Economic原文翻译Economicsfocus

经济的英文作文范文Economic growth is essential for the development of a country. It provides opportunities for employment and increases the standard of living for the people.Inflation is a major concern for the economy. When prices of goods and services rise, it reduces the purchasing power of the people and affects their ability to afford basic necessities.Globalization has opened up new markets and opportunities for businesses. It has also led to increased competition and the need for companies to constantly innovate and improve to stay ahead.Unemployment is a significant issue that affects the economy. It not only leads to financial strain for individuals and families, but also reduces the overall productivity of the country.Government policies play a crucial role in shaping the economy. Taxation, subsidies, and regulations all have a direct impact on businesses and consumers, influencing their decisions and behavior.The stock market is a reflection of the economy's health. It is affected by various factors such as company performance, economic indicators, and geopolitical events, and can have a significant impact on investor confidence and consumer spending.Technological advancements have revolutionized the way businesses operate. From automation to digital marketing, technology has streamlined processes and opened up new opportunities for growth and efficiency.Trade agreements and tariffs can have a significant impact on the economy. They can either open up new markets and opportunities for businesses, or create barriers and challenges for trade and investment.Consumer behavior plays a crucial role in shaping theeconomy. Their spending habits, saving patterns, and investment decisions all contribute to the overall economic landscape.The gig economy has changed the way people work and earn a living. It has provided flexibility andopportunities for individuals, but also raised concerns about job security and benefits.。

Passage 1Anglo-Dutch publishing giant Reed Elsevier announced a plan today toinvest $1.2 billion to bring its traditional operations online and boost earningsgrowth. The company, which also reported an 8.2 percent drop in pretax 2016 profit, said it would pump a $400 million into online activities every yearover the next three years. “Capitalizing on the potential of the Internet willbe a key driver of our strategy,” the company said in a statement. TheInternet plans come hot in the tracks of a similar announcement from British financial information provider Reuters Group, which said three weeks ago it would spend $800 million on its digital operations over the next four years. Reed Elsevier hopes a combination of higher technology spending and cost-cutting will lead to stronger earnings later this year. The company will cut also 1,500 jobs, or about 6 percent of its workforce, as part of its belt-tightening efforts.Reed Elsevier, which specializes in legal, scientific, and businesspublications, is known for its entertainment business magazine Variety,electronic news database Lexus-Nexus and scientific publication. It generates 65 percent of its sales in the United States. The latest investment is geared towards achieving earnings growth of at least 10 percent. Internet sales was $1.6 billion last year. Reed Elsevier’s new strategy comes against the backdrop of what the company admitted were disappointing 2016 results, largely caused by a weak market and stronger competition.Revenues last year inched ahead to $5.54 billion, up from $5.23 billionthe year before. The company trimmed its 2017 dividend by about one-third to support the growth plans. The company’s stock, which trades in London and Amsterdam, rose more than 10 percent in early dealing, but fell back sharply in the afternoon, possibly because of a U.S. lawsuit also announced Thursday. In Amsterdam, Elsevier’s shares were down 8 percent and Reed’s stock also traded down in London. The company said it will face a $6 billion lawsuit in the United States over subscription agreements.Passage 2Greece, 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 imp orts. 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（德拉克马，希腊货币名） out of four goes for defense, the government ended a recent year with a slight surplus of $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 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 marginin 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 resourceson which to build any substantial industrial base. Some years ago I wrotehere:“Greek statesmanship will have to create an atmosphere in which homeand foreign savings will willingly seek investment opportunities in thebackward economy of Greece. So far, most American and other foreign attempts have bogged down in the Greek government’s red tape and “shrewdness” about small points.”Great strides have been made. As far back as 1979, 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 or traffic-choked streets of either.Passage 3Desperately short of living space and dangerously prone to flooding, the Netherlands plans to start building homes, businesses and even roads on water.With nearly a third of the country already covered by water and half of itsland mass below sea level and constantly under threat from rising waters, the authorities believe that floating communities may well be the future.Six prototype wooden and aluminum floating houses are already attached to something off Amsterdam, and at least a further 100 are planned on the same estate, called Ijburg.“Everybody asks why didn’t we do this kind of thing before,” said Gijsbert Van der Woerdt, director of the firm responsible for promoting the concept. “After Bangladesh we’re the most densely populated country in the world. Building space is scarce and government studies show that we’ll need to double the space available to us in the coming years to meet all our needs.” Before being placed on the water and moved into position by tugboats, the houses are built on land atop concrete flat-bottomed boats, which encase giant lumps of polystyrene (聚苯乙烯) reinforced with steel. The flat-bottomed boats are said to be unsinkable and are anchored by underwater cables. The floating roads apply the same technology.The concept is proving popular with the Dutch. The waiting list for such homes, which will cost between 200, 000 — 500, 000 euros to buy, runs to 5, 000 names, claims Van der Woerdt. With much of the country given over tomarket gardening and the intensive cultivation of flowers, planners have alsocome up with designs for floating greenhouses so that the water beneaththem irrigates the plants and controls the temperature inside. A pilot project, covering 50 hectares of flooded land near Amsterdam’s Schiph ol airport, is planned for 2017.The opportunities for innovative developers look promising. “We have 10projects in the pipeline — floating villages and cities complete with offices,shops and restaurants,” Van Woerd said.Passage 4Nowadays, we hear a lot about the growing threat of globalization,accompanied by those warnings that the rich pattern of local life is beingundermined, and many dialects and traditions are becoming extinct. But stopand think for a moment about the many positive aspects that globalization is bringing. Read on and you are bound to feel comforted, ready to face the global future, which is surely inevitable now.Consider the Internet, that prime example of our shrinking world. Leavingaside the all-too-familiar worries about pornography and political extremism, even the most narrow-minded must admit that the net offers immeasurable benefits, not just in terms of education, the sector for which it was originally designed, but more importantly on a global level, the spread of news and comment. It will be increasingly difficult for politicians to maintain their regimes of misinformation, as the oppressed will not only find support and comfort, but also be able to organize themselves more effectively.MTV is another global provider that is often criticized for imposing popularculture on the unsuspecting millions around the world. Yet the viewers’ judgment on MTV is undoubtedly positive; it is regarded as indispensable by most of the global teenage generation who watch it, a vital part of growing up. And in the final analysis, what harm can a few songs and videos cause?Is the world dominance of brands like Nike and Coca-Cola so bad for us, when all is said and done? Sportswear and soft drinks are harmless products when compared to the many other things that have been globally availablefor a longer period of time — heroin and cocaine, for example. In any case,just because Nike shoes and Coke cans are for sale, it doesn’t mean you haveto buy them — even globalization cannot deprive the individual of his free will.Critics of globalization can stop issuing their doom and gloom statements.Life goes on, and has more to offer for many citizens of the world than it did for their parents’ generation.。

