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話題：物價回暖，促進消費
Passage 1
China's consumer inflation 1.____ (slow) further in December, 2.____ (reflect) persistently lackluster demand. This has reinforced calls by economists for stepped - up countercyclical adjustments 3.____ (boost) domestic demand and stimulate consumption.
Economists anticipate China's consumer prices 4.____ (rise) modestly in 2025. They believe this will be driven by targeted measures aimed at spurring consumption and a package of incremental policies 5.____ (take) effect gradually. Meanwhile, they still expect the largest single - year rate cut since 2015 this year, 6.____ will help consolidate the ongoing recovery in demand.
Data from the National Bureau of Statistics showed on Thursday that the country's consumer price index, a main gauge of inflation, rose by 0.1 percent year - on - year in December after a 0.2 percent rise in November.
Wang Qing, chief macroeconomic analyst at Golden Credit Rating International, attributed the slower CPI growth to factors including increased supply, falling food prices as well as a high comparison base in the previous year.
"Fueled by government policies such as the trade - in deals for consumer goods, prices of nonfood items remained stable, with their year - on - year growth rate showing a slight increase compared to the previous month," he added. He also pointed out that 7.____ (stable) in non - food prices was crucial for overall price stability.
The government's policies, like the trade - in programs, were designed to not only boost consumption but also balance 8.____ supply - demand relationship. These policies, if 9.____ (execute) effectively, could have a positive impact on the economy. However, the effectiveness also depends on 10.____ (vary) factors in the market.
slowed
reflecting
to boost
to rise
taking
which
stability
the
executed
various
Passage 2
NBS data showed nonfood prices 1.____ (post) a 0.2 percent rise compared with a year earlier in December, 2.____ (contribute) to a 0.14 percentage point increase in annual CPI growth.
Meanwhile, China's producer price index, which gauges factory - gate prices, dropped by 2.3 percent from a year earlier in December, 3.____ (narrow) from a 2.5 percent fall in November.
"December marked the 27th consecutive month with the PPI in negative territory," Wang added. "This is mainly due to the ongoing correction in the domestic real estate market, a sharp decline in property investment. Meanwhile, weak final consumption continued to pressure industrial product prices and limited upward momentum in consumer goods prices."
Looking ahead, Wang said he expects the year - on - year PPI decline to narrow to around 2.1 percent in January due to a low comparison base in the previous year and the stepped - up macroeconomic policy support.
He said the CPI will likely rise by around 1 percent in January fueled by a notable surge in consumer demand for goods and services, as the Spring Festival holiday starts in January this year compared to February last year.
The Spring Festival is a major event that usually leads to 4.____ significant increase in consumer spending. The early arrival of the festival this year means that the demand for various goods, from food to consumer electronics, will be concentrated 5.____ a shorter period. This could potentially drive up prices, but the actual impact depends on how 6.____ (efficient) the market can respond to this increased demand.
Wang also mentioned that although the PPI decline is expected to narrow, the situation in the real estate market still poses 7.____ challenge to industrial product prices. The real estate industry is closely related to many upstream and downstream industries, and 8.____ (it) slowdown has a ripple effect on the entire industrial chain.
To address these issues, the government may need to introduce more 9.____ (target) policies. These policies should aim to not only boost the real estate market but also support other industries affected by the overall economic situation. In addition, measures to enhance consumer confidence are also crucial, as 10.____ will directly influence consumption levels.
posted
contributing
narrowing
a
in
efficiently
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its
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it
Passage 3
NBS data showed that core CPI, which excludes volatile food and energy prices and is deemed a better gauge of the supply - demand relationship in the economy, was 0.4 percent higher year - on - year in December, following a 0.3 percent increase in November.
"This marked the third consecutive month with the index in positive territory," said Wen Bin, chief economist at China Minsheng Bank. "A package of incremental policies has helped boost overall demand, contributing to the continued improvement in core CPI."
However, looking at the price trends in the fourth quarter, Wen noted that the GDP deflator is expected to remain in negative territory for a seventh consecutive quarter, indicating that price pressures remain significant.
The GDP deflator is the ratio of nominal GDP to real GDP, 1.____ (gauge) the change of prices of all goods and services produced in the country.
As the broader economy is still facing pressures from still - weak domestic demand and relatively low consumer confidence, Wen called for intensified efforts to strengthen countercyclical adjustments of macroeconomic policies.
"Promoting reasonable price recovery has become an important consideration for the central bank's monetary policy, 2.____ will remain accommodative," Wen said. "Together with proactive fiscal policies and other supportive policies, that will help boost consumer spending, expand domestic demand, stabilize market expectations and enhance the economy's endogenous driving forces."
Looking ahead to 2025, he said the year - on - year CPI growth is expected to accelerate with targeted policy measures aimed at boosting domestic demand and spurring consumption.
"More significant rate cuts are now clearly on the table," said Louise Loo, lead economist at British think tank Oxford Economics. "We expect a cumulative 40 basis point cut in the main policy rate and 150 basis points in the reserve requirement ratio in 2025."
The central bank's monetary policy plays 3.____ crucial role in influencing the economy. An accommodative policy can encourage borrowing and investment, which in turn can stimulate economic growth. However, it also needs to balance the risk of inflation. With the current situation of relatively low inflation, the central bank may have more room 4.____ (maneuver).
The combination of monetary and fiscal policies is expected to have a multiplier effect. Proactive fiscal policies, such as increased government spending on infrastructure projects, can create jobs and increase income levels. This, 5.____ turn, can boost consumer confidence and spending.
Wen also emphasized that to achieve sustainable economic growth, it is necessary to focus on improving the quality of economic development. This means promoting innovation, upgrading industries, and enhancing the competitiveness of domestic products. These long - term measures will not only help the economy withstand external shocks but also contribute to 6.____ (stable) price levels.
In addition, international economic conditions also have an impact on China's economy. Fluctuations in global commodity prices, trade policies of other countries, and the overall state of the global economy can all affect China's exports, imports, and domestic prices. Therefore, when formulating policies, the government needs to take these international factors into 7.____ (consider).
The call for rate cuts by economists like Louise Loo is based on the current economic situation. A rate cut can lower the cost of borrowing for businesses and individuals, which can encourage investment and consumption. However, the actual impact of rate cuts depends on how the market responds. If businesses are still cautious about investment due to weak market expectations, the effectiveness of rate cuts may be limited. Thus, it is important to combine rate cuts with other policies to improve market confidence.
Furthermore, the government should also pay attention to the impact of policies on different sectors of the economy. Some sectors may benefit more from rate cuts, while others may need more 8.____ (specialize) support. For example, the manufacturing sector, which is facing challenges from weak global demand and domestic overcapacity, may require additional policies to promote 9.____ (it) transformation and upgrading.
Overall, in 2025, China's economic policy needs to be more flexible and targeted. By coordinating various policies and taking into account both domestic and international factors, the government can better promote economic growth, stabilize prices, and enhance the overall 10.____ (resilient) of the economy.
to gauge
which
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to maneuver
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stable
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specialized
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resilience

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