The wall is starting to crack 英汉对照

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1、Thewallisstartingtocrack.Foryears,Chinahasmadeittoughforcapitaltoflowtoandfromitseconomy,thesecond-largestintheworld.Now,thegovernmentinBeijingisforgingaheadwithacampaigntobringtheyuanontotheworldstageandbreachesareappearinginthatformidablefinancialbarrie

2、r.Ayuanthat'smorewidelyusedininternationaltradeandinvestmentcouldeventuallychallengethedollar'ssupremacy,correctsomeoftheimbalancesthatplaguetheChineseandglobaleconomy,andforceaprofligateU.S.tolivewithinitsmeans.Itwon'tbeaneasytransition.Therearepowerfulv

3、estedinterestsinChinathataresatisfiedwiththestatusquoandwilltrytoputthebrakesonanyreformeffort.ButthechangesChinahasmadesofarhavegeneratedmomentumbothathomeandinternationallyandmayprovetoostrongtoresist.Formorethanadecade,China'sclosedcapitalaccounthasbee

4、nadefiningfeatureoftheglobaleconomy.Ithasinsulatedthemainlandfrominternationalcapitalflows,enablingChinatorideouttheAsianfinancialcrisisin1997andleavingitsbanksunscathedbythenear-collapseoftheU.S.financialsystemin2008.Asimportant,denyingforeign-exchangema

5、rketsaroleinsettingtheexchangeratehasallowedthegovernmenttomaintainthevalueoftheyuanatanartificiallylowlevelsupportinga30-yearexportboom.SinceChinesesaverscan'ttaketheirmoneyoverseas,bankshavealsogottenawaywithofferingthemlowinterestrates,keepingthecostof

6、capitalforindustryatbargain-basementpricesandunderpinninganinvestmentbinge.TaketheexampleofShenzhenafishingvillagein1979,in2011ametropolisof14millionbuiltaroundtheworld'sfourth-busiestport.Low-costcapitalsubsidizedtheconstructionoftransportandpowerinfrast

7、ructure,factoriesandproductionlines.Anundervaluedyuan,combinedwithlowcostoflabor,enabledcompaniestoundercuttheirforeignrivalsonprice.Butmanipulationoftheexchangerateandrepressionoftheinterestratecomesatacost.Cheapcapitalhasresultedinovercapacityintheindus

8、trialsectorandbubblesinthemainland'spropertymarket.Managingtheexchangerateinthefaceoftradesurpluseshasresultedinthebuildupofgargantuanforeign-exchangereserves$3.04trillionthatChinahaslittlechoicebuttorecycleascut-pr