u.s. debt ceiling worries china
英文翻译次贷危机The US debt crisis
The US debt crisis, its triple-A credit （AAA）rating has been downgraded to (AA+).default on U.S. debtStandard and Poor's 标准普尔The U.S. averted a debt default Tuesday when President Barack Obama signed a bill raising the country's debt ceiling. But the debt deal might not be enough to maintain its coveted AAA debt rating, according to two credit rating agencies.On Tuesday, Fitch Ratings said the agreement to raise the debt ceiling and make spending cuts was an important first step but "not the end of the process." The rating agency said it wants to see a credible plan to reduce the budget deficit "to a level that would secure the United States''AAA' status."And late on Tuesday, Moody's Investors Service assigned a negative outlook to U.S. debt, but confirmed its AAA rating — for now. A negative outlook means the rating agency could lower the rating in the next 12 to 18 months. Moody's said that continued slow economic growth, higher interest rates could lead to a downgrade. Moody's also said weak fiscal discipline in the coming year could do the same.U.S. debt has held the AAA rating since 1917. Fewer than 20 countries are currently rated AAA. Among them: the United Kingdom, Australia, Germany and Singapore.Fitch expects to conclude its review of the U.S.'s debt rating by the end of August. Given the terms of the debt deal signed Tuesday, it is possible the U.S. debt rating could be downgraded at that time, Fitch said.In an interview with The Associated Press on Tuesday, David Riley, managing director at Fitch, said, "There's more to be done in order to keep the rating in the medium-term."The three main ratings agencies rate the debt issued by countries, states, corporations and municipalities. Ratings are based on a likelihood of default. The AAA rating is the highest available and signifies an extremely low likelihood of default.Standard & Poor's, the other major ratings agency, declined to comment Tuesday. In mid-July S&P warned that there was a 50-50 chance it would downgrade U.S. debt. Had the country defaulted, experts have said a downgrade by all three agencies would have been likely.The U.S. has only faced the threat of a downgrade once in the last 96 years. In 1995, when Bill Clinton was president, a similar default loomed and the credit rating agencies threatened a downgrade. At the time, the country had $4.9 trillion in debt — nearly $10 trillion less than it has now. Once Congress resolved that debt crisis a year later, the credit agencies removed the threat.Federated Investors' chief fixed income strategist Joe Balestrino points out that during the Clinton era the U.S. economy was growing at a much faster pace. Now, the economy is emerging from the deepest recession since the Great Depression and growth is sluggish. On Friday, the government said that in the first half of the year, the economy grew at its slowest pace since the recession officially ended in June 2009."Growth healed all wounds in 1995," Balestrino said. "However, now the U.S. doesn't have enough vitality to grow its way out."A Monday report that showed weakness in manufacturing followed Friday's GDP report. And on Tuesday, the Commerce Department said that consumers cut their spending in June for the firsttime in nearly two years.Because of that, many analysts believe that U.S. debt will eventually be downgraded to AA. And if that happens, it could be tough to regain the AAA rating."If the economy won't grow at 2.5 percent over the long term, it has pretty profound implications from a fiscal point of view," said Riley, the Fitch managing director.He said "that means the U.S. is poorer than it thought" and that legislators will face even tougher choices "in terms of taxes and spending," he said.Fitch also said that between federal, state and local government debt U.S. government debt will be as large as the country's economy by the end of 2012 — or 100 percent of the country's gross domestic product. And Fitch said it expects the country's debt level will continue to rise. The agency warned that would not consistent with a debt level that would allow the U.S. to retain its AAA sovereign rating. Similarly, Moody's said for the U.S. to keep its AAA rating, it expects to see the federal government's debt-to-GDP ratio stay near its projected 2012 level of 73 percent in the next several years, and then decline.In the short term, Balestrino and others don't expect investors to start selling their Treasury holdings. That's because Treasurys are considered one of the safest investment options.Fitch said the status of the U.S. dollar and the size of the Treasury market are the biggest reasons investors won't abandon Treasurys soon. The dollar is the global reserve currency, which means a significant amount of global trade is made in dollars — from toys and computer chips from China, coffee from Kenya or cars from Japan. Central banks in other countries therefore hold large reserves of U.S. currency, mostly through Treasury purchases.The U.S. Treasury market is the largest government bond market, at $9.3 trillion.And Moody's said while it expects interest rates to rise some over the next few years "a rise in borrowing costs above and beyond what is now expected would threaten efforts at fiscal consolidation" and could negatively impact the country's AAA rating.Standard and Poor's has downgraded the United States' credit rating by one notch from AAA to AA+ for the first time in the history of the ratings, despite a push back from the White House and the USTreasury: They have said the agency's analysis of the US economy was deeply flawed and off by trillions of dollars. This is proving to be a contentious move that highlights the weakened fiscal stature of the world’s most power ful country. To add to America's concerns, the agency has also issued a negative outlook. As a result, there is a chance it will lower the rating further within the next two years.The downgrade:1. Comes in the midst of great uncertainty and volatility in globalfinancial markets in the last week;2. Appears to originate from political as well economic analysis andthe consequences of the action could be wide-ranging andunpredictable; and3. Was rumored for weeks during the prolonged debt-ceiling debate in the US Congress but many felt that last week's deal would reduce the chances of such drastic action. Asmany decision makers across the world will recall, US Treasury Secretary Tim Geithner said that a downgrade wasn't going to happen. Geithner said that there was no chance that the US would lose its top credit rating. "No risk of that, no risk," Geithner said on one of the leading television business networks in April, 2011.What are the implications of S&P's downgrade of US debt from AAA to AA +?The official statement from S&P follows:"We lowered our long-term rating on the US because we believe that the prolonged controversy over raising the statutory debt ceiling and the related fiscal policy debate indicate that further near-term progress containing the growth in public spending, especially on entitlements, or on reaching an agreement on raising revenues is less likely than we previously assumed and will remain a contentious and fitful process. We also believe that the fiscal consolidation plan that Congress and the Administration agreed to this week falls short of the amount that we believe is necessary to stabilize the general government debt burden by the middle of the decade. Our lowering of the rating was prompted by our view on the rising public debt burden and our perception of greater policymaking uncertainty, consistent with our criteria. Nevertheless, we view the US federal government's other economic, external, and monetary credit attributes, which form the basis for the sovereign rating, as broadly unchanged."ConclusionIf the United States does not merit a AAA rating from S&P any more, is there an inenvitable risk to the AAA ratings of a number of other major countries? S&P still has a triple-A rating on the following key nations: Australia, Austria, Canada, Denmark, Finland, France, Germany, Netherlands, Norway, Singapore, Sweden, Switzerland and the United Kingdom. The corollary to this downgrade is that S&P will need to embark on an immediate review of the credit ratings of all the major sovereigns. Is there a risk of pandemonium in the global financial markets as a result of the unilateral change in the AAA credit rating of the US? Which of the other AAA nations are likely to lose their top-notch status?8月6日，著名的国际三大评级机构之一标准普尔公司将美国的主权债务信用评级从最高级别AAA级下调至AA+，并且将评级展望定为负面。
中国银行 机构税收居民身份声明 英文
中国银行机构税收居民身份声明英文全文共10篇示例，供读者参考篇1Chinese Citizen Tax Resident DeclarationHi everyone! Today I want to talk to you about something really important – being a tax resident in China. You might have heard your parents or teachers talk about taxes before, but do you know what it means to be a tax resident?Being a tax resident means that you live in a country for a certain period of time and you have to pay taxes there. In China, if you live in the country for more than 183 days in a tax year, then you are considered a tax resident. This means you have to pay taxes on your income earned in China.But how do you declare that you are a tax resident in China? Well, you have to fill out a form called the "Chinese Citizen Tax Resident Declaration". This form asks for your personal information, like your name, address, and passport number. You also have to provide information about your income and the taxes you have already paid.It's really important to fill out this form correctly and honestly. If you don't, you could get in trouble with the tax authorities. So make sure you ask your parents or a grown-up to help you if you're not sure what to do.Remember, paying taxes is a way to contribute to your country and help build a better future for everyone. So let's all do our part and make sure we declare our tax resident status in China properly. Thanks for listening!篇2Title: China CITIC Bank Tax Resident Identity DeclarationHi guys,Do you know what a tax resident is? It sounds so official, right? But don't worry, I'm here to explain it to you in a fun way! So, a tax resident is someone who has to pay taxes in a certain country because they live there or spend a lot of time there. In China, there are some rules about who is considered a tax resident and who isn't.Now, let me tell you about the China CITIC Bank Tax Resident Identity Declaration. This is a form that you have to fill out if you want to open a bank account in China. The bank needsto know if you are a tax resident in China or not. If you are, you have to pay taxes on the money you earn in China. But if you're not a tax resident, you don't have to pay taxes here.When you're filling out the form, you have to provide some information about yourself, like your name, address, and passport number. You also have to say whether you are a tax resident in China or not. If you are, you have to provide some additional documents to prove it, like a residence permit or a tax certificate.So, next time you hear about the China CITIC Bank Tax Resident Identity Declaration, don't be scared! It's just a form that helps the bank make sure everyone is following the rules. And remember, paying taxes is important because it helps the government provide us with important services, like schools and hospitals.So, that's all for now, guys. I hope you learned something new today! See you next time!