独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson09

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独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson12

KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1.The novel theory is not that Americans spend too much, but that foreigners save too much.The Chinese have piled up so much excess savings that they lend money to the United States at low rates, underwriting American consumption. [Para 2]2.In Washington, China was treated as a threat by some people, mostly because it lured awaymanufacturing jobs. Others argued that China’s heavy lending to this country was riskyb ecause Chinese leaders could decide to withdraw money at a moment’s notice, creating apanicky run on the dollar. [Para 15]3.It refers to the tight financial and trade embrace between the United States and China. [Para36]4.China’s fortunes remain tethered to those of the United States. And the reverse is equally true.[Para 57]Section B: ExercisesI. Vocabulary BuildupChoose the best equivalent word or phrase from the four choices marked A, B, C and D for each underlined word or phrase in the following sentences.1. C2. B3. C4. C5. A6. D7. C8. B9. C 10. C11. B 12. D 13. AII.Translation PracticeTranslate the following paragraph into Chinese.事后，不少经济学家发表高见，他们说美国应该意识到从国外借钱来垫付国内消费和赤字开销原本就不是什么经济发展的成功之道。

独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson04

KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1.He said that the ties between the two powers were “as important as any bilateral relationshipin the world”. [Para.1]2.They sought a “positive, constructive, and comprehensive relationship”. [Para.5]3.The new dialogue is to be held every year in alternate capitals, that is, in Beijing orWashington by turns. [Para.7]4.It means “confirmation”.5.His words indicate that China is playing a more and more important role on the world stage.6.According to President Obama, the relationship between the United States and China willshape the 21st century, which makes it as important as any bilateral relationship in the world.That really must underpin these two countries’ partne rship, and that is the responsibility that together they bear. [Para.28]Section B: ExercisesI. Vocabulary BuildupFill in the blanks with the proper form of words in the following passages.1. exercised2. barriers3. chiefly4. developed5. but6. aiming7. subject 8. license 9. that 10. overII. Business Terms1.Give the Chinese equivalents of the following business terms and expressions whichwould be found in the given paragraphs of the text.1). 双边关系2). 核扩散3). 美国国务院4). 人权状况5). 美国财政部长6). 美国国债7). 尼克松中心智囊机构8). 冷战9). 多哈回合谈判10). 核不扩散条约2.Give the English Equivalents of the following Business terms and expressions whichwould be found in the given paragraphs of the text.1). Chinese foreign ministry2). pay tribute to3). Chinese Americans4). the state councilor5). raise domestic consumption6). sticking points 7). shared interests8). look to the future9). economic recovery10). greenhouse gases11). narrow our divisionsIII. Text ComprehensionAnswer the following questions according to the text.1.He insisted closer co-operation on a range of challenges from lifting the global economy tonuclear proliferation and climate change.[Para 4]2.Mr Obama made only brief reference to China's poor human rights record, which used toloom much larger in discussions and bracketed his criticism with acknowledgement of China's great "ancient culture" and the vibrant contribution of Chinese Americans to the US.[Paras11-13]3.He means that both China and the US are suffering the economic and other crisis.4.The strongest message was that Americans are leaning to save more and spend less, meaningChina cannot rely on exports to the US for its growth and will have to raise domestic consumption. [Para.16]5.The Berlin Wall symbolized a decades-long symbol of division, that is, the Iron Curtainbetween Western Europe and the Eastern Bloc as well as the cold war between western capitalist countries and the eastern socialist ones, and the tearing down of the Wall indicated that conflicts can be solved and globalization was on the way. [Para 25]6.The questions are as follows: Will growth be stalled by events like our current financial crisis,or will we cooperate to create balanced and sustainable