外文翻译 文献 Trade liberalization strategic adjustment US textiles clothing industry Belay Seyoum

Trade liberalization and patterns of strategicadjustment in the US textiles and clothing industryBelay SeyoumU.S.A.International Business Review，Issue 16 ,2007Belay SeyoumNova Southeastern University, 3301 College Avenue, Ft. Lauderdale, FL 33314, USA Received 2 December 2005; received in revised form 17 April 2006, 11 October 2006, 23 November 2006; accepted13 December 2006The overall environment facing the US TC industry will be one of rapidly changing market conditions and technological innovation. With the phase out of quotas and growing number of trade agreements, the US TC industry is being exposed to intense competition in export and domestic markets. This is likely to lead domestic industries/labor to demand intervention by national governments to mitigate the adverse impact of trade liberalization (Standbury & Vertinksy, 2004).In spite of the substantial job losses, the US TC industry remains technologically advanced partly due to increased productivity resulting from advances in technology and design capabilities. Textile production is capital intensive and modern technology is essential to meet the increasing for high-quality products. Over the last few years, US textiles and apparel firms have substantially increased their investment to maintain modern manufacturing facilities as well as improve production and marketing capabilities in order to maximize their inherent advantages to market proximity. In apparel, low skill production jobs have moved to low-cost locations offshore while the more skilled ones have been retained. To successfully adapt to the new environment, US TC industries need to capitalize on their sources of competitive advantage. They need to develop a more flexible operational arrangement, meet high standards in product innovation and generally develop a more change-seeking business culture (Kilduff, 2005).An important survival tool for US TC firms is to expand their potential market by offering new product designs and product categories. Manufacturers must try to bring a steady stream of products to market that are in line with the taste, preferences of theconsumer. They can also expand their market potential by offering new product categories. Two of the fastest growing apparel segments in the US, for example, have been the women’s plus and men’s big and tall segments (Driscoll, 2004). Plus-size apparel marketing was estimated at $47 billion in 2005 accounting for 20% of total apparel market. It is important to identify the firm’s target customers and assess whether the firm is successfully addressing their needs.US TC firms should target a narrow segment of the market that provides the best opportunity for success. In textiles, the focus should be on a few specialized segments such as carpets, nonwovens and technical textiles. Similarly, apparel producers should increase their focus on core products, reduce vertical integration to shed overhead costs, and establish alliances with other firms to consolidate resources and increase market share.Finally, in view of rising incomes and high growth rates in many developing countries such as China, Brazil, and India, there are potential export market opportunities for US textile and apparel products. US export interests may be served by seeking improved access to the retail distribution systems of developing countries. US textile firms should also be able to use Mexico to export to the European Union and other countries, taking advantage of the Mexico-EU trade agreement. Since the conclusion of NAFTA, a number of Asian and European firms have produced certain products in Mexico in order to export to the US market.This paper suggests a demand pull model as a basis for developing a network structure in the clothing industry. In a demand pull model, consumer demand is the driver of sales unlike the supply push model whereby the manufacturer pushes goods to the retailer regardless of consumer demand.Retail companies have become powerful due to their sufficient capital and marketing expertise to build loyalty among consumers. They are the lead firm in view of their central role in the organizational network. The lead clothing retailer integrates industrial capabilities such as sourcing of textiles, design, product branding and its relations with consumers enables it to keep abreast of fashion consumption trends.The lead firm conveys its requirements to these changing trends (changes in style, material requirements) to its suppliers or subcontractors (Table 7). It also provides assistance with the purchasing of capital equipment and technology necessary to produce apparel in accordance with market demand. The fragmented webs of suppliers and subcontractors are bound together through information technology, online data sharing, joint product development, and collaborative forecasting, planning and replenishment activities. Retailers will hold less inventory as shipments become smaller and more frequent since point of sale data is directly transmitted to the manufacturer/supplier who will produce and ship garments as it is needed. This model shows the role of the retailer as an intermediary integrating the functions of design, textile sourcing, branding and as facilitator of apparel production through a web of suppliers/subcontractors. Such restructuring through technological improvements and information technology is one means of succeeding in an increasingly competitive environment. The horizontally structured, mass production methods no longer ensure future competitiveness.The lion’s share of the benefits from quota elimination is expec ted to accrue to China. Its low labor cost, high productivity, range and flexibility of services as well as efficient supplier networks will make China the supplier of choice. About 87% of apparelexecutives that participated in a cotton sourcing summit in Miami in February 2004, agreed that China will soon account for 50–90% of all apparel sold in the US market (National Labor Committee, 2004). This means rationalization of production and a massive consolidation of vendors. Other winners are likely to include India and Pakistan in narrow segments of the TC industry. The elimination of quotas is also likely to lead to lower prices for consumers in view of the absence of quota costs which is often a significant part of the cost of TC sold in the US market. Well-known brands may still hold market value since they are not subject to retail price deflation. It is important for TC firms to evaluate their internal capabilities such as sourcing, manufacturing, logistics, transportation etc. in order to develop an action plan for the post-quota world.Exporters from Latin America, Africa and the Caribbean are likely to lose market share to China since they largely compete on price (not quality) and lack the capability to produce high value added products. Even with the introduction of safeguards on a range of products that are of export interest to these countries, their US market share has declined since the phase out of quotas. With the complete removal of quotas in 2008, it is difficult for these countries to compete on price. Since the US government lifted quotas in 2002 on 29 categories, for example, China’s market share (in these categories) jumped from just 9% (2002) to 65% (2003) while prices paid by US retailers (for apparel from China) dropped by 48% (National Labor Committee, 2004). In cotton dressing gowns (quotas removed) China’s share in 2003 jumped from 25% to 39% while that of Caribbean countries fell from 13% to a mere 3%. In the first 12 months after the phase out of quotas, China’s market share in apparel rose by 59% in value while that of many Central and South American countries showed a sharp decline.What are the implications for TC firms in countries that are vulnerable to competition from China? First, they should capitalize on their proximity to the US market. Their ability to offer lower transport cost, lower lead times as well as duty free entry to the US market may attract the fashion-oriented segment of the US industry. This will depend on access to good local transport infrastructure to get goods to market as well as advanced telecommunications systems to link suppliers and customers. Local firms and governments need to collaborate in creating a climate which is conducive to business and to develop infrastructure to attract and retain TC industries that are so vital in generating exports and employment.Secondly, low wages do not necessarily provide a comparative advantage with respect to China. Firms should develop new capabilities in areas in which China does not have a comparative advantage (yarn, and silk non-apparel). This requires, inter alia, investment in modern production methods and development of competitive sources of local raw materials. Even in product areas in which China is expanding its exports, developing country suppliers that enhance their skills, technology, supply chains and marketing capabilities (through joint ventures, licensing arrangements) faster than China can still maintain their shares to the US market.Thirdly, an important strategic consideration that limits the competitive impact of China is the need on the part of multinationals to diversify their risk portfolios. US manufacturers and retailers are likely to adopt a diversified risk adjusted sourcing strategy that balances cost, speed to market as well as political and economic stability. They may not be prepared to rely on China for critical inputs beyond a certain threshold of risk. Furthermore, Mexico, Central America and the Caribbean could be attractive options for US companies in some fashion sensitive segments of the industry where quick response or fast turnaround is important.Finally, existing US rules of origin requirements to qualify for free access to the US market have had unintended consequences. One of the requirements is that they have to use US yarn and fabric. This has had the effect of making their exports less competitive. The US may have to modify its rules of origin to allow developing countries to import from Asia or other competitive sources without losing their preferential status.美国纺织品和服装产业的贸易自由化和战略调整模式贝蕾·塞尤姆美国国际商务评论，第16期,2007年贝蕾·塞尤姆诺娃东南大学，学院大道3301，劳德代尔堡，佛罗里达33314，美国2005年12月2日收到稿件；分别于2006年4月17日、2006年10月11日和2006年11月23日收到修改稿件；2006年12月13日正式录用美国纺织品和服装行业面临的是一个市场条件快速变化、科技不断创新的环境。

