对中国个人理财投资和宏观经济发展之间关系的分析研究英文
中国经济的现状与趋势英语作文
中国经济现状与趋势分析**China's Economic Status Quo and Future Trends****Introduction**As the world's second-largest economy, China's economic performance and prospects have garnered global attention. From its rapid industrialization and urbanization in recent decades to its current status as a leading player in global trade and investment, China's economic journey has been nothing short of remarkable. This paper aims to delve into China's current economic status and identify key trendsthat are shaping its future.**Current Status of China's Economy*** **Growth and Development**: China's economy has experienced rapid growth in recent years, with GDP expanding at an average annual rate of over 6%. This growth has been driven by various factors, including industrialization, urbanization, and a vast labor force. China has also made significant progress in reducing poverty and improving living standards. * **Trade and Investment**: China is a key player in global trade, withits exports and imports accounting for a significantportion of the world's total. The country has also been actively investing in other countries, seeking to expandits economic influence and access new markets. ***Structural Changes**: In recent years, China has been undergoing significant structural changes in its economy. This includes a shift from a reliance on low-cost manufacturing to a more innovation-driven model, as well as a focus on green and sustainable development.**Future Trends Shaping China's Economy*** **Digitalization and Technology**: With the rapid development of digital technology, China is poised to lead the way in digitalization and innovation. The country has already made significant investments in areas such as 5G, artificial intelligence, and blockchain, which are expected to drive future economic growth. * **Consumer-Driven Growth**: As China's middle class continues to expand, consumer demand is expected to drive economic growth. This shift towards a consumer-driven economy will require companies to innovate and adapt to changing consumer preferences. * **Green Development**: With environmentalsustainability becoming a global priority, China is prioritizing green development. This includes investing in renewable energy, promoting eco-friendly production methods, and implementing strict environmental regulations. ***Global Integration**: China is increasingly integrating with the global economy, seeking to expand its influenceand access new markets. This trend is expected to continue, with China playing a key role in global trade and investment.**Conclusion**China's economy has undergone remarkable transformation in recent decades, and the future looks promising. With a focus on digitalization, consumer-driven growth, green development, and global integration, China is poised to continue its economic rise and play a pivotal role in the global economy. However, challenges such as structural imbalances, environmental degradation, and socialinequality need to be addressed to ensure sustainable and inclusive economic growth.**中国经济现状与趋势分析**中国作为世界第二大经济体，其经济绩效和前景一直备受全球关注。
个人理财的英文作文
个人理财的英文作文I think personal finance is really important. It's all about managing your money and making smart decisions with it. You have to budget, save, invest, and plan for the future. It's not always easy, but it's definitely worth it in the long run.I believe that setting financial goals is crucial. Whether it's saving for a big purchase, building an emergency fund, or planning for retirement, having clear goals can help you stay focused and motivated. It's important to regularly review and adjust your goals as your financial situation changes.Saving money is something that everyone should do. Even if it's just a small amount each month, it can really add up over time. I try to automate my savings so that aportion of my income goes directly into my savings account. This way, I'm less tempted to spend it.Investing is another important aspect of personal finance. It's a way to make your money work for you. I like to diversify my investments to spread out the risk. I also make sure to do plenty of research before making any investment decisions.Budgeting is key to staying on track with your finances.I create a monthly budget and track my expenses to makesure I'm not overspending. It's a great way to see where your money is going and identify areas where you can cut back.I think it's important to educate yourself about personal finance. There are so many resources available, from books and podcasts to online courses. The more you know, the better equipped you'll be to make informed financial decisions.。
个人理财外文翻译文献翻译
原文：Personal Finance: Past, Present and FutureIntroductionIn recent years, the need for financial education has gained the attention of a wide range of entities including banking companies, government agencies, grass‐roots consumer and community interest groups, universities, schools, and other organizations. Numerous factors have led to a complex, specialized financial services marketplace that requires consumers to be actively engaged if they are to manage their finances effectively. The forces of technology and market innovation, driven by increased competition, have resulted in a sophisticated industry in which consumers are offered a broad spectrum of services by a wide array of providers. Other important demographic and market trends contributing to concerns include increased diversity of the population, resulting in households that may face language, cultural, or other barriers to establishing a banking relationship; expanded access to credit for younger populations; and increased employee responsibility for directing their own investments in employer‐sponsored retirement and pension plans.The prevailing concern is that consumers lack a working knowledge of financial concepts and do not have the tools they need to make decisions most advantageous to their economic wellbeing. Financial decisions made by consumers affect an individual’s or family’s current financial wellbeing and ability to save for long‐term goals such as buying a home, seeking higher education, or financing retirement. In addition, the consumer decisions also play an important role in the overall economic health of the nation, as was experienced through the recent economic crisis.Most recent economic issues such as credit card debt, home foreclosures, reduced savings, declining values of investments, the collapse of the subprime lending market, and escalating numbers of personal bankruptcy have focused the nation’s attention on the importance of financial education.Technological advances have transformed nearly every aspect of the marketing, delivery, and processing of financial products and service. The forces of technology and market innovation, driven by increased competition, have resulted in a sophisticated industry in which a wide array of providers offers consumers a broad spectrum of financial products and services. These developments have given consumers more options and greater flexibility in creating financial arrangements that best suit their needs. However, a complex and specialized financial services marketplace requires consumers to be informed and actively engaged if they are to manage their finances effectively.While there are many causes to the economic problems facing the country, it is undeniable that a lack of financial education is a contributing factor. Far too many Americans entered into home and other loan agreements that they did not understand and ultimately could not afford. More broadly, the lack of basic skills such as how to create and maintain a budget, understand credit, or save for the future are preventing millions of Americans from taking advantage of our vibrant economic system. Financial education is not an issue unique to any one population. It affects everyone—men and women, young and old, across all racial and socioeconomic lines (U.S. Department of the Treasury, Office of Financial Education, 2008).Under these circumstances, there is a renewed attention to personal finance education. This subject matter is currently gaining attention from various quarters of society, such as academia, government, corporations and nonprofit organizations. There is an increasing recognition of the importance of this area within several academic quarters, such as economics and finance, that were traditionally not involved in this subject matter. One of the challenges, with increased interest from diverse programs, is the loss of focus on the family and more of a concentration on individual decision making. Financial education programs are now being referred to by a variety of names, the most frequently used name be ing “financial literacy”; however, the term financial literacy means different things to different people. There is no national standard that describes the expectations of a course labeled “financial literacy” regarding the core content, core competencies, assessment of the impact, andprofessional preparation of the teacher.This paper briefly reviews the history of personal finance and then looks at the current status of the personal financial discipline and education before identifying challenges and opportunities for the future. In the final section, steps necessary to strengthen the future of this discipline are also presented.Personal Finance: An Interdisciplinary Approach Personal finance has its roots in economics, finance and management and incorporates general principles of decision making and the management of financial resources of the individual and family. It involves application of principles from a variety of disciplines such as economics, sociology, psychology, adult learning, and counseling to the study of ways that individuals, families, and households acquire, develop, and allocate monetary resources to meet their current and future financial needs. In the dynamic system of personal finance, decision makers are central. They influence and are influenced by various factors both in external and internal environments. This includes financial markets and institutions; government agencies; economic, demographic, and social trends; and personal and family factors. Personal finance encompasses tools such as financial statements, checking and savings accounts, debt instruments, mortgages and investment vehicles. It also includes techniques related to cash flow management; risk assessment and management; and planning of taxes, retirement, and estates (Schuchardt et al. 2007).Financial Education in the Current Economic Environment Currently a great deal of attention is being drawn to this area from public, private, profit and nonprofit entities. As concerns about consumers’ financial capability have increased, so too have the number and variety of financial education programs and program providers. However, some programs offer comprehensive information on a variety of topics for a broad audience, including savings, credit, risk management, investments, retirement planning and similar topics. Others are focused on a single topic such as credit management, retirement planning, and investing; and they are tailored to a specific group, such as youth, women, or minorities (Braunstein and Welch, 2002). Many are providing financial education to students, employees,customers, the general public and more; and most of these educational efforts are being presented under the name of “financial literacy.”However, multiple names are being used to identify teaching and research work that is being done in personal finance. Some of the names that have been used for a long time include Consumer Economics, Consumer Affairs, Family and Consumer Sciences, Family Economics, Family Economics and Resource Management, Family Finance, Family Financial Management, Household Economics, and Personal Finance. More recent names include Household Finance, Household Behavioral Finance and Financial Literacy.Since the 1990s, the use of the term financial literacy has gained momentum; however, popularization of the term has created confusion. A web search on financial literacy returns nearly two million results. There are financial literacy programs, tests, statistics, and training. Most are general, but some target audiences such as teens or pre‐retirees. Most of these programs have different goals and different outcome expectations. There is no common agreement on the core content, overall and specific objectives, the qualifications of the deliverers of these courses, and for the assessment of the outcomes (Hira and Schuchardt, 2008).Most disciplines such as math, economics, history, sociology, and psychology are usually identified by one name only. There are specialties or concentrations for each of these disciplines, but only one name. To reduce the confusion, there must be one name for financial education; and more importantly, there must be a common understanding of what can be expected from such courses. Before this can be accomplished, some basic questions must be answered: what is the overall objective, what is the core content, what competencies and skills must the learner gain, what preparation or qualifications must the teachers of financial education have, and what standards must be used to assess the outcomes of such programs?Overall Goal for Financial EducationThe overall goal for financial education is to ensure that everyone is equipped with appropriate information, knowledge, and skills to make good financial decisions. The challenge to educators is to determine what specific skills people need in order tounderstand the long‐term costs and benefits of their financial decisions (Hira, 1995). Financially educated consumers are an important first line of defense in well‐functioning markets. At the same time, it is important to recognize that financial education is not a panacea and that there remains a need for effective regulation that is responsive to market evolutions to ensure that consumers are protected against abusive and fraudulent practices by unscrupulous players.Future Opportunities and ChallengesIn the past, professionals in the family economics and management field of personal finance made use of the interdisciplinary approach to study financial behavior. Today, professionals from those disciplines (economics, sociology, psychology, and many others) are studying financial behavior, expanding opportunities and potential for a stronger and richer discipline. Opportunities for transdisciplinary work offer a great promise for the future. The discipline must meet the challenges of creating an environment where professionals from various disciplines create strong connections, collaborate, and generate truly interdisciplinary studies.A report prepared by the U.S. Government Accountability Office in 2004 clearly identifies the challenges and opportunities that lie ahead. It suggests that establishing standards for core content and outcome objectives is critical for the development of evaluation and assessment instruments so that there can be matched areas consistent with the goals and appropriate for the target audience. Furthermore, it is important to differentiate between measuring outcomes of a course and the outcome of an intervention such as advising and counseling, designed to bring about a predetermined behavior change. Asking different questions, using different measures, and comparing courses with different objectives and taught by instructors of various professional qualifications is likely to yield different results. This report also identified the need for setting standardized benchmarks and developing a federal evaluation infrastructure to help nonprofits and other organizations build evaluation capacity.Braunstein and Welch (2002) have a few unique ideas for delivering financial education. They suggest something similar to the use of a credit‐scoring model inloan underwriting, which has enabled lenders to quickly and effectively construct an individual risk profile. A similar approach might be taken in determining a consumer’s financial literacy profile, with a database on an individual’s or group’s financial status, behavior, and learning preferences used to identify an individual’s information and educational needs. Knowledge of those needs, coupled with an assessment of the individual’s motivation and confid ence, could assist in providing relevantThey also argue that development of consistent standards for measuring results could increase the success of financial literacy programs. Practitioners who can demonstrate the effectiveness of their programs can contribute significantly to the identification of “best practices” and the setting of policies that may lead to consumers who are better equipped to survive and, more important, thrive in our vibrant, diverse, complex financial marketplace.In conclusion, strengthening the profession requires defining or redefining the mission; agreeing upon one name for the field; determining the content of a basic personal finance curriculum that stretches from K‐12 to college; identifying core competencies; determining qualifications of those who teach or advise individuals of all ages; setting standards to evaluate quality of programs; setting standards to measure the effectiveness of financial education; conducting much‐needed research; and developing practical implications of research for the benefit of individuals, educators, and policy makers.The most important challenge facing the profession today is the use of multiple names and confusion about what could be expected from programs that are labeled as financial literacy. Clarifying the vision and mission, identifying the outcome goals to determine the core content of a financial education program and expectations from the educators—outcome goals, setting standards for qualification of the educator/advisor to prepare financial educators with knowledge and skills, and measuring effectiveness of educational efforts—are steps which will undoubtedly result in improved outcomes.There is a critical need for a national forum to bring about an agreement on theone name, core content and competencies, and professional qualifications for the personal financial field. This is necessary for future growth and development of the profession.Source: Tahira K. Hira,2009.“Personal Finance: Past, Present and Future” .Networks financial institute. December.pp.1-20.译文：个人理财：过去，现在和未来简介近年来，对理财教育的需求已经得到了广泛的实体公司的注意，包括银行，政府机构，基层消费者和社会的利益团体，大学，学校和其他组织。
