There are always potential
downsides to any new technology.
任何新技术都可能存在潜在的负面影响。
The
downside of working from home is the lack of social interaction.
在家工作的缺点是缺乏社交互动。
The
downside of a high-fat diet is an increased risk of heart disease.
高脂肪饮食的坏处是心脏病风险增加。
The
downside of traveling frequently is being away from family for extended periods.
经常旅行的不利之处是长时间远离家人。
The
downside of using social media excessively is the potential for addiction and privacy concerns.
过度使用社交媒体的弊端是可能成瘾和隐私问题。
The
downside of living in a big city is the high cost of living.
生活在大城市的坏处是生活成本高昂。
The
downside of online shopping is the lack of physical inspection before purchasing.
网购的缺点是在购买前无法实物检查。
The
downside of a sedentary lifestyle is an increased risk of obesity and health issues.
久坐不动的生活方式的坏处是肥胖和健康问题的风险增加。
The
downside of instant gratification is the lack of patience and delayed gratification skills.
即时满足感的弊端是缺乏耐心和延迟满足感的能力。
The
downside of relying heavily on technology is the potential loss of human connection and critical thinking.
过度依赖技术的坏处可能是丧失人际联系和批判性思维能力。
Currently, the global economy is suffering from high inflation and downside risks but it is bound to be on a track of recovery and growth in the long run, said Yasunori Ogawa, president and CEO of Epson, adding he believed that the Chinese market still has huge growth potential.
爱普生总裁兼首席执行官Ogawa Yasunori表示，目前，全球经济正面临高通胀和下行风险，但从长远来看，它肯定会走上复苏和增长的轨道。他补充说，他相信中国市场仍有巨大的增长潜力。
China will continue to accelerate the push for improving its business environment in an effort to spur high-quality economic development amid mounting downside pressure and uncertainties, the country's top economic regulator said on Friday.
However, the new undertaking can have a potential downside, said economist Ma Guangyuan, who believes companies' transformations should focus on their core business.
The downside: Who knew if the Wi-Fi connection was secure?
Companies with good credit history will enjoy favorable interest rates, convenient loan approval channelsChina is actively taking steps to spur lending to micro, small and medium-sized enterprises secured by their credit records, in a move to lift the economy amid mounting growth downside pressure.
"We will continue to take thoughtful actions to reduce downside risk and increase upside optionality to create long-term value for our shareholders," Culp added in the announcement.
The downside of WeChat Pay is that not many foreigners use WeChat, and it takes time and effort to develop payment tools overseas," Chou added.
The company has also taken several measures to mitigate the downside risks by hedging its commodities and foreign exchange rate, according to him.
"We continue to grow and learn at a controlled and managed pace with minimal downside risk," said Allen.
The IPO application of Zhejiang Times Cinema Chain Co Ltd was dismissed, and the government asked it to further explain issues, such as how to deal with lots of its holding companies losing money and downside risks of the company's overall performance, an announcement released by China Securities Regulatory Commission in May said.
However, he also noticed the downside is that many young entrepreneurs in Shenzhen change their startup ideas too quickly as it is so easy to start a new project.
This could be the biggest economic downside risk this year," she said.
Zhang Bin, deputy director of CASS' Institute of World Economics and Politics, said measures aimed at stabilizing the real estate sector are now the "No 1 policy" for macroeconomic stability, as the sector has overshot to the downside, dragging down overall demand.
Nevertheless, political advisers and experts said it is too early to pull back on stimulus measures, as the property market's recovery remains nascent, and consumer spending could weaken further if pent-up demand fades, which in turn could reignite downside risks amid lingering external uncertainties.
To avert the likelihood of China's economy further slowing down, a downside risk to global growth, the IMF said there should be effective policy response in preserving financial stability.
The balance of risks to global growth remains tilted toward the downside, as inflation could remain high and even rise if further shocks occur, and financial sector turbulence could resume as markets adjust to further policy-tightening by central banks, according to the IMF.
"Economic activities have noticeably weakened in general, with downside risks accumulating," he said at the forum.
The World Bank said the key downside risks for China's economy include continuing stress in the real estate sector, a sharper-than-anticipated slowdown in global growth and trade, and the lingering possibility of disruptive COVID-19 waves.
The global lender cautioned that an intensification of geopolitical tensions presents further downside risks both to China and to the rest of the East Asia and Pacific region, as they could increase uncertainty, disrupt trade and hold back investment.
"The Chinese economy is on a very strong footing" compared to others, despite some downside risks, said Rashid, chief of the Global Economic Monitoring Branch, Economic Analysis and Policy Division at the UN Department of Economic and Social Affairs.
