中国的财政刺激计划 - 金融英语速读训练

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每天一篇《金融时报》

在全球化日益激烈的金融行业中，能迅速地阅读英文的专业文献，把握全球金融趋势，和海外的金融业者交流，已经成为每个金融业者必备的技能。如果你能坚持每天阅读一篇《金融时报》精选的文章，并不断提高阅读速读和理解准确率，你的专业水平和英文水平，必将令人刮目相看。

准备好了吗？开始吧。

为什么要每天阅读《金融时报》？
- 对于全球的金融业从业人员来说，阅读《金融时报》是每天必须进行的修炼。要想把握金融业的趋势，提高自己的“金融智慧”，和全球的金融业者站在同一高度，《金融时报》是你的首选。
为什么要训练阅读速度？
- 在信息爆炸的今天，能够迅速地阅读和理解大量资料，已成为金融业者必不可少的技能。著名的投资家股神巴菲特曾表示，他每天都会阅读大量报刊和年报，这也是他多年来始终能做出正确的投资决策的基础。
训练阅读速度的小工具
- 自动滚屏助你提高速度。点击该按钮后，屏幕就开始滚动，迫使你改掉向回看的习惯，加快速度。默认为每分钟140字（朗读速度）。随着你的技能提升，你可以挑战更高的速度，直到达到1000。

速度：+ -

阅读以下文章

<b>China needs a true change of course</b>

Published: November 10 2008 19:56 | Last updated: November 10 2008 19:56

After the co-ordinated rate cut in October, the Chinese cut interest rates in a show of solidarity. Now the rest of the world is talking about fiscal stimulus, and China is charging ahead. The State Council has announced a vast fiscal stimulus programme to pull China through the coming grim years. The stimulus, however, is taking the wrong form. Rather than trying to prop up the Chinese economy as it was, this is an opportunity to turn it into the economy China wants – one where consumption at home has more than a cameo role. The government must seize it.

There should be no surprise that China is slowing down. A global slowdown was bound to hit the world’s second-largest exporter. The International Monetary Fund now sees Chinese output, which grew by 11.9 per cent in 2007, growing by 9.7 per cent in 2008 and 8.5 per cent in 2009. This sounds strong to western ears, but few countries can absorb 3 percentage point falls in annual growth without problems.

Having cut interest rates three times within the past month, the Chinese State Council has now taken the advice of the IMF and the World Bank, and authorised $586bn of stimulus spending over the next two years. Housing, utilities, disaster relief and transport are expected to be the main beneficiaries.

Parts of this scheme have been announced before; so the true size of the new stimulus is not clear. But the problem for China is not whether it can build enough train lines, ports, pipes and houses to weather a global slowdown. It is that the Chinese economic model needs a substantial redesign.

China’s growth to date has been phenomenal, but it was based on exports and investment, at the expense of consumption. China almost aimed to be a supersized South Korea: in 2005, capital investment made up more than half of China’s gross domestic product. The capital-intensity of its growth also meant profits grew strongly as a share of GDP. But employment growth has slowed since the 1980s, so workers have gained small benefit.

With an undervalued renminbi also making imports dear, the Chinese public has proved loath to spend. China has far too little dom-estic consumer demand. Where-as household consumption made up more than half of China’s GDP in the 1980s, it now contributes little more than a third.

In the absence of a domestic safety net, Chinese household savings have been as high as a quarter of disposable income. In addition, corporate and government savings have soared. Overall, China has been saving close to 60 per cent of GDP. This contributed hugely to the global savings imbalance. Some of the deepest roots of the current crisis lie in the plugging of western deficits with Asian savings.

The Chinese government recognises that it must build domestic consumer demand, but it is time for the leadership to put its money where its mouth is. Alas, the planned stimulus does not attempt to boost public and private consumption. It aims, instead, to keep the economy ticking over until it can start exporting again. This will not work. This is the golden opportunity to redirect the pattern of growth towards consumption and away from the previous massive reliance on exports and investment.

In a country with light household taxes, there is little room to do much with cuts. A cash rebate would be more effective. Public spending on schools and health services would also help, directly and indirectly. Since fears about paying for health and education keep savings high, this would also encourage household consumption.