篇3Title: My Declaration as a Chinese Tax ResidentHello everybody! Today I want to talk to you about something very important - declaring my tax residency status as a Chinese tax resident. It's a big responsibility, but don't worry, I'll explain it in a simple and fun way!First of all, what is a tax resident? A tax resident is someone who lives in a country for a certain period of time and is subject to paying taxes in that country. As a Chinese tax resident, I have to declare my tax residency status to the Chinese tax authorities.To do this, I have to fill out a form called the "China Individual Income Tax Resident Identity Declaration". This form asks for basic information about me, like my name, address, and identification number. It also asks me to confirm that I have lived in China for a certain period of time and that I am subject to Chinese tax laws.Filling out this form is really important because it helps the Chinese tax authorities determine how much tax I should pay. It also helps me enjoy the benefits of being a tax resident, like access to social security and healthcare.So, next time you hear about declaring your tax residency status, don't be scared! Just remember that it's a way for you to show that you are a responsible citizen and contribute to the development of your country.In conclusion, declaring my tax residency status as a Chinese tax resident is a big responsibility, but with a little bit of knowledge and understanding, it can be done easily. So, let's all do our part and fulfill our duty as tax residents of China!Thank you for listening to my declaration as a Chinese tax resident. Have a great day!篇4Hello everyone, today I want to talk to you about something important called the "Chinese Financial Institution Tax Resident Identity Declaration". It may sound like a big, fancy term, but don't worry, I'll break it down for you in simple words!So, let's start with the basics. A financial institution is a place where you keep your money, like a bank. When we talk about tax resident identity declaration, it means declaring to the government that you are a resident of China for tax purposes.Now, why is this important? Well, when you earn money or have assets in China, you need to pay taxes to the government. By declaring yourself as a tax resident, you are telling the government that you are willing to pay your fair share of taxes.To do this, you need to fill out a form called the "Chinese Financial Institution Tax Resident Identity Declaration". This form asks for your personal information, such as your name, address, and tax identification number. It also asks if you have any accounts or assets in foreign countries.By filling out this form, you are not only fulfilling your duty as a responsible citizen, but you are also avoiding any trouble with the tax authorities. Remember, it's always better to be honest and transparent when it comes to taxes!So, next time you hear about the "Chinese Financial Institution Tax Resident Identity Declaration", don't be intimidated. Just remember that it's a way for you to show that you are a good citizen who pays their taxes on time. And who knows, maybe one day you'll be proud to say, "I am a tax resident of China!"篇5Hey guys! Today I want to talk to you about something super important called the "China Tax Resident Identity Declaration for Foreign Financial Institutions"! I know it sounds like a mouthful, but don't worry, I'll break it down for you.So basically, this declaration is a form that foreign financial institutions in China need to fill out to declare the tax residency status of their account holders. This is important because it helps the Chinese government keep track of who should be paying taxes in China.Now, you might be wondering, what does it mean to be a tax resident in China? Well, it basically means that if you live in China for a certain amount of time each year, you are considered a tax resident and you need to pay taxes on the income you earn here.The declaration form asks for information like your name, address, nationality, and tax identification number. It's super important to fill this out accurately and honestly, because if you don't, you could get into trouble with the tax authorities.So remember, if you have a bank account in China or you work here, make sure you check with your bank or employer to see if you need to fill out the China Tax Resident Identity Declaration form. And remember, paying your taxes is super important, because it helps support all the awesome things the government does for us!Thanks for listening, and remember to always be honest and responsible when it comes to your taxes!篇6Title: Declaration of Chinese Tax Resident Identity by BankHi everyone, today we are going to talk about something very important called the "Declaration of Chinese Tax Resident Identity by Bank". Sounds pretty fancy, right? But don't worry, I'll explain it in a simple way so that even kids like us can understand.So, what is a tax resident? A tax resident is someone who lives in a country and has to pay taxes there. In China, if you live here for more than 183 days in a year, then you are considered a tax resident. That means you have to pay taxes on the money you earn in China.Now, why do banks need us to declare our tax resident identity? Well, banks have to report to the government about the money that people have in their accounts. If you are a tax resident, then the bank needs to know so they can report it correctly. It's like checking all the pieces in a puzzle to make sure they fit together perfectly.When you go to the bank, they will give you a form to fill out. This form asks for your personal information like your name, address, and passport number. It also asks if you are a taxresident of China or not. Make sure to answer truthfully because giving false information can get you in trouble.Once you fill out the form, the bank will keep it on file. This way, they can make sure that they are following the rules and reporting the right information to the government. It's like keeping a record of all the chocolate bars you have in your secret stash so you don't forget where you put them.So, next time you go to the bank and they ask you to fill out a form about your tax resident identity, don't be scared. Just remember that it's important to be honest and follow the rules. And if you have any questions, don't be afraid to ask the bank staff for help. They are there to make sure everything goes smoothly.That's all for today, kids. Remember, being a responsible tax resident is a good thing because it helps our country grow and prosper. See you next time!篇7Hey guys, today I want to talk to you about the tax residency status declaration form that some of our parents might have to fill out at the bank or other financial institutions. It's called the China Institution Tax Resident Identity Declaration form.So, what does that mean, you may ask? Well, it basically asks if you are a tax resident in China or not. If your parents work in China or have lived here for a certain number of days, they may need to declare their tax residency status to the bank to make sure they are paying the right amount of taxes.The form asks for some basic information like your name, ID number, and address. It also asks if you have any tax residency in other countries, which is important because you don't want to pay taxes twice! There are also some questions about your income and assets, but don't worry, your parents will know how to fill those out.It's important to fill out this form correctly and honestly because the government uses this information to make sure everyone is paying their fair share of taxes. So, if your parents are asked to fill out this form, make sure they do it properly and submit it on time.Remember, paying taxes is important because it helps to fund things like schools, hospitals, and roads. So let's all do our part and make sure our parents fill out their tax residency declaration forms correctly. Thanks for listening, and I hope you learned something new today!篇8Hey guys! Today I want to talk to you about something super important - the Chinese Silver Institution Tax Resident Identity Declaration. This is a form that lets the government know if you're a tax resident in China.So, what does it mean to be a tax resident? It basically means that you live in China and you earn money here. If you meet these criteria, then you need to fill out the form so you can pay your taxes properly.The form asks for all kinds of information, like your name, address, and how much money you make. It's really important to fill it out truthfully and on time, because if you don't, you could get into big trouble with the tax man!But don't worry, filling out the form is not that hard. Just take your time and make sure you understand each question. If you're not sure about something, ask an adult for help.Remember, paying your taxes is a way to help make sure that everyone in China has the things they need, like schools, hospitals, and roads. So let's all do our part and fill out the Chinese Silver Institution Tax Resident Identity Declaration form. Let's be responsible citizens and do our part for our country!Thanks for listening, guys! Let's all do our part and be good tax residents!篇9Title: Declaration of Tax Resident Status for Chinese BanksHey there! Have you ever heard of the Declaration of Tax Resident Status for Chinese Banks? It's a pretty important document that banks in China need to fill out to let the government know about the tax resident status of their customers. Let me explain it to you in a simple way!First of all, what is a tax resident? A tax resident is someone who is subject to paying taxes in a particular country because they live or work there. In China, taxpayers are classified into two categories: resident taxpayers and non-resident taxpayers.The Declaration of Tax Resident Status for Chinese Banks is a form that banks use to declare the tax resident status of their customers. This form helps the government determine who needs to pay taxes in China and who doesn't. It's a way to make sure that everyone is paying their fair share of taxes.When you open a bank account in China, the bank will ask you to fill out this form to determine your tax resident status. It'simportant to be honest when filling out the form, as providing false information can lead to serious consequences.So, next time you're at the bank and they ask you to fill out the Declaration of Tax Resident Status, make sure you do it truthfully and accurately. It's your responsibility as a taxpayer to declare your tax resident status correctly. Let's all do our part to contribute to the development of our country!Remember, paying taxes is important for the government to provide services and infrastructure for all of us. So let's all be responsible citizens and declare our tax resident status honestly. Thank you for listening, and I hope you now understand the importance of the Declaration of Tax Resident Status for Chinese Banks.