growth, lifting more people out of poverty and creating a broader prosperity around the world? Will the need for energy breed competition and climate change, or will we build partnerships to produce clean power and to protect our planet? Will nuclear weapons spread unchecked, or will we forge a new consensus to use this power for only peaceful purposes? Will extremists be able to stir conflict and division, or will we unite on behalf of our shared security? Will nations and peoples define themselves solely by their differences, or can we find common ground necessary to meet our common challenges, and to respect the dignity of every human being?[Para 27]7.He wanted to emphasize his point that both the US and China benefit from engagement that isgrounded in mutual interest and mutual respect. [Para 29]8.The US and China’s ability to partner with each other is a prerequisite for progress on manyof the most pressing global challenges. [Para 31]9.According to President Obama, we can promote financial stability through greatertransparency and regulatory reform. We can pursue trade that is free and fair, and seek to conclude an ambitious and balanced Doha Round agreement. We can update international institutions so that growing economies like China play a greater role that matches their greater responsibility. And as Americans save more and Chinese are able to spend more, we can put growth on a more sustainable foundation -- because just as China has benefited from substantial investment and profitable exports, China can also be an enormous market for American goods. [Para 33]10.According to President Obama, the US and China can cooperate to advance their mutualbenefits in the following four respects: 1. in a lasting economic recovery; 2. in a clean, secure, and prosperous energy future; 3. in stopping the spread of nuclear weapons; 4. in confronting transnational threats. [Paras 33-38]11.The United States respects the progress that China has made by lifting hundreds of millions ofpeople out of poverty, and it also respects China's ancient and remarkable culture, its remarkable achievements, and the vibrant contribution of Chinese Americans to the US. [Para41]12.According to President Obama, China has its own distinct story that shapes its ownworldview. And Americans know the richness of China's history because it helped to shape the world and it helped to shape America. Americans know the talent of the Chinese people because they have helped to create this great country. President Obama’s own Cabinet contains two Chinese Americans. And they know that despite our differences, America is enriched through deeper ties with a country of 1.3 billion people that is at once ancient and dynamic -- ties that can be forged through increased exchanges among their people, and constructive bilateral relations between these two governments. That is how they will narrow their divisions. [Para 43]13.Mr. Obama says that he believes in a future where China is a strong, prosperous andsuccessful member of the community of nations; a future when their nations are partners out of necessity, but also out of opportunity. This future is not fixed, but it is a destination that can be reached if they pursue a sustained dialogue like the one that they will commence today, and act on what they hear and what they learn. [Para 44]14.He mentioned their words to emphasize the importance of cooperation and dialogue betweenthe US and China. [Para 22, Para 45]15.The talks are expected to be dominated by the global economic crisis and efforts to reach adeal on how to confront global warming.Obama urged China to begin boosting domestic demand and shift away from a dependence on exports. The US has been concerned that China is saving too much as the economic downturn has prompted a sharp decrease in consumer consumption around the world.Obama also said China and the US must be united in their efforts to keep nuclear weapons out of the hands of Iran and to denuclearize the Korean Peninsula.Obama also urged China to further open up its society, improve human rights, and protect minorities and the place of other religions.IV. Interactive BrainstormingDiscuss with your partners the following questions based on your understanding of the text as well as on your own knowledge and ideas. (Omitted)。

