201 2 /0 3 / 09

2. China’s New Growth Targets Year of the Tortoise China Seeks (Slightly) Slower Growth http://www.economist.com/node/21549977 http://news.163.com/12/0305/09/7RQSVFSV00014JB5.html 2012/03/09 Presenter: 商 露 071011109 Group members: 邱阿婵 0903012302 张冬金 0903012315

3. The annual meeting of the National People’s Congress (NPC) draws almost 3,000 delegates to Beijing to listen to the Chinese government’s progress reports,rubber-stamp its proposals—and advance its goal of boosting consumption.

4.  But if this year’s meeting lifted the fortunes of Silk Street stallholders, it dampened the animal spirits of others. They were perturbed by the opening speech, in which Wen Jiabao, China’s prime minister, set a growth target of just 7.5% for 2012. That is half a percentage point lower than the target set in the previous seven years.

5. It is also below the 8% threshold deemed necessary to preserve social stability by some officials. His announcement was received badly by the region’s stock-markets, especially in Australia, which is getting filthy rich selling its dirt (iron ore, coal, minerals) to China’s fast-expanding industries.

6. A shift to less capital-intensive growth, if it were to happen, would be bad news for commodity exporters like Australia and good news for China’s neglected service industries, retailers included. In the meantime, Silk Street shopkeepers can be forgiven for caring more about the delegates’ patronage than their proposals.

7. WORDS AND EXPRESSIONS tortoise 乌龟，指行动缓慢 eg: The peace process has been moving at the speed of a tortoise. “和平进程的进展简直就是龟速, ”谈判人员艾瑞卡特说。 rubber-stamp不经审查就批准 eg: They rubber-stamped his design without serious discussion. 他们对他的设计没有认真讨论就官样文章地加以批准了。 animal spirits 生气勃勃 eg: If animal spirits flagged or liquidity-preference surged, the pace of investment would falter, with no obvious market force to restore it. 如果企业家丧失动物精神或流动性偏好上升，投资将步履蹒跚，且没有明显的市场力量使其恢复。

8. dampen使沮丧，使消沉 eg: Disability, however, has not dampened the earthquake victim‘s hunger for learning. 然而，残疾并没有阻挡这位地震幸存者对学习的渴望。 threshold 门槛, 临界值 eg: On a fully diluted basis, the threshold would be closer to $145 a share. 在完全稀释基础上，这一门槛将更接近每股145美元。

9. capital-intensive growth资本密集型的增长 eg: China‘s growth has been capital-intensive and exports-led. 中国的增长是一种资本集约和出口导向型的增长。 patronage: 赞助；光顾；任免权 eg: Mr Medvedev has depended entirely on Mr Putin's patronage throughout his short career. 梅德韦杰夫先生在他短暂的事业中已经完全依靠普京先生的支持。

10. Background 我国GDP预期增长目标八年来首次低于8% 国务院总理温家宝５日向十一届全国人大五次会议作政府工作报告时提出，２０１２年国内生产总值增长７．５％。这是我国国内生产总值（ＧＤＰ）预期增长目标八年来首次低于８％。 回顾以往，２００４年我国曾将ＧＤＰ预期增长目标定为７％，自２００５年开始，这一预期目标连续七年被确定为８％。

11. 对于这一预期目标的调整，温家宝解释说，主要是要与“十二五”规划目标逐步衔接，引导各方面把工作着力点放到加快转变经济发展方式、切实提高经济发展质量和效益上来，以利于实现更长时期、更高水平、更好质量发展。 十一届全国人大四次会议批准的“十二五”规划纲要确定，今后五年国内生产总值年均增长７％。而在“十一五”规划纲要中，这一预期增长目标被定为７．５％。而“十一五”期间我国ＧＤＰ年均实际增速为１１．２％。

12. THANK YOU