市场定位策略中英文对照外文翻译文献（此文档为word格式,下载后您可任意修改编辑！）市场定位策略定位的战略性角色营销策略由两部分组成：目标市场战略和营销组合战略。

目标市场战略三个过程组成：市场细分，目标（或目标市场选择），市场定位等。

营销组合战略指的是创造一个独特的产品，分销，促销和定价策略（4PS）的过程，旨在满足客户的需求和希望。

目标市场战略和营销组合策略有密切的联系，有很强的相互依存关系。

目标市场战略是用来制订营销组合策略方针。

市场细分是把一个市场当中具有相似需求和特点、可能会对特定产品和特定的营销程序产生相似回应的人们，分成不同的客户的子集的过程。

目标或目标市场的选择是一个或多个，通过评估每个细分市场，寻求利益的相对吸引力，而且该公司业务的相对优势。

最后，定位是设计产品和发展战略营销计划，共同在目标市场建立一个持久的竞争优势的过程。

目标市场定位战略的概念是众所周知的，尤其是被大多数消费品营销从业者在制定市场营销组合策略有用作为非理论概念的方式。

然而在实践中，营销人员往往绕过正式的定位，直接制定营销组合策略。

这可能是由于这样的事实，这些经理们不知道如何获取感知图---表明这是一个客户原始需求的产品的位置。

本文的目的是展示营销从业者能够获得定位和营销组合策略制定的感知图的现实途径。

具体来说，感知映射及其关系的定位总是被第一时间注意到。

这是通过统计技术的讨论，可以遵循用于创建感知图。

最后，通过因子分析定位过程的例子是证明。

目标市场战略目标市场战略是确定一个（或多个目标市场）的过程和它的（或他们）独特的定位。

目标市场策略包括：（1）市场细分，（2）市场选择，（3）市场定位。

市场细分。

市场细分是一个分割成几部分或几个同质异构的潜在市场的进程。

换句话说，在一个潜在的市场客户可能有不同的偏好。

因此，使用产品和产品计划并不是一个有效和高效的办法。

为了有效和有效率，管理者需要根据顾客的喜好对潜在顾客进行整合，根据该公司的实力，用独特的服务来满足其中一个或多个组别细分市场。

银行个人理财战略中英文对照外文翻译文献随着全球化的深入推进，个人理财的重要性日益凸显。

在众多金融机构中，银行以其专业的服务和丰富的产品线成为了人们进行个人理财的首选。

本文将对银行个人理财战略的中英文对照外文翻译文献进行探讨。

银行个人理财战略是指银行为个人客户提供的一种全方位的财富管理服务，包括投资、储蓄、保险、信托等。

通过制定和执行个人理财战略，客户可以有效地进行财富的积累、保值和增值。

投资策略：根据客户的财务状况和风险承受能力，制定合适的投资策略，包括股票、债券、基金、房地产等。

储蓄策略：通过定期存款、通知存款、活期存款等方式，实现资金的保值和增值。

保险策略：为客户推荐合适的保险产品，如寿险、意外险、健康险等，实现风险的有效转嫁。

信托策略：为客户提供个性化的信托服务，满足其特定的财富管理需求。

了解客户需求：通过问卷调查、面谈等方式，了解客户的财务状况、风险承受能力、投资目标等。

制定理财方案：根据客户需求，制定个性化的理财方案，包括投资策略、储蓄策略、保险策略、信托策略等。

定期评估与调整：定期对客户的理财方案进行评估，根据市场变化和客户需求进行调整。

银行个人理财战略是现代社会中个人财富管理的重要组成部分。

通过制定和执行合适的个人理财战略，客户可以有效地进行财富的积累、保值和增值。

银行也需要不断地优化其个人理财服务，提高服务质量，满足客户的个性化需求。

在全球化的大背景下，对银行个人理财战略的中英文对照外文翻译文献进行探讨，不仅可以促进国内银行提升个人理财服务的水平，也可以帮助国内银行更好地走向国际市场，服务于全球客户。

