2025届高三上学期英语二轮复习专项：China Daily 语法填空 稳健政策（含答案）
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| 名称 | 2025届高三上学期英语二轮复习专项：China Daily 语法填空 稳健政策（含答案） |  | |
| 格式 | docx | ||
| 文件大小 | 22.1KB | ||
| 资源类型 | 教案 | ||
| 版本资源 | 人教版（2019） | ||
| 科目 | 英语 | ||
| 更新时间 | 2025-01-06 15:29:57 | ||
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话题：有望实现政策转变
Passage 1
Solid moves expected to deliver policy shift. For the first time in 14 years, China 1.____ (shift) its stance to a “moderately loose” monetary policy for 2025. This decision signals a strong commitment to reinvigorating growth, yet it also sparks a debate on 2.____ policymakers will overcome challenges in policy adjustments to make this shift effective.
Economists and policy researchers said the government 3.____ (adopt) decisive strategies. Bigger cuts to interest rates and banks' required reserves are on the horizon. The aim is 4.____ (prioritize) boosting domestic demand and restoring market confidence, coupled with strengthened expectation guidance to prevent any sharp depreciation of the yuan.
Beyond the conventional approaches, new tools are being introduced to improve policy efficiency and expand room for maneuvers. These include expanding central bank purchases of government bonds and extending targeted support for real estate, the stock market and consumption, according to policy researchers.
The measures are designed to overcome the hurdles 5.____ (face) macroeconomic policy adjustments. The scope for conventional monetary easing has narrowed over time, especially as a strong US dollar is putting pressure 6.____ the Chinese yuan. Meanwhile, the effect of easing moves in boosting borrowing could be eroded by subdued consumer sentiment 7.____ (amid) housing price adjustments.
By strengthening the potency of monetary easing in a multipronged manner, the unfolding policy pivot can deliver real economic momentum against domestic and external headwinds. Both economic growth and the yuan are expected 8.____ (strengthen) in the second half of 2025, experts said.
Referring to the shift announced during the tone - setting annual Central Economic Work Conference held in December, Luo Zhiheng, chief economist at Yuekai Securities, told China Daily that the change in monetary policy stance from “prudent” to “moderately loose” for the first time in 14 years carries “significant implications”.
This policy shift 9.____ (reiterate) by the People's Bank of China. The central bank said in a meeting statement on Friday that it will cut interest rates and the reserve requirement ratio — the proportion of deposits banks must keep as reserves — at an appropriate time, as part of its efforts 10.____ (increase) the intensity of monetary policy adjustments.
答案：
has shifted
how
is adopting
to prioritize
facing
on
amid
to strengthen
was reiterated
to increase
Passage 2
The PBOC's statement also mentioned the need to balance easing moves with yuan stability. It vowed to stabilize market expectations, firmly prevent one - sided foreign exchange market expectations from arising and self - reinforcing, and maintain the yuan exchange rate at 1.____ generally stable, reasonable and balanced level.
Luo said the ultimate support for the Chinese currency will be improvements in economic fundamentals. So, 2.___(cut) 2.cutting interest rates further is essential. It will reduce the financing costs of corporate investments and residents' homebuying, given that real interest rates 3.____ (rise) amid low price levels, he said.
Real interest rates deduct inflation from nominal interest rates and represent real financing costs. Luo 4.___(add) that he sees the scope for approximately 0.5 percentage point of interest rate cuts and 0.5 to 1 percentage point of reserve requirement ratio reductions this year.
Last year, the central bank 5.____ (lower) the seven - day reverse repo rate — a key policy benchmark of interest rate — by 30 basis points to 1.5 percent and reduced the RRR by 1 percentage point, releasing about 2 trillion yuan ($273 billion) in liquidity.
The onshore yuan weakened by 222 basis points to 7.3216 against the dollar on Friday, said market tracker Wind Info, 6.____ (amid) dual pressures from potential additional US tariffs and a widened US - China interest rate differential. The US is slowing down interest rate cuts, 7.____ China is expected to make bigger cuts.
“The yuan may face some depreciation pressures in the first half of 2025, but may rebound in the second half as the policy efforts take effect, experiencing fluctuations but remaining essentially stable,” Luo said.
Nevertheless, the use of traditional monetary policy tools may face some constraints, policy researchers said. For instance, some experts deem 5 percent as an unstated floor for China's RRR, as against the current level of about 6.6 percent on average, while others believe there is room for further declines as some advanced economies 8.____ (reduce) the RRR to zero.
Ming Ming, chief economist at CITIC Securities, said that China needs to maintain a certain level of RRR above zero under the current policy framework, while the efficacy of interest rate cuts could be undermined by low inflation.
To address the potential constraints facing traditional policy tools, policymakers are exploring innovative easing measures 9.____ (discuss) at a recent top - level meeting, Ming said.
At a meeting held by the Political Bureau of the Communist Party of China Central Committee in early December, the top leadership 10.___(call) for strengthening “unconventional counter cyclical adjustments”.
