经贸英语阅读教程Text 1(3)
经贸英语阅读教程Text 2(3)
Text 2 Q&A on a Sadly Predicable Debt Crisis
I. Related Words and Expressions capital expansion default on debt creditor intermediaries bankruptcy subprime mortgage risk capital monetary policy fiscal policy risk premium deflation liquidity balance sheet contract speculator down payment
II. Notes to the Text 1. securitized financial market 证券化的金 融市场 Securitization means the creation of financial instruments by combining other financial assets and then selling them to investors in the new form. Mortgages can be securitized, as can future royalties from a pop star's song portfolio. The new instruments can then be traded.
5. paternalist
家长主义者，家长作风的人 Someone in authority making decisions for other people which are often beneficial but which prevent those people from taking responsibility for their own lives.
2019经济学人考研英文文章阅读一三一
Alibaba sold$38.4bn of merchandise this Singles’Day这个双十一，阿里巴巴创造了384亿美元的销售额The world’s biggest online shopping frenzy这是一场全球最大的在线购物狂欢In1993A group of male students at Nanjing University in China decided to celebrate their singledom.The annual date would be November11th, comprised of four lonely1s.1993年，中国南京大学的一群男生决定选个日子庆祝他们的单身生活。
于是他们便定在了每年的11月11日，这一天是由四个孤独的“1”组成的。
The story may be apocryphal.But since2009Alibaba,China’s e-commerce giant,has turned Singles’Day into a very real shopping frenzy.It has long since eclipsed America’s Black Friday and Cyber Monday online sales combined.这个故事或许是虚构的。
但自2009年以来，中国电子商务巨头阿里巴巴就已经将光棍节打造成了一场真正的购物狂欢。
其销售额早已超过了美国的黑色星期五和网络星期一在线销售额的总和。
This year Taylor Swift performed at the countdown.In the next24hours Alibaba sold$38.4bn-worth of petitors like and Pinduoduo have piled in.泰勒·斯威夫特（霉霉）甚至都参加了今年的天猫双十一晚会。
经贸英语 chapter1
今年全国“两会”已经开始了，那两会用英语怎么说呢？Air pollution, corruption and the wealth gap are the three issues of most concern to the public ahead of the annual parliamentary sessions of China, dubbed as "two sessions", according to an online survey.一项网络调查显示，在一年一度的“两会”召开之际，大家最关注的三大问题分别为：大气污染、腐败问题以及贫富差距。
The issue of pollution has grown in importance for people since last year's survey which then showed the top three issues as being the cost of living, the environment and employment.与去年相比，污染问题对于人们的重要程度有所提高。
去年的调查显示，人们最关注的三大问题为：生活成本、环境和就业。
The majority of respondents said air pollution is the most urgent issue which needs to be addressed and they expect the "two sessions" to put forward practical measures to tackle the problem.大多数调查对象表示，大气污染是当务之急，需予以解决，他们期待“两会”能提出一些切实可行的措施来解决该问题。
【讲解】文中的two sessions就是“两会”的意思，其中session是名词，意为“会议”，一般指定期正式召开的会议，如：The Congress ended its first session on January 4.代表大会第一次会议在1月4日结束。
新编经贸英语阅读第一至第三单元答案及参考译文
第一至第三单元Keys to unit 1Text A1) Omit.2) Economics studies the choices made by people who are faced with scarcity.3) Scarcity is a situation in which resources are limited and can be used in different ways, so we must sacrifice one thing for another.4) The resources are limited, and they can be used in different ways.5） Omit.6） Because of scarcity, people must make difficult choices: You must decide how to spend your time; the city must decide how to use its land.7) Omit.8) Together, the choices made by individuals, firms, and governments determine society's choices9) 1. What goods and services do we produce?2. How do we produce these goods and services?3. Who consumes the goods and services that are produced?10) For example, if we devote more resources to medical care, we have fewer resources for education and consumer goods. If we increase the number of people working in factories, we have fewer people to work on farms and in the classroom. Ⅱ. Translate the followings:Part APartBPart C1) 人类有多种需要和需求。
经贸专业英语报刊阅读教程 第一课 Good policy, and bad
