英文原文：
Hｏw Ｒeal Ｉs Chｉna’s Real Estate Bubｂle And Ｗhaｔ Shｏｕld Be Done ａｂｏut Ｉt
Thinｋ U.S. houｓｉｎg priceｓ havｅ ｇone beｒrk？ Ｔry ｔhoｓe in Ｓｈanｇhai aｎd Ｂeijing， where the cost oｆ ｈoｍeｓ has ｂeeｎ rｉsing an ｅstｉmaｔｅd 25％ ａnnually in ｒecent yeaｒs。 Thａｔ’ｓ ｔwｉce tｈｅ jｕmｐ in ｔｈe median sale pｒicｅ ｏf ｅxistiｎg Ｕ。S. homes oｖer tｈe pａｓt ｙear, ａnd a sｉｇn ｔhａｔ Ｃhｉna’ｓ real ｅｓtate mａrｋet iｓ in ｔｈｅ mｉdst oｆ ｗｈａt ｓome ｏbsｅrveｒs vｉew as ａ potentially exｐlosiｖe ｂubblｅ.
The ｂubｂle is ｒoｏted iｎ suｃh fａctｏrs ａｓ Chｉｎa's ｓtrong ecｏnomic growｔh ｓincｅ 1990 and ｉnｖestor ｂets ｔhat Cｈｉｎa’s curreｎcy， the yuaｎ， will ｂe revalｕed uｐwarｄ in tｈe near ｆｕtｕre. Buｔ such spｅculaｔion is heｌｐing push the ｐｒicｅ of homes beyond tｈｅ ｒｅach of miｄdｌe ｃlaｓs ｃiｔizenｓ in key Ｃhinｅsｅ ciｔｉes and raｉｓinｇ the prospect oｆ ａ ｓudｄen marｋet collapｓｅ
tila tequilathaｔ could ｔhrｅａten tｈｅ ｃountrｙ's shａky bankｉｎg ｃtor aｎd wiｐe out tｈｅ ｌife ｓaｖｉｎｇs of manｙ ｆａmilieｓ。
Some e the ｉnｃreａsiｎg iｎvｏｌvement oｆ U。S。 ｉnｖestors in Ｃhina —- iｎｃluding thｅ recent ｍｏｖe ｂy Baｎk of Ａmerica tｏ buｙ ａ 9％ stakｅ ｉn Cｈinａ Ｃoｎstructｉoｎ Ｂanｋ —－ as a hoｐｅｆul ｄevｅloｐment ｗheｎ it comes ｔo calmｉng the coｕｎtｒy’s reａl esｔａｔe scene。 Anｄ ｇｉven the prospｅｃt ｏf ｓoｃiａｌ unresｔ stemminｇ fｒoｍ ｅither conｔｉnuｅd price ｈｉkes oｒ a toｏ—fａst priｃｅ decliｎｅ, the Ｃhine ｇovｅrnment ｈaｓ tａｋen aｃtiｏn tｏ ｃoｏl ｄｏｗｎ tｈe maｒket.
Ｂut Beｉjing’ｓ efforts so far maｙ ｎoｔ be enough to rein ｉｎ ｔhe rｉsing reａｌ ｅｓｔａtｅ ｐricｅｓ, says Ｗhartｏn marketｉng professoｒ John Zｈanｇ. He warns that the government ｍust ｂe carefｕl in ｗhateｖeｒ moves it makｅs neｘｔ。 “Ｍaｎagｉｎg thｅ process ｏf burstinｇ thｅ bｕbbｌe iｓ ｒeally ｓometｈing delicａｔe,” he ｓays.alia
gmdﻫ Incｏnsistｅnt Data
Chｉｎa’s ｒｅaｌ eｓtate marｋet iｓ relaｔively nｅw。 After years oｆ propertｙ beinｇ uｎder ｔhe stricｔ cｏntrｏl of tｈe cｏmmｕniｓt ｇoｖernｍent, China ｐhad ｏut frｅe governmｅnt—pｒovided ｈousｅs in thｅ eａｒly １990s。 But evｅn now, there is ａ legacy of tｈｅ cｏmmuｎiｓt system。 Thｅ stａte teｃhniｃaｌｌy ｏwns ｔｈe counｔｒｙ’ｓ lａnd： Indｉvｉduａｌs esntｉally buy rights tｏ buｉld on top of the ｌand oｒ own structｕres already ｔherｅ.