中国经济英语分析
China's Economy中国的经济China's economy held the line on growth in 1999, mainly with government assistance, as the economy continues to suffer from the effects of massive, and accelerating, restructuring. The coming year could see some improvement, though the economy is likely to remain under stress as the restructuring intensifies over the next three to five years.Large-scale job loss and gluts of consumer goods are still dampening demand, but deflation has begun to flatten out. Recovery in the rest of Asia helped keep exports strong, though foreign investment dipped (see Trade and Foreign Direct Investment).China's preparations to enter the World Trade Organization (WTO) will accelerate the pace of the toughest reforms yet in agriculture, the state-owned sector, and banking, among others. Economic performance depends in large part on how well China implements these reforms and on non-state sector growth. Foreign firms are also likely to see these reforms as crucial, as WTO implementation is deeply entwined with these issues.Noteshold the line坚持下去, 保持不变assistance n.协助, 援助suffer (from) vi.受损失，受害massive a.大规模的，大量的restructure vt.更改结构, 调整, 改组stress n.重压, 压力, 重点large-scale job loss大规模失业gluts of consumer goods消费品供应过剩glut n.供应过剩；充斥dampen vt.抑制，压抑demand n.需求(量), 需要deflation n.通货紧缩, 物价低廉flatten (out) vi.变平, 变单调recovery n.恢复, 复苏foreign investment外国投资dip vi.轻微下降(通常是暂时的)toughest reform最艰难的改革tough adj.强硬的, 艰苦的, 坚强的state-owned sector国有部门（行业）performance n.成就，表现implement vt.贯彻，实现，执行non-state sector非国有部门（行业）crucial adj.至关紧要的entwined (with) vi.缠绕，纠缠在一起issue n.论点, 问题OVERALL ECONOMIC PERFORMANCE IN 19991999年度经济成就GDP China's GDP grew slightly more than 7 percent in 1999, thanks only to the government's ongoing stimulus program. With other Asian countries recovering, China's probable WTO accession this year, and a new drive to boost the private sector, however, both the Chinese government and outside analysts predict slightly stronger growth-around 7.5 percent-in 2000. Investment Investment in fixed assets rose 7.8 percent in 1999, and is expected to increase by another 7.8 percent in 2000. Much of the investment came from the government's stimulus plan.Prices Consumer and retail prices fell throughout 1999. Overcapacity in many industries was chiefly responsible for the 27-month deflation, but slack demand caused by consumer worry about job security and education and health costs also played a role. Many economists believe that the worst is past, and that deflation will wane in 2000.Notesperformance n.something performed; an accomplishment完成的事；成就GDP:gross domestic product国内生产总值thanks (to) n.（与to连用）由于；多亏例：It was thanks to John that we won the game.多亏约翰，我们才赢了这场比赛。
外文文献翻译(我国商业银行个人理财业务的战略研究与发展现状)讲课教案
The Development Status and Strategy Research of Commercial Banks’Personal Financial ManagementBusiness in ChinaAbstract: The personal financial management business in our country is in the initial stage，compared to the developed one in western，there’s still a long way to go，Therefore，the commercial banks in china need to review and study to estimate market direction；build excellence brand image and special services；Increase of innovation；change the products from single to comprehensive；Establish and perfect financial management business’management system in o rder to promote the development of personal financial business in our management country．Keywords：Commercial banks，Personal financial management，Strategy1 IntroductionThe commercial banks are facing the new situation：the increasing danger in traditional business．the margin of the interest rate’s turning increasingly narrowed and foreign bank’s competition．These banks should think deeply to find why that business develop so slowly and then put forward a feasible plan．The personal financial management business is not only an important carrier for commercial banks to advance Comprehensive management strategy but also a major way of improving Intermediary business income．That business in our country is in the initial stage．compared to the developed one in western，there’s still a long way to go．Therefore．the commercial banks in china need to review and study to estimate market direction；build excellence brand image and special services；Increase of innovation；change the products from single to comprehensive；Establish and perfect financial management business’management system in order to promote the development of personal financial management business in our country．Meanwhile．the commercial banks are facing the new situation：the increasing danger in traditional business．the margin of the interest rate’s turning increasingly narrowed and foreign bank’s competition．These banks should think deeply to fend why that bus；mess develop so slowly and then put forward a feasible plan．Among all the businesses in commercial banks．personal financial management business has the advantages of huge market capacity，low risk，widerange of business，and stable income．For those advantages the personal financial m anagement business becomes commercial banks’main business and vital profits source．In western developed country，this kind of business almost gets into every family．Its business income has been account for bank’s 30％．Compared to the developed one in western．there’s still a long way to go but it has a bright market expectation．However，our country’s personal financial management business is limited by some factors，for instance，the financial legal system，financial supervision system and the development of financial market．As a result．it brings some problems that need to be done while developing rapidly．2 The Development Situation，Trait and Existing Problem of Individual Manage Matters Operation in Commercial Bank of China2.1 The development situation of individual money matters operation in commercial bank of ChinaManage money matters operation refers to commercial bank uses professional advantages like various kinds of financial knowledge，professional technique and wide fund credibility and according t o clients’financial position and investment requirement，provide clients with professional service activities，such as financial analysis．financial planning，investment counselor and assets management．Recently，as the fast developing economy of china and the accumulating property of citizens，the need of manage money matters operation becomes stronger and stronger．There are several reasons：first of all，when people’s properties accumulate to some degree，they concern more about how to effectively keep and increase the value of their properties．Second，as the pushing on housing，education and medical treatment marketing revolution proceeding，families need the help of financial mechanism service to create a complete risk safeguard mechanism．On the other hand，we have already been in aging stage，thus it has become many people’s real need to accumulate part of their pension through manage money matters．Under the circumstances．individual money matters operation of commercial bank develops quickly．But according to individual money matters operation situation of every commercial bank．there are still many problems that make it hard to develop individual money matters operation．2.2 The trait of individual money matters operation in commercial bank of ChinaAs the individual money matters operation of commercial bank has just started，financial mechanism and laws and regulations systems are special，so compared to western developed countries，we have our own traits．Fiduciary loan product becomes the 1eader of manage money matters market Recently，invest people pay more attention to the risk situation of product when they choose manage money matters product．At the same time，because the CBRC(china banking regulatory commission) adds its strength to manage money matters operation in commercial bank，the breed structure of manage money matters product changed a lot in general．Since 2009，fiduciary loan product increased largely and become the leader in all kinds of banking manage money matters product for its clear investment, simple structure，various deadline，stable income．Public beneficial and creative product is the value of manage money matters product afoot. During the wenchuan earthquake in 2008，some banks give quickly reflect to the calamity and push out public beneficial and creative manage money matters product．This kind of manage money matters product was themed as benevolent and cares，which greatly widen the developing thought of banking manage money matters operation and validly promote brand value and social image of the bank．3 The Reasons Why We Have Problems in Personal Financial Business in Our National Commercial BanksThe reason why we have so many problems in personal financial business in our national commercial banks is not just because of one single element，but because of many aspects．The reason that we still take separate operation in practice .The policies and regulations．idea of supervision and measures in China still not keep pace with the development of era；we still rely on separate operation and separate management to keep watching to the financial risk．But this kind of operation mode increases the cost of processing personal financial business in commercial banks．and it is hard to make good results．The reason why all the products have the same quality.As it is limited by the idea，the analysis of personal finance business from our commercial banks are not totally correct，there still exists some deficiencies to theresearch of clients，as a result．nearly all the financial products are the same．The reason why we have a shortage of high—quality financial manager The capability of training finance managers in our country is still undeveloped and the mentality relatively falls behind with developing countries，so most of excellent managers choose to enter foreign banks, and it will be reasonable that the managers couldn’t reach the requirements in national commercial banks．The reason why we are lack of the consciousness of financial management .As we are developing our economy in recent years, it results in a lack of financial culture and financial consciousness．Firstly, people just have some egg money；they can hardly adjust to the life style which adds the finance management into it．Secondly, the influence of traditional concept and shortage of understanding the personal financial business in banks result in the lack of financial consciousness and the deficiency of sense of identity and safety．The reason why we are lake of cultivation Our national commercial banks are limited by system, thinking, technique and objective environment and some influences so that our national commercial banks’s cultivation stagnates, in some high—profited area，we couldn’t keep the pace．And if we don’t solve the problem of lack of cultivation，it is hard for us to complete with foreign banks．4 The Questions Exit in Individual Managing Financial Services in Commercial Bank of ChinaA good financial planner should know everything about a product and have a good knowledge of security, bank，insurance。
浦发银行个人理财业务现状分析及发展研究
浦发银行个人理财业务现状分析及发展研究【摘要】本文对浦发银行个人理财业务进行了全面分析和研究。
在首先介绍了浦发银行个人理财业务的概况，以及研究的背景和意义。
在分析了浦发银行个人理财业务的现状，包括产品分类、特点以及发展态势。
对影响因素进行了深入剖析，并探讨了市场竞争情况。
在总结了浦发银行个人理财业务的发展趋势，提出了相关建议和展望。
通过本文的研究，可以更好地了解浦发银行个人理财业务的现状和未来发展方向，为投资者和金融机构提供参考和借鉴。
【关键词】浦发银行、个人理财业务、现状分析、发展研究、个人理财产品、发展态势、影响因素、市场竞争、发展趋势、建议、展望1. 引言1.1 浦发银行个人理财业务概况浦发银行个人理财业务秉承“专业、安全、稳健”的原则，致力于为客户提供全方位的理财服务。
借助先进的技术和专业团队，浦发银行能够帮助客户制定个性化的理财规划，提供风险评估和投资建议，确保客户的资产安全和增值。
浦发银行个人理财业务在市场中具有很高的知名度和美誉度，受到广泛认可和信赖。
未来，随着金融科技的进步和市场竞争的加剧，浦发银行将不断创新服务模式，提升服务质量，拓展客户群体，实现个人理财业务的持续健康发展。
1.2 研究背景和意义随着经济的快速发展和人民生活水平的不断提高，个人理财业务已成为银行业务中的重要组成部分。
作为我国领先的银行机构之一，浦发银行在个人理财领域也有着较为丰富的产品与服务。
通过对浦发银行个人理财业务进行深入研究，可以全面了解该银行在个人金融领域的市场地位和产品特点，有助于更好地把握金融市场动态和趋势。
对浦发银行个人理财业务的现状分析也将有助于探讨个人理财产品的分类及特点，并为银行提供发展建议，促进个人理财业务向更加健康和可持续的方向发展。
本文旨在通过对浦发银行个人理财业务的现状分析，探讨个人理财产品的分类及特点，并从市场竞争情况和影响因素分析的角度，研究浦发银行个人理财业务的发展态势。
通过深入研究和分析，希望能够为浦发银行个人理财业务的未来发展提供一定的参考依据，促进其业务的持续健康发展。
四级作文真题范文理财
四级作文真题范文理财英文回答：Financial management, a crucial aspect of personal and economic well-being, involves planning, budgeting, investing, saving, and managing financial resources to achieve financial goals and objectives. In the realm of personal finance, it empowers individuals to make informed decisions, secure their financial well-being, and plan for a financially secure future.Effective financial management calls for a comprehensive approach that encompasses setting financial goals, creating a budget, investing wisely, saving diligently, and managing risks prudently. These core elements work in tandem to provide a roadmap for financial success, ensuring that individuals can navigate financial complexities with confidence and achieve their long-term financial aspirations.Setting clear financial goals is the cornerstone of financial management. These goals should be specific, measurable, achievable, relevant, and time-bound, aligning with an individual's values, priorities, and life circumstances. Whether it's buying a home, funding higher education, or securing a comfortable retirement, setting well-defined goals provides a clear direction for financial planning and decision-making.Budgeting plays a vital role in financial management by enabling individuals to track their income and expenses, identify areas for improvement, and allocate resources effectively. A well-structured budget helps individuals stay within their financial means, avoid unnecessary debt, and prioritize essential expenses. It serves as a financial roadmap that ensures individuals make informed choices about their spending and saving habits.Investing is a key component of long-term financial growth. By investing in various asset classes such as stocks, bonds, and mutual funds, individuals canpotentially increase their wealth over time. However, it'scrucial to assess risk tolerance, conduct thorough research, and adopt a diversified investment portfolio to mitigate risks and maximize returns.Saving diligently is essential for financial security and long-term financial goals. By setting aside a portionof income on a regular basis, individuals can accumulate savings to meet unexpected expenses, emergencies, andfuture financial needs. It fosters financial discipline, provides a safety net, and contributes to a sense of financial stability.Prudent risk management involves identifying and mitigating potential financial risks that could jeopardize financial well-being. This includes assessing insurance needs, managing debt responsibly, and diversifying investments. By proactively addressing risks and implementing appropriate strategies, individuals can safeguard their financial interests and minimize potential losses.In conclusion, financial management is a multifaceteddiscipline that empowers individuals to make informed financial decisions, achieve their financial goals, and secure their financial well-being. By embracing core principles such as setting goals, budgeting, investing, saving, and managing risks, individuals can navigate the complexities of personal finance with confidence and lay the foundation for a financially secure future.中文回答：理财是个人和经济福祉的一个至关重要的方面，它涉及计划、预算、投资、储蓄和管理财务资源以实现财务目标和目标。
