【英语财经】中国加大政府支出提振经济 China raises spending to spur growth

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2014-6-13 06:57

小艾摘要: Chinese government spending surged in May as Beijing sought to reinvigorate growth as fears persisted over an economic slowdown and the bursting of a property bubble.Expenditure by local and central g ...
China raises spending to spur growth
Chinese government spending surged in May as Beijing sought to reinvigorate growth as fears persisted over an economic slowdown and the bursting of a property bubble.

Expenditure by local and central governments in China jumped nearly 25 per cent from the same month a year earlier, a sharp acceleration from the 9.6 per cent growth registered in the first four months of the year, according to figures released by the finance ministry.

Spurred by this year’s sharper slowdown than expected, the government has tried to support growth, by ramping up spending on infrastructure and gradually loosening monetary policy.

On Wednesday evening, China’s cabinet set out more state-led infrastructure investments in highways, railways, petrochemical plants and ports along the Yangtze river.

The rise in spending contrasts with slower expansion of fiscal revenues, which expanded 7.2 per cent in May from a year earlier, compared with a 9.2 per cent rise in April.

The finance ministry blamed the slowdown on cooling economic growth and falling property transactions in particular.

Fewer property sales and lower prices in many cities across China weigh on a growth model that has come to rely on credit-fuelled infrastructure investment in the past five years.

Much of the investment in property construction and local government infrastructure in recent years has been funded by unregulated “shadow banks”, so a property slump would -ripple out and could have implications for financial stability.

Even senior Communist party officials have started to issue public warnings about the potential consequences of the slowdown.

“Under the macroeconomic situation right now, overcapacity and the rapid build-up of local government debt are the two -problems the central authorities are most concerned about,” Wang Baoan, vice-minister of finance, said in a speech published by his ministry. “These two issues could lead to a financial crisis.”

Data scheduled for release today are expected to show further weakness in industrial production, fixed asset investment, property and retail sales.

The world’s second-largest economy expanded 7.4 per cent in the first quarter from the same period a year earlier, down from 7.7 per cent growth in the fourth quarter of last year.

Even if the economy does grow by the government’s target of 7.5 per cent for the year, that would still be the slowest pace since 1990, when the country faced international sanctions in the wake of the Tiananmen Square massacre.

5月中国政府支出大幅增加。随着外界持续担忧增长放缓和房地产泡沫破灭,北京方面开始努力重振增长。

中国财政部发布的数据显示,5月份地方与中央政府财政支出同比增长近25%,较今年头4个月9.6%的同比增幅显著提速。

在今年增速大幅低于预期值的影响下,中国政府开始努力保增长,大幅增加基础设施支出,并逐步放松货币政策。

周三晚间,中国国务院宣布更多政府牵头的投资项目,包括公路、铁路、石化工厂以及长江沿岸港口的建设。

财政支出的增加与财政收入增速减慢形成对比。5月全国财政收入同比增长7.2%,而4月增速为9.2%。

财政部把财政收入增长放缓的原因归结为经济增长降温,尤其是房地产交易减少。

在全国许多城市,房地产销售量下降,房价下跌,对过去5年形成的依赖信贷助燃的基建投资的增长模式产生压力。

近年来,房地产建设和地方政府基础设施项目的很大一部分资金来自不受监管的“影子银行”,因此房地产市场下滑将引发连锁反应,可能对金融稳定产生影响。

甚至党内高级官员都开始公开警告增长放缓的可能后果。

财政部副部长王保安在财政部发布的一份讲话稿中表示,“当前宏观经济形势下,产能过剩和地方政府债务积累过快是中央最为关注的两大问题,而且这两方面有可能连带出现金融危机。”

定于今日发布的数据预计将显示,工业产出、固定资产投资、房地产与零售各方面进一步疲软。

全球第二大经济体今年第一季度同比增长7.4%,低于去年第四季度7.7%的增速。

就算经济增长达到政府制定的今年增长7.5%的指标,这仍将是自1990年中国在天安门事件之后遭到国际制裁以来的最低增速。

译者/邢嵬

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