国际商务英语课文电子版lesson
国际商务英语课文电子版lesson (19)
Lesson 19Foreign Direct Investmentis the major form of international investment, whereby （through FDI）residents of one country acquire 获得assets in a foreign country for the purpose of controlling and managing them. Why does FDI occur? An instinctive本能的answer to the question by many people may be that the rates of investment returns（投资回报率）are higher in a foreign country. This answer, though seemingly似乎plausible似乎有理的, is actually farfetched 牵强的.Just think of the fact that Britain is both a major source of FDI in the United States and an important destination for FDI from the country. We cannot say the rates of investment returns in the United States is at the same time higher than those in Britain (which explains investment into it) and lower (which justifies说明…的理由capital flow to the opposite direction).我们不能说，因为美国的投资收益率高于英国的投资收益率，所以资金流向美国。
国际商务英语课文电子版lesson（12）
国际商务英语课文电子版lesson（12）Letters of credit fall under several categories depending on their function, form and mechanism. Here are the major types of credit:1. Clean credit and documentary credit: Credits that only require clean draft, i.e. draft not accompanied with shipping documents, for payment are clean credit. They are generally used in non-trade settlement（非贸易结算）or in payment in advance by means of the L/C. Most of the credits used in international trade aredocumentary credits, i.e. credits that require shipping documents to be presented together with the draft.2.Revocable credit and irrevocable credit: This classification is based on the certainty确信of the commitment承诺to pay on the part of the applicant and the issuing bank. The credit is a revocable one if such commitments can be altered （改变）or even canceled（取消）without consulting with the beneficiary. It is quite obvious that the exporter has little assurance保证to get payment,and therefore this type of credits are rarely used. Irrevocable credits are those that cannot be amended （revised修改）or revoked（取消）without the consent（同意）of all the parties concerned. Safe and reliable, this type is extensively（widely）used in world trade. It must be noted that if there is no specific indication whether a credit is revocable or irrevocable, it should be regarded as irrevocable.3. Confirmed credit and unconfirmed credit: If a credit is confirmed by abank other than（除…之外）the issuing bank, it becomes aconfirmed credit. The confirmation is undertaken 承担either by the advising bank or by another leading bank. Under a confirmed credit, the beneficiary is given double assurance of payment 双重付款担保since the confirming bank has added its own undertaking承诺to that承担of the opening bank. If the credit is not confirmed by another bank, it is an unconfirmed letter of credit. Though a confirmed credit isconsidered to be able to provide the greatest degree of security to the beneficiary, it involves additional cost as a result of the confirmation. Therefore if the establishing bank is a reliable prime bank, confirmation may not be necessary.4. Sight credit and usance credit: A sight credit is one by which payment can be made upon presentation of the draft and impeccable documents by the beneficiary to the bank. It gives the beneficiary better security and helps him speed up his capital turnover. 资金周转Most of China’s export contracts stipulate for sight credit in payment terms. Obviously, a sight credit calls for a sight draft.It is also clear that this type of credit requires a usance draft. If the beneficiary wishes to get payment before the maturity到期of the draft, he can ask the bank to discount贴现the acceptance, and immediately pay him the net proceeds净收益（net position 实际头寸）, i. e. the face value 面值of the draft minus 减去the discount charges收费.5. Transferable credit and non-transferable credit: If a credit can be transferred by the original beneficiary to one or more parties, it is a transferable credit. The original beneficiary is called the first beneficiary and the party (or parties) the credit is transferred to is called the second beneficiary. It is usually used when the first beneficiary is a middleman and does not supplythegoods himself. A credit can be transferred only once. But transferring a credit to more than one party at the same time is allowed provided partial shipments are permitted. If a credit does not specify whether it is transferable, it should be regarded as a non-transferable document according to the credit stipulation.6. Non-draft credit: There is a modern tendency for payment to be made by presentation of the documents without the formality ofdrawing and presenting a draft. Such credits are non-draft credit. They mainly include payment credit and deferred payment credit which are respectively similar to sight credit and usance credit with the difference that no draft is drawn and presented in the case of non-draft credit.7. Revolving credit: If a credit stipulated that its amount can be renewed更新or reinstated恢复without specific amendment to the credit being made, it is then a revolving credit. It is particularlyuseful when the buyer and seller have regular trading relationship and deal in a specific quantity of goods each month or any particular period of time.It has already been mentioned that the letter of credit has greatly facilitated便利and promoted international trade. However, like any other methods (mode) of payment, it is not perfect. It cannot provide absolute security for the contracting parties. The seller may sustain losses 蒙受because of the buyer’s delay even failure in the establishment of credit开立信用证. The buyer may suffer losses as a result of the documents presented by the seller which do not truly represent the goods shipped. And it is not absolutely avoidable that thebank may become insolvent破产的or bankrupt. Besides, it is more expensive to use the letter of credit than remittance or collection as the bank will charge 收费its client for all the services it provides. So the letter of credit may not be the most ideal（best）method of payment for a particular transaction, and the contracting parties should make their best choice according to the specific conditions.。
国际商务英语课文电子版lesson (21)
