ChapterOneEconomicBasicsIKeywordsGroupAeconomiceconomyeconomistmarketeconomyproduce/production/producermanufactureoutputproductioncapacityproductgoodscostcapitallaborstockindustrysectorimportexportretailwholesalesurplus/deficitbudgetsupply/demandprofit(margin)returnrevenueearningsgainrecessioninflationdeflationboomslowdownrecover/recoverydownturnoverheatconsumerconsumptionhouseholdconsumerspendingconsumerconfidencesurveyfigurepollstatisticsunemploymentratelayoffcapitalmarketmoneymarketemergingmarketforecastexpect/expectationpredict/predictionprospectoutlooksignsignalconcernmeasurequarterfiscalyearannualfinancialyearoverthesameperiodlastyearcomparedwiththesameperiodoflastyearyearonyearforthe5thstraightmonthforthefifthconsecutivemonthinthefirsttwomonthsoftheyearslideslipsurgetumbleshrinkjumpslumpraisesoardropfalldeclinehikeexceedpromptcurbpromoteboostdriveincludeexcludetriggertightenloosensetatargetoilfuelrawmaterialsautomobileenergyGroupBpessimist/pessimism/pessimisticoptimist/optimism/optimisticbuoyant/sluggishstrengthweakenworsenquickenacceleratedeteriorateestimatestimulusincentivesmaintainsustainreleaseacquisitionmergerbillion/trillionmarketshareindicatevolumeoverheatreleaseitemproductivitylaunchefficient/efficiencyassettemporarydevelopingeconomydomesticII.NewsReading.(A)ChinaPartlyLiftsVeilonGDPDataTheWallStreetJournalApril16,2011ByTOMORLIKBEIJING—China'spublicationofanewkindofeconomicdatabringsitcloserinlinewiththewayothermajoreconomiesreportgrowth,butalsoexposescontinuingproblemswiththequalityofitsstatistics,analystssaid.TheheadlinefigurewhenChinareporteditseconomicdataforthefirstquarterofthisyearonFridaywasthe9.7%growthrateingrossdomesticproduct.Thatfigure,aswithallofChina'squarterlyGDPnumbersinthepast,comparedoutputinthereportperiodwithoutputinthesamethreemonthsoflastyear.ButtheNationalBureauofStatisticsonFridayalsopublished,forthefirsttime,dataonhoweconomicoutputcomparedwiththepreviousquarter.Thisquarter-on-quarternumber,whichisadjustedtoaccountforseasonaldifferencesandmultipliedaccordingtoacompoundgrowthformulatogivean"annualized"rate,ishowtheU.S.andmostothermajoreconomiesreporttheirquarterlyGDPdata.Bythismeasure,thestatisticsbureausaid,GDPinthefirstquartergrew2.1%,or8.7%onanannualizedbasisaccordingtoWallStreetJournalcalculations—significantlyslowerthantheyear-on-yearfigure—suggestingthecurrentmomentumoftheworld'ssecond-largesteconomyismarkedlyslowerthantheyear-on-yearfigureindicates.Bigeconomiesuseadjustedquarter-on-quarterdatabecausetheyprovideamorereal-timepictureofthecurrenttrajectoryofgrowth.Astatementonthebureau'swebsiteApril8said:"Year-on-yeardatadoesnotprovideup-to-dateinformationonchangesintheeconomy.…Thedevelopmentofquarter-on-quarterindicatorswillmakeupforthatshortcomingandprovidebetterinformationtopolicymakersandanalysts."EconomistswhowatchChinagenerallyagreethatthemoverepresentsprogress.Buttheprogressislimited,becausethestatisticsbureaufailedtopublishanyhistoricaldataforthequarterlymeasure—whichisimportantforunderstandingwherethecurrentnumberfitsintopasttrends.ArthurKroeber,managingdirectorofBeijing-basedresearchfirmDragonomics,said,"Therevisionsaimtocreateaseriesthathasacloserrelationtoreality,butthefailureoftheNBStoproducecomparablehistoricaldata,ortoclearlyexplaintheirmethodology,detractfromprogressthatismade."Thestatisticsbureaudidn'texplaintheomission.Analystssaiditlikelyaroseatleastpartlybecausesuchdatawouldrevealamuchsharperslowdownduringtherecentglobalrecessionthanthegovernmenthaseveracknowledged—particularlyinthefourthquarterof2008.InaWallStreetJournalpollofChinaeconomistsinearly2009,themedianestimateforquarter-on-quarterannualizedgrowthinthefinalquarterof2008was1.5%,comparedwithanofficialgrowthrateof6.8%intheofficialyear-on-yeardata.Thestatisticsbureauhadsuggestedthatthequarter-on-quarterdatawouldbeavailablestartingin2010.Difficultiesinadjustingthegrowthratetoaccountforseasonalvariations—inparticulartheweeklongNewYearholidaythatfallsinJanuarysomeyearsandFebruaryinothers—delayedtheprocess.(B)Chinainflationsurgesto25-monthhigh校ByGe言offD圾yer遵祖Finan奶cial酒Times前慎Novem和ber1駱1201洋0爛Chine狗sein因flati壇onju鳳mped貼toit賺shig偏hest舉level善inj娘usto殺vert占woye恒arsi唉nOct豎ober,悟prom枝pting貝new怨fears三that居the厚econo園myco縫uldb胃eove榮rheat怒inga顧sar登esult腎oft字hego壯vernm贏ent’s敵huge倉(cāng)stim辮ulus群measu蔑res.淡Consu銹merp弦rice廳infla禾tion暫surge侵dto劈4.4p凳erce秒ntin友Octo范berf廉rom3可.6pe匆rcen桶tthe孟mont潮hbef逢ore,暖well驅(qū)above姜the將gover千nment誓’sta布rget挑of3庭perc郵enta荷ndin晝creas斑ingt圾hepr襖essur田eon零thea混uthor風(fēng)ities薦toi筋ntrod潮ucen基ewti飾ghten客ingm咳easur調(diào)es.鄙Thec削ountr究y’s秘banks據(jù)are渡also置ontr孤ackt鎖oexc碼eedt庸hisy內(nèi)ear’s依quot鄭afor鉗bank鉗lend淚inga翅fter滅newl面oans姻reach換edRm型b587.掃7bn(鴉$88.7毫bn,￡瞞55bn,比€64.眨7bn)系inOc奉tober蔥.Eco累nomis桃tssa簽idth霞atto潤(rùn)meet已the畝full-病year尺targe庸tof輝Rmb7,消500bn及,the煮rewo公uldn途eedt響obe闖asha用rpco所ntrac雷tion區(qū)inne昨w隨bank柄lend撤ingi臟nthe膝past盼two熄month伐sof監(jiān)they瓣ear.介Altho烘u推ghin服flati白o(hù)nin里Chin丈ahas灌been猶inch弟ingu曠pfor翅some樸mont登hs,t麻hebi以gjum猜pin傳Octob塑ersu逗rpris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