独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案..

1 KEY TO EXERCISES Section A: Text Comprehension I. Reference Answers to Pre-reading Questions: 1. US president Barack Obama and other leaders come to the Excel C entre on Tuesday for the oncoming oncoming Group Group Group of of of 20 20 20 summit, summit, summit, they they they assemble assemble assemble in in in an an an effort effort effort to to to rescue rescue rescue a a a shipwrecked shipwrecked shipwrecked world world economy (Para 1). 2. To handle handle the the the current current current crisis, crisis, crisis, policymakers policymakers policymakers and and and regulators regulators regulators agree agree agree to to to take take take some some some financial financial regulation to prevent the current crisis from recurring (Para2-5). 3. Yes. One particular difficulty is that governments will have to decide how public money will be deployed in future when it is necessary to save complex, cross-border financial institutions. If If politicians politicians politicians fail fail fail to to to address address address that that that head-on, head-on, head-on, large large large banks with banks with operations operations in in in multiple multiple multiple countries countries may soon be a distant memory (Para 9). 4. The The author author author thinks thinks thinks that that that such such such co-operation co-operation co-operation between between between regulators regulators regulators does does does not not not work work work because because because they they cannot come to an agreement on who should pay the bill (Para18). 5. The author concludes the report in Para 27-31. The conclusion is that global financial system forged by deregulation underpinned by a belief in free markets failed, and the task now is to prove it can be set running again with better brakes and steering.Section B: ExercisesI. Vocabulary Buildup Choose the best equivalent word or phrase from the four choices marked A, B, C and D for each underlined word or phrase in the following sentences. 1. C 2. D 3. B 4. C5.5. B B6. B 7. C 8. D 9. D 10. C 11. C 12. C 13. B 14. B II. Business Terms 1. Give Give the the the Chinese Chinese Chinese equivalents equivalents equivalents of of of the the the following following following business business business terms terms terms and and and expressions expressions expressions which which would be found in the given paragraphs of the text.1). 金融监管金融监管 2). 安全系统安全系统 3). 监管范围监管范围 4). 具有自我调控能力的理性市场具有自我调控能力的理性市场 5). 金融机构金融机构 6). 业务种类业务种类7). 小额银行（存放）业务小额银行（存放）业务8). 财务主管财务主管9). 流动资产流动资产10). 独立分公司独立分公司2. Give Give the the the English English English Equivalents Equivalents Equivalents of of of the the the following following following Business Business Business terms terms terms and and and expressions expressions expressions which which would be found in the given paragraphs of the text.1). political agenda 2). ratings agencies 3). central clearing and settlement 4). financial innovation 5). risk management 6). financial services 7). failing banks 8). pay the bill 9). finance ministers 10). national pools of liquidity III. Text ComprehensionAnswer the following questions according to the text.1. Central Central to to to the the the Group Group Group of of of 20 20 20 summit summit summit of of of industrialised industrialised industrialised and and and developing developing developing countries countries countries will will will be be be the the question question of of of whether whether whether the the the chaotic chaotic chaotic system system system of of of finance finance finance that that that swept swept swept the the the globe globe globe over over over the the the past past past two two decades can be controlled . [Para 2]. 2. Both simile and metonymy are used in this paragraph. Metaphor: whether the chaotic system of finance that swept the globe over the past two decades can be controlled. Simile: It is the equivalent of installing seatbelts, airbags and anti-lock brakes on cars that have just been involved in a head-on collision. Metaphor: If they succeed, driving should become safer. Metaphor: But some motorists may forsake the highway for slower country lanes. [Para 2]3. Recent reports from the Working Group on Financial Reform led by Paul V olcker, the former Federal Reserve chairman; the group chaired by Jacques de Larosière, former governor of the Banque de France; and the report fr om Lord Turner, chairman of Britain’s Financial Services Authority, display a remarkable consensus on the areas most in need of an overhaul. [Para 5].4. The The authors authors authors here here here refer refer refer to to to the the the authors authors authors of of of the the the recent recent recent reports reports reports from from from the the the Working Working Working Group Group Group on on Financial Reform and Lord Turner who made another report [Para 5& 7].5. Because the regulators realize that the market cannot be counted on to limit excess, just as Lord Turner says, “The financial crisis has challenged the intellectual assumptions on which previous regulatory approaches were largely built, and in particular the theory of rational and self-self-correcting markets” correcting markets” [Para 7]. [Para 7]. 6. In an effort to minimise the cost of future bail-outs, regulators are seeking far-reaching powers to close failing banks in an orderly way. [Para 14]. 7. The lesson they learn is that as a financial regulator, a government c ould afford a bail-out of such scale. So across the rest of the developed world, policymakers are urgently discussing how how they they they would would would respond respond respond if if if a a a large large large institution institution institution that that that happens happens happens to to to be be headquartered headquartered somewhere somewhere else got into trouble [Para 16]. 8. Because Because such such such cross-border cross-border cross-border co-operation co-operation co-operation between between between regulators regulators regulators is is is incomplete incomplete incomplete without without without some some agreement on who should pay the bill [Para 18-19].9. No, it is not practical, for it is almost impossible to get elected governments to sign up to such a commitment in advance [Para 21].10. The most likely outcome is that decades of global financial integration begin to unravel [Para 22]. 11. Far from worrying that banks have become “too big to fail”, governments in the US and UK have encouraged groups such as Bank of America and Lloyds TSB to take over failing institutions, which infected the purchasers with the same disease, forcing even larger banks into state arms. In addition, the demand for powers to wind down large financial institutions is at odds with promises by ministers that they will not allow another big bank to fail. 12. Because Because by by by the the the end end end of of of the the the week, week, week, the the the world world world will will will find find find answer answer answer from from from the the the G20 G20 G20 Summit. Summit. Summit. [Para [Para 29-30]. IV IV.. Interactive BrainstormingDiscuss with your partners the following questions based on your understanding of the text as well as on your own knowledge and ideas. (Omitted)。