Lesson 21WTO and ChinaAfter 15 long years of hard negotiations, China became a formal member of the World Trade Organization on Dec. 11, 2001. People may wonder whether it pays(值得be worthwhile) for China to devote such a lot of time and efforts for accession to加入the organization. So some knowledge about the WTO as well as the opportunities it provides and the challenges it poses to China is quite necessary.The origin of the WTO can be traced back to(date back) the early post World War II years. To guard against the threat of trade wars, major trading nations sent their representatives to Havana in 1947 to create an International Trade Organization for the promotion of international trade. That objective was, however, not realized for controversy（争议）over the extensiveness of the powers of the proposed ITO（拟成立的ITO）（这一目标由于对拟成立的ITO 的权力广泛性有争议而没能实现）, mainly for the refusal by the UnitedStates to ratify（批准approve by signing）the charter of the stillborn organization. Nevertheless,the General Agreement on Tariffs and Trade(GATT) was formed as a conduit（channel渠道）for multilateral negotiations on a variety of international trade issues.Headquartered in Geneva, GATT provides a framework within which international negotiations are conducted toward creating global trade rules and a consultative mechanism for resolving differences and settling disputes under those rules. It alsoprovides technical assistance to developing countries in the form of seminars and training courses on trade policy issues.T he general aims of GATT are the improvement of standards of living, full employment, a large and steadily growing volume of real income and effective demand, the full use of the world’s resources, and the expansion of production and international trade. It is the specific task of GATT to contribute to the attainment of these objectives through arrangements directed to the substantial reduction of tariffsand other trade barriers and to the elimination of discrimination.Initially, GATT consisted of only three basic parts. In part 1 the basic obligations which are to be fulfilled by the contracting parties are laid down —the most-favored nation clause and the schedules of tariff concessions.In the years followed, the text of the General Agreement was revised, numerous amendments were reached relating mainly to the expansion of exports of less-developed countries and a part 4 was added. In the new part, thecontracting parties agree that the attainment of the general aims is particularly urgent where less-developed countries are concerned. In the interest of the less-developed countries, endeavors (efforts) must also be made to ensure the stabilization of commodity prices, better access to the markets of the developed countries, and the diminution 减少of the burdens which the developing countries assume承担in the interest of their economic development.The Generalized System ofPreferences (GSP) is meant to assist developing countries in their economic development efforts. It was established in 1968 after years of endeavors by developing countries in the UNCTAD and the GATT. Under the system, developed countries grant (give) developing countries favorable lower tariffs without granting them to developed members. And the developing countries do not have to reciprocate (exchange; give in return) such favorable treatment to the developed countries. So the GSP is an important exception tothe non-discriminate principle of MFN.A number of tariff negotiating conferences were held under the auspices of GATT during the course of the years GATT was functioning. Altogether 8 rounds of protracted yet fruitful multilateral trade negotiations were held since GATT entered into force in 1947 till the end of 1993 when the last round, the Uruguay Round finally concluded. The cumulative effect of the 8 rounds realized substantial reduction of tariffs. Tariff rate by the developed countries fell from anaverage of over 40 percent to about 3 percent in 1995.Despite GATT’s success in coordinating international trade policy, it is only an interim body without a fully defined institutional structure and with little legal enforcement power. So a big decision was made at the last Round to establish a permanent organization, the World Trade organization, to take the place of GATT.On January 1, 1995 the WTO established on the basis of the document signed before theconclusion (完成) of the Uruguay Round by the ministers of 97 countries started its operation and began its administrative work, taking over all the unfinished work left by GATT and continuing to carry out the agreements reached during the Uruguay Round. Being a new, improved replacement of GATT, the WTO is a permanent international organization to which all the members of GATT automatically become members. It is the organization’s aim to facilitate the creation of an optimal environment for international tradeand further strengthen the multilateral trading system.The WTO has three major objectives: 1. To promote free trade by encouraging members to adopt nondiscriminatory歧视, predictable trade polices; 2. To further reduce trade barriers through multilateral negotiations; 3. To establish more effective trade dispute settlement procedures.Instead of being a mere replacement of GATT, the WTO differs from its predecessor/ successor in several prominent dimensions (aspects). Firstly, as thename suggests (indicates), the GATT is only an agreement, or more exactly an interim secretariat, rather than an organizational entity in the true sense, while the WTO is a full-fledged (机构完善的) permanent organization, with the biennial ministerial meeting as its supreme decision-making body, affording it more political clout (influence) and a higher international profile (image). And its subsidiary bodies specialize in different areas. Secondly, the WTO has a much broader mandate. In addition to promoting commoditytrade which used to be the focus of GATT, the WTO is also responsible for service trade, international intellectual property protection a nd trade-related investment. Thirdly, the WTO has far greater enforcement powers. Unlike GATT，the new organization has a clearly defined dispute settlement mechanism. Its verdict is binding （有约束力的）on all its members. In this respect, the WTO is akin to （similar to）an international court of justice for world trade with the institutional strength and legal mandate (power) to implement itsdecisions.China’s efforts to gain accession to the WTO can be divided into two periods. During the GATT