Good policy, and badSome mitigation policies are effective, some are efficient, and some are neitherDec 3rd 2009 | from the print editionGREENHOUSE-GAS emissions targets can be implemented through three sorts of policy instruments—regulation, carbon-pricing and subsidies. Governments generally like regulation (because it appears to be cost-free), economists like carbon prices (because they are efficient) and businesses like subsidies (because they get the handouts).Regulation can be useful where the market is not working well. Buildings are rarely designed to save energy, because those who put them up do not usually pay the bills and those who occupy them choose them for their views or their looks, not their energy-efficiency. The same goes for appliances, most of which do not use enough energy to affect consumers' choices. Small regulatory changes (see box, next page) can cut energy consumption without distorting the market much. According to McKinsey, around one-third of the required greenhouse-gas reductions will actually save money.Two-thirds, however, will not. They can be achieved only if companies invest in more expensive, cleaner technology. That will happen only if governments require them to do so, or tax dirty products and processes (through a carbon price), or subsidise clean ones.In this special report•Getting warmer•Is it worth it?•The green slump•»Good policy, and bad•Vampires on a diet•Cap and tirade•Who cares?• A long game•Closing the gaps•What needs to change•Unpacking the problemSources & acknowledgementsReprintsRelated topics•China•Solar energy•European Union•Alternative energy•EuropeCarbon pricing keeps government out of management decisions and allows managers to choose between different ways of cutting carbon. According to a paper by Carolyn Fischer, of Resources for the Future, and Richard Newell, head of America's Energy Information Administration, a carbon price is around twice as efficient as a renewable portfolio standard (which requires power companies to generate a certain proportion of the power they sell from renewable sources) and about two-and-a-half times as efficient as a renewable-energy subsidy.A carbon price can be set either by a tax or through a cap-and-trade system. Europe already has such a system and America, Australia and Japan are trying to set one up. Norway and Sweden have carbon taxes and France soon will (though none of them covers much of those countries' economies). The European Commission is also now looking at a tax. Both methods have advantages and drawbacks, but tax wins out for simplicity and stability.More important than the way the price is set, though, is its level. It needs to be high enough to send an unmistakable signal to business. According to Dimitri Zenghelis, one of the authors of the Stern Review and a senior adviser to Cisco and the Grantham Research Institute, a $40 carbon price now, doubling by 2050, and combined with non-price policies such as appliance standards and R&D support, is needed to hit the 450ppm target.The European Union's Emissions-Trading Scheme, which started up in 2005, is the only large-scale attempt so far to set a carbon price. Under the ETS, EU countries get national allocations which they then parcel out to over 11,500 factories in five dirty industries. Companies can buy and sell allocations amongst themselves, and can also buy “certified emission reductions” from developing countries to meet their caps through Kyoto's “clean development mechanism”.Europe's flagshipThe ETS makes up the vast bulk of the global carbon market, which will be worth around $122 billion this year. It is the principal way of financing the shift from high- to low-carbon power and industrial processes in the developing world. A wind farm in India; a methane-capture scheme for pig farms in Brazil; a forestry project in Indonesia; equipment to capture industrial gases in China—the ETS can finance them all.Although it is still young, the ETS has had some impact on emissions. According to a 2008 study at the Massachusetts Institute of Technology, in its first three years it probably reduced them by 120m-300m tonnes, or 2-5% a year, below what they would otherwise have been.Power companies and manufacturers factor a carbon price into their investment decisions these days. A t €15 ($22) a tonne the price is high enough to induce powercompanies to switch some generation from coal to gas at the margin, but not high enough to encourage much innovation.Blame politics. The price is determined by the cap, which is set by the European Commission in consultation with member states. Initially, member states overestimated their emissions in order to get lots of permits, so the carbon price was lower than the commission had expected. For the second phase of allocations, from 2008, member states fought vigorously to get more permits than their