English Reading Comprehension Detailed Explanations (Day-64)

Dear Readers, Here we have given Practice English Reading Comprehension quiz and questions for Upcoming Bank Exams with detailed explanation. Candidates those who are preparing for Upcoming Bank Exams can make use of it.

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Directions (1-10): Read the passage carefully and answer the following questions.

The socialist market economy of the People’s Republic of China is the world’s second largest economy by nominal GDP and the world’s largest economy by purchasing power parity according to the International Monetary Fund (IMF).

China built its economic growth on low-cost exports of machinery and equipment. Massive government spending went into state-owned companies to fuel those exports. These companies dominate their industries. They include the big three energy companies: Petro China, Sinopec and China National Offshore Oil Corporation. These state-owned companies are less profitable than private firms. They return only 4.9 percent on assets compared to 13.2 percent for private companies.

China developed cities around these industries to attract workers. As a result, one-fourth of China’s economy is in real estate. The government also funded construction of railways and other infrastructure to support growth.

As a result, it imported massive amounts of commodities, like aluminum and copper.

China encouraged trade with African nations, investing in their infrastructure in return for oil. It increased trade agreements with Southeast Asian nations and many Latin American countries.

China primarily exports electrical equipment and other types of machinery. This includes computers and data processing equipment as well as optical and medical equipment. It also exports apparel, fabric and textiles.

China is the world’s second largest importer. In 2017, it imported $1.7 trillion. The United States, the world’s largest, imported $2.3 trillion. China imports raw commodities from Latin America and Africa, such as oil and other fuels, metal ores, plastics and organic chemicals. It’s the world’s largest importer of aluminum and copper.

China’s economic growth rate slowed to 6.7 percent in 2017. It grew 6.8 percent in 2016, 6.9 percent in 2015, 7.3 percent in 2014, 7.7 percent in 2013, 7.8 percent in 2012 and 9.3 percent in 2011. Before that, China enjoyed 30 years of double-digit growth.

A slowdown is a very natural phase of any business or economic cycle.  Cycles are inevitable and this is applicable to China as well as all other economies.

Since the late 80s, China went through rapid industrialization and urbanization.  Putting the jargon aside.  What this means is they gathered their massive peasant class together (eventually forming massive industrial zones) and gave them capital equipment (technology from the west).  The cheap labor pool with much improved productivity fueled China’s export boom.

As part of industrialization and urbanization, China put huge amounts into fixed asset investments. Fixed asset investments have been productive in the early years.  Urbanization has drove the need for real estate.  Better ports, roads, transport systems, etc. was important to furthering productivity.

The twin engines of export and fixed asset investment drove China’s economic growth for nearly two decades.  Its early success eventually drove more capital into export sectors and fixed asset investment (real estate, construction, etc.), much of it funded through debt and this is the cause of domestic debt hangover in China and due to this economic growth in China has been reducing.

Corporate debt in China soared to around 170% of GDP in 2016, roughly double the average of other economies, according to the Bank of International Settlements.

On the other hand, Social issues in China are varied and wide-ranging, and are a combined result of the Chinese economic reforms set in place in the late 1980s. Because of the vast number of social problems that exist in China today China’s government has faced considerable difficulty in trying to remedy the issues.

A rapidly aging population, income inequality, environmental degradation, dependence on fossil fuels are the major causes of concern for China. China is the largest producer and consumer of coal in the world and is the largest user of coal-derived electricity and China’s addiction to this is contributing to global warming, to pollution (and thus to health costs, to shrinking agricultural land because of acid rain, and to a generally lower quality of life).

In recent years, the country has made significant strides towards implementing and enforcing nationwide proposals and policies towards minimizing their carbon emissions.

The government of China has also been struggling to solve the water problem the water resources of China are affected by both severe water shortages and severe water pollution. A growing population and rapid economic development as well as lax environmental oversight have increased water demand and pollution.

The leaders of China must crack down on these problems find ways to improve the environmental impact of industrialization.

1. According to the passage, which of the following is not mentioned as causes of concern for China?

1. aging population
2. unemployment
3. environmental degradation
4. water crisis
5. income inequality

2. According to the passage, why does China consume coal?

1. for vehicles and transport
2. for exporting
3. for producing electricity
4. for construction
5. for fueling machines

3) According to the passage, China is world’s largest importer of ___________

1. oil
2. organic chemicals
3. Silver
4. zinc and lead
5. aluminum

4. According to the passage, why did China encourage trade with African Nations?

1. for financial assistance
2. for coal and metal
3. for Aluminum
4. for computers and equipments
5. for oil

5. According to the passage, how did China help its economy to grow?

1. by export and import of software and technology
2. by export of machine & equipment
3. by import of services
4. by setting up industries
5. by domestic trade

6. According to the passage, what has been pointed out as a cause for slow economic growth in China?

1. lack of funds
2. population
3. reducing share in international market
4. debt
5. natural disastrous

7. Choose the word which as same meaning as the word oversight

1. success
2. feat
3. achievement
4. triumph
5. lapse

8. Choose the word which as same meaning as the word massive

1. miniature
2. tivial
3. mammoth
4. limited
5. partial

9. Choose the word which as opposite meaning as the word soared

1. rose
2. escalated
3. climbed
4. mounted
5. plummeted

10. Choose the word which as opposite meaning as the word inevitable

1. unavoidable
2. inexorable
3. inescapable
4. uncertain
5. undeniable

Answers:

1. Correct Answer is: b)

Explanation: according to the passage, unemployment is not mentioned as a cause of concern for China.

2. Correct Answer is: c)

Explanation: it is mentioned in the passage that China uses coal for producing electricity.

3) Correct Answer is: e)

Explanation: according to the passage, china is the world’s largest importer of aluminum.

4. Correct Answer is: e)

Explanation: It is clearly mentioned in the passage that China encouraged the trade with African Nations for oil.

5. Correct Answer is: b)

Explanation: it is mentioned in the passage that china built it economy growth by export of machines and equipments

6. Correct Answer is: d)

Explanation: It is mentioned in the passage that debt has reduced the economic growth in China.

7. Correct Answer is: e)

Explanation: The meaning of “oversight” is “mistake / omission”.

8. Correct Answer is: c

Explanation: the meaning of “massive” is “huge / mammoth”.

9. Correct Answer is: e)

Explanation: The meaning of “soar” is “ascend” and its opposite is “drop or plummet”.

10. Correct Answer is: d)

Explanation: the meaning of the “inevitable “is “necessary” and its opposite is “unnecessary / uncertain”.

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