2018年CRI Don't worry too much about market, they will recover: expert
时间：2019-02-22 作者：英语课 分类：2018CRI中国国际广播电台
"The market always gets panic with all of this kind of overreaction and panic, even worse than the overreaction, and the market expected the other party would react... So the calculation from market is not only on what the U.S. take, but also what China will react."
-- Fan Gang, member of the Monetary 1 Policy Committee from the PBOC
Boao Forum 2 for Asia has officially opened in the southern town on Sunday. Our reporter Zou Yue talked with Fan Gang, member of the Monetary Policy Committee from the People's Bank of China, the country's central bank, on the just released report on Asian integration 3 and competitiveness, as well as Sino-US trade tension and global markets' reaction.
Q: Mr. Fan, the reports have been released is talking about Asians competitiveness and integration. Of course there are external factors, but how do you evaluate Asian integration?
A: I haven't read the report, but the integration of Asian economy has been the phenomena 4 for a long time. This is not something organized by somebody. It's just market forces. It integrated into supply chain. It's a division of labor 5 and then everybody have its position. Everybody has competitiveness, special competitiveness, or comparative advantage in the supply chain. So that's why… because of the market forces, market driven, so that's why this competitiveness is well…
Q: Why Asia can develop such a natural chain that of values.
A: That's… uh… we need to think a lot of things including the cultural issue, including the stabilities in the past decades, including the government efforts, government policies, but anyway, start with the East Asia, and then go to Southeast Asia, now more involved with the Central Asia and Western Asia, Southern Asia, you can say. So you know, just one by one people realize this is a way of economic development, before we most of us are developing countries in low income. Some are very low, but we realize this is a way, this globalization, regionalization and joining the global supply chain is the way for the economics of…
Q: So everybody is climbing up the ladder of value in Asia. Is that so…
A: Yeah, one way or another. At the beginning, It was so-called the leapfrog leading by Japan. You know and then the four small dragons, South Korea, Hong Kong, Taiwan, yeah and then the Chinese mainland, then the four tigers, small tigers. So all follow up. So that's an interesting phenomenon because this is a market force. So the competitiveness is real. So then it turned out this is the most interesting place in the world, most dynamic place of the world and it contributes to something like 60% of global GDP growth, not a total GDP yet, but GDP growth. So this is a really something we need to put more analytical 6 effort to tell the people and tell the world why it happened.
Q: But there are worrying signs, for example, the down trend of, downward trend of trade to advanced economies, Europe and North America, and there is a downward trend of trade from Asia. Is this something that we should worry about?
A: U.S. and Europe are actually in the upturn 7 of the economy and the export to those two markets has been increasing in recent years. The only problem is trade frictions 9, which are looming 10 there and people worried, that may cause a down turn. That just shows, you know, when you have one trade friction 8 with one country. Now maybe have chain effect on the other, because we are on the same supply chain. If one spot on this chain got the problems, everybody else may feel the impact. So that's why this anti-globalization is really anti-globalization, because anti one country means anti-globalization.
Q: So what should China and to a large extent, Asia, deal with this kind of protectionists' impulse?
A: Well, first of all, you need to deal. You deal with whatever you do in normal actions, reactions that you have to do, but most importantly, I think we should continue the globalization. We should continue our market supply chain, with the other countries. Even though we have trade frictions with one country or two countries, but we still can do business with other countries, right? We still can do business with Asian countries, and that's the strength of Asia. I don't know if you know the word called emerging Asia. Emerging Asia is the most dynamic part. We will not only, you know, do the business with the developed Asia, like Japan, like Korea. We also develop market with the emerging countries.
Q: Apart from trading within ourselves. What particular measures should China do, tit for tat against the U.S.?
A: Well this is normal, so called the reciprocal action or reactions. What do you do? Retaliation 11? Yeah, so called retaliation. Well, I'm not going to do other things, but if you increase tariff 12 on my products, okay, I increase tariffs 13 on your products. That's a normal so called reciprocal process. It's called a trade war. Hopefully it's not escalating 14 right? Hopefully it can be more rationally dealt with, but we need…at the moment, we need to prepare for anything happen.
Q: The ongoing 15 trade spat 16 between China and the U.S. has become a global issue of concern. It's also one of the major topics of discussions at the Boao Forum for Asia. There's no backing down from China and we have already seen the market reacted after Trump 17 announced the tariffs against China. There are sell-offs. Do you think market reading is correct or can we look forward to more volatility 18?
A: Well, the market always gets panic with all of this kind of overreaction and panic, even worse than the overreaction, and the market expected the other party would react, right? So the calculation from market is not only on what the U.S. take, but also what China will react. So that kind of reaction we should expect.
