紧缩 jǐnsuō to reduce
(economics) to reduce; to curtail; to cut back; to tighten; austerity; tightening; crunch
How to remember 紧缩: 紧 tight + 缩 to withdraw = to reduce.
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How it is used
- To tighten/cut back, esp. in economics - 银根紧缩 (yíngēn jǐnsuō) credit tightening; 紧缩开支 to cut spending; 财政紧缩 fiscal austerity.
- Economic/policy register; the opposite of 扩张 (expansion) or 宽松 (easing) - 经济扩张 (jīngjì kuòzhāng) economic expansion.
- Also literal contraction, but the monetary/budget sense dominates.