个人理财的意义英文作文
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文档下载后可定制随意修改，请根据实际需要进行相应的调整和使用，谢谢!并且，本店铺为大家提供各种各样类型的实用资料，如教育随笔、日记赏析、句子摘抄、古诗大全、经典美文、话题作文、工作总结、词语解析、文案摘录、其他资料等等，如想了解不同资料格式和写法，敬请关注!Download tips: This document is carefully compiled by theeditor. I hope that after you download them,they can help yousolve practical problems. The document can be customized andmodified after downloading,please adjust and use it according toactual needs, thank you!In addition, our shop provides you with various types ofpractical materials,such as educational essays, diaryappreciation,sentence excerpts,ancient poems,classic articles,topic composition,work summary,word parsing,copyexcerpts,other materials and so on,want to know different data formats andwriting methods,please pay attention!Personal finance is essential in today's fast-paced world. It allows individuals to take control of their financial situation and make informed decisions about their money. Without proper financial management, one can easily fall into debt and struggle to meet their financial goals.Managing personal finances is all about budgeting. It involves tracking income and expenses, setting financial goals, and making a plan to achieve them. By budgeting, individuals can prioritize their spending and save moneyfor future needs. This helps to avoid impulsive purchases and unnecessary debt.In addition to budgeting, personal finance also involves investing. Investing allows individuals to grow their wealth over time and secure their financial future. Whether it's investing in stocks, bonds, or real estate, the goal is to generate a return on investment that will provide financial security in the long run.Another important aspect of personal finance is managing debt. With easy access to credit cards and loans, it's easy to accumulate debt. However, it's crucial to manage debt responsibly to avoid financial stress. This involves making timely payments, negotiating lower interest rates, and prioritizing debt repayment.Furthermore, personal finance is about planning for emergencies. Life is unpredictable, and unexpected expenses can arise at any time. By having an emergency fund, individuals can avoid going into debt when faced with unexpected medical bills, car repairs, or job loss. It provides a sense of security and peace of mind.Moreover, personal finance is about setting financial goals and working towards them. Whether it's saving for a down payment on a house, paying off student loans, or retiring comfortably, having clear goals helps individuals stay motivated and focused. It provides a sense of purpose and direction in one's financial journey.Lastly, personal finance is about financial literacy. It's about understanding the basics of money management, such as budgeting, saving, and investing. By educating oneself about personal finance, individuals can make informed decisions and avoid financial pitfalls. Financial literacy empowers individuals to take control of their financial future.In conclusion, personal finance is of utmost importance in today's world. It allows individuals to take control of their financial situation, achieve their goals, and secure their future. By managing finances responsibly, individuals can avoid debt, save for emergencies, and build wealth over time. It's a crucial skill that everyone should strive to develop.。
银行个人理财战略中英文对照外文翻译文献
银行个人理财战略中英文对照外文翻译文献随着全球化的深入推进，个人理财的重要性日益凸显。
在众多金融机构中，银行以其专业的服务和丰富的产品线成为了人们进行个人理财的首选。
本文将对银行个人理财战略的中英文对照外文翻译文献进行探讨。
银行个人理财战略是指银行为个人客户提供的一种全方位的财富管理服务，包括投资、储蓄、保险、信托等。
通过制定和执行个人理财战略，客户可以有效地进行财富的积累、保值和增值。
投资策略：根据客户的财务状况和风险承受能力，制定合适的投资策略，包括股票、债券、基金、房地产等。
储蓄策略：通过定期存款、通知存款、活期存款等方式，实现资金的保值和增值。
保险策略：为客户推荐合适的保险产品，如寿险、意外险、健康险等，实现风险的有效转嫁。
信托策略：为客户提供个性化的信托服务，满足其特定的财富管理需求。
了解客户需求：通过问卷调查、面谈等方式，了解客户的财务状况、风险承受能力、投资目标等。
制定理财方案：根据客户需求，制定个性化的理财方案，包括投资策略、储蓄策略、保险策略、信托策略等。
定期评估与调整：定期对客户的理财方案进行评估，根据市场变化和客户需求进行调整。
银行个人理财战略是现代社会中个人财富管理的重要组成部分。
通过制定和执行合适的个人理财战略，客户可以有效地进行财富的积累、保值和增值。
银行也需要不断地优化其个人理财服务，提高服务质量，满足客户的个性化需求。
在全球化的大背景下，对银行个人理财战略的中英文对照外文翻译文献进行探讨，不仅可以促进国内银行提升个人理财服务的水平，也可以帮助国内银行更好地走向国际市场，服务于全球客户。
随着经济的发展和人民收入水平的提高，个人理财业务逐渐成为银行业务的重要组成部分。
本文以中国建设银行个人理财业务为研究对象，对其战略进行研究，旨在提高该行个人理财业务的竞争力，更好地满足客户需求。
中国建设银行是我国五大国有商业银行之一，拥有丰富的金融资源和良好的品牌形象。
近年来，该行个人理财业务发展迅速，但也暴露出一些问题，如产品同质化严重、客户服务不到位等。
如何提高高中生对个人理财的理解英文小作文
如何提高高中生对个人理财的理解英文小作文全文共6篇示例，供读者参考篇1Title: Learning About Money MattersHi friends! Today I'm going to talk about something super important that you'll need to know when you're older - personal finance! Don't worry, it's not as boring as it sounds. Personal finance is all about how to use your money wisely and make smart choices.When you're a grown-up, you'll have to deal with things like paying bills, budgeting your money, saving for the future, and maybe even investing. It's really important to understand these things so you can avoid getting into debt or money troubles later on.Let me start by explaining what debt is. Debt means you owe money to someone else, like a bank or a credit card company. It's easy to get into debt if you spend more money than you actually have. That's why budgeting is so crucial!A budget is basically a plan for how you'll spend your money each month. It helps you keep track of your income (the money you earn from jobs or allowance) and your expenses (the things you spend money on like food, clothes, or entertainment).Here's an example: Let's say you get 50 a month in allowance. Your expenses might be 20 for movie tickets, 10 for snacks, and 5 for a new video game. Adding that up, your expenses are 35. Since your income is 50, you'll have 15 left over. That 15 is your surplus, which means you have extra money.It's a good idea to save at least some of that surplus money in a savings account at a bank. That way, you'll have money saved up for bigger expenses in the future, like maybe a car or college tuition when you're older.Or, you could invest some of your surplus money to try to make it grow over time. Investing means putting your money into things that have the potential to go up in value, like stocks (which are tiny shares of ownership in a company). It's kinda like planting a seed and watching it grow into a tree over many years.Of course, there are risks involved with investing too. Stock prices can go down as well as up. That's why it's important to only invest money you don't need right away for necessities like food and housing.Another important part of personal finance is understanding interest rates. An interest rate is the cost of borrowing money. When you borrow money (like taking out a loan for college), you have to pay back the original amount you borrowed plus some extra money called interest.For example, if you borrow 100 at an interest rate of 5% per year, you'd have to pay back 105 after one year - the original 100 you borrowed, plus 5 in interest.Interest rates also apply to things like credit cards. If you don't pay your full credit card balance each month, you'll get charged interest on the remaining balance. That can make it really easy to get stuck in debt if you're not careful!Now I know all this money stuff might seem kind of complicated, but don't worry - you'll have plenty of time to learn it all before you're an adult. The most important things to remember are:Make a budget to keep track of your moneyTry to save some money each monthBe careful about borrowing money or using credit cards to avoid debtConsider investing some money for long-term growth, but don't risk too muchIf you take it step-by-step and continue learning, you'll be a personal finance pro by the time you're in high school! It's such an important skill that can help set you up for a bright financial future.Maybe you could even start a money club at school to learn about it with your friends. Or ask your parents or teachers for books or websites about basic money concepts. The sooner you start, the better!Money doesn't have to be scary or boring. In fact, understanding how to manage it properly can be empowering and open up lots of opportunities for you down the road. Just take it step-by-step and don't be afraid to ask questions.Remember, the goal of personal finance is to use your money in a way that lets you achieve your hopes and dreams, whether that's traveling the world, starting your own business, or anything else you can imagine! Getting a head start now will pay off big time when you're an adult. So what are you waiting for? Let's get started on this money journey together!篇2How to Help High Schoolers Get Money SmartHey there! This is Billy writing to you. I'm just a kid in 5th grade, but I've got some tips that could really help out you big high school students when it comes to money smarts. My mom is always talking about how important it is to learn about personal finance and money management when you're young. She says it will help set you up for a bright financial future as an adult. So listen up!First up, you've gotta learn all the basics like what a budget is and how to stick to one. A budget is just a plan for how to spend your money wisely on the things you need, while also setting some aside for fun stuff and savings. My parents make a budget every month parceling out our money for rent, groceries, utilities and other bills first. Then whatever is left over goes into different envelopes – one for entertainment, one for eating out, one for vacations, and so on. The envelope system really works! Maybe you could use it for divvying up money from your part-time job or allowance.Speaking of jobs, you guys should definitely try to get a part-time gig if you can handle it along with your schoolwork. Having a job, even just working at a burger joint or grocery store for some extra cash, is such a good way to learn moneymanagement skills early on. Just imagine getting that first paycheck - won't it feel awesome to have money you earned yourself? You'll quickly learn how to be responsible with it instead of just blowing it all in one place. Having a job helps you truly understand the value of a dollar.My parents are always rambling about how compound interest is like magic for making your money grow over time. Basically, if you start saving and investing even just a little bit of your hard-earned dollars now while you're young, it can turn into a huge pile of cash by the time you're an adult! The key is to let it build up over many, many years. Maybe you could open up a savings account just for stashing away 10% of every paycheck from your job? The habit of paying yourself first before spending money is one of the best personal finance lessons you could learn.Building good credit is another important thing my parents harp on all the time. Having good credit makes it wayyyy cheaper and easier to get approved for an apartment, car loan, mortgage, you name it when you're older. It basically shows that you're responsible and can be trusted to pay back debts on time. You can actually start building credit as a teenager by getting a credit card and using it for small purchases that you pay off fully everymonth. Just don't go crazy with it! Paying off balances and making payments on time is what counts.Investing in the stock market is another great way to grow your money, but it can seem really confusing at first with all the lingo and stats. Maybe your school could offer an investing club or course to teach you guys the basics? It's honestly not as complicated as it seems once you get the hang of it. You could start out by investing just tiny amounts, even 25 or so here and there, into an app like Robinhood when you've got some spare cash. Just don't go picking hot stocks and make sure to diversify into various funds to be on the safe side. Getting a head start on investing while you're young is smart!Those are some of the biggest tips I've picked up from my money-savvy parents about personal finance. Of course, I'm just a 5th grader, so don't go making any huge financial decisions based on my advice alone! But hopefully this gives you high schoolers a little push to start learning money basics now before you're out in the real world on your own. Managing money the smart way is a skill that will benefit you for life. Who knows, you could even become the next big millionaire investor one day if you start now! Okay, gotta go, catch you later!篇3Title: Money Smarts for High Schoolers!Hi there! My name is Jamie and I'm a 4th grader. Today I want to talk to you high school kids about something super important - money! Money makes the world go round, as they say. When you're a grown-up, you'll need to know all about earning, spending, saving and investing your cash. But a lot of teens don't get taught these crucial "money smarts" until it's too late. That's why I'm here to help!First up, let's talk about earning money. As a high schooler, you might have a part-time job like working at a restaurant or grocery store. Or you could make money by doing chores around the neighborhood like mowing lawns or shoveling snow. Whenever you get paid, it's smart to divide that money up right away using the "3 buckets" rule. One bucket is for spending on fun stuff like movies and clothes. Another bucket is for saving for bigger goals like a car or college. And the third bucket is for sharing by giving some to charity. Splitting your earnings this way helps you stay balanced.Speaking of spending, it's really easy to blow all your money if you're not careful! Marketers are super sneaky about getting you to spend, spend, spend on things you don't really need. They use tricks like making stuff look ultra cool and making you feelleft out if you don't buy it. Don't fall for those mind games! Whenever you're tempted to buy something, ask yourself if you really truly need it or just kind of want it. If it's just a want, sleep on it for a few days first before deciding.Now let's talk about the biggie - saving money. Saving is a major key to building wealth over time. See, thanks to this neat thing called "compound interest", the money you save earns interest, and then that interest starts earning interest too! It's like a snowball effect. The sooner you start saving, the more your money can compound over many years.So you'll definitely want to pay yourself first by stashing away part of every paycheck into a savings account that earns interest. Having a savings goal in mind, like saving up for a sweet gaming computer or a used car, can really motivate you. And don't forget to save for way later goals too, like eventually being able to buy a house or retire comfortably.Okay, last but not least - investing! Investing means using your money to try and make more money. It's kind of like saving on hard mode. When you invest, you're putting your money into things that have the potential to grow in value over time, like stocks or real estate. But there's also more risk that you could lose money too.The investing game can seem super complicated, but the basic idea is to buy a bunch of different investments and hang onto them for Many years, rather than trying to buy and sell individual investments for a quick profit. Your high school years are actually a fantastic time to start investing, because you have soooo many years and compound periods ahead of you. Even investing small amounts can turn into a big deal over several decades!Well, that's all I've got for today's money lecture, high schoolers! Just remember - the sooner you start learning about earning, spending, saving and investing, the better off you'll be. Don't be a lazy bones like a lot of teens and wait until you're an adult to get money smart. The monetary knowledge and habits you build now will seriously pay off big time later on. Thanks for listening, class dismissed!