篇10Hi everyone! Today I'm going to talk to you about the Chinese financial institution tax resident identity declaration.Firstly, let's understand what a tax resident is. A tax resident is someone who is subject to paying taxes in a particular country. In China, individuals who have lived in the country for more than 183 days in a tax year are considered tax residents.When we open a bank account or make certain financial transactions in China, we need to declare our tax resident status to the financial institution. This is usually done by filling out a form called the tax resident identity declaration form.In this form, we need to provide details such as our name, address, nationality, and tax resident status. It's important to fill out this form accurately and honestly, as providing false information can lead to serious consequences.By declaring our tax resident identity to the financial institution, we are complying with Chinese tax laws and regulations. This helps the government track and collect taxes from individuals living and working in the country.So next time you're asked to fill out a tax resident identity declaration form at a Chinese financial institution, make sure to do it properly. It's a small but important step in being a responsible and law-abiding citizen.Remember, paying taxes is a way to contribute to the development and prosperity of our country. Let's all do our part in building a better future for China! Thank you for listening!。
英语热词：债务上限 debt ceiling
英语热词：债务上限debt ceilingObama, Congress reach a debt deal: President Barack Obama says Republican and Democratic leaders in the House and Senate have reached an agreement with him to raise the government's debt ceiling and avoid a default.白宫国会达成债务协议——美国总统奥巴马宣布，国会两院两党领导人已经达成协议，同意提高政府的债务上限以避免产生违约风险。
文中的debt ceiling就是“债务上限”的意思。
Ceiling本意是"天花板"，还可表示价格、工资等的最高限度、最高产量、最大限额等等，如ceiling price表示“最高价”，a farm production ceiling意思是“农业生产的最高产量”。
在职场和政界中，有一种常见的现象叫做glass ceiling（玻璃天花板），通常专指女性所遭遇到的一种无形的障碍，使她们不能晋升到管理的高层。
美国debt ceiling/debt limit（债务上限）早已于5月16日到顶，国会必须在8月2日前就提高债务上限达成一致，否则美国政府将面临default（违约）的风险。
美国政府将通过cut deficit/deficit reduction（削减赤字），spending cuts（削减开支）等措施解决此次debt crisis（债务危机）。
国会两院将对这一艰苦谈判得来的package agreement（一揽子协议）进行投票。
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奥巴马签署债务协议
Obama Signs Debt Compromise Bill奥巴马签署债务协议美国参议院当地时间周二以74:26的投票结果通过了2.1万亿美元的减赤计划，从而缓和了美国立即发生债务违约的风险。
奥巴马立即签署了该议案成为法律，提高政府原为14.3万亿美元的举债上限。
由民主党控制的众议院已在周一通过了该议案。
The president's signature on the legislation defuses what might have been a far-reaching crisis for the U.S. economy.Minutes after the Senate passed the bill by a of vote of 74 to 26, Mr. Obama told reporters at the White House that the process of reducing the government's deficit has begun."This compromise guarantees more than $2 trillion in deficit reduction. It is an important first step to insuring that, as a nation, we live within our means."The new law immediately allowed the Treasury to borrow an additional $400 billion, with more borrowing allowed later. It is also intended to reduce the nation's $14.3 trillion deficit by at least $2.1 trillion over 10 years. The House of Representatives passed the bill on Monday by a vote of 269 to 161, after weeks of intense debate.Under the bill, a bipartisan committee in Congress will work to find further savings in federal budgets.The president said the agreement requires that both major political parties work together on a larger plan to cut the federal budget deficit, which he said is important for the long-term health of the U.S. economy. Mr. Obama said that plan would need to include cuts to social programs - a move that many Democrats oppose - and higher taxes - which many Republicans reject. Neither option was included in the compromise legislation."Yes, that means making some adjustments to protect health care programs like Medicare, so they are there for future generations. It also means reforming our tax code, so that the wealthiest Americans and biggest corporations pay their fair share."In addition, lawmakers will also consider a constitutional amendment requiring the government to balance its budget.Republican Senator John Barrasso said such an amendment would prevent another debt crisis."The question is, 'Are we going to be living by the same rules that apply to every family, every small business and 49 states, which is, that they cannot spend more money than they have?'"Mr. Obama angrily denounced lawmakers for allowing the debt debate to linger until hours before the default deadline. He said a "manufactured crisis" in Washington has hurt the struggling U.S. economy."That was in our hands. It is pretty likely that the uncertainty surrounding the raising of the debt ceiling, for both businesses and consumers, has been unsettling and just one more impediment to the full recovery that we need. And it was something that we could have avoided entirely."The president said it should not take the risk of "economic catastrophe" to force lawmakers to work together and do their jobs. He said the priority now is for Democrats and Republicans to focus on creating jobs and reviving the U.S. economy.The top House Democrat, Minority Leader Nancy Pelosi, agreed that lawmakers must immediately turn their attention to economic recovery. "Yesterday we crossed a bridge. Enough talk about the debt. We have to talk about jobs."Mr. Obama called on Congress to pass numerous bills that he said would strengthen the economy, including approving free trade agreements with Colombia, Panama and South Korea.董事长签名立法行动缓解很深远的危机对美国经济。
欧债危机（Europeandebtcrisis）
欧债危机（European debt crisis）The European debt crisis intensifiedThe spectre of a sovereign debt crisis lingers on the continentWith Greece, Ireland, Portugal's sovereign debt crisis warming, the debt crisis began to spread from the periphery to the core countries, Italy and Spain, who will be the European debt crisis, a fall of "Domino" became the talk of boiling point. As of the end of 2010, Italy's public debt to GDP ratio reached 119%, far higher than the upper limit of 60% "Maastricht treaty" provisions, in the EU after Greece 142.8%. In addition, Italy's economic growth is weak, the export growth trend is weak, the import commodity prices are soaring, and the bad economic environment makes Italy's crisis worse. Spain is also faced with the risk of being involved in the debt crisis. Data show that Spain's budget deficit in 2010 as high as 9.2% of gdp. Although the Spanish government is implementing the biggest budget cuts in 30 years, measures have also been taken to raise the retirement age and reduce the cost of layoffs. But the International Fund believes that Spain's measures to prevent the debt crisis are incomplete and face considerable risk of debt. According to reports, the financial giant Soros will blame the European debt crisis on Germany's selfishness and inaction. He believes that the German Prime Minister Merkel insisted on maintaining its own financial system security, and buried the scourge of today's European debt crisis. Italy's prime minister, Berlusconi, called on Congress to pass the austerity package as soon as possible. However, according to statistics, Italy's economy grew by 1.03% in the first quarter of 2011, and this slow economic growth could fall into recessiononce it meets fiscal austerity. If Italy seeks help from the outside world, it must tighten its economy, so it may be caught in a double predicament of recession and rising public debt. As the third and fourth largest economies in the euro area, Italy and Spain are among the most important players in the European economy, and the impact on markets is far weaker than in Greece, when debt defaults occur. In view of the fact that Italy and Spain huge foreign debt, some analysts believe that if the two countries into a debt crisis from market financing, then other EU countries will not have enough power to rescue Italy and Spain, the eurozone may therefore fall apart. From a global perspective, if the European sovereign debt crisis spread to the core countries, the global market will reverse the direction of investment, funds withdrawal from the stock market, commodity markets, access to precious metals markets, such as hedging. This will lead to an obvious fluctuation in asset prices, which may lead to a new round of financial crises. As the debt crisis in Italy and Spain approaches, the euro zone's second largest economy, France, is also facing debt risk. There are signs that market investors are shorting French sovereign bonds, and the debt crisis is pressing.Traces of American debt behind the European debt crisisBehind the European debt crisis is a deeper contest, that is, the United States and Europe are launching a war of currency dominance and debt resources. As a matter of fact, the United States continues to carry out structural authority given by its monetary hegemony". Since the birth of the euro, the euro has been one of the world's most powerful potential competitors, challenging the dollar hegemony system. First, the euro weakensthe dollar's position in international trade. For emerging market countries, the euro provides an alternative currency option to settle the dollar. As the euro area's main export commodities are competitive with the United States, the rise in the euro settlement will inevitably lead to a fall in the dollar settlement. The settlement amount is the pricing power, and the decrease of the US dollar settlement amount means the loss of the pricing power of the United States in the international market. Second, the euro hit the reserve currency position of the dollar. After the birth of the euro, the proportion of the world's total foreign exchange reserves continued to rise, while the dollar continued to decline. A statistical data according to IM F's official foreign exchange reserves, from 1996 to 2009, the dollar in international reserve position has experienced a "inverted U" trend, before the euro was formally established and at the beginning of the establishment, the dollar in international reserve status is rising, the proportion of world reserves from 1995 59% rose to 2001 by the end of 71.5%. But since 2001, the share of the dollar has fallen, and by 2010 it has fallen to 62.1%. However, the threat to the United States seems more than that, and one of the biggest challenges