随着经济的发展和人民收入水平的提高，个人理财业务逐渐成为银行业务的重要组成部分。

本文以中国建设银行个人理财业务为研究对象，对其战略进行研究，旨在提高该行个人理财业务的竞争力，更好地满足客户需求。

中国建设银行是我国五大国有商业银行之一，拥有丰富的金融资源和良好的品牌形象。

近年来，该行个人理财业务发展迅速，但也暴露出一些问题，如产品同质化严重、客户服务不到位等。

Marketing StrategyMarket Segmentation and Target StrategyA market consists of people or organizations with wants,money to spend,and the willingness to spend it.However,within most markets the buyer' needs are not identical.Therefore,a single marketing program starts with identifying the differences that exist within a market,a process called market segmentation, and deciding which segments will be pursued ads target markets.Marketing segmentation enables a company to make more efficient use of its marketing resources.Also,it allows a small company to compete effectively by concentrating on one or two segments.The apparent drawback of market segmentation is that it will result in higher production and marketing costs than a one-product,mass-market strategy.However, if the market is correctly segmented,the better fit with customers' needs will actually result in greater efficiency.The three alternative strategies for selecting a target market are market aggregation,single segment,and multiple segment.Market-aggregation strategy involves using one marketing mix to reach a mass,undifferentiated market.With a single-segment strategy, a company still uses only one marketing mix,but it is directed at only one segment of the total market.A multiple-segment strategy entails selecting two or more segments and developing a separate marketing mix to reach segment.Positioning the ProductManagement's ability to bring attention to a product and to differentiate it in a favorable way from similar products goes a long way toward determining that product's revenues.Thus management needs to engage in positioning,which means developing the image that a product projects in relation to competitive products and to the firm's other products.Marketing executives can choose from a variety of positioning strategies.Sometimes they decide to use more than one for a particular product.Here are several major positioning strategies:1.Positioning in Relation to a competitorFor some products,the best position is directly against the competition.This strategy is especially suitable for a firm that already has a solid differential advantage or is trying to solidify such an advantage.To fend off rival markers of microprocessors,Intel unched a campaign to convince buyers that its product issuperior to competitors.The company even paid computer makers to include the slogan,"Intel Inside" in their ads.As the market leader,Coca-Cola introduces new products and executes its marketing strategies.At the same time,it keeps an eye on Pepsi-Cola,being sure to match any clever,effective marketing moves made by its primary competitor.2.Positioning in Relation to a Product Class or AttributeSometimes a company's positioning strategy entails associating its product with(or distancing it from)a product class or attributes.Some companies try to place their products in a desirable class,such as"Made in the USA."In the words of one consultant,"There is a strong emotional appeal when you say,'Made in the USA'".Thus a small sportswear manufacturer,Boston Preparatory Co.is using this positioning strategy to seek an edge over large competitors such as Calvin Klein and Tommy Hilfiger,which don't produce all of their products in the U.S..3.Positioning by Price and QualityCertain producer and retailers are known for their high-quality products and high prices.In the retailing field,Sake Fifth Avenue and Neiman Marcus are positioned at one end of the price-quality continuum.Discount stores such as Target and Kmart are at the other.We're not saying,however,that discounters ignore quality;rather, they stress low prices.Penney's tired—and for the most part succeeded in—repositioning its stores on the price-quality continuum by upgrading apparel lines and stressing designer names.The word brands is comprehensive;it encompasses other narrower terms.A brand is a name and/or mark intended to identify the product of one seller or group of sellers and differentiate the product from competing products.A brand name consists of words,letters,and/or numbers that can be vocalized.A brand mark is the part of the brand that appears in the form of a symbol, design,or distinctive color or lettering.A brand mark is recognized buy sight bu cannot be expressed when a person pronounces the brand name.Crest,Coors,and rider for Ralph Lauren's Polo Brand.Green Giant(canned and frozen vegetable products)and Arm&Hammer(baking soda)are both brand names and brand marks.A trademark is a brand that has been adopted by a seller and given legal protection.A trademark includes not just the brand mark,as many people believe,but also the brand name.The Lanham Act of 1946 permits firms to register trademarks with the federal government to protect them from use or misuse by othercompanies.The Trademark Law Revision Act,which took effect in 1989,is tended to strengthen the the registration system to the benefit of U.S. Firms.For sellers,brands can be promoted.They are easily recognized when displayed in a store or included in advertising.Branding reduces price comparisons.Because brands are another factor that needs to be considered in comparing different products,branding reduces the likelihood of purchase decision based solely on price.The reputation of a brand also influences customer loyalty among buyers of services as well as customer goods.Finally,branding can differentiate commodities(Sunkist oranges,Morton salt,and Domino sugar,for example).PricingPricing is a dynamic process,Companies design a pricing structure that covers all their products.They change this structure over time and adjust it to account for different customers and situations.Pricing strategies usually change as a product passes through its life cycle.Marketers face important choice when they select new product pricing strategies.The company can decide on one of several price-quality strategies for introducing an imitative product.In pricing innovative products,it can practice market-skimming pricing by initially setting high prices to"skim"the maximum amount of revenue from various segments of the market.Or it can use market penetration pricing by setting a low initial price to win a large market share.Companies apply a variety of price-adjustment strategies to account for differences in consumer segments and situations.One is discount and allowance pricing,whereby the company decides on quantity,functional,or seasonal discounts,or varying types of allowances. A second strategy is segmented pricing, where the company sellers a product at two or more prices to allow for differences in customers, products, or locations. Sometimes companies consider more than economics in their pricing decisions,and use psychological pricing to communicate about the product's quality or value.In promotional pricing,companies temporarily sell their product bellow list price as a special-event to draw more customers,sometimes even selling below cost.With value pricing, the company offers just the night combination of quality and good service at a fair price. Another approach is geographical pricing, whereby the company decides how to price distant customers, choosing from alternative as FOB pricing,uniform delivered pricing, zone pricing, basing-point pricing, and freight-absorption pricing. Finally, international pricing means that thecompany adjusts its price to meet different world markets.Distribution ChannelsMost producers use intermediaries to bring their products to market.They try to forge a distribution channel—a set of interdependent organizations involved in the process of marking a product or service available for use or consumption by the consumers or business user.Why do producers give some of the selling job to intermediaries?After all,doing so means giving up some control over how and to whom the products are sold.The use of intermediaries results from their greater efficiency in marking goods available to target markets.Through their contacts, experience, specialization, and scales of operation,intermediaries usually offer the firm move value than it can achieve on its own efforts.A distribution channel moves goods from producers to customers.It overcomes the major time, place, and possession gaps that separate goods and services from those who would use them. Members of the marketing channel perform many functions. Some help to complete transactions:rmation.2.Promotion.3.Contact:finding and communicating with prospective buyers.4.Matching:fitting the offer to the buyer's needs, including such activities as manufacturing and packaging.5.Negotiation:reaching an agreement on price and other terms of the offer so that ownership or possession can be transferred.Other help to fulfill the completed transferred.1.Transporting and storing goods.2.Financing.3.Risk taking:assuming the risk of carrying out the channel work.The question is not whether these functions need to be performed, but rather who is to perform them. All the functions have three things in common:They use up scarce resource, they often can be performed better through specialization, and they can be shifted among channel members.To the extent that the manufacturer performs these functions, its costs go up and its prices have to be higher. At the same time, when some of these functions are shifted to intermediaries, the producer's costs and prices may be lower, but the intermediaries must charge more to cover the costs of their work. In dividingthe work of the channel, the various functions should be assigned to the channel members who can perform them most efficiently and effectively to provide satisfactory assortments of goods to target consumers.Distribution channels can be described by the number of channel levels involved. Each layer of marketing intermediaries that performs some work in brining the product and its ownership closer to the final buyer is a channel level. Because the producer and the final consumer both perform some work, they are part of every channel.When selecting intermediaries, the company should determine what characteristics distinguish the better ones. It will want to evaluate the the channel member's years in business, other lines carried, growth and profit record, co-operativeness, and reputation. If the intermediaries are sales agents, the company will want to evaluate the number and character of the other lines carried, and the size and quality of the sales force. If the intermediary is a retail store that wants exclusive or selective distribution, the company will want to evaluate the store's customers, location, and future growth potential.Understanding the nature of distribution channels is important, as choosing among distribution channels is one of the most challenging decisions facing the firm. Marketing intermediaries are used because they provide greater efficiency in marking goods available to target markets. The key distribution channel function is moving goods from producers to consumers by helping to complete transactions and fulfill the completed transaction. Distribution channels can be described by the number of channel levels, which can include no intermediaries in a direct channel, or one to several intermediaries in indirect channels.PromotionPromotion is one of the four major elements of the company's marketing mix. The main promotion tools——advertising, sales promotion, public relations, and personal selling——work together to achieve the company's communications objectives.People at all levels of the organization must be aware of the many legal and ethical issues surrounding marketing communications. Much work is required to produce socially responsible marketing communicating in advertising, personal selling, and direct selling. Companies must work hard and proactively at communicating openly, honestly, and agreeably with their customers and resellers.市场营销策略一、市场细分和目标市场策略具有需求，具有购买能力并愿意花销的个体或组织构成了市场。

