申論題

Translation: Translate the following news report into Chinese, including the title and the passage.（15 分） ABENOMICS: Overhyped, underappreciated In the 1980s Japan was a closely studied example of economic dynamism. In the decades since, it has commanded attention largely for its economic stagnation. After years of falling prices and fitful growth, Japan’s nominal GDP was roughly the same in 2015 as it was 20 years earlier. America’s grew by 134% in the same time period; even Italy’s went up by two-thirds. Now Japan is in the spotlight for a different reason: its attempts at economic resuscitation. To reflate Japan and reform it, Shinzo Abe, prime minister since December 2012, proposed the three “arrows” of what has become known as Abenomics: monetary stimulus, fiscal “flexibility” and structural reform. However, it has not only demonstrated how self-defeating fiscal austerity can be, particularly when it comes in the form of a tax on all consumers. Moreover, Abenomics has fallen short of its targets and its overblown rhetoric. That makes it easy to dismiss as a failure. In fact, it has shown that central banks and governments do have the capacity to stir a torpid economy. And in some senses, the hype was needed. Japan’s stagnation had become a self-fulfilling prophecy; Abenomics could succeed only if enough people believed it would. This is a final lesson that Japan’s economic experiment can impart to the rest of the world. Aim high.

阿倍經濟學：

資產炒作，低估在1980年代日本是個值得研究的經濟例子。此後的幾十年中，它在很大程度上因其經濟停滯而備受關注。在經歷了多年的價格下跌和正常經濟成長之後，日本的名目GDP在2015年與20年前大致相同。同期美國的增長率為134％；甚至意大利的價格也上漲了三分之二。現在，日本由於不同的原因而備受關注：它進行經濟復甦的嘗試。為了對日本進行反思和改革，自2012年12月以來擔任首相的安倍晉三（Shinzo Abe）提出了被稱為安倍經濟學的三個“箭頭”：貨幣刺激，財政“靈活性”和結構性改革。但是，它的結果是自欺欺人的財政困境，尤其是當它以對所有消費者徵稅的形式出現時。此外，安倍經濟學未能達到其目標和誇張的言論。這樣就很容易將其視為失敗。實際上，這表明中央銀行和政府確實有能力干擾經濟。從某種意義上講，需要大肆宣傳。日本的停滯已成為一種自我實現的預言。只有足夠多的人相信安倍經濟學才能成功。這是日本經濟政策可以給其他國家借鏡的最後啟示---目標過大。