days, China made strenuous endeavors for the restoration (恢复) of its status as a contracting party. Though the goal was not realized, the work laid some foundation for negotiations in the second period after the WTO came into being. At the turn of the century when China was on the threshold of the WTO, the pros and cons of entry into the organization was a subject of topical interest.There were worries as well as great expectations. Now that three years have passed since China’s accession to the WTO, it is time to review China’s performance as a WTO member.As a responsible large nation, China has been doing a lot in honoring its commitments兑承诺for entering the WTO. In a short span of three years, China amended over 2300 laws and regulations of which over 800 were abolished. The overall tariff level was lowered from about 40% to 10.5%. Non-tariff measures including quotaand import license were removed step by step. The sector of service trade has been opened further and protection of intellectual property right considerably strengthened. All these efforts have produced positive results both for the other members of the WTO and for China itself who has made good use of the opportunities offered by the organization.China’s total volume of import and export doubled from 500 billion US dollars in 2001 to over 1.1 trillion US dollars in 2004, ranking the third in the world, onlyafter the United States and Germany. For three consecutive years, the country remained the largest recipient（destination）of foreign direct investment with the average yearly figure exceeding 50 billion US dollars, showing the improvement of its investment environment in line with 符合the requirement of the WTO. Contrary to the worry of some people that there would be trade deficit after entry into the WTO, China still enjoys a favorable balance of trade of 12 billion US dollars. And China’s foreign exchange reserveincreased to 550 billion US dollars, being the second largest foreign exchange reserve next only to that of Japan. The sensitive industries liable (likely) to the impact of the WTO entry such as agriculture, automobile, retail business, banking, insurance, and telecommunication all registered (获得) encouraging development.Despite all the achievements, China still faces big challenges. The first is the protectionist measures prevalent in some countries that place various barriers to trade. They intensified 加剧的anti-dumpingand countervailing measures to restrict the export expansion of other countries. Among the anti-dumping investigations, as many as 380 are directed（targeted）against China, constituting about one seventh of the total, making China the largest victim of such investigations. With the complete removal of textile quotas from January 1st 2005, antidumping investigations against China will be further intensified, and we must get mentally prepared and endeavor to reduce the negative effects.The second is the increasingcompetition faced by commercial banks and insurance enterprises from their foreign counterparts. The foreign banks already enjoy national treatment in China and they have offered over 100 items of services, tripling those by domestic banks. From Dec. 1st 2004, the number of cities where foreign banks are allowed to handle Reminbi business for enterprises increased from 13 to 18. And from 2006 Reminbi business for individuals will also be open to foreign banks. As for foreign insurance companies, all thoseentering the Chinese market are well-known enterprises with a long history and rich experience, constituting formidable competition against domestic insurance companies.The third is the challenge faced by agriculture. China committed itself for entry into the WTO not to provide any export subsidy for its agricultural produce, and ultimately lower its import tariff for farm produce to about 15%. Tariff quota will be applicable to the import of bulk produce, but the quotas are fairly large and thetariff rates within the quotas are as low as 1% to 10%. All those form great pressure on China’s agricultural production and market.。
国际商务英语课文电子版lesson (15)
Lesson 15 InsuranceA brief survey of insurance literature(文献，图书资料) reveals (shows, indicate) differences of opinion concerning how the term should be defined. In whatever way the term is defined, insurance is a social device（mechanism机制）in which a group of individuals transfer risk （转移风向）and provides for payment of losses from funds contributed by (devoted by, given by) all members who transferred risk. Those whotransfer risk are called insureds/assured. Those who assume (承担)risk are called insurers/underwriter/insurance company.Insurance is a risk transfer mechanism, whereby the individual or the business enterprise can shift (transfer) some of the uncertainty (不确定性) of life onto the shoulders of others. In return for a known premium(保费), usually a very small amount compared with the potential loss,the cost of that loss can be transferred to an insurer. Without insurance, there would be a great deal of uncertainty experienced by an individual or an enterprise,not only as to(about) whether a loss would occur, but also as to what size it would be if it did occur.For example, a house-owner will realize that each year several hundred houses are damaged by fire. His uncertainty is whether in the coming year his house will be one of those damaged, and he isalso uncertain whether, given that (假如) he will be one of the unlucky ones, his loss will amount to (reach 达到)a hundred dollars or so for the redecoration of his kitchen or whether the house will be gutted and cost him thousands of dollars to repair. Even though the probability of his house becoming one of the loss statistics is extremely low, the average house-owner will nevertheless select to spend, say $50 to $60 on house insurance, rather than facethe extremely remote(very unlikely) possibility of losing a house worth $200 000.In the case of business enterprises, the values exposed to loss(likely to suffer loss) are usually much higher, and the premium charged(paid) is likely to be substantially (very much) higher than that for a house. Even in those circumstances the majority of (most of)firms prefer to pay a known cost or premium for the transfer of risk, rather thanface the uncertainty of carrying the risk of loss.The insured’s premium