Financial Liberalization and Monetary PolicyCooperation in East AsiaAuthor：Hwee Kwan Chow, Peter N. Kriz, Roberto S. Mariano and Augustine H. H. TanNationality: SingaporeSourse and Type: SMU Economics and Statistics Working Paper,Series Journal time: May 2007,P2-3,5-7,21It is well recognized that strong domestic financial markets can play a key role in economic growth and development. Sound financial institutions and well-functioning markets facilitate the mobilization and efficient allocation of savings, thereby improving productivity and contributing to growth (Levine 2004). This is particularly important for East Asia in view of the high saving rates of the regional countries. The limited development of local financial markets and their small fragmented nature have also led to a large part of Asian savings being intermediated outside the region. Surplus savings have mostly been channeled to the US and the funds return to Asia through US direct and portfolio investment. Fostering domestic financial markets and regional financial integration is important because it not only facilitates theintermediation of Asian savings within the region, but also attracts foreign investment in instruments denominated in the domestic currency. Such alternative sources of funding would reduce East Asia’s reliance on foreign currency borrowing and concomitantly, the risk exposure of the region to maturity and currency mismatches.However, as the countries in East Asia deregulate their financial sectors and develop their capital markets, a key issue that confronts policymakers is the greater complexity of risks that is injected into the financial system. In particular, capital account liberalization heightens the speed and magnitude of international spillovers and may potentially increase the vulnerability of individual countries to external financial shocks. Many studies have found empirical evidence that financial development and in particular, financial openness can increase a country’s vulnerability to crisis (see inter alia Rajan 2005 and Kaminsky and Reinhart 2003). In fact, considerable blame for the past financial cum currency crises has been placed on improper sequencing of liberalization.Over the past quarter century, the combination of a fixed exchange rate with an open capital account, has proven lethal in small open economies, particularly in emerging markets with weak financial systems and regulatory institutions. The fault seems to point to policies that opened the capital account prematurely while keeping the exchange rate rigid. Such a combination has often led to massive capital inflows thathave overwhelmed nascent financial systems, prompting consumption and asset boom-bust cycles. When we further combine a fixed exchange rate and premature opening of the capital account with a weakly structured and regulated domestic financial sector, currency crisis quickly turn into financial crisis and perhaps to full-blown economic and political crisis. Such a scenario plagued Latin America throughout the 1980s and 1990s. It took the crisis of 1997-98 to demonstrate that Asia was also not immune to these same policy inconsistencies.Sufficiently liberalized and developed domestic financial sectors are necessary to absorb and allocate capital inflows to their most efficient uses. Flexible exchange rates allow necessary international relative price adjustments and help allow asset markets to clear (Obstfeld 2004). Without exchange rate flexibility, economic adjustments will take place in terms of the price level, output or employment, or asset market volatility (Frankel and Rose 1995). Unless domestic financial sectors are sufficiently developed and exchange rates sufficiently flexible, capital account liberalization is premature and effectively neutralizes the stability benefits of fixed exchange rates. That this does so at a time when the domestic financial infrastructure can ill-afford massive surges and reversals in liquidity and financing, has prompted a number of economists to remind policymakers and professional economists alike of the dangers of the open-economy trilemma.Fully-open capital accountsrequire both domestic financial liberalization and exchange rate flexibility. This paper advocates the optimally cascading of financial liberalization that is consistent across three dimensions: extent of domestic financial liberalization; the degree of exchange rate flexibility; and the scope of capital account liberalization.2.1 Optimal SequencingUnder optimal sequencing, liberalization occurs sequentially. Let Ai∈[A1 ,…, An] represent the i th of n different stages of domestic financialsector liberalization. Let Bi ∈[B1,…, Bn] represent the i th of n differentdegrees of exchange rate flexibility. Here, one can think of B1as a peggedbilateral exchange rate and Bnas a fully floating exchange rate. Finally,let Ci ∈[C1,…, Cn] represent the i th of n different stages of capitalaccount liberalization. A strict interpretation of optimal sequencing suggests the following conceptual framework:That is to say, first, a domestic financial sector liberalization program must be developed and implemented, i.e. all n phases of A are completed. Once domestic financial sector liberalization is fully completed, only then should the degree of exchange rate flexibility be increased. Since it generally recommended that smaller degrees of flexibility should precede full floats, the exchange rate flexibility dimension of financial liberalization is complete when all n degrees of Bare permitted. Finally, once the domestic financial sector is liberalized(i.e., A has gone from A1 to An) and the exchange rate is fully flexible (i.e.,B has gone from B1 to Bn) then and only then, should steps be taken toliberalize the capital account, C. As with domestic financial sector liberalization, capital account liberalization has its baby steps (somethingcloser to C1) like FDI or long-term investments for infrastructural purposes, its more advanced like the full liberalization of short-term portfolio flows to its most fully liberalized and controversial phases, the allowance of short-term speculative flows, such as those from hedgefunds (something closer to Cn).In practice, sequencing is subject to considerable leakage. As markets grow and domestic financial sectors develop, there will be some degree of capital flow across borders even with the best of capital controls. But at the same time, the costs of capital controls enable disparities in productivity and competitiveness between global and insular markets to persist. Global markets are fiercely competitive and offer the truest test of productivity. It is highly unlikely that domestic financial sectors might develop the same quality and character of global financial markets on their own.2.2 Optimal CascadingIn contrast to optimal sequencing, the conceptual framework of optimal cascading requires decisions regarding the extent of domesticfinancial liberalization, the degree of exchange rate flexibility and the extent of capital account liberalization are taken simultaneously. Let theith phase of a liberalization program be given by (Ai , Bi, Ci), then thedesign of an optimal cascading program can be represented by the following rubric:During nascent stages of domestic financial development, rigid exchange rates and heavy capital controls are essential and will minimize the odds of boom-bust cycles and financial crisis. However, as the domestic financial sector matures, countries should make attempts to increase exchange rate flexibility and allow for longer term and stable capital inflows that serve to increase productivity, technology transfer and competitiveness.In latter stages, domestic financial sector liberalization will need both increased exchange rate flexibility, to help with risk management and price stability, as well as later-stage capital account liberalization, such as capital outflows for the purpose of portfolio diversification and the establishment of foreign banking branches and non-bank financial institutions. The internationalization of financial services which opens the domestic sector to foreign financial institutions frequently results in capacity building. Importantly, the commercial presence of foreign service providers normally increases the pressure to strengthensupervisory and regulatory framework.Once such a liberalization program is fully mature, the degree of exchange rate flexibility can be increased further. Mature domestic financial systems will be able to utilize exchange rate volatility to help adjust to shocks, smooth consumption, and help maintain price stability. At the same time, it is unrealistic to expect that domestic financial liberalization can ever fully mature without exposure to global financial markets and capital flows, particularly in countries without a long history of private financial banking and established access to offshore banking. In addition, deeper capital account liberalization will require increased exchange rate flexibility and liberalized domestic financial markets.China’s liberalization program represents the classic case of optimal cascading. From 1994 until late 2005, the yuan was pegged to the US Dollar at a fixed rate of 8.28RMB to US$1. Citing underdeveloped domestic financial markets and legal institutions, the Chinese central bank argued unambiguously that its banking system was not ready to handle a flexible yuan. While the yuan remained fixed to the US dollar, China did not completely restrict capital flows. China has been the recipient of considerable FDI capital flows and other types of capital flows that have leaked in through the considerable presence of foreign branch operations and outsourcing operations. Most recently, the Chinese central bank has allowed the yuan to float within a tight band while at thesame time domestic financial sector reforms and a measured relaxation of capital controls continues (Eichengreen 2005). These simultaneous and holistic policy choices characterize the measured and gradual face of optimal cascading. While it is too early to tell if the specific types of capital account liberalization enacted by China are wise given the stage of domestic sector development and limited degree of exchange rate flexibility, it is clear that China had adopted the prudent and realistic strategy of optimal cascading.8We identify the risks associated with the liberalization attempts of China—being an economically large and influential country—as representing the greatest challenge to the region. Even with successful financial liberalization in China, the massive capital flows that will be generated can destabilize the region. It is thus important for countries in East Asia, including China, to optimally cascade financial liberalization by simultaneously determining the extent of domestic financial liberalization, the degree of exchange rate flexibility and the scope of capital account liberalization consistent with underlying domestic institutional infrastructures. In addition, financial stability can be promoted via regional policy coordination. We are of the view that this will be most effective when approached as a series of nested sequencing problems that would take East Asia through increasingly intensiveinformal modes of monetary policy cooperation: starting with weak forms of cooperation that emphasize non-monetary cooperation and sovereign institutional reforms to more intensive modes of informal cooperation that can accelerate the development of deeper regionalism and synchronization, such as the adoption of common policy objectives, and finally to the most intensive mode of informal cooperation, the adoption of common policy regimes.金融自由化与货币政策东亚合作作者：周惠关等国籍：新加坡出处及类别：新加坡管理学院经济和统计工作文件系列, 发表时间及页码：2007年5月 P2-3,5-7,21人们都清楚地认识到，强有力的国内金融市场能够在经济增长和发展中发挥关键作用。

