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話題：增長動力需要融資、住房與消費支持
Passage 1
As the world grapples with the changing economic landscape, China is pursuing healthy, high - quality economic development 1____ (amid) rising challenges while trying to maintain stability. The central leadership's vision of "pursuing progress while maintaining stability" has become 2____ guiding principle for economic recovery.
According to economics theory, GDP is the sum of investments, consumption and net exports, and to pursue "progress while maintaining stability", China has to ensure sustained growth in these key areas despite several destabilizing factors, including shrinking investment, 3____ (underperform) industrial sector, rising local government debt, insufficient consumption, and a sluggish real estate market.
However, the Chinese economy is resilient and can overcome the challenges.
To begin with, China needs to optimize the investment structure to realize stable growth. Measures should 4____ (take) to attract more investments to sectors that enhance long - term productivity, particularly those that improve total factor productivity, and greater attention should be paid to public welfare sectors such as healthcare, education and infrastructure, as these will help boost consumption.
Supporting private enterprises is also essential for 5____ (create) more employment opportunities and sustaining overall economic vitality.
Weak consumer spending stems largely from people's concern over economic stability, especially the creation of jobs, availability of affordable housing, access to healthcare and social welfare. Once the above public needs are met, savings will reduce and consumption 6____ (increase). Therefore, policies aimed at stimulating consumption should focus on long - term solutions to alleviate social concerns.
From January to November 2024, China's total trade volume grew by 4.9 percent, with exports rising by 6.7 percent. But much of that growth was driven by businesses preemptively shipping products to avoid high tariffs the Joe Biden administration vowed to impose on Chinese goods. Given the risk of renewed trade tensions 7____ the return of Donald Trump to the White House, China should prepare to deal with serious trade disputes by 8____ (adjust) the fiscal policy, taxation and the overall trade structure.
To address these contradictions, the authorities should adhere to the principles 9____ (outline) by the central leadership. Fiscal policy, for example, should play 10____ crucial role in balancing local government revenue and expenditure.
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Passage 2
Therefore, central government spending should be increased to reduce local governments' debt burden and free up fiscal resources, 1____ could be used to address people's livelihood concerns. As for fiscal policy, it should focus on transferring money and offering housing subsidies to middle - income families with stagnant income, addressing structural unemployment, and balancing education and labor market needs.
With 309.71 trillion yuan ($42.3 trillion) lying idle in banks, the authorities should implement a moderately loose monetary policy, 2____ (especial) reduce interest rates at proper timings, in order to allow idle capital to be used as investment to boost consumption and thus expedite economic recovery.
The real estate market directly impacts investment, fiscal revenue, local government debt and household consumption, as a significant percentage of household wealth is tied to real estate, and more than 4,000 banks are exposed to the real estate and local government debt crisis. With the shift from a seller's market to a buyer's market, investment in new housing should be reduced so as 3____ reduce excess inventory.
Policies such as the 350 billion yuan special loan for housing delivery, 200 billion yuan housing loan support plan, and 100 billion yuan rental housing loan support plan should 4____ ( implement) to prevent the abandonment of housing projects and suspension of mortgage payment.
Besides, measures should be taken to ensure the stock market serves the real economy and investors, instead of just helping raise capital for listed companies. For instance, in 2022, the overall delisting rate of A - shares was just 0.91 percent, which is much lower than that of mature markets, 5____ the delisting rates on the NYSE and NASDAQ have consistently exceeded 6 percent.
From 2000 to 2021, the US stock market saw 9,391 companies delisted, surpassing the number of IPOs by 6,481. In contrast, A - shares had only 145 delistings, a number significantly lower than the 3,836 IPOs, highlighting the need to further improve the balance between market entries and exits. To achieve this, 6____(enhance) the delisting mechanism is essential.
The authorities also need to consider 7____ to better regulate the stock market to prevent unfair trading. For example, some listed companies may manipulate their financial reports to mislead investors. This kind of behavior should be 8____ (severe) punished.
Moreover, the government can encourage more long - term investments in the stock market. By promoting 9____ (stable) investment patterns, the market can be more resilient. Additionally, efforts should be made to improve the information disclosure system, so that investors can make 10____ (many) informed decisions.
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Passage 3
In fact, the disparity in the profitability and market value of Chinese and US companies is significant. For instance, the combined market value of just three US companies - NVIDIA, Microsoft and Apple — is more than the total value of China's stock market. The market cannot be stabilized without 1____ (raise) the profitability of listed companies.
Furthermore, market reforms are needed to address issues such as fraud, unfair trading rules and limited access to short - selling tools for retail investors. In fact, temporarily suspending short - selling tools could help restore market confidence 2____ (boost) economic growth.
The government should also play a role in 3____ (narrow) the gap between different sectors in the stock market. Some sectors may be over - valued while others are under - valued. By guiding investments to the under - valued sectors, the overall market efficiency can be improved.
In addition, improving the regulatory environment is crucial. Stricter regulations should be 4____ (impose) on companies to ensure their compliance. This can prevent companies from engaging in unethical or illegal behaviors.
Moreover, promoting innovation in the stock market can also enhance its competitiveness. New financial products and trading methods can be introduced 5____ ( meet) the diverse needs of investors.
To improve the overall quality of the stock market, it is necessary to enhance the professional skills of market participants. Training programs can be organized for investors and financial institutions 6____ ( improve) their understanding of the market.
The government can also strengthen international cooperation in the financial field. By learning from the experiences of other countries, China can better 7____ (adapt) to the global economic environment.
Furthermore, it is important to establish a long - term mechanism to ensure the healthy development of the stock market. This mechanism should be able to respond to various 8____ (change) in the market in a timely manner.
In conclusion, China needs to take a series of measures to promote the healthy development of the stock market, 9____ is an important part of the overall economic development. Only in this way can the stock market better serve the real economy and contribute to the country's 10____ (economy) growth.
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