is the scramble for resources between American bonds and European bonds. This is perhaps the biggest concern for the United states. Under the borrowing dependent system, the US long-term international trade deficit and current account deficit can be maintained, and it needs to be guaranteed by the continuous revolving movement of U. S. dollars. To keep the dollar moving round and round, it must depend on exports from other countries in exchange for dollars,Other countries have traded dollars to invest in the UnitedStates by buying American bonds, and the dollar has returned to the United States to finance its debts. What worries the United States is that, like the United States, European countries are basically debt dependent countries". According to the IM F database, world debt issue of the number of the top ten countries, including the United States, 7 European countries and Japan and Australia, the 10 countries foreign bonds accounted for 83.8% of the world, and the eurozone bond market collection scale accounted for 45% of the world. The United States has more than 32% of the shares, this is undoubtedly the biggest challenge for the United States debt dependent system. Since the financial crisis, the Fed has become the biggest buyer of US debt and has monetized its currency through quantitative easing. Since the outbreak of the crisis, the Fed's balance sheet size increased from $899 billion 300 million in June 2007 to $27231 billion in early May 2011, is 3 times more than before the crisis. Now, the Fed is about to stop its $600 billion treasury bond purchase plan in June, and who will continue to take over such a huge debt is the biggest problem. With both the monetary and fiscal pressures on the US, only the creation of a bond that is worse than the US Treasury will allow the financial markets to choose a better one between bad and worse. So, the recent U.S. rating agencies continue to reduce Greece, Ireland, Belgium's sovereign credit rating, turns on the European debt crisis manufacturing turmoil, shorting Euro dollar, using "hedging properties" and a strong stage, the capital back into the United States, while the United States became the winner of the crisis, including Treasury and beauty shares and other institutions bonds popular dollar assets. Although the U.S. Treasury has exceeded the debt ceiling, but the 10 year Treasury yields and30 year Treasury yields hit a five month low, U.S. Treasury bonds being oversubscribed, debt financing smoothly. Between the inside and outside the pincer attack, the European debt crisis is no longer the crisis of the five European countries, the risk of the debt crisis spreading from the marginal countries to the core country is further increasing, and waiting for Europe will be a new round of debt storm. - Zhang MonanEurope's debt crisis or big bangLast weekend, Wei Jianguo, former Vice Minister of Commerce and Secretary General of the China International Exchange Center, said: "in order to guard against risks, China will no longer be eager to buy European debt.". China has bought a lot of European debt (about 1/4 of its foreign exchange reserves), and if the euro falls, China will suffer a huge loss. Europe can only go its own way, China can do very limited". This is a delicate and definite statement. The author believes that this is a correct decision, of course, is a painful decision - not to buy European debt, the United States can not buy more debt, China's foreign exchange reserves to buy what? From the beginning of the euro on Friday afternoon appeared Powei trend, although the U.S. payrolls data range, far less than expected, but the euro is still down after a brief recovery, which indicates that the euro will move closer to the rail under the shock City, probably in the week fell below the 14000 mark integer. The origin of the European debt crisis is the continued decline in competitiveness in the euro area. Before this competition decreased only two or three countries in line, and the debt crisis in Europe is a meeting after the rescue, theeuro zone countries have a obvious weakness. In August, economic data from the core countries of the euro zone were issued with a very negative warning, including Germany's August Manufacturing Purchasing Managers' index, with a final value of 50.9, expected to be 52, the lowest since September 2009. France's Manufacturing Purchasing Managers Index was worse in August, only 49.1. German and French data show that the region's two most powerful countries, the real economy has been growing at almost zero. Although we cannot conclude that Germany and France is a country like Greece dragged down -- save people dragged down is normal, but the conclusion that Germany and France have no spare capacity to save the eurozone two or three countries, is the fact that. Without the economic support of France and France, what happens in the euro area can be expected, and a strong euro is not expected. The second reason for the inevitable occurrence of the European debt crisis is that the rescue plan is impractical. The source of the European debt crisis is the most euro zone countries are a serious violation of financial discipline, but the EU's rescue plan is that Germany and France including the European Central Bank are a serious violation of financial discipline, the use of public funds and savings deposits to buy euro zone government debt line two or three. The results, although we can not say that By no means retrievable, at least to the recipient countries to send the wrong signal, can rely on big body, creditors who. Learned from the foreign media reports, the European Central Bank (ECB) last month decided to purchase the bonds of Italy, the country clearly slow budget consolidation measures.Italy's prime minister Berlusconi's promises to cut huge public debt have gone into empty talk. German media simply said:"because the European Central Bank's intervention, resulting in Italy budget measures even more confusing.". The European Central Bank to buy the bonds of Italy, every budget measures in Italy, the country's bond yields vary due to debt purchase operations of the European Central Bank to decline, the Italy government issued a signal to reduce the deficit can relax. Therefore, the decision to buy Italy's national debt was wrong. It's not just the European central bank that made the mistake. The solution of the European debt crisis is only one, is to give up the tail, the strong euro policy. Of course, this is extremely painful, and the extent of the pain is likely to exceed that of the US subprime crisis in 2008. Third reasons why the debt crisis is inevitable happened 17 euro zone countries is a mess, but not as strong as steel making. The European debt crisis spread from Greece to Ireland, where euro zone leaders gathered countless times, and each time made a statement to the world, showing how strong the euro zone was and how powerful it was. But as soon as the meeting is over, the noise is immediately transmitted through the media, and the small action is constant. Fourth reasons why the debt crisis inevitably happened in real is the main countries of the euro zone leaders lack the political sensitivity andforward-looking, misjudge the situation. How to solve the European debt crisis? It's difficult to drag out September, and the solution is not to buy bonds of troubled countries in the euro area, nor to create what is known as the euro zone's unified bond market. The only way is docked, Greece should be expelled from the euro zone. But objectively speaking, the best moment has been missed, because Italy, the euro zone third, which is much larger than Greece, will have an accident, followed by Spain, Portugal, ireland. To save it, the euro zone has no suchstrength. The last way is to push the euro zone high debt countries selling assets to repay, but the price is only suihangjiushi. The market would work only if the offer was lower, which would require a fall in the euro! To be sure, the ultimate solution to the European debt crisis is to be assessed after the euro crash. Today, the euro has fallen below the European Central Bank's defense line 13850, the lowest drop to 13386, will need at least 15% decline in the future. What about China? Only to see, can not buy, do not want to cover. Foreign exchange reserves are "cocktail", the euro is relative to other currencies down, the euro fell, the dollar will rise, and other currencies will rise. We can be thankful that holdings of euro assets are not many, 1/4 foreign exchange reserves in value, another 3/4 of the reserves in the appreciation of the euro, even if we suffer greatly, loss is not big. The problem is that the euro can not be bought in the future, and the foreign exchange reserves can not continue to increase substantially. The lessons of the European debt crisis tell us not only about the problems in the euro zone countries, but also that the currencies of almost all countries in the world are unreliable. The sure solution is not to expand the reserves indefinitely, but to spend the reserves.The spread of the European debt crisisThe European debt crisis is spreading to the core of the euro zone, this time in france. Moodie, a prominent rating agency, has warned that in the next 3 months whether to consider the French Treasury AAA rating "negative" will be considered". Negative observation is often the prelude to a downgrade. Moodie said in a statement, as with other euro zone sovereigncountries, France's financial position has weakened; the global financial and economic crisis in France, led to the financial indicators is the worst in other AAA countries. At present, a total of 6 countries enjoy the euro area AAA rating, namely France, Germany, Holland, Finland, Austria and Luxemburg, France's highest level of debt. IMF said public debt in France would reach 85% of GDP in 2011 and high in the world class AAA countries. The spread between French and German bunds widened to a record 93.2 basis points in October 17th, compared with just 29 basis points in April. A new wave of pressure on the French rating was largely caused by the exposure of its banking system to sovereign debt in Europe, as well as increased bailouts for other countries. The European Union is preparing to require European banks to increase the size and quality of their core capital, and the government will inject capital into substandard banks. Besides its own burden, France, the second largest economy in the euro area, is the second largest contributor to EU bailout funds. The euro zone is now studying how to expand the size of EFSF's borrowing to prevent a larger economy, such as Italy and Spain, into a crisis, which will add to the burden on public finances in france. In addition, the French economic growth situation also makes public finances not optimistic. In October 18 Pakistan Lu admitted that the forecasts for 2012 GDP growth of 1.75% will be too optimistic.Faubion Zulegdze, the chief economist at the European Policy Centre, argues that France is not very different from Spain in terms of its economic growth potential. The pressure on France's sovereign rating will make it harder for the euro zone to respond to the debt crisis. At present, the AAA rating of EFSF is based on the rating levels of the various fundedcountries, so Moodie also said in 17, if France suffered a downgrade, EFSF's highest rating will be questioned. In response, Europe is working to advance the permanent crisis response mechanism, the European stability mechanism (ESM). The most important feature of ESM is that it enjoys the status of an international institution like IMF without the impact of the investor rating. As scheduled, ESM will replace EFSF in the summer of 2013, but now Europe hopes to advance it by a year, at least in 2012。
