Groove in the school（第六期）

L: Hey guys, welcome to our channel—Groove in the school. This is Lia from senior 1 international department.

J: This is Jeff from senior 1 international department. First, Let’s see some news.

J：That’s all for today’s news.2019 marked the 70th anniversary of the founding of the People’s Republic of China.

L:Over the past 70 years, China has made amazing achievements in economic development and become the world’s second-largest economy.

J: Its experience in maintaining high economic growth has been to persist in opening up. 

L: he historic decision of reform and opening up in 1978 started this process. In the past 40 years, China has pursued development with doors wide open, 

J: and made an impressive transition from being a largely closed society to one that’s open to the world in all respects.

L: Opening up has greatly unleashed China’s productive forces, facilitated the free flow and efficient allocation([ˌæləˈkeɪʃn]) of factors and resources at home and abroad, promoted China’s active integration([ˌɪntɪˈɡreɪʃn]) into the global value chain, and pushed sustained and rapid economic development.

J: During this period, China’s GDP has grown at an average annual rate of about 9.5%, and its foreign trade at 14.5%.

L:The actual foreign capital utilisation([,ju:tilai'zeiʃən]) is more than $2 trillion, with outbound direct investment growing more than 40 times.

J: All the while, it has been deeply integrated into the global production and value chain system.

L:China is not only the world’s second largest economy, but also the largest industrial country, the largest foreign exchange reserve country, and the largest contributor to global economic growth.

J: Meantime, China has also explored a new path for the development of late-developing countries.

L: Openness brings progress, and is an indispensable([ˌɪndɪˈspensəbl]) impetus([ˈɪmpɪtəs]) for emerging economies.  

J:China’s achievements in the last 40-odd years have confirmed this point, as have the development paths of some other Asian economies.

L:Openness is also a prerequisite([ˌpriːˈrekwəzɪt]) for international economic and trade cooperation.

J:Opening up, however, may also bring many challenges. The Chinese response has been to stay positive, gain correct understanding, dare to reform and turn crisis into opportunity.

L:Over the past four decades, especially after China’s accession to the WTO in 2001, some domestic industries have suffered considerably.

J:However, by accelerating domestic reforms, improving the business environment and adjusting the industrial structure, China’s domestic industries have not only survived but have also become more competitive globally.

L:Globalisation is an irreversible trend. Countries should seize the opportunity, follow the trend, actively participate in bilateral([ˌbaɪˈlætərəl]) and multilateral([ˌmʌltiˈlætərəl]) trade arrangements, 

J:and integrate into the international value chain. One should learn to swim while swimming, and ride the tides in the vast ocean of the world markets. 

L:Only after going through storms can we improve our international competitiveness.

Together：That’s all for today’s broadcast ，see you next week at the same time.thank you！