Life after digging
中国经济-挖城之后
After a good run of growth, China’s economy braces for bumps
中国经济取得出色的增长,接下来要准备迎接困难
JUST a few years ago Wuhan, a sprawling metropolis in the middle reaches of the Yangtze River,exemplified China’s economic woes. Municipal debt had soared. The most senior local official was known as “Mr Dig Up The City”, a reference to his zeal for grandiose construction projects. A movie theme park, intended as a landmark, closed after failing to draw crowds. It would take nearly a decade, it was estimated, to sell all of Wuhan’s vacant homes.
Sprawling：spreading in an untidy way· 蔓延的；杂乱无序伸展的＊a modern sprawling town 一座杂乱无序拓展的现代城镇
Sprawl：1.懒洋洋地)伸开四肢坐着(或躺着)；If you sprawl somewhere, you sit or lie down with your legs and arms spread out in a careless way.＊ She sprawled on the bed as he had left her, not even moving to cover herself up...他离开她后她就摊手摊脚地躺在床上，甚至都懒得往身上盖点儿东西。＊They sprawled in lawn chairs, snoozing...他们手脚张开地躺在草地躺椅上，打着呼噜。2.扩展;延伸；If you say that a place sprawls, you mean that it covers a large area of land. ＊The State Recreation Area sprawls over 900 acres on the southern tip of Key Biscayne...州立休闲区在比斯坎岛南端，占地 900 多英亩。3.肆意扩展;杂乱无章地延伸；If something sprawls, its structure is disorganized or it lacks direction. ＊Boylan plays with language, letting the prose sprawl about before tightening it suddenly to great effect...博伊兰随心所欲地驾驭着语言，先是任文章自由铺展，然后猛地收住，产生了绝好的效果。＊He keeps forgetting the words and the song is a sprawling mess.他老是忘词，歌被唱得乱七八糟。
Reaches：1.a straight section of water between ten bends on a river· 河段；直水道the upper / lower reaches of the Nile尼罗河上游 / 下游 2. the limit to which sb / sth has the power or influence to do sth· 波及范围；影响范围＊Such matters are beyond the reach of the law.这样的事情不受法律的保护。＊ Victory is now out of her reach.胜利现在对于她来说遥不可及。＊ The basic model is priced well within the reach of most people.基本款式的定价大多数人都完全负担得起。
Exemplify：to be a typical example of sth· 是…的典型(或典范、榜样)＊Her early work is exemplified in her book, 'A Study of Children's Minds'. 她的《儿童思维研究》一书是她早期的代表作。 ＊His food exemplifies Italian cooking at its best. 他的菜肴代表了意大利烹饪的最高峰。＊The room's style exemplifies Conran's ideal of 'beauty and practicality'.那个房间的风格是体现康兰“美观和实用”观念的典范。
缩影：Epitome：(the ~ of sth )· a perfect example of sth· 典型；典范 SYN embodiment ：＊He is the epitome of a modern young man. 他是现代青年男子的典范。 ＊clothes that are the epitome of good taste 典型的高品味服装
Epitomize (BrE also -ise) to be a perfect example of sth成为…的典范(或典型)＊The fighting qualities of the team are epitomized by the captain. 这个队善于较量的品质从队长身上体现出来。 ＊These movies seem to epitomize the 1950s. 这些影片似乎就是20世纪50年代的缩影。 ＊Lyonnais cooking is epitomized by the so-called 'bouchons'.被称作bouchon的里昂小餐馆是里昂饮食的缩影。＊//...the sleek lift that epitomized the hotel's glossy decor.作为酒店浮华装潢之缩影的豪华电梯
「类似用法」原文：朝气蓬勃,充满活力,丰富多彩的上海是现代中国的缩影。
参考译文：Shanghai, a city that boasts vibrant and diverse dimensions, epitomizes modern China.
Woe：1.悲痛;悲哀;哀伤；Woe is very great sadness. [LITERARY 文]＊He listened to my tale of woe...他听我诉说悲伤的故事＊All around women wailed their woe or screamed abuse.四下里女人们呼天抢地，高声叫骂 2.[N-PLURAL 复数名词] 麻烦;问题;困难；You can refer to someone's problems as their woes . ＊He did not tell his relatives and friends about his woes.他没有告诉亲友自己的烦恼。 ＊weal and woe 祸福
「类似用法」......The pile-up of woes continued …屋漏偏逢连夜雨......