neighbours. Some sued the commission and, in September 2009, won. The price dipped again.Thanks to a combination of recession and lack of political will, most estimates of the future level of Europe's carbon price have been revised sharply downwards this year. And if America gets a carbon price, it is unlikely to be high enough to make much difference. According to America's Environmental Protection Agency, the legislation Congress is now considering would set it at $12 a tonne in 2012, rising to $20 in 2020. That, by itself, is unlikely to encourage much new investment, so if America is to make a dent in its emissions, it will have to rely mostly on subsidies.There is an argument for some of those. Basic R&D in new energy technologies—in carbon capture and storage, for instance, which would allow the continued use of coal to generate electricity—is too risky for most companies to undertake on their own, and offers enough social benefits to deserve government support. But the subsidies now on offer go far beyond that.Governments are spending heavily on encouraging the switch to low-carbon technologies, especially wind and solar power. “These policies are not particularly efficient, but they have been quite effective,” says Guy Turner, director of carbon markets at New Energy Finance. Some 50% of new power capacity added in the EU in 2000-06 was renewable energy, compared with 29% in 1990-2000.This sort of energy is expensive. The best indication of that is the carbon price that would be required to make investment in renewables worthwhile without subsidy. According to New Energy Finance, onshore wind energy needs a carbon price of $38, offshore of $136 and solar cells of $196. Europe's target for generating 20% of its energy from renewable sources therefore looks pricey. According to Richard Green, director of the Institute for Energy Research and Policy at Birmingham University, the implied marginal cost of carbon would be €129 a tonne—which suggests that allocating such large resources to renewable-energy subsidies is, as Mr Green says, “seriously sub-optimal”.The worst example of a wasteful subsidy is America's support programme for home-grown corn ethanol, which is coupled with tariffs on cheaper sugar-cane ethanol from Brazil. The programme has raised global food prices (and thus increased malnutrition among the world's poorest); lined the pockets of America's farmers; given policies to cut carbon a bad name; and cut little, if any, carbon.Solar flareEurope has yet to devise a policy quite so disastrous, but Spain's solar subsidy comes a close second. Its feed-in tariff for solar energy, established in 2007, offered generators 44 euro cents per kilowatt-hour. Coal-fired power costs around 4 cents per kwh to generate. The tariff was supposed to be for small-scale projects, of 100kw or less; but generators found that they could get it for larger ones if they installed banks of 100kw modules next to each other.The resulting boom benefited manufacturers not just in Spain but also in Germany and China, the biggest producers of solar cells. Last year Spain accounted for 40% of world demand. The government had planned for 400MW of solar capacity to be built by 2010. In the event, 3GW was built. Panicking about the commitments it was building up, the government announced that rates would drop to 32 cents on September 29th 2008. “There were all sorts of abuses,” says Jenny Chase, solar analyst at New Energy Finance. “If you connected a single module to the g rid before September 29th, your whole project got financed. So modules were changing hands for vast sums of money.” After the deadline the market collapsed.The Spanish crash hit silicon-wafer producers, the manufacturers of equipment for solar-cell producers and the makers of cells across the world. Prices across the industry crashed by 30-40%, and solar companies' share prices fell by 50-75% in 2008, though they have picked up a bit this year. Some 20,000 jobs have been lost in the solar industry in Spain over the past year, and plenty more elsewhere.Europe's energy subsidies, unlike America's, do not include nuclear, largely because of German opposition (which may change, following Angela Merkel's recent election victory). Nuclear power is more expensive than coal