Japan’s economic prospects日本经济前景Out of the ruins祸兮福之所倚A decent recovery may be on the way强劲复苏时代也许即将到来FIVE months after a tsunami and nuclear meltdown assailed Japan, the economy has been pummelled by fresh blows. Share prices have followed global stockmarkets down, with the Nikkei 225 index revisiting its nadir in the days after the earthquake in March. As if the fears about a global slowdown that have depressed equity investors were not enough, the yen has been soaring, which will hurt Japanese exporters. Adding to the pain, Moody’s, a credit-rating agency, downgraded Japan’s debt rating one notch to Aa3 on August 24th because of its huge public debt and chaotic politics.距离海啸以及核泄漏事件已经五个月，这段时间以来日本经济遭受连串打击。

股价随全球股市低潮的大流，日经指数又一次跌至3月地震发生以来的最低点。

老天似乎嫌全球经济放缓的忧虑把权益投资人打击得还不够，日元又开始猛涨，影响了日本出口。

更糟的是，8月24日信用评价机构Moody’s还以公共债务过多以及政局不稳为由把日本债务评价降级至Aa3。

对经济的理解英语作文Understanding of EconomyEconomy is a complex system that involves the production, distribution, and consumption of goods and services. It is the study of how individuals, businesses, and governments allocate resources to satisfy their needs and wants. The economy can be divided into two main components: microeconomics and macroeconomics. Microeconomics focuseson the behavior of individual consumers and firms, while macroeconomics looks at the economy as a whole, including factors such as inflation, unemployment, and economic growth.A strong economy is crucial for the well-being of a country and its people. It provides job opportunities, increases standards of living, and promotes overall prosperity. On the other hand, a weak economy can lead to high unemployment rates, poverty, and social unrest. Therefore, understanding the economy and its mechanisms is essential for policymakers, businesses, and individuals to make informed decisions.There are several key factors that influence the economy, including supply and demand, government policies, international trade, and technological advancements. Supply and demand determine the prices of goods and services, as well as the quantity that is produced and consumed. Government policies, such as taxation and regulation, can have a significant impact on economic growth and stability. International trade allows countries to specialize in the production of certain goods and services, leading to increased efficiency and global interdependence. Technological advancements can also drive economic growthby increasing productivity and creating new industries.In modern times, the global economy is highly interconnected, with events in one part of the world having ripple effects across the globe. For example, a financial crisis in one country can lead to a recession in others,and fluctuations in commodity prices can affect economies worldwide. This interconnectedness highlights theimportance of international cooperation and coordination in managing the economy.In conclusion, the economy is a complex and dynamic system that plays a vital role in the well-being of societies. Understanding the economy involves analyzing the behavior of individuals, businesses, and governments, aswell as the various factors that influence economic outcomes. It is essential for policymakers, businesses, and individuals to have a solid understanding of the economy in order to make informed decisions and promote sustainable growth and development.对经济的理解经济是一个复杂的系统，涉及商品和服务的生产、分配和消费。

Economy、Economics中译考-精品资料本文档格式为WORD,感谢你的阅读。

最新最全的学术论文期刊文献年终总结年终报告工作总结个人总结述职报告实习报告单位总结摘要：尽管中国近代Economy、Economics中译名五花八门，数以十计，但最主要的有“富国策”“理财学”“计学”“经济学”四个，而且它们之间呈现出前后递进的比较清晰的演进路线。

其演进过程既受到西方“经济学”含义演变的“外因”的影响，也与当时中国移植西方经济学的“内因”相关。

关键词：富国策；理财学；计学；经济学；西学东渐；经济思想史；传教士；亚当·斯密；政治经济学；严复；日本学术界F09 A 1007-2101（2013）04-0116-06自清末以降，随着经济学的西学东渐的逐渐展开，大量西方经济学概念译介进入汉字语汇系统，一批新的经济学汉字术语应运而生，丰富了中国人的经济思维和思维表述，成为中国近代经济学知识转型的重要表征。

研究现代西方经济学概念的中译，可以从一个独特的视角观照中国近代经济学西学东渐的复杂历程。

其中，Economy、Economics的汉译具有标本性的价值，因而受到中国经济思想史学术界的重视，有关Economy、Economics中译问题的研究，学术界已有不少成果面世。

①但已有的研究成果多限于罗列Economy、Economics 的各种中文译名，而没有进一步对各种中文译名演变的时代背景、译者的个体情况及各种中译名的演进路径进行深入剖析。

笔者认为，尽管中国近代Economy、Economics中译名五花八门，数以十计，但最主要的有“富国策”、“理财学”、“计学”、“经济学”四个，而且它们之间呈现出前后递进的比较清晰的演进路线。

其演进过程既受到西方“经济学”含义演变的“外因”的影响，也与当时中国移植西方经济学的“内因”相关。

一、“富国策”最早将Economy翻译成汉语的是来华传教士。

据方维规的考证，英国伦敦会传教士马礼逊（Robert Morrison，1782—1834）最早在1819年所著的《五车韵府》（Dictionary of the Chinese Language）中将Economy译为“节用，节俭”；稍后美国传教士卫三畏鉴定在1844年所著的《英华韵府历阶》中沿用了马礼逊的译法；德国传教士罗存德（Wilhelm Lobscheid，1822—1893）1866年编撰的《英华字典》将Economy译为“治家之道，齐家之道”。