is received by the insurer into a fund or pool for that type of risk, and the claims of those suffering losses are paid out of this common pool. Because of the large number of clients in any particular fund or pool the insurance company can predict, with reasonable accuracy (precision), the amount of claims likely to be incurred in the coming year.There will be some variation(difference) in claims costs from year to year and the premiums include a small margin (remainder 剩余) to build up a reserve (储备) upon which the company can draw （提取）in bad years.The main stimulus (motive 动机) to enterprise is the release of funds (腾出资金), now available for investment in the productive side of a business, which would otherwise need to be held in easily accessible reserves（留作随时可用的储备金）if the firm had nottransferred the risk to an insurer. Medium and large firms would probably create reserve funds for emergencies (应急储备金)which might put their whole future viability(surviving capability) in jeopardy（put … in danger）. The premium payable (应付的保险金) to an insurer, however, would only be a small proportion of the fund （reserve funds for emergencies）required because of the pooling arrangements (共同基金的设立), and so most of this money could beinvested in new plants, buildings or stock.In overseas trade the geographical gaps(distance between port of shipment and port of destination) are great（地理间距大）, and the transport (is) multi-modal–that is to say, we must combine road, rail, sea and air in almost all cargo movements to some extent. Similarly the time lag (time between production and consumption) is great(时间间隔长) between production andconsumption. In bridging (connect or reduce the distance between) both the geographical gap and the time gap serious risks have to be run (当跨越这些地理间距和时间间隔时要冒很大的风险）. And it is in this framework that the insurance underwriters （保险商，承诺支付者）operate to carry the risks which otherwise would have to be borne（bear负担）by the producers.Cargo insurance is one of themain branches of insurance. These are usually listed as fire, marine, life and accident. The term “marine (insurance)” used to refer to the insurance of ships and their cargoes. Today the movement of cargoes is frequently effected (carry out; done) partly by other modes of transport(运输方式). Where cargo is concerned, “transportation insurance”seems a better term to use today than marine insurance. Goods do not go overseas solely(only) by sea –airtransport takes an increasing share of cargo these days. Similarly export cargo moves to the docks by road, rail and inland waterway (内陆水道), while import cargo moves to the hinterland in the same way.Cargo insurance therefore is an activity (which is) aimed at moving(remove) the burden of risk from the shoulders of the exporters and importers, and placing (putting) it upon the shoulders of specialist (具有专门知识的) risk-bearing underwriters. The important point to realize about transportation insurance is that it is “the handmaiden (侍女) of commerce”(serve commerce 为商业服务). Trade would not cease (stop)if there were no method of insurance available, but the losses would be suffered by those who were unfortunate(unlucky), and not shared out equally among all traders. By paying a premium into an insurance pool, the assured earns the right to claimcompensation (索赔) from the pool should he suffer loss (if he should suffer loss). He does not want to “scoop the pool”(get money from the pool - claim) – he would prefer his cargoes to reach their destination safely –but being insured he feels easier (安心的；无忧虑的) about trading: his risks are covered to some extent at least. Cover – v. 对…进行保险：Insurance companies try to persuade them to cover themselves against fire.保险公司试图劝说他们保火险。
国际商务英语课文电子版lesson (9)
The bulk of （most of）international trade is done in the general mode of buying and selling of goods and services by means of money and the market. Under specific conditions, however, special modes of transactions may be adopted (used) to better realize one’s business purposes. Among them, counter trade and its variants (different forms) are perhaps the most popular modes of trade.Counter trade is a peculiar form of transaction allegedly (据说) popular in less developed countries and in centrally planned economies（中央计划型经济）. It has become the generic term to describe a set of cross-border contracts that link a seller’s exports to imports from the buyer, and it is often associated with policy objectives of relevant economies like dealing with foreign exchange shortages and promotion of exports（扩大出口）.MethodologyMathematicsphotographThe terminology counter trade employed (used) today can be traced to(date back) the pre-World War II years when normal trade relationswere breaking down (Great Depression). Following German hyperinflation，competitive devaluations (竞争性贬值)and protectionism meant a global collapse in trade and in international financial and banking markets. Unwilling to see Germany cut off from its traditional raw material supplies in the Balkans（巴尔干地区）, the Reichsbank agreed to the establishment of a clearing system （清算系统）that settled（结算）only net positions （实际头寸）- and only once a year - a measure that permitted traditional trade flowsbetween Germany and the Balkans to continue. These arrangements were called compensation trade. Another term used in the context of such bilateral clearing operations was “counter trade”. During and after World War II, when financial markets were in disarray（in disorder）, Britain used similar bilateral arrangements, as did Western Europe when setting up the European Payment Union. Subsequently (later) the countries of centrally planned economies copied such clearing systems and used them among themselves and also in tradewith neighboring countries like Finland. Conceptually, all these arrangements are trade credit accounts (贸易信贷往来账户) between familiar trading partners exchanging unrelated goods.In the 1970s and 1980s counter trade was different from the old practice although some similarities（likeliness）remained. Current counter trade partners are not necessarily familiar partners and goods exchanged are sometimes vertically related. Current counter trade can be categorized as follows: Barter(易货贸易): The directexchange of goods and services which is completed in a short period of time, e. g., an exchange of frozen lamb from New