Economists and industry insiders said any intention of decoupling from China is clearly infeasible and against the historical currents, and attempts to do so would hamper the recovery of the world economy, which is suffering from high inflation and downside risks.
Gourinchas, also director of research at the IMF, noted that downside risks dominate and added that the fog around the world economic outlook has thickened.
The IMF listed faltering growth in China as one of the downside risks to the global outlook.
When China's economy confronted downside challenges in the past, policies were mainly adopted on the supply side to protect market entities, but after total population peaks, China's macroeconomic policy should be partly shifted to the demand side to better help low- and middle-income families.
The decision to cut the reserve requirement ratio, which determines the amount of cash that banks must hold as reserves, has delivered a clear signal that Chinese policymakers are keen to maintain macroeconomic policy support amid rising global financial volatility and economic downside risks, they said.
He said that China's monetary policy is expected to remain relatively accommodative this year to expand domestic demand and consumption, which will be key to offsetting the downside risks facing exports because the stress on the international banking system can hinder global credit expansion and impair economic growth.
However, the inflation downside surprise could slightly raise the probability of a moderate rate cut in the next couple of months," Lu said.
Data from the National Bureau of Statistics, or NBS, show exports of goods fell by 0.5 percent in China year-on-year to 2.16 trillion yuan ($310 billion) in December, indicating the downside risk facing external demand.
The downside pressure by real estate on the overall economy will be significantly diminished.
Avoid premature tighteningAmid an output gap in 2023 and downside risks to the economic outlook, it will be important for Chinese policymakers to avoid prematurely tightening macroeconomic policies, according to a recent IMF staff report following the annual Article IV review of the Chinese economy.
But downside risks around this outlook remain, including a slower-than-expected global recovery and deepening stress in the real estate sector, Kang said.
Although the update also said the balance of risks remains tilted to the downside, financial institutions and observers expressed confidence in China's role in global growth in the coming year, saying that China has played a meaningful role as a global growth engine.
On the downside, severe health outcomes in China could hold back the recovery, so accelerating COVID-19 vaccinations in China would safeguard the recovery, with positive cross-border spillovers, the IMF noted.
Senior officials and analysts have recently expressed similar upbeat sentiments for China's economy, which grew 3 percent year-on-year in 2022 despite geopolitical tensions, recurring COVID-19 outbreaks and rising global downside risks.
Kang Yi, head of the NBS, said economic performance remained overall stable last year despite the challenges of intensified geopolitical tensions, rising global downside risks and repeated COVID-19 outbreaks, pointing to the strong resilience and great potential of China's economy.
Data from the National Bureau of Statistics, or NBS, show that China's exports rose by 11.9 percent year-on-year to 21.83 trillion yuan from January to November, but single-month growth for November fell to 0.9 percent, pointing to the downside risk facing exports as global growth slows.
The current downturn and continued contraction in the real estate market are actually downside surprises.
How can China's foreign trade continue to gain "new growth momentum" against the backdrop of increasing downside risks of the global economy?
"To offset weak domestic demand and cushion the downside of the property market, macro-leverage will increase.
"Meanwhile, Louise Loo, senior economist at British think tank Oxford Economics, said the latest economic data actualized some of the downside risk as a result of the COVID resurgence and uncertainties, adding that "troubles in the real estate sector as well as strong external headwinds remain meaningful drags on the economy".
China's GDP expanded by 3 percent year-on-year in the first three quarters, compared with 2.5 percent in the first half of the year, according to the National Bureau of Statistics data, which indicated that the economy has shown resilience despite some downside risks.
Experts said stepped-up monetary support to boost investment is expected to buffer the downside risks of real estate weakness and COVID-19 uncertainties, helping China's economic growth to pick up in the fourth quarter.
There were such vast opportunities in the market that when certain groups of people enjoyed development opportunities, other groups didn't see much downside impact.
The currency depreciation in these major economies has brought stagflation and downside risks, said Xu Hongcai, deputy director of the China Association of Policy Science's economic policy committee.
Despite downside pressure, the gradual improvement in some economic indicators has showcased the resilience of the Chinese economy, Liu Shangxi, president of the Chinese Academy of Fiscal Sciences, said at a macroeconomic summit held on Saturday by the China Wealth Management 50 Forum.
Finally, exports are facing many lingering downside drivers both internally and externally.
Signs have emerged that China's export growth could face downside risks.
Liu added that the top leadership's reiteration of China's advocacy of private capital will also help bolster the confidence of investors and business leaders amid growing economic downside risks.
Though interest rate cuts could help alleviate domestic economic downside risks, such moves could intensify capital outflow pressure and weigh on the Chinese yuan by further bringing down Chinese bond yields, they said.