美债危机 US debt crisis
From the US point of view its currency would get weak and it would become difficult for it to borrow at low rates.
If the US won’t be able to borrow effectively it
To whom do Americans owe all this money
4% 5%
3%
36%
China,Mainland Japan United Kindom Oil Exporters Brazil Russia All Others
6% 20%
26%
Difference between the Debt and the Deficit
3 Consequences : How it effects the economy
Not enough to cover the retirement benefits
Higher taxes
Foreign holders invest more in their own economies
Slowing economy
The US has been a powerful country both economically as well as politically. Naturally its currency has been seen as safe and stable Therefore US has been in a position to borrow cheap from the rest of the world as well as from its own citizens US dollar therefore has been also seen as the reserve currency for most of the world citizen
CNN STUDENT NEWS 1018——CNN新闻英语学习资料
STUDENT NEWSU.S. Debt Ceiling Crisis Averted; Modern Day Slavery; Meteorite Fragment FoundAired October 18, 2013 - 04:00:00 ETTHIS IS A RUSH TRANSCRIPT. THIS COPY MAY NOT BE IN ITS FINAL FORM AND MAY BE UPDATED.CARL AZUZ, CNN ANCHOR: Fridays are awesome. Welcome to CNN STUDENT NEWS. Today, the partial government shutdown over. The possible U.S. debt ceiling crisis averted for now. Late Wednesday night, Congress voted on the deal and approved it. Early Thursday morning, President Obama signed it. As the day moved forward, things in Washington started returning to normal. Federal employees who were furloughed, set home without pay, were back at work yesterday. The deal says, they`ll get back pay to cover what they missed while they were furloughed.Most national parks and landmarks, like the Everglades in Florida had been close since the shutdown started. They are back open now and accepting visitors. Keep in mind, the deal passed this week is temporary. It funds the government until January. It raises the debt ceiling until February. So, after it was passed, leaders of the House and Senate budget committees got together to start the next round of negotiations.When you hear the world "slavery" you might just think of it as something from history. The U.S. Civil War decided the issue here, and today slavery is illegal in every single country. But right now, worldwide, there are more slaves than at any other time in history. Modern day slavery isn`t always the same as the images you see in textbooks. It includes human trafficking, force labor, child exploitation, forced marriage.A new report used a decade of research to offer the latest information on slavery and its victims. (BEGIN VIDEOTAPE)UNIDENTIFIED FEMALE: Sadly, in 2013 that story`s far more prevalent than you`d expect. 29.8 million. That`s the staggering estimate of how many people around the world are leaving as modern day slaves, according to Walk Free Foundation. The number is cited in the foundation`s global slavery index, which for the first time provides a map, country by country of the depth and breadth of the scourge.These ten countries account for 76 percent of the world`s enslaved people. China, Russia, Nigeria, Pakistan are all in there. But India, the world`s second most populous nation has by far the highest number of slaves, estimated up between 13 and 14.5 million people.NICK GRONO, CEO, WALK FREE FOUNDATION: A lot of experts would say, that`s a conservative number. India has a massive problem with forced labor, bonded labor. There are whole communities that are forced to work on brick (inaudible) or forced to work in stone quarries. Kids were working in (inaudible) factories, so it`s a massive problem.UNIDENTIFIED FEMALE: But the index found that it is Mauritania, which was the last country to outlawslavery in 1961, where the problem is most prevalent. With an estimation one in five citizens bonded to a master, tradition is proving hard to break.(END VIDEOTAPE)AZUZ: Teachers, for more information about the fight against modern day slavery, check out the freedom project link on our home page.Next up today, shooting stars - they are meteors, and when they hit the Earth atmosphere, they can cause serious problems, like the one that exploded over Russia earlier this year. After waiting for months, scientists are getting their hands on what they think is a piece of that one. You`ll hear that it weighs more than 570 kilograms. For reference, that`s more than 1250 pounds.(BEGIN VIDEO CLIP)ISHA SESAY, CNN CORRESPONDENT: This was the scene back in February as a massive meteor streaked across the sky, turning night into day, the fire balls and shockwaves across Russia, shattering windows, injuring some 1200 people and causing millions of dollars in damage.Scientists say fragments of it crash-landed here, beneath the ice of this frozen lake near the city of Chelyabinsk. Now, eight months later, the ice is gone, and on Wednesday, in an operation covered live on Russian TV, divers entered the murky water. At the bottom of the lake they found what is believed to be the largest single fragment of the meteorite.The 1.5 (inaudible) boulder was dragged to shore then weighed, where it literally tipped than broke the scales.UNIDENTIFIED MALE (through translator): If it weighs more than 500 kilograms, than the object is unique in itself, and it`s likely to be one of the biggest meteorites ever found.SESAY: This expected space roll crumbled into several chunks, but still weighed in more than 570 kilograms. Now, scientists want to confirm this is indeed the meteorite they`ve been searching for.UNIDENTIFIED MALE: The initial visual survey which we were talking about now doesn`t give us 100 percent certainty. We still need to conduct more research, a structural analysis and other tests.SESAY: When it entered Earth atmosphere, scientists estimate, the meteo weighed about 10,000 tons. It`s just a fraction of that size now, but scientists seem confident, they made an out of this world discovery.Isha Sesay, CNN.(END VIDEOTAPE)(BEGIN VIDEO CLIP)ANNOUNCER: It`s time for "The Shoutout." Which of these countries is on Iberian Peninsula? If you think you know it, then shout it out. Is it Italy, South Korea, Yemen or Spain? You`ve got three seconds, go!The Iberian Peninsula is in southwestern Europe, and it`s occupied by Portugal and Spain. That`s your answer and that`s your shoutout.(END VIDEO CLIP)AZUZ: There are four time zones in the continuous United States. Spain has one, and Spanish officials are thinking about changing it. They are considering going back in time on hour. In Spain, many workers take long lunch breaks or midday siestas. They tend to eat late, leave work late and go to bed late. A report says, shifting the country`s time zone could make a major difference.(BEGIN VIDEOTAPE)ISA SOARES, CNN CORRESPONDENT: Autumn may have arrived, but here in Madrid workers are still enjoying their outdoor lunch breaks as if summer had never left.Not even the music can disturb the public napping. Just a few kilometers down the road at Studio Banana when it`s time for Siesta, they use this:ALI GANJAVIAN, CO-FOUNDER, STUDIO BANANA: The ostrich pillow is a product, which is a device for sleeping. It`s kind of - came about because we were spending a lot of time work in the studio, so we thought ourselves, why don`t we create a product that allows us to sleep anyway.SOARES: Their product is in many ways a wakeup call for workers who tend to leave work, eat and go to bed later than their European counterparts. But that`s about to change. The government says it`s considering turning back the clocks by an hour.Spanish dictator General Franco moved Spain from Greenwich Meantime in 1942 to follow his ally Nazi Germany. Since then, Spain has been one hour ahead of GMT during the winter. And two hours ahead in the summer. And that reportedly cost the economy as much as eight percent of GDP because of lost productivity.IGNACIO BUQUERAS Y BACH, PRESIDENT, FUNDACION INDEPENDIENTE (through translator): For 71 years, we have been on the wrong clock. So, we`re recommending a more flexible work schedule so that the days don`t finish any later than 5 P.M.And that lunch won`t last for more than 40 minutes.SOARES: Advice that has been taken up by Studio Banana.The working lunch here has been reduced to 45 minutes, but it`s still an important part of their working day. Over (inaudible) they can bounce ideas off each other. It`s this model that many say Spain should adopt because it means to have more time to spend with their families. They sleep longer, and they areless lethargic at work. All in all, more productive.(END VIDEOTAPE)AZUZ: Well, if you`re already on Facebook, you might have noticed that our Facebook page topped 100,000 likes this week. Very happy about that. So, to say, thank you all of today`s "Roll Call" schools come from request we received on Facebook. We`re going to start in Wellsberg, West Virginia with the brewings Brooke High, heading down to Texas to check in with the Magnolia Junior High Bull Dogs and up to Illinois where the tigers from Elmwood Park High School round out today`s "Roll Call."Halloween is less than two weeks away, we`re giving you chance to show off your holiday creativity.We`re talking pumpkins. If you are 13 or older, you can send us an I-report with pictures of your best jack-o-lanterns. If you want a chance to get on our show, you have to get your I-report in by October, 28th. All the details at .And speaking of pumpkins, we`ve got a whopper for you. When you need a forklift and special harness to get your pumpkin up on the scale, you got a monster. This thing checked in at 1985 pounds. Goodness gracious, that`s nearly a full ton. It took first place at this pumpkin weigh-off and beat last year`s champ by a good 200 pounds. (inaudible) go home with nearly 13,000 bucks too. If you decide to invest that in growing another one for next year, you could definitely consider that seed money. We make our share of bad puns, but you can`t deny that was a gourd one. Have a gourd weekend, everybody.END。
“美国国债危机”热词 中英对照
聚焦美国国债危机北京时间8月3日凌晨，奥巴马发表声明，签署了刚刚在美国参议院通过的提高债务上限和削减赤字的方案。
此时，离违约期限的最后一刻只有几个小时。
