口译练习３

　　
　　Why China does it better?
　　
　　As Russia’s economy has shown no sign of significant progress, China’s economy is booming, So an obvious question: what have the Chinese done right that the Russians have done wrong? It might be argued that there have been three major factors accounting for China’s economic surge, two of which the Russians can’t replicate.//
　　
　　First, Deng Xiaoping’s transition model was more sophisticated than anything the Russians have tried. Deng gradually liberated the economy, and prices rose, encouraging farmers to grow for profit, then inviting foreign investment in rudimentary light industries such as the making of toys, shoes, and clothing. This created the explosive growth in provinces like Guangdong. Now it is spreading inland. It was a course of allurement rather than “shock therapy”.//
　　
　　But even if Boris Yeltsin had followed Deng’s model, there are two other factors he couldn’t have matched. For one thing, the Chinese seen to have an entrepreneurial edge. Their farmers welcomed the chance to make a profit. Their emerging middle class rushed to buy stocks when the Shenzhen exchange opened. Most Russians, by contrast have reacted to liberalization with their distinctive mixture of skepticism and pessimism. “The Chinese are a nation of merchants, “says a Japanese diplomat, disdain mixed with fear that the no-holds-barred Chinese brand of commerce eventually could overwhelm the more controlled Japanese model.//
　　
　　In much of Southeast Asia, ethnic Chinese already run the show. And that is the third, and perhaps most significant factor at work here: the power and pride of the Chinese diaspora. There are an estimated 55 million Chinese living outside the people’s Republic. They include a disproportionate number of successful businessmen who have now decided that it’s safe to invest on the mainland. They jump-started the boom; by one estimate, they represented 80 percent of foreign investment coming to China. The emotional power of this reunion can’t be over-estimated.// The diaspora are not only investing, they are contributing to hospitals, universities, and their native villages . They are returning home to sweep their ancestors’graves. They are the entrepreneurial heart of a Greater China that seems destined to become an economic, cultural and perhaps military superpower in the next century.//
　　
　　There will be bumps  along the way; boom economies go bust periodically, and without the rule of law, there is the probability of rampant corruption. None of this can be much solace to the Russians. Still there is one useful lesson in the Chinese model: success doesn’t come from grand schemes, but in gradual Deng-style modulations.//
　　
　　Words and expressions:
　　
　　rudimentary light industries     初级轻工业
　　
　　It was a course of allurement rather 这是个诱导过程,而不是“休克疗法”（结果）
　　
　　Than”  shock therapy”.      
　　
　　entreprneurial edge        企业家的精神
　　
　　mixture of skepticism and pessimism   既怀疑又悲观
　　
　　no-hold-barred Chinese brand commerce  无约束的中国式商业做法
　　
　　Chinese diaspora        散居在海外的华人
　　
　　disproportionate      
　　
　　不成比例的，此处是“异常多的……”
　　
　　emotional power of this  reunion   这种重新联合的亲和力
　　
　　Greater China        大中华
　　
　　boom economies go bust periodically  繁荣的经济不时会出现衰退
　　
　　Text8.3
　　
　　1997年中国外贸战线所取得的成就
　　
　　1997年,在党中央和国务院的领导下,经过外贸路线广大职工和全国人民的共同努力,我国对外贸易继续高速增长,取得了辉煌的成就。//
　　
　　1997年进出口总额达到了3，251亿美元，比上一年增长了12.1%,其中,出口额是1,827亿美元,增长了20.9%;进口额是1,424亿美元,增长了2.5%。外贸顺差403亿美元。//
　　
　　1997年外资企业的进出口总额增长了11.3%,一般性贸易的出口显示了强劲的增长势头,其在整个出口所占的比重从1996年的41.6%上升至1997年的42.7%。加工贸易的出口快速增长,进出口商品的结构进一步得到改善。机械和电子产品的出口在整个出口的比重从31.9%提高到32.5%,仍旧是最大宗的出口商品。在进口方面，技术密集型的商品和资源性商品的进口增幅较大。
　　
　　在实施外贸市场多元化战略方面也取得了新的进展，与非洲和拉丁洲的贸易额分别增长了24.5%和40.6%,比外贸平均增长率分别高出12.4个百分点和28.5个百分点。在世界贸易的排名上，我国从第十一位上升至第十位。//
　　
　　Words and expressions:
　　
　　外贸顺差（盈余）  foreign trade surplus
　　
　　一般性贸易出口  export of general trade; export under
　　
　　强劲的增长势头  strong momentum of growth
　　
　　加工贸易的出口  export of processing trade; export through processing trade
　　
　　比重     share
　　
　　技术密集型商品  technology-intensive merchandise
　　
　　资源性商品    resource commodities
　　
　　Text 8.4
　　
　　China and world trading system
　　
　　(Abstracts from address to Beijing University by
　　
　　WTO Director-General Renato Ruggiero on April 21,1997)
　　