MUL TI-PRODUCT FIRMS AND TRADELIBERALIZA TIONAndrew B.Bernard Stephen J.ReddingPeter K.SchottNovember4,2010This paper develops a general equilibrium model of multiple-product,multiple-destination …rms,which allows for heterogeneity in ability across…rms and in product attributes within…rms.Firms make endogenous entry and exit decisions and each surviving …rm chooses optimally the range of products to supply to each market.We show that the resulting selection,across and within…rms,provides a natural explanation for a number of features of trade across…rms,products and ing both time-series changes in trade policy and cross-section variation in trade,we provide empirical evidence in support of the predictions of the model.Bernard and Schott(SES-0241474)and Schott(SES-0550190)thank the National Science Foundation,and Redding thanks the Centre for Economic Performance(CEP),Princeton University and Yale University for research support.We thank Jim Davis from Census for timely disclosure,and Evan Gill,Justin Pierce and Yanhui Wu for excellent research assistance. We are very grateful to the editor,four anonymous referees,Costas Arkolakis,Jonathan Eaton, Gordon Hanson,Marc Melitz,Guy Michaels,Peter Neary,Henry Overman,Esteban Rossi-Hansberg,and conference and seminar participants for insightful comments.The empirical research in this paper was conducted at the Boston,New York and Washington U.S.Census Regional Data Centers.Any opinions,…ndings,and conclusions or recommendations expressedin this material are those of the authors and do not necessarily re‡ect the views of the National Science Foundation or the U.S.Census Bureau.Results have been screened to insure that no con…dential data are revealed.I.IntroductionWhile trade is dominated by…rms that export more than one product to more than one destination,comparatively little research examines their produc-tion and export decisions or how these choices are a¤ected by globalization. This paper develops a general equilibrium model of multiple-product,multiple-destination…rms in which the ability to produce a particular product depends upon both…rm and product attributes.Based on these attributes,…rms choose whether to serve export destinations,and which products to supply to those export destinations.As a result,the model features selection both across…rms within an industry and across products within…rms.We use the model to guide our empirical analysis and…nd support for many of its implications in U.S.transactions-level trade data.Modelling multiple-product…rms is useful for several reasons.First,we are able to account for a number of features of disaggregated trade data that standard models do not consider.These features include the skewness in ex-port sales across products within…rms and a positive relationship between the number of products exported,the number of destinations served and sales of a particular product to a given destination.Second,allowing…rms to choose the number of products to export and destinations to serve permits product and destination composition to in‡uence…rm characteristics.In our model,for example,declining trade costs raise…rm productivity by causing…rms to drop their least attractive products.Finally,expanding the range of activities…rms may undertake sheds light on the mechanisms driving aggregate economic re-lationships.We show,for example,that the well-known negative relationship between aggregate trade and distance is driven entirely by…rm and product entry.Our approach is a natural generalization of Melitz’s(2003)single-product,1heterogeneous-…rm model of trade in horizontally di¤erentiated products.In order to enter,…rms incur a sunk entry cost,which reveals their pro…tability. Firms then choose among a continuum of products and many export markets. Firm pro…tability depends upon the interaction of a…rm attribute,“ability”, and product attributes,which are idiosyncratic across products and possibly also across export destinations within the…rm.Though we model“ability”as…rm productivity and product attributes as“consumer taste”for the…rm’s products,they can be interpreted more broadly.Indeed,under our assumptions of constant elasticity of substitution(CES)preferences and monopolistic com-petition,both productivity and consumer tastes enter equilibrium…rm revenue in exactly the same way.All that matters for our results is that there are…rm-and product-speci…c components of…rm pro…tability,where the common com-ponent generates selection across…rms and the product component generates selection within…rms.Firms face…xed costs in serving each market and in supplying each product to each market.Higher ability…rms can generate su¢cient variable pro…ts to cover the product…xed cost at a lower value of product attributes and,therefore, supply a wider range of products to each market.For su¢ciently low values of …rm ability,the excess of variable pro…ts over product…xed costs in the small range of pro…table products does not cover the…xed cost of serving the market and therefore the…rm does not supply the market.The lowest-ability…rms exit,intermediate-ability…rms serve only the domestic market and the highest-ability…rms export.Within exporters,products with the worst attributes are supplied only to the domestic market,while products with the best attributes are exported to the largest number of markets.We characterize the equilibrium of the model analytically for symmetric countries using general continuous distributions of…rm ability and product at-2tributes.We also analyze the equilibrium for asymmetric countries assuming Pareto distributions for…rm ability and product attributes.We compare the model’s predictions for two formulations of product attributes:a“common-product-attributes”speci…cation,where product attributes vary across products within…rms but are the same across countries(e.g.technology),and a“country-speci…c-product attributes”speci…cation,where product attributes vary across both products and countries within…rms(e.g.demand for product characteris-tics).The model yields three sets of core implications,which we examine in our em-pirical analysis.The…rst is that trade liberalization causes…rms to drop their least-successful products,which induces compositional changes within…rms. Analysis of U.S.microdata reveals that U.S.…rms more exposed to tari¤re-ductions under the Canada-U.S.Free Trade Agreement reduce the number of products they produce relative to…rms less exposed to these tari¤reductions. The second implication is that higher variable trade costs reduce the number of exporting…rms,the number of products exported by each…rm,and exports of a given product by a given…rm,but have an ambiguous e¤ect on average exports per…rm and product.We…nd strong support for these relationships in estimated gravity equations derived from the model under the assumption of Pareto distributions.The third implication is that…rms exporting many prod-ucts also serve many export destinations and export more of a given product to a given destination.Again we…nd support for this relationship in U.S.export data,as well as for several other features of the model.The remainder of the paper is structured as follows.Section2reviews the existing theoretical and empirical literature on multiple-product…rms.Section3 develops the model.Section4characterizes the symmetric-country equilibrium for general continuous distributions of…rm ability and product attributes.Sec-3tion5characterizes the asymmetric-country equilibrium under the assumption of Pareto distributions.Section6presents empirical evidence on the model’s predictions.Section7concludes.A web appendix contains the technical deriva-tions of expressions in each section of the paper and the proofs of propositions.II.Related Literature on Multi-ProductFirmsOur paper is related to existing theoretical research on multiple-product …rms in the industrial organization and international trade literatures.As noted in the survey by Bailey and Friedlaender(1982),early research on multiple-product…rms in industrial organization emphasizes supply-side economies of scope.Subsequent analyses,by Brander and Eaton(1984),Shaked and Sutton (1990),Eaton and Schmidt(1994)and Johnson and Myatt(2003),focus on demand-side forces favoring the production of multiple goods as well as analyses of strategic interaction among…rms.More recent models by Klette and Kortum (2004)and Lentz and Mortensen(2005)examine the role of innovation in…rms’decisions to produce multiple products.Recent theoretical contributions to the international trade literature consider several approaches to modelling the production of multiple goods.While early contributions such as Ottaviano and Thisse(1999)and Allanson and Montagna (2005)modelled…rms and products symmetrically,more recent research has explored the idea that…rms have core competences.Eckel and Neary(2010) consider a model of‡exible manufacturing where each…rm faces rising marginal costs in producing products further from its core competence.Firms are large relative to the market and hence face a cannibalization e¤ect,where introduc-ing additional products diminishes the demand for the…rm’s existing products,4as also considered in Feenstra and Ma(2008)and Dhingra(2010).While our analysis assumes that…rms are small relative to the market and abstracts from cannibalization e¤ects to focus on selection,we allow for a rich range of asym-metries across…rms,within…rms and across countries.Firms and products within…rms are heterogeneous in terms of their productivity/demand and par-ticipation in international trade.Countries can di¤er in terms of their size, productivity and bilateral trade costs.Three other recent papers have developed monopolistically-competitive mod-els of multiple-product…rms without cannibalization e¤ects.In Mayer et al. (2010),…rms face a product ladder,where productivity/quality declines dis-cretely for each additional variety produced.Together with variable mark-ups, this generates the prediction that…rm sales are more skewed towards core com-petences in more competitive markets.In Arkolakis and Muendler(2010),…rms face declining productivity for each additional variety supplied to a market and market entry costs that are increasing in the number of varieties supplied to a market,which generates a positive relationship between…rms’extensive and intensive margins.In Nocke and Yeaple(2006),products are symmetric within …rms,but…rms di¤er in terms of organizational capability,which determines the rate at which the common marginal cost for each product rises with the number of products produced.1Firms with higher organizational capability produce more products,and hence in equilibrium have higher marginal costs, which generates a negative relationship between…rms’extensive and intensive margins.In contrast,in our framework,…rms draw a distribution of pro…tabilities across products and countries,which has a…rm component,a product compo-nent and possibly a country component.The sets of…rms active in each market1.See Agur(2006)and Baldwin and Gu(2009)for other heterogeneous…rm models in which products are symmetric within…rms.5and the products supplied by those…rms re‡ect endogenous selection based on this distribution of pro…tabilities.The key theoretical contributions of our paper are to demonstrate the implications of this selection within…rms for the impact of trade liberalization on productivity,the relationship between aggregate trade and variable trade costs,and patterns of disaggregate trade.The key empirical contributions of the paper show that each of these theoretical implications of selection within…rms receives strong empirical support in U.S.trade data.One limitation of our framework is the assumption of CES preferences,which implies that mark-ups are constant,and hence di¤erences in competition across markets do not a¤ect the skewness of…rm sales across products in common to those markets,unlike in Mayer et al.(2010).On the other hand,by making this simplifying assumption,we are able to develop a general equilibrium model with no outside sector,in which asymmetries across countries feed back to in‡uence wages and demand for each…rm and product.Our analysis of selection within …rms reveals the role played by export composition and the functional form of the export sales distribution in shaping the relationship between…rms’extensive and intensive margins.In contrast to the closed economy model of Bernard,Redding and Schott (2010),our theoretical analysis examines the implications of selection within …rms for an economy’s response to trade liberalization and for the pattern of trade in the open economy.While some descriptive evidence on trade‡ows across and within…rms is presented in Bernard,Jensen and Schott(2009)and Bernard,Jensen,Redding and Schott(2007,2009),our empirical analysis tests the theoretical implications of our model and estimates empirical relationships implied by the model.22.For empirical evidence on multi-product…rms in a developing-country context,see Gold-berg,Khandelwal,Pavcnik and Topalova(2010a,b).6III.The ModelWe consider a world consisting of many countries and many products.Firms decide whether to enter,what products to produce,and where to supply these products.Products are imperfect substitutes in demand and,within each prod-uct,…rms supply horizontally di¤erentiated varieties of the product.3We allow countries to be asymmetric in terms of their bilateral trade costs(geography), size(labor endowment)and productivity.III.A.Preferences and EndowmentsCountries are indexed by i2f1;:::;J g and are endowed with L i units of labor that are supplied inelastically with zero disutility.The representative consumer in each country derives utility from the consumption of a continuum of symmetric products that we normalize to the interval[0;1].There is a constant elasticity of substitution across products so that the utility function for the representative consumer in country j takes the standard Dixit-Stiglitz(1977) form:(1)U j= Z10C jk dk 1 ;0< <1;where k indexes products.Within each product,a continuum of…rms supply horizontally di¤erentiated varieties of the product.Hence C jk is a consumption index,which also takes the constant elasticity of substitution form,and depends on varieties consumed from each country in the world:(2)C jk="J X i=1Z!2 ijk[ ijk(!)c ijk(!)] d!#1 ;0< <1;3.Our model focuses on…rms that supply multiple products for…nal consumption.While vertical integration provides another reason why…rms can produce multiple products(inter-mediate and…nal),many…rms supply multiple products for…nal consumption.7where i and j index countries,!indexes varieties of product k supplied from country i to country j,and ijk denotes the endogenous set of these varieties. The parameter ijk(!) 0captures what we term“product attributes.”While modelled here as the strength of consumer tastes in country j for a variety of product k supplied by…rm!in country i,we discuss below an alternative and equivalent supply-side formulation.We make the natural assumption that the elasticity of substitution across varieties within products is greater than the elasticity of substitution acrossproducts: 11 > 11>1.4We also assume for simplicity that theelasticity of substitution across varieties within products, 11,is the same for all products.The corresponding price index dual to(2)is:P jk="J X i=1Z!2 ijk p ijk(!) ijk(!) 1 d!#11 :III.B.Production TechnologyThe speci…cation of entry and production follows Melitz(2003).However, we augment that model to allow…rms to supply multiple products and to allow for heterogeneity across products within…rms as well as across…rms.There is an unbounded measure of potential…rms who are identical prior to entry.In order to enter,…rms must incur a sunk entry cost of f ei>0units of labor in country i.Incurring the sunk entry cost creates a…rm brand,which can be used to supply one horizontally-di¤erentiated variety of each of the continuum of products.We assume that varieties are di¤erentiated from one another by their brand,which implies that a given brand cannot be used to supply more4.While we distinguish between two elasticities of substitution,one across products and another across…rm varieties within products,the elasticity of substitution across products could in practice depend on whether or not the products are supplied by the same…rm.8than one di¤erentiated variety of each product.5Following existing models of industry dynamics,we take a technological approach to the boundaries of the…rm,such that a…rm is de…ned by its pro-duction technology and product attributes.Both production technology and product characteristics are uncertain prior to entry and are only revealed once the sunk entry cost has been incurred.There are two components of production technology and product characteristics that in‡uence…rm pro…tability:one of which is common across products and countries(“ability”captured by')and the other of which is idiosyncratic to products and possibly countries(“product attributes”captured by ).While we model'as…rm productivity and as consumer tastes,under our assumptions of CES preferences and monopolistic competition,both productivity and consumer tastes enter equilibrium…rm rev-enue in exactly the same way.All that matters for our analysis is that there are common and idiosyncratic components of…rm pro…tability,where the common component generates heterogeneity across…rms and the idiosyncratic compo-nent generates heterogeneity within…rms.For this reason,we refer to'as “…rm ability”and as“product attributes”to emphasize that each could refer to either a component of demand or productivity.6We consider two possible speci…cations for the idiosyncratic component of …rm pro…tability, .In the…rst of these speci…cations–the“common product attributes”formulation–product attributes vary across products but are the same across countries(e.g.a…rm may have specialized expertise in the produc-5.This formulation is a natural generalization of the single-product model of Melitz(2003), in which incurring the sunk entry cost creates a…rm brand that can be used to produce one horizontally-di¤erentiated variety.While our framework could be extended to allow…rms to produce a measure of horizontally-di¤erentiated varieties of each product,such an exten-sion would imply that…rms were no longer of measure zero within each product and would introduce strategic interaction within and across…rms.6.While our formulation captures heterogeneity within…rms in an intuitive and tractable way,one could also generate such heterogeneity from interactions between…rm,product and country characteristics(e.g.…rm ability could have a greater impact on pro…tability for some products and/or countries).9tion of some products that is relevant for all countries).In the second of these speci…cations–the“country-speci…c product attributes”formulation–product attributes vary across both products and countries(e.g.product attributes may be perceived more favorably in some countries than in others).We discuss the predictions of the model under each of these speci…cations and present evidence below on the extent to which heterogeneity across products is common across countries.7Once the sunk entry cost has been incurred,the…rm observes its ability,', and its product attributes for each country j and product k, jk.8To capture cross-country di¤erences in productivity,we allow the…rm ability distribution to vary across countries.Firm ability,'2[0;1),is drawn from a continuous distribution g i(')in country i,with cumulative distribution function G i('). Product attributes, 2[0;1),are drawn from a continuous distribution z( ) with cumulative distribution function Z( ).Both the range of products k2 [0;1]and the distribution of product attributes are the same for all countries.In the common-product-attributes speci…cation,there is a single realized value for product attributes for a given product across all countries: jk= k for product k for all countries j.In contrast,in the country-speci…c-product-attributes speci…cation,there are di¤erent realizations for product attributes for a given product for each country:in general, ik= jk for product k for countries i and j=i.To make use of law of large numbers results,we assume that the…rm ability and product attributes distributions are independent across…rms.For the same reasons,we assume that the…rm ability and product attributes distributions are7.One can also consider a hybrid case,in which product attributes have both a common and country-speci…c component,as discussed in the web appendix.8.As the focus of our analysis is the cross-section distribution of exports,we develop a static model that abstracts from stochastic variation over time in…rm ability and product attributes, and hence from steady-state adding and dropping of products and countries.However,the model can be extended to incorporate these dynamics,as shown in the web appendix.10independent of one another and that the product attributes distributions are independent across products.In the country-speci…c-product-attributes speci…-cation,we make the further assumption that the product attributes distributions are independent across countries.Despite these simplifying assumptions,…rm pro…tability is correlated across products and countries within…rms,because …rm ability is common across both products and countries.In the common-product-attributes speci…cation,there is a further source of correlation in prof-itability within…rms,because product attributes take the same value across countries for a given product.9Once the sunk cost has been incurred,and…rm ability and product attributes have been observed,a…rm decides whether to enter and what products and countries to bor is the sole factor of production.10We assume that …rms based in country i face a…xed cost of supplying country j of F ij>0units of labor.These market-speci…c…xed costs capture,among other things,the costs of building distribution networks.In addition,we assume that…rms based in country i face…xed costs of supplying each product to country j of f ij>0 units of labor.These product-speci…c…xed costs capture the costs of market research,advertising and conforming to foreign regulatory standards for each product.As more products are supplied to a market,total…xed costs rise,but average…xed costs fall,since the…xed cost of serving each market is spread over a larger number of products.These…xed costs a¤ect a…rm’s decision whether or not to supply a market,but do not a¤ect sales conditional on supplying that market.While all…xed costs are assumed to be incurred in the source country,9.Additionally,one could allow for a component of product attributes that is common across related products or explicitly allow the realizations of product attributes to be corre-lated.While these extensions would complicate the analysis,they would not alter the model’s central mechanism of selection within…rms,which is driven by heterogeneity in pro…tability within…rms.10.In the web appendix,we consider a multi-industry version of the model with multiple factors of production,which gives rise to Heckscher-Ohlin based comparative advantage,as in the single-product heterogeneous-…rm model of Bernard,Redding and Schott(2007).11it is straightforward to consider instead the case where they are incurred in the destination market.In addition to the…xed costs,there is also a constant marginal cost of pro-duction for each product that depends on…rm ability,such that q ijk('; jk)=' units of labor are employed in country i to supply q ijk('; jk)units of output of product k to market j.Finally,we allow for variable costs of trade,such as transportation costs,which take the standard“iceberg”form.A fraction ij>1of a variety must be shipped from country i in order for one unit to arrive in country j,where ii=1.11III.C.Firm-Product Pro…tabilityDemand for each variety of a product depends on the own-variety price,the price index for the product,the price indices for all other products,and aggre-gate expenditure.If a…rm is active in a product market,it supplies one of a continuum of varieties,and hence the…rm is unable to in‡uence the price index for any product.Therefore,the…rm’s pro…t maximization problem reduces to choosing the price of each product variety separately to maximize the pro…ts derived from that product variety.12This optimization problem yields the stan-dard result that the equilibrium price of a product variety is a constant mark-up over marginal cost:(3)p ij('; d)= ij 1w i:11.For evidence on the magnitude of overall trade costs,see Anderson and van Wincoop (2004)and Hummels(2001).For evidence on the…xed costs of exporting,see Roberts and Tybout(1997),Bernard and Jensen(2004),and Eaton,Kortum and Kramarz(2008).12.The structure of our model eliminates strategic interaction within or between…rms. This choice of model structure enables us to isolate the implications of introducing selection within…rms into a model of…rm heterogeneity without introducing additional considerations associated with strategic interaction.Exploring the implications of strategic interaction is an interesting area for further research.12Since the production technology and elasticity of substitution across varieties are the same for each product,all products with productivity'have the same price.Therefore we suppress the implicit dependence on product,k,from now onwards.Substituting for the pricing rule,the equilibrium revenue received by a…rm in country i from supplying a product to country j is:(4)r ij('; )=(w i ij)1 w j L j( P j' ) 1:The corresponding equilibrium pro…ts from supplying the product to that mar-ket are:(5) ij('; )=r ij('; )w i f ij:From these last two expressions,…rm ability enters equilibrium revenue(4)and pro…t(5)in exactly the same way as product attributes,since CES preferences and monopolistic competition imply that prices are a constant mark-up over marginal costs.These properties imply that the relative revenues(4)of any two varieties of a given product in a given market depend solely on relative…rm abilities and product attributes:r ij '00; 00 =('00='0) 1 00= 0 1r ij '0; 0 :The same properties also imply that the relative revenues(4)of varieties of products with the same' in any two markets depend solely on relative variable trade costs and market characteristics:r ij('; )=r ih('; )=( ij= ih)1 (w j L j=w h L h)(P j=P h) 1:13A…rm with a given ability'decides whether or not to supply a product with attributes to a market based on a comparison of variable pro…ts and…xed costs for the product.For each…rm ability',there is a zero-pro…t cuto¤for product attributes, ij('),for each source country and destination market, such that the…rm only supplies the product if it draws a value of equal to or greater than ij(').This product cuto¤is de…ned by the following zero-pro…t condition:(6)r ij '; ij(') = w i f ij:Using this product cuto¤for each…rm ability(6)together with relative variety revenues within the same market, ij(')can be expressed relative to its value for the lowest ability…rm from source country i supplying destination market j, ij ' ij :(7) ij(')= ' ij=' ij ' ij :Higher ability…rms have lower product cuto¤s(7),because their higher ability generates su¢cient variable pro…ts to cover product…xed costs at lower values of product attributes.In contrast,markets with higher values of' ij or ij ' ij have higher product cuto¤s,because rival…rm’s products are more attractive in these markets,which implies that a higher value for product at-tributes is required to generate su¢cient variable pro…ts to cover product…xed costs.Since product attributes are independently distributed across the unit con-tinuum of symmetric products,the fraction of products supplied by a…rm with a given ability'from source country i to destination market j is sim-ply equal to the probability of drawing a value for product attributes above14。

