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商务英语阅读期末考试复习资料

商务英语阅读期末考试复习资料
商务英语阅读期末考试复习资料

《商务英语阅读》期末考试复习资料一、词汇翻译题(课内词汇+课外高频商务词汇)

1.entrepreneur 企业家

2.specification 规格详述

3.human resources 人力资源

4.institution 机构

5.orientation 方向,导向,新员工

入职培训

6.decline 消减,衰亡

7.bonus 奖金

https://www.doczj.com/doc/1110496490.html,unch 推出,投放市场

https://www.doczj.com/doc/1110496490.html,munity 社区,共同体

10.necessities (生活)必需品

11.stock 股票

12.liquidity 流动性,变现性

13.risk 风险

14.potential 潜在的

15.act of God 不可抗力

https://www.doczj.com/doc/1110496490.html,y off 使……下岗

17.listed company 上市公司

18.log on 登入、连接(上网)

19.absolute interest 绝对产权

20.keyboard skills 打字技能

21.human resources 人力资源

22.account for 解释某事物的原因,占……比例

23.executive 高级管理人员,执行总

24.logo 企业或公司等专用的标记、标

25.administration 管理

26.budget 预算27.feasible 可行的

28.industry 产业,行业

29.ingredient 成分,要素

30.securities 证券

https://www.doczj.com/doc/1110496490.html,mission 佣金

32.dividend 股息,红利

33.mature 到期,成熟

34.accounts receivable 应收账款

35.job description 岗位描述

36.letter of intent 意向书

37.living wage 基本生活工资

38.bar code 条形码

39.acid test 决定性的考验

40.executive 高管,主管

41.administrative expenses 行政管

理费用

42.jet lag 飞机时差反应

43.customized 用户化的,按客户要求

定制的

44.keep-fit market 保健市场

45.lecture theatre 梯形教室,梯形

报告厅

46.local adaptation 本土化

47.balance sheet 资产负债表

48.benefits package 福利套餐,整体

福利

49.bill of lading 提单、提货单

50.access fee 使用费

二、单项选择题(课内)

1.Factors of production refer to _______.

A.natural resources and capital

https://www.doczj.com/doc/1110496490.html,bor and entrepreneurs

C.both A and B

2.The structure of a large manufacturing company and that of a small service firm

should be __________.

A. the same

B. different

C. similar

3. Organization charts show employees where they ______.

A. start their work

B. report to the boss

C. fit into the company’s operation

4. The basic management skills are ________.

A.technical skills, human relations skills and conceptual skills

B.performing skills, marketing skills and planning skills

https://www.doczj.com/doc/1110496490.html,anizing skills, controlling skills and leading skills

5. ________ programs include wages and salaries, incentives, and benefit for

workers.

A. Compensation

B. Marketing

C. Orientation

6. The firm’s ________ covers all the products it offers for sale.

A. product line

B. product life

C. product mix

7. A nation’s ______ is the difference between the flow of money into and out

of the nation.

A.balance of trade

B.balance of payments

C.payment of balance

8. China is in the _______ regional economy.

A. North America

B. Europe

C. Asia/Pacific

9. A corporation can also obtain equity financing by selling securities directly

to current stockholders. “Equity” here means ______.

A. reasonable quality

B. ordinary stocks and shares

C. principles of equality

10.Most short-term financing is unsecured. “unsecured” here means _______.

A.no interest charge

B.no collateral is required

C.no bank loans

11.The funds needed to operate an enterprise are referred to as _______.

A.capital

B.resources

https://www.doczj.com/doc/1110496490.html,bor

12. Organization charts show employees where they ______.

A. start their work

B. report to the boss

C. fit into the company’s operation

13. The basic management skills are ________.

A.technical skills, human relations skills and conceptual skills

B.performing skills, marketing skills and planning skills

https://www.doczj.com/doc/1110496490.html,anizing skills, controlling skills and leading skills

14. ________ programs include wages and salaries, incentives, and benefit for

workers.

