Chapter 5 Financial Markets
Multiple Choice
d, c, d, d, a
Word study
spike, hedge, portfolios, gloomy, faltering, onslaught, crippling, surge, benign, bidding, record, omen, uncertainty
Translation Practices
A: 股市行情
上海：上海证券交易所综合指数以698.90收盘，与上周三的916.96相比下跌218.06点。
B股指数以72.66收盘， 上涨0.36点。
股票成交总额达到39.5亿元，而周三仅为3.349亿元。
深圳: 昨天深圳证券交易所综合指数是从周三的200.65下跌到197.37。
A股指数以202.96收盘，下跌了3.53点。与此同时，B股指数以121.81收盘，下跌了0.62点。
在B股公司中，只有深圳房地产公司指数上扬，以3.65港元收盘，上涨0.05港元。 纽约：周三道??琼斯工业（股票）平均指数以3,853.41收盘，上涨了1.69。
纽约证券交易所到当地时间下午4时(格林威治时间21时)成交股数为3.0981亿股，而前一盘交易成交股数为2.9804亿股。
纽约证券交易所综合指数以258.78收盘， 上涨0.30。 全美证券交易商协会自动报价表所显示的综合指数以792.91收盘，上涨0.79。
美国股票交易所的市场价值指数为466.89，下跌0.89。 伦敦：周三的英国股票交易所的股票价格下跌。
金融时报股票交易所的100种股票平均指数以3246.7收盘，下跌17.7点或下跌0.54%。 金融时报30种股票平均指数以2553.0收盘，下跌了6点，即下跌0.23%。 周三成交量为7,302亿股，周二只有6.779亿股。 东京：东京股票交易所225种股票平均指数昨天已上升了251.53点，即1.27%, 以20 090.71收盘。周三该指数下滑59.21点，即0.30%。
这是3月1日收盘指数20 216.62以来的最高收盘指数。
东京股票第一盘的价格平均指数上升11.02点，即0.69%, 以1616.51收盘。周三下滑10.83点，即0.67%。
香港：香港股票交易所价格到昨天为止已经连续2天下滑，持续到收盘。
恒生指数是市场热门股票的晴雨表。周二恒生指数下跌95.33点，即0.9%,以10 129.05点收盘。 周三该指数下跌70点。
昨天成交总额为41.43亿港元（5.31亿美元），周三的成交总额为38.35亿港元（4.91亿美元）。 B:
Buyers are shocked by stock drop. The Shanghai stock market dipped low last week as its correction period ended. This downward trend gave investors a shock during the first four trading days. The index dipped by 229.5 points and even once dropped below 1,000 points.
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The Shenzhen market experienced a series of sharp rises and drops, which puzzled both buyers and sellers.
Shanghai
On Monday the market indicated investors were in a dismal week as the index dipped by a record 138 points.
The index dipped under 1,000 points on Wednesday and fell to 971 points by the end of the day.
It seemed the week would surely be dominated by a non-stop decline when the index continued to plummet in the next two days.
But a bounce-back came just before the end of trading on Friday afternoon.
It was rumored that there would be good news in Saturday’s Shanghai Securities Newspaper, which caused investors to buy huge amounts of shares.
The strong buying pushed the index up by 94 points from the previous day.
Although the bounce-back was quite strong, it still failed to make up the ground lost on the first four days.
The index ended the week at 1,039.7 points, a drop of 135 points from the previous week’s close.
More than 168 million shares were traded last week, 63 million shares more than the previous week.
Total transaction value amounted to 2.57 billion yuan ($450.8 million), compared with 1.9 billion yuan ($333 million) in the previous week.
Analyst said the strong selling was partly because investors were not satisfied with listed companies’ plans for share allotment.
The investors had entertained high hopes for the allotment of shares. When they found their hopes could not be met and thought they had been unfairly treated, they reacted strongly, analysts said.
At present, the Shanghai market is still affected heavily by emotional reactions and not the law of the market.
Investors make their decisions about the future market mainly based on guesses about what the exchange administration will do, which results frequently in unreasonable investment decisions.
Analysts said that the market would remain bearish next week although investors hoped some good news would liven up the market.
Compared with the dramatic change in the A-share market, Shanghai’s B-share market last week was quite flat. The B-share index dipped by only 0.96 points and ended at 83.09 points on Friday.
Shenzhen
The market brought two different feelings to investors with the index dipping on the first three days and rising on the last two.
The index dropped below 300 points during the first three days of last week.
