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1、SlowingEconomyPromptsCallsforReformsWhoeverseesthehalf-yearreportonChina’seconomy,whethertheybepolicymakersoreconomists,wouldnotviewthefiguresasaglowingresultfortheworld’ssecond-largesteconomy.TheGDPdatainthesecondquartertookChineseeconomicgrowthinthefirstsixmon
2、thsto7.8percentyearonyear,whichstillsurpassedthegovernmenttargetof7.5percentforthefullyear.Tosomeanalysts,theslowestgrowthpaceinthreeyearsshowedChinaisfacingincreasedrisksofahardlanding.ButShengLaiyun,thespokesmanfortheNBS,saidthe7.6-percentratewas“afairlygoodsp
3、eed”comparedwithothermajorworldeconomies,andhewas“fullofconfidence”abouttheprospectsofChina’seconomy.OptimistsconsidertheChineseeconomybottomedoutinthesecondquarter,butthecountrystillneedstocontinuereformstosolveproblemsthat6makeitscurrentdevelopmentpatternunbal
4、anced,uncoordinatedandunsustainable.“ChinamustensureitsGDPgrowthdoesnottodropbelow7percent,otherwisehighunemploymentandotherdeeply-rootedsocialproblemswillemerge,”saidWeiJie,aprofessoratTsinghuaUniversitySchoolofEconomicsandManagement.However,Weihimselfopposedan
5、ymassivestimulussuchasthesizeofthe4trillionyuan(634.92billionU.S.dollars)in2009tostabilizegrowthintheworld’ssecond-largesteconomysincethebailoutoftheeconomythroughmassivestimulus“willonlypostponeproblemsandmisstheopportunitytorestructuretheChineseeconomy.”Respon
6、dingtothecurrenteconomicslowdown,theStateCouncil,orChina’sCabinet,adoptednewmeasuresencouragingprivatecompaniestoinvestinsectorssuchasbanking,energyandtransport—whicharecurrentlydominatedbystate-ownedcompanies.ThePeople’sBankofChina(PBOC),thecentralbank,evenanno
7、uncedasurpriseratecutstwicein6amonth,slashingthebanks’benchmarkone-yearborrowingandlendingratesby50and56basispoints,respectively.PanXiangdong,chiefeconomistwithGalaxySecurities,saidtheslowingGDPgrowthhasoutweighedinflationasthetopconcernforChinesepolicymakers.To
8、stabilizegrowthintheshortterm,Pansaid,Chinaneedstorelyoninvestmentagain,asexportsareeasilyaffectedbythesluggishexternaldemandwhileasignificantincreaseinconsumptionwil