　　Globalization is weaving the world together as never before, but it is a world of different cultures, different systems, and different levels of development. Interdependence demands that we respect our unique cultures and civilizations. Interdependence also demands that we find common solutions to our common problems. These include the concerns of China’s major trading partners about its persistent trade surpluses.//Equally, the word will have to understand the immense challenge China faces in transforming itself with a modern and competitive society –and all in a matter of decades. China is not alone in making this effort of restructuring . Globalization obliges all nations, small or large, rich or poor, to take part in a continuous process of adjustment. More than ever before, the world’s problems will be China’s problems; and China’s problems will be the world’s.//
　　
　　Yet our world of dramatic change is also a world of dramatic possibilities. China’s living standards have doubled in the last decade, and will no doubt double and triple again. New opportunities are opening up for Chinese workers and Chinese entrepreneurs. New choices are opening up for Chinese consumers. And out of this economic opening springs new hope. I would argue, form the evidence of the huge success of reform so far, that the real cost would lie in keeping doors closed, in slowing the restructuring process, and in maintaining inefficient public structures.//
　　
　　What is true for China is true for the world . The global economy could easily double by 2020,raising global living standards by almost two-thirds---among the greatest advances in world history. Technology and communications are weaving together an interconnected planet, spreading the tools of economic and social progress, and equalizing the human condition. And we are breaking down the barriers, not just between economies people, giving us a shared interest in prosperity and peace.//
　　
　　We must be clear about what is at stake. China’s entry into the global trading system is about more than trade. It is about China’s future role as a world economic leader. And it is about the future direction of the global economy and our global community.//
　　
　　I began by saying that we are at a turning point in China’s relations with the world . One of those moments in history, which come but rarely, when the choices we made shape the course of events for years and even decades to come. The Cold War landscape has been swept away, as if by a historical earthquake. The next era of globalization has yet to take shape. We have a unique opportunity----between eras as well as between centuries----to lay the foundations of a new kind of international system, one which offers the best chance yet of lasting world prosperity and peace. For the first time we have in our grasp the possibility of creating a universal system based on rights and obligations agreed by consensus and binding all its members.//
　　
　　I repeat---the successful integration of China into the global economy is the key to many of the international challenges we face. We will need creativity in the days ahead. We will need resolve. And we will need vision. Change will come whether we like it or not. We can either engage it positively and steer it to positive ends or ignore it to our peril. The choice before us is an obvious one.//
　　
　　I have come to China, not a as a negotiator, but as a man with one interest---to help build a truly global trading system which can bear the weight of the twenty-first century. I leave you with the message that China must be a central pillar of this system---otherwise we risk building the new century on the foundations of economic instability and an even more uncertain peace. I am confident China will bring an equally great breadth of vision to this task.//
　　
　　Text 9.2
　　
　　中国银行业的对外开放
　　
　　在80年代初,为了适应国内改革开放和吸引外资的需要,中国决定对外开放其银行业,允许外国银行在大陆设立分支机构。
　　
　　1984年以来，在认识到外资金融机构的进入促进了国内银行的改革后，中国决定通过与海外银行的竞争来改进银行服务水平。这一举措显示开放向前迈了一大步。//
　　
　　1990年以来，中国的银行服务业扩大了对外开放，原来外商只能在经济特区设立分支机构，现在首次允许他们在上海浦东新区设立分行，不仅又扩大到10个主要城市。
　　
　　至今，外国银行的100多家分行在中国20个城市开展业务。这一开放速度已超过了日本、韩国、泰国、印度尼西亚和其他亚洲国家。//在国内金融机构仍受各种政策限制的同时，在华的外国金融机构却享有广泛的灵活性。在中国经济从计划型向市场的转化期间，与中国的低水平市场化和银行经营机制相比，外资金融的开放程度也算高的。//
　　
　　实际上，在近年的开放过程中，银行业的开放程度已超过了对外贸易。简单地说，这意味着，无形贸易的开放程度已超过了有形贸易的开放程度。因此，尽管中国对美贸易总体上出超，在服国业贸易上，中国同时是入超。这些包括银行业技术和特许权的转让。过去这些都忽视了，但现在得到了重视。//
　　
　　就各种金融业务来讲，中国是相当开放的。除了A-股股票交易禁止外资投资银行介入外，这些机构可以进行中国企业发行的B-股和H-股的交易。在这方面，许多亚洲国家都强调这些业务只能由国内银行来经营。同时，中国允许外资建立保险公司和财务公司。//
　　
　　但是，这与达到世界贸易组织的要求仍有很大差距，原因是中国仍没有完成其国内银行和货币体系的重组工作。
　　
　　1994年以来，中国在建立规范的外汇体系方面取得了很大的进展，并基本上实现了经常性项目下的人民币自由兑换。如今，非贸易项目仍有一些限制，这些限制有望在今后两年内被取消。中国的银行服务业在今后将更对外开放。//
　　
　　Words and expressions:
　　