A. Compensation

B. Marketing

C. Orientation

15. The firm’s ________ covers all the products it offers for sale.

A. product line

B. product life

C. product mix

16. _______ may be established based on costs, demands, the competitions’prices,

or some combination of these.

A. Products

B. Brands

C. Prices

17. A nation’s ______ is the difference between the flow of money into and out

of the nation.

A.balance of trade

B.balance of payments

C.payment of balance

18. China is in the _______ regional economy.

A. North America

B. Europe

C. Asia/Pacific

19.People can buy stocks from _____.

A.securities markets

B. a secure market

C.financial markets

20. High-risk investment techniques can provide greater returns, but they entail

greater risk of loss. “Entail” here means _________.

A. retail

B. invest

C. involve

(答案自己在书上找)

三、阅读理解题(课外)

Passage 1

Global Recession Hits the Developing World

Both the World Bank and the International Monetary Fund expect the world economy to shrink this year for the first time since World War Two. As recently as January, the I.M.F. had predicted growth of one-half percent. But this week its chief, Dominique Strauss-Kahn, said the world has entered what he called “a great recession”.

A new World Bank report says the recession may hurt the developing world the most. Those countries depend on trade for economic growth. But world trade is expected to fall at the fastest rate in eighty years.

East Asia has been hardest hit. In February, exports from China fell twenty-six percent from a year ago.

Rich nations are expected to borrow heavily in world credit markets to finance spending at home. But investors are demanding very high returns if they are willing to lend to the developing world at all. Jeff Chelsky, a World Bank senior economist, says investors are avoiding higher risk debt in a flight to quality.

The bank estimates that up to three trillion dollars of public and private loans in developing countries must be repaid this year. Some nations have enough foreign currency reserves, but others will struggle to find new financing to pay their existing debts.

The World Bank estimates that developing nations will need between two hundred seventy and seven hundred billion dollars in financing. The amount depends on the depth of the recession.

The I.M.F. is seeking to expand its lending ability. And World Bank President Robert Zoellick has called on rich nations to put some of their economic recovery spending into a crisis fund to help poor countries.

Bank economist Jeff Chelsky says the poorest countries are in the greatest danger. They cannot borrow in credit markets and they depend on exports of commodities like crops or minerals. But falling commodity prices mean they now depend more than ever on foreign aid.

Finance ministers and central bankers from major industrial and developing countries meet this weekend outside London to discuss the financial crisis. President Obama wants all countries in the Group of Twenty to coordinate their separate efforts to strengthen their economies.

There was some good news this week, including better-than-expected reports on spending by Americans in January and February. And financial stocks rose after Citigroup reported a profit for those two months.

And that's the VOA Special English Economics Report, written by Mario Ritter. I'm Steve Ember.

1. According to the passage, the world economy will _______ for the first time

this year since the World War Two.

A. develop

B. grow

C. expand

D. become smaller

2. _______may be hurt the most by the recession.

A. the developing world

B. the developed countries

C. the rich countries

D. Asian countries

3. Who are easier to borrow money in the world credit market?

A. Rich nations

B. Poor countries

C. the World Bank

D. the International Monetary Fund

4. What does the underlined “flight”mean in the fourth paragraph?

A. travel

B. flying

C. escape

D. movement through the air

5.___________ has called on rich nations to help poor countries.

A. President Obama

B. President Robert Zoellick

C. Jeff Chelsky

D. the International Monetary Fund

Passage 2

A Rough Road for Toyota

Toyota became the world's largest automaker in two thousand eight. But after years of building loyalty, the Japanese company may have put its quality brand name at risk, at least temporarily.

Toyota is recalling millions of cars and trucks around the world because of cases where vehicles have sped up unexpectedly. Last August, a driver in California was unable to stop. The crash killed him and three of his family members.