Zealand for Iran crude oil.Counter purchase（互购贸易；反向购买）: The assumption（assume 承担）by an exporter of a transferable obligation through separate but linked contract to accept as full or partial payment goods and services from the importer or importing country. The contract is usually stipulated to be fulfilled within a given period of time, e. g. , 5 years, and the goods or servicesreceived in return are usually pre-specified in a list and are subject to availability and changes made by the original importing country. In essence, then, counter purchase is an inter-temporal direct exchange of goods and services. For example, in 1977 V olkswagen sold 10,000 cars to the former East Germany and agreed to purchase goods from a list set up by the importer over the next 2 years, up to the value of the cars sold to the former East Germany.Buyback:（回购）An agreement by an exporter of plant and equipment（成套装置和设备）to take back in the future part of the output（产品）produced by these goods as full or partial payment. The important difference between counter purchase and buyback is that in buyback the goods and services taken back（buy back）are tied to (捆绑) the original goods exported whereas that is not the case in counter purchase. Another important difference is that a buyback deal usually stretches over (cover; extend 延伸) a longer period of time (as long as 15 to 20 years) than a counter purchase deal. For instance, the Xerox Corporation sold to Chinathe plant and technology for the production of low-volume photocopying machines, and contractually committed to repurchase a very large portion of the photocopy machines produced in the Chinese plant.The intriguing (interesting) features common to barter, counter purchase, and buyback is “bundling (捆绑)”: the exchanges of good s and services are bundled together (the exchanges are implemented either concurrently同时or inter-temporally不同时). In normal market transaction buying andselling of goods and services is unbundled (不捆绑), an arrangement made possible by the use of money and the “market” as an institution （手段）. Thus, an individual can sell goods and services to obtain monetary income and can then use the income for other desired goods and services. Such unbundling greatly facilitates（便利；促进）transaction and allows more efficient economic exchanges.While counter trade does not represent an extreme form of bundling, and money as a unit of account（记账单位）is not totallybypassed - in many counter trade deals, only a fraction of (a small part of) the initial (最初的) purchase is paid for in goods and services - the question remains why a significant （quite big）part of the buying and selling of goods and services should be bundled together.The impression one gets is that bundled trade takes place where the market institution(system) is imperfect. It can be said to generally take place between mature market economies and economies with a less sophisticated（mature）market system. Under such circumstancethere are several presumed (被公认的) advantages in counter trade:1.Counter trade is implemented (carry out) because it helps a country to deal with foreign exchange shortages.2.Counter trade can be used to promote exports.3.Counter trade can be used to reduce uncertainty regarding export receipts. (income, earnings)4.Counter trade is used to bypas s (避开) an international price agreement like, for example, that of OPEC （cartel）.5.Counter trade may help thosenations with serious debt problems （debtor nation 债务国）to continue to import goods while, in effect, conceal ing (隐瞒) export earnings from creditors (债权人).However, counter trade can be very risky business. By conceal ing the real prices and costs of transactions it may conceal and help perpetuate（使永久存在）economic inefficiencies in the market place. Companies may suffer losses because they could not get rid of （sell）products of poor quality. Finally, counter trade may be considered as a form ofprotectionism.Among other modes of trade are processing trade, consignment, leasing trade, agency etc.。
国际商务英语课文电子版lesson (17)
Lesson 17 The International Monetary System and ExchangeRateThe earliest internationalchange their paper currencies into gold when requested to do so. The gold standard created a fixed exchange rate system as each country pegged (fix挂钩) the value of its currency to gold to establish its par value (平价/票面价值) (face value). For most of the 19th century till the end of the First World War,major trading countries followed this system and the British Pound was the most important currency in international business as a result of the economic, political and military power of the United Kingdom, hence the term sterling-based gold standard. (pound sterling)The pressure caused by the First World War on economy coupled with(together with连同) the impact of the Great Depression (大萧条)put an end to(结束)the fixed exchange rate system. The Bank of England was no longer able to redeem (赎回，兑换)itspaper currency for gold at par value(以面值) (无力将其纸币以平价兑换成黄金) and allowed its value to be determined by supply and demand (market). With Britain abandoning (放弃)the gold standard, there appeared different areas in the world. Some countries pegged their currencies to the sterling(英镑), some countries to the US dollar and some to the French Franc, forming the “sterling area”, “dollar area” and “franc area”. This period witnessed the degeneration(衰落)of the international monetary system as some major countries vied(vie -compete)to(竞相)devaluate their currencies to make their export goods more competitive.(竞争性贬值) (这一时期，世界货币体系不断恶化，各主要贸易国家竞相将其货币贬值以提高他们出口物品的竞争力) The be nefits brought about by their devaluation were, needless to say (不用说), offset(抵消)by what their competitors did. International trade con t racted (shrink收缩) and economic conflict finally led to the Second World War.Towards the end of the Second World War (1944) representativesof 44 countries gathered at Bretton Woods (布雷顿森林)to renew(更新)the gold standard on a greatly modified basis(在修改较大的基础上). One important fruit of the conference is the creation (establishment创立) of the International Bank for Reconstruction and Development (IBRD)and the International Monetary Fund. (1944)The Bretton Woods Conference established a US dollar based gold standard. Because of the dominating (主导性的) economic and political influenceof the United States, the dollar replaced the sterling(英镑)as the major vehicle(工具)for international settlement(国际结算). 由于美国在国际经济、政治中的统治性影响，美元替代英镑成了国际结算中的主要工具。