经济（英译汉）accumulated earnings 积累收益a circular economy 循环经济a convenient method of payment 方便的付款方式an economic boom 经济兴旺an economic depression (slump, recession) 经济萎缩an economic takeoff 经济起飞anti-dumping measures 反倾销措施assets depreciation range 资产折旧幅度balance the two-way trade 保持双边贸易的平衡bonded/free trade area 保税区bonded warehouse 保税仓库bottleneck restrictions 瓶颈制约break regional blockades and trade monopolies 打破地区封锁和待业垄断capital market 资本市场cargo handling capacity 货物吞吐量commission/brokerage 佣金commodity economy 商品经济confessional/favorable terms 优惠条件cost and benefit analysis 成本收益分析cost-of-living index 生活费指数cross-border takeover 跨国并购currency depreciation/appreciation 通货贬值/升值current account balance sheet 流动资产负债表current asset losses in suspense 待处理流动资产损失current debt ratio 流动负债比率current fund employment rate 流动资金占有率current liability 流动负债current tangible assets 有形流动资产domestic funds 国内配套资金earning capacity 盈利能力E-commerce/E-business 电子商务economic aggregate 经济总量economic efficiency 经济效益economic growth point 经济增长点economic indicators 经济指标economic measure 经济手段economic strength 经济实力economy of scale 规模经济efficiency in operation 经营效率emerging market economy 新兴市场经济equity capital transaction 产权资本转让equity earnings 参股收益；股本盈利equity investment 股本投资equity ownership 资本所有权excessive consumption 超前消费export-oriented/outward-looking economy 外向型经济是extensive/intensive operation 粗放/集约经营fair trading practice 公平贸易行为financing channels 融资渠道fixed-assets accounting 固定资产核算fluctuate in line with market conditions 随行就市foreign exchange-earning enterprise 创汇型企业foreign exchange market 外汇市场foreign investment in actual use 实际利用外资general retail price index 社会零售物价总指数generous pension and healthcare plans 优厚的养老金和医疗卫生保障green power 财力；金钱gross foreign export value 外贸出口总额gross output value of industry and agriculture 工农业总产值guidance plan 指导性计划2-hour economic zone 两小时经济圈import/export quota 进出口配额in a period of transition 在过渡时期income tax return 所得税申报表income to net worth ratio 净值收益率industrial policy 产业政策industrial redeployment/relocation 产业转移inflation-proof bank savings 保值储蓄investment in fixed assets 固定资产投资investment portfolio 投资组合invisible trade 无形贸易ironclad job protection 铁饭碗knowledge economy 知识经济letters patent/certificate of patent 专利证书low-profit era 微利时代macro-economic control 宏观调控maintenance of value 保值majority shareholding 占有多数股权managerial decision-making process 管理决策程序managerial know-how 管理专门知识mandatory plan 指令性计划margins desired 期望的毛利market demand price 市场需求价格marketing channel 销售渠道，市场渠道market regulation 市场调节market value method 市价法medium-sized enterprise 中型企业merchandise inventory 商品库存mild inflation 温和通货膨胀negative growth 负增长non-core business 非主营业务non-performing loan 不良贷款outbound/overseas investment 海外投资petrol chemistry 石油化工property right market 产权市场public financing rate 财政purchasing power parity 购买力平价法qualitative analysis 定性分析quality guarantee 质量保证quantitative analysis 定量分析rate of return on equity 股本收益率risk investment/ venture capital 风险投资seller’s market 卖方市场social benefits/returns 社会效益start-up company 新兴企业state revenue 财政收入sub-prime crisis 次贷危机tax reduction and exemption 减免税收the globalization of capital 资本的全球化the Great Depression 经济大萧条The Internet of Things 物联网the law of demand/supply 需求/供应定律the linkage system between the US dollar and the HK dollar 港币的联系汇率制the primary/secondary/tertiary industry (the service sector) 第一/第二/第三产业the real economy 实体经济the sub-prime mortgage market 房产次贷抵押市场tighten the money supply 紧缩银根total volume of retail sales of consumer goods 社会消费品零售总额total volume of retail sales 社会商品零售总额trade barrier 贸易障碍trademark registration 商标注册Lower export demand and reduced foreign direct investment are more likely to hit urban jobs harder.出口需求下降和外国直接投资的减少，更有可能使城市就业形势更为严峻。