　　外资金融机构    foreign-funded banking institutions
　　
　　分行      branch banks; bank branches
　　
　　广泛的灵活性    a wide degree of flexibility
　　
　　低水平的市场化和银行经营机制 low levels of marketization and banking operation mechanisms
　　
　　银行业的开放程度   the extent of opening of banking sector
　　
　　无形贸易     invisible trade
　　
　　服务业贸易     service trade
　　
　　银行业技术和特许权的转让 banking technology and franchise transfers
　　
　　投资银行     investment bank
　　
　　财务公司     financial company
　　
　　规范的外汇体系   standard foreign-exchange system
　　
　　经常性项目下的人民币自由兑换 the convertibility of the RMB under current accounts
　　
　　Text 9.3
　　
　　Can troubled Asian economies be as lucky as Mexico’s
　　
　　In early 1995, Mexico witnessed its financial crisis, but the county had only about one year of recession before growth rebounded strongly. Can the ailing Asian economies do the same? The answer is probably no. Although the trouble in both East Asia and Mexico were triggered by large current-account deficits and difficulties in rolling over short-term dollar debts, the underlying causes were different.//
　　
　　In Mexico, capital inflows were used to finance a consumer-spending spree; in East Asia they went into over-investment, especially in property. Mexico did not have a property bubble, so its debt problems were not made worse by the asset-price deflation which East Asia is facing now.//
　　
　　A second difference is that the East Asia economies have a lot more domestic debt than Mexico, so their banding-sector problems are more serious. In Mexico in 1994, total financial-sector lending amounted to less than half the country’s GDP, compared with over 140% in Thailand in 1997. In Mexico, bank’s non-performing loan peaked at around 30% of total loan, or 15% of GDP. If, as expected, non-performing loans reach the same level in Thailand, they will be a crushing 45% of GDP.//
　　
　　Third, Mexico was fortunate with the timing of its crisis because 1995 was a bumper year for world trade, and the newly established NAFTA gave it freer access to the American market. After devaluation, its exports in 1995 jumped by 40% in dollar terms, and more than 90% of the increase went to America. The East Asia economies lack a vigorous big brother to help them . Two –thirds of the tigers’ exports go to other Asian economies (including Japan’s)so any growth is likely to be smaller than post-crisis Mexico’s .And devaluation is a double-edged sword for East Asia exporters because most of their components are imported.//
　　
　　Last, but not least, Mexico’s economy recovered quickly because its government, under pressure from the American Treasury, wasted no time in implementing tough measures and restructuring its financial sector. By contrast, the East Asian government’ confusion and hesitation will prolong the downturn.//
　　
　　Economists now worry that some Asian countries will follow in Japan’s footsteps, refusing to acknowledge the full extent of their banking crises. Japan’s sick banking system has still not been cleaned up, eight years after it started ailing, and the economy continues to stagnate in a vicious circle of slow growth, mounting bad loans and shrinking bank lending .Already a shortage of credit in some of the Asian economies is hindering exporters’ efforts to take advantage of devaluation, because firms cannot get the finance to buy raw materials.//
　　
　　It is gratifying to see Asian governments are now owning up to their problems and starting to implement reform . It is vital that they do not reduce the speed. To do well in the longer term, they must now start to deal with the structural problems that the boon years concealed. It will take much longer period of time to bring Asian economies back to fast-track development.//
　　
　　Words and expressions:
　　
　　rebound strongly      强劲回升
　　
　　current-account deficit     经常性项目的赤字
　　
　　roll over short-term dollar debts   推迟短期美元债务（的偿还）
　　
　　underlying causes       根本起因
　　
　　non-performing loans      不履约贷款；呆帐
　　
　　After devaluation, its exports in 1995     在其货币贬值后，该国的出口以美元计
　　
　　jumped by 40% in dollar terms.   价猛增了40%。
　　
　　double-edged sword      双刃剑
　　
　　American Treasury       美国财政部
　　
　　vicious circle of slow growth     低速增长的恶性循环
　　
　　mounting bad loans       不断增长的坏帐
　　
　　own up to their problems     正视他们的问题
　　
　　They must start to deal with the    他们必项着手解决被繁荣年代所掩盖的
　　
　　structural problems that the boom  结构性问题。
　　
　　years concealed.
　　
　　fast-track development     高速增长的轨道
　　
　　

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