But it enjoyed a sharp bounce-back on Thursday. The index on that day rose by 19 points over the previous day.
More than 79.42 million shares were traded last week, 30.41 million shares less than the
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previous week.
And the transaction value dipped by 147.4 million yuan ($25.86 million) to 2.09 billion yuan ($366.6 million).
Shenzhen’s B-share market was still dull with the B-share index dropping by 4.75 points to 139.6 points at the end of last week.
Reading Comprehension
C, D, A, E, B （参考译文）
资本主义经济需要有资本家。 对某些人来说，资本家这个词使人联想到这样一种人，他靠着在华尔街买卖股票，也不生产任何对社会有价值的产品却变得越来越富裕。是什么造就了一个资本家？谁是今天的资本家？他们又是怎样对经济作出贡献的呢？
美国的工商企业需要巨额的资金来研制新产品，购买新的设备及厂房以及支付其他的经营费用。这笔钱就统称为资本。其中的大部分来自投资者，他们指望从投资中能得到一笔收益。
这些投资通常以两种形式中的一种出现：股票或者债券。购买债券的人把钱借给一个企业以换取按固定利率计算的报酬，人们称这种报酬为投资收益。还有就是股票持有者购买一个企业的股份，分享公司的红利。此外股票及债券持有人都希望他们的投资值能有所增加。 股票和债券在全国的交易所可进行交易，投资人可以在交易所把股票买卖给其他投资人。股票的价格通常受公司利润、 总的经济气候及公司前景的影响。债券的价格最主要是受利率的影响，如果利率上升，债券价格通常下跌，反之亦然。如果没有这些投资人，美国的经济就不会增长，也不会生产出消费者所需要的商品。换言之，资本主义的经济依靠资本家来保持它不断增长。
1952年，大约只有六百五十万美国人是股票持有人，今天已有五千多万个人拥有股票。有更多的人通过他们参与养老基金投资公司和信贷协会的保险计划，间接地参与了证券交易市场的投资。事实上，交易中的大部分股票和债券并不属于个人所有，而是属于国家银行，保险公司，养老基金投资公司， 互惠投资公司那样的大投资者所有。
Chapter 6.
Self-Review Mercantilists, Adam Smith, export, comparative, factor endowment, international product life cycle, economies of scale, competitive advantage
Multiple Choice: c, c, d,. a, b. Word Study boundless, untapped, astounding, spark, productivity, gains, delivery, positive, emergence, amenities, stopgap, balance, epidemic
Translation Practice The United States of America is the second largest trading partner of China in 2003.
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According to the China Customs, the bilateral trade between China and the US in 2003 reached US$12.63 billion, up by 30.0%, among which China’s export to US was US$ 92.47 billion, up by 32.2%, while China’s import from US was US$ 33.86 billion, up by 24.3%. China had a surplus of US$ 42.72 billion. China mainly exported to US machinery and electronic products, toys, clothing and garments, etc. China mainly imported from US soybeans, machinery and electronic products, waste steel, fertilizers, etc.
According to the Ministry of Commerce, the turnover of completed engineering contracts by Chinese companies in the US reached US $150 million in 2003, and the volume of the newly signed contracts was US$180 million. The volume of completed labor service cooperation contracts was US$140 million, and that of the newly signed labor service cooperation contracts was US$ 90 million. BY the end of 2003, the accumulated turnover of engineering contracts completed by Chinese companies in the US reached US 1.78 billion, with that of all the contracts signed being US $2.42 billion, and the volume of completed labor service contracts had reached US$ 1.78 billion, with that of the total contracts signed being US$ 1.83 billion.
According to the Ministry of Commerce, 83 Chinese-funded non-financial enterprises were set up in the US in 2003, with an investment of US $ 110 million by Chinese investors. By the end of 2003, there were accumulatively 786 Chinese-funded enterprises set up in the US with a total investment of US$ 950 million by Chinese investors.