独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson03

KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1.Jim Carter [Para 2]2.Brzezinski attracted worldwide attention by elaborating his G-2 idea with an article in theFinancial Times entitled "The Group of Two that could change the world".[Para 7]3.He thinks that Barack Obama is a conciliator at heart. [Para 16]4.For the idea of G-2 to work, the US has to adjust fundamentally foreign policy it has followedsince the end of Word War II, away from neo-imperialism toward Wilsonian/FDR liberalism, and give up its aim of peaceful evolution of Chinese society towards market capitalism. A G-2 would have to be a leading force in building a new world order of social justice and economic equity. [Para 27]5.Mao's vision of US-China relations transcends fleeting geopolitical tactics of balance ofpower, towards a long-range peaceful coexistence of two of the world's largest nations. [Para 30]Section B: ExercisesI. Detailed ExaminationIdentify whether each of the following statements is true (T) or false (F) according to your understanding of the text details.1. F2. T3. T4. F5. F6. T7. F8. T9. T 10. TII. Business T erms1.Give the Chinese equivalents of the following business terms and expressions whichwould be found in the given paragraphs of the text.1). 外交关系2). 别具风格地，时髦地3). （外交）关系的正常化4). 生机勃勃的国内市场5). 外贸结算6). 和谐世界7). 联合国维和部队8). 维持全球主导地位9). 放任自由的市场经济10). 专属经济区11). 韬光养晦12). 和谐共生的伙伴2.Give the English Equivalents of the following Business terms and expressions whichwould be found in the given paragraphs of the text.1). top executives2). China's core interests3). sovereign credit4). export sector5). China's 'peaceful rising' 6). decision-maker7). in-depth discussion8). unipolar world order9). win-win symbiosis10). peaceful evolution11). run counter to 12). mutual benefitIII. Text ComprehensionAnswer the following questions according to the text.1.Because there was no official counterpart observation in the US. [Para 3]2.Brzezinski thinks China could help the US find solutions to the problems like the globalfinancial crisis, the challenges of climate change, North Korea and Iran nuclear ambitions, India and Pakistan tension and the Israeli-Palestinian conflict. [Para 6]3.According to Brzezinski, it precipitated almost from the start security co-operation that hasbeen of genuine benefit both to the US and China. The effect was to change the Cold War's global chessboard - to the disadvantage of the Soviet Union. Indirectly, the normalization facilitated Chairman Deng Xiaoping's decision to undertake a comprehensive economic reform. China's growth would have been much harder without the expansion in US-Chinese trade and financial relations that followed normalization." [Para 8]4.It describes the relationship as one of "complex interdependence", in which both sidesevaluate each other in pragmatic and moderate terms and in which "the two sides can compete and consult within existing international rules". Yet the reality of US-China relations is one of unending US provocation and hostility on a compliant China. [Para 9]5.China should adopt a full employment objective and an income policy financed by sovereigncredit in order to develop a vibrant domestic market that would absorb the sharp shrinkage of its export sector resulting from the global financial crisis. The way for China to use sovereign credit to finance domestic economic development is to free China from dollar hegemony by demanding settlement of its export trade to be denominated in yuan. [Para 10]6.According to Brzezinski, if both sides at all times keep in mind the centrality of theirinterdependence, they will be able to cope with other contentious issues.7.They are mainly about listing Brzezinski’s ideas on forming G2. Specifically, Para 11 is aboutChina’s revisionist power and “the US-China’s common perspectives” which are helpful in forming G2; Para 12 analyses the Chinese own view or stand toward the idea of revisionist power. Para 13-16 are about his views on the fields in which the US and China can cooperate. national interests globally would be better served by a strategy of making friends withChina by sharing power globally because eventually the US will need the support of the world's most populous country to preserve and shore up its own global dominance. By contrast, conflicts with China will drain US capacity to maintain its global dominance. [Para 18]9.Brzezinski, the grand master of geopolitical chess, plots his strategy several moves ahead ofthe game. Geopolitical pluralism must first be promoted to defuse challenges to US superpower, followed by encouraging compatible