government bonds 政府债券debt ceiling crisis 债务限额危机raise the debt limit 提高借债上限reduce the deficit/deficit cutting 削减赤字budget deficit 预算赤字federal deficit 联邦赤字tax breaks 税收减免/税额优惠entitlement reform and tax reform 津贴改革和税收改革consumer confidence 消费者信心business confidence 企业信心the debt talks/debate 债务（限额）谈判debt default 债务违约debt ceiling 债务上限，债务最高限额borrowing limit 借款限额brinkmanship 边缘政策borrowing capacity 借贷能力balanced budget 预算平衡reserve requirement ratio 存款准备金率stock market 股票市场Debt Ceiling Bill 债务上限法案tax code 税法budget act 预算法案annual domestic spending 年度国内开支abrupt deficit cut 减赤过急fiscal credibility 财政信用special deductions 特殊扣减bipartisan committee 两党委员会congressional committee process 国会委员会程序reserve currency 储备货币financing cost 融资成本degrade 评级下调一场关于“全球货币体系改革”的大讨论近日在北京展开。
Debts and Downgrades
Debts and Downgrades<a rel='nofollow' onclick="doyoo.util.openChat();return false;"href="#">The months-long debt ceiling debate in the United States has affected the global financial market, and its impact may further spread to the real economy and even change world political and economic structures. Although the debating parties reached a deal before the deadline of August 2, the ensuing stock market disaster that swept stock exchanges across the world and rating agency Standard & Poor’s downgrade of the United States’ sovereign credit rating on August 5 fully displayed the impact of the debt ceiling debate.The risk of a U.S. Treasury bond default, which was previously unimaginable, was thrust in front of creditors around the globe as some Republican congressmen proposed postponing U.S.Treasury bond interest payments. As the biggest overseas holder of U.S. bonds, China’s eyes have been glued to the matter.Ideals and realityU.S. Treasury bonds, originating from war bonds issued by the Continental Congress during the American War of Independence, have a history even longer than that of the federal government. When it was established in 1789, the U.S. Federal Government had a debt balance of $75 million.The principle of a balanced budget held by the third U.S. President Thomas Jefferson dominated orthodox fiscal theories in the United States. Although the functions of the U.S. fiscal budget were changed by the Great Depression (1929-33) from funding the government to one of the most important regulating levers of the U.S. economy, and fiscal deficits are consciously and perennially used, claims of a balanced budget and tax reduction have been dominating the commanding height of U.S. society. As a result, conflicts tend to arise when the administration attempts to stimulate economic growth by using fiscal policy tools at the cost of deteriorating fiscal situations and raising taxes during an economic crisis. That is why the debt ceiling debate has continued for so long.During the sub-prime mortgage crisis in 2008, the U.S. monetary policy fell into a zero-interest-rate trap, and the fiscal policy became the only choice for the country to deal with the crisis. Moreover, of the two major fiscal stimulus tools, public investment is more effective in stimulating the economy than tax reduction. But in a country that has spent on deficit for several decades and accumulated astronomical government debts, a massive anti-crisis fiscal policy has inevitably exacerbated the country’s financial problems.Since the United States was born on the struggle against colonial taxes, the public has embraced tax reduction. Many Americans were disappointed at the inadequate efforts by the Obama administration to cope with the crisis. In addition, American people were quite discontented because the government rescued the morally degenerated financial industry and increased fiscal deficits, so it’s only natural that this disappointment turned to rage.On April 15, 2009―the deadline for tax return filing―massive anti-tax protests broke out in American cities such as Washington, D.C., Chicago and Boston. This echoed the actions of colonists, who in 1773 raided British ships in Boston Harbor and dumped barrels of tea overboard in protest of a British teatax. Today, just as then, a movement was born―the Tea Party Movement, which has since become a major player in the U.S. political arena.After the midterm election in 2010, Republicans gained control of Capitol Hill, and it became inevitable that they would snipe the Democratic Obama administration when the balance of U.S. bonds neared its ceiling of $14 trillion. Robbing Peter to pay Paul―that’s how the U.S. Government has financed its spending for years. Had the debate of raising the debt ceiling not been settled on August 2, there would have been serious consequences: either a replay of the farce of a federal government shutdown, or a default of the national debt.Since the existing international monetary system is adollar-standard one, and the dollar bond market is the world’s biggest bond market, if a default happened, it would be destructive for the global financial market. The dollar-standard international monetary system would be on the brink of collapse and the U.S. economy itself would take a massive hit. This might also arouse huge political turmoil in the United States, because the biggest holders of U.S. bonds are Americans, not overseas holders. From the boiling reactions of various countries and the worldwide stock market slump in earlyAugust, we can see how thedebate of debt ceiling in the United States is damaging global market participants’ confidence toward the U.S. economy.An unsustainable trendIt’s only natural that the confidence of market participants toward the United States has been undermined, because this country tends to put national benefits before international public benefits and party politics before national benefits. Standard & Poor’s downgrading of the United States’ credit rating is “not so much because they doubt our ability to pay our debt,” but because the rating agency “doubted our poli tical system’s ability to act,” U.S. President Barack Obama said.The compromise reached is only temporary relief rather than a solution to the U.S. fiscal predicament. Consequently, the U.S. economy and the world economy will face severe uncertainties in the long term. There is a bipartisan agreement on the10-year goal of curbing fiscal spending and raising the debt ceiling, but the United States’ fiscal deficit and national debt dilemmas have not been removed, but are only deepened.As for the scale of national debt, an absolutely balanced budget is not an ideal choice, since national debt of an appropriatescale has been a necessary tool for modern governments and central banks to carry out macro-control and open market operations. Moreover, as the economy grows, the scale of national debt will rise accordingly. However, if the growth rate of national debt far outpaces economic growth over a long term, a solvency crisis will be unavoidable.Despite mounting risks, the United States may not be able to effectively restrain the dangerous trend. In short and medium terms, reductions of fiscal spending will lead to the stagnation or even deterioration of the fragile economic recovery in the United States. An analysis in the October 2010 edition of the Intern ational Monetary Fund’s World Economic Outlook showed fiscal consolidation often curbs economic growth in the short term. “A fiscal consolidation equal to 1 percent of GDP typically reduces GDP by about 0.5 percent within two years and raises the unemployment rate by about 0.3 percentage points. Domestic demand―consumption and investment―falls by about 1 percent,” the report said.If Obama drastically cuts government spending immediately, he would have to suffer the throes of fiscal consolidation in slowing economic growth before the 2012 presidential election. As a result, he may lose the presidency, leaving his successorreaping the fruit of economic growth resulting from an improved financial condition.In the long run, the U.S. Government will need to control its fiscal expenditures. Butcan the 10-year goal of cutting government spending stated in the bipartisan agreement be realized? History has told us repeatedly that in the election-oriented United States, we should not excessively expect such a goal to come to fruition. Moreover, most of the government spending cuts are in military items, while military expenditure is just what the Republicans are doing their utmost to maintain.With confidence toward the United States shaken, market participants will seek new reliable powers to drive the world economy. During the process of seeking alternative economic powers, the overall national strength of the substitutes will be greatly improved. Unlike Western countries with poor econom- ic performance in the wake of the sub-prime mortgage crisis, emerging and developing economies have achieved fast growth in recent years and their proportions in the world economy have increased markedly.Figures from the April 2011 edition of the World EconomicOutlook showed emerging and developing economiesa ccounted for 47.7 percent of the world’s GDP in 2010. China alone took up 13.6 percent, close to the proportion of 14.6 percent by the whole euro zone. Growth of emerging and developing economies continues to be far ahead of developed countries and regions.In terms of indicators in the real economy such as industrial output value, output volumes of many important products and exports of goods, China has already surpassed the United States and ranked first in the world. Even in the financial sector, China has surpassed the United States in terms of some major indicators. For example, the financing scale of the A-share market on the Chinese mainland has been the world’s No.1 for several years. When it comes to fiscal conditions, China is also the best among big economies. Under such circumstances, it is natural that people are expecting China’s performance amid concerns of a “double dip” of the world economy.In fact, World Bank President Robert Zoellick said at the organization’s 2010 annual meeting that th e global economic crisis is contributing to shifts in power relations in the world that will impact currency markets, monetary policies, trade relations and the role of developing countries.。
what the deal maens for global economy