Toyota says the problem is rare and caused by accelerator pedals becoming stuck open. On January twenty-sixth, the company suspended sales of eight of its top-selling vehicles in the United States, its largest market. Toyota dealers have been receiving parts to make repairs.

General Motors and Ford both reported increased sales in January. But Toyota sales in the United States have fallen, and so has its stock price. Toyota says it expects costs and lost sales from its recent safety recalls to total two billion dollars by the end of March.

Louis Lataif spent twenty-seven years in the car industry at Ford. Now he is dean of the School of Management at Boston University.

LOUIS LATAIF: “It’s Toyota’s biggest such recall. It’s voluntary incidentally, it’s not mandated. So, in that respect, they are doing something fairly bold, namely, taking the hit of shutting production and correcting the vehicles that are in inventory on which they have stopped sales.”

A recall late last year involved floor mats that Toyota said could cause the accelerator to get stuck. One of the vehicles in the floor mat recall was the Prius, the world’s top selling hybrid.

Now American officials are investigating the brake system on the twenty ten Prius. The Transportation Department says it has received more than one hundred twenty reports, including reports of four crashes.

Toyota says it found a software problem that could briefly affect the “feel” of the anti-lock brakes on rough or slippery roads. It says it fixed the brake problem last month.

But a growing number of legal cases claim Toyota knew for a long time about the sudden acceleration issue with other vehicles. The problem reportedly has led to more than eight hundred crashes and nineteen deaths in the past ten years. Congress is preparing for hearings.

Greg Bonner is a marketing professor at Villanova University. He says to regain trust, Toyota will have to make public everything it knows about the problems and show it accepts responsibility.

The recall has also intensified questions about all the computer control systems used in modern cars.

6. Toyota may have put its quality brand name at risk because__________.

A. vehicles have sped up unexpectedly

B. last August, a driver in California was unable to stop.

C. Toyota is recalling millions of cars and trucks around the world

D. All of the above.

7. Which of the following ways is not one Toyota solves its problem about accelerator pedals?

A. Toyota stopped sales of eight of its top-selling vehicles in the United

States

B. Toyota is recalling millions of cars and trucks around the world

C. Toyota increased sales

D. Toyota dealers have been receiving parts to make repairs.

8. Whose sales decreased in January?

A. General Motors

B. Ford

C. General Motors and Ford

D. Toyota

9. From what Louis Lataif said about Toyota, we can infer that _________.

A. Toyota didn’t solve its problem positively.

B. Louis Lataif didn’t think that Toyota solved its problem properly.

C. Louis Lataif thought highly of Toyota’s way of solving its problem.

D. Toyota couldn’t solve its problem.

10. The underlined word in the last paragraph “intensify” means ________.

A. increase in degree

B. decrease in degree

C. make the questions more tense

D. become more intense

Passage 3

Stock Sectors - How to Classify Stocks

One of the ways investors classify stocks is by type of business. The idea is to put companies in similar industries together for comparison purposes. Most analysts and financial media call these groupings “sectors” and you will often read or hear about how certain sector stocks are doing.

One of the most common classification breaks the market into 11 different sectors. Investors consider two of these sectors “defensive” and the remaining nine “cyclical.” Let’s look at these two categories and see what they mean for the individual investor.

Defensive

Defensive stocks include utilities and consumer staples. These companies usually don’t suffer as much in a market downturn because people don’t stop using energy or eating. They provide a balance to portfolios and offer protection in a falling market.

However, for all their safety, defensive stocks usually fail to climb with a rising market for the opposite reasons they provide protection in a falling market: people don’t use significantly more energy or eat more food.

Defensive stocks do exactly what their name implies, assuming they are well run companies. They give you a cushion for a soft landing in a falling market.

Cyclical stocks

Cyclical stocks, on the other hand, cover everything else and tend to react to a variety of market conditions that can send them up or down, however when one sector is going up another may be going down.