key partners to cooperate under US leadership, and finally the pragmatic sharing of global geopolitical responsibility can be rewarded with a sharing of power. The twin poles of this strategy are a united Europe in the West and strong China in the East; with the problematic central regions stabilized within a new balance of power. [Para 20]10.The US, in view of the self-inflicted damage to its freewheeling market economy that can beexpected to leave the country in a protracted depression, will need a trade partner with high growth potential to absorb its overcapacity. China emerges in the 21st century as the idealcandidate for the new ally with a special relationship with the US. From the US security perspective, an alliance with China will spare the US from again involving itself directly in a war in Asia, a role the US alliance with Japan had repeatedly failed to accomplish. From the US economic perspective, US-China economic interdependence has the potential of a win-win symbiosis. Brzezinski anticipates that a G-2 would be more effective in dealing with multilateral global issues than the G-5 (France, Germany, Italy, UK, US) or G-6 (G5+Japan) or G-7 (G6+Canada) or G8 (G7+ Russia) or even the G-20 (G7+developing countries including China). [Para 21-22]11.The author uses examples and illustrations to tell us that Brzezinski's vision is not shared byall in US.12.notwithstanding Brzezinski's assertion, China is not a "revisionist" power, but anon-expansionist revolutionary state aiming at restoring its natural historical status as it was before the arrival of Western imperialism in Asia. China is not interested in bringing back a pre-World War II world order of imperialist exploitative expansion. China is not Japan, which as a defeated nation has been willing to play the role of a submissive ally with a benevolent victor.13.The author thinks that a G-2 regime would inflict on China the side-effects of rising anti-USsentiments from around the world at a time when US power is declining from self-inflicted wounds. [Para 32]By being a member of the proposed G-2, China would be necessarily saddled with the burdens of being a special ally of a superpower without the benefits or even the need of being a superpower itself. [Para 33] A G-2 will create unavoidable geopolitical problems for China in Asia, and also relating to the US global war on terrorism. It will exacerbate China's problem with Islamic separatists. [Para 34]The reason is thata.China is not likely to play Brzezinski's new Great Game.b.China is not a "revisionist" power, but a non-expansionist revolutionary state aiming atrestoring its natural historical status as it was before the arrival of Western imperialism in Asia.c.China is not interested in bringing back a pre-World War II world order of imperialistexploitative expansion.d.China is not Japan, which as a defeated nation has been willing to play the role of asubmissive ally with a benevolent victor. [Para 28]e.The foreign policy of the People's Republic since its founding in 1949 has a long legacyof nonalignment. [Para 29]f.China views itself is a natural member of developing countries, but does not see itself asthe group's leader either by design or by default. [Para 31]g.Brzezinski's G2 strategy runs counter to Deng Xiaoping's strategy of "hide capacity, bidetime"[Para 31]h.China's first priority should be to secure her position as the leading protector of Asianinterests against neo-imperialism from the G-5. A strong China needs also a strong, independent Asia free from undue manipulation by external forces.i.China should tilt towards Japan as a friendly neighbor and not fantasize about unrealisticUS friendship with a socialist China.j.Chinese policymakers will be disappointed if they are not realistic about deep-rooted US hostility toward China. China must avoid open conflict with the US, but Chinesepolicymakers must understand that the US will never be China's friend as long as the communist party is in control of China.k.Secretary of State Hillary Clinton's overture of peace and cooperation to China is merely an emergency measure in response to a collapsed economy and exhaustion from undeclared foreign wars.14.China now needs to carefully consider any disingenuous invitation to join and save theprecarious US-constructed and dominated world system at a time when conditions around the world are making the prospect of a new, just world order on the horizon a welcome possibility.[Para 40]IV. Interactive BrainstormingDiscuss with your partners the following questions based on your understanding of the text as well as on your own knowledge and ideas. (Omitted)被删去标题图片：。