关于中国崛起的英文演讲带翻译范文（精选多篇）1. Speech on the Rise of ChinaAs the world's most populous nation, China has been on a remarkable journey of transformation and modernization over the past few decades. Through economic liberalization, technological innovation, and a concerted effort to improve infrastructure and build up its industries, China has become a major economic and political force on the global stage. While challenges remain, China's rise is undoubtedly a significant development in the 21st century that will shape the future of the world.Over the past few decades, China has experienced astonishing levels of economic growth, averaging an annual GDP growth rate of roughly 9% over the past several decades. Today, China's economy is the second largest in the world, and its middle class has grown to over 400 million people. This rapid growth has led to significant improvements in living standards across the country, but it has also created numerous challenges as China seeks to maintain its growth trajectory while balancing environmental sustainability and social equity.Moreover, China's rise has created geopolitical tensions with other major powers, particularly the United States. The two countries have been engaged in a tense bilateral relationship that has been marked by trade tensions, strategic competition, and geopolitical posturing. As China becomes increasingly assertive on the world stage, it is likely that these tensions will continue to shape the dynamics of global politics.China's rise also has implications for the international system more broadly. As a major power, China is becoming increasingly influential in shaping global governance, from climate change tothe regulation of emerging technologies. The rise of China, along with other emerging powers, is challenging the dominance of the traditional actors in the international system, and there is an urgent need to rethink how global governance can be reformed to accommodate the new realities of the 21st century.In conclusion, China's rise is one of the defining developments of the 21st century. While it brings with it numerous opportunities, it also poses significant challenges for China and the rest of the world. It is up to global leaders to manage these challenges effectively and to ensure that the rise of China is ultimately a force for good in the world.中文翻译：作为世界上人口最多的国家，中国在过去几十年中经历了一次引人注目的转型和现代化之旅。