Grandiose：seeming very impressive but too large, complicated, expensive, etc. to be practical or possible· 华而不实的；浮夸的；不切实际的＊The grandiose scheme for a journey across the desert came to nothing. 不切实际的穿越沙漠计划已成泡影。 a grandiose opera house 华而不实的歌剧院
【辨析】Aggrandize：增大，扩张（范围、权势、影响、地位和名望）＝augment＝boost＝heighten＝sublime＝uprear＊All my desired was to aggrandize my estate 我所希望的只是扩充我的家业。
These days, the city of 11m stands as a monument to China’s resilience. Its economy has accelerated even as the government has controlled debt more strictly. Five subway lines were opened or extended in the past two years alone; they are jammed in rush hour. Investment is pouring into semiconductor production, biotech research and internet-security companies. Theglut of unsold homes is almost cleared.
Monument：~ to sth · a thing that remains as a good example of sb's qualities or of what they did· 丰碑；永久的典范＊These recordings are a monument to his talent as a pianist. 这些录音是展现他钢琴家才华的不朽之作。＊By his international achievements he leaves a fitting monument to his beliefs.他在国际上的成就为其信念作出了最好的注解。
Jam：a situation in which it is difficult or impossible to move because there are so many people or vehicles in six particular place· 拥挤；堵塞＊The bus was delayed in a five-mile jam. 公共汽车因长达五英里的交通堵塞而延误。＊As fans rushed to leave, jams formed at all the exits. 因球迷都急于离开，所有出口都给阻塞了。
【同近义词】Congestion：堵塞;拥堵；If there is congestion in a place, the place is extremely crowded and blocked with traffic or people. ＊The problems of traffic congestion will not disappear in a hurry...交通拥堵问题不会一下子就消失。＊Energy consumption, congestion and pollution have increased.能源消耗、交通堵塞以及污染状况愈加严重。
Glut：供过于求；供应过剩；If there is a glut of something, there is so much of it that it cannot all be sold or used. ＊There's a glut of agricultural products in Western Europe西欧的农产品供过于求。＊//...a world oil glut.全球石油供应过剩2[VERB 动词] 充斥；使供应过剩；If a market is glutted with something, there is a glut of that thing. [be V-ed with n] [V n] [BUSINESS 商]＊The region is glutted with hospitals...该地区的医院数量已经饱和。＊Soldiers returning from the war had glutted the job market.从战场返乡的士兵挤爆了劳动力市场。
China’s economy, like Wuhan’s, is in much better shape than it was in late 2015. Then, the country was reeling from a stock-market crash, suffering from capital outflows and accumulating debt at an alarming rate. But figures reported on April 17th showed growth of 6.8% in the first three months of 2018 compared with the same period a year ago. In nominal terms growth wasabove 10%. China’s total debt-to-GDP ratio has stabilised, a sign that the risk of financial crisis has faded (see chart).
Shape： (身体)状况良好/状况不佳;(事物)情况良好/情况糟糕＊ //...the Fatburner Diet Book, a comprehensive guide to getting in shape...《燃脂塑型饮食指南》，保持身体健康的综合性指＊He was still in better shape than many young men..他仍然比很多年轻人都要健康。＊The trees were in bad shape from dry rot.树木得了干腐病，状况堪忧。
Reel：蹒跚;摇摆;踉跄；If someone reels, they move about in an unsteady way as if they are going to fall. ＊He was reeling a little. He must be very drunk...他走起来有点儿摇晃，一定是喝多了。＊He lost his balance and reeled back...他身体失去了平衡，向后一个趔趄。＊I stood up and almost fell, reeling against the deck rail.我站了起来，几乎跌倒，身体摇晃着靠在甲板的围栏上。
Alarming：causing worry and fear· 使人惊恐的；令人惊慌的；引起恐慌的＊an alarming increase in crime 犯罪活动骇人的增加＊ The rainforests are disappearing at an alarming rate.雨林正以惊人的速度消失。
Above：表示“多少”的词
大约 or so/ about
多 more than/over/above+数字；数字+odd/or even more，
少 less than/below+数字，数字+ even less
The improvement in China’s fortunes can be traced to three factors. First, the government has started to tackle several ingrained problems. After a long period of overproduction of steel and coal, a campaign to close unused capacity restrained output and pushed up prices. To reduce the property overhang, local governments bought millions of unsold homes from developers and gave them to poorer citizens.
