Yang Kaisheng (left), former president of Industrial and Commercial Bank of China Ltd
and Justin YifuLin, former chief economist and senior vice-president of the World Bank,
speak at the Third Session ofthe 12th National Committee of the
Chinese People's Political Consultative Conference. [WeiXiaohao/China Daily]

The nation can achieve its GDP growth target of "around 7 percent" this year without any risk of a systemic financial crisis, said members of the country's top political advisory body on Friday.
??? 3月6日，部分全國政協委員表示，中國能在2015年實現GDP增長7%左右的目標，不會出現系統性金融危機。

With economic expansion having moderated to a "new normal" pace, potential GDP growth will still be about 8 percent this year and in the next 20 years, said Justin Yifu Lin, former chief economist and senior vice-president of the World Bank.
??? 前世界銀行首席經濟師兼高級副行長林毅夫稱，隨著中國經濟進入新常態，今年以及未來二十年GDP仍有潛力增長8%左右。

His comments came during a news conference at the Third Session of the 12th National Committee of the Chinese People's Political Consultative Conference.
??? 林毅夫是在全國政協十二屆三次會議的記者會上發表上述言論的。

China still has huge development potential in many industries, such as equipment manufacturing, e-commerce, Internet finance, alternative energy and environmental protection. Productivity should be continually improved by relying on technological innovation and industrial upgrading, he said.
??? 林毅夫稱，中國的眾多產業仍有巨大的發展潛力，比如設備制造、電子商務、互聯網金融、新能源以及環境保護；要持續通過技術革新和產業升級提高生產力。

The government reduced the 2015 GDP growth target to "around 7 percent" from "around 7.5 percent" in the past three years. Slower growth will provide more room for structural adjustments while maintaining a bottom line to ensure a stable labor market, according to the government work report.
??? 今年，中國政府把GDP增長由過去三年的7.5%左右降至7%左右。政府工作報告指出，增長放緩為結構性調整提供更多空間，同時確保勞動市場的穩定性。

Further moderation of economic growth will add pressure on commercial banks' lending activity, because more enterprises may face lower profits and even possible bankruptcy. But it is unreasonable to say that China's banking sector will collapse, said Yang Kaisheng, former president of Industrial and Commercial Bank of China Ltd.
??? 經濟增長的進一步調整或使更多企業面臨收益減少甚至破產的可能，這將增加商業銀行的貸款壓力。前中國工商銀行行長楊凱生稱，盡管如此，中國銀行業會崩潰的言論是不合理的。

"Downward pressure will increase in 2015 and commercial banks' ability to digest bad loans is important," said Yang.
??? 楊凱生表示：“2015年的經濟下行壓力將增加，商業銀行消化不良貸款的能力顯得尤為重要。”

Domestic banks' nonperforming loan ratio is relatively low compared with the world's largest banks, he said.
??? 他表示，相較全球其他大銀行，我國銀行的不良貸款率較低。

Separately, People's Bank of China Governor Zhou Xiaochuan said on Friday that this year's broad money supply growth target will be more flexible, aiming to better support the real economy.
??? 中國人民銀行行長周小川在3月6日表示，今年的廣義貨幣供應量（M2）增長目標將會更靈活，意在給予實體經濟更多支持。

"M2 is an important indicator of macroeconomic policy, but it is not necessary to fix it at a certain level," said Zhou. "It is more significant to set targets for new jobs, GDP growth and inflation to monitor the development," he said.
??? 周小川表示：“M2是宏觀經濟政策的重要指標，但不必過分強調要將M2控制在某個數值上。就業、經濟增長、通貨膨脹等，這些指標在調控發展方面要比M2更重要?！?/p>

Although this year's M2 growth target was cut to 12 percent from 13 percent, consistent with a lower nominal GDP growth target, the government work report said that the actual outcome could be higher, suggesting that 12 percent may be better considered as a lower boundary.
??? 盡管今年的M2增長目標從上年的13%降至12%，同時名義上降低GDP增長率，不過，政府工作報告提出，實際數值可能會更高，這暗示12%的增長率可能是最低要求。

The report also called for the use of both price and quantitative monetary instruments to help lower financing costs in the economy.
??? 政府工作報告同時還提出采用價格型和數量型貨幣工具協助降低融資成本。

Vocabulary：

alternative energy：替代能源

collapse：崩潰

bad loans：不良貸款

broad money supply：廣義貨幣供應（M2）

（譯者：呂玲蔚，編輯 Helen）