and car industries, and imposing heavy new regulation on the financial industry—the question has a new urgency.

China looks like the one best positioned to navigate what may be the worst global downturn in seven decades.

为什么中国市场经济体系奏效？目前，欧美等国正通过银行及汽车业国有化及强制对金融业的管理，走向宏观调控，但问题更加紧迫。中国看上去是最能够驾驭这场可能是近七十年来最糟的全球经济滑坡的国家。

In a time of crisis, China's bureaucrats can pick from traditional market tools, like their Western counterparts, and from the arsenal of China’s market economic system. Early last year, as the housing market was overheating, they simply ordered bankers to cut back on housing loans: then as home sales began to fall, they offered market incentives, like lower taxes on home purchases. In recent weeks they launched economic rescue efforts similar to those in the west, including a huge ($600 billion) plan to ramp up government spending and big interest-rate cuts. But they've also issued orders that would be seen as improper \—for example, calling last week on state industries, including steel and construction, to \increase\their roles in the economy by buying up new assets at home and abroad.

在危机中，中国官员既能采用像西方同行那样的传统市场工具，也能吸取中国市场经济体系的积累经验。去年早期，由于房地产市场过热，中国官员仅命令银行削减房贷：然后随着房屋销售量下降，他们提供市场激励机制，比如更低的房屋购置税。最近几周，他们展开类似西方的经济救援行动，其中包括价值6000亿的大计划以增加政府开支和大幅削减利率。但同时，他们也发布在西方国家眼

里是不合理的干涉的命令—例如，上周中国官员召集包括钢铁和建筑在内的国有工业，通过并购国内外的新资产以积极发挥他们在经济中的作用。

Once seen as the bad habit of an immature economy, China's state meddling is now seen as a bulwark of stability. \the most capital-intensive sectors leaves me optimistic about China's prospects,\says CLSA economist Andy Rothman. \say to companies in these sectors, 'Continue to spend, don't defer your investment plans'.\own stock markets, China's economy looks likely to grow more than 7 percent in 2009—down from the double-digit pace of recent years, but stronger than most. Corporate loan rates are actually up, as state banks loosen credit. In a nation where investment is \backbone of sustainable growth,\, the state is once again ramping up investment to fight serious threats to growth, says Morgan Stanley Asia chief Stephen Roach. \Chinese command-and-control system can actually work more effectively than other market based systems in times of economic stress,\he says.

曾被视为不成熟经济的弊病的中国宏观调控，现在却被看做是稳定的保障。里昂证券（CLSA）经济学家安迪·罗斯曼（Andy Rothman）说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划而延迟“。尽管最大的出口及自身股票市场

出现下滑，中国经济在2009年看上去仍旧增加了7%以上，虽然与近些年两位数的增速相比有所下滑，但仍然比大多数国家坚挺。随着国有银行放松信贷，企业贷款率切实增加。摩根士丹利（Morgan Stanley）的亚洲首席史蒂芬·罗奇（Stephen Roach）说，在一个投资支持可持续发展，并占GDP的40%的国家，政府再次增加投资以抵抗对增长的威胁。他又说，在危机时期，中国的指挥控制系统确实比其他以市场为基础的系统有效。

China works because it is governed by a radical pragmatism that has focused on a slow but steady shift toward freer markets. Deng called it \the river by feeling for the stones.\The state still exerts a strong and stabilizing hand, but it has unleashed a private sector that now controls at least half the economy, and as much as 70 percent if you include state-owned companies that are in fact allowed to operate as private firms. That's up from around 17 percent in the early 1990s. Some 60 percent of GDP growth, and two thirds of new job creation now come from the private sector, according to CLSA.

中国的成功主要因为由彻底的实用主义管理，这一主义更注重缓慢但平稳地转向更自由市场。邓小平称之为”摸着石头过河“。政府伸出强有力的手的同时，也解放现在占至少一半经济成分的私人领域，允许70%的国有公司以私人公司形式运行。与20世纪90年代初期的约17%有所增长。根据CLSA的信息，大约60%的GDP增长及2/3的新增就业来自私人领域。

In 1995, China began a revolutionary dismantling of state-run industry, laying off 46 million state workers—the equivalent of the entire

workforce of France and Italy—over the next six years alone. In the years following, the streamlining has continued, sharply raising profitability at state-run firms, and the private sector was allowed to play an increasingly important role in the economy. Rothman calls it \change, but over an extended time period.\Above all, the Chinese wanted to avoid the chaos that followed Russia's \the early '90s, which created a corrupt, Kremlin-sponsored economic oligarchy that still haunts Russia today.

1995年，中国展开了一场革命性的国企拆分，仅在接下来的六年就裁掉460万国企职工，相当于法国意大利的全部工人数。接下来几年，精简继续，国企盈利率迅猛上升，以及允许私企在经济中发挥重要作用。罗斯曼（Rothman）称之为，一场长时间的剧变。更重要的是，中国尤其想避免俄罗斯90年代初大爆炸改革导致的混乱，这场改革产生了腐败的，克里姆林（Kremlin）支持下的寡头政治，至今仍困扰俄罗斯。

China opened to Western investment at an earlier stage of development than either Japan or South Korea—in the early 1980s, when its average yearly income was only 760rmb ($500), because Deng recognized that global trade was the way out of national poverty. He also freed peasants to seek jobs in cities, a risky move in a nation with a long history of mobile peasant rebellions. After the Asian financial crisis of the late 1990s, China joined the World Trade Organization, committing itself to a wider opening of its domestic markets. Around the same time, the

百度搜索“77cn”或“免费范文网”即可找到本站免费阅读全部范文。收藏本站方便下次阅读，免费范文网，提供经典小说综合文库《商务英语阅读》第二版Chapter1 Why China Works（网上私人独家在线全文阅读。