英语考试备考阅读素材.docVIP

2013MBA/MPA/MPACC英语阅读素材（一） Expectations that the U.S. Federal Reserve will launch another round of bond buying this week are fueling speculation that China also may ease policy soon to shore up its cooling economy. 　　But analysts say investors who bet on quick action from the Peoples Bank of China could be disappointed, with only an outside chance that it would follow the Feds lead with more monetary easing of its own any time soon. 　　The best markets could hope for would be a further cut in banks reserve requirement (RRR), but the odds against such an imminent move or even an outright interest rate cut are high as a recent flare-up in property and consumer inflation overshadows the urgency of policy easing. 　　Moreover, unlike the 2008/09 global crisis, Chinas labor market is still holding up well in part due to wrenching economic and demographic shifts. 　　Markets simply may have underestimated Beijings tolerance of lower economic growth this year, as long as the slowdown is not too abrupt and does not spark social unrest ahead of a once-in-a-generation leadership change expected next month. 　　The Chinese economy will slow further in the third quarter but regain some momentum late in the year as the impact of earlier policy easing fully kicks in, according to the latest Reuters poll of economists released on Wednesday. 　　Still, even if activity rebounds modestly in the fourth quarter, it would drag full-year economic growth to below 8 percent, a level never seen since 1999. 　　INFLATION IN FOCUS 　　The central bank needs to tread carefully amid signs that its earlier policy easing has fanned property price rises that have triggered public anxiety. 　　Thats probably why the PBOC has so far defied expectations for more aggressive moves since its last interest rate cut in July. Instead, it is opting to use reverse repos to inject short-term money into the banking system. 　　Housing prices, rebounded on a monthly basis for the second straight months in July, following eight