篇4How to Help Teenage Kids Get Smarter About MoneyHi friends! Today I want to talk about something super important - money! Lots of teenage kids don't know much about money and how to use it properly. But learning about personalfinance when you're young is really really good. It can help you make better choices with your money as a grown-up.Money is something we all need to learn about, just like reading and math. It's kind of like a life skill. If you don't understand how money works, it's easy to make mistakes that can create big problems later on.Let me give you an example. Let's say you get a job at the mall when you're 16 years old. You start making 200 every two weeks from your paycheck. That money feels like a ton of cash! You might be tempted to spend it all on video games, snacks, and clothes. But if you spend every single dollar you make, you'll have no savings at all. Later, when it's time to buy a car or go to college, you'll have zero dollars saved up. That could lead to taking out big loans and ending up in debt for many years.Personal finance is all about learning how to manage your money in a smart way. It teaches important things like:-Making a budget to plan how you'll spend and save your money-Setting money aside in a savings account for future expenses-Using credit cards and loans carefully so you don't go into high debt-Investing money to make it grow over time-Paying your bills on time-Understanding taxes and insuranceThose might sound like boring grown-up topics. But trust me, learning this stuff at a young age can really pay off! The earlier you start, the better you'll get at making good money choices.Teenagers have a great opportunity to develop smart money habits before they're on their own. Many high schools don't teach personal finance, which is too bad. But there are lots of ways to learn!Here are some ideas for how to improve teenagers' personal finance know-how:Offer a personal finance class in high school. This could teach all the basics like budgeting, saving, investing, debt, taxes, and more. Learning it in school would make it feel like an important topic that everyone should understand.Have students open a free banking account and savings account. This allows them to practice managing their money, setting aside savings, paying bills, etc. Parents could give them a small weekly allowance to help them learn.Use interactive websites and apps about money topics. There are many fun, game-based ways to learn things like budgeting, interest rates, taxes, and credit scores. Websites like and apps like iAllowance teach personal finance concepts.Read books that explain money simply. Books like "A Teenager's Guide to Money" and "Personal Finance for Teens" use easy-to-understand examples. Reading short books is a great way to learn.Have open conversations about money at home. Parents can share lessons and advice about earning, spending, saving, and handling money responsibly. Leading by example is very powerful.Encourage opening a retirement account early. Parents can help teenagers start investing small amounts into a Roth IRA retirement account. This gets them into great money habits super young!Use visual tools to learn core concepts. Videos, infographics, podcasts, and other multimedia resources can make money topics more fun and interesting for young people's brains.The most important thing is exposing teenagers to personal finance ideas at an early age. The human brain develops many core money habits between ages 16-25. Getting smart about money in the teen years can lead to a lifetime of making wise financial decisions.Money skills are just as vital as other skills we learn in school. By making personal finance a normal part of every teenager's education, we can raise an entire generation of money-savvy adults. They'll be better prepared to save for the future, spend responsibly, and avoid major money troubles. A financially literate society is a huge benefit for everyone.Those are my thoughts, guys! I may be just a kid, but I know learning about money now will pay off big time when I'm older. My teenage years are the perfect time to start developing awesome personal finance smarts. I hope schools, parents, books, and apps will all work together to make money education a priority. The sooner we learn, the brighter our future finances will be! Thanks for reading, friends!篇5Hi everyone! My name is Tommy and I'm in 5th grade. Today I want to talk about something super important - personal finance and money management for high school kids. I know it might sound boring, but trust me, it's really cool and useful stuff!You see, when you get to high school, you're almost an adult. You might start working part-time jobs, getting an allowance, or even opening your first bank account. That's why it's so important to learn how to manage your money properly from an early age. If you don't, you could end up wasting all yourhard-earned cash on silly things or getting into debt trouble. No one wants that!So what can high schoolers do to get smarter about personal finance? Here are some tips from a money-savvy kid like me:Learn the basicsThe first step is understanding core concepts like budgeting, saving, investing, and credit. Budgeting means planning how you'll spend your money each month on things like food, fun, and savings. Saving is setting aside cash for future goals like college or a car. Investing means putting your money into stuff that could make you more money over time, like stocks. Andcredit is basically borrowing money that you'll need to pay back later with interest. These ideas might sound complicated, but they're actually pretty simple once you get the hang of it!Talk to money mentorsWho are the money experts in your life? Maybe your parents, an aunt or uncle, or even a teacher? Ask them to explain financial things in a way you can understand. They can share stories and advice from their own experiences with money. Having a money mentor is super helpful, especially when you're just starting out.Read, watch, listenThere are tons of awesome books, videos, podcasts, and other resources designed to teach teens about money. Maybe your school library has personal finance books. Or you could watch fun, educational YouTube channels. Listening to a money podcast while doing chores is an easy way to learn. With so much stuff out there, you're bound to find materials that make money management interesting instead of a huge yawnfest.Open a bank accountNothing will get you practicing money skills like having your own checking or savings account. You'll learn how to deposit cash, track balances, make withdrawals, and more. Just be sure tofind a bank that has free accounts for teenagers. And always know what fees you might have to pay for certain transactions. Becoming a responsible bank account holder is a huge step towards financial freedom!Get a part-time jobOne of the best ways to truly understand money is to earn some yourself! A part-time job - whether it's babysitting, tutoring, mowing lawns, or scooping ice cream - will teach you about making income, budgeting for expenses, and saving for the future. Just don't spend it all on video games and candy! Put away at least a portion of each paycheck.Use mobile appsThese days, there are all sorts of cool money apps and websites designed for teens. Some apps allow you to track spending, set savings goals, learn about investing, and get rewards for being money-smart. Using financial technology makes building money habits feel more fun and relatable. Just be sure to only use legit, secure apps and get your parents' permission.Take a classMore and more high schools are offering personal finance courses, workshops, or clubs. If yours doesn't, you could ask a teacher to start one! Learning about money concepts and skills in an actual classroom is a great way to get prepared for the real world. You may even discover a passion for a career working with money someday.Play gamesWho says learning about finance can't be a total blast? There are tons of board games, video games, and other activities created to teach money lessons through play. Things like running a lemonade stand business, managing an virtual investment portfolio, or paying off pretend loans. Playing money-themed games is the ultimate way to pick up financial skills without even realizing it.Start a bizWhy not become an entrepreneur? Launching your own small business - like selling crafts, doing yard work, or tutoring younger kids - is a crash course in handling cash flow, marketing, record keeping, and more. Just get your parents' permission first! You'll gain priceless money experience while making some real profits. Who knows, you might discover the next big business idea!Give backFinally, don't forget that managing money well means being generous too. Whether it's donating time, money, or used items to charity, helping others less fortunate is an awesome money habit. You could volunteer, do chores for cash to give away, or find creative ways to raise funds for a good cause. Seeing how money can positively impact your community will make you appreciate it even more.So there you have it - 10 easy ways for high school students to get super money-smart! The sooner you start building personal finance skills, the better prepared you'll be for the real world after graduation. Don't be afraid to ask lots of questions or make some money mistakes along the way. That's how we all learn!Just remember, managing money well is one of the most important abilities for living a successful, stress-free life as an adult. So get practicing today and your future self will thank you! Money smarts now leads to money confidence forever. Isn't that worth it? I think so! Let me know if you have any other personal finance questions.篇6Title: Money Stuff is Super Important!Hey guys and gals! Today we're gonna talk about something really really important - money! Yup, that green paper stuff that grown-ups are always talking about. Money might seem boring, but it's actually super duper important, especially for you high schoolers out there.You see, when you're a kid, your parents take care of buying you food, clothes, toys and all that fun stuff. But when you get older and become a grown-up, you gotta take care of all that yourself! And that means knowing how to manage your money properly. If you don't, you could end up broke and hungry on the streets! Scary, right?Now, I know what you're thinking - "But math is so haaaard! How am I supposed to understand all this moneymumbo-jumbo?" Well, fear not, my friends! I'm here to give you some tips to make learning about money managementeasy-peasy lemon squeezy!Tip #1: Start learning about money earlyThe sooner you start, the better! It's kinda like learning to read or ride a bike - the earlier you start, the easier it becomes. Ask your parents to give you an allowance and have them showyou how to budget and save up for things you want. It'll be good practice for when you're all grown up!Tip #2: Make it fun!Yeah, I know, money talks can be super duper boring. But you know what's not boring? Games! There are tons of cool apps and websites out there that teach you about money skills through fun games and activities. Why learn about interest rates from a dusty old book when you can learn it by playing an awesome video game?Tip #3: Get some hands-on experienceNothing beats learning by doing, am I right? Ask your parents if you can help with stuff like budgeting for groceries, paying bills online, or maybe even filing taxes (just kidding on that last one!). Getting some real-world money experience will make all those concepts finally click.Tip #4: Find a money mentorYou know how every superhero has a wise mentor to guide them? Well, you should find yourself a money mentor too! It could be your parents, an older sibling, a teacher or even a financial advisor. Having someone who's money-savvy to ask questions and get advice from will be super helpful.Tip #5: Don't be afraid to ask questionsYou're never going to learn if you don't ask questions when you're confused about something! Grown-ups often use a lot of fancy money words like "amortization" or "liquidity" - if you don't know what they mean, just ask! There's no such thing as a dumb question when it comes to learning about finances.So there you have it, an easy-peasy guide to wrapping your brain around all this money biz. Why is it so important to get money smarts, you ask? Well, let me give you an example...Imagine you and your best friend both got jobs at the local burger joint after graduating high school. You both made the same amount of money, but your friend was a bit of a spendthrift. They spent all their money on video games, concerts, anduber-fancy smoothies. You, on the other hand, were careful with your money. You budgeted, you saved, you even invested a little here and there after learning about it.Fast forward 10 years - your friend is still working at that same burger joint, struggling to pay rent and constantly stressed about money. But you? Thanks to your stellar money management skills, you have a decent chunk of savings, you've invested wisely, and you're well on your way to buying your veryfirst home! Who's the real winner now? You smarty-pants, that's who!At the end of the day, being money-savvy gives you freedom, opportunities and choices in life that someone who's financially reckless just won't have. So don't wait - start learning about money now and set yourself up for a bright, prosperous future! Money may seem confusing now, but trust me, your future self will thank you.Okay, that's all I've got for today's money talk. Class dismissed! ...But before you go, don't forget to pie that like button and snake that subscribe bell to join my Super Money Crew! I'll 'sea' you next time for more fun money lessons. Peace out, money cadets!。
个人理财的意义英文作文
个人理财的意义英文作文Title: The Significance of Personal Finance: A Financial Lifestyle Journey。
1. Embracing the Future with Financial Literacy。
In the fast-paced world, personal finance isn't just about managing money; it's about shaping your financial destiny. It's the compass that guides you towards financial independence, a secure future, and a life of financial freedom.2. The Pillar of Financial Stability。
Imagine a sturdy house, your financial foundation. Personal finance acts as the cement, securing your roof from financial storms. It's about setting financial goals, budgeting wisely, and safeguarding your assets.3. Financial Freedom, the Sweet Taste of Independence。
The sweet taste of financial independence is not just about having a fat wallet; it's about the peace of mindthat comes with financial autonomy. It's the ability to make choices without worrying about money, a testament to personal responsibility.4. A Financial Mindset, a Life Skill。
中国的固定资产投资与经济增长外文翻译
