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<div id='article-page'><div id='article-content' data-media-url='//news-app-staging.s3.amazonaws.com' data-base-url='//news-app-staging.herokuapp.com' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/china_audio.m4a' data-capture-url='//staging.analytics.lingraphica.com/events/capture_news' data-article-title='Will China's Continued Big Spending Lift Its Economy?' data-article-id='250'><script src='//news-app-staging.herokuapp.com/javascripts/getscripts.js'></script><link rel='stylesheet' href='//news-app-staging.herokuapp.com/stylesheets/article.css' type='text/css' /><div class='article'><p><span data-start-time='0' data-end-time='6021'>Chinese officials have predicted lower economic growth again this year.</span> <span data-start-time='6021' data-end-time='12833'>They say that huge government spending programs are coming to a close.</span> </p><p><span data-start-time='12833' data-end-time='21000'>Instead, officials say they are seeking what they call higher quality but more modest growth.</span> <span data-start-time='21000' data-end-time='28854'>The goal is to increase domestic consumption and grow the economy in a more balanced way.</span> </p><p><span data-start-time='28854' data-end-time='41792'>Last week, Chinese Premier Li Keqiang reinforced this opinion when he announced a target growth rate of seven percent for 2015.</span> <span data-start-time='41792' data-end-time='49083'>That is well below the Chinese economys average over the last 20 years.</span> </p><p><span data-start-time='49083' data-end-time='55917'>However, there are signs that the government has not yet ended its big spending programs.</span> <span data-start-time='55917' data-end-time='66979'>Li Keqiang announced a 13 percent increase in fixed asset investments, things like buildings and machinery.</span> <span data-start-time='66979' data-end-time='76583'>The premier also said there would be new spending in energy, railways, water management and housing.</span> </p><p><span data-start-time='76583' data-end-time='85083'>Some economists believe this spending will be greater than needed to reach the governments growth target.</span> <span data-start-time='85083' data-end-time='93646'>Shen Jianguang is chief Asia economist at Mizuho Securities Asia in Hong Kong. </span> <span data-start-time='93646' data-end-time='99854'>He calls the additional investments a silent stimulus plan.</span> </p><p><span data-start-time='99854' data-end-time='112479'>In January, Li Keqiang promised to create 10 million new jobs in 2015, partly through investment in building projects.</span> </p><p><span data-start-time='112479' data-end-time='121354'>The new spending program is less than the stimulus plan China put in place during the world financial crisis.</span> <span data-start-time='121354' data-end-time='129208'>In 2008, China announced a spending package of $570 billion.</span> <span data-start-time='129208' data-end-time='141000'>This year, however, Mr. Li has set aside $260 billion for spending in infrastructure and parts of the economy.</span> </p><p><span data-start-time='141000' data-end-time='150667'>Yet the spending does nothing to increase personal buying in China or create demand for goods and services.</span> </p><p><span data-start-time='150667' data-end-time='160167'>Recently, a professor at Renmin University spoke to Chinese state-run broadcaster CCTV.</span> <span data-start-time='160167' data-end-time='169333'>Tao Ran said that consumption levels are much less than what is needed to guarantee steady growth.</span> <span data-start-time='169333' data-end-time='181229'>Spending by the public is estimated at just about 40 percent of the economy while spending by government agencies makes up the rest.</span> </p><p><span data-start-time='181229' data-end-time='186229'>The government is borrowing money to pay for new projects. </span> <span data-start-time='186229' data-end-time='198104'>Finance Minister Lou Jiwei said in a news conference that deficit spending will be about 2.7 percent of the gross domestic product.</span> <span data-start-time='198104' data-end-time='205250'>That is the value of all goods and services produced by the economy in one year.</span> <span data-start-time='205250' data-end-time='214583'>It is an increase over last year and almost as much as during the financial crisis year of 2009.</span> </p><p><span data-start-time='214583' data-end-time='220646'>Chinas debt has increased four times since 2007. </span> <span data-start-time='220646' data-end-time='232208'>The McKinsey Global Institute estimated in February that total debt in China was valued at 282 percent of the economy.</span> <span data-start-time='232208' data-end-time='237063'>That includes government, corporate and household debt.</span> <span data-start-time='237063' data-end-time='244625'>The same report estimates U.S. debt to be 269 percent of GDP.</span> </p><p><span data-start-time='244625' data-end-time='251167'>Chinas Ministry of Finance had been limiting spending to cool the economy. </span> <span data-start-time='251167' data-end-time='258125'>But Mr. Shen says the Finance Ministry appears to be changing that policy.</span> </p><p><span data-start-time='258125' data-end-time='267479'>Chinas local governments hold large amounts of debt and that has hurt their ability to invest in new infrastructure.</span> <span data-start-time='267479' data-end-time='278229'>Yin Zhongqing, deputy director of the Finance and Economic committee of the National Peoples Congress, spoke to reporters recently.</span> <span data-start-time='278229' data-end-time='292354'>He said the central government would offer about $160 billion in low-interest bonds to replace existing debt owed by local governments.</span> </p><p><span data-start-time='292354' data-end-time='298542'>And that's the Economics Report for VOA Learning English. </span> <span data-start-time='298542' data-end-time='300583'>Im Mario Ritter.</span> </p></div><div class='control-buttons-sticky' style='display:none;'><div class='control-buttons'><button title='Back' class='back' disabled='disabled'></button><button title='Play' class='play' disabled='disabled'></button><button title='Pause' class='pause' style='display:none;'></button><button title='Forward' class='forward' disabled='disabled'></button><button class='finished-reading' style='display:none;'>Done</button></div></div></div><div id='article-media'><div id='media-image'><img src='https://news-app-production.s3.amazonaws.com/articles/7/china.JPG'/></div></div><div id='question-content' style='display:none;'><div class='vocabulary_question question-container' data-question-id=1530 data-hint-location='129208' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/what_does_infrastructure_m.m4a'>What does infrastructure mean?