答案：
a
cutting
have risen
added
lowered
amid
while
have reduced
discussed
called
Passage 3
Innovative measures. While there is no strict, uniform definition of unconventional countercyclical adjustments, economists said the term in general refers to stimulus measures other than interest rate cuts, RRR reductions and traditional open market operations, and usually involves closer coordination of monetary and fiscal policies such as quantitative easing, or QE, 1.____ (take) by some advanced economies.
“QE is unlikely to be among the central bank's options, but the pattern of moderately loose monetary policy over the next period may exhibit similar characteristics,” Ming said.
China still has room for conventional adjustments, while typical quantitative easing takes place when the conventional policy space 2.____ (exhaust). It involves central bank subscription of government bonds in the primary market, 3.____ is prohibited by Chinese law, he said.
Instead, the central bank is expected to step up secondary - market government bond trading to facilitate expansion in government bond issuance, Ming said, with his team forecasting that central bank net purchases of treasury bonds may increase to 2.24 trillion yuan in 2025.
In August, the central bank started secondary - market treasury bond trading as a tool to provide liquidity and manage bond market yields, with a net purchase of 1 trillion yuan for the whole year, data from the PBOC showed.
Ming added that there is scope for innovating targeted tools to directly support consumer spending.
The PBOC statement on Friday said it will enrich the monetary policy toolbox, carry out the trading of government bonds and pay attention to changes in long - term yields, while vowing more targeted measures to meet reasonable consumer financing needs.
The central bank also reiterated its commitment to keeping the development of the financial market stable, with an emphasis on “maintaining capital market stability”.
On Thursday, the PBOC completed the operation for the second time of a policy tool that encourages stock market investments by financial institutions.
Lu Ting, chief China economist at Nomura, said that if the central bank 4.____ (launch) unconventional policy tools, in coordination with fiscal policy, to help clear unpaid debt in the real estate sector, it would greatly help mitigate financial risks and facilitate a more robust economic recovery.
China should also consider the international economic situation when implementing these policies. The global economic environment is complex and changeable, 5.____ (affect) the effectiveness of China's monetary policy.
Moreover, communication with the market is crucial. Clear communication can help the market better understand the policy intentions, thus 6.____ (stabilize) market expectations.
In addition, while implementing innovative measures, the government needs to ensure the safety and stability of the financial system. Strengthening financial supervision can prevent potential financial risks 7.____ (arise) from these new policies.
Finally, the long - term impact of these policies should be carefully evaluated. The government should be prepared to adjust policies in a timely manner according to 8.____ (economy) development trends.
It is also important to promote the coordinated development of different sectors of the economy. The real estate sector, for example, is closely related to many other industries, and a stable real estate market is beneficial to 9.____ (overall) economic growth.
By taking these factors into account, China can make the “moderately loose” monetary policy more effective and promote 10.____ (sustainable) economic development.
答案：
taken
is exhausted
which
launches
affecting
stabilizing
arising
economic
overall
sustainable
Passage 1
Solid moves expected to deliver policy shift. For the first time in 14 years, China 1.____ (shift) its stance to a “moderately loose” monetary policy for 2025. This decision signals a strong commitment to reinvigorating growth, yet it also sparks a debate on 2.____ policymakers will overcome challenges in policy adjustments to make this shift effective.
Economists and policy researchers said the government 3.____ (adopt) decisive strategies. Bigger cuts to interest rates and banks' required reserves are on the horizon. The aim is 4.____ (prioritize) boosting domestic demand and restoring market confidence, coupled with strengthened expectation guidance to prevent any sharp depreciation of the yuan.
Beyond the conventional approaches, new tools are being introduced to improve policy efficiency and expand room for maneuvers. These include expanding central bank purchases of government bonds and extending targeted support for real estate, the stock market and consumption, according to policy researchers.
The measures are designed to overcome the hurdles 5.____ (face) macroeconomic policy adjustments. The scope for conventional monetary easing has narrowed over time, especially as a strong US dollar is putting pressure 6.____ the Chinese yuan. Meanwhile, the effect of easing moves in boosting borrowing could be eroded by subdued consumer sentiment 7.____ (amid) housing price adjustments.
By strengthening the potency of monetary easing in a multipronged manner, the unfolding policy pivot can deliver real economic momentum against domestic and external headwinds. Both economic growth and the yuan are expected 8.____ (strengthen) in the second half of 2025, experts said.
Referring to the shift announced during the tone - setting annual Central Economic Work Conference held in December, Luo Zhiheng, chief economist at Yuekai Securities, told China Daily that the change in monetary policy stance from “prudent” to “moderately loose” for the first time in 14 years carries “significant implications”.
This policy shift 9.____ (reiterate) by the People's Bank of China. The central bank said in a meeting statement on Friday that it will cut interest rates and the reserve requirement ratio — the proportion of deposits banks must keep as reserves — at an appropriate time, as part of its efforts 10.____ (increase) the intensity of monetary policy adjustments.
答案：
has shifted
how
is adopting
to prioritize
facing
on
amid
to strengthen
was reiterated
to increase
Passage 2
The PBOC's statement also mentioned the need to balance easing moves with yuan stability. It vowed to stabilize market expectations, firmly prevent one - sided foreign exchange market expectations from arising and self - reinforcing, and maintain the yuan exchange rate at 1.____ generally stable, reasonable and balanced level.