国际商务英语课文电子版lesson (13)
One of the major differences between domestic trade and foreign trade is documentation (单据的使用). Every shipment must be accompanied by a number of correct documents. If they are not the correct ones, the importer will have difficulties in taking delivery of 提货the goods, and delays caused by incorrect documentation may affect future business relations between the trading partners. In the case of documentary letter of credit, any discrepancy不同, even in minordetails, between the documents presented and those specified in the credit may lead to refusal by the bank to make payment. Different documents are required for different transactions, depending on the nature of the deal, the term of delivery, the type of commodity, stipulations of credit, regulations and practices in different countries, etc. However, most transactions require the following major documents.The commercial invoice：Generally called “the invoice” forshort, this document is the general description of the quality and quantity of the goods and the unit and total price. It constitutes the basis on which other documents are to be prepared制作, and the banks check the conformity between credit terms and documents 单证一致and the conformity between the documents单单一致. A commercial invoice normally include the following contents: Invoice number and the date; name and address of the buyer and the seller; contractnumber and credit number; description of the goods including name of the commodity, quantity, specifications, etc.; unit price, total price, price terms, and commission and discount if any; terms of delivery and terms of payment; packing, shipping marks唛头, etc.; and seal or signature of the exporter. It should be noted that the description of the goods in the invoice must comply with the credit while in other documents the goods can be described in general terms,and that the total invoice value should not exceed the total amount of the covering（适用的）L/C.The packing list （is a document that）gives information such as the number, date, name and description of the goods, shipping marks, packing, number of packages, specific contents of each package and its net weight and gross weight etc. Sometimes the credit stipulates for specification list规格清单which is similar to the packing list but emphasizes the description of thespecifications of the goods.The weight list, weight note, or weight memo are also similar to the packing list in content and function but emphasis on the weight of the goods and are generally used for goods which are based on the weight for price calculation.The Bill of lading is one of the most important documents and has three major functions: 1. It serves as a cargo receipt signed by the carrier and issued to the shipper or consignor; 2. It constitutes acontract of carriage（transport）between the carrier and the consignor; 3. It is a document of title 所有权to the goods,and the legal holder 合法持有人of the bill of lading is the owner of the goods it covers.The major contents of the bill of lading include: 1. the carrier, i. e. the shipping company; 2. the shipper or consignor, it is normally the exporter; 3. the consignee收货人. It is generally either the importer or made out “to order”; 4.the notifyparty, i. e. the party to be advised通知after arrival of the goods at the port of destination. It is often the agent of the consignee or the consignee himself. 5. a general description of the goods including the name, number of packages, weight,measurement 尺寸etc. 6. shipping marks; 7. the port of shipment and the port of destination;8. the freight运费, for CIF and CFR it should be “freight prepaid”, or “freight paid”, for FOB it should be “freight to collect”, or “freight to bepaid”, or “freight payable at destination”. 9. the place where the bill of lading is issued; 10. the date when the bill of lading is issued which is regarded as the time of shipment交货时间(time of delivery) and can by no means (never) be later than that stipulated in the credit.There are quite a few types of bills of lading classified in several ways. However, most letters of creditlading”.one which states (indicate) that the goods have been shipped in apparent (表面上) good order and condition. It is meant that the document is devoid of没有any qualifying remarks 批注性话语concerning the packing and the outer appearance of the goods. And the carrier admits full liability承担全部责任for the goods described in the bill of lading and is bound to有责任carry the goods and deliver them in like (similar) condition in which he hasreceived them.Traditionally, this has been the only acceptable type to be presented by the seller under the term CFR and CIF.The document similar to the ocean bill of lading海运提单is called airway bill for air transportation and railway bill, cargo receipt etc. for railway transportation.The insurance policy and the insurance certificate are similar in function, the only difference being that the latter is a bit simpler than the former. The main contents of such insurance documents include: 1. the insured. Under CIF terms, the insured is generally the beneficiary of the credit unless otherwise specified, while under CFR and FOB terms，the insured is usually the importer. 2. cargo description including name, quantity, weight, shipping marks etc . 3. the amountinsured and the risks covered 险别. It should be noted that the currency of the amount insured should be the same as that of the credit. 4. contents concerning transportation including the carrying vessel, the port of shipment and the port of destination, the sailing date起航日期etc. 5. the place where claims are to be settled (settle a claim索赔地点). Unless otherwise specified in the credit, the port of destination is taken as the place for settling claims. 6. the date on which the document is issued. Itcan be made earlier but by no means later than the date of the bill of lading.Various certificates may be required depending on the nature of the commodity and the stipulations of the specific countries. The major types are certificate of quality; certificate of weight; certificate of quantity; certificate of health; certificate of disinfection; veterinary certificate; certificate of origin（原）产地证明; etc.Other documents that may berequired are customs invoice, consular invoice, consular visa, shipping advice装船通知etc.。