Here is a list of the nine sectors considered cyclical:

?Basic Materials

?Capital Goods

?Communications

?Consumer Cyclical

?Energy

?Financial

?Health Care

?Technology

?Transportation

Most of these sectors are self-explanatory. They all involve businesses you can readily identify. Investors call them cyclical because they tend to move up and down in relation to businesses cycles or other influences.

Basic materials, for example, include those items used in making other goods – lumber, for instance. When the housing market is active, the stock of lumber companies will tend to rise. However, high interest rates might put a damper on home building and reduce the demand for lumber.

How to Use

Stocks sectors are helpful sorting and comparison tools. Don’t get hung up on using just one organization’s set of sectors, though. https://www.doczj.com/doc/1110496490.html, uses slightly different sectors in its tools, which let you compare stocks within a sector.

This is extremely helpful, since one of the ways to use sector information is to compare how your stock or a stock you may want to buy, is doing relative to other companies in the same sector.

If all the other stocks are up 11% and your stock is down 8%, you need to find out why. Likewise, if the numbers are reversed, you need to know why your stock is doing so much better than others in the same sector –maybe its business model has changed and it shouldn’t be in that sector any longer.

Conclusion

You never want to be making investment decisions in a vacuum. Using sector information, you can see how a stock is doing relative to its peers and that will help you understand whether you have a potential winner or loser.

11. According to this passage, an investor should buy _____________in a falling market.

A. cyclical stocks

B. defensive stocks

C. technology stocks

D. transportation stocks

12. According to this passage, an investor should buy _____________in a rising market.

A. cyclical stocks

B. defensive stocks

C. stocks of utilities

D. stocks of consumer staples

13. ______________sectors belong to cyclical stocks.

A. 11

B.2

C.9

D.3

14. Utilities and consumer staples belong to _______________.

A. cyclical stocks

B. defensive stocks

C. technology stocks

D. transportation stocks

15. ___________tend to move up and down in relation to businesses cycles or other influences.

A. cyclical stocks

B. defensive stocks

C. stocks of utilities

D. stocks of consumer staples

Passage 1

America's biggest carmaker accepted fifty billion dollars in federal aid from the Obama and Bush administrations. People joked that GM meant "Government Motors." Now, General Motors could be on the road to recovery.

The company recorded over two and a half billion dollars in profit in the first half of the year. The government still owns sixty-one percent of GM as a result of the bailout. Canada is also a shareholder. But now GM plans to sell stock to the public again.

GM spent just forty days in bankruptcy. It sought protection from its creditors in June of last year. GM restructured. It discontinued some vehicles and closed dealerships and factories.

In April, GM repaid almost seven billion dollars in government loans. Many of its creditors are waiting to see how much they get.

GM plans an IPO, an initial public offering of stock, later this year. The company could raise as much as fifteen billion dollars.

Chief executive Edward Whitacre is leaving September first. He wants the government to sell all of its shares in the company during the IPO. Many experts believe the Treasury will act slowly over time after the public offering is completed.

If the stock price rises, the government could profit from the rescue. But the IPO is risky for the company. The offering will test the willingness of investors to take an equity share in the “new GM”.

Buying equity is not like buying bonds. Bonds represent a loan. Equity represents ownership. Investors willing to buy equity shares in a company expect one thing -- growth.

GM believes it can make that happen, in part with a new electric-and-gas hybrid.

COMMERCIA L: “Chevy Volt, a car that can go up to forty miles before it uses any gas at all. That's an American revolution.”

The Volt is expected to start arriving in showrooms later this year.

GM is also looking overseas. The world's fastest growing car markets are in developing nations. GM is now selling more cars in China than in the United States. GM still leads the American market, though Toyota is now the biggest car company in the world.

There are signs that America's big three may have put the worst of their recent troubles behind them.

Chrysler also went through bankruptcy and says its sales are up. Italy's Fiat holds a twenty percent share.

Ford Motor Company avoided bankruptcy and refused government help. Ford reported close to five billion dollars in profit for the first six months of the year.