« PreviousBulldoze: The New Way to ForecloseNext »Global Manufacturing Slump: Doom for the Economy?What the U.S. debt deal means for the global economyPosted by Michael Schuman Monday, August 1, 2011 at 7:45 am25 Comments • Related Topics: budget deficits, dollar, fiscal policy, politics, sovereign debt,TweetA labor works at a textile mill on in Huaibei, Anhui Province of China. (Photo: ChinaFotoPress / Getty Images)When U.S. President Barack Obama announced Sunday night that he and Congressional leaders had finally reached an agreement to raise the government debt ceiling, the world breathed a collective sigh of relief. Stock markets in Asia jumped on the news. Yes, the pact still has to pass through the Senate and unruly House of Representatives (a vote will take place today) before becoming official. But in all likelihood the scary game of brinksmanship between the country's two political parties has come to an end (for now), and as a result, the U.S. will likely not default on Tuesday. If the world's most important economy had actually been unable to pay its bills, the consequences for the global economy could have been biblical. The factthat we (barely) averted such a disaster is a bit of good news, something investors haven't had much of recently.But just as a default by the U.S. would have had an outsized impact on the global economy, due to the unique position of America in the world, a deal struck to alter the direction of fiscal policy will also have a tremendous effect. The decisions made (or in this case, not made) by Washington in the debt agreement will reverberate through the world economy for years to come.First of all, in the short term, we can all forget about U.S. fiscal policy being employed to stimulate the anemic recovery in the world's largest economy. The debt deal, by capping annual appropriations and imposing $2.4 trillion in spending cuts over the next decade, takes any hope of further stimulus off the table. We can debate whether or not that's a good idea, With U.S. GDP growth at an annualized rate of a mere 1.3% in the second quarter, and unemployment still astronomical at 9.2%, some economists have been arguing the U.S. needs more spending, not cutting, to keep the recovery alive. But Washington has chosen fiscal repair over economic repair. That means a lot to Americans – especially those millions still looking for work – but it also means a lot to the rest of the world. Companies and workers from southern China to southern Africa depend on the giant U.S. economy, so a slow recovery in the U.S. eats into growth prospects everywhere else, even roaring emerging markets like China. (The HSBC purchasing managers' index for China fell below 50 for the first time in a year in July, a sign that its manufacturing sector is slowing.)Secondly, the debt deal hasn't fully determined the future course of U.S. fiscal policy, and that sad fact means haggling in Washington will continue to plague world markets. Though the parties agreed on the big-picture direction of future spending and cuts, it left nearly all of the details to be determined at a later point, mainly by Congressional committees. We have no clear idea which programs will get the axe, and by how much, nor what role taxes increases or reforms will play into the mix. So the battle between left and right over how to close the budget deficit is, in some ways, just getting underway, and is likely to continue over the coming months and even years. That means continued uncertainty in global financial markets for a long time to come.Third, budget cuts will have a ripple effect through the entire world, and the world is going to have to adjust to what gets cut. For example, the pact mandates hundreds ofbillions of dollars of defense cuts over the next 10 years. As I recently noted, such cutting could have a profound effect on the state of global security. The U.S. military presence around the world has provided a certain level of stability in global affairs, and no other nation (or organization) has the capability of taking over this unique American role. Some countries, such as Japan, depend on the U.S. for their own security. So if the U.S. can no longer afford such international commitments, the entire way the world handles security problems (terrorism, for example) will be forced to change. Everyone from the Saudi royal family to Taliban commanders will be watching closely to see how the U.S. restructures its military spending, to look for new weakness, and new opportunities. Who knows where this process will lead. Fourth, the debt deal – or, more specifically, the ugly process of getting the deal done – could well hasten the decline of American influence in the global economy. The irresponsible brinksmanship and childish squabbling made American political leaders look more like The Real Housewives of New Jersey than the leaders of the free world. If I were a policymaker in Tokyo or Beijing or New Delhi, I'd want to make myself less dependent on a country where the political process appears unreliable and heightens the risks to the global economy. That gives countries like China, for example, even more incentive to diversify away from holding U.S. assets, undermining American dominance of the global financial system. At a time when the world economy requires strong U.S. leadership, the world is getting just the opposite. That's not positive for America's future standing in the world.However, there might just be a glimmer of something positive here. If Washington can actually devise and stick to a real plan to shore up the country's finances, the position of the U.S. in the global economy could actually strengthen. Look at how the dollar rallied just on the news of the deal. Imagine what could happen if the deal led to true reform. A credible fiscal repair plan could build confidence in the U.S. economy, the U.S. dollar and most of all, U.S. stewardship of the world economy. So there is a chance that we could be witnessing the start of a revival of American influence in the world economy. If…well, there a lot of ifs to get through before that can happen.Read more: /2011/08/01/what-the-u-s-debt-deal-means-for-the-global-economy/#ixzz1TrcmZ5F6。
CATTI笔译必备热词(打)
CATTI笔译必备热词-1奔奔族rushing clan漫游roam气候变化climate change万人迷mack daddy循环经济Cyclic Economy视频直播live streaming博客blog小留学生parachute kids非法食品添加剂illegal food additive骑墙族fence sitters“二” thick过劳死death from overwork反恐部队counter-terrorism unit游戏化gamification肥胖谈话fat talk蚁族ant tribe家中度假staycation毒黄瓜contaminated cucumbers网络水军online “water army”边境争端border disputeCATTI笔译必备热词-2代驾司机designated driver抹布女duster women醉驾drunk driving利好因素feel-good factor好人综合症nice guy syndrome社交商social quotient“五道杠” five-stroke armband成人礼coming-of-age ceremony夏至summer solstice债务危机debt crisis向境外转移资产transfer assets overseas 痴迷症appiphilia网络名人cewebrity心思播送mindcasting兄弟罗曼史bromanceCATTI笔译必备热词-3奉子成婚shotgun wedding/marriage灰色技能gray skills维基傻瓜Wikidiot网络外向派webtrovert“悔丁族” DINK exit clan黄色警戒线security cordon 擅离职守AWOL (absent without leave)“茶杯型”人士Teacups绝世衰男omega male向日葵族sunflower clan伪造照片doctored picture网店征税taxes for online stores地方政府性债务local government’s debts赖班族office dwellers倾盆大雨torrential downpourCATTI笔译必备热词-4寡妇日International Widows’ Day裸婚“naked” wedding暑期高校游summer pilgrimage七夕节Magpie Festival宣誓就职swearing-in债务上限debt ceiling彩票头奖jackpot改建航母refit aircraft carrier上座率seat occupancy rate学术造假academic cheating赔偿compensation追尾rear-end亲友假期Paliday世界步行日World Walking Day黄牛党ticket scalper直升机父母Helicopter parent天宫一号Tiangong-1三手烟third-hand smoke草莓族Strawberry generationCATTI笔译必备热词-54D男人4D Man (4D Man is a male between 15 and 40 who is confident, individual and has varied interests and passions.)养家太太alpha earner都市新男性ladult香精包子steamed stuffed buns with meat-flavor essence女友专用调girlfriend voice地沟油illegal cooking oil外貌主义lookism三氯生triclosan扶起跌倒老人Lift up a senior who falls over加名税name-adding taxes家庭暴力domestic violence名人堂Hall of Fame森女Mori girl细碟EP (Extended Play)CATTI笔译必备热词-6月饼税Mooncake tax华表奖Huabiao Film Awards面条外交noodle diplomacy婚前协议prenup纪念演唱会tribute concert短暂停留brief stopover裙带关系nepotism公开选拔public election乐单族quirkyalone司法解释judicial explanation脑轻松brain candy格差婚status-gap marriage传销pyramid schemeCATTI笔译必备热词-7酒后冲突drunken brawl大运会Universiade青年危机quarterlife crisis闪婚flash marriage众包crowdsourcing山西老陈醋Shanxi aged vinegar伏旱summer drought松花蛋century eggs塑身内衣shapewear骨灰粉丝the hardcore fan/ super fan/crazy fan/ rabid fan/ frenzied fan/addicted fan穿越剧time-travel TV series忘年恋May-December romance弄错了会很丢脸的英文来源：林金鸯的日志1.日常用语类lover 情人（不是“爱人”）busboy 餐馆勤杂工（不是“公汽售票员”）busybody 爱管闲事的人（不是“大忙人”）dry goods （美）纺织品；（英）谷物（不是“干货”）heartman 做心脏移植手术的人（不是“有心人”）mad doctor 精神病科医生（不是“发疯的医生”）eleventh hour 最后时刻（不是“十一点”）blind date （由第三者安排的）男女初次会面（并非“盲目约会”或“瞎约会”）dead president 美钞（上印有总统头像）（并非“死了的总统”）personal remark 人身攻击（不是“个人评论”）sweet water 淡水（不是“糖水”）confidence man 骗子（不是“信得过的人”）criminal lawyer 刑事律师（不是“犯罪的律师”）service station 加油站rest room 厕所（不是“休息室”）dressing room 化妆室（不是“试衣室”或“更衣室”）sporting house 妓院（不是“体育室”）horse sense 常识（不是“马的感觉”）capital idea 好主意（不是“资本主义思想”）familiar talk 庸俗的交谈（不是“熟悉的谈话”）black tea 红茶（不是“黑茶”）black art 妖术（不是“黑色艺术”）black stranger 完全陌生的人（不是“陌生的黑人”）white coal （作动力来源用的）水white man 忠实可靠的人（不是“皮肤白的人”）yellow book 黄皮书（法国政府报告书，以黄纸为封）（不是“黄色书籍”）red tape 官僚习气（不是“红色带子”）green hand 新手（不是“绿手”）blue stocking 女学者、女才子（不是“蓝色长统袜”）China policy 对华政策（不是“中国政策”）Chinese dragon 麒麟（不是“中国龙”）American beauty 红蔷薇（不是“美国美女”）English disease 气管炎（不是“英国病”）Indian summer 愉快宁静的晚年（不是“印度的夏日”）Greek gift 害人的礼品（不是“希腊礼物”）Spanish athlete 吹牛的人（不是“西班牙运动员”）French chalk 滑石粉（不是“法国粉笔”）2.成语类pull one's leg 开玩笑（不是“拉后腿”）in one's birthday suit 赤身裸体（不是“穿着生日礼服”）eat one's words 收回前言（不是“吃话”）an apple of love 西红柿（不是“爱情之果”）handwriting on the wall 不祥之兆（不是“大字报”）bring down the house 博得全场喝彩（不是“推倒房子”）have a fit 勃然大怒（不是“试穿”）make one's hair stand on end 令人毛骨悚然—恐惧（不是“令人发指——气愤”）be taken in 受骗，上当（不是“被接纳”）think a great deal of oneself 高看或看重自己（不是“为自己想得很多”）pull up one's socks 鼓起勇气（不是“提上袜子”）have the heart to do （用于否定句）忍心做……不是“有心做”或“有意做”）3.表达方式类You know what?你知道吗？（不是你知道什么？）Contributed by "月"Look out! 当心！（不是“向外看”）What a shame! 多可惜！真遗憾！（不是“多可耻”）You don't say! 是吗！（不是“你别说”）You can say that again! 说得好！（不是“你可以再说一遍”）I haven't slept better. 我睡得好极了。
中国对美首次发警告 启动“去美国化”迈出第一步
中国对美首次发警告启动“去美国化”迈出第一步最近，一篇题为《美国财政失灵证明应有一个“去美国化”世界》的文章，在西方主流媒体中引发激烈讨论。
这篇新华社发表的英文社论呼吁，“应该建立一种新的世界秩序。
所有国家无论大小，无分贫富，都能在平等的基础上得到保护，他们的重要利益都会得到尊重。
最终应该建起一个去美国化的世界。
”《华盛顿邮报》刊文称，美国人在读到这篇文章时会想到“中国人认为现在是把我们从全球领导者位置赶下去的良机”。
美国卡内基国际和平基金会副会长包道格指出，“去美国化”虽并未成为中国领导人的政策，但代表了不少中国人以及其他国家的心声。
10月18日，国家统计局公布的数据显示，中国国民生产总值（GDP）第三季度增长7.8%，高于前两季度。
近期，中国还与亚洲、欧洲国家达成了一系列货币互换协议。
经济利好消息和人民币国际化进程的加快，似乎也在证明中国正不断积蓄“去美国化”的实力。
但也有分析家认为，新华社文章的用意是警告而非挑战美国，“去美国化”还只是一个远景，而非具有可操作性的近期策略。
美元与人民币此消彼长新华社在上述社论中指出，从二战结束时起，美国就在打造战后世界的秩序，推动欧洲复苏，并将金融风险转移到海外。
如今，拜贪婪的华尔街精英所赐，全球依然未能走出经济灾难的困境。
全球金融系统必须进行一些重大的改革，发展中经济体与新兴市场经济体需要在国际货币基金组织（IMF）、世界银行等大型国际金融机构获得更多的话语权。
文章还提出，需要引进一种新的国际储备货币，用它替代占主导地位的美元。
这样一来，国际社会就可能永远免受美国国内政治混乱产生的溢出效应影响。
要想实现“去美国化”，就必须弱化美元与全球经济的捆绑。
美国“战略与国际研究中心”政经项目主席古德曼认为，用非美元货币作为“全球中心货币”，将来在某些层面或许不可避免。
俄科学院远东研究所专家贝尔格尔说，中国现在没有明说要用人民币来取代美元，是因为还不到时候，但可以用某种协商一致的货币……类似建议可能获得很多国家的支持，因为“美元已经威信扫地”。
U.S.Debt
China's Debt-Holder strategy is Working.
Though China's economy is the third largest in the world,it's still a relativeper person US: $49,800 per person
Thank you
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US Debt to China
伦雯靖 沈墨香
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Exactly How Much Is the U.S. Debt to China?
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How Did China Become America's Biggest Banker?
Selling debt to China allows the U.S. economy to grow and also keeps U.S. interest rates low. However, China's ownership of U.S. debt is shifting the economic balance of power in its favor.
Is it a security threat?
