【原版杂志阅读】Day 14：《The economist》China’s property market

讲义: China’s property market The rotten foundations of China’sreal-estate market In real estate as elsewhere in itseconomy, China’s short-term fixes mask deep structural problems JUST over a year ago,policymakers were having conniptions about China’s tumbling stockmarkets. Nowit is China’s frothy property market that is causing worries at home andabroad. Because the property sector accounts for about a quarter of demand inthe world’s second-largest economy, a market collapse would have far more thana local impact. In fact, for now, China can probably avoid a disastrous crash(see article). But itshows little sign of being able to implement the fundamental reforms needed tofix the distortions that make the market so volatile and, in the long run,dangerous. One reason for optimism that a crisis can be averted is that therisk has been identified. With property prices in many big cities soaring—bymore than 30% a year in Shanghai, Shenzhen and Nanjing—even the central bank’schief economist has warned of a “bubble”. Wang Jianlin, China’s richest man(and a property developer), last month went further, calling it “the biggestbubble in history”. Foreign-bank economists, local brokers and state-runthink-thanks have all joined in. Fears have been stoked by a steep rise inmortgages this year. In July and August, they accounted for nearly 80% of newbank loans. 一、词汇部分 1. conniption /k??n?p.??n/ n. 歇斯底里,激怒 英文释义:to be very angry or upset: 词汇助记: 1) 前缀: con-全部 2) 词汇:nip- 表 关于同志近三年现实表现材料材料类招标技术评分表图表与交易pdf视力表打印pdf用图表说话 pdf 示nope 否定(no) 3) 后缀:-tion 名词后缀 2. frothy /?frɑ?.θi/ adj. 多泡的 英文释义:(of a liquid)with small white bubbles onthe surface 词汇助记: 1)词汇:froth 泡沫 2)后缀:-y 形容词 3) froth/both---fr—fire 3. distortion /d??st??r.??n/ n. 曲解 英文释义:the act of changing something from its usual, original, natural, or intended meaning,condition, or shape: 词汇助记: 1)前缀: dis-否定 2)词根:tort- 扭曲(turn) 3)后缀:-ion 名词后缀 4)扩展:torture 折磨 4. volatile /?vɑ?.l?.t??l/ adj. 不稳定的,波动 英文释义:likely to change suddenly and unexpectedly or suddenly becomeviolent or angry 词汇助记: 1)词根:vol- 转动 2)后缀:-atile 复合形容词后缀 5. avert /??v??t/ v. 扭转 英文释义:to prevent something bad from happening: 词汇助记: 1)前缀:a- 否定 2)词根:vert- 转动 二、句子理解 Withproperty prices in many big cities soaring—by more than 30% a year in Shanghai,Shenzhen and Nanjing—even the central bank’s chief economist has warned of a“bubble”. 1) 知识点:语法——with 复合结构 l with或without-名词/代词+形容词; 例:She came into the room,with her nose red because of cold.(with+名词+形容词,作伴随状语) l with或without-名词/代词+副词; 例:With the meal over , we all went home.(with+名词+副词,作时间状语) l with或without-名词/代词+介词短语; 例: The teacher entered the classroom with a book in his hand. (with+名词+介词短语,作伴随状语。) l with或without-名词/代词+动词不定式; 例:He could not finish it without me to help him.(without+代词 +不定式,作条件状语) l with或without-名词/代词+分词。 例:She fell asleep with the light burning.(with+名词+现在分词,作伴随状语)例:Without anythingleft in the cupboard, she went out to get something to eat.(without+代词+过去分词,作为原因状语) 参考翻译:随着许多大城市房价飙升(上海、深圳及南京一年的涨幅超过30%),连央行的首席经济学家都发出“泡沫”的警告。 三、参考翻译 就在一年多以前,政策制定者们还在为中国摇摇欲坠的股票市场而惊惶。如今再过你诶外都引发忧虑的,则是中国的楼市泡沫。对于这个全球第二大经济体而言,房地产行业展期需求的四分之一,市场一旦崩溃,影响或将远不止于国内范畴。实际上,中国目前也许还可以避免一场灾难性的崩溃。然而,几乎并没有迹象显示中国能够实施根本性的改革,以修正令市场如此波动,且长远来看还会对市场造成危险的扭曲状况。 危机仍可避免——对此尚可保持乐观的一个原因是已经确知风险的性质。随着许多大城市房价飙升(上海、深圳及南京一年的涨幅超过30%),连央行的首席经济学家都发出“泡沫”的警告。中国首富(同时也是位房地产开发商)王健林上个月的说法更为激进,称中国楼市泡沫位“史上最大”。外国银行的经济学家,本土的经纪人一级国营智库也发出了同样的警告。今年,抵押贷款急剧上升,加深了人们的担忧。7月和8月,抵押贷款几乎站银行新增贷款的80%。