As ｗｉtｈ oｔheｒ ｍeasuｒｅs ｏｆ tｈe Chｉｎｅ econoｍy, it’ｓ ｈard to geｔ a ｐｒeciｓe gaugｅ ｏn hoｗ housｉｎg ｐrices have ｂｅen changｉng iｎ ｔｈe ｃｏuntrｙ． Ｌａst year， the cｏuｎtry’ｓ ａverａge ｈousing prｉce rosｅ by 14．4%, accｏｒdinｇ to a ｓtory ｉn Junｅ by oｆficial Cｈｉｎeｓｅ news agｅｎcｙ Xｉnhｕa cｉtinｇ the cｏｕntry's Nａtｉoｎal Ｂurｅau of Stａtｉstics. Tｈｅ stｏry ａｌｓo ｓaid ｔｈａt Beijing's ｈousiｎg prｉce leｖeｌ had bｅen ｄｒoｐpiｎg。 Ｂut aｎ ofｆiciａl wｉtｈ ｔhｅ staｔiｓtｉｃs ｂureａu ackｎｏｗｌedｇｅd in ｔhｅ story tｈａt ｔhe nｕｍbｅrs “ｄo not fulｌy reprｅnt tｈe geneｒａl reaｌ estａte ｓituation” ａnd ｔhat ｓｏｍe goveｒnｍｅnt figures are incｏnsｉstent。
Given thｅ lack oｆ soｌid ｄaｔa， it ｍay ｂｅ premature to dｅfｉｎｅ Ｃhina＇s housｉng ｍarkeｔ as a buｂbｌｅ, notes Wharｔon rｅal esｔaｔe pｒｏfessor Grace Wong。 Woｎｇ， whｏ has ｗritten about a raｐid run—up ｉn Ｈong Ｋong houｓinｇ pricｅs in the latｅ 199０s， ｓａys a ｂubbｌｅ is typiｃally defineｄ aｓ priceｓ at levels higｈer than what ｅｃoｎomｉc baｓiｃｓ juｓｔifｙ. Sｐｅcｕlaｔｉon -- wｈen buyers aｒｅ pｕrcｈaｓiｎｇ homｅｓ priｍarｉｌy ｂｅcau they expect the price wiｌl increa -— ｃan cau a bubｂle, but ｐrｉcｅ hikes also caｎ ａri beｃau of facｔors ｓuｃh as coｎstｒuctｉｏn cost iｎcreａs or ａn undeｒsｕpｐｌy ｏf homes。 “You wｏｕlｄn’ｔ be ｓｏ ｗｏrried ｉf ｔhe housiｎｇ prices are mｏviｎg uｐ bｅｃau of fuｎdameｎｔａlｓ like thaｔ，” sｈe noteｓ.
Usｈａ Haley, ｐrofessor oｆ intｅrｎatioｎal ｂuｓｉnesｓ aｔ tｈｅ Unｉversｉty oｆ Nｅw Ｈaｖen’s Ｓcｈｏol of Business， ａlso suggests thaｔ ｔalk ａbｏut a nationwｉdｅ ｂubble can overstａtｅ the ｃａ。 Shｅ esｔimates tｈaｔ hｏusｉng pｒices for Cｈina oｖｅｒaｌｌ hａvｅ ｂeeｎ riｓing 1０% aｎnｕallｙ in
ｒeｃeｎｔ years. Thａt ｌevel makes ｔhe country’s reaｌ ｅstate prｉcｅ growth ｓｌｏwer tｈan in many oｔhｅｒ ｃｏｕntries ａroｕnd thｅ world, inｃludinｇ tｈe Unｉted Staｔeｓ。 Ｂut Ｈaleｙ， wｈo recentｌy wrotｅ a booｋ about ｂusiｎess in Ｃhina tiｔled, Ｔhe Chinｅsｅ Ｔａo ｏｆ Businｅss， ｓays the ｍaｊoｒ ｃｉｔｉｅs ｏｆ Sｈanghaｉ and Bｅiｊinｇ are speｃial cａs， wｉth aｎnｕａl reａl eｓtate ａｐprｅciatiｏn rates ｃlor to 25-26% ｉn tｈe pａst fｅw years, or rougｈly ＄７84 per square mｅteｒ ｉn Shangｈaｉ. The ｐricｅs in Beijing are ｌoｗer, ｂut not ｂy mｕｃh。 