中国的固定资产投资与经济增长外文翻译本科毕业论文外文翻译外文题目: Fixed Investment and Economic Growth in China出处: Economic of planning.199932 1999 Kluwer Academic Publishers.Printed in the netherlands作者: //.n,Yangruwu,Junxi Zhang原文:Fixed Investment and Economic Growth in ChinaAndyc. C. Kwan,Yangruwu,Junxi ZhangEconomics of Planning.199932:67?79 1999 Kluwer Academic Publishers. Printed in the Netherlands.AbstractThis paper attempts to investigate empirically the investment-growth relationship in ing the exogeneity framework pioneered by Engle et al. 1983 and Engle and Hendry 1993, we find that fixed investment is a key determinant of China’s economic growth, which, surprisingly, has not been rigorously examined in the literature. The super exogeneity test results suggest that there exists a robust or structurally invariant relationship between capital formation and income growth, thereby giving credence to policy evaluation.1. IntroductionSince the establishment of the People’s Republic of China in 1949, especially since the beginning of economic reforms in 1978, the Chinese economy has displayed significant progress despite much political turbulence and population pressure. For example, according to the Statistical Yearbook of China 1994, China’s national income rose roughly 42 times between 1952 and 1993, which corresponds to an annual compounded rate of growth of 9%. During the year before economic reforms launched in 1978, it is about 5.7 times with the annual growth rate of 6.9%. These numbers are impressive even when compared with those of the high performing economies such as Hong Kong, Singapore, South Korea and Taiwan.A recent report by the World Bank also claims that China now is one of the fastest growing countries in the world World Bank, 1993.Many attempts have been made to account for this rapid growth; see, among others, Perkins 1988, Chen 1989, Gelb et al. 1993, Hafer and Kutan 1993,Chen et al. 1995, and Pomfret 1996. Most of these studies use growth accounting estimates to analyze potential factors, which include active government policies, the sectoral reallocation of resources, the benefit from efforts in borrowing technology, and the favorable environment for international exchange.2 Yet, there are no formal statistical tests to investigate the effect of each factor on economic growth. Recently, some economists attempt to relate China’s economic growth to export expansion see, for example, Urata, 1987; Chen, 1989; Kwan and Cotsomitis, 1991; andKwan and Kwok, 1995 which is known as the export-led growth hypothesis hereinafter ELG. The apparent clincher is the steady increase in the export-income ratio that China has experienced, with the ratio increased from 6.3% in 1979 to 21.3% in 1993. This naturally has led them to believe that export orientation geared rapid output growth, since it led the Chinese economy to specialize according to comparative advantage, resulting in rising incomes, investments, savings, and productivity.However, the nexus between fixed capital formation and growth is missing in the ELG view. We believe that both theoretically and practically this view may not be adequate in terms of explaining the economic success of China, since ultimately the reasons for strong export growth must be traced back to reasons for why it became feasible and profitable to export. In this paper, we argue that such a view should be modified to include the important role of investment in growth. In recent detailed case studies of South Korea and Taiwan which had similar experiences, Rodrik 1994 argued that the rising share of exports in GDP is in fact caused by increases in investments, with causality running from investment to imports and from imports to exports. Interestingly, our empirical analysis suggests that this modification helps better explain the growth performance of the Chinese economy.In light of this, the main objective of this paper is to throw some empirical light on the investment-growth relationship using newlyreleased data from the People’s Repub lic of China for the period 1952-93. We use the exogeneity techniques proposed by Engle and Henry 1993, hereinafter EH to study the said relationship. As indicated by EH, the recent innovations in exogeneity analysis allow us to examine the influence of investment on growth within a regression framework. Furthermore,these techniques can be used to test the invariance assumption which constitutes an important step for meaningful policy evaluation.The reminder of this paper is structured as follows: Section 2 presents a brief discussion of the investment-growth relationship. Section 3 explains the concepts of exogeneity, the econometric methodology and the data used. Section 4 reports the main results, and some concluding remarks are offered in Section 5.2. Investment-Growth NexusIn this section, we attempt to offer some qualitative arguments to reconcile the obvious conflict between our claim - exports are unlikely to have played the sole role in fostering Chinese economic growth - and the stylized fact - the ratio of exports to national income increased dramatically after the 1978 "Four Modernizations."In the neoclassical growth model for a closed economy such as Solow 1956, the saving rate is exogenous and equal to the ratio of investment to output. A higher saving rate raises the steady-state level of outputper effective worker the level effect and thereby raises the growth rate for a given starting value of GDP the growth-rate effect. Recent empirical studies of cross-country growth have also reported an important positive role for the investment ratio e.g., see DeLong and Summers, 1991, 1992; Mankiw et al., 1992.3 They conclude that the rate of capital formation or capital formation in the form of equipment determines the rate of a country’s e conomic growth.For an open economy, the investment-growth nexus is even more important. A higher investment ratio has a positive impact on economic growth, and it is especially likely that growth opportunities also lead to further increases in investment. As it is shown below, the story of export-led growth can be fully embedded into a larger picture of the intimate investment-growth connection.Rodrik 1994, from a theoretical point of view, illustrates a case in which priority is placed on investment demand and at the same time the rising export-income ratio can also be explained. Under a hypothesis of an increase in the profitability of investment, which requires a commensurate increase in imports, a rise in exports can develop even without any change in the relative price of the exportable. The main point is that a rise in capital formation leads to an increase in imports and an acceleration in growth as well, and rapid growth in turn results in an increase in exports. In other words, a rise in the ratio of exportsto GNP is more likely to be the consequences of economic growth, rather than the causes. In more complicated cases with the presence of non-tradables, the relative price of tradables relative to non-tradables would also be affected. Therefore, according to Rodrik, there are indeed some cases in which the increasing export orientation of an economy is fuelled by increases in investment This story seems to fit well with the Chinese experience. Since economic reforms and an open door policy were inaugurated in late 1978, the Chinese economy had gradually shifted gears from an egalitarian planning system to a market economy though with numerous government interventions. It is well known that the reform gave people great incentives and in turn sharply increased productivity, output and profit; a good example was the marked changes after the introduction of the family responsibility system in rural China. Naturally, the increase in productivity stimulated further capital investment. In addition, the general supportive macroeconomic environment and fairly forward-looking public sector infrastructure investments also encouraged private investments.To meet the high investment demand, domestic funding was insufficient, so China turned to foreign investments. It engaged in traditional import-substitution policies especially for capital goods as it had comparative disadvantage in producing them, with government set dual exchange rates, high levels of trade protection, and repressedfinancial markets. The flow of trade was crucial to the transfer of technology and the gains in efficiency and productivity. By the mid-1980s, it apparently had exhausted the easy stage of import substitution. This, coupled with a large number of state-owned firms going into the red, had called for the Chinese government to alter its economic strategy and adopt preferential export-oriented policies. As a result, we have witnessed that during the early 1980s, imports especially of capital goods rose sharply, and so did exports subsequently. It should be mentioned that economic policies in China ensured that import protection did not produce the anti-export bias that it did in other developing countries Although the available time series data are relatively short to conduct a rigorous test for this hypothesis, nevertheless it would be of considerable help to have a casual look at the data. As Figure 1 makes clear, the behavior of imports tracks quite closely the behavior of investment both as a share of national income in the period of 1981?19924 This mimics the experiences of Taiwan and Korea before 1980. documented in Rodrik 1994. To gain further insights of the imports and investment connection, we also plot the composition of imports in Figure 2. As is evident from the diagram the share of capital goods machinery and transport equipment in China’s imports has increased dramatically. In terms of numbers, this ratio has increased phenomenally from 1.5% in early 1980s to 10.3% in 1993. In fact, the increase in capital goods accounts mainly for the rise in theimportincome ratio. Ultimately, since exports rose subsequently, it is not surprising to see the steady increase in the export-income ratio in China for the past decade or so In light of the above, it is particularly interesting to conduct a rigorous test on the investment-growth relationship, since it is not clear whether or not the story accords well with the data.Note: Variables are defined as: IMY ratio of imports to national income and IY ratio of investmentto national income.Figure 1. Investment and ImportsNote: Variables are defined as: CHEMY chemical and related products; FOODY food and live animals chiefly for food; LIGHTY light and textile industrial products, etc.; MACHY machinery and transport equipment; and RAWMY non-edible raw materials. All variables are expressed as shares of national incomeFigure 2. Composition of Imports3. The Concepts of Exogeneity, Econometric Methodology and DataThe exogeneity concepts proposed by Engle, Hendry and Richard 1983, hereinafter EHR depend on the conditional properties of the data-generating process of a variable. In EHR’s terminology, a variable is said to be weakly exogenous for a set of parameters of interest _ in a conditional model if inference on _ conditional on x1 involves no loss of information. To illustrate their argument, we consider the followingjoint density of random variables:(1)where g() is the conditional density of , on , and h is the marginal density of Weak exogeneity of implies that h is irrelevant for inference and that all parameters that appear in the marginal density are nuisance parameters. Weak exogeneity thus represents a necessary condition for single regression models.If is weakly exogenous and is not preceded or Granger-caused by any lagged values of y, is said to be strongly exogenous. Thus, Granger non-causality from y to x is considered as a necessary condition for strong exogeneity.译文:中国的固定资产投资与经济增长Andyc. C. Kwan,Yangruwu,Junxi Zhang规划经济学,1999(32):67 - 791999 Kluwer学术出版社荷兰印刷摘要本文的目的在于探讨中国投资与增长的关系。
个人理财投资一体化系列论文外文翻译
外文翻译Personal Finance & Investing All-in-One for Dummies Material Source: Chichester, West Sussex, England,2007Author:Melanie Bien, Julian Knight, and Tony LeveneIntroductionBest of all, this book highlights ways to get the most from your money, but it also helps you decide where your priorities lie when it comes to your finances, and gives you the facts up front and honestly. And as your priorities develop and change, all the advice you need is in the same book so you can make the journey from clearing your debts to building your wealth by investing, to setting up a comfortable retirement and a potential nest-egg to pass on to your nearest and dearest. Think of Personal Finance & Investing All-in-One for Dummies as your first great investment.Building Up Savings and InvestmentsChapter 1: Squaring Risk and ReturnWhen we walk down the street or drive a car, we’re aware of risks. We know, for example, that we might risk life and limb crossing a road when the Red Man symbol is displayed. And we know that our safety (not to mention driver’s license) is threatened if we drive 60mph in a 30mph zone.Granted, if we run helter-skelter down the street or drive recklessly down the road, ignoring everyone and every rule, we might arrive more quickly at our destination. But the faster we go and the more corners we cut, the greater the chance of losing everything. So we generally take simple precautions to avoid risks. That way, we make some progress through life.In this chapter, we examine investment risks –specifically, the benefits and drawbacks of various investment possibilities and ways to increase your odds of successful returns.Examining two investing principles you should never forgetHere are a couple of clichés that sound banal but should be carved in mirror writing on every investor’s forehead, so she or he can read them first thing each morning when facing the wash basin: There’s no gain without pain. This means that in your daily life, you have to move out of the couch potato position to achieve. Youhave to speculate to accumulate. If you don’t take some chances with your money, you’ll never get anywhere.Absolute safety means little or no reward:The most secure place to keep your money is in a low-interest guaranteed account from t he government’s National Savings & Investments department. In certain circumstances, this is a good place for some of your money. But unless you have very good reasons, you risk losing out on potentially better investments.Putting your money in such an account also presents a second danger. When you protect a piece of china in cotton wool and bubble wrap, you expect it still to be there years later, but money is different. Its buying value erodes each year due to rising prices. You’ll go backward in real t erms if all you do is put all your money in the safest possible home. And the longer you look at investing your money, the truer that becomes.One person invested the money in a basket of shares, each with an uncertain future, and the other person put the money in super safe UK government stocks. Both investors told their family and friends that they’d re-invest all the dividends and interest they received.By the end of 2002, the investor who went then safe route had a fund worth £3,668 according to figures from Barclays Capital. But when inflation is taken into the calculation, the £100 is only worth £150. And it took until 1996 before that original £100 regained its value in terms of what it would buy.The shares investor did better. Although some of the original investments failed, more did well. Despite the pain of a roller-coaster ride at times, the investment showed big gains. On paper, the £100 became £65,440. Rising prices and recent falling stock markets took their toll, but speculating did produce an accumulation. Adjusted for the cost of living, that original £100 became £2,689.●Determining the Return You Want from Your Money.The starting point of any risk-reward assessment is to determine the return you want from your money. The harder you want your money to work, the more risks you need to take.The likely return from shares, bonds, property, a cash account and the other assets.●Increasing your chances of successful returns.Risk and reward, risk and regret can’t be separated. You must take ris ks and put your head above the cash investment parapet if you want to win. Now turn risk on its head and call it opportunity. It’s really the same thing,but now you have apositive phrase. You can increase your chances of success by diversifying (not putting all your investment eggs into one basket) and being patient.Plenty of factors affect your chances of success.Suppose that you acquire shares in ABC Bank and XYZ Insurance, perhaps as a result of free share handouts. Obviously, you have to work out whether the opportunities in each company are worthwhile. But for now, you need to consider the bigger picture altogether. No company is an island, and none lives in a vacuum. Plenty more factors can enhance your opportunities or increase your chances of making a mistake:⏹Currencies. Foreign exchange markets can have an impact on your investment.They have a habit of moving in slow trend lines, although they jump about at the umpteenth decimal place all the time. Each day, even each minute, exchange rates can go either way by very small amounts. There are no investment straight lines!⏹Interest rates. You may invest in a brilliant company, but if interest rates go up,it will be less attractive because the cash they need from the bank for expansion will cost them more. Rising interest rates are bad news for almost everyone other than holders of cash.⏹Stock markets. When share prices are generally booming, even badly runcompanies do reasonably well. And when share prices are falling, the best organized firms with the greatest prospects tend to lose out.⏹Inflation. Nope. Not car tyro pressure but rising prices. Inflation can be good forsome sectors, such as retailers, because it takes the pressure off, meaning they don’t have to run perpetual sales and price cut s.