Given the very high export figures seen in 2021, it is generally considered that exports may not be able to maintain double-digit growth, especially with the ongoing Russia-Ukraine conflict, which has caused prices of crude oil, grains and other commodities to skyrocket once again, adding to downside pressure on the global economy.
China's economy enjoys strong resilience with positive fundamentals remaining unchanged despite downside pressure, and more efforts will be made to keep economic operations within a reasonable range, experts said on Tuesday.
Wang, who is also the former deputy director of Development Research Center of the State Council, warned of downside pressure this year, particularly in the first and second quarters, saying he expects policymakers may take greater steps to shore up growth in the first half. "
Liang said various downside risks and uncertainties are clouding the economic outlook, such as disruption due to sporadic COVID outbreaks.
The World Bank noted various downside risks are clouding the outlook, including simultaneous Omicron-driven economic disruptions, further supply bottlenecks, inflationary concerns, financial stress, climate-related disasters and a weakening of long-term growth drivers.
In response to the downside drivers, Louis Kuijs, head of Asia economics at think tank Oxford Economics, expects China's macroeconomic policy will become more accommodative.
The global outlook is "clouded by various downside risks," including renewed COVID-19 outbreaks due to new virus variants, the possibility of unanchored inflation expectations, and financial stress in a context of record-high debt levels, according to the report.
However, as China's COVID-19 strategy is likely to remain broadly unchanged for much of the next year, some downside risks could emerge amid renewed domestic COVID-19 outbreaks.
A downturn in the highly leveraged property sector poses another downside risk, which could have "significant economy-wide reverberations", it added.
As China's COVID-19 strategy is likely to remain broadly unchanged for much of 2022, some downside risks include the renewed domestic COVID-19 outbreaks, such as the new Omicron variant, which could require more broad-based and longer-lasting restrictions leading to larger disruptions in economic activity, according to the report.
Such a macroeconomic policy mix will relieve downside economic pressure and help maintain macroeconomic stability, which is crucial for maintaining social stability as well as preparing for the 20th National Congress of the Communist Party of China next year.
Citing the tasks mapped out by the Central Economic Work Conference held last week, Luo Zhiheng, deputy director and chief macroeconomic analyst of Yuekai Securities research institute, said stabilizing investment will be a key focus of economic work in the future, which will help hedge against downside risks.
The latest figures showed that the country's production activities remained robust, but consumption and investment remained lukewarm, underlining the necessity for policy support to bolster market demand and buffer downside risks, they said.
他们指出，最新数据显示，该国的生产活动仍然强劲，但消费和投资表现平淡，这突显了有必要通过政策支持来提振市场需求，并缓冲下行风险。
It is necessary to prevent industrial regulations from diluting macro policy support and aggravating economic downside risks, Wu said.
Her remarks came as all eyes are on the Central Economic Work Conference, which is expected to set China's main economic policy agenda for 2022 and provide guidance as to how the country will deal with downside risks that have emerged in recent months.
On the monetary front in particular, China may cut the reserve requirement ratio two to three times next year to provide cushion against any downside economic risks, Hu said.
The premier noted that China's economy currently faces new downside pressure as well as multiple challenges in maintaining steady operations on the basis of a high growth base.
With enhanced communication between the two countries helping cut downside risks facing the global economy, experts said it will be helpful for China and the US to improve bilateral relations, as well as jointly deal with global challenges such as COVID-19, climate change and supply chain operations.
Tang Jianwei, chief researcher at the financial research center of Bank of Communications, warned of increasing downside pressure in the fourth quarter and next year on the Chinese economy from weak domestic demand and slower industrial production.
Macroeconomic policy should manage to prevent downside risks to the Chinese economy and mainly focus on stabilizing consumption and investment.
宏观经济政策应当致力于防范中国经济面临的下行风险，主要聚焦于稳定消费和投资。
Analysts said that although there may be downside risks to the index, they believed the central government will introduce measures to contain the situation.
As the Greater Bay Area survey was conducted between late July and mid-September, the Evergrande debt problem and the shortage of electricity were largely not reflected in the results, so Kelvin Lau Kin-hang, Standard Chartered Hong Kong's senior economist for greater China, said he expected that there will be a downside risk to the index in the fourth quarter.
Lau said power shortages on the Chinese mainland might affect the production progress of the manufacturing sector, exposing the GBAI to downside risks.
According to Shao, with economic downside pressure having intensified in the third quarter, policymakers may give more heft than before to stabilizing economic growth among other policy objectives, such as controlling energy consumption and defusing financial risks.
"Policy measures to reinforce credit growth will likely be rolled out and alleviate downside economic pressure, which will combine with the easing of transitory disruptions to help the economy gain firmer footing in the fourth quarter," said Chen Xing, the chief macroeconomic analyst at Zhongtai Securities.