中英文对照外文翻译文献(文档含英文原文和中文翻译)1、Enterprises of the major means of tax planningTax planning is the premise of strict enforcement of tax laws to minimize tax, customs tax called. Enterprises to carry out the correct tax, the need for the adoption of the following major route of transmission.First, reasonable means of financing options. In accordance with the provisions of China's current tax law, corporate interest payments on the loan within a certain range can be pre-tax expenses, and dividends can only be spending the after-tax profits of enterprise expenses. From a tax point of view, appropriate to the bank business loans and financing between enterprises, rather than directly to thefund-raising benefits.Second, a reasonable choice of trading partners. China's existing value-added tax system has a general taxpayers and small-scale taxpayers on the points, choose a different supplier object, the tax burden on enterprises is not the same. For example, when the Department of suppliers of value-added tax general taxpayer, the businessafter the purchase of goods, according to the amount of tax deduction of input tax amount of the corresponding balance after payment of value-added tax; if the purchase of goods for small-scale taxpayers, VAT can not be achieved Its not contain the amount of input tax deduction, the tax burden more than the former. Such as open invoices can also be part of deduction.Third, "the easy way out" tax conversion. Enterprises will be converted tohigh-tax low-tax, refers to economic activities in the same, there are a variety of revenue options to choose from, the taxpayers to avoid "high-tax point", choose the "low tax" and reduce the tax liability . The most typical example of this is to runnon-taxable to the tax planning services. From the tax point of view, run mainly two: First, the same taxes, different tax rates. Systems such as supply and marketing enterprises, the general operating tax rate is 17% of the means of subsistence, but also the operating value-added tax rate of 13% of the agricultural means of production and so on. Second, different taxes, different tax rates. This usually refers to types of enterprises in their business activities, both value-added business project, the project also involves the business tax.Fourth, the cost of reasonable expenses. Enterprises does not violate tax laws and financial system under the premise of the full cost of the reasonable expenses, that may occur on the full estimated losses and narrow the tax base and reduce the amount of taxable income. Countries allow for costs incurred in the projects, such as wages, respectively, the total amount of tax by 2%, 14%, 1.5% extracts of trade union funds, staff welfare, staff education funding should be sufficient to mention as much as possible to the whole. For some of the losses that may occur, such as bad debt losses, businesses should be fully expected in the tax law as far as possible the extent permitted by the cap enough to reserve. This is in line with the national tax law and financial system, can receive the tax effect.Fifth, to reduce tax liability. Factors that affect the tax liability there are two, namely, tax base and tax rates, the smaller the tax base, lower tax rates, tax liability is also smaller. Tax planning can start from these two factors to find legitimate ways to reduce tax liability. For example, an enterprise December 30, 2005 estimated taxableincome amounted to 100,200 yuan, the enterprise income tax liability 25050 yuan (100200 ×25%). If the corporate tax planning, tax consulting fees to pay 200 yuan, the corporate taxable income 100,000 (100200-200), income tax liability 27,000 yuan (100000 × 27%), can be found by comparing, for tax planning to pay only 200 yuan, 6066 yuan tax is (33066-27000).Sixth, to weigh the severity of the overall tax burden. For example, manyvalue-added tax planning programs have the general taxpayer and the taxpayer to choose small-scale planning. If an enterprise is a non-tax-year sales of about 900,000 yuan of production enterprises and enterprises to buy the materials each year the price of non-value-added tax of 70 million or less. The company's accounting system, the conditions identified as the general taxpayers. If that is the general taxpayer, the company's products are value-added tax rate applies to 17% capital gains tax liability 34,000 yuan (90 × 17% -70 × 17%); If it is small-scale taxpayers, the rate is 6%, 5.4 VAT liability million (90 × 6%)> 3.4 million. Therefore, from the perspective of value-added tax general taxpayer should be selected. But, in fact, althoughsmall-scale VAT taxpayers pay 20,000 yuan, but the input tax amount of 119,000 yuan (70 × 17%), although it can not offset the costs, thereby increasing the cost of 119,000 yuan, the income tax reduction of 2.975 million (11.9 × 25%), than pay a 20,000 yuan of value-added tax. Therefore, the business tax planning in the selection of programs, not only to look in a certain period of time watching the program on tax less, and to consider business development goals, to choose to increase their overall revenue program.Seventh, take full advantage of preferential taxation policies. For taxpayers, the use of tax incentives for tax planning focuses on how the rational use of tax policies and regulations shall apply to the lower or more favorable tax rates, a well-planned production and operation activities, the actual tax burden to a minimum in order to achieve Festival tax effect. For example, according to China's Law of the State Council for approval of high-tech industrial development zone of the high-tech enterprises, since the production from the fiscal year income tax exemption for 2 years. To-business use of wastewater, waste gas, waste residue and other waste as themain raw materials for production, 5 years in the income tax reduction or exemption. In addition, to support agriculture and the development of UNESCO Wei investment, countries have different tax incentives. Business operators should refer to policy, comparing the investment environment, investment income, investment risks and other factors, decided to invest in the region, investment direction, as well as investment projects, a reasonable tax planning, in order to reduce the corporate tax burden.企业税收筹划的主要途径纳税筹划是在严格执行税法前提下，尽量减少缴税，习惯称其为节税。