Luo said the ultimate support for the Chinese currency will be improvements in economic fundamentals. So, 2.___(cut) 2.cutting interest rates further is essential. It will reduce the financing costs of corporate investments and residents' homebuying, given that real interest rates 3.____ (rise) amid low price levels, he said.
Real interest rates deduct inflation from nominal interest rates and represent real financing costs. Luo 4.___(add) that he sees the scope for approximately 0.5 percentage point of interest rate cuts and 0.5 to 1 percentage point of reserve requirement ratio reductions this year.
Last year, the central bank 5.____ (lower) the seven - day reverse repo rate — a key policy benchmark of interest rate — by 30 basis points to 1.5 percent and reduced the RRR by 1 percentage point, releasing about 2 trillion yuan ($273 billion) in liquidity.
The onshore yuan weakened by 222 basis points to 7.3216 against the dollar on Friday, said market tracker Wind Info, 6.____ (amid) dual pressures from potential additional US tariffs and a widened US - China interest rate differential. The US is slowing down interest rate cuts, 7.____ China is expected to make bigger cuts.
“The yuan may face some depreciation pressures in the first half of 2025, but may rebound in the second half as the policy efforts take effect, experiencing fluctuations but remaining essentially stable,” Luo said.
Nevertheless, the use of traditional monetary policy tools may face some constraints, policy researchers said. For instance, some experts deem 5 percent as an unstated floor for China's RRR, as against the current level of about 6.6 percent on average, while others believe there is room for further declines as some advanced economies 8.____ (reduce) the RRR to zero.
Ming Ming, chief economist at CITIC Securities, said that China needs to maintain a certain level of RRR above zero under the current policy framework, while the efficacy of interest rate cuts could be undermined by low inflation.
To address the potential constraints facing traditional policy tools, policymakers are exploring innovative easing measures 9.____ (discuss) at a recent top - level meeting, Ming said.
At a meeting held by the Political Bureau of the Communist Party of China Central Committee in early December, the top leadership 10.___(call) for strengthening “unconventional counter cyclical adjustments”.
答案：
a
cutting
have risen
added
lowered
amid
while
have reduced
discussed
called
Passage 3
Innovative measures. While there is no strict, uniform definition of unconventional countercyclical adjustments, economists said the term in general refers to stimulus measures other than interest rate cuts, RRR reductions and traditional open market operations, and usually involves closer coordination of monetary and fiscal policies such as quantitative easing, or QE, 1.____ (take) by some advanced economies.
“QE is unlikely to be among the central bank's options, but the pattern of moderately loose monetary policy over the next period may exhibit similar characteristics,” Ming said.
China still has room for conventional adjustments, while typical quantitative easing takes place when the conventional policy space 2.____ (exhaust). It involves central bank subscription of government bonds in the primary market, 3.____ is prohibited by Chinese law, he said.
Instead, the central bank is expected to step up secondary - market government bond trading to facilitate expansion in government bond issuance, Ming said, with his team forecasting that central bank net purchases of treasury bonds may increase to 2.24 trillion yuan in 2025.
In August, the central bank started secondary - market treasury bond trading as a tool to provide liquidity and manage bond market yields, with a net purchase of 1 trillion yuan for the whole year, data from the PBOC showed.
Ming added that there is scope for innovating targeted tools to directly support consumer spending.
The PBOC statement on Friday said it will enrich the monetary policy toolbox, carry out the trading of government bonds and pay attention to changes in long - term yields, while vowing more targeted measures to meet reasonable consumer financing needs.
The central bank also reiterated its commitment to keeping the development of the financial market stable, with an emphasis on “maintaining capital market stability”.
On Thursday, the PBOC completed the operation for the second time of a policy tool that encourages stock market investments by financial institutions.
Lu Ting, chief China economist at Nomura, said that if the central bank 4.____ (launch) unconventional policy tools, in coordination with fiscal policy, to help clear unpaid debt in the real estate sector, it would greatly help mitigate financial risks and facilitate a more robust economic recovery.
China should also consider the international economic situation when implementing these policies. The global economic environment is complex and changeable, 5.____ (affect) the effectiveness of China's monetary policy.
Moreover, communication with the market is crucial. Clear communication can help the market better understand the policy intentions, thus 6.____ (stabilize) market expectations.
In addition, while implementing innovative measures, the government needs to ensure the safety and stability of the financial system. Strengthening financial supervision can prevent potential financial risks 7.____ (arise) from these new policies.
Finally, the long - term impact of these policies should be carefully evaluated. The government should be prepared to adjust policies in a timely manner according to 8.____ (economy) development trends.
It is also important to promote the coordinated development of different sectors of the economy. The real estate sector, for example, is closely related to many other industries, and a stable real estate market is beneficial to 9.____ (overall) economic growth.
By taking these factors into account, China can make the “moderately loose” monetary policy more effective and promote 10.____ (sustainable) economic development.
答案：
taken
is exhausted
which
launches
affecting
stabilizing
arising
economic
overall
sustainable