Ingrained：根深蒂固的;难以根除的；Ingrained habits and beliefs are difficult to change or remove. ＊Morals tend to be deeply ingrained... 道德观念往往根深蒂固。＊From ingrained habit he paused to straighten up the bed. 出于长期的习惯,他停下来整理床铺。
「表达积累」根深蒂固的
Inveterate：积习不改的;上瘾的;根深蒂固的；If you describe someone as, for example, an inveterate liar or smoker, you mean that they have lied or smoked for a long time and are not likely to stop doing it. ＊//...an inveterate gambler. 嗜赌成性的赌徒＊//...the inveterate laziness of these boys. 这些男孩子懒惰成性 ＊inveterate smoker 老烟枪
Overhang：1. [usually sing.] (especially NAmE)(business 商)· the state of being extra to what is required; the things that are extra· 过剩(物)；积压(物)：＊attempts to reduce the overhang of unsold goods 减少滞销商品积压的尝试 2.to stick out over and above sth else· 悬垂；悬挂；突出于某物之上 ＊His big fat belly overhung his belt. 他那硕大肥胖的肚子挺在腰带上面。 The path was cool and dark with overhanging trees. 小路树木掩映，凉爽幽暗。
Financial regulators have taken aim at banks’ murky off-balance-sheet loans, and at heavily indebted borrowers such as property developers. Wang Tao of UBS, a Swiss bank, notes that these efforts have given investors more confidence. Chinese shares listed in Hong Kong have risen in value by a third over the past two years. The government has also helped arrange behind-the-scenes rescues of troubled firms.One was in Wuhan. The big local steel company, bleeding cash, merged with its much stronger counterpart in Shanghai in 2016. The combined entity is profitable.
Murky：1.暧昧可疑的;不可告人的；If you describe an activity or situation as murky, you suspect that it is dishonest or morally wrong. ＊There has been a murky conspiracy to keep them out of power.有人策划了一个不可告人的阴谋要将他们排斥在权力中心之外。2.阴暗的;昏暗的；A murky place or time of day is dark and rather unpleasant because there is not enough light.＊The large lamplit room was murky with woodsmoke...木柴冒出的烟把亮着灯的大房间弄得烟雾弥漫。It happened at Stamford Bridge one murky November afternoon.这发生在11月一个阴沉的下午，斯坦福德桥上3. (水或雾)污浊的，浑浊的；Murky water or fog is so dark and dirty that you cannot see through it.＊ /...the deep, murky waters of Loch Ness.内斯湖幽深浑浊的湖水
Off-balance-sheet：资产负债表外项目，顾名思义是指资产负债表或附注中没有反映出来的项目。这些项目多数跟资产和债务有关。它可能涉及租赁、附属公司或或有负债（contingent liability）的法律责任，如信用证（letter of credit）。它还涉及贷款承诺、 期货、远期合约和其他衍生工具。
Listed company：上市公司；A listed company is a company whose shares are quoted on a stock exchange. [BUSINESS 商]＊Some of Australia's largest listed companies are expected to announce huge interim earnings this week.澳大利亚最大的一些上市公司预计将在本周宣布巨额中期盈利。
Bleed：逐渐榨取…的钱财；If someone is being bled, money or other resources are gradually being taken away from them. ＊We have been gradually bled for twelve years...我们被一点一滴地压榨了12年。＊They mean to bleed the British to the utmost.他们要最大限度地榨取英国人的财富。
Merge：1.使合并;使融合；If one thing merges with another, or is merged with another, they combine or come together to make one whole thing. You can also say that two things merge, or are merged＊My life merged with his..我和他的生活合而为一。＊Bank of America merged with a rival bank...美国银行与一家竞争银行合并了。＊The rivers merge just north of a vital irrigation system...就在一个重要的灌溉系统的北边，这些河流交汇在一起。＊The two countries merged into one...两国合而为一。2.渐渐消失于;融入;相融；If one sound, colour, or object merges into another, the first changes so gradually into the second that you do not notice the change.＊ Like a chameleon, he could merge unobtrusively into the background...他就像一条变色龙，可以神不知鬼不觉地隐藏在背景中间。＊His features merged with the darkness...他的面容消失在黑暗之中。＊Night and day begin to merge.夜尽昼来。
A second factor is that China’s economy is maturing. Growth is bound to slow as China gets richer, but structural changes are also making growth more stable. Thanks in part to a falling working-age population, which peaked in 2011, incomes are growing faster than the overall economy. This, in turn, is rebalancing the economy. Excessive reliance on investment is giving way to consumption. And heavy industry is yielding to services, which now account for more than half of GDP, up from a third two decades ago.