According to the Ministry of Commerce, US investors invested in 4060 projects in China in 2003, with a total contractual investment of US $10.16 billion and an actual utilization of US$ 4.2 billion. By the end of 2003, US investors had accumulatively invested in 41340 FDI projects in China with a contractual investment of US $86.44 billion and an actual utilization of US $44.09 billion. Reading Comprehension a, c, d, a, d (参考译文)
美国似乎根本不关心我们的问题。”法国外交部长克劳德·查森为法国政府违抗里根总统继续为苏联建造天然气管道的决定作辩护时指控说。西德总理哈姆特·斯密特赞同法国的做法，并说了类似的话。 华盛顿对天然气管道的处理方式，他说，给欧美关系“投上了一层阴影”，破坏了在未来达成协议的信心。
然而使凡尔赛宫成为笑柄的不只是天然气管道问题。对不公平贸易行为的指控和对六项工业进行报复的威胁充斥着整个大西洋——还有太平洋——已达到令人担忧的高潮。由于经济增长缓慢，西方大约有三千万人失业， 这种长期的围困使商人们感到失望，他们在做一件很自然的事情：向政治家施加压力，要求限制进口、补贴出口，或两者都要。波恩、匹兹堡的钢铁制造商需要帮助，伦敦、底特律的汽车制造商也是如此，整个西方的纺织业、服饰业、制鞋业和几乎所有地区的农场主无不需要帮助。
民主政府是这些压力的目标，他们既担心本身的政治命运，又为未能促进经济发展、降低失业率而感到窘迫。采取阻力最小的办法，大力发展贸易，这种诱惑实在是很强烈，即使对致力于自由市场的罗纳德·里根政府来说也是如此。在过去18个月里，华盛顿由于受到国内制造商的攻击，已经想出新的办法限制汽车、纺织品和糖的进口。下一个限制对象可能是钢铁。不只美国如此，欧洲国家也在不同程度上设法保护本国市场或通过大量补助促进出口。
为探讨80年代的贸易政策而即将召开的会议无疑碰上了好时机。“人们常说世界贸易
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政策‘处于一个十字路口’—— 但这样描述80年代初期也许很准确。”C·弗莱德·伯格斯登说。伯格斯登曾在卡特政府任财政官员，现任华盛顿一个新的智囊团——国际经济研究机构主任。
工业国家领导们面临的最迫切的问题是：在更强有力的保护措施真正实施之前，他们能否改变今年夏天这种火爆气氛。伯格斯登先生说到目前为止是说得多做得少。贸易状况很令人担忧。1980年世界贸易已经达到一年大约两百万兆美元，之后就再也没有上升过。今年上半年伯格斯登怀疑世界贸易可能有所下降，因为世界经济一直处于萧条状态。但是根据他的研究，保护贸易制的加强并不是造成贸易衰退的罪魁祸首——至少目前还不是。相反，罪魁祸首是经济增长缓慢和经济衰退以及随之而来的对进口需求的急剧下跌。
但是现在有新的问题可能会造成严重的破坏。尽管在过去20年中经过三次紧张的国际贸易谈判，关税和全部商品定额降低了，但是新的贸易限制，经常是国家之间自愿达成的限定特定进口物资的协约，近年来如雨后春笋般蓬勃发展起来。虽然新的贸易保护制比老式制度更精妙，但它不但对经济效益的危害一点不少，而且最终对世界经济发展前景的危害也一点不少。
新保护贸易制的一个显著特征是它在大多数主要工业国家把重点放在了相同的并且是有限的部门上—— 如纺织业、钢铁业、电子工业、制鞋业、造船业和汽车制造业。同样地，它把目标集中在日本和新兴工业国的供应物资上。
当几个国家同时保护同样的工业时，交易就难以进行。以钢铁工业为例，1977年以来，欧洲经济共同体一直在实行一个减少钢铁生产过量的计划，他们利用双边进口商品配额减轻对钢铁工人的打击。美国为了应付国内类似的压力和世界钢铁供应过剩的问题，于1969年推出一种“自愿”配额制度，在短期的放开之后，结果在1978年形成了一种复杂的触发价格机制。
Chapter 7. Government Regulation on International Trade Multiple Choice d, d, b, a, b
Self-Review tariff, importer, consumers , higher, raising, protect, quota, restrictive, amount, remove
Word Study incalculable, hailed, spawned, prolific, towering, luminary, empowerment, foundational, touting, resonated, resource, motivation, insight
Translation Practice EU applies license administration to imports of productions subject to quantitative restriction, safeguard measures and import surveillance. Products currently subject to license administration include textiles and clothing, certain agricultural produces imported from WTO members such as grains, rice, beef, mutton, milk and products thereof, sugar, processed fruit and vegetables, banana, plant oil, seeds and wine, agricultural produces subject tariff quotas.
The average tariff of the EC in 2003 was 6.4%; however, tariff peaks exist in such sectors as food, beverage, tobacco, textile, etc. For example, in agricultural sector, tariff peaks are maintained on meat, diary products, processed and non processed grains, processed fruit and
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