正确答案：
A
解析：
录音的最后一句指出中国比其他东亚国家更加迫切地需要财政和公司部门的结构改革，所以选A。其他三项都是说明中国的通货紧缩的局势的(deflationary situation)。
【录音原文】
In the early 1990s, a slowdown in economic growth, especially in Japan and Europe, depressed investment and its expected rate of return in industrial countries. Despite this business cycle, global financial integration proceeded so that surplus funds from developed economies spilled over to selected developing economies called emerging markets. Unfortunately, these markets were not ready for accepting these huge capital inflows. Therefore, once a currency crisis broke out in Thailand in 1997, international investors’ confidence in emerging markets in general was lost so that foreign capital, particularly bank loans and portfolio investment, abruptly ran out of these markets.
Nevertheless, macroeconomic indicators in the crisis-hit economies in East Asia began to show recovery except for Indonesia in 1999, supported by their competitive exchange rates and great demand in their export markets. Sustained capital inflow, mainly foreign direct investment, also helped make room for expansionary policies. As to a macroeconomic recovery process, Korea is a top runner, where the economy has been led by demand expansion through monetary and fiscal measures as well as exports and private consumption since late 1998. This is also the case in Thailand and Malaysia where expansionary monetary and fiscal stances have been adopted. But there has been no remarkable progress of structural reforms, which is regarded as preconditions for economic recovery.
In contrast, China did not show such a significant economic downturn as in the crisis-hit economies. Yet, their currency depreciation and economic slowdown began to affect China through trade and capital flows in 1998, although with a help of large-scale fiscal expansion China realized nearly 8 percent of economic growth that year. Thereafter, even with renminbi overvaluation somewhat relaxed, China has been put into a deflationary situation where domestic demand, both private consumption and investment, is weak with large unemployment and possible danger of capital outflow. Structural reforms in financial as well as corporate sectors have become more serious and urgent in China than elsewhere in East Asia.