Give way to sth：1. to allow yourself to be very strongly affected by sth, especially an emotion· 让自己陷于(某种情绪等)：＊Flinging herself on the bed, she gave way to helpless misery. 她一头扑倒在床上，痛苦不堪。 2. to be replaced by sth· 被…代替＊The storm gave way to bright sunshine. 暴风雨过后阳光灿烂。
Yield to：to be replaced by sth· 被…替代；为…所取代＊Barges yielded to road vehicles for transporting goods. 在货物运输方面，驳船让位给了公路车辆。
At the same time, China is reaping returns on some big investments of the past decade, such as high-speed rail in densely populated areas. Qin Zunwen, a government economist in Wuhan, says that although local debt shot up, it was almost all tied to infrastructure—half a dozen subway lines, bridges spanning the Yangtze River, elevated expressways—that is now being used. “Yes, it’s much more than we had in the past,” he says. “Has it exceeded our needs? No.”
Reap：获得；收获；得到；取得；If you reap the benefits or the rewards of something, you enjoy the good things that happen as a result of it.＊You'll soon begin to reap the benefits of being fitter...你很快就会体会到身体更健康带来的好处。＊We are not in this to reap immense financial rewards.我们从事这一行不是为了获得巨大的经济回报。[idioms]reap a / the 'harvest (BrE)· to benefit or suffer as a direct result of sth that you have done· 享受成果；承担后果；种瓜得瓜，种豆得豆 you reap what you 'sow (saying) you have to deal with the bad effects or results of sth that you originally started· 种瓜得瓜，种豆得豆
Shoot up：迅速成长;迅速增加；to grow or increases very quickly.＊Sales shot up by 9% last month...销售量上个月猛增了 9％。＊The fair market value of the property shot up.这处房产的公平市价增长迅速。
【熟词僻义】Span：1. to stretch right across sth, from one side to the other· 横跨；跨越 SYN cross ＊ a series of bridges spanning the river 架在河上的一系列桥梁 2.to last all through a period of time or to cover the whole of it· 持续；贯穿： ＊His acting career spanned 55 years.他的演艺生涯长达 55 年。＊Family photos spanning five generations were stolen. 一家五代人的照片失窃了。 3. to include a large area or a lot of things· 包括(广大地区)；涵盖(多项内容)：＊The operation, which spanned nine countries, resulted in 200 arrests. 这次行动涉及九个国家，逮捕了 200 人。
The final factor has been luck. Robust growth in America and Europe has given Chinese firms a lift.After falling in 2016, exports have rebounded. The rise in global commodity prices hasfiltered into stronger industrial revenues in China, boosting miners and metal producers. That has helped them service their debts. And it has made the task of deleveraging for the wider economy less daunting. Outflows of hot money have been curbed by tighter capital controls. China has also benefited from a weak dollar since the start of 2017, which has increased the yuan’s appeal.
Give a lift：鼓舞；振奋；If something gives you a lift, it gives you a feeling of greater confidence, energy, or enthusiasm. ＊My selection for the team has given me a tremendous lift.入选该队给了我极大的鼓舞。
Filter：1. [V +adv. / prep.] (of people 人) to move slowly in a particular direction缓行：＊The doors opened and people started filtering through. 门开了，人们开始徐徐通过。 2. [V +adv. / prep.] (of information, news, etc. 信息、新闻等)·to slowly become known· 慢慢传开；走漏：＊More details about the crash are filtering through. 空难的进一步详情慢慢传开了。 3. [V +adv. / prep.] (of light or sound 光或声)· to come into a place slowly or in small amounts· 渗入；透过：＊Sunlight filtered in through the curtains. 阳光从窗帘透了进来。＊The air was filtered through with golden sunlight, lending a joyful hue to everything on the ground空气中融融的混合着金黄的阳光，把地上的一切，好像也照上一层欢笑的颜色
【熟词僻义】Service：to pay interest on money that has been borrowed· 支付(债务)利息＊The company can no longer service its debts.那家公司已无力支付债务利息。
Curb：1.控制;抑制;限定;约束；If you curb something, you control it and keep it within limits. ＊//...advertisements aimed at curbing the spread of Aids...＊Inflation needs to be curbed in Russia.俄罗斯需要抑制通货膨胀 2.[VERB 动词] 控制，约束(情绪或行为)；If you curb an emotion or your behaviour, you keep it under control.＊He curbed his temper...他稳住了情绪＊You must curb your extravagant tastes.你必须控制自己铺张奢侈的嗜好。
Deleverage 去杠杆化： 是指金融机构或金融市场减少杠杆的过程，而“杠杆”指“使用较少的本金获取高收益”。
Hot money：热钱，也称流资或游资（Refugee Capital），是指寻求短期回报的流动资金。这些资金流动速度极快，一旦投资者（通常是机构投资者）寻求到短线投资机会，热钱就会涌入，而投资者一旦获得预期盈利或者发现投资机会已经过去，这些资本又会迅速流走。
The coming few quarters are likely to be bumpier, however. The biggest immediate worry is President Donald Trump. The American administration has announced tariffs on about $50bn of Chinese exports and may soon triple that. Exports to America are only a fraction of Chinese GDP, but a trade war between the world’s two biggest economies could wreak havoc on sentiment and supply chains.