独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson06

KEY TO EXERCISESSection A:Text ComprehensionI. Reference Answers to Pre-reading Questions:1.According to the author, most obviously, the Chinese interest in the region is pragmatic ratherthan ideological. The goal is to further economic growth at home by opening new markets andguaranteeing a supply of necessary inputs. [Para1.3]2.The main tool Beijing is deploying in the region is China Development Bank's massive pile ofU.S. dollar reserves. [Para1.7]1.8]4.It shows, in the United States some Americans worry that China’s growing economic weightposes a political threat. [Para2.6]5.Brazil, Chile and Peru, etc. have gained. [Para2.12]6.Chinese officials insist that their closer relations with Latin America are driven by two things:ashareddiplomaticinterestinamultipolarworld,andmutuallybeneficialeconomican dbusiness ties. “We’re not seek ing special influence. We have reiterated [to the UnitedStates]thatourrelationswithLatinAmericaaren’tathreattoanyone,”saysQiuXiaoqi,China ’sambassador in Brasília. [Para2.21]Section B:ExercisesI. Vocabulary BuildupFill in the blanks of the following passage with the appropriate words or phrases listed in thetable. Change the form where necessary:1. focused2. ignoring3. worst4. higher6. borrowing7. farming8. producers9. suffering10. facingII. Business Terms1. Give the Chinese equivalents of the following business terms and expressions which wouldbe found in the given paragraphs of the text.1).股权7).特权阶级；既得利益2).新兴市场8).国有控股石油公司3).负责，掌管9).互惠外汇信贷4).非最大的；非高峰的,非峰值的10).缺钱的，缺乏现金的5).自由市场11).以牙还牙；针锋相对6).主权财富基金12).对客户贷款的最高限额2. Give the English Equivalents of the following Business terms and expressions which wouldbe found in the given paragraphs of the text.1). trade deficit7). debt default2). trading partner8). economic stability3). market prices9). labour-intensive manufacturing industry4). stock prices10). two-way trade5). antidumping suits11). free-trade agreementIII. Text ComprehensionAnswer the following questions according to the text.1.5]The truth is that the developing trade between China and Latin American countries representsan opportunity—if the U.S. plays its cards right. [Para1.2]1.8]1.9] The author also lists some examples of China’smisguided investments in the near past, for example, China’s investmentin Blackstone andMorgan Stanley in1.12]1.14]2.5]5.Many Latin Americans prefer to see China’s expanding ties to their region as an opportunity.Theregion,withBrazilinthelead,isforging“south-south”allianceswithChina,India,Russia and South Africa to push for changes in what they all see as an unjust world economicorder. [Para2.6]2.7]2.12]2.12-2.13]2.13]10.No. While trade has boomed, Chinese investment in Latin America has hitherto amounted toless than meets the eye. [Para2.14]2.20]2.14,2.15]2.20]13.Venezuela under Mr Chávez has sought closer ties not just with China but also with styearDmitryMedvedevbec amethefirstRussianpresident since those days to visit Latin America. Russia also sent a small naval flotilla to theCaribbean for joint exercises with Venezuela and Cuba. [Para2.23]Mr.ChávezhasalsogoneoutofhiswaytocourthisIraniancounterpart,MahmoudAhm adinejad. Mr Ahmadinejad has made two visits to Latin America, taking in Nicaragua,EcuadorandBolivia,aswellasVenezuelaonbothoccasions.Underaninvestmen tprogramme sponsored by the two governments, Iranian firms are making tractors and cars inVenezuela, and building housing for the poor. [Para2.25]IV. Interactive Brainstorming (Omitted)Discuss with your partners the following questions based on your understanding of the textas well as your own knowledge and ideas.被删图片：。