Economics focusMcCurrenciesMay 25th 2006From The Economist print editionHappy 20th birthday to our Big Mac indexWHEN our economics editor invented the Big Mac index in 1986 as a light-hearted introduction to exchange-rate theory, little did she think that 20 years later she would still be munching her way, a little less sylph-like, around the world. As burgernomics enters its third decade, the Big Mac index is widely used and abused around the globe. It is time to take stock of what burgers do and do not tell you about exchange rates.The Economist's Big Mac index is based on one of the oldest concepts in international economics: the theory of purchasing-power parity (PPP), which argues that in the long run, exchange rates should move towards levels that would equalise the prices of an identical basket of goods and services in any two countries. Our “basket” is a McDonald's Big Mac, produced in around 120 countries. The Big Mac PPP is the exchange rate that would leave burgers costing the same in America as elsewhere. Thus a Big Mac in China costs 10.5 yuan, against an average price in four American cities of $3.10 (see the first column of the table). To make the two prices equal would require an exchange rate of 3.39 yuan to the dollar, compared with a market rate of 8.03. In other words, the yuan is 58% “undervalued” against the dollar. To put it another way, converted into dollars at market rates the Chinese burger is the cheapest in the table.In contrast, using the same method, the euro and sterling are overvalued against the dollar, by 22% and 18% respectively; the Swiss and Swedish currencies are even more overvalued. On the other hand, despite its recent climb, the yen appears to be 28% undervalued, with a PPP of only ¥81 to the dollar. Note that all emerging-market currencies also look too cheap.The index was never intended to be a precise predictor of currency movements, simply a take-away guide to whether currencies are at their “correct” long-run level. Curiously, however, burgernomics has an impressive record in predicting exchange rates: currencies that show up as overvalued often tend to weaken in later years. But you must always remember the Big Mac's limitations. Burgers cannot sensibly be traded across borders and prices are distorted by differences in taxes and the cost of non-tradable inputs, such as rents.Despite our frequent health warnings, some American politicians are fond of citing the Big Mac index rather too freely when it suits their cause—most notably in their demands for a big appreciation of the Chinese currency in order to reduce America's huge trade deficit. But the cheapness of a Big Mac in China does not really prove that the yuan is being held far below its fair-market value. Purchasing-power parity is a long-run concept. It signals where exchange rates are eventually heading, but it says little about today's market-equilibrium exchange rate that would make the prices of tradable goods equal. A burger is a product of both traded and non-traded inputs.An idea to relishIt is quite natural for average prices to be lower in poorer countries than in developedones. Although the prices of tradable things should be similar, non-tradable services will be cheaper because of lower wages. PPPs are therefore a more reliable way to convertGDP per head into dollars than market exchange rates, because cheaper prices mean that money goes further. This is also why every poor country has an implied PPP exchange rate that is higher than today's market rate, making them all appear undervalued. Both theory and practice show that as countries get richer and their productivity rises, their real exchange rates appreciate. But this does not mean that a currency needs to rise massively today. Jonathan Anderson, chief economist at UBS in Hong Kong, reckons that the yuan is now only 10-15% below its fair-market value. Even over the long run, adjustment towards PPP need not come from a shift in exchange rates; relative prices can change instead. For example, since 1995, when the yen was overvalued by 100% according to the Big Mac index, the local price of Japanese burgers has dropped by one-third. In the same period, American burgers have become one-third dearer. Similarly, the yuan's future real appreciation could come through faster inflation in China than in the United States.The Big Mac index is most useful for assessing the exchange rates of countries withsimilar incomes per head. Thus, among emerging markets, the yuan does indeed look undervalued, while the currencies of Brazil, Turkey, Hungary and the Czech Republic look overvalued. Economists would be unwise to exclude Big Macs from their diet, but Super Size servings would equally be a mistakeBig Mac indexJan 12th 2006From The Economist print editionThe Economist's Big Mac index is based on the theory of purchasing-power parity, under whichexchange rates should adjust to equalise the cost of a basket of goods and services, wherever it is bought around the world. Our basket is the Big Mac. The cheapest burger in our chart is in China, where it costs $1.30, compared with an average American price of $3.15. This implies that the yuan is 59% undervalued.The Big Mac IndexFood for thoughtMay 27th 2004From The Economist print editionThe world economy looks very different once countries' output is adjusted for differences in pricesHOW fast is the world economy growing? How important is China as an engine of growth? How much richer is the average person in America than in China? The answers to these huge questions depend crucially on how you convert the value of output in different countries into a common currency. Converting national GDPs into dollars at market exchange rates is misleading. Prices tend to be lower in poor economies, so a dollar of spending in China, say, is worth a lot more than a dollar in America. A better method is to use purchasing-power parities (PPP), which take account of price differences.The theory of purchasing-power parity says that in the long run exchange rates should move towards rates that would equalise the prices of an identical basket of goods and services in any two countries. This is the thinking behind The Economist's Big Mac index. Invented in 1986 as a light-hearted guide to whether currencies are at their “correct” level, our “basket” is a McDonalds' Big Mac, which is produced locally in almost 120 countries.The Big Mac PPP is the exchange rate that would leave a burger in any country costing the same as in America. The first column of our table converts the local price of a Big Mac into dollars at current exchange rates. The average price of a Big Mac in four American cities is $2.90 (including tax). The cheapest shown in the table is in the Philippines ($1.23), the most expensive in Switzerland ($4.90). In other words, the Philippine peso is the world's most undervalued currency, the Swiss franc its most overvalued.The second column calculates Big Mac PPPs by dividing the local currency price by the American price. For instance, in Japan a Big Mac costs ¥262. Dividing this by the American price of $2.90 produces a dollar PPP against the yen of ¥90, compared with its current rate of ¥113, suggesting that the yen is 20% undervalued. In contrast, the euro (based on a weighted average of Big Mac prices in the euro area) is 13% overvalued. But perhaps the most interesting finding is that all emerging-market currencies are undervalued against the dollar. The Chinese yuan, on which much ink has been spilled in recent months, looks 57% too cheap.The Big Mac index was never intended as a precise forecasting tool. Burgers are not traded across borders as the PPP theory demands; prices are distorted by differences in the cost of non-tradable goods and services, such as rents.Yet these very failings make the Big Mac index useful, since looked at another way it can help to measure countries' differing costs of living. That a Big Mac is cheap in China does not in fact prove that the yuan is being held massively below its fair value, as many American politicians claim. It is quite natural for average prices to be lower in poorer countries and therefore for their currencies to appear cheap.The prices of traded goods will tend to be similar to those in developed economies. But the prices of non-tradable products, such as housing and labour-intensive services, are generally much lower. A hair-cut is, for instance, much cheaper in Beijing than in New York.One big implication of lower prices is that converting a poor country's GDP into dollars at market exchange rates will significantly understate the true size of its economy and its living standards. If China's GDP is converted into dollars using the Big Mac PPP, it is almost two-and-a-half-times bigger than if converted at the market exchange rate. Meatier and more sophisticated estimates of PPP, such as those used by the IMF, suggest that the required adjustment is even bigger.Weight watchersThe global economic picture thus looks hugely different when examined through a PPP lens. Take the pace of global growth. Anyone wanting to calculate this needs to bundle together countries' growth rates, with each one weighted according to its share of world GDP. Using weights based on market exchange rates, the world has grown by an annual average of only 1.9% over the past three years. Using PPP, as the IMF does, global growth jumps to a far more robust 3.1% a year.The main reason for this difference is that using PPP conversion factors almost doubles the weight of the emerging economies, which have been growing much faster. Measured at market exchange rates, emerging economies account for less than a quarter of global output. But measured using PPP they account for almost half.Small wonder, then, that global economic rankings are dramatically transformed when they are done on a PPP basis rather than market exchange rates. America remains number one, but China leaps from seventh place to second, accounting for 13% of world output. India jumps into fourth place ahead of Germany, and both Brazil and Russia are bigger than Canada. Similarly, market exchange rates also exaggerate inequality. Using market rates, the average American is 33 times richer than the average Chinese; on a PPP basis, he is “only” seven times richer.The way in which economies are measured also has a huge impact on which country has contributed most to global growth in recent years. Using GDP converted at market rates China has accounted for only 7% of the total increase in the dollar value of global GDP over the past three years, compared with America's 25%. But on PPP figures, China has accounted for almost one-third of global real GDP growth and America only 13%.This helps to explain why commodity prices in general and oil prices in particular have been surging, even though growth has been relatively subdued in the rich world since 2000. Emerging economies are not only growing much faster than rich economies and are more intensive in their use of raw materials and energy, but they also account for a bigger chunk of global output if measured correctly. As Charles Dumas, an economist at Lombard Street Research, neatly puts it, even if a Chinese loaf is a quarter of the cost of a loaf in America, it uses the same amount of flour.All measures of PPP are admittedly imperfect. But most economists agree that they give a more accurate measure of the relative size of economies than market exchange rates—and a better understanding of some of the dramatic movements in world markets. The humble burger should be part of every economist's diet.The Economist's Big Mac indexFast food and strong currenciesJun 9th 2005From The Economist print editionHow much burger do you get for your euro, yuan or Swiss franc?Italians like their coffee strong and their currencies weak. That, at least, is the conclusion one can draw from their latest round of grumbles about Europe's single currency. But are the Italians right to moan? Is the euro overvalued?Our annual Big Mac index (see table) suggests they have a case: the euro is overvalued by 17% against the dollar. How come? The euro is worth about $1.22 on the foreign-exchange markets. A Big Mac costs €2.92, on average, in the euro zone and $3.06 in the United States. The rate needed to equalise the burger's price in the two regions is just $1.05. To patrons of McDonald's, at least, the single currency is overpriced.The Big Mac index, which we have compiled since 1986, is based on the notion that a currency's price should reflect its purchasing power. According to the late, great economist Rudiger Dornbusch, this idea can be traced back to the Salamanca school in 16th-century Spain. Since then, he wrote, the doctrine of purchasing-power parity (PPP) has been variously seen as a “truism, an empirical regularity or a grossly misleading simplification.”Economists lost some faith in PPP as a guide to exchange rates in the 1970s, after the world's currencies abandoned their anchors to the dollar. By the end of the decade, exchange rates seemed to be drifting without chart or compass. Later studies showed that a currency's purchasing power does assert itself over the long run. But it might take three to five years for a misaligned exchange rate to move even halfway back into line. Our index shows that burger prices can certainly fall out of line with each other. If he could keep the burgers fresh, an ingenious arbitrageur could buy Big Macs for the equivalent of $1.27 in China, whose yuan is the most undervalued currency in our table, and sell them for $5.05 in Switzerland, whose franc is the most overvalued currency. The impracticality of such a trade highlights some of the flaws in the PPP idea. Trade barriers, transport costs and differences in taxes drive a wedge between prices in different countries.More important, the $5.05 charged for a Swiss Big Mac helps to pay for the retail space in which it is served, and for the labour that serves it. Neither of these two crucial ingredients can be easily traded across borders. David Parsley, of Vanderbilt University, and Shang-Jin Wei, of the International Monetary Fund, estimate that non-traded inputs, such as labour, rent and electricity, account for between 55% and 64% of the price of a Big Mac.The two economists disassemble the Big Mac into its separate ingredients. They find that the parts of the burger that are traded internationally converge towards purchasing-power parity quite quickly. Any disparity in onion prices will be halved in less than nine months, for example. But the non-traded bits converge much more slowly: a wage gap between countries has a “half-life” of almost 29 months.Seen in this light, our index provides little comfort to Italian critics of the single currency. If the euro buys less burger than it should, perhaps inflexible wages, not a strong currency, are to blame.The Hamburger Standard (based on Dec 16, 2004 BigMac Prices)BigMac PriceCountryin Local Currencyin USdollarsActualExchange Rate1 USD =Over(+) / Under(-)Valuation againstthe dollar, %PurchasingPower PriceUnited States $3.00 3.00 1.00 - - Argentina Peso4.75 1.6278 2.918 -45.8533 1.58 Australia A$3.20 2.4521 1.305 -18.0077 1.07Brazil Real5.45 2.3681 2.3014 -20.9177 1.82Britain £1.99 3.5811 1.7995‡ 18.7691 0.66 Canada C$3.20 2.7346 1.1702 -8.5626 1.07China Yuan10.50 1.2962 8.1008 -56.7944 3.50Euro area €2.80 3.3952 0.8247 12.7683 0.93Hong Kong HK$12.00 1.546 7.7621 -48.4676 4.00 Hungary Forint523 2.572 203.34 -14.429 174.33 Indonesia Rupiah14,545 1.424 10214 -52.5357 4,848.33 Japan ¥260 2.3229 111.93 -22.5409 86.70 Malaysia M$5.10 1.3468 3.7867 -55.106 1.70 Mexico Peso24.0 2.2155 10.833 -26.1516 8.00New Zealand NZ$4.50 3.1427 1.4319 4.7559 1.50 Poland Zloty6.40 1.9964 3.2058 -33.5579 2.13 Russia Rouble41.501.4617 28.391 -51.2874 13.83 Singapore s$3.602.1378 1.684 -28.7411 1.20South Africa Rand14.05 2.185 6.4302 -27.2184 4.68South Korea Won2,500 2.4117 1036.6 -19.6411 833 Sweden Skr30.0 3.8941 7.704 29.8027 10 Switzerland SFr6.23 4.8638 1.2809 62.3858 2.08 Taiwan NT$75.25 2.2733 33.1015 -24.233 25.08 Thailand Baht60.0 1.4593 41.115 -51.356 20.00‡ Dollars per poundPurchasing Power Parity (PPP): is a measure of the relative purchasing power ofdifferent currencies. It is measured by the price of the same goods in different countries, translated by the exchange rate of that country's currency against a "base currency".How to read this table:In this case, the goods is the Big Mac. The first column of the table shows local-currency prices of a Big Mac. The second converts the prices into dollars using exchange rates(third column): The cheapest Big Macs is now in China, where it costs $1.30. At the other extreme, Big Mac fans in Switzerland have to pay $4.86.Given that Americans in four cities pay an average of $3.00, the yuan looks massively undervalued, the Swiss franc massively overvalued. The Over/Under valuation againstthe dollar (fourth column) is calculated as:(PPP - Exchange Rate)---------------------------------- x 100Exchange RateThe fifth column calculates Big Mac PPPs. For example, dividing the Japanese price (¥260) by the American price ($3.00) gives a dollar PPP of ¥86.70. On December 16th 2004, the exchange rate was ¥111.93, implying that the yen is 22.5% undervalued against the dollar.If the actual exchange rate is lower, then the BigMac theory says that you should expect the value of the Yen to go up until it reaches the PPP exchange rate. If the actual exchange rate is higher, then the BigMac theory says that you should expect the value of the Yen to go down until it reaches the PPP exchange rate.。