Evｅn tｈeｓe priceｓ don’t ｔell the whole sｔｏry。 One ｓouｒce famｉｌiar wｉth thｅ Shanｇhai housiｎg mａｒkｅt ｓaｙｓ unfｉｎisheｄ ｃondominiuｍ “ｓhellｓ” in new Sｈanghai hiｇh—ｒi buiｌdings are ｂeing marketed at a pｒice ｏf ａbout $２,０00 peｒ sｑｕare metｅｒ.ﻫ Aｍong the cａｕsｅs of thｅ run-uｐ in Chinesｅ ｈome ｐｒｉces， Haley notｅs， ｉs ｇｏveｒnｍｅｎｔ cｏｒｒuption. Locaｌ offｉcｉａls ｃan eｎgａｇe in priｃe ｇouging ｔｏ ｅnrich ｔheｍsｅlｖes ｉndiｖiduａlly or coｎspire to dｒｉve uｐ prices on ｐroｐeｒty saｌes that pad ｇoｖerｎmｅnt coffeｒs。 Anotheｒ faｃto
r is Chiｎａ’s overａll ecｏnomiｃ expansｉon. China's economy grew at an aｖeragｅ ｒaｔｅ ｏf 10％ per yeaｒ dｕrｉｎg ｔhｅ pｅriod between 1990 and 20０４， ｔｈｅ highesｔ gｒｏwth rａte in ｔhe worｌd， acｃoｒdｉng to thｅ U。Ｓ。 staｔe ｄepａrtment。 Ｃｈinａ’s ｔoｔal traｄe iｎ ２004 suｒｐａsd $1。1 trｉｌlion, mａkｉｎg it thｅ wｏrlｄ’s tｈirｄ—largｅｓt trading natｉoｎ ａｆtｅｒ the U.S。 and Germany.
With Cｈiｎａ ｂeｃomｉnｇ moｒｅ of a huｂ in ｔhe glｏｂａｌ eｃonｏmy， it ｓtａnｄs to rｅason ｔherｅ ｗoｕld be ｇrｅater ｄｅmand for housing deｓiｇｎeｄ fｏr foreign cｏrpoｒaｔe exｅcｕtiveｓ aｎd other ex—ｐａｔriotｓ。 Thｉs increaｓｅ iｎ dｅmａnd has lｅd to ｈiｇｈer housing ｐriｃes， aｓ nｏteｄ by Kenneth Ａboussie， who tｒａvｅleｄ ｔo Chｉnａ in 2003 ｔo ｓtudy ｔｈｅ reａl estａtｅ market ｗhｉle a stuｄent at the MｃComｂs Ｓcｈool of Business at ｔhe Ｕｎiveｒsity ｏf Tｅｘas aｔ Austｉn。 “Ｔｈeｒe ｗａs ｎo qｕestｉon therｅ ｗａｓ a ｂｕbbｌe for tｈaｔ ｈigh-eｎｄ houｓｉng，＂ sayｓ Abｏusｓie, whｏ ｎｏw ｗoｒks at Auｓtｉn—ｂad Cｙprｅss Real Eｓｔate Advisors.ﻫ Still anotheｒ c
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我在哪里 英文au for China’s real ｅstatｅ bｏoｍ ｉs ｗiｄeｓpreaｄ ａnticiｐation that Cｈinａ ｗｉｌl rｅvalue tｈe ｙuan soon. Chｉna’ｓ governｍeｎt has been ｕnder inｃreａsing pｒessure fｒoｍ the U。S. to ｄｉsmａnｔle the yuan＇ｓ curｒent peg tｏ tｈｅ dollａｒ and ａllow it ｔo ｉncｒｅa ｉn vａｌue。 Critiｃs arｇｕe Chｉna’s ｃurｒenｃｙ ｉs undｅrvalued by rｏuｇｈly 25％, mａking iｔs eｘpoｒｔs ａrtｉfｉcialｌy cｈeapｅr aｎd iｍｐortｓ intｏ ｔhe country mｏrｅ expｅnsive.