1. America’s biggest carmaker is _________________.

A. Toyota

B. Chrysler

C. GM

D. Ford Motor Company

2. GM stands for __________.

A. Government Motors

B. General Motors

C. Both A and B

D. Neither A Nor B

3. People joked that GM meant “Government Motors” because _____________.

A. The government still owns sixty-one percent of GM as a result of the bailout.

B. They accepted fifty billion dollars in federal aid from the Obama and Bush

administrations.

C. Both A and B

D. Neither A Nor B

4. Now, General Motors could be on the road to recovery. It plans ___________.

A. to restructure.

B. an IPO, an initial public offering of stock, later this year

C. to seek protection from its creditors.

D. to discontinue some vehicles and closed dealerships and factories.

5. According to the passage, what is not true about Chevy Volt?

A. GM believes it will bring profit growth.

B. It is a new electric-and-gas hybrid.

C. It is a car that can go up to forty miles before it uses any gas at all.

D. It has been produced.

Passage 2

The digital revolution, as exemplified by the Internet and electronic commerce, has shaken marketing practices to their core. In a recen t paper, Wharton’s Jerry Wind, director of the SEI Center for Advanced Studies in Management, and co-author

Vijay Mahajan, a marketing professor at the College of Business Administration of the University of Texas at Austin, examine the impact of digital marketing on concepts like pricing, when customers can propose their own prices (https://www.doczj.com/doc/1110496490.html,), or buyers and sellers can haggle independently in auctions (https://www.doczj.com/doc/1110496490.html,).

The paper provides an overview of some of the emerging realities and new rules of marketing in a digital world, and outlines what the new discipline of marketing may look like in the early part of the new century.

To begin with, say the authors, the rapid-fire growth of the Internet is helping to drive changes. “It is not just our comp uters that are being reprogrammed; it is customers themselves,” says Wind. “These emerging cyber consumers are like an alien race that has landed in the midst of our markets. They have different expectations and different relationships with companies from which they purchase products and services.”

For one thing, cyber consumers expect to be able to customize everything —from the products and services they buy and the information they seek, to the price they are willing to pay. And with digital technology opening new channels for gaining information, they are more knowledgeable and demanding than previous consumers. Digital customers can also sort products based on any desired attribute, price, nutritional value, or functionality, and they can easily obtain third-party endorsements and evaluations, tapping the experience of other users. “Companies that cannot meet their demands and expectations will be at a loss,” says Wind.

Questions:

6. The passage was most likely to be quoted from______.

A.an overview of a paper

B.an introduction to a book

C. a book on digital revolution

D. a paper discussing digital revolution

7. The paper mentioned in this paper was written by______.

A.Jerry Wind

B.Vijay Mahajan

C.Jerry Wind and Vijay Mahajan

D.an anonymous

8. From the third paragraph, we can infer that______.

A.the customers are also reprogrammed by computers

B.e-business companies need be more knowledgeable about cyber consumers

C.cyber consumers are a group of strange people

D.cyber consumers came from outer space

9. Compared with traditional customers, the emerging cyber consumers______.

A.are more difficult to satisfy

B.have less knowledge about business

C.have more problems with prices

D.are less willing to buy products and services

10. What is mainly discussed in the passage? ______

A.digital revolution

B.digital marketing

C.cyber consumers

D.the impact of digital marketing on concepts like pricing

Passage 3

Greece, economically, is in the black. With very little to export other than such farm products as tobacco, cotton and fruit, the country earns enough from ‘invisible earnings’ to pay for its needed, growing imports. From the sending out of things the Greeks, earn only $285 million; from tourism, shipping and the remittances of Greeks abroad, the country takes in an additional #375 million and this washes out the almost $400 million by which imports exceed exports.

It has a balanced budget. Although more than one drachma out of four goes for defense, the government ended a recent year with a slight surplus -- $66 million. Greece has a decent reserve of almost a third of a billion dollars in gold and foreign exchange. It has a government not dependent on coalescing incompatible parties to

obtain parliamentary majorities.

