| Asia’s real boat-rocker is a growing
China, not Japan, a senior American economist observed. There is so much noise surrounding and emanating from the world’s miracle economy that it is becoming cacophonous. In Washington, DC, the latest idea is that China is becoming too successful, perhaps even dangerously so: while Capitol Hill resounds with complaints of trade surpluses and currency manipulation, the Pentagon and sundry think-tanks echo to a new drumbeat of analysts worrying about China’s 12.6% annual rise in military spending and about whether it might soon have the ability to take pre-emptive military action to force Taiwan to rejoin it. So it may be no coincidence that for three consecutive weekends the streets of big Chinese cities have been filled with the sounds of demonstrators marching and rocks being thrown, all seeking A. friendly. B. hostile. C. objective. D. prejudiced. [单项选择] In a breath-taking turn of events, Asia’’s economies have gone from miracle to meltdown in a matter of weeks. Many forecasters who recently predicted GDP growth of 6 % in South Korea and Southeast Asia for 1998 are suddenly projecting zero or even negative growth. In the often short-sighted world of international finance, a new conventional wisdom is quickly forming: that inept policy-making is dragging down Asian economies, and that only the tough austerity medicine of the International Monetary Fund, plus a good stiff recession, will bring the region’’s economies back to track.
In recent years, foreign and domestic investors in East Asia got a touch of what U, S. Federal Reserve Chairman Alan Greenspan has famously termed "irrational exuberance". Spurred by years of high economic growth in Asia, these investors poured billions of dollars of loans into the region, financing many worthwhile investments but also an unsustainable real estate boom.
This over investment need not
A. irrational exuberance B. long term adjustment C. market economy under siege D. contagion effect 我来回答: 提交
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