商务笔译课后练习参考译文第1章提升翻译能力的对策III. 商务术语翻译360 degree performance appraisal 360度绩效评估，全方位绩效评估balanced scorecard 平衡计分卡bona fide occupational qualification (BFOQ) 真实的职业资格career planning 职业计划content validity 内容效度corporate culture 企业文化cost-benefit analysis 成本－收益分析critical incident method 关键事件法direct financial compensation 直接经济报酬employee empowerment 员工授权employee stock ownership plan (ESOP) 员工股权计划ergonomics 人体工程学externship 实习glass ceiling 玻璃天花板grievance procedure 申诉程序human capital 人力资本incentive compensation 奖金internal equity 内部公平job description 工作描述job enlargement 工作扩大化job enrichment 工作丰富化learning organization 学习型组织management by objectives (MBO) 目标管理merit pay 绩效工资nepotism 裙带关系organization development (OD) 组织发展pay equity 薪酬平等performance appraisal (PA) 绩效评估（绩效考核）phased retirement 过渡性退休profit sharing 分红制psychological contract 心理契约quality circles 质量圈rating scales method 业绩评定表recruitment 招聘role conflict 角色冲突self-assessment 自我评价strategic human resource management 战略人力资源管理stress management program 压力管理计划succession planning 关键员工继任计划survey feedback 调查反馈wellness program 平安计划workflow analysis 工作量分析IV.句子翻译1.在21世纪，商业环境极具竞争性，不断改进已经不再是一种选择，而是一种必要。