In thus summarizing a few happy highlights, I don’t mean to minimize the vast extent of Greece’s problems. It is the poorest country by a wide margin in Free Europe, and poverty is widespread. At best an annual income of $60 to $70 is the lot of many a peasant, and substantial unemployment plagues the countryside, cities, and towns of Greece. There are few natural resources on which to build any substantial industrial base. Some years ago I wrote here:

“Greek statesmanship will have to create an atmosphere in which home and foreign savings will willingly seek investment opportunities in the back ward economy of Greece. So far, most American and other foreign attempt have bogged down in the Greek government’s red tape and shrewdness about small points.”

Great strides have been made. As far back as 1956, expanding tourism seemed a logical way to bring needed foreign currencies and additional jobs to Greece. At that time I talked with the Hilton Hotel people, who had been examining hotel possibilities, and to the Greek government division responsible for this area of the economy. They were hopelessly deadlocked in almost total differences of opinion and outlook.

Today most of the incredibly varied, beautiful, historical sights of Greece have new, if in many cases modest, tourist facilities. Tourism itself has jumped from approximately $31 million to over $90 million. There is both a magnificent new Hilton Hotel in Athens and a completely modernized, greatly expanded Grande Bretagne, as well as other first-rate new hotels. And the advent of jets has made Athens as accessible as Paris or Rome –without the sky-high prices of traffic-choked streets of either.

Questions:

11. The title below that best expresses the ideas of this passage is_________.

A. Greek income and expenditures

B. The improving economic situation in Greece

C. The value of tourism

D. Military expenditures

12. Many peasants earn less than _________.

A. $60 a week

B. $2 a week

C. $1 a day

D. $10 a month

13. The Greek Government spends __________.

A. more than 25%of its budget on military terms

B. More than its collects

C. A third of a billion dollars in gold

D. Less than 25% of its budget on military terms

14. According to the passage, Greece has _________.

A. a dictatorship

B. a monarchy

C. a single majority party

D. too much red tape

15. Greece imports annually goods and materials __________.

A. totaling almost $700 million

B. that balance exports

C. that are paid by tourists

D. costing $66 million

四、篇章翻译题(课外)

Passage A

纳斯达克开设北京代表处

随着各方吸引迅速增长的中国公司赴海外上市的争夺战愈演愈烈,纳斯达克(Nasdaq)昨日成为最新一个在北京开设代表处的全球证交所。

Nasdaq yesterday became the latest global exchange to open a representative office in Beijing, as the battle to lure fast-growing Chinese companies to list on overseas markets intensifies.

中国政府最近修改了有关规定,允许国外证交所在中国内地设立营销办事处。侧重科技行业的纳斯达克以及纽约证交所(NYSE)率先抓住了这一机会。

The technology-focused US exchange and the New York Stock Exchange are the first foreign groups to exploit a recent change of rules that permits non-Chinese bourses to establish marketing offices on the mainland.

纳斯达克副董事长、前美国国会议员迈克尔·奥克斯利(Michael Oxley)称,通过北京代表处,纳斯达克可以向那些希望进入这个“大联盟”的中国企业宣传美国的资本市场。

The office will allow Nasdaq to publicise US capital markets to Chinese companies wishing to enter the “big league”, according to Michael Oxley, the vice-chairman and a former US lawmaker.

近年来,已有几百家中国企业蜂拥至香港上市。而今年,在上海和深圳上市的内地企业也越来越多。

In recent years, several hundred Chinese companies have flocked to list in Hong Kong. This year, an increasing number of mainland companies have listed in Shanghai and Shenzhen.

相比之下,国际证交所很难吸引到中国公司前往上市,尤其是美国的证交所,原因是很多公司高管认为,自己的公司会受到繁重的监管,还要面临美国的诉讼环境。

International exchanges have, by comparison, struggled to attract Chinese issuers, with those in the US in particular hit by perceptions among business executives that their companies would be subject to onerous re gulation as well as the country’s litigious environment.