Ｓhould the yuａn iｎcreaｓｅ in vaｌｕe, iｎvesｔmenｔs in Ｃhinｅ aｓｓets such as reaｌ estatｅ can be exｐected ｔo ri as well, says Ｗhａｒton’s Ｚhang. “Paｒｔ ｏf the sｐｅｃｕlatioｎ comｅs from the exｐｅctatｉｏn ｏｆ the ａpｐreｃiatioｎ of the cuｒrenｃy。” Soｍe ｏf ｔhoｓe reaｌ estaｔe beｔs ｂaｓed oｎ thｅ yuan’s reｖaｌuaｔion are forｅign ｉn nature, Zｈang suggests, ａdding, hｏｗever, ｔhａｔ Chinｅ citｉｚens also haｖｅ pｏuｒｅd monｅy into reａｌ esｔatｅ ｈoｌdｉngs, ｅｓpeciａｌly aｆtｅr tｈe diｓapｐoｉntｉng performaｎｃe of Cｈine ｓｔocks a few yeａrｓ aｇo.
篮球夏令营ﻫ Ｔhe Dａｎｇers oｆ Panicｋed Sellinｇ
Ａs wiｔh oｔher econoｍic ｂubｂles throｕｇhoｕt history -— such as Holｌanｄ’s tulip crazｅ in tｈe １600ｓ and thｅ Ｉｎteｒneｔ stｏck frenzy ｅａｒliｅｒ ｔhis deｃａde -- ｔhere’s a danger thａｔ Ｃｈｉnａ’s real ｅstaｔｅ ｐriceｓ wilｌ ｃｏllａpｓe qｕicｋlｙ。 That’s the flip side of tｈe iｎｆlateｄ priｃｅs asｓｏｃiaｔed with a buｂble, Zhang exｐlａiｎs. Aｍｉd panickeｄ lling, buyｅｒs may ｓit on the ｓideliｎeｓ until prices ｃrater ｔｏ ｕnreaｓonably ｌｏw vａlues. “Ｗheｎ the price is oｎ the wａy ｄown，” probｌeｍｓ can arｉ ｔｈａｔ “cｏｕlｄ dｅｓtｒoy ｔｈe ｗｈolｅ real estatｅ market，” Zｈanｇ ｓays。
Ａcｃordinｇ tｏ Haｌｅy, a rapid loss ｏf rｅａl estａte ｖａｌuｅｓ would ｈａｒｍ Ｃｈiｎa’s ｍajor bankｓ。 Houhold lｏans， iｎclｕｄing ｈoｍe loans, make up juｓt 10 to 1５% of loanｓ ｉn Chｉnａ， ｂｕｔ more tｈan haｌf of Cｈine ｌeｎding iｓ coｌlaterａｌｉzｅd ｗith privaｔe pｒopｅrｔy, she sａyｓ。ﻫ The run—ｕp iｎ pｒopｅｒty priｃｅs has had poｓiｔive ｅfｆects， poinｔs out Harrisｏn Dｕan, ａ Ｃhｉｎesｅ ｎａtive whｏ ａttｅndｅd the McCoｍbs schｏol and aｃcoｍpaniｅd Aboussie oｎ ｈiｓ first-haｎｄ sｔudｙ of Ｃhiｎa’s real estatｅ mａｒｋｅ
howoldｔ. Construｃｔｉon ａｎd steel aｒe ａmong ｔhｅ indｕstriｅs ｉｎ Ｃhｉnａ thａt have benｅfitｅd ｆrｏm thｅ booｍ。 “Ｏver tｈｅ lasｔ five ｙeaｒs， reａｌ estate has ｂeen a rｅally ｉmportａnｔ growth ｅngine ｉn Chｉna,” ｈe notes, adding ｔhaｔ thｏ Ｃhiｎe ｗho ｂouｇｈt homes thrｅe oｒ four ｙears ago hａｖｅ gaｉnｅd a gｒeat dｅａl of weaｌｔh, at leaｓt ｏn paper。
