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商务英语阅读第二版王关富unit 1 Why China Works
Unit 1
Why China Works
Exercises
1. Answer the questions on the text:
1) How does the author view the Chinese economy?
It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that routinely breaks every rule in the economic textbook.
2) According to the author, why can the Chinese economy perform so well? Because of:
(1) the capacity for state control by the Chinese government.
(2) its rejection of exotic financial innovations that are the melting core of
the global credit crisis.
(3) the integration of its economic policies between traditional market tools
and state control measures.
3) In what way does the author imply that western economists are erroneous in their bias toward “China’s market economic system”?
The United States and Europe are moving toward state control by nationalizing their banking and car industries, and imposing heavy new regulation on the financial industry.
4) What is the view of Stephen Roach on the Chinese economy system?
Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based systems in times of economic stress.
5) Why can China work in the eye of the author?
It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets.
6) What is regarded as the strategic thinking of the Chinese leaders in market reforms?
They understand even under the serious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the westerners have made.
7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution?
They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises.
8) What is “shock therapy”?
It is the economic policy adopted in Russia from 1991 to 1992 that totally deregulated prices and lead to a runaway inflation. It proved to be all shock and no therapy.
9) In what ways does the Chinese economic system work efficiently?
It can get things done quickly, move in a coherent manner, and marshal its people and resources to a common target: economic growth and prosperity. 11) What are the Internet and public opinion used for?
For putting pressure on local officials and influencing policy decisions.
2. Fill in each blank of the following sentences with one of the phrases in the list given below. Make changes when necessary.
1)At a time when the need is growing for mental health services, many
countries are unfortunately cutting back on its spending.
2)There is an increasing number of people out of work. But the western media
often unfairly label them as lazy and reliable.
3)Now that the flow of oil has been stopped by BP, the impact of all the spilled
oil and natural gas is still being measured.
4)Once again its ability to steer economic policy will be tested against the
ability to deliver on services and projects aimed at growing the economy and jobs.
5)Housing prices are incredibly high today. But he bought his house for a song
about five years ago.
6)As people are complaining high prices, especially those related to daily
necessities, the government feels rather urgent to hold down inflation rate immediately.
7)Under the new economy policy investors are invited to buy into state-owned
enterprises.
8)Since a serious gun shooting occurred in Arizona last week, security
concerns have trickled down to all places, including residential buildings. 9)Social unrest is a daily occurrence in the country nowadays. It is in the last
place when it comes to investment for multinational companies.
10)Efforts to ban smoking in China are so effective yet. Some chain smokers
never think of quitting while many others have battled in vain to quit.
3. Match the terms in column A with the definitions in column B:
A_______________________ B__________________________________
1)financial innovation A) A reduction in the general availability of
loans (or
credit) or a sudden tightening of the conditions
required to obtain a loan from the banks.7
2)stimulus package B) A non-bank entity or organization such as
investment companies and mutual funds that
invests in large quantities. 8
