汪涛

此次降息是朝着正确方向迈出的必要步骤，瑞银（UBS）中国首席经济学家汪涛表示。

The rate cut is a necessary step in the right direction , said Wang Tao , China chief economist at UBS .

这是推动人民币国际化的不可分割的组成部分，瑞银（UBS）中国区首席经济学家汪涛表示。

This is an integral part of pushing the internationalisation of the renminbi , said Wang Tao , chief China economist at UBS .

瑞银（UBS）经济学家汪涛指出，一个国家的信贷与GDP比率在五年之内增长40个百分点，通常与金融危机有很大关联。

UBS economist Wang Tao has noted that an increase of 40 percentage points in a country 's credit-to-GDP ratio over five years correlates very well with financial crises .

汪涛认为中国领导层暗示的明年经济增长目标为7%，而苏格兰皇家银行（RoyalBankofScotland）分析师高路易（LuisKuijs）则认为是7.5%。

Ms. Wang thought the leadership was signaling a 7 % target while , Royal Bank of Scotland analyst Luis Kuijs thought it indicated 7.5 % .

瑞银（UBS）中国区首席经济学家汪涛表示：从中期来看，我认为外管局愿意多元化，不再主要持有某一资产类别。

Over the medium term I think Safe would like to diversify away from one dominant asset class , says Wang Tao , chief China economist at UBS .

由于房地产持续低迷，进一步拖累2015年增长，就业将很可能承受压力，瑞银（UBS）中国首席经济学家汪涛表示。

As the property downturn persists and further weighs on growth in 2015 , employment will likely come under pressure , says Wang Tao , chief China economist at UBS .

瑞银（UBS）驻北京经济学家汪涛表示，官方数据的核心问题在于未按照物业所在地段及质量进行调整。

The core problem with official data is that they are not adjusted for location or quality of property , says Tao Wang , an economist with UBS in Beijing .

瑞银（UBS）经济学家汪涛表示，推动增长的旧有路径不可能永远管用。中国在资源和信贷的使用上都面临约束。

The old ways of promoting growth cannot go on for ever . The country is facing constraints in its use of both resources and credit , says Wang Tao , a UBS economist .

中国经济放缓迄今是逐步的、温和的，但在未来两个季度，我们预期情况会糟糕得多，瑞银（UBS）经济学家汪涛表示。

The slowdown has been gradual and modest so far but in the next couple of quarters we expect things will get a lot worse , said Wang Tao , an economist at UBS .

瑞银（UBS）经济学家汪涛表示：4月份新增贷款的可持续性要比一季度，尤其是3月份的贷款大得多，贷款自然趋缓，并不意味着经济增长将会放缓。

Wang Tao , economist at UBS , said : April new lending is much more sustainable than that in Q1 and especially that in March , and the natural tapering off does not mean that growth will slow down .

瑞银（UBS）经济学家汪涛表示：中国经济硬着陆的表现或与2008年第四季度以及2009年第一季度的经济形势类似，当时出口严重萎缩，工厂没有订单，数以千万计的农民工被解雇。

A hard landing in China would look like the fourth quarter of 2008 and the first quarter of 2009 when exports collapsed , factories had no orders and migrant workers were laid off by the tens of millions , says Wang Tao , an economist at UBS .

瑞士联合银行经济学家汪涛说，“我不认为内需会填补出口的损失”。

" I don 't think [ domestic spending ] will replace what has been lost in exports ," says UBS economist Wang Tao .

汪涛表示，要开展更大范围的改革，还缺乏有力的支撑，银行改革应该与深化债券市场同时进行。

Ms Wang says the broader push for reform could also fall short , arguing that bank reform should be accompanied by a deeper bond market .

但汪涛表示，她的团队在对相关数据进行调整后，得出相反的结果：出口意外强劲，而国内需求才是薄弱环节。

However , Ms Wang said that her team 's adjustment of the data produced the opposite result : exports were unexpectedly robust , while domestic demand was the weak link .

汪涛补充表示，这是“一个信号，表明政府有意对付近期快速增长的表外活动，这些活动影响了央行的流动性管理工作，并使其复杂化”。

Ms Wang added that it was " a signal the government intends to deal with the recent rapid growth in off-balance sheet activity , which has complicated and compromised the liquidity management of the central bank " .