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  3. Today, I will focus on one major impact of the current financial crisis on Asia-Pacific, that is, the decline in domestic demand

Today, I will focus on one major impact of the current financial crisis on Asia-Pacific, that is, the decline in domestic demand

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问题     Today, I will focus on one major impact of the current financial crisis on Asia-Pacific, that is, the decline in domestic demand. Particularly, I want to talk about the factors leading to declines in domestic demand.
    Equity markets in developing countries around the world have suffered large decreases in value since mid-September 2008, reflecting a global credit crunch and a worldwide flight to safety among investors.
    These declines are expected to cause a number of effects that will dampen domestic demand, especially personal consumption and corporate investments. Although equity market investments only constitute a small percentage of overall household wealth and equity financing consists of relative-ly a small portion of corporate investment in Asia-Pacific as compared with developed countries, the declines will affect the more advanced economies of the region, such as the Republic of Korea, Singapore and Hong Kong of China.
    Secondly, declines in property markets will further dampen domestic demand. The reduction in housing prices will have an effect on real estate investments, which have played a particularly important role in the growth of domestic demand in a number of countries—most notably in China, where the property sector accounts for about one quarter of all investment.
    Private consumption will also be affected by the fall in property prices, particularly in the more advanced economies in the region, where property assets account for a more significant portion of household wealth.
    Thirdly, reduced bank lending is the most significant factor curtailing corporate activity and domestic demand.
    The concern here is that an increase in non-performing loans will result in greater restraints on and a reduction in new lending, leading to possible higher costs for new borrowers. Increased borrowing costs may in turn add further pressures resulting in a greater number of corporate defaults.
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答案 今天，我重点说一下目前亚太金融危机所造成的一个重大影响，即内需下降问题。具体来讲，我想说的是造成内需下降的原因。 自2008年9月中旬以来，全球发展中国家股市大幅度下跌，这表明全球正在经历信贷紧缩，投资者选择以稳妥为主。 股市下滑导致的一系列后果将打击内需，特别是个人消费和公司投资。虽然股市投资仅占家庭财富的一小部分，而且相对于发达国家，亚太地区公司的股权融资在公司投资中的比例相对较小，股市下跌还是会影响到这些地区中相对较发达的经济体，例如韩国、新加坡和中国香港。 其次，房地产市场的下滑对内需造成了进一步的打击。房价下降影响了对房地产的投资，而后者对一些国家经济的增长起到重要作用，最典型的是中国，中国市场对房地产的投资占总投资的四分之一。 房价下跌也将影响个人消费水平。这一点在相对发达的地区尤为显著，这些地区中房产在家庭财富中占有的比重更高。 最后，银行贷款减少是造成公司活动减少和内需降低的最重要因素。 这里需要注意的是，不良贷款的增加将给新贷款行为造成更多的限制条件，同时也会减少新贷款的数量，新的贷款人可能因此需要面临更高的贷款成本。贷款成本的增加反过来带给贷款人更大的压力，压力之下失误也会增多。
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