国际商务英语课文电子版lesson (16)
Lesson 16 Insurance (II) Transportation insurance, like all forms of insurance, conforms to (follow遵守) certain basic principles. When firms seek cover （保险）for goods and units of carriage（运载工具）they must follow these principles. There are three main principles of insurance, two subsidiary（次要）principles and a doctrine（原理）.thing insured is preserved （protected）he will derive a benefitits preservation (protection), but if it is in any way damaged or lost the assured will be adversely affected（受到不利的影响）. You can insure your own car, for if it is damaged you will have to pay for it to be repaired and consequently（因此）you will suffer a loss. You cannot insure your neighbor’s car, for if it is damaged you will not suffer any loss. For this reason the insuring of anything by people who are not ―interested‖in it is held (thought被认为) to be ―againstpublic policy‖（违反公共政策）. This means that crime would be encouraged.Every contract of insurance requires an insurable interest to support it, or otherwise it is invalid （无效的）and any claim made upon it（based on it 依据保险合同）will not be entertained（accept 接受，受理）（by the insurer）. The time of an event may be crucial to the question of insurable interest. The interest passes (转移) with the documents. In cargo insurance we know who has an interest in the cargo at any particular point of time,if we know the terms of sale (price terms / terms of payment –FOB..) which have been arranged. We can work out who will suffer loss by discovering at what point the property passes from one person to another. The person who is going to suffer the loss is the one who has the insurable interest at any moment. This means that goods may be shipped at the port of origin(货物原产地港口)by a shipper or freight forwarder (consignor) under a policy（保单）taken out to cover them, and the buyer takes over the policy whichhas been issued when he takes over the ownership of the goods. If they fail to complete the voyage（旅程）(journey/transportation) undamaged, he(buyer) can claim on the insurance even though it was not in his name.Utmost good faith（最在诚信原则）is a very important principle. The people who decide what premium is fair公正的for a particular cover（某一笔保险）do （决定多少保费是公平的）so on the basis of written statements made in a proposal form投保单（by the insured）. If this statement is untrue,then the premium agreed on will not be a fair one. Suppose I say that a crate板条箱contains copper, when in fact it contains platinum （铂金）. The premium required to cover the cheaper metal will be an unfair premium for the more valuable cargo. The mis-statement is a fraud（欺骗）, and the policy is voidable（可取消的）（can be avoided/revoked）by the party who is misled (误导)（the insurer）. Even if the mis-statement was unintentional (非故意的), the underwriter would still be deceived and the policy voidable.third-hand Ford car will receive sufficient (enough) compensation to buy another third-hand Ford car, not enough to buy a brand-new (崭新的) Ford car. This principle cannot apply to life（寿险）or personal accident insurance（人身意外保险）—for of course a life, or a limb, cannot be restored.In a normal policy of insurancethe compensation payable（可支付赔偿）is sufficient only to restore the insured to the position he was in before the loss occurred—not to a better position. Cargo policies are often issued for an agreed value（商定的价值）and are therefore called ―valued‖ policies（有价保单）. The idea is that the compensation payable will be at an agreed figure （商定的数值）, often at invoiced cost（invoice value）plus freight (主运费) and forwarding charges （转运费）plus the insurance premium plus an agreed percentage such as 10 percent.（发票金额+主运费+转运运费+保费+10%）This （10%）represents a profit that could have been earned on the capital tied up（被占用）in the transaction.Contribution（损失分摊）is a sub-principle（under indemnity）which is associated with indemnity. It holds that a person cannot be allowed to insure twice for the same risk, and claim compensation from both insurers. To do so would amount to (be equal to相当于) restoring the insured to a better position than he was in when the loss occurred. It would be a breach(violation违背) of indemnity, and against public policy. Therefore, if two policies do cover the same event, the insurance companies contribute pro rata（按比例）to（分摊）the loss, and the insured is only restored to the indemnity position （损失发生以前的状态）. This is unlikely to happen very frequently in cargo insurance.Subrogation（代位追偿）, the sub-principle, also relating to indemnity, is of enormous importance in cargo insurance. The word ―subrogate‖means ―to take the place of another‖. Imagine asituation where A has insured his cargo with B and it is damaged by C’s negligence (carelessness疏忽大意). A will naturally claim against B, who will pay up for the loss suffered. However, because C was negligent, a legal action (法律诉讼) by A against C would almost certainly lead to an award (a grant made by a law court判决) of damage against C (判决C承担损害责任). A would thus be compensated twice, and this would be a breach of the principle of indemnity. To prevent this happening, B, the insurer, issubstituted for (replace替代) A, the assured, in any legal action against C. The insurer is entitled to (享有…权力或利益) the advantage (interest利益) of every right of the assured, which will diminish (reduce) the loss he (insurer) has been forced to bear.The doctrine of proximate cause （近因原则）—when an insurance policy is made out to cover a certain risk, a claim becomes payable only if that risk occurred as the proximate (closest) cause of the loss suffered. The proximate cause is the direct cause of the loss.Notes:Conform to 遵守Most people are willing to conform to the custom of society.大多数人都愿意遵循社会习俗。
