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99 国际贸易专业英语
1.ASIA: ONE YEAR LATER
On the first anniversary of Asia’s worst recession in half a century, it is c
lear that the geoeconomic shape of the Pacific Rim will be far different from
what anyone anticipated just a year ago. The fulcrum of growth is slowly shift
ing from a senescent Japan and stagnant Southeast Asia to a dynamic ,confident
China, President Clinton’s remarkable journey will likely mark this tectonic
shift for future histories. Consider these events taking place:
CHINA is choosing a strategy of pumping up domestic-led economic growth, in co
ntrast with the International Monetary Fund’s policy of austerity and Japan’
s weak yan-and-export push. By cutting interest rates, privatizing housing, in
viting foreign investment, and keeping the renminbi stable, Beijing is increas
ing domestic demand and growth. Certainly, China shares many of the woes affli
cting Asia-insolvent banks, lax regulatory enforcement, and corruption. Yet it
s vigor in attacking these problems and its decision to opt for a strong curre
ncy set it apart and show real leadship.
Japan,in contrast, is stick in a hermetically sealed society. Despite the rhet
oric of reform, its political and bureaucratic elites deny there is anything b
asically wrong and run the country as a pension state focused on an aging popu
lation. Problems are described as isolated , and solutions take an inordinate
amount of time. Seven years into a severe banking crisis, Tokyo is just now pa
ssing legislation to create a Resolution Trust Corp.-type unit. Meanwhile, the
unemployment rate soars to new records. Among men, who constitute most of the
labor force , it hit 4.3% in May, It is worse for the young. The jobless rate
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