英语economic是什么意思英语economic是什么意思单词economic的用法是相对简单的，不过还是有必要知道它具体所指的意思。

一起来看看店铺为大家整理收集了英文单词economic包含的中文意思吧，欢迎大家阅读!economic的意思英 [ˌi:kəˈnɒmɪk] 美 [ˌi:kəˈnɑ:mɪk]基本解释形容词经济的; 经济学的; 合算的; 有经济效益的相关例句形容词1. She let her house at an economic rent.她以合算的方式把房子租出去。

2. They bought an old house for economic reasons.出于经济上的原因他们买了一所旧房子。

economic的单语例句1. Ye Dong graduated from the University of International Business and Economics where he majored in economic cooperation and received a bachelor's degree in economics.2. The yearbook evaluated 58 key countries on economic and corruption indicators, government and business efficiency along with infrastructure and exports.3. We are in the business of growing the pie through efficiency improvement and that is what economic growth is all about.4. Yet China still pins a great deal of its hope to economic growth to further its development across the board.5. As the holiday season approaches, new economic indicators show a business activity firming up and risingconsumer confidence and spending.6. Other economic indicators such as electricity consumption and shipping rates are also climbing, reflecting stronger business activity.7. The Jiayu Company retorted that New Japan International had conducted contract fraud, resulting in great economic losses once the company had its business licence revoked.8. One of the key factors in the early stages of China's economic transformation was recognition of the importance of business management education.9. Its ongoing development means the paper industry will act as an economic stimulant for local economies.10. Ports'business operations on the mainland have been growing steadily, thanks to the blistering economic development there.economic的`词典解释1. 经济的;经济上的Economic means concerned with the organization of the money, industry, and trade of a country, region, or society.e.g. ...Poland's radical economic reforms...波兰彻底的经济改革e.g. The pace of economic growth is picking up.经济增长的步伐正在加快。