奥克斯利否认,对过度监管的恐惧会损害纳斯达克魅力攻势。他是美国2002年颁布的《萨班斯-奥克斯利法》(Sarbanes-Oxley Act)的联合提案人。

Mr Oxley, co-author of the Sarbanes-Oxley Act in the US in 2002, rebuffed concerns that fears of over-regulation would hurt Nasdaq’s charm offensive.

“你可以看到,自从实行《萨班斯-奥克斯利法》以来,全球的监管标准都有所提高,”他说道。“通过在美国上市,公司会达到最高监管标准。好的治理有益于公司。”

“You have seen an increase in regulatory standards worldwide since the introduction of Sarbanes-Oxley,”he said. “By listing in the US, companies reach the highest regulatory standards. Good governance is good for business.”

纳斯达克今年吸引了19家中国公司进行首次公开发行(IPO),数目比去年提高一倍,也使得在纳斯达克上市的中国企业总数达到52家。

Nasdaq has attracted 19 initial public offerings of Chinese companies this year, double that of last year, raising the total to 52.

以前,纳斯达克吸引了相当一部分内地科技公司前去上市。不过,投资银行家们认为,上个月,中国领先的“BtoB”电子商务网站阿里巴巴(https://www.doczj.com/doc/1110496490.html,)在香港的上市取得了极大的成功,有助于香港吸引类似的IPO,对这家美国证交所构成了挑战。

It has traditionally attracted a significant proportion of mainland technology companies, although investment bankers believe last month’s hugely successful listing in Hong Kong of https://www.doczj.com/doc/1110496490.html,, China’s leading business-to-business website, could help the city attract similar IPOs at the expense of the US exchange.

Passage B

中国内地信用卡发行量去年翻倍

今日将发布的一份报告显示,过去一年,中国的信用卡发行量增长了逾一倍,中国正在形成信用卡文化。

The number of credit cards in circulation in China has more than doubled over the past year to more than 40m as a credit culture begins to take shape in the country, according to a report released today.

咨询公司麦肯锡(McKinsey)发布的报告显示,中国内地的信用卡普及率仍然远低于台湾和香港等可比地区,从而为信用卡行业留下了巨大的发展潜力。到2013年,该行业利润将

达130亿元人民币(合17.3亿美元)。

Penetration rates remain well below those in comparable societies like Taiwan and Hong Kong, leaving huge potential for an industry that should provide Rmb13bn ($1.73bn) in profits by 2013, according to the report from McKinsey, the consultancy.

不过,跨国银行仍然被禁止在中国内地发行信用卡,而中国国内银行的信用卡业务也仍未实现盈利。

But international banks re- main barred from issuing credit cards in China and the card business is still unprofitable for domestic banks.

该行业的增长潜力加大了中国政府的压力,迫使其出台外资银行期待已久的规定,允许它们在中国内地发行信用卡,从而兑现中国在加入世贸组织(WTO)时做出的在2006年底之前向外资提供“国民待遇”的承诺。

The sector’s growing potential increases pressure on Beijing to implement long-awaited rules allowing foreign banks to issue cards, in keeping with its World Trade Organization accession commitment to provide “nati onal treatment” by the end of 2006.

分析师表示,中国政府正在保护内地银行在这个初生行业中的利益,但预计很快就将向汇丰银行(HSBC)和花旗银行(Citibank)等外国银行业集团开放市场准入。目前,这些外资银行仅获准与中国内地合作伙伴发行联名信用卡。

Analysts say the government is protecting domestic banks in the fledgling sector but is soon expected to open it to foreign banking groups such as HSBC and Citibank, which are now only allowed to offer co-branded cards with domestic partners.

过去数年,中国政府一直鼓励发展消费信用行业,以促进私人消费,同时平衡中国严重依赖固定资产投资的快速经济增长。

For the last few years Beijing has encouraged the creation of a consumer credit industry to promote private consumption and rebalance China’s rapid economic growth, which relies heavily on fixed asset investment.

