Useful terms and expressions

• to flag – ослабевать, тормозить

• to make headway – продвигаться вперед, делать успехи

• a snapshot – краткая характеристика, обзор, описание

• arduous – трудный, тяжелый, сложный

• to shed – снижать(ся), сокращать(ся), избавляться

• assets – активы

• to gear up – 1) ускорять 2) готовиться к чему-то

• to sag – ослабевать, спадать, снижаться

• to outperform – опередить, превзойти по показателям

• to derive from – извлекать, получать из

• stock market – фондовый рынок

• to unleash – развязать, открыть путь, дать волю

• tax breaks – налоговые льготы

• low-end jobs – низкооплачиваемые виды работ

• government jobs – должности в государственных учреждениях и организациях

• business services – предпринимательские услуги

Answer the questions:

1. What role has industry played in Chinese economy in recent decades?

2. What kind of rebalancing is going on at the moment in Chinese economy?

3. What impact does service sector have on Chinese economy?

4. What makes the ongoing shift particularly important to global economy?

5. How does the structure of Chinese economy compare to that of the USA?

6. Which service sector contributed the most to the GDP growth in China in 2015? What accounted for this significant contribution?

7. What is the author’s outlook for the service sector growth in 2016 and further on?

8. What, according to the author, are the main hinders to growth in services?

9. How does Beijing encourage the shift to service economy? Have these efforts proved to be effective?

10. How does the service sector influence the employment in the country?

11. How does the author asses the pace of growth in service sector?

Translate the following sentences from English into Russian.

1. Services grew 8.3 percent last year and for the first time accounted for more than half of the economy, climbing to 50.5% from 48.1% the year before.

2. Services generate more jobs per yuan of output, an important benefit as the country shifts to a slower growth rate.

3. The industry expands in tandem with higher household incomes as families spend more on education, insurance, restaurants, travel, and the other trappings of middle-class life.

4. President Xi Jinping stressed the role of services, innovation, and household consumption as the new economic drivers.

5. As the world’s second-largest economy, China has accounted for up to a third of global growth in recent years, so gearing up services and consumption matters at a time that many other emerging and developed economies are sagging.

6. While disposable income outperformed the economy, increasing 7.4% last year, many analysts said overall consumption figures generally include government spending, unlike statistics provided by most other nations.

7. The higher-skilled sectors – telecoms, information technology, computers, finance, and business services – are still not a large share of the total service industry. And while some are growing, they aren’t growing very quickly.