Q: What will lead to further escalation 19?
A: That could be, if both sides cannot stop. You know that's why it escalates 20, but markets sometimes, you know, are able to digest some future news, you know, expectations. So when they feel some not necessarily real good news, but if they see some kind of exchange, they will act or react immediately. So don't worry too much about the market. They will recover and there will be panic but they sometimes are over optimistic. So that kind of things are happen in the market anyway.
Q: You don't think this tit for tat spat will further deteriorate 21 and trigger more market panic.
A: No, definitely yes, definitely. We don't know. We still don't know, and U.S. action is not very clear, either. So this one hundred billion U.S. dollar what I mean and what would be finally listed still not known yet, and what China take a reaction, not yet clear. So that's why the markets sometimes overreact on the lack of information rather than…
Q: Clarity is something we need here. Thank you very much, Mr. Fan. Thank you.
- The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
- Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。
- They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
- The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。
- We are working to bring about closer political integration in the EU.我们正在努力实现欧盟內部更加紧密的政治一体化。
- This was the greatest event in the annals of European integration.这是欧洲统一史上最重大的事件。
- Ade couldn't relate the phenomena with any theory he knew.艾德无法用他所知道的任何理论来解释这种现象。
- The object of these experiments was to find the connection,if any,between the two phenomena.这些实验的目的就是探索这两种现象之间的联系，如果存在着任何联系的话。
- We are never late in satisfying him for his labor.我们从不延误付给他劳动报酬。
- He was completely spent after two weeks of hard labor.艰苦劳动两周后，他已经疲惫不堪了。
- I have an analytical approach to every survey.对每项调查我都采用分析方法。
- As a result,analytical data obtained by analysts were often in disagreement.结果各个分析家所得的分析数据常常不一致。
- Experts have forecast an upturn in the stock market.专家已预测股票市场价格有上升趋势。
- The economy is experiencing an upturn.经济正在好转。
- When Joan returned to work,the friction between them increased.琼回来工作后，他们之间的摩擦加剧了。
- Friction acts on moving bodies and brings them to a stop.摩擦力作用于运动着的物体，并使其停止。
- Family frictions can interfere with a child's schoolwork. 家庭中的争吵会影响孩子的学业。 来自《简明英汉词典》
- As far as we are concerned, these frictions are not of our own making [have been imposed on us]. 就我们来说，这种摩擦是被动式的。 来自《现代汉英综合大词典》
- The foothills were looming ahead through the haze. 丘陵地带透过薄雾朦胧地出现在眼前。 来自《简明英汉词典》
- Then they looked up. Looming above them was Mount Proteome. 接着他们往上看，在其上隐约看到的是蛋白质组山。 来自英汉非文学 - 生命科学 - 回顾与展望
- retaliation against UN workers 对联合国工作人员的报复
- He never said a single word in retaliation. 他从未说过一句反击的话。 来自《简明英汉词典》
- There is a very high tariff on jewelry.宝石类的关税率很高。
- The government is going to lower the tariff on importing cars.政府打算降低进口汽车的关税。
- British industry was sheltered from foreign competition by protective tariffs. 保护性关税使英国工业免受国际竞争影响。
- The new tariffs have put a stranglehold on trade. 新的关税制对开展贸易极为不利。
- The cost of living is escalating. 生活费用在迅速上涨。 来自《简明英汉词典》
- The cost of living is escalating in the country. 这个国家的生活费用在上涨。 来自辞典例句
- The problem is ongoing.这个问题尚未解决。
- The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。
- Her parents always have spats.她的父母经常有些小的口角。
- There is only a spat between the brother and sister.那只是兄妹间的小吵小闹。
- He was never able to trump up the courage to have a showdown.他始终鼓不起勇气摊牌。
- The coach saved his star player for a trump card.教练保留他的明星选手，作为他的王牌。
- That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
- Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。
- The threat of nuclear escalation remains. 核升级的威胁仍旧存在。 来自辞典例句
- Escalation is thus an aspect of deterrence and of crisis management. 因此逐步升级是威慑和危机处理的一个方面。 来自辞典例句
- As the challenge escalates, the need for teamwork elevates. 面临的挑战越大，越需要团队协同合作。 来自互联网
- I cannot understand why a minor disagreement escalates into a fist-fight. 我真不明白为什么一点意见不合就变成了拳头相见。 来自互联网
- Do you think relations between China and Japan will continue to deteriorate?你认为中日关系会继续恶化吗？
- He held that this would only cause the situation to deteriorate further.他认为，这只会使局势更加恶化。