独家权威震撼发布：张中宁主编《最新西方报刊经贸文章选读》课后作业答案Lesson10

KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1.The risks to the global financial system have moderated from the extreme levels identified inthe April 2009 Global Financial Stability Report (GFSR). However, overall financial conditions remain tight. Severe recession risks have eased in response to concerted fiscal and monetary policy stimulus measures. [Paras 1-3]2.Because on both sides of the Atlantic, it is proving difficult to effectively implement measuresthat fully address the problem of impaired assets on banks' balance sheets, leaving banks vulnerable to a further deterioration in the quality of these assets if the global downturn is deeper, and more prolonged, than projected. [Para 4]3.Corporate bond markets have reopened，and are functioning more normally, but bank creditgrowth is still slowing. [Para 5]4.Because emerging markets are recovering, and emerging market assets have benefited fromthe recovery of commodity prices and improved growth prospects, especially in Asia.Emerging market equities have rebounded 30 to 60 percent since end-February, matching or outpacing mature market equities. [Para 8]5.Because continued policy efforts are needed to stave off the chance that some of the recentgains could yet be reversed. More work is needed to fix banks and markets. [Paras 11-12]Section B: ExercisesI. Vocabulary BuildupChoose the best equivalent word or phrase from the four choices marked A, B, C and D for each underlined word or phrase in the following sentences.1. C2. B3. D4. D5. C6. B7. B8. D9. C 10. A11. C 12. C 13. B 14. B 15. BII. Translation PracticeTranslate the following paragraphs into Chinese.然而，总体金融状况依然不容乐观。

外刊经贸知识选读第2课

第 2课中国吸收外国直接投资The Curtain Goes up 竹幕卷起一、课文翻译中国政府允许外国在沿海投资― 从而差生了不同的法则并引起困惑。

1. 满怀信心的中国卷起大部分竹幕，向世界宣布“对外开放”，几乎所有的城市都张挂起邀请外商来投资作正当生意的招牌。

2. 广东省和福建省的4个经济特区、14个沿海开放城市（都是以前的通商口岸）和海南岛（总共十九个“开放”区）为外国投资者制定了税收和其他方面的鼓励政策。

每一个省会都在尽力吸引外资。

3. 所有这一切的基础是从1979年中期国务院决定在南方建立4个经济特区开始，尔后逐步形成的。

此后首次出台一项合资企业法（尽管充满漏洞），继之就是“补偿贸易”程序----两者都是为吸引外资到这4个经济特区而制定的。

第二年合资企业税法颁布实施。

4. 尽管商人们努力与拥有10亿人口的潜在市场做生意而与官僚主义作斗争，但中国领导人对于深圳----这个经济特区的典范----前进的步伐变得越来越不耐烦了。

5. 1984年4月，在中国高层领导人访问了深圳、珠海和厦门经济特区之后，国务院宣布沿整个海岸的14个城市再加上海南岛对外开放投资，从此把真正的竞争因素引入中国经济发展的计划中。