China’s leaders were right to propose a fiscal stimulus. But they will be missing a chance for meaningful reform if they focus on pouring concrete, and do not look at promoting household spending, as well. China’s problem is more than a mere global downturn. Its development model is no longer sustainable. The time for change is now.

选择正确答案

Which of the following would the author agree with?

Obvious.

China shouldn't cut interest rates.
China is wrong to resort to fiscal stimulus.
China's fiscal stimulus programme is flawed.
China should help the housing and utilities sectors.

选择正确答案

Which of the following would the author suggest China to do?

Check out: "Rather than trying to prop up the Chinese economy as it was, this is an opportunity to turn it into the economy China wants – one where consumption at home has more than a cameo role. "

Increase the size of the stimulus package.
Turn the crisis into an oppotunity to reform its growth model.
Forget about the fiscal stimulus package because it doesn't work.
Take advice from IMF and the World Bank for any future action.

选择正确答案

Which of the following is NOT a problem of Chinese growth model, according to the author?

Obvious.

Workers doesn't benefit much from economic growth.
The economy relies too heavily on export and investments.
The growth is too fast for the past few years.
Savings rate is too high.

选择正确答案

Which of the following best descript the author's attitude toward the Chinese stimulus package?

Check out: "China’s leaders were right to propose a fiscal stimulus. But they will be missing a chance for meaningful reform if they focus on pouring concrete, and do not look at promoting household spending, as well. "

It's the right decision.
No need for such a package.
A stimulus is much needed, but it should take a better form.
It hurts the interests of other countries.

放松与总结

今天的训练暂告一段落，FT中文网还将陆续推出更多的训练项目，欢迎您来信建议。(电子邮件：customer.service@ftchinese.com)

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您的正确率太低，在目前这个阶段，对你来说最重要的是提高英文水平和金融专业水平，而不是速度。请您点击后退仔细查看您答错的题目，并和原文对照。对原文中所有不懂的句子和知识点，也请一一查明。建议您：
1. 在进行下一次训练的时候，将滚屏速度保持在100以下。
2. 您可以找一些有声读物，如《经济学人》的audio edition，帮助你提高英文水平。

看得出你是非常认真来进行这次训练的，如果你坚持的话，你会获得非常大的提高。目前你的阅读速度偏低，可能是因为英文不是你的母语。不过，请不要放慢阅读速度。研究表明，阅读速度越快的人，其理解的正确率反而越高。因此，您可以同时提高您的阅读速度和理解能力。给你一点建议：
1. 一定要改掉默念的习惯
2. 不要一个词一个词的看，要学会把一个语义群当作一个整体来看。比如“an emergency $180bn injection of dollar”这个语义群，你要学会把他当作一个整体来看。
3. 看DVD的时候，切换到英文字幕。

用正常语速来朗读一篇文章，平均速度是每分钟140词。这说明你的阅读速度比朗读还要慢。建议您：1. 每一段的第一句话往往是最重要的。
2. “速读”最忌讳的就是“读”，不要一边看一边默念。
3. 在下一个训练中将滚屏速度设为140，迫使自己不能回头去看已经读过的部分。

您的阅读速度已经超过了正常语速，说明你已经开始有些速读的感觉了。美国大学生的最低阅读速度为每分钟250词，加把劲你就可以赶上了。建议您：
1. 养成习惯，读过的部分不要回头去看，这样会影响速读。
2. 加强“扫描”的训练，让自己的眼睛能“一目一行”。

您的阅读速度已经达到了美国大学生的水平，可喜可贺。不过作为金融从业人员，每天需要阅读数不清的中英文研究报告、公司年报、报刊杂志等，您还需要向每分钟350字进军。建议您：
1. 加强“扫描”的训练，让自己的眼睛能“一目两行”。
2. 对中英文的数字，尤其是大数字(million, billion)的转换进行总结和练习。

厉害，您的阅读速度已经超过了美国大学生的水平。不过，要成为巴菲特那样的金融专家，您需要锻炼出“一目十行”的火眼金睛。建议您在每次的训练中注意三个要点：
1. 您已经学会了将文章分成语义群，而非词来阅读，现在，你需要扩大每一个语义群中的词数。
2. 加快阅读每个语义群的速度。
3. 看过的内容尽量不要回看。

这就是传说中的“一目十行”吗？难以置信！

世界纪录才每分钟416,250字，居然被你破了！无语...