⏹The economy. You can’t really beat it. If it looks good, everything shines; whenit turns down, only a handful of assets manage to hold their heads up. Chapter 2: Saving for a Rainy DayIn This Chapter, working out how much cash you need for emergencies, searching for the best rates, d eciding what type of account you’re after, protecting your savings.Dealing with an emergency: i f you don’t have cash put by for an emergency, your options may be limited should one arise? Your disposable income is unlikely to generate enough of a surplus to pay for this, given the other demands on your incomings each month.Looking at savings strengths: It’s worth having a few grand stashed in an easilyaccessible place to cover emergencies.Clear any debts before you start saving, because you pay more interest on your debt than you can earn on your savings. It makes no sense to have a few hundred pounds earning 5 per cent interest in a savings account when you are paying 30 per cent interest on your store card. Clear your debts first.Deciding how much you need to save: A reassuring amount of cash for one person may not be nearly enough for another. Your personal situation largely dictates how much cash you need in your emergency fund. The amount depends on your resources and how much you can afford to put by, as well as your responsibilities and how much you need to cover your usual outgoings. For example, if you are single and in your twenties, renting a flat with no dependants, you are likely to need much less cash in an e mergency than if you’re the main breadwinner for a spouse and four children, with a large mortgage and two cars?If you are self-employed you may need more cash put by because you won’t qualify for sick pay, as you would if you were employed. It may also be worth taking out some income protection to cover you if you can’t work.Finding the best savings account: Just because your emergency cash is easily accessible in a low-risk deposit account doesn’t mean that you can’t earn a decent amount of interest on it. The vast majority of savings accounts are variable, which means that the rate of interest loosely reflects movements in the Bank of England base rate. And with the base rate at over 5 per cent at the time of writing – its highest level since 2001 –the return on savings looks increasingly attractive. In the past, you had to tie your savings up for a year or more if you wanted to get the best rates. But that’s no longer necessary: You can get an attractive rate of interest and no restrictions on accessing your money –good news for generating returns on your emergency fund. Saving with a monthly account,opting for a mini cash individual savings account,watching out for notice periods,considering the impact of bonuses, realizing the advantage of tiered rates,fixing the rate and the term,offsetting your savings.Shopping around for the best deal:As with any financial product, it’s important to shop around for the best deal available. Although your bank will offer a savings account, this is unlikely to offer you the best rate of interest: Indeed, it is far more likely that this will be one of the worst rates on the market, particularly if you bank with one of the‘big four’ – Barclays, HSBC, Lloyds TSB, and NatWest.Once you’ve picked the account with the most competitive rate, don’t just rest onyour laurels and pat yourself on the back for being astute. Review your account and the rate of interest it is earning on a regular basis – at least once a year – to ensure you are still getting a competitive deal. There may be new accounts offering better rates of interest, or other providers may have increased their rate of interest while yours hasn’t.Safeguarding your savings:As you’re saving for an emergency you will want to be assured that your cash is safe. Thankfully, most UK banks and building societies are stable institutions, but there is a safety net in place in case the worst does come to the worst and the provider of your savings account goes bust. The Financial Services Compensation Scheme protects you if your provider goes into liquidation or out of business. You won’t get all your savings back, but you will get a significant proportion of them.ConclusionIf you’re trying to figure out your financial future, cure a tax-related headache, invest your money securely, or work out the most sensible way to refloat your financial boat, this book provides an introduction to the most useful areas of financial and investment advice.Good luck to you, and we wish you all the best in finding the answers to your financial and investment questions. And if it all goes according to plan, can you lend my editor a fiver?个人理财投资一体化系列资料来源:奇切斯特大学，西萨塞克斯，英国，2007作者：梅拉妮，朱利安骑士，托尼列文引言这本书用最好的方法是最大限度地利用你的钱，帮助你在金融理财方面决定如何保持优先权的状态，预先给你客观的事实材料。
中国宏观经济分析与预测(英文稿最终版)
ChinaChina’’s Macroeconomic Analysis&Forecasting：2009-2010------A Way Out of China's Macroeconomic DilemmaOverviewUnder the influence of powerful stimulus policies and inventory adjustment cycle,in2009, China’s macro-economy successfully rode out profound downturn since the third quarter of2008. The real economy showed signs of rebound surpassing expectations,inflation expectations began to rise,asset prices rapidly increased,and the macro-economy rebounded quickly,but foreign demand slumped severely.The forecast is that annual GDP growth rate will attain8.56%,and CPI growth rate will attain-0.7%,with the reduction of the foreign trade surplus reaching87.4billion USD compared with2008.At present,China’s overall macro-economy has been entering the transitional period from“policy-stimulating rebound stage”to“market-demand rebound stage”.This determines that China’s expectation-surpassing rebound has specific properties of“policy orientation”,“structural imbalance”,“dynamic instability”,“lack of interaction among growth factors”and“the volatility of general direction”as well as other features.In the future China’s macro-economy will enter a “dilemma”,leading to the possibility of a“double-W-round move”adjustment model,faced with “effective policy coordination predicament”under multi-objective constraints.Based on the judgments and model forecast above,in2010,China’s macroeconomic changes will occur in the following aspects:1)Overall,the yearlong GDP growth will continue to pick up,compared with that of2009.But contrary to2009,quarterly growth rate in2010will show a slight downward trend,manifesting an “inverted V shape”,with the annual growth rate reaching9.42%.2)Under the influence of base effect and policy adjustments,the investment growth rate will exhibit a drop.But owing to the inertia of mid-and-long term investment projects and other factors, investment growth rate in2010will be around25.4%.3)Under the effects of the rebound in consumption confidence,continuance of stimulus policies for consumption,income policy reform,the new high of absolute income level,as well as other factors,retail sales of consumer goods in the whole society will continuously experience nominal uplift in2010,reaching18.2%.After deducting price factors,there will be a slight fallback in real consumption growth rate,compared with that of2009.4)While the world economy shakes off recession in advance,there is still a long way ahead towards recovery.This determines that growth rates of import and export in2010will be improved, but the absolute level will remain low,with the total trade growing11.3%,imports13.3%,exports 12.2%,as well as a mild rebound of trade surplus.5)Under the influence of economic recovery and lag effect of monetary circulation,liquidity in the whole society in2010will still be ample.And the levels of prices of goods and assets will increasein tandem,but the extent of rise of the former will be significantly lower than the latter.In2010, the aggregate credit is expected to shrink to7.2-7.8trillion,narrow money supply M1will grow 17.2%,M2will grow18.3%,CPI will grow2.4%,and GDP deflator will be2.9%.By2010,China will have no obvious inflation,and the upsurge of asset prices can become a major focal point.The core element in macroeconomic policies is to break through the“dilemma”and“effective policy coordination predicament”under multi-objective constraints by adopting the strategy of “moving forward for the sake of retreat”.Both strategies of“retreat for the sake of retreat”and “stability to promote retreat”will be insufficient to achieve the dual goals of“comprehensive economic recovery”and“smooth withdrawing of macroeconomic stimulus policies”.It may be China’s best choice in the immediate future to“move forward for the sake of retreat”,to maintain rather high growth rates,to adjust structure and to promote reform at high growth rate,as well as to seek the way for withdrawal in continuance.In macro-economic control,a relative weakening of “structural objectives”and“inflation targets”as well as a strengthening of“pace targets”will be an effective way to solve“effective policy coordination predicament”under multi-objective constraints.For2010,specific policy recommendations for the macroeconomic control are as follows:1.The substance of“moving forward for the sake of retreat”is not just a simple case of maintaining the current proactive fiscal policy and monetary policy,nor laying the foundation of continuous governmental rebound or acceleration,but a large-scale entrance of fiscal policy and monetary policy in support of mass-market demand,so as to set the stage for the recovery of market demand and the formation of endogenous growth mechanism,based on relatively stable government stimulus demand.Therefore,monetary policy in the future should go one step further to strengthen the infiltration of liquidity into the real economy,rather than prevent price recovery. Fiscal policies should be concentrated on all sorts of constructions of social security system,the reform of wage formation mechanism,people’s livelihood projects as well as public services, rather than infrastructure investment.Fiscal deficit,under the precondition of rising revenues in 2010,should not be reduced.Newly-issued aggregate credit will be no less than7.2trillion,when monetary policy maintains the normal growth of M2and M1at the same time.2.The current various types of projects under construction from government investment should be stabilized;there should be a modest restraint for new local projects and further investment expansion,avoiding large numbers of“unfinished projects”between2011-2012,which may be brought about by deterioration of local governments finances,worsening the structural problems. Investment in government-subsidized housing construction must be strengthened and implemented.3.It is opening up of industries and access adjustment,not capital guarantee and interest rate subsidies,that can become the principal factors for kick-start of private investment.At the same time,it should be restrained that large-sized state-owned enterprises further enter general competitive fields in the state of upsurge of profits and capital,to avoid an excessive situation that “the state-owned sector advances,while the private sector retreats”.4.Consumption rides on the construction of social projects and institution,rather than a simple one-time income growth.Thus,consumption policies in2009can be appropriately extended or partly expanded,but they should not be large-scale and comprehensive.Excessive stimulation of consumption policies could become a real obstacle to market consumption,leading to thepossibility of unnecessary fluctuations or social unrest brought by the withdrawal in the future. Consumption policies should be coordinated with the improvement of people’s livelihood projects, wage reform,social security system,as well as public services.5.It is necessary to be oriented by“investment leverage ratio”control,to be supplemented by interest rate regulation,and to constrain a bulge in asset prices that may appear in2010,in which the core tools include an appropriate increase of banks’capital adequacy ratio,restrictions on margin trading of stocks,demanding conditions for mortgage loans to non-government-subsidized housing,strict control on hot money inflows,as well as the differential adjustment of interest rates.6.The real estate market regulation is a major focal point of2010,and increasing supply is still the ultimate foothold of policy adjustments,but it is crucial to manage land supply and land hoarding.7.Although the issue of inflation should be weakened in2010,it is necessary to maintain a high degree of attention to the supply for some bottleneck industries and price changes of key products.8.A massive influx of hot money must be the focus of attention with regard to exchange rate adjustment and capital market management in2010.9.Trade policies should be relatively stable;it is inadvisable to publicly present policies to further stimulate export recovery;and policies of import and foreign investment should maintain the positive trend.10.Structural adjustment can be put forth in high profile strategically,but it should not be exerted excessively on macro-control in short term.“Excess production capacity”must be handled dynamically,and it is inappropriate to place undue reliance on incremental contraction and administrative planning to solve the problem of cyclical excess production capacity.Part I Overall Judgment and ForecastUnder the influence of powerful stimulus policies and inventory adjustment cycle,in2009,China’s macro-economy successfully rode out profound downturn since the third quarter of2008.Although the foreign trade situation is still grim,yet,led by the expansion of investment and consumption, the real economy showed signs of rebound surpassing expectations,inflation expectations began to rise,asset prices rapidly climbed,and macro-economy rebounded at a fast pace;as a whole, China’s overall macro-economy has been entering the transitional period from“policy-stimulating rebound stage”to“market-demand rebound stage”.In2009,macroeconomic rebound surpassing expectations has exhibited the following8features:1)All sorts of indicators,covering GDP,investment,consumption,industrial value added,fiscal revenue,enterprise profits,along with overall macro-economic climate index,etc.,have all revived by a large margin,far exceeding the expectations of economic entities at all levels;China’s macro-economic successfully rode out profound downturn under the impact of world economic crisis,and realized bottom-out rebound surpassing expectations.2)In aggregate terms,year-on-year GDP growth rate was soaring quarter by quarter,manifesting a “V-shaped”rebound momentum,but from the perspective of quarterly comparison,it presented a “V”plus“inverted V”shape;China’s macro-economy did not exhibit sustained acceleration for two or more consecutive quarters,and the volatility of quarterly growth indicates that the stimulus effects of China’s macro-economic policies have gotten through the phase of acceleration,and started to enter the phase of steady growth.3)In aspect of sector indices,the year-on-year growth rates of industrial value added,corporate profits,electric energy production capacity,fiscal revenue,as well as PMI,etc.have jumped into a higher gear,but on the one hand,due to the existence of structural variation in fiscal revenue, electric energy production capacity,trade surplus as well as PMI,etc.,and on the other hand,the aggregate amount was still at historically low level,the macroeconomic situation，reflected by the pick-up of year-on-year growth rates of these indicators,was different from the real one,and macroeconomic rebound strength should be smaller than that in these datum.4)In terms of economic growth factors,the diatheses are multiple of bottoming out and rebound surpassing expectations,caused not only by domestic demand expansion and inventory adjustment, but also by base effect,the core impetus of economic growth was still derived from policy stimulus rebound as well as inventory cycle adjustment,market-oriented spontaneous demand is still sluggish with strong locality and volatility,and the core indicator marking the full recovery–“the dynamic mechanism of market self-loop and self-driven endogenous growth”is still far from taking shape.China’s macro-economy lies in the transitional period from“policy-stimulating rebound stage”to“market-demand rebound stage”,with the specific properties of structural imbalance,dynamic instability as well as lack of interaction among growth factors,leading to its “volatility”and the possibility of substantial fluctuations of output gap.5)From the perspective of economic structure,under the dual effects of economic downturn and stimulation,such indicators as the proportion of external demand,of heavy chemical industries,and of the eastern regions,as well as energy consumption for unit GDP dropped dramatically,but most of these changes bear temporary and transitional characteristics;the leading rebound of China’sheavy industry,the continued downturn in downstream and in export industries signify that the structural problems would be further highlighted.6)Under the dual forces of extremely loose monetary policy and low infiltration of liquidity into real economy,asset prices took their great leap and the formation of a“positive feedback mechanism”where land prices and property prices rose in synchronicity would pose challenges to the sustainable revival in real estate market.7)Given such factors as the utmost expansion of currency,the leading rebound of China’s economy,as