As offline purchasing and infrastructure investment counter downside pressure, the Chinese economy is expected to grow 4 percent year-on-year in the fourth quarter and 5.2 percent on a two-year average basis, compared with 5 percent in the third quarter, according to a Bank of China report.
Policies expected to ease pressure on small midstream, downstream firmsProfits at China's major industrial companies maintained steady growth in August, showcasing the resilience of high-tech manufacturing and indicating the nation's stable economic recovery despite rising downside pressures, officials and experts said on Tuesday.
July figure up 16.4% year-on-year, suggesting economic recovery stableProfits at China's major industrial companies maintained steady growth in July－another indication that the Chinese economy is consolidating its stable recovery despite rising downside pressures, officials and experts said on Friday.
Wu estimated that the growth of industrial profits may slow in the second half as the high prices of raw materials and shipping will continue to pressure profitability of midstream and downstream enterprises amid rising downside pressure on industrial production and real estate.
"Looking ahead, Tao warned there are concerns about weakening momentum amid rising downside pressures on industrial production, external demand and real estate investment.
The government is likely to adjust the macro policy to buffer downside economic pressure, with fiscal policy set to accelerate budgeted spending and tap into this year's local government special bond quota in the rest of the year.
Economists predict that external demand may be weaker in the second half of this year, and domestic employment is under pressure, which will add downside risks to China's economic recovery, which also depends on how the new trend of the pandemic develops.
Structural reforms for social equality and welfare are laudable at a time when economic downside pressure is limited, but improvements to policy predictability and timely communications with the market are critical too.
The local outbreaks may suppress economic growth by bringing offline service activities to a transitory standstill in the affected areas, but the impact will remain limited if the resurgence can be brought under control this month and policy support is stepped up to offset the downside pressure, Shao said.
China may need to fine-tune its macro policy to lend more support for economic growth, as downside risks have risen amid the recent local COVID-19 resurgences while mild inflation prospects have offered the room for further easing, experts said on Monday.
China's mild inflation prospects have provided the room for monetary policy strengthening support for the economy if downside risks bite, said Wang Qian, Asia-Pacific chief economist at the United States-based Vanguard Investment Strategy Group.
Yet the predicted growth remains exposed to downside risks, especially any major resurgence of domestic COVID-19 cases, Wang said, citing the recent outbreaks in areas such as Jiangsu province.
Measures needed to support recovery, contain downside risks, say expertsChina is likely to fine-tune its economic policies by injecting sufficient liquidity and accelerating fiscal spending to support economic recovery and contain downside risks amid surging commodity prices as growth slowed in the second quarter, economists said.
Such a trend may prompt China's policymakers to pay more attention to the downside risks and roll out more supportive measures to boost domestic demand and private consumption and to further unleash the country's growth potential, they said.
That means, Chinese industrial product exports and the active import-substitution drive will face downside pressure, going forward.
The downside in short-term of pork price is limited in the wake of the implementation of the purchasing and storage of central reserve pork and the coming peak season in the third quarter for pork consumption, said Gao Ruidong, chief macroeconomist at Everbright Securities.
After the Fed's April meeting suggested the possibility of beginning to discuss adjusting the pace of asset purchases in upcoming meetings, Fed Governor Lael Brainard said on Tuesday it is important to be attentive to both downside and upside risks of inflation.
The renewed COVID-19 outbreaks show the pandemic is still a threat, which could be the biggest downside risk weighing on the generally positive outlook in Asia.
However, potential downside risks in Asia include deterioration of banks' asset quality and the rising debt level, because of previous massive fiscal and monetary stimulus moves.
Emerging markets and developing economies, especially those with financial vulnerabilities and weak trade ties to the US, should be ready with contingency policies for potential downside risks and possible tightening of financial conditions, the IMF official suggested.
If so, the economic downside pressure will resurge in the early months this year, reflected by constrained retail and traveling.
Other downside risks, domestically, may concentrate in the financial sector.
The downside was sharp, sudden and scary that saw the S&P 500 slump nearly 34 percent in only 23 trading sessions, also its fastest-ever dip into a bear market.
Beijing has strengthened fiscal actions to hedge against downside risks after the COVID-19 outbreak and conducted large-scale bailout measures to support enterprises.
"Along with a flexible and supportive monetary policy, China could use its fiscal space to hedge against downside risks to growth and ensure a smooth rotation from public to private demand.
With the government's effective measures to prevent and control the epidemic, China's imports and exports rose by 1.1 percent in the first 10 months on a yearly basis despite mounting downside pressure, according to data from the General Administration of Customs.