UNIT 2 Economist1.Every field of study has its own language and its own way of thinking. Mathematicians talk about axioms, integrals, and vector spaces. Psychologists talk about ego, id, and cognitive dissonance. Lawyers talk about venue, torts, and promissory estoppel.每个研究领域都有它自己的语言和思考方式。

数学家谈论定理、积分以及向量空间。

心理学家谈论自我、本能、以及认知的不一致性。

律师谈论犯罪地点、侵权行为以及约定的禁止翻供。

2.Economics is no different. Supply, demand, elasticity, comparative advantage, consumer surplus, deadweight loss—these terms are part of the economist’s language. In the co ming chapters, you will encounter many new terms and some familiar words that economists use in specialized ways. At first, this new language may seem needlessly arcane. But, as you will see, its value lies in its ability to provide you a new and useful way of thinking about the world in which you live.经济学家也一样。

双语对照- 世界经济：三分天下世界经济：三分天下THIS year has turned out to be a surprisingly good one for the world economy. Global output has probably risen by close to 5%, well above its trend rate and a lot faster than forecasters were expecting 12 months ago. Most of the dangers that frightened financial markets during the year have failed to materialise. China’s economy has not suffered a hard landing. America’s mid-year slowdown did not become a double-dip recession. Granted, the troubles of the euro area’s peripheral economies have proved all too real. Yet the euro zone as a whole has grown at a decent rate for an ageing continent, thanks to oomph from Germany, the fastest-growing big rich economy in 2010.今年对于世界总体经济来说是一个出乎意料的好年份。

全球总产值提高了大概5%，增幅远超过去年，增速也远比去年所预测的快。

大多数会危及金融市场的事件都在年内尘埃落定。

中国经济的着陆并不困难。

美国年中的经济增速变缓也没有迎来二次衰退。

现代经济的英语句子Macroeconomics is a sub-field of economics that examines the behavior of the economy as a whole, once all of the individual economic decisions of panies and industries have been summed. Economy-wide phenomena considered by macroeconomics include Gross Domestic Product (GDP) and how it is affected by changes in unemployment, national ine, rate of growth, and price levels. In contrast, microeconomics is the study of the economic behaviour and decision-making of individual consumers, firms, and industries. Macroeconomics can be used to analyze how to influence government policy goals such as economic growth, price stability, full employment and the attainment of a sustainable balance of payments. Macroeconomics is sometimes used to refer to a general approach to economic reasoning, which includes long term strategies and rational expectations in aggregate behavior. Until the 1930s most economic analysis did not separate out individual economics behavior from aggregate behavior. With the Great Depression of the 1930s, suffered throughout the developed world at the time, and the development of the concept of national ine and product statistics, the field of macroeconomicsbegan to expand. Particularly influential were the ideas of John Maynard Keynes, who formulated theories to try to explain the Great Depression. Before that time, prehensive national aounts, as we know them today, did not exist . One of the challenges of economics has been a struggle to reconcile macroeconomic and microeconomic models. Starting in the 1950s, macroeconomists developed micro-based models of macroeconomic behavior (such as the consumption function). Dutch economist Jan Tinbergen developed thefirst prehensive national macroeconomic model, which hefirst built for the Netherlands and later applied to the United States and the United Kingdom after World War II. The first global macroeconomic model, Wharton Econometric Forecasting Associates LINK project, was initiated by Lawrence Klein and was mentioned in his citation for the Nobel Memorial Prize in Economics in 1980. Theorists such as Robert Lucas Jr suggested (in the 1970s) that at least some traditional Keynesian (after British economist John Maynard Keynes) macroeconomic models were questionable as they were not derived from assumptions about individual behavior, although it was not clear whether the failures were in microeconomic assumptions or in macroeconomicmodels. However, New Keynesian macroeconomics has generally presented microeconomic models to shore up their macroeconomic theorizing, and some Keynesians have contested the idea that microeconomic foundations are essential, if the model is analytically useful. An analogy might be that the fact that quantum phisics is not fully consistent with relativity theory doesn?t mean that realtivity is false. Many important microeconomic assumptions have never been proved, and some have proved wrong. The various schools of thought are not always in direct petition with one another - even though they sometimes reach differing conclusions. Macroeconomics is an ever evolving area of research. The goal of economic research is not to be "right," but rather to be aurate. It is likely that none of the current schools of economic thought perfectly capture the workings of the economy. They do, however, each contribute a small piece of the overall puzzle. As one learns more about each school of thought, it is possible to bine aspects of each in order to reach an informed synthesis. The traditional distinction is between two different approaches to economics: Keynesian economics, focusing on demand; and supply-side (or neo-classical)economics, focusing on supply. Neither view is typically endorsed to the plete exclusion of the other, but most schools do tend clearly to emphasize one or the other as a theoretical foundation. ? Keynesian economics focuses on aggregate demand to explain levels of unemployment and the business cycle. That is, business cycle fluctuations should be reduced through fiscal policy (the government spends more or less depending on the situation) and moary policy. Early Keynesian macroeconomics was "activist," calling for regular use of policy to stabilize the capitalist economy, while some Keynesians called for the use of inespolicies. ? Supply-side economics delineates quite clearly the roles of moary policy and fiscal policy. The focus for moary policy should be purely on the price of money as determined by。