报告估计,过去4年,中国内地真正意义上信用卡的数量每年都实现了翻番,截至今年年中达到4300万张左右。

The report estimates the num- ber of true credit cards in China doubled for each of the last four years to reach about 43m by the middle of this year.

随着必需的支付基础设施在全国迅速扩张,中国消费者使用信用卡购买商品和服务的数量正迅速上升。

As the necessary payment infrastructure expands rapidly across the country, Chinese consumers are using credit cards to pay for an increasing array of goods and services.

Passage C

中国货币政策从“稳健”转为“从紧”

中国政府宣布,已将货币政策由“稳健”调整为“从紧”。这再度表明,政府担心目前两位数的经济增长会进一步加速。

China has announced it has shifted its monetary policy stance from “prudent”to “tightening”in another sign that Beijing is concerned about the acceleration of an economy already growing at double-digit rates.

本周在北京召开的中央经济工作会议正式作出了这一决定。它表明,中央政府越来越担心,在建筑业热潮升温的背景下,作为经济增长的主要推动力,投资也在再度升温。

The decision, formally taken at an annual economic conference in Beijing this week, signals growing concern that investment, the prime driver of growth, is picking up pace again on the back of rising construction.

政府还担心,目前仅限于食品的通货膨胀将会扩大到其它领域。中央政策表述的变化体现了这方面的担忧,也将给包括央行在内的政策制定者以更大的行动空间,以指导地方金融机构的贷款业务。

The government is also concerned that inflation, which has so far been confined to food, could spill over into other sectors. The change in language symbolizes such concerns and will give policymakers, including the central bank, greater leeway to dictate the lending practices of local financial institutions.

北京咨询公司龙洲经讯(Dragonomics)的数据显示,在2004至2006年间,因信贷紧缩和限制性土地政策,建筑业的增长略显萎缩,但在2007年和2008年,势将再次呈现25%的年增速。在政府发展经济适用房的决心推动下,出现了新一轮的繁荣。发展经济适用房是中国政府更广泛政策的一部分,目的是更为平均地分配经济增长所带来的好处。

Construction growth sagged slightly between 2004 and 2006 on credit tightening and restrictive land policies, but is now on track to grow 25 per cent year on year in 2007 and 2008, according to Dragonomics, a Beijing consultancy. The new boom has been driven by the government’s determination to boost low-cost housing as part of its broader policy to distribute the benefits of economic growth more evenly.

瑞银(UBS)驻香港的乔纳森?安德森(Jonathan Anderson)表示:“我不认为(中国央行)想要降低内需。央行只是想要避免任何形式的过快增长。”“I don’t think the [central bank] wants to slow down domestic demand. It just wants to avoid any acceleration in growth,”said Jonathan Anderson, of UBS, in Hong Kong.

中国经济在今年前三个季度的增速为11.5%。根据路透社(Reuters)昨天发布的一份投行经济学家调查报告,所有受调查者都认为,中国2008年的经济增速将会再次超过10%。

The economy grew 11.5 per cent in the first three quarters of this year. In a poll of investment bank economists published by Reuters yesterday, all said they expected growth to exceed 10 per cent again in 2008.

持久的通货膨胀尤其令人担心。由于食品价格持续走强,11月份的通胀率料将突破8月份和10月份的6.5%,再创新高。最新月度统计数据将于下周发布。

Persistent inflation is of particular concern, with new monthly figures for November, due to be released next week, on track to break the highs of August and October of 6.5 per cent, because of continued strong food prices.

本次经济工作会议之后发表的一份声明指出:“政府要采取有力措施抑制价格总水平过快上涨,加强……基本生活必需品和其他紧缺商品的生产。”

“The government should take powerful measures to restrain the general level of prices from increasing too fast, and strengthen the production of life necessities...”a statement released after the conference said.

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