and gas, but probably cheaper than most renewables—though nobody is sure, since political opposition has ensured that few plants have been built in the West in recent years. Nuclear power does, however, have the virtue of scale. For renewables a gigawatt of power is a massive amount; for nuclear power it is the basic unit.Thanks to stimulus money to combat the recession, subsidies are now flooding into the renewable-energy business faster than ever before. Governments across the world have trumpeted their stimulus packages as a way of saving the world economy and the planet at the same time. Green stimulus money globally adds up to around $163 billion, according to New Energy Finance, of which more than $100 billion is being spent in America and China. The biggest chunk, around a quarter, is going on improving energy efficiency. Grid development is next, with a fifth.The green stimulus money has been slow in coming. In America it started to flow in the second half of this year, just as the economy began to recover. Some of it has been used to extend the tax credits for wind and solar energy and to convert some of the tax-credit schemes into grants. As a result, wind developers in America now get a cheque for 30% of the cost of the project once they connect to the grid. That scheme runs out at the end of next year.Mr Clover is concerned about the likely effect. “We're expecting a stampede in 2010. The danger is that you just bring forward demand. That's been a key feature of the US market. We've already seen several subsidy cycles—very high installations followed by complete cessations of activity. All anybody wants is long-term regulatory stability.” He hopes that will come with the imposition of a federal renewable portfolio standard on generators, which would require them to sell a certain proportion of renewable electricity as part of the mix.Globally, New Energy Finance reckons that only $24 billion of green-stimulus money will be disbursed this year, with another $58 billion to follow in 2010 and a further $56 billion in 2011. So it looks as though the money will come too late to temper the recession of 2008-09, and may instead fuel another inflationary boom in a couple of years' time.。
经贸英语阅读教程Text 5(3)
GDP per head （人均GDP），is a crude measure of the standard of living in a country. It is obtained by the ratio of that country’s GDP to its population. This measure is also known as the country’s income per capita or per capita GDP. In essence, it tells us how much each resident of a country would have if the value of a country’s production were equally divided among all members of society. By this standard, some countries are low or middle income (even though some residents may be rich) while other countries are high income (even though some residents may be poor).
an actual value. Moreover, the vast majority of derivatives 'cancel' each other out (i.e., a derivative 'bet' on an event occurring is offset by a comparable derivative 'bet' on the event not occurring). Many such relatively illiquid securities are valued as marked to model, rather than an actual market price. The stocks are listed and traded on stock exchanges which are entities of a corporation or mutual organization specialized in the business of bringing buyers and sellers of the organizations to a listing of stocks and securities together. The
经贸英语阅读教程Text 3(3)精编版
I. Related Words and Expressions beggar-thy-neighbour policy antidumping countervailing duty litigator Brics group appreciation sluggish
峰会召开以来，世界各国政府共实施了496项以邻为 壑的政策措施。
Buy-local campaigns, like putting up a tariff during a depression, are clearly a beggar-thy-neighbour policy. 购买国货运动，就像在经济萧条时期提高关税一样， 显然是一种以邻为壑的政策。
经济政策是国家或政府为了达到充分就业、 价格水平稳定、经济快速增长、国际收支平衡等 宏观经济政策的目标，为增进经济福利而制定的 解决经济问题的指导原则和措施。经济政策有宏 观经济政策和微观经济政策之分。宏观经济政策 包括财政政策、货币政策、收入政策等；微观经 济政策是指政府制定的一些反对干扰市场正常运 行的立法以及环保政策等。
“全球贸易预警”组织由总部位于英国伦敦 的经济政策研究中心发起，由世界银行、国际发 展研究中心等共同支持成立。该组织是一个专门 提供当前经济危机下各国采取贸易保护主义措施 信息的独立机构，其致力于总结并分析自2008年 11月匹兹堡峰会后各国采取的贸易保护主义措施。 至2012年5月，“全球贸易预警”组织共发布了11 份全球贸易保护主义警告报告。
6. beggar-thy-neighbour policy 以邻为壑政 策
In economics, a beggar-thy-neighbour policy is an economic policy through which one country attempts to remedy its economic problems by means that tend to worsen the economic problems of other countries.