对经济的理解英语作文The modern world is driven by the intricate mechanisms of economics, a vast and ever-evolving field that shapes our daily lives in profound ways. At its core, economics is the study of how individuals, businesses, governments, and societies allocate and utilize scarce resources to satisfy their insatiable wants and needs. It is a discipline that delves into the complexities of production, consumption, distribution, and the exchange of goods and services.To truly comprehend the essence of economics, one must first grasp the fundamental principles that govern its inner workings. The concept of scarcity lies at the heart of economic thought, as resources, whether natural, human, or capital, are inherently limited. This constraint necessitates the efficient allocation of these resources to achieve maximum utility and satisfaction. The interplay between supply and demand is another pivotal concept that governs market dynamics. When supply outstrips demand, prices tend to decrease, while scarcity drives prices upward, reflecting the intricate balance between consumer preferences and available goods or services.Economics is not merely a theoretical domain; it permeates every facet of our lives, from the choices we make as individuals to thepolicies implemented by nations. At the microeconomic level, individuals and households make decisions about employment, spending, saving, and investing, all of which contribute to the overall health of the economy. Businesses, on the other hand, navigate the complexities of pricing, production, marketing, and resource allocation to maximize profits and remain competitive in an ever-changing market landscape.Macroeconomics, the study of the behavior of the economy as a whole, encompasses a broad range of factors, including employment rates, inflation, interest rates, GDP growth, and international trade. Governments play a crucial role in shaping macroeconomic policies, utilizing fiscal and monetary measures to promote economic stability, stimulate growth, and address issues such as unemployment, income inequality, and market failures. The globalization of markets and the interconnectedness of economies have added another layer of complexity, as events in one part of the world can have far-reaching ripple effects on economies worldwide.Yet, economics is not solely confined to the realm of numbers and statistics. It is also a discipline that delves into human behavior, psychology, and decision-making processes. Behavioral economics, a relatively new field, explores the cognitive biases, emotional influences, and irrational tendencies that shape economic choices. By understanding these underlying factors, economists can betterpredict and explain real-world economic phenomena, leading to more effective policies and strategies.Moreover, economics plays a pivotal role in addressing some of the most pressing global challenges of our time. Environmental economics explores the intricate relationship between economic activity and the natural environment, seeking to balance economic growth with environmental sustainability. Development economics focuses on the unique challenges faced by developing nations, aiming to alleviate poverty, promote inclusive growth, and foster economic empowerment.In conclusion, the understanding of economics is vital for navigating the complexities of the modern world. It provides a framework for analyzing and solving economic issues, from individual financial decisions to global economic policies. As the world continues to evolve, so too must our understanding of economics, adapting to new challenges and embracing interdisciplinary approaches that account for the multifaceted nature of human behavior and societal dynamics. Ultimately, a deep comprehension of economics empowers us to make informed decisions, shape policies that promote prosperity, and strive towards a more equitable and sustainable global economy.。

祝大家英语学习进步！经济预测师们普遍预计，2010年将是经济温和增长的一年，增幅约为3%，大大好于此前两年。

The consensus of economic forecasters expects 2010 to be a year of modest e conomic growth -- almost 3% -- much better than the previous two years.但是，这还没有好到将失业率降到衰退前的水平。

而失业率一直是经济面临的最大持续性威胁。

But that's not good enough to bring unemployment -- the greatest continuing t hreat to the economy -- close to pre-recession levels.普遍预期在某些方面几乎总是有错误的；问题在于，经济会在哪些方面让我们出乎意料。

这在很大程度上取决于雇主将会招聘多少人。

The consensus is almost always wrong in some respect; the question is in whi ch respects the economy will surprise us. A lot rides on how much hiring em ployers do.以下是其它三大变数。

Here are three of the other big variables.企业投资即将反弹。

会吗？Business investment is primed to rebound. Will it?经济衰退对消费者支出的打击引来了企业更严重的下滑。

The pullback from consumers spooked by an economic downturn spurred an ev en sharper withdrawal by businesses.经济衰退期间的资本支出降幅超过了大萧条以来的任何时期。