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Lesson 1 InternationalBusinessInternational business refers to transaction between parties from different countries. Sometimes business across the borders of different customs areas of the same country is also regarded as import, such as business between Hong Kong and Taiwan. Internation business involves more factors andthus is more complicated than domestic business. The followings are some major differences between the two: 1. The countries involved often have different legal systems, and one or more parties will have to adjust themselves to operate in compliance with the foreign law.2. Different countries usually use differentand the partieswill have to decide which currency to use and do everything necessary as regards conversion etc. Uncertainties and even risks are often involved in the use of a foreign currency.3. Cultural differences including language, customs, traditions, religion, value, behavior etc. often constitute challenges and even traps for people engaged in international business.4. Countries vary in natural and economic conditions and may have different policies towards foreign trade and investment, making international business more complex than domestic business.With the development of economic globalization, few people or companies can completely stay away from international business. Some knowledge in this respect isnecessary both for the benefit of enterprises and personal advancement. International business first took the form of commodity trade, i.e. exporting and importing goods produced or manufactured in one country for consumption or resale in another. This form of trade is also referred to as visible trade. Later a different kind of trade inthe form of transportation, communication, banking, insurance, consulting, information etc. gradually became more and more important. This type of trade is called invisible trade. Today, they constitute over 60% of their gross domestic products and account for an increasing proportion of world trade.Another important form of international business issupplying capital by residents of one country to another, known as international investment. Such investments can be classified into two categories. The first kind of investments, foreign direct investments or FDI for short is made for returns through controlling the enterprises or assets invested in a host country.The host country is a foreign country where theinvestor operates, while the country where the headquarters of investor is located is called the home country. The second kind of investment, portfolio investment, refers to purchases of foreign financial assets for a purpose other than controlling. Such financial assets may be stocks, bonds or certificate of deposit. Stocks are also calledcapital stocks or bonds. Bonds are papers issued by a government or a firm with promise to pay back the money lent or invested together with interest. The maturity period of a bond is at least one year, often longer, for example five, or even ten years. Certificates of deposit generally involve large amounts, say 25 thousand US dollars. Besides trade andinvestment, international licensing and franchising are sometimes taken as a means of entering a foreign market. In licensing, a firm leases the right to use its intellectual property to a firm in another country. Such intellectual property may be trademarks, brand names, patents, copyrights or technology. Firms choose licensing is because they don’t have to make cashpayment to start business, and can simply receive income in the form of royalty. Besides, they can benefit from location advantages of foreign operation without any obligation in ownership or management. The use of licensing is particularly encouraged by high customs duty and non-tariff barriers on the part of the host country. However it is not advisable to use licensingagreement in countries with weak intellectual property protection since the licensor may have difficulty in enforcing licensing agreement.Franchising can be regarded as a special form of licensing. Under franchising, a firm, called the franchisee, is allowed to operate in the name of another, called the franchiser who provides the former with trademarks,brand names, logos, and operating techniques for royalty. In comparison with the relation between the licenser and the licensee, the franchiser has more control over and provides more support for the franchisee.The franchiser can develop internationally and gain access to useful information about the local market with little risk and cost, and thefranchisee can easily get into a business with established products or services. Franchising is fairly popular especially in hotel and restaurant business.Other forms for participating in international business are management contract, contract manufacturing, and turnkey project.Under a managementcontract, one company offers managerial or other specialized services to another within a particular period for a flat(fixed) payment or a percentage of the relevant business volume. Sometimes bonuses based on profitability or sales growth are also specialized (specified) in management contracts. When a government forbids foreign ownership in certain industries itconsiders to be of strategic importance but lacks the expertise for operation, management contracts may be a practical choices enabling a foreign company to operate in the industry without owning the assets.By contract manufacturing, a firm can concentrate on their strongest part in the value chain, e. g. marketing, while contracting with foreign companies for themanufacture of their products. Such firms can reduce the amount of their resources devoted to manufacture and benefit from location advantages from production in host counties. However, loss of control over the producing process may give rise to problems in respect of quality and time of delivery.For an international turnkey project, a firm signsa contract with a foreign purchaser and undertakes all the designing, contracting and facility equipping before handing it over to the latter upon completion.Such projects are often large and complex and take a long period to complete. Payment for a turnkey project may be made at a fixed total price or on a cost plus basis. The latter way of payment shifts the burden of possibleadditional cost over the original budget onto the purchaser.BOT is a popular variant of the turnkey project where B stands for build, O for operate and T for transfer. For a BOT project, a firm operates a facility for a period of time after building it up before finally transferring it to a foreign company. Making profit from operating the project for aperiod is the major difference between BOT and the common turnkey project. Needless to say, the contractor has to bear the financial and other risks that may occur in the period of operation.。