well as a rally in global commodity prices,China’s inflation expectations rose,and has brought a enormous impact on the macroeconomic recovery,while leading to the reversal of economic expectations.8)Although such factors as base effects and global economies’climbed out of the deep trough,etc., led to a great improvement of year-on-year growth rates of imports and exports since the fourth quarter of2009,yet,the rebound strength of import growth rate will significantly surpass the revival pace of export growth rate;China’s external demand situation will still remain relatively severe.The8major aspects outlined above explain that rebound surpassing expectations of China’s macro-economy has specific properties of“policy orientation”,“structural imbalance”,“dynamic instability”,“lack of interaction among growth factors”and“the volatility of general direction”as well as other features,and in the future China’s macro-economy will experience the following changes:1)An adjustment model of“double-W-round move”.Under the influence of multiple factors such as the inherent inertia in the economy,sustained policy incentives and the rebound of world economy,China’s macro-economy will continue the growth trend in2010,but from the perspective of economic cycles,China’s macro-economic adjustment is very likely to manifest a“double-W-round move”model,that is,from the point of view of year-on-year GDP growth rates,China’s macro-economy will be“V-shaped”in the short term,but in the medium,it is“W-shaped”.Though it is impossible that China’s macro-economy will“once again explore its depths”in2010,under the effect of accumulated internal contradictions,there will be strong medium-term downward force in the period of2011-2012;from the point of view of quarterly growth rates,China’s macro-economy will show a“W-shaped move”model in2008-2010,with endogenous and sustained acceleration forces yet unformed,and a strong fluctuation trend in output gaps.2)Entering into the“dilemma”.In2010China’s macro-economy will enter a crucial stage of transformation with regard to the dynamic mechanism of economic growth,and the full transition from“policy-stimulating rebound stage”to“market-demand rebound stage”determines that China’s macro-economy and policy options will be likely to enter a“dilemma”predicament in 2010.On the one hand,the continuation or further amplification of incentive policies is very likely to bring about short-term rapid recovery and economic overheating,but it may result in suppression by policy-driven rebound over the cultivation of market recovery forces;internal contradictions in the investment-driven growth model will be increasingly intensified,structural problems and overcapacity will further deteriorate,leading to,in the medium term,unsustainable macro-economy and even to“once again exploring its depths”.On the other hand,simply taking theretreat policies will lead to the sharp contraction of policy-stimulated demand and the breach of market dynamic mechanism which was partial,just started and has not formed self-recycle,making macro-economy“once again explore its depths”in the short term.Therefore,how to get rid of the “dilemma”and avert macro-economy“once again exploring its depths”in the short or medium term will be the focus of testing macro-economic policy combination and rhythm of policy implementation in2010.3)“Decision-making in dilemma”becomes more prominent in various fields at the same time.The “dilemma”situation is also embodied in the following aspects:first,the conflict between heavy-industry-led economic recovery and strengthening of structural adjustment efforts;second,the dilemma between jobless recovery and stimulus programs aimed at increasing employment;third, the conflict between further stimulating exports leading to its rapid recovery and adjusting imbalances;fourth,the conflict between the real estate industry as the people’s livelihood industry and as an economic pillar industry;fifth,the conflict between land for the real estate industry as the core source of financial revenue for local governments and land the as the basis of agriculture for the central government;sixth,the conflict between“stock adjustment”and“incremental adjustment”in the structural adjustment process;seventh,the dilemma in the adjustment policy of exchange rates between“depreciation”and“appreciation”;eighth,the dilemma of monetary policy which was“double kidnapped”by mid-and long-term investment projects and local governments between“quantity-oriented withdrawal”and“price-oriented withdrawal”;ninth,the conflict between“long”and“short”in the independent implementation of strategic adjustment in the short term tactical level.4)The“effective policy combination predicament”under multi-objective constraints may be confronted.Under the constraints of multiple objectives such as“sustained growth”,“structural adjustment”,“expanding domestic demand”,“promoting people’s livelihood”,and“managing expectations”,China’s macro-economic policies are likely to face the dilemma where policy mix cannot realize an“effective combination”;objectives of macro control must be readjusted,in which some must be weakened,while some must be discarded.5)To“move forward for the sake of retreat”might be the best way.It is the core mission for China’s macro-economy,during the full transition period from“policy-stimulating rebound stage”to“market-demand rebound stage”,to break through current“dilemma”and“effective policy combination predicament”under multi-objective constraints.Current fragility of China’s social structure,the rigidity of its economic structure,and the long-term nature of structural adjustment determine that current strategies of“retreat for the sake of retreat”,“stability to promote retreat”worshipped by the academic circle will not achieve the dual goals of“comprehensive economic recovery”and“smooth withdrawing of macroeconomic stimulus policies”.It may be China’s best choice for the immediate future“to move forward for the sake of retreat,to maintain rather high growth rates,to adjust structure and to promote reform at high pace,as well as to seek the way for withdrawal in continuance”.Therefore,a relative weakening of“structural objectives”and “inflation target”as well as a strengthening of“speed target"will be an effective way to solve “effective policy combination predicament”under multi-objective constraints.Based on the judgments,as described above,this report sets the following main exogenous parameters:(1)in2009,the central government’s financial budget deficits are75billion yuan;and(2)in2009,the average rate of exchange between RMB and USD is6.60:1.According to the Renmin University Macroeconomic Analysis and Forecast model(CMAFM model),dividing annual forecasts of the state of China’s2009and2010macroeconomic operations,the main findings are as follows:1)Annual GDP growth rate in2009reaches8.57%,sliding0.43percentage points compared with 2008,and the target of“sustaining8%growth”will be achieved.In2010,under the effects of continued rebound of the secondary and tertiary industries,annual GDP growth rate will continue to rise,with an annual growth rate reaching9.42%.2)In2009,the growth rate of nominal investment in fixed assets of the whole society will reach 33.4%,7.9percentage points higher compared with2008.In2010,due to the base effect and policy adjustments,the nominal growth rate of investment in fixed assets by the whole society will be somewhat lower compared with2009,reaching24.5%,but due to the rebound in re-inventory investment,the contribution by investment to GDP growth will increase year on year.3)In2009,the nominal growth rate for retail sales of social consumer goods will attain15.6%, down6percentage points compared to2008,but after deducting price factors,the actual growth rate will be up by0.6percentage points.In2010,under the effects of rebound in consumer confidence,continuation of stimulus policies for consumption,income policy reforms,as well as the upgrading of absolute income and other factors,the nominal growth rate of retail sales for social consumer goods will continue to increase,reaching18.2%,but after deducting price factors,the actual growth rate of consumption will decline slightly compared with2009.4)In2009,the annual total trade volume is estimated to have declined by14.5%,with imports falling by12.5%,and exports by16.1%;trade surplus will be208billion U.S.dollars,decreasing by87.4billion compared with2008.In2010,under the effects of world economic recovery, commodity price rises,readjustment of exchange rate relations,continuing of trade frictions and of China’s economic rebound,import and export growth rates will be improved,but the absolute level will remain low,;the total trade volume will increase by11.3%,with imports growing by13.3%, exports by12.2%,and trade surplus will rebound slightly.5)In2009,influenced by the rapid expansion of the total credit in the first three quarters,and moderate contraction in the fourth quarter,the total credit throughout the year will exceed10 trillion,with M2growth rate at24.8%,and M1at26.6%.In2010,under the constraints of capital adequacy ratio in the banking system,credit inertia and policy adjustments and multiple factors,the total credit will shrink to7.2-7.8trillion,but the liquidity will still be abundant,with narrow money supply M1growing by17.2%,and M2by18.3%.6)In2009,under the influence of multiple factors such as overcapacity,carryover effect,money supply rises as well as low-level recovery in international commodity prices,the annual price level will manifest steady uplift under low levels,with annual CPI estimated at-0.7%,and GDP deflator index at-2.5%.In2010,under the effects of such factors as the lagged effect of monstrous augmentation of money supply in2008,increase of infiltration by liquidity into real economy, acceleration of monetary circulation,continued recovery of international commodity prices, rebound of the real economy and continued pick-up of oil prices,inflationary pressure will increase; but influenced by factors such as overcapacity,the slow recovery in world economy,Table 120020099Economic I ndicator F orecast orecastss A cross V arious Items Data source:National Bureau of Statistics of China,and School of Economics,Renmin University of China.autumn grain harvest,as well as reservoir effects of financial markets,CPI growth rate will reach2.4%,and GDP deflator index will be 2.9%,cushioning China from obvious inflation problems.Part II 2009China China’’s M acro-economy in R ebound S urpassing E xpectations and its N atureA.Ten P erformances of R ebound S urpassing E xpectationsIn 2009,China’s macro-economy manifested rebound surpassing expectations under the influence of the “stimulus policy package”.A variety of factors,covering a large-scale government investment,monstrous credit lending,a wide range of industrial restructuring and revitalization,large intensity of scientific and technological investment,and substantial construction programs of social security,have helped China’s real economy to top the list of countries bottoming out of world economic crisis,with its economic growth rate surpassing by 2.2percentage points over theIndicators20082009Forecast 2010Forecast 1.GDP growth (%)9.08.579.42Amongthese Value added by Primary Industries (%)5.5 5.1 4.9Value added by Secondary Industries(%)9.39.110.2Value added by Tertiary Industries (%)9.58.99.72.Social Investment in Fixed Assets 172291(25.5%)229840（33.4%）286380（24.6%）Social Consumer Goods Turnover 108488(21.6%)125410（15.6%）148240（18.2%）3.Exports (100million USD)14285(17.2%)11990（-16.1%）13450（12.2%）Imports(100million USD)11331(18.5%)9910（-12.5%）11230（13.3%）4.Growth Rate of Quantity of the NarrowMoney Supply M1(%)9.126.617.1Growth Rate of Quantity of the BroadMoney Supply M2(%)17.824.818.35.Consumer Price Index Rate of Increase (%)5.9-0.7 2.4GDP Deflator Index Rate of Increase (%)7.8-2.5 2.9China’’s GDP Rebound Surpassing ExpectationsFigure1ChinaData source:National Bureau of Statistics of China,and School of Economics,Renmin University of China. average estimated level forecasted by14domestic and international prominent institutions at the end of2008,and successfully achieved the expected growth target stipulated by the government. The rebound surpassing expectations is collectively manifested the following10aspects:rapidly ly make up for the gap I.D riven by investment and consumption,domestic demand will rapiddemand;;year-on-year GDP growth will pick up quarterly by caused by decline in external demandquarterly,,and the annual level is expected to reach8.56%.quarterlyAmong them,consumption will propel4.1percentage points,with its contribution rate of47.9%; investment will propel7.4percentage points,with its contribution rate of86.4%,while the net exports will slash-2.94percentage points.ies ies,,investment in fixed assetspoliciesII II..Under the support of expansionary credit and fiscal policChina’’sblowout””,and has become the core of Chinabottom-out,,and blowoutexhibitexhibited ed a momentum of“bottom-outrebound;;its annual growth rate will reach33.4%33.4%,,and its contribution rate macroeconomic reboundto GDP growth will reach86.4%.Among the sources of funds for investment in fixed assets,the accumulated growth rate of government budget funds from January to October reached76.3%,hitting a new record high since 1997;the accumulative growth rate of government loans from January to October reached49.2%, second only to the level of the same period in2003;and corporate self-raised funds almost increased by32.9%,more or less at the same level of2002-2003,while the accumulated growth rate of their own funds from January to October was only10.1%,signifying that most of the funds came from other sources.Table 2Division of Propelling Factors of China China’’s GDP Growth in 2009Data source:National Bureau of Statistics of China,and School of Economics,Renmin University of China.Figure 2G rowth R ate ates s and S tructure of China China’’s F ixed A sset I nvestment F und S ources (%)Data source:National Bureau of Statistics of China,and School of Economics,Renmin University of China.III.U nder the influence of consumer polic policies ies and hierarchical effect effectss of income levels,consum consumption ption has leapt against the general trend and maintain maintaineded at a high degree;the ac accumulative cumulative annual growth rate is estimated at 15.6%,and actual growth rate at 17.1%17.1%,,with its contribution rate to the GDP at 47.9%,becoming the second core element of China China’’s domestic demand expansion.1st Quarter1st to 2nd Quarter 1st to 3rd Quarter 1st to 4th Quarter Rate of Propelling byConsumption3.7 3.84.0 4.1Rate of Contribution60.7%53.5%51.9%47.9%Rate of Propelling byInvestment2.9 6.27.37.4Rate of Contribution47.5%87.3%94.8%86.4%Of which:Inventoryinvestment factors-5.1-3.3-2.2-1.9Rate of Propelling byNet Exports-0.5-2.9-3.6-2.94GDP Real Growth Rate 6.17.17.78.56。
3篇关于《个人理财与规划》的英语四级作文
作文1：Importance of Personal Financial ManagementPersonal financial management plays a crucial role in achieving financial stability and long-term security. It involves effective budgeting, saving, and investment strategies to meet financial goals and handle unexpected expenses. By managing income wisely and prioritizing expenditures, individuals can build a strong financial foundation and plan for a secure future.One key aspect of personal financial management is creating a budget to track income and expenses. This helps individuals identify areas where they can cut costs and allocate funds towards savings and investments. Additionally, cultivating the habit of saving a portion of income regularly can provide a financial safety net and prepare for future financial goals.Furthermore, understanding the basics of investment and diversifying the investment portfolio can help individuals maximize their financial assets and generate long-term wealth. It is essential to assess risk tolerance and seek professional advice when venturing into investments to make informed decisions.In conclusion, personal financial management empowers individuals to take control of their financial well-being and work towards achieving financial independence. By practicing prudent financial habits and making informed financial decisions, individuals can build a secure financial future for themselves and their families.翻译：《个人理财的重要性》个人理财对实现财务稳定和长期安全起着至关重要的作用。
投资、储蓄与中国经济增长：宏观视角与国际比较
投资、储蓄与中国经济增长：宏观视角与国际比较一、投资与中国经济增长1. 当前投资环境与机遇2. 投资结构优化对经济发展的影响3. 投资创新推动经济转型与升级4. 投资与消费结合的新经济增长模式5. 投资对于实现经济可持续发展的重要性投资是推动经济增长的重要因素之一。
从宏观视角来看，随着中国经济社会发展的不断深入，投资的环境与机遇也随之发生了变化。