But that eqｕｉｔy apprecｉaｔｉoｎ may nｏt mean mucｈ for famiｌieｓ tｈaｔ need tｏ ｌiｖe in their ｈoｍes ｅven ａs the skｙrockeｔing prices ｉn placeｓ ｌike Shａnghai are vｅry ｄisappointing ｔo many ciｔy residｅnts。 “Tｈe Shaｎghai mｉddｌｅ cｌass can no longeｒ afford to buy ａｎ apａrtment foｒ ｔｈemsｅlｖes in ａ convｅnient locaｔion，” saｙs Duan, who now ｗoｒｋs foｒ computer giaｎt Deｌl as ａ glｏbal ｃommoｄities ｍanａger foｃud on ｗirelesｓ cｏｍmunicatｉoｎｓ prｏducts. Ｄuan livｅｓ ｉn the Ａuｓｔin， Texaｓ, area oｎ a gｕest ｗorｋer visａ, but caｎ imaｇiｎe rｅtｕｒｎing to China sｏmｅｄaｙ。 And if he dｏes, Sｈanghai －— ｎot far from wｈere hｅ grｅw up -— is probaｂｌｙ wheｒｅ hｅ wｏｕlｄ ｇo. Ａnｄ ｙｅt, aｃｃｏrding to Duan, it would b
ｅ much haｒdeｒ fｏr a lｏcal ｍidｄle—ｃlａss ｆamiｌｙ to pｕrchaｓe a home iｎ Sｈanghａi ｔhaｎ ｉn Austin．
Tho iｎdiｖidｕaｌ sｔｒuggｌes coulｄ coｎcｅiｖably tuｒn into urban prｏtestｓ， ｅcｈoinｇ repoｒts of a slew of otｈｅr proteｓtｓ in the cｏunｔｒy withiｎ ｔhe paｓt year。 At thｅ same time, an overniｇhｔ ｐｒｉce ｃollap could era the lｉfｅ ｓavings of many Chine， ａnotｈer ｐosｓｉｂlｅ sｏｕrce ｏf unrｅｓt thａt “woｒｒies ｔhe goveｒnｍｅnｔ，” Ｚｈanｇ ｓａys。 ﻫ Againsｔ thｉs backｄｒop， ｔhｅ Chinｅ ｇｏvernment has ｔried to quiet the ｒeａl estate bｏom witｈ a rieｓ ｏf measures， iｎｃｌuding ｈigｈｅr ｍｏｒtｇage ｒatｅｓ and larger doｗｎ payments, accordiｎg to ａ May ａrtiｃle pｕｂlisｈｅd by Xinhua。 As of June 1, ａ 5。5% capitａｌ ｇaｉns tａｘ ｗas ｄue ｔｏ take effect on reｓiｄential ｐｒoｐeｒty sold wｉｔhｉn two years ｏf purｃhａｓe. Iｎ ａdｄitioｎ, Shanghaｉ ｉn Maｙ enacteｄ a new ｌaw requiring homeownｅｒs to pａy ｏff tｈeir mortgaｇe beｆｏｒe ｓellinｇ a ｐropeｒty． Eｖen so, Zｈaｎｇ tｈｉｎkｓ more actｉｏｎ maｙ be needed to guiｄe ｈome ｐｒices to a sｏｆt lａn
ｄing。 “Ｉt loｏks like the ｍeasurｅs may ｎot bｅ sｕfficient to ｃool the mａrｋet。” Ｔhe keｙ, he ｓａys, ｉs modｅraｔe steps ｄesignｅｄ ｔo wｏrk oveｒ thｅ cour ｏf ｖｅｒal yeａrs。 Dｒａconian aｃtioｎ aimed ａt solvｉng the pｒoblem in a merｅ ｙeaｒ's ｔime rｉsks ｔriggering paniｃked ｓelling． Also unwisｅ, ｉｎ Zｈang’ｓ vｉew, would bｅ a hｉｋe ｉｎ overall iｎteｒest ratｅｓ, whiｃh ｃould freｅze ｌｅnｄing foｒ new home conｓｔruｃtｉoｎ ｂut alｓo ｓtiflｅ ｔｈe country'ｓ ecoｎoｍic ｇｒowth。
Wｈartｏn’s Wong ｗarns that ａnother oft-diｓcusｄ tｏol ｆｏr deflatinｇ ｂｕbｂｌｅs couｌd ｈavｅ a negaｔive ｏveralｌ ｉmｐａｃt： a stiｆｆ trａnsaｃｔioｎ tａx on hoｍe ｓａｌeｓ。 Ａ trａnsａctioｎ ｔaｘ can reduｃe ｓpeｃulative tｒading ｂuｔ mighｔ have a liｍited ｅｆfｅcｔ on tｈe size of ｔhe ｂuｂbｌe. Ｗhaｔ’s mｏre， the ｔactic “diｓcourａges reａｌ buyeｒs froｍ entｅｒiｎg ｔｈe maｒｋet。"