接着，备受公众注目的《关于经济结构改革的决定》出台，吸收外国技术和外资的竞争骤然开始。

6. 对于外商来说，进入拥有10亿消费者市场的前景不再是白日梦。

中国人---尤其是农村人口---正变得富有，他们希望其生活水平有明显的改善：他们渴望拥有彩电、冰箱、卡车、洗衣机和更好的收音机、自行车和衣服。

即使是地方厂商也注意到国内市场潜在的巨大销售量。

7. 最近，中国沿海城市经济技术开发集团---19个“开发区域”政策制定和协调机构领导人、国务委员谷牧宣布整个沿海对外开放投资。

从字面上理解，这并没有多大意义，因为还没“开放”的沿海地区还不能满足外商的需求。

事实上，经济特区中的汕头，14个沿海城市中的一些城市，再加上海南岛，甚至不具备履行中央政府授予的职责所需的行政支持或基础设施。

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KEY TO EXERCISESSection A: Text ComprehensionI. Reference Answers to Pre-reading Questions:1.CEE are generally more vulnerable than their western counterparts because they have fairlynew democratic institutions, immature economies and, importantly, a high reliance on foreign credit (Para. 3).2.The crisis has struck particularly hard, notably Ukraine, Latvia and Hungary (Para. 4). Theoutlook of Poland is better (Para. 5).3.Russia, for all its difficulties, will not need external finance because of its huge reserves (Para10).4.The IMF publicly warns that the deepening global crisis has led to deterioration in prospectsfor all emerging markets and it singles out CEE as a region of particular concern (Para. 15).Many bankers find the IMF too gloomy (Para. 16).Section B: ExercisesI. Vocabulary BuildupChoose the best equivalent word or phrase from the four choices marked A, B, C and D for each underlined word or phrase in the following sentences.1. C2. B3. B4. D5. B6. C7. D8. D9. C 10. B11. C 12. B 13. C 14. D 15. BII. Business Terms1.Give the Chinese equivalents of the following business terms and expressions whichwould be found in the given paragraphs of the text.1) 信贷不足2) 不健全的经济体制3) 私营企业4) 国民生产总值增长5) 金融市场6) 外部融资7) 经常项目赤字8) 资金缺口9) 新兴市场10) 资本市场融资11）大宗资金12) 融资能力2.Give the English Equivalents of the following Business terms and expressions whichwould be found in the given paragraphs of the text.1) foreign credit2) Gross Domestic Product3) refinancing plans4) a pick-up in economic activity5) external debt 6) smaller amounts7) debt rollover8) non-performing loans9) household balance sheets10) balance of paymentsIII. Text ComprehensionAnswer the following questions according to the text.1.As in western Europe, the crisis is bringing in its wake credit shortages, recession,unemployment and bankruptcy to CEE. On the other hand, the crisis makes CEE generally more vulnerable than their western counterparts (Para 3).2.According to IMF, the region could see a collective drop in Gross Domestic Product this yearof 3.7 percent, with much deeper recessions in countries where the crisis has struck particularly hard, notably Ukraine, Latvia and Hungary. Even Russia, by far the region’s largest economy, could see output fall by 6 percent (Para 4).3.At least after the second half of 2009 (Para 4).4.The actions: Six CEE states are already in IMF anti-crisis programmes–Hungary, Latvia,Ukraine, Belarus, Georgia and Armenia. Three more are signing up for programmes –Romania, Serbia and Bosnia. Others may follow. On the other hand, Poland is preparing to join Mexico and Columbia in tapping a special new IMF facility for strong economies (Para.9). The result may be, as the IMF estimates, that CEE (excluding Russia because of itsreserves, but including Turkey) must roll over $413bn (￡281bn, €311bn) in maturing external debt this year and finance $84bn in current account deficits, with smaller amounts due in 2010 (Para. 11).5.Capital market financing is sporadic, and limited to higher-quality borrowers (Para 15).6.The pressures are that capital market financing is sporadic, and limited to higher-qualityborrowers, emerging market corporations face falling revenues and large financing needs and household balance sheets are under pressure, emerging market banks face liquidity and solvency pressures, financing conditions could tighten further as a number of mature market banks active in emerging markets may ration credit and sell subsidiaries to preserve capital for their home markets. These pressures are most pronounced in central and eastern Europe because their higher reliance on cross-border and wholesale funding, weaker balance of payments positions, and higher degree of credit risk (Para 15).7.Many bankers find the IMF too gloomy. They argue that banks went into the crisis in CEE instrong shape, following years of rapid growth and good profits (Para 16).8.The IMF is supporting CEE on a country-by-country basis, with a strong subsidiary role forthe EU and for individual west European states (Para 22).9.The EU resists IMF calls for a region-wide approach (Para.22). The union treats the CEEstates as four groups: eurozone members, where they intend states to back each other, without IMF help; EU members beyond the eurozone, which will be supported in conjunction with the IMF, as in Latvia’s €7.5bn ($10bn) rescue; future members such as Serbia, which could win limited backing; and countries without membership prospects, notably Ukraine, which will receive even less attention (Para.23).10.In Para25. The conclusion: The region’s prospects hinge on global markets, where the moodis cautious, and on the west European economy, which is in recession (Para. 25).11.The region’s prospects hinge on global markets, where the mood is cautious, and on the westEuropean economy, which is in recession (Para 25). However, developments within CEE also matter. A big issue is whether governments can implement the serious restructuring that the more vulnerable economies need (Para 26).12.Some states of CEE such as Latvia, Ukraine and Hungary are already in political turmoil, withdemonstrations this year. Lithuania and Bulgaria have also seen protests. But this is not aregion in total ferment. Poland’s centre-right government is even more popular than when it won elections in late 2007). The Slovak, Romanian and Serbian governments all appear stable (Para 26-28).IV. Interactive BrainstormingDiscuss with your partners the following questions based on your understanding of the text as well as on your own knowledge and ideas. (Omitted)。