What Would Happen If China Called In Its Debt Holdings? The demand for the dollar would plummet like a rock Disrupt international markets China's economy suffer Weaken China's competitiveness
Holding U.S. Debt Offers China Political Clout
chinadaily经济类新闻 中英对照版 口译必备
【Top News】>Daughters more popular英媒:房价削中国重男风High property prices and economic development have begun to erode China's traditional preference for sons, leading to a rise in the number of Chinese parents who say they want a daughter, the Financial Times of London reported Tuesday. The conventional wisdom - that China is a land of unwanted girls - is being changed as urbanization erodes the advantage of having sons to work the fields and support parents in old age. Rising property prices are also driving the change because Chinese families must traditionally buy an apartment for a son before he marries. As a result, Internet chat groups have sprang up where women exchange advice on how to conceive girls.英国《金融时报》2日称，中国的高房价和经济发展开始削弱人们重男轻女的传统风气，越来越多的父母表示更喜欢女儿。
文章称，城市化削弱了有儿子的优势，如儿子可以下田劳作、养老送终，因此"养女多余"的传统思想正渐行渐远。
中华人民共和国国库券英文
中华人民共和国国库券英文National Debt of China is the government securities issued by the Ministry of Finance of the People’s Republic of China on behalf of the Central Government. Thesesecurities also known as China Treasury Bonds (CTB) or National Treasury Bonds. China issues a variety of CTBs ranging from short-term (less than 1 year) to long-term (up to 50 years) maturities with different coupon rates.CTBs are considered to be safe and reliable investments as they are backed by the full faith and credit of the Chinese government. They are widely held by domestic and foreign investors due to their high credit quality and stability. CTBs are also an important tool for the Chinese government to manage its finances, to fund its budget deficit, invest in infrastructure and to support economic growth. Through government bond issuance, the Chinese government can raise capital from investors to fund its various projects and initiatives.In recent years, China’s economy has grown rapidly, leading to an increase in government spending, and as such, an increase in bond issuance. The Ministry of Finance has implemented various measures to diversify its investor base, including internationalizing the CTB market, to promote offshore bond issuance and encourage foreign investors to partici pate in China’s bond market.Overall, China’s National Debt serves as an important tool for the government to finance its economic development while providing investors with safe, stable investment options.。
中国欠债英语怎么写作业
中国欠债英语怎么写作业Certainly, here's an example of an essay on the topic "How to Write an Essay in English on China's Debt":IntroductionIn recent years, China's economic growth has been accompanied by an increase in its national debt. This topic has become a focal point for economists, policymakers, and students alike. Writing an essay on China's debt requires a comprehensive understanding of the subject and the ability to articulate complex economic concepts in English.Body Paragraph 1: Definition and OverviewBegin by defining what debt is and how it relates to anation's economy. China's debt can be categorized into internal (domestic) and external (foreign) debt. Explain the difference and provide an overview of China's debt levels, including government, corporate, and household debt.Body Paragraph 2: Causes of China's DebtDiscuss the factors that have contributed to the increase in China's debt. This can include rapid economic growth,infrastructure investments, and the role of state-owned enterprises. Analyze the impact of China's economic policies on its debt levels.Body Paragraph 3: Effects of China's DebtExamine the consequences of China's debt on its economy. This can include potential risks such as inflation, currency devaluation, and economic instability. Also, consider the global implications, as China is a major player in the world economy.Body Paragraph 4: Strategies for Debt ManagementExplore the strategies that China could employ to manage its debt. This might include fiscal policies, monetary measures, and structural reforms. Discuss the effectiveness and challenges of these strategies.Body Paragraph 5: Conclusion and RecommendationsConclude by summarizing the main points of your essay. Offer recommendations for policymakers and stakeholders on how to address the issue of China's debt. Emphasize the importance of sustainable economic growth and responsible borrowing practices.ConclusionWriting an essay on China's debt in English requires a clear understanding of economic principles and the ability topresent them in a coherent and engaging manner. By following the structure outlined above, students can produce a well-organized and informative essay on this important topic.This essay structure provides a framework for students to follow when writing about China's debt. It is important to conduct thorough research and use credible sources to support any claims made in the essay.。
中国：美提高借债上限协议只是权益之计
中国：美提高借债上限协议只是权益之计China's state-controlled media say a last-minute deal to raise the U.S. debt ceiling has merely postponed deeper problems that threaten the world economy.In a commentary Tuesday, the People's Daily newspaper said that while the threat of default has been avoided, America's debt problems are unresolved and likely to grow more serious. The newspaper is the most important mouthpiece for China's ruling Communist Party.The commentary says the American debt burden continues to cast a shadow over the nation's economic recovery, and increases the risks faced by the rest of the world economy.People's Daily says that despite the debt concerns, the dollar remains the world's dominant hard currency and other nation's have no choice but to accept it. China is America's largest creditor outside the United States.中国国营媒体说，美国为提高借贷上限在最后一刻达成的协议只不过是拖延了威胁世界经济的更深层问题。
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U.S. Debt Ceiling Worries ChinaU.S. Debt Ceiling Worries ChinaEven the United States once again solved its dispute at the last moment to end the government shutdown and the debt ceiling crisis. China still felt the panic deeply as the time tomb is still set to explode at any time.Since China spends most of its foreign exchange reserves buying U.S. sovereign debts， the debt default of the U.S. will undoubtedly place China in the predicament.According to the U.S. Treasury Department’s data， China now holds the sovereign debt of US$1.28 trillion in total. It has enough reasons to worry about the failure to pay the interest.As the experts point out， China is hard to avoid the trap of US dollars. If the debt default happened， China has to face the risk of being unable to get the return and interest. And even when the debt ceiling crisis is successfully solved， China might not be optimistic for the long-term prospect.The ceiling that has been touchedThe rise of the debt ceiling crisis in the U.S. is being closely watched by the world. IMF president Christine Lagarde says that the U.S. needs to increase the US$16.7-trillion debt ceiling， which is the only and necessary way to solve the current problem. Otherwise the U.S. and even the global economy will be greatly damaged.“As of the year of 1960， the U.S. sovereign debt ceiling has been increased 79 times， almost once every eight months，” says Zhang Monan， Deputy Director of National Information Center’s World Economy Research Office. I n the past 10 years，the loans the U.S. government borrowed each year， including the refinancing of the debts， averagely amounted to over US$ 4 trillion. The total volume of U.S. governmental debts has already tripled from US$5.3 trillion to US$16.7 trillion at this moment， almost equal to its GDP.The debt ceiling refers to the largest volume of debts a nation’s treasury department can borrow. Once the ceiling is hit， the repayment of the loans and interest will be affected unless massive tax collection and lowered welfare expenditure are taken. As experts say， the slow recovery of the global economy and the internal conflicts between the two parties of U.S. made it hard to take these measures. Meanwhile， the current political system of the U.S. determines that the debt ceiling crisis will come out regularly and periodically， which cannot be solved in a short while.“Substantially，the U.S. government’s reliance on sovereign debts cannot be radically changed，” says Zhang Monan. “In the mid-1980s， the U.S. economy gradually turned into the one relying on the debts. The governmental budget deficit， the excessive consumption of the people and the financial support from the banks are everything of this system.The world has paid enough attention to the U.S. debt ceiling crisis， especially China and Japan， which respectively holds US$1.28 trillion and US$1.14 trillion of U.S. governmental debts.As the second largest holder of U.S. sovereign debts， Taro Aso， Minister of Finance of Japan， said that Japan needs to think carefully of the potential influence of the default of U.S. sovereign debts even though the U.S. is trying to keep it from happening.China’s Vice Minister of Finance Zhu Guangyao said thatChina required the U.S. to take practical measures before October 17 to end the debate over the debt ceiling and stop the debt default for the safety of China’s investment into the U.S. “If the debt default really happens， the U.S. should guarantee the payment of interest of the sovereign debts first.”“What the Ministry of Finance says means that no default happens if the in- terest can be paid， which could restart the circulation of the debt system，” says Fu Peng， chief macroeconomic consultant at Galaxy Securities. Recently， the CDS slightly increased in the world， meaning all sovereign debts around the globe are affected by the U.S. debt ceiling crisis. The U.S. governmental debts， which are the rudimentary debts in the world， will have negative influence over the debt market once its credit meets problems.For China， if the debt default happens， the U.S. might not repay the debts and interest in time. On the other hand，if China sells the U.S. sovereign debts its holds to stop any further losses， the price will be cut down dramatically and the revenue of underselling cannot offset the loss caused by the lowered price.The crisis temporarily avoidedFortunately， the history tells us that no matter how furiously the Democrat and Republican debated over the upper limit of the sovereign debt， they would finally reach an agreement about higher debt ceiling.In truth， the same thing happened in 2011 and ended with the two parties’ agreement to raise the debt ceiling. Looking further back， we can see that what worries people has never happed since it applied a ceiling over its total volume of sovereign debts in 1917.“The U.S. dollar is the dominant currency of the globalmarket and takes 80% of the world. The two parties will finally reach an agreement to raise the ceiling of U.S. sovereign debt，” says Tan Yaling， Dean of China Foreign Exchange Investment Research Institute. If the U.S. debt default really happens， that means the U.S. dollar is doomed， which Americans won’t let happen after 200 years of efforts. The incident of this time is like a replay of the history. On the evening of October 16， 2013， or to be more specifically，at 23 o’clock of that day， U.S.president Obama signed on the agreement just passed in the Senate and the House， which marked the end of the 16-day government shutdown. And the GOP made a compromise to postpone the expiration of debt ceiling to next February.“The only possible reason for the occurence of the debt fault， if any， is the harsh economic situation，” says Xu Hongcai， director of the Information Office at China International Economic Communications Center. “But even the U.S. will not dare to raise the anger of the world by letting the default happen as the result is more than the breakdown of the currency system centered around the U.S. dollar. It can also lead to the collapse of the credit system of this country.”The predicament of ChinaChina sighed in relief at the 11th hour decision. But after wiping off the sweat， it has to resort to the fact that the crisis is far from gone. If the debt ceiling prolem is not solved next February， things could be even worse.Even if next February still presents a happy ending， the crisis will be banished for just a while.China once put forward the idea of multiplying its foreign exchange investment， such as increasing the categories of currencies and adding more products. However， as the experts have pointed out， most of the foreign exchange products arebased on U.S. dollars， whose essence cannot be changed no matter how much adjustment is made.Zhu Guangyao points out that China and the U.S.， the two largest economies in the world， share close economic ties. The annual trade volume between the two countries has already exceeded US$500 billion. The U.S. invested massively into China while China holds a large amount of U.S. sovereign debts.But even such a close economic tie between China and the U.S. is not a reason for the excessive reliance of the China’s foreign exchange reserves on the U.S. dollar. As Zhang Monan says， countries with a large volume of USDbased assets and sovereign debts have to face the risk of the credit facility of U.S. dollars and the increasing volume of the sovereign debts.“The U.S. dollar and U.S. sovereign debts have lost their long-term stability. The more debts the U.S. borrowed， the bigger impact it will bring to China， which holds the foreign exchange reserves of US$3.5 trillion. Therefore， China needs to have a long-tern viewpoint to prepare for the possible impact.”The possible solutions include turning to euros or other strong international currencies， drive the internationalization of RMB and intensifying the acquisitions of energy and resources. Meanwhile， China hopes the U.S. to be more open， allowing Chinese investors to make more investment into this country.------------最新【精品】范文。