经贸英语阅读
Thank you！ you！
进口配额（ 进口配额（Import quotas） ）
• 一国政府在一定时间内，对于某些商品一定时期 一国政府在一定时间内， 内的进口数量或金额，事先加以规定的限额。 内的进口数量或金额，事先加以规定的限额。超 过规定限额的不准进口。 过规定限额的不准进口。 • 类型：绝对配额（absolute quotas) 类型：绝对配额（ 关税配额（ 关税配额（tariff-rate quotas) )
非自动许可 （non-automatic licensing） ）
• 在对进口商品有数量限制或只有经过明确授权才 能允许进口时， 能允许进口时，通常会用到非自动许可 • 例：为了保护敏感产业和战略产业，马来西亚对 为了保护敏感产业和战略产业， 部分商品实施非自动进口许可管理，所有重型建 部分商品实施非自动进口许可管理， 筑设备进口须经国际贸易和工业部批准， 筑设备进口须经国际贸易和工业部批准，在马来 西亚当地企业无法生产的情况下方可进口。 西亚当地企业无法生产的情况下方可进口。 ——中国驻东盟国家使馆商务参赞谈双边合作 ——中国驻东盟国家使馆商务参赞谈双边合作
绝对配额（ 绝对配额（absolute quotas)
• 绝对配额是将特定时期内进口商品的数量限制在 特定的水平。 特定的水平。
• 例1：墨西哥今年糖产量遭到干旱破坏，将导致其向美国 ：墨西哥今年糖产量遭到干旱破坏， 的出口下降。因糖价高昂且供应存在不确定性，该国将考 的出口下降。因糖价高昂且供应存在不确定性， 虑在下一榨季发放额外的糖进口配额。 虑在下一榨季发放额外的糖进口配额。该进口配额将保证 下一榨季前三个月的消费量。 下一榨季前三个月的消费量。 • 例2： 2月21日，日本经济产业省公布了 ： 月 日 日本经济产业省公布了2005年紫菜进口 年紫菜进口 配额方案，取消了对进口紫菜原产国的限制， 配额方案，取消了对进口紫菜原产国的限制，将进口紫菜 国别配额改为全球配额，进口紫菜配额总量为4亿张 亿张。 国别配额改为全球配额，进口紫菜配额总量为 亿张。这 标志着自2005年起，中国紫菜可以进入日本市场。 年起， 标志着自 年起 中国紫菜可以进入日本市场。
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4. trade barrier 贸易壁垒 A general term that describes any government policy or regulation that restricts international trade. The barriers can take many forms, including import duties, import licenses, export licenses, import quotas, tariffs, subsidies, non-tariff barriers to trade. 5. farm subsidy 农产品补贴 A government subsidy paid to farmers and agribusinesses to supplement their income, manage the supply of agricultural commodities,
Hale Waihona Puke 3. the Doha round 多哈回合谈判
The world Trade Organization (WTO) conducts negotiations through what is called rounds. The Doha Development Round is the current trade-negotiation round which commenced with a ministerial-level meeting at Doha, Qatar in November 2001. The Doha Round’s objective is to lower trade barriers around the world, permitting free trade between countries of varying prosperity.
and influence the cost and supply of such commodities.
6. net importer 净进口国 A country or territory whose value of imported goods is higher than its value of exported goods over a given period of time. A net importer is the opposite of a net exporter.
7. Several studies show this income effect can outweigh the initial price effect. (1) income effect 收入效应 It describes the effects of changes in prices on consumption. According to the income effect, an increase in price causes a buyer to feel poorer, lowering the quantity demanded, and vice versa. Although the buyer's actual income hasn't changed, the change in price makes the buyer feel as if it has.
2. subsidy 补贴 A subsidy refers to direct or indirect government payment or special privilege industries.
In the countries where protectionism continues as a part of national economic policies, subsidy is viewed as a means to promote national self-sufficiency, to encourage emerging industries and to alleviate depression and unemployment. Subsidies are granted on the ground that preservation or expansion of these industries, even at the cost of the general public, is in the public interest.
Therefore，the income effect is the phenomenon observed through changes in purchasing power. It shows the real income of a consumer. (2) price effect 价格效应 Every price change can be decomposed into an income effect and a substitution effect; the price effect is the sum of substitution and income effects.
经贸英语阅读教程
Selected English Readings on Economics & Trade 潘 忠 王 茜 主 编
Text 1 The Doha Dilemma
I. Related Words and Phrases market distortion trade barrier unilateral primary farm products processed goods staple goods II. Notes to the Text 1. market distortion 市场扭曲
An economic scenario that occurs when there is an intervention in a given market by a governing body. The intervention may take the form of price ceilings, price floors or tax subsidies. Market distortions create market failures, which is not an economically ideal situation.