琅琊榜电视剧下载 Thｅ Chiｎe governmｅnt iｓn’ｔ the onlｙ ｆorce witｈ the pｏｔential to sloｗ runaway homｅ pricｅs. Grｏwｉｎｇ inｖolveｍent in China by Ｗeｓteｒn inv
eｓtors also caｎ plaｙ a posｉtiｖｅ role， obrvｅrs say。 As U．S。 bａｎks and reａl esｔａte inｖestors bｅｃome more engａgｅｄ in Chiｎa’s fｉnａncial syｓteｍ, ｔhey ａre bound to impart ｂetter lendｉng practiｃes, Ａbｏussie sｕggests。 “They will proviｄｅ sounｄ undeｒwｒiｔｉｎｇ standardｓ aｎd some restraｉnt ｔo sｐeｃulaｔive development。＂
Perhapｓ the mosｔ visibｌe sigｎ of growing Westｅｒn inｔerest iｎ Chｉnａ’s fｉｎanｃiａl cｔoｒ wａs Bank of America’s announceｍent in Ｊune ｔhat it wｏulｄ pay $３ billion foｒ ａ 9％ “strategic stａke＂ in Ｃhinａ Consｔｒuctiｏn Baｎk。 The chaｉrman ｏf Ｃhｉna Ｃonstｒuctｉon Bank ａll bｕt admｉtted hｉｓ ｉnstitutｉｏn needed ｉnstructiｏｎ ｉn rｉｓk-baｓed lenｄｉｎg
ｐraｃｔｉｃes. “The most fuｎdａmeｎtal ａｎd challenginｇ ｔask ｉｎ ｔrａnsforｍing ＣCＢ is to estabｌish a culturｅ tｈat is cuｓｔomer ｃentrｉｃ anｄ mａｒｋet ｄrｉvｅn,” chaiｒman Guｏ Ｓhｕqｉｎg saｉd ｉｎ a statｅment。 Ｕｎdｅｒ the deａl， Ｂaｎk of Ａmeｒiｃa has the rigｈｔ ｔo ｂrｉnｇ iｔs total ｏwnｅrshｉｐ ｏf CＣB aｓ high as 19.9％ oｖer ｔhe nexｔ ｆive anｄ oｎe halｆ ye
arｓ.
Hａley, tｈough， is ｎot optimｉstic that Ｗeｓtern coｍｐａnies ｗill bｅ abｌe tｏ mａke mｕch of a denｔ in the waｙ Chiｎａ’ｓ ｒeａl estate markeｔ operａtｅs． Ｔhe problem, aｓ ｓhｅ ｓeeｓ it, is that even thoｓｅ forｅiｇn coｍpaniｅs wｉｌｌ hａvｅ a haｒd tｉme finｄinｇ thｅir way in a ｈousｉｎg market and brｏader ecｏｎoｍic systeｍ thａt ｒemａins opａｑuｅ aｎd full oｆ ｕncertaiｎｔｙ. “Wｅ doｎ't know what ｗe don＇t ｋnoｗ abｏｕｔ Chｉnesｅ markets," she sａyｓ。ﻫ Thｉs point dovetails ｗiｔｈ wｈat Wong sｅeｓ ａs a crucial steｐ ｎｅｅdeｄ iｎ China to tempeｒ hｏｕsing spｅｃｕｌaｔｉoｎ and iｍprove ｃhoicｅｓ foｒ inｄｉvｉｄualｓ: better ｓourcｅs of ｄata。 Whiｌe iｔ is eaｓy ｆｏｒ a hoｍeownｅr in thｅ Ｕnｉｔｅd Sｔaｔes to fｉｎd ｏuｔ ｈoｗ ｍｕcｈ a ｎｅarby home sｏｌd fｏr， suｃh informａtｉｏn is veｒy diffｉcuｌt tｏ gaｔher in Ｃhｉna. Wonｇ woulｄ
like to e standard, countryｗｉde real esｔate data as wｅll ａs ｔhe adveｎｔ of privaｔe daｔa sｅｒvicｅs ｔhat can ｓuｐplement gｏｖerｎｍent figures。 “Mｏre infoｒmatiｏｎ is bｅtｔeｒ,” she saｙs。
启蒙老师英语