中国当前宏观经济发展形势总体稳定，各类投资项目纷纷涌现，投资市场对于投资人来说是充满机遇的。
同时，经历了多年的高投资增长周期，中国经济也面临投资增长放缓的压力，如何优化投资结构，推动投资创新，成为当下中国经济发展阶段的重要课题。
从投资结构的角度来看，政府应重视和加强基础设施建设等长线投资，同时注重技术创新、产品服务等中长线投资领域的支持，以提高投资的品质和效益。
对于企业来说，应该注重转型升级和新技术、新产业的投资，以适应市场变化和需求，同时整合资源，促进企业联合和合作。
在资本市场方面，应进一步完善投资机制、信息透明度和信用评级等制度，确保市场的公平和良性发展。
此外，投资、消费作为经济增长的两个重要组成部分，如何将二者结合起来，探索新的增长模式，也是当下中国经济发展的重点之一。
新经济模式包括共享经济、智能制造、互联网+等，这些模式既能够满足消费者日益增长的需求，也能够提高企业的生产效率和经济效益，对实现经济可持续发展具有重要意义。
二、储蓄与中国经济增长1. 储蓄率对经济增长的影响2. 储蓄与投资之间的关系3. 家庭储蓄与消费升级4. 储蓄结构调整的作用5. 储蓄与社会保障互动发展中国储蓄率长期处于较高水平，储蓄在中国经济发展中具有重要作用。
从宏观经济角度来看，储蓄率会直接影响经济增长。
通过对比国内外经验，可以发现较高的储蓄率有助于维持高投资率和高经济增长率。
同时，负债率过高或短期债务偏多，会影响经济增长并增加风险。
就储蓄与投资之间的关系而言，由于中国储蓄率较高，资本市场还不够发达，因此，投资对经济发展的拉动作用仍然依赖于储蓄的支持。
投资、储蓄与中国经济增长宏观视角与国际比较
投资、储蓄与中国经济增长：宏观视角与国际比较Investment,Saving&Growth in China’s Economy:Macroeconomic Perspective&International Comparison郑超愚中国经济在体制改革、对外开放与经济发展三重协同转型，已经奠定高经济增长与低通货膨胀的制度和技术基础。
面临高储蓄倾向的国民收入分配结构下，中国宏观经济政策设计应该遵循凯恩斯主义研究路线，从有效需求视角给出中国经济增长与波动的经济学解释，重视资本积累对长期经济增长的积极作用，建立以投资需求为轴心的需求管理政策体系，通过增加国内投资需求实现高储蓄向高投资的有效转化，促进持续快速的经济增长和可持续的国际收支平衡。
一投资过度、贸易顺差、流动性过剩中国经济从2002年起进入本次经济周期的扩张阶段，在完成从经济萧条到经济繁荣的周期形态转换后强劲扩张，连续4年实现10%以上的实际GDP增长速度。
2006年以来，中国经济在保持高经济增长与低通货膨胀良好配合格局的同时，呈现固定资产投资增长过快、国际贸易顺差过大以及银行体系流动性过剩的“三位一体”问题，对于其形成机制的主要分析方法存在着结构主义与货币主义的类型区别。
结构主义分析方法认为，在国有企业和地方政府的投资决策中，仍然残余超越利润动机和成本收益核算的计划经济因素；受不完善的市场机制局限，非国有企业投资无法在经济繁荣时期避免过度乐观、盲目从众或者短期投机的非理性行为。
中国投资的非均衡性主要表现为投资效率低下条件下的过度投资行为。
结构主义分析方法强调国有企业与地方政府的投资扩张冲动，从非理性的固定资产投资规模膨胀起始，描述中国宏观经济运行的链式作用过程：“投资规模增加→国内供给能力增加（超过国内吸收能力）→净出口增加（吸收国内供给能力）→外汇储备增加→货币供应增加→信贷规模增加→投资规模增加→…”；相应地，结构主义分析方法提出控制固定资产投资规模的基本政策主张。
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Canadian Social Science ISSN 1712-8056 Vol.5 No.6 2009 Canadian Academy of Oriental and Occidental Culture12/31/2009 E-mail: css@; caooc@Analysis on Correlation between PersonalFinancial Investment and MacroeconomicDevelopment in ChinaANALYSE SUR LA CORRELATION ENTRE L'INVESTISSEMENT FINANCIER PERSONNEL ET LEDEVELOPPEMENT MACROECONOMIQUE EN CHINELU Ye-ting1DENG Jin2Abstract: This paper summarizes the variation characteristics of personal investmentselection in China and analyses the correlation between personal financial investmentselection and macro financial economic development. The result indicates thatChinese residents’ personal financial investment is greatly associated with GDP,price of commodities and interest rates but slightly with employment rate.Key words: personal finance; investment selection; macroeconomy; correlationRésumé: Le présent article résume les caractéristiques des variations du choix del’investissement personnel en Chine et analyse la corrélation entre le choix del'investissement financier personnel et le développement macroéconomique et financier. Le résultat indique que l'investissement financier personnel des résidentschinois est étroitement lié avec le PIB, les prix des produits et les taux d'intérêt, maislégèrement avec le taux d'emploi.Mots-clés : financement personnel; choix de l’investissement ; macroéconomie;corrélationWith the rapid national economic growth and remarkable improvement of people’s living standards in the past 30 years since the reform and opening up, total financial assets held by Chinese residents have increased significantly. By the end of 2007, total personal financial assets have reached RMB27.07 trillion in China, among which savings deposits account for 65.9%, stock investment 11.2%, cash holdings 9.2%, treasury bonds investment 3.4%, and insurance and other assets 10.3%. Meanwhile, with large issuance of treasury bonds, establishment and development of stock market and orderly expansion of insurance business, China’s personal financial assets structure preliminarily presents a tendency of1 Department of Finance, Wuhan University, Wuhan, China.2 Department of Finance, Wuhan University, Wuhan, China.* Received 11 September 2009; accepted 28 November 2009115diversified development. 31. CHARACTERISTICS OF PERSONAL FINANCIAL ASSETSIN CHINAAccording to Table 1 and Figure 1, it can be seen that residents’ personal financial assets structure presents a preliminary tendency of diversified development. In term of absolute quantity of assets, deposits still account for a large proportion of residents’ investments. However, deposit growth rate remains negative. It indicates that the position of deposits in personal investment structure drops year by year. In contrast, capital increment rate of risks investment, typically equity, rises in successive years. It indicates that personal investment is increasingly active and that residents have a strong desire to select or hold high-yield risk assets.2. RELATION BETWEEN PERSONAL FINANCIAL ASSETSAND CHANGES IN GDPExpansion of total financial assets and optimization of financial assets structure boost economic growth. Statistic data shows that China’s total personal financial assets amount to RMB37.6 billion in 1978 and surge to RMB27.07 trillion by the end of 2007. Such expansion contributes to the aggregation and concentration of capital, promotes the realization of modern mass production operation and realizes benefits from economies of scale.It shows that the proportion of cash held by Chinese residents presents a downtrend. Nevertheless, considering the relatively obstructed financial investment channels and inadequate social security system, Chinese residents tend to hold fixed deposits as security and investment products for a long time. Therefore, fixed deposits contribute an overwhelming majority of personal financial assets, and the amount of fixed deposits presents slight variation. For example, Chinese residents’ deposit proportion has remained up to 65.9% by the end of 2007. After 1999, coupon rate of treasury bonds issued by the government is increasing close to bank deposit rate over the same period. Treasury bonds’ attraction to the residents drops. Therefore, the proportion of treasury bonds held by Chinese residents presents a rise after fall, fluctuation generally ranged from 3% to 9%. The proportion of risk investment represented by stocks remains a single digit before and after 2007. In 2007, high-yield rate of stocks resulted in the surged proportion of capital invested to stock market by residents up to 11.2% for a time. In term of insurance investment, it developed from nothing and remained an uptrend, ascribed to Chinese residents’ increasingly strong awareness of insurance. In 2007, insurance investment accounts for 10.3% of the residents’ total financial assets.We conducted correlation study on the basis of GDP data from 1978 to 2007 and proportions of various kinds of personal financial assets held by Chinese residents and concluded as specified in the 1st line of the Table 2. Analysis shows that there is strong correlation generally reflected between the proportions of various kinds of personal financial assets held by residents and GDP. In particular, the correlation between cash proportion and GDP is negative while the correlation between risk assets and GDP is positive. It indicates that, with the economic development, the proportion of risk assets like securities and insurances held by residents rises continuously but proportion of cash holdings presents a downtrend. Besides, alternative variation appears between cashing holdings and risk assets investment.3 All the data in the paper is from The Yearbook of the Chinese Economy, and The Yearbook of the Chinese Finance. from 1990 to 2008.1163. RELATION BETWEEN FINANCIAL ASSETS AND PRICEOF COMMODITIESWe analyzed the variation of stock investment among the various kinds of selection of personal financial assets, and variation of price of commodities in the same chart as showed in Figure 2. Statistic data shows that rate of stock returns is high in 1997, 2000 and 2006-2007. Capital from stock investment presents a sharp rise. During these periods, residents spend less capital subscribing stocks. According to the chart, the share of stock investment generally fluctuates in the same direction of price of commodities. For example, when stock market reaches its peak in 2007, substantive savings deposits are transferred into stock market. Rise in stock price keeps in line with that of commodity price.In correlation analysis, we have employed consumer price index (CPI) to compare with cash proportion, bank deposit proportion and rick assets proportion respectively and concluded the following results as shown in the 2nd line of the Table 2.Analysis indicates that investment proportion of personal financial assets and CPI on the whole present strong correlation. In particular, correlation of cash proportion and CPI is highly negative but that of risk assets and CPI is strongly positive. It indicates that, with the pickup in price, Chinese residents are likely to hold more high-yield risk assets including bonds, stocks and insurances. The proportion of cash holdings presents a downtrend. In this way, the maintenance and appreciation of value of their financial assets can be guaranteed. It indicates that in the course of macroeconomic changes, Chinese residents no longer ensure the safety of assets merely by means of bank deposits. During the selection of financial assets, individual’s behavior tends to be rational.4. RELATION BETWEEN PERSONAL FINANCIAL ASSETSAND EMPLOYMENTLet’s take the relation of stock investment among various kinds of selection of personal financial assets and employment for example. According to Figure 3, urban unemployment rate in China is around 3.1% in 1996-2000. It can be seen that rallied stock market doesn’t have great impact on the unemployment rate. It can be ascribed to the state-owned enterprise reform and soared figure of laid-off workers, partially offsetting the impact of stock market. It can be seen from the figures after 2001 that there is slight correlation between capital invested into stock market by residents and unemployment rate.Taking unemployment rate as explanatory variable and the proportions of cash, bank deposits and risk assets in the residents’ financial assets structure as explained variables; we analyzed the correlation as shown in the 3rd line of the Table 2.The result shows that unemployment rate has slight correlation with cash, bank deposits and risk assets in residents’ financial assets structure. In particular, cash proportion and unemployment rate present highly negative correlation. It indicates that investors’ demand on risk assets will decline and that investors are prone to hold cash in case of high unemployment rate, unstable income and increased income risk.5. RELATION BETWEEN PERSONAL FINANCIAL ASSETSAND INTEREST RATEAccording to Figure 4, it can be seen that China’s benchmark interest rates for deposits and loans present a downtrend in 1996-2002. One-year deposit interest rate decreases to 1.98% from 9.17%. One-year loan interest rate decreases to 5.31% from 10.98%. From 2004, benchmark interest rates for both deposits and loans present an uptrend, up to 4.14% and 7.47% respectively.Benchmark interest rate cut is for the purpose of stimulating the all-time high resident deposits to117flow into consumer domain and the real economy. Resident deposits account for a large proportion of total personal financial assets in China for a long time. Residents’ financial claim is mainly against commercial banks. Commercial banks become debtors that concentrate huge household debts, with highly centralized financial risks and substantial risk potential. High deposits mean low consumption level. Decline of residents’ consumption propensity not only partially offsets the impact of expanding investment on fueling economic growth but also influences the growth of ultimate consumer demand. In 1996-2002, the Central Bank cuts benchmark interest rates for deposits and loans many times for the purpose of lowering banks’ possible business risks and concurrently expanding consumer demand, broadening the channel for transferring deposit investment and spurring economic growth.Since 2005, China’s economy has kept a good momentum of development featured with rapid growth and sound economic return. However, the incipient tendency of inflation appeared. To control the overheated economy and retard the excessive growth of investment for the sake of bringing down the price, China has implemented rate hike since August, 2006. Take the year 2007 for example, consumer price index continued to rise under the influence of structural factors such as food and energy, which gives rise to the increasingly high inflationary pressure. Facing this situation, the Central Bank continuously raised benchmark interest rates six times. The year 2007 becomes the year when the Central Bank adjusted interest rate most frequently in the recent years. After the breakout of subprime crisis in 2008, China stimulates domestic economic development by means of cutting rates. Currently, China’s interest rate has fallen back to the level before rate hike in 2006. One-year deposit benchmark interest rate provided in financial institutes is 2.25%.In correlation analysis, we have employed data of interest rate from 2001 to 2008 to compare with cash proportion, bank deposit proportion and rick assets proportion respectively and concluded the following results as shown in the 4th line of the Table 2.The data shows that during 2001-2008, one-year deposit benchmark interest rate has strong correlation with cash, bank deposits and risk assets respectively. However, correlation coefficients between interest rate and the proportions of both cash and bank deposits are negative. Correlation coefficient between interest rate and the proportions of risk assets investment represented by stock is negative. It indicates that with the increase of interest rate (generally due to the rising inflationary pressure), residents are prone to hold high-yield stock assets to resist inflation risks. Without doubt, the increase in the proportion of stock investment contributed by Chinese residents has much to do with the bull market appeared in 2005. It also indicates that Chinese residents hold rational attitude when they select financial assets structure.According to the above analysis, it can be clearly seen that, with the rapid national economic growth, total financial assets held by Chinese residents have increased significantly accompanied with diversification tendency of personal financial assets structure. There is an interactive relation increasingly presented between personal financial assets selection and macro financial economic development. Comparatively speaking, in China, personal financial assets selection has close relation with GDP, price of commodities and interest rate variation but weak relation with employment rate.118119FIGURES-0.200.20.40.60.81Figure 1: Comparison on increment rate of financial assets held by Chinese residents (1996-2007)0.050.10.150.20.250.3199619971998199920002001200220032004200520062007Figure 2: Variation of stock investment and price of commodities 40.10.20.30.40.5199619971998199920002001200220032004200520062007Figure 3: Urban unemployment rate and increment rate of stock investment4For the sake of comparison, consumer price index (CPI) is reduced by 400 times12000.020.040.060.080.10.121996.05.011997.10.231998.07.011999.06.102004.10.292006.08.192007.05.192007.08.222007.12.21Figure 4: Central Bank’s adjustment on benchmark interest rateTABLESTable 1: Financial assets and proportions held by Chinese residents (1996-2007) Unit: trillionyuanYear CashDepositBondStockInsurance Total1996 783.1 13.5% 8515.2 75.9% 1084.9 5.3% 305.7 4.4% 127.29 1.0% 10816.3 1997 1221.6 13.0% 7496.0 73.7% 1813.9 7.2% 858.2 4.9% 278.2 1.2% 11668.0 1998 850.8 11.9% 9257.1 73.7% 1372.1 7.8% 765.5 5.1% 298.3 1.4% 12544.0 1999 1868.6 12.4% 7280.5 71.8% 1531.3 8.5% 875.4 5.4% 572.9 1.9% 12128.6 2000 993.7 12.0% 6609.9 70.4% 770.0 8.3% 1527.5 6.4% 1247.0 2.9% 11148.0 2001 873.9 11.3% 9973.3 70.6% 711.3 7.9% 1143.9 6.6% 1156.0 3.6% 13858.3 2002 1319.1 10.7% 14251.7 71.1% 463.5 7.1% 635.7 6.1% 2543.1 5.0% 19213.1 2003 2048.0 10.4% 16560.0 71.4% 443.0 6.3% 681.0 5.7% 3036.0 6.2% 22768.0 2004 1434.2 10.0% 15678.2 71.9% -739.5 5.2% 717.0 5.4% 3515.8 7.5% 20605.8 2005 2127.5 9.7% 21023.3 72.3% 98.8 4.5% 655.5 5.0% 4201.6 8.5% 28106.7 2006 2524.0 9.3% 21284.0 70.9% 410.0 4.0% 5607.0 6.6% 4365.0 9.2% 34190.0 2007 2741.0 9.2% 10407.0 65.9% -236.0 3.4% 14572.0 11.2%6221.0 10.3% 33705.0Table 2: Correlation between variationsProportion of cashProportion of bank depositsProportion of risk assetsGDP -0.778862 0.224091 0.855100 CPI -0.919567 0.4103850.871361 Unemployment rate -0.330261 0.0982780.027407 Interest rate - 0.628463 - 0.496697 0.650864。