Economic Experts Worry About China Slowdown and US Shutdown
A slowing Chinese economy and an ongoing government shutdown in the United States have some experts worried about possible damage to the world economy.
China's economic slowdown has been a major discussion at this year's World Economic Forum, which began Monday in Davos, Switzerland. The Chinese economy grew 6.6 percent in 2018, its slowest rate in 28 years. Fears about China's slowing economy have been worsened by its trade war with the United States.
But Chinese officials have said the country's slowdown will not lead to wide trouble. Fang Xinghai, who is with China's Securities Regulatory Commission, said China may be slowing down "but it's not going to be a disaster."
Fang also told international leaders gathered in Davos that the structure of the Chinese government - where the central, communist party holds so much control - makes fixing the economy easier.
And Chinese Premier Li Keqiang has promised the government would not let the economy "fall off a cliff."
U.S. government shutdown
U.S. President Donald Trump did not travel to Davos this year for the World Economic Forum. He canceled his trip last week "out of consideration for the 800,000 great American workers not receiving pay" during the ongoing shutdown, the White House said in a statement.
The partial government shutdown has entered its fifth week, as the standoff between President Donald Trump and Democrats over funding for a border wall continues.
It is causing more economic damage than expected. Trump administration economists had first estimated the shutdown would cost the economy .1 percentage point in growth every two weeks that employees went without pay.
But White House officials have increased that estimate to .13 percentage point every week.
IMF reduces growth estimates
On Monday, the International Monetary Fund released its World Economic Outlook report. The IMF predicts the world economy will grow at 3.5 percent in 2019 and 3.6 percent in 2020. That is down from its estimates released last October, when IMF economists were already predicting slowing growth both in China and the United States because of trade disputes.
IMF Managing Director Christine Lagarde told reporters, "After two years of solid expansion, the world economy is growing more slowly than expected and risks are rising."
Lagarde urged policymakers to prepare for a "serious slowdown."
I'm Susan Shand.
1.government shutdown 政府关门
Hopefully the federal government shutdown ends soon.
2.travel to 前往
Many people travel to work by car.
3.economic damage 经济损失
When China's bubble bursts, there will be considerable economic damage.
4.trade disputes 贸易争端
In fact, trade disputes are on the rise, particularly between the U.S. and China.
5.He canceled his trip last week "out of consideration for the 800,000 great American workers not receiving pay" during the ongoing shutdown, the White House said in a statement.
out of consideration for 考虑到
Out of consideration for his family, they didn't dismiss him.
Reporters stayed away out of consideration for the family.
6.And Chinese Premier Li Keqiang has promised the government would not let the economy "fall off a cliff."
fall off a cliff 跌下悬崖
All it takes is one tough break for them to fall off a cliff.
Of course, a high earnings yield is meaningless if earnings fall off a cliff.
中国经济放缓是今年“世界经济论坛”的一个主要议题 。周一，世界经济论坛在瑞士达沃斯开幕 。2018年，中国经济增长6.6%，为28年来的最低水平 。与美国的贸易战加剧了人们对中国经济放缓的担忧 。
不过，中方官员表示，中国经济放缓不会引发广泛的麻烦 。中国证券监督管理委员会的方星海（Fang Xinghai）表示，中国经济可能正在放缓，“但这不会是一场灾难 。”
中国国务院总理李克强（Li Keqiang）承诺，政府不会让经济“跌落悬崖” 。
美国总统特朗普今年没有前往达沃斯参加世界经济论坛 。白宫在一份声明中称，“考虑到在政府关门期间，有80万美国工人没有领到工资”，特朗普于上周取消了这一行程 。
停摆造成的经济损失超过了预期 。特朗普政府的经济学家们最初估计，政府关门将使经济每两周增长0.1个百分点，雇员们将因此领不到工资 。
周一，国际货币基金组织（IMF）发布了《世界经济展望》（World Economic Outlook）报告 。IMF预测，世界经济将在2019年和2020年分别增长3.5%和3.6% 。这一数字低于IMF去年10月发布的预测，当时IMF经济学家已经预测，由于贸易争端，中国和美国的经济增长都将放缓 。