</div><div class='choices' data-correct-choice='basic equipment and structures needed for a country to operate'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/a_quantity.m4a'><span>a quantity</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/basic_equipment_and_struct.m4a'><span>basic equipment and structures needed for a country to operate</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/to_relocate.m4a'><span>to relocate</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/valuable_person.m4a'><span>valuable person</span></div></div></div><div class='vocabulary_question question-container' data-question-id=1531 data-hint-location='55917' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/what_does_asset_mean.m4a'>What does asset mean?</div><div class='choices' data-correct-choice='valuable person or thing'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/basic_equipment_and_struct.m4a'><span>basic equipment and structures</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/a_quantity.m4a'><span>a quantity</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/valuable_person_or_thing.m4a'><span>valuable person or thing</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/goods_and_services.m4a'><span>goods and services</span></div></div></div><div class='vocabulary_question question-container' data-question-id=1532 data-hint-location='41792' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/what_does_average_mean.m4a'>What does average mean?</div><div class='choices' data-correct-choice='quantity that represents an arithmetic mean'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/quantity_that_represents_a.m4a'><span>quantity that represents an arithmetic mean</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/basic_equipment_and_struct.m4a'><span>basic equipment and structures</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/group_of_related_things.m4a'><span>group of related things</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/valuable_person.m4a'><span>valuable person</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=1533 data-hint-location='258125' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/what_area_has_china_not_be.m4a'>What area has China not been able to invest in due to debt?</div><div class='choices' data-correct-choice='infrastructure'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/national_parks.m4a'><span>national parks</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/infrastructure.m4a'><span>infrastructure</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/education.m4a'><span>education</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/environment.m4a'><span>environment</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=1534 data-hint-location='93646' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/what_do_economists_call_th.m4a'>What do economists call the investments that the government is making?</div><div class='choices' data-correct-choice='silent stimulus plan'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/dishonest_spending_plan.m4a'><span>dishonest spending plan</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/silent_stimulus_plan.m4a'><span>silent stimulus plan</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/spending_plan.m4a'><span>spending plan</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/silent_spending.m4a'><span>silent spending</span></div></div></div><div class='multiple_choice_question question-container' data-question-id=1535 data-hint-location='66979' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/which_of_the_following_are.m4a'>Which of the following areas will NOT benefit from new spending?</div><div class='choices' data-correct-choice='education'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/education.m4a'><span>education</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/railways.m4a'><span>railways</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/energy.m4a'><span>energy</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/water_management.m4a'><span>water management</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=1536 data-hint-location='99854' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/the_chinese_premier_is_cre.m4a'>The Chinese Premier is creating new jobs through investment in <span class='blank'>building</span> projects.</div><div class='choices' data-correct-choice='building'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/education.m4a'><span>education</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/building.m4a'><span>building</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/immigration.m4a'><span>immigration</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/security.m4a'><span>security</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=1537 data-hint-location='214583' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/chinas_debt_has_increased.m4a'>China's debt has increased <span class='blank'>four</span> times since 2007.</div><div class='choices' data-correct-choice='four'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/five.m4a'><span>five</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/ten.m4a'><span>ten</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/three.m4a'><span>three</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/four.m4a'><span>four</span></div></div></div><div class='sentence_completion_question question-container' data-question-id=1538 data-hint-location='21000' style='display:none;'><div class='question' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/chinese_officials_would_li.m4a'>Chinese officials would like to grow the economy in a more <span class='blank'>balanced</span> way.</div><div class='choices' data-correct-choice='balanced'><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/predictable.m4a'><span>predictable</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/functional.m4a'><span>functional</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/balanced.m4a'><span>balanced</span></div><div class='choice' data-sound-name='https://news-app-production.s3.amazonaws.com/articles/7/useful.m4a'><span>useful</span></div></div></div><div class='question-buttons'><button class='skip-button'></button><button class='hint-button'></button><button class='speak-button'></button></div></div></div>
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