presenters ：邓宝鸿 0903012333

林芳 0903012340

林丽倩 0903012336

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• China needs to revamp its banking system so that it relies more on market mechanisms, such as interest rates, to head off a "steady build-up of financial sector vulnerabilities," the International Monetary Fund said, in its first broad review of China's financial system.

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• The result, the IMF said, is a system that tilts heavily to state-owned firms, encourages over-investment and creates asset bubbles, especially in real estate. Citing work by other economists, the IMF said that since 2001 China invested 40% more for every $1 of GDP created than Japan and South Korea did when they were at a similar stage of development.

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• "The cost of these distortions is rising over time, posing macro-financial risks," the IMF warned. In its report, the IMF listed interest-rate and exchange-rate reform as "high" priorities to be achieved in the medium term, which it defines as within three to five years.

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• The IMF review, called the Financial System Stability Assessment, was largely a snapshot of the Chinese financial system at the end of 2010, when the report concluded. China spent many months to approve publication of the report–different from the IMF's annual review of China's economy.

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1 revamp改革，改进Eg： The department is revamp to try to improve its performance.该部门进行了改组以改进工作。

2 market mechanisms市场机制（通过市场竞争配置资源的方式 ,即资源在市场上通过自由竞争与自由交换来实现配置的机制）Eg： The developed market mechanisms can bring stronger competitiveness to enterprise in reducing the cost of goods.发达的市场机制在降低产品成本方面能够给企业带来较强的竞争力

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3 asset bubbles资产泡沫（资产泡沫是指资产价格中不能被基本面（如现金流、折现率等）因素所解释的部分。）Eg： Do not mis-allocate your capital and resources so as to create asset bubbles.不要错误地分配资金和资源，以免产生资产泡沫式膨胀。

4 interest-rate and exchange-rate利率和汇率Eg：While Bretton Woods system was broken in 1973, West countries broadened foreign exchange rate and interest rate control. 自 1973年布雷顿森林体系崩溃以来 ,西方各国纷纷放松甚至取消外汇管制和利率管制。

www.themegallery.comWords ExpressionWords Expression5 macro-financial 宏观经济（指整个国民经济或国民经济总体及其经济活动和运行状态） Eg： No matter the system renovation of micro-financial structure or the putting in practice of the macro-financial policy, will both affect this problem.无论是微观金融机构的制度革新还是宏观经济金融政策的实施，都会对这一问题产生影响。

6 state-owned firms国有公司 Eg： State-owned firms have also been drafted into the quest to reduce Norway's emissions.国有企业同样也在寻求减少挪威排放量的措施。

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• 关于中国金融系统是否面临风险的问题，早已成为国内外一个高度关注的焦点问题。从中国推动金融改革以来，宏观金融风险的来源基本上都源于银行金融体系成为政府政策落实的一个附属体系，也就是说，银行承担着保持中国经济稳定增长的任务，这就使得大量的金融资源无法按照市场规则来配置。正如 IMF 在报告中所指出，中国金融系统仍过多依赖政府的行政管理。同时还将银行贷款利率设在远高于存款利率的水平，从而几乎确保了这些银行的利润。这样一来，就使金融系统向国有企业严重倾斜，助长了过度投资并引发了资产泡沫，这种投入产出比扭曲的代价会随时间推移而不断上升，并带来宏观金融风险。

• 当前，中国的金融改革正处于一个关键的攻坚阶段，包括利率、汇率等方面虽然经过前期的改革已经明确提出了适合中国自身发展的改革路径，但是这些政策的实施到目前并不顺利，利率市场化基本上已经固化，而汇率形成机制问题，在外围环境赌人民币升值的情势下，单边升值的扭曲机制给中国的汇率机制改革带来很大的破坏力。

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