Bumpy：1.not even; with a lot of bumps · 不平的；多凸块的：＊a bumpy road / track 崎岖不平的道路 / 小道 ＊bumpy ground 坑坑洼洼的地面 2. (of a journey 路上)· uncomfortable with a lot of sudden unpleasant movements caused by the road surface, weather conditions, etc.· 颠簸的：＊a bumpy ride / flight 颠簸的行车 / 飞行
Havoc：a situation in which there is a lot of damage, destruction or confusion· 灾害；祸患；浩劫＊The floods caused havoc throughout the area. 洪水给整个地区带来了灾害。＊Continuing strikes are beginning to play havoc with the national economy.持续的罢工开始严重破坏国家经济。＊These insects can wreak havoc on crops.这些昆虫可严重危害农作物。
The downsides of the campaign to control debt might also become more apparent. Last year regulators focused on the financial system, clamping down, for instance, on borrowing to buy bonds. This year their focus has shifted to government funding. That will have a more direct impact on the economy. China has tried before to rein in profligate local officials, but they have found ways around the rules. A popular recent trick has been to disguise debt in public-private partnerships. Policy this time seems stricter.Subway construction has been halted in cities whose finances were too weak. Tighter liquidity could also weigh on investment. Credit growth is the weakest since 2015.
Downside：负面;阴暗面;缺点；The downside of a situation is the aspect of it which is less positive, pleasant, or useful than its other aspects. ＊The downside of this approach is a lack of clear leadership..这个办法的缺点是没有明确的领导。
Clamp down：sudden action that is taken in order to stop an illegal activit· 严禁，制止，取缔(非法活动)＊a clampdown on drinking and driving 严禁酒后驾车＊ If the government clamps down on the protestors, that will only serve to strengthen them in the long run...，从长远来看，这将只能使他们更加坚决。＊Banking regulators failed to clamp down until earlier this month.严格管制。
Rein in：控制;约束；To rein in something means to control it ＊His administration's economic policy would focus on reining in inflation.他的政府的经济政策将侧重于控制通货膨胀＊Mary spoiled both her children, then tried too late to rein them in.玛丽惯坏了她的两个孩子，想要管束他们的时候已经来不及了。
Profligate：using money, time, materials, etc. in a careless way· 挥霍；浪费的 SYN wasteful ＊profligate spending 恣意挥霍的开支
Disguise：to hide sth or change it, so that it cannot be recognized· 掩蔽；掩饰 SYN conceal＊She made no attempt to disguise her surprise. 她没有掩饰自己惊奇的心情。＊ It was a thinly disguised attack on the President.明眼人一下就能看出这是在攻击总统。＊She couldn't disguise the fact that she felt uncomfortable.她无法掩饰她那不安的心情。
Weigh：1. [VN] ~ sth (up) | ~ (up) sth (against sth)· to consider sth carefully before making a decision· 认真考虑；权衡；斟酌：＊You must weigh up the pros and cons (= consider the advantages and disadvantages of sth).你必须权衡利弊。＊ I weighed the benefits of the plan against the risks involved. 我认真考虑了这个计划的优点和有关的风险。＊ She weighed up all the evidence. 她慎重地考虑了所有的证据。 2. [V] ~ (with sb) (against sb / sth)· to have an influence on sb's opinion or the result of sth· (对看法或结果)有影响；有分量：＊His past record weighs heavily against him.他过去的记录对他很不利。＊Current economic hardships weigh heavily in young women's decisions to find salaried work...目前的经济困难大大影响着年轻妇女在寻找有薪水的工作时的决定。＊Human life weighed more with him than purity of policy...人类生命对他而言比政策的纯洁性更重要•＊ There are many factors weighing against the meeting happening.有好多因素影响了会议的召开。
<真题再现>北京外国语大学MTI考研 2012年真题
…Weighing the full implications of the natural disaster will take time.
......衡量这一自然灾害的全面影响需要时间。
「类似用法」原文：这句话反映了中国传统文化中人的地位等级的划分,也直接影响了人们对职业的选择。
参考译文：That tells a lot about how men are traditionally stratified in China and dictates how people weigh career choices.