人民币升值研究外文翻译文献(含：英文原文及中文译文)文献出处：Y ang W, Lam K C J. An ethical analysis of economic issues related to the appreciation of Renminbi[J]. Asian Journal of Business Ethics, 2012, 1(1):79-87.英文原文An ethical analysis of economic issues related to the appreciation ofRenminbiY ang W, Lam K C JAbstractSince the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Because of the balance of payments surplus, China has accumulated a large amount of foreign exchange reserves, and there is much pressure on the Renminbi (RMB) to appreciate. The appreciation of RMB has raised a series of intertwining economic and ethical concerns in China. This paper is an inter-disciplinary study to illustrate the inter-relationship between economics and ethics. We analyze the major economic factors affecting the trend of exchange rate of RMB and the effects of its appreciation. We then discuss the ethical implications of the appreciation and conclude with some policy suggestions to address the economic and the ethical concerns.Keywords: Economic ethics, Renminbi, Exchange rate, Appreciation IntroductionIntroductionIn an open economy, the effect of exchange rate on external trade and other economic institutions has drawn much attention among scholars in China and other countries alike. According to macroeconomic theory, given some standard assumptions, changes in exchange rate will affect the price of domestic goods relative to the price of foreign goods, and thus, the pattern of expenditures will be affected. In general, a depreciation of the domestic currency can stimulate exports while discouraging imports. If the demand for imports and exports are price elastic, there will be an improvement in the balance of trade. In China, the depreciation of Renminbi (RMB) in the 1990s resulted in an observable effect on the balance of payments deficit. The relatively cheap exports gave China a competitive advantage, and the balance of payments deficit turned into a surplus within a short time, accompanied by an accumulation of official foreign exchange reserves. In recent years, the accelerated appreciation of RMB has not resulted in a decline in the volume of exports, while USA has not achieved the expected improvement in its balance of payments through the changes in exchange rates. At the same time, the appreciation of RMB has raised a series of economic and ethical concerns. In fact, the ethical issues and theeconomic issues are intertwined as the ethical implications depend on the economic impacts of the appreciation. This paper serves as an inter-disciplinary study to illustrate the inter-relationship between economics and ethics.Since the outbreak of the global financial crisis in 2008, the exchange rate between China and USA has drawn a lot of attention. Western countries have exerted great pressure on China to appreciate the RMB. The most controversial issues involve China – USA relationship. For instance, Americans may think that RMB is under-valued so that the balance of payments surplus in China is gained at the expense of the Americans who experience a massive balance of payments deficit. Similarly, it is sometimes claimed that the Chinese workers in the export sectors gain at the expense of the American workers in the import sectors in USA. On the other hand, some well-known economists in USA, including Ben Bernanke and Joseph Stiglitz, have pointed out that appreciation of RMB will not effectively lower the balance of payments deficit in USA since the reduction in imports from China will be replaced by imports from other low-cost countries like Vietnam and Pakistan. The key is to increase the saving rate in USA which is much lower than that in many Asian countries. On the other hand, the current account surplus of China reflects its high national saving rate (Fan 2011). Other than the distributional issue between China and USA, another ethical issue isrelated to the sovereignty or right of a country to manage its own exchange rate based on the benefit of its citizens. These international issues are very complicated, and there is no universally accepted principle for the distribution of benefits and costs across different nations; even if there were, the distributional effects across nations would be very difficult to measure. Therefore, our study will focus on the economic and ethical issues related to the appreciation of RMB within the boundary of the Chinese economy, including the medium and long run effects.Major factors affecting the trend of exchange rate of RMBWe expect an upward trend of RMB exchange rate in general, but the magnitude is difficult to predict. There are several factors that may affect the situation. First, the sustained growth of the economy provides a strong support for the appreciation of RMB. Though the target growth rate of GDP in the 12th 5-year plan has been reduced, it is still at a high level of 7%. With an expectation of high growth, foreign investment in the economy will continue to be strong, providing a solid support for RMB.Second, if the balance of payment surplus continues to grow, there will be greater pressure for RMB to appreciate. In year 2010, China’s current account surplus is 206.2 billion US dollar (USD), representing a growth of 25%, and the growth in foreign reserve assets is about 18%. This heightens the expectation of appreciation.Third, some international factors may affect the trend. It is expected that the growth of the US economy will reach 3%. Its contribution to the growth of the world economy will be bigger than that in year 2010. Comparatively speaking, the growth of the European economy is not optimistic. In the first half of 2010, to repay their debts, Europe’s banking industry borrowed an amount of 400 billion Euros. At the same time, European governments also needed 500 billion Euros to pay for their fiscal deficits, plus several hundreds more as collaterals when their bonds will reach maturity. It is possible that the European financial market will have the second round of debt crisis. To maintain financial sustainability, European governments have to reduce their public expenditures. Since unemployment rate is very high, the internal engine for growth is weak. Therefore, the US dollar will perform better than the Euro as an international currency. It is unlikely that devaluation of the US exchange rate will continue for long, there is even a possibility of a reverse trend. Another international factor is that the conflicts over currency exchange rates will affect the RMB exchange rate. Driven by the growth of Asian economies other than Japan, the share of Asian economies (other than Japan) has risen from 16.8% in year 2000 to 25% in year 2010 and is expected to rise to 30% in year 2015. On the other hand, the share of USA has dropped from 23.6% to 20.2% within the same period and will drop further to 18.4% in year 2015. A large amount of US dollargenerated from the quantitative easing policy of USA has flowed into the emerging economies in search of a higher rate of return. Faced with considerable pressure of appreciation caused by the huge inflow of hot money, Asian governments may have to intervene in the market to maintain the stability of economic growth of their countries. This has resulted in the international conflicts over exchange. Capital control and trade restrictions will be considered necessary to protect the national economy.The fourth factor is the inflation in major world economies, and the differential interest rates among different countries. Even though the US economy may start to recover in year 2011, there are still many obstacles. The Federal Reserve of USA will maintain an easy monetary policy to stimulate its economy. At the same time, the single monetary policy target in European countries is price stability which has constrained inflation rate to 2%, and they are not likely to carry out easy monetary policies. However, when they have to tighten fiscal policies in order to solve their debt crisis, the European Central Bank will have to use monetary policies to maintain a low interest rate. On the other hand, the current nominal interest rate in China is 3.1%, which is attractive to international hot money. Given inflationary expectation, the current interest rate is not high enough to curb inflation, which will continue to rise in the medium term. As China tightens its monetary policy, the interest rate will rise. It isexpected that the interest rate differentials between China and the European and USA economies will widen, thus attracting an inflow of capital which puts pressure on the RMB exchange rate.Fifth, internationalization of RMB may affect the exchange rate. One lesson of the global financial crisis is that an international currency system which is based heavily on US dollar is volatile and risky. China is holding a huge amount of foreign exchange reserves, amounting to about USD 2.65 trillion. A large proportion of it is in US dollar assets. According to the estimation of the US Treasury, up to October 2010, the value of US Treasury Bonds held by China amounts to USD 906.8 billion, which represents 35% of the total foreign exchange reserves. Therefore, China is most affected by the depreciation of US dollar and has the incentive to move towards internationalization of RMB. Since July 2009, the use of RMB for the settlement of trade has increased. Recently the volume of daily transaction in the foreign exchange market amounts to about USD 400 million. Even though the scale is relatively small compared with the use of US dollar, Euro, or Japanese Y en, it indicates the emerging role played by RMB in the global foreign exchange market and the determination of the Chinese government to promote the internationalization of RMB.Sixth, the price of oil is an important factor that could slow down the appreciation of RMB. The international price of oil has jumped fromUSD 100 per barrel in early 2008 to USD 140. The increase in oil price has an adverse effect on the balance of payments of China which imports around 50% of its oil. This factor will partially offset the other factors which are favorable to the appreciation of RMB. Based on the above analyses and the current economic environment, we expect that an appreciation of RMB would be the major trend in the near future, though the magnitude is uncertain. With this background, we will discuss the effect of appreciation of RMB on China.Effects of appreciation of RMB on ChinaAn appreciation of RMB would have an impact on the economy and the society as a whole. It will directly affect the export sector, with a negative effect on the volume of export, employment, and also profit. The effects will spread, affecting various sectors and social groups in different directions to a different extent, resulting in redistribution effects. Therefore, the appreciation of RMB is not just an economic problem, but also involves ethical issues. We will analyze the effects of appreciation of RMB in China on six main areas: foreign reserve, import/export sector, employment, inflation, standard of living, and income distribution Effect on official foreign exchange reservesTheoretically, when RMB appreciates, the value of foreign exchange reserves in terms of the domestic currency will depreciate accordingly. AsUS dollar assets represent a major share of the official reserves, the loss due to a big depreciation of US dollar can be considerable. The government should plan ahead to minimize the loss due to the appreciation of RMB against the US dollar. Since China has a huge amount of foreign exchange reserves, even if the loss in value is just 1%, it amounts to around USD 5 billion, which is equivalent to about 40 billion RMB. It represents a massive opportunity cost for China as these funds can be used to support education1 and improve health care of the poor. The loss in value of foreign exchange reserve due to the appreciation of RMB is of direct concern to the central monetary authority of China. The Peoples’ Bank of China and the State Administration of Foreign Exchange would find it unacceptable to let this go on without control. The actions they may take draw much attention from both inside and outside of China, and the level of foreign exchange reserves and their structural changes have become signals for possible changes in the exchange rate of RMB.Effect on import and export sectorsThe appreciation of RMB will increase the international price of China’s export, thus reducing its competitiveness. If the price of export is to be kept low, profit will have to be reduced. This will affect many export industries which are mainly labor intensive. The lower profit and even bankruptcy will cause companies to reduce production andemployment, resulting in an increase in unemployment of low skilled workers. On the other hand, the volume of import is expected to increase since imported consumer products and raw materials will be cheaper in China. The overall effect on the balance of payments depends on the elasticity’s of demand for import and export. It will deteriorate only if the sum of the elasticity’s is greater than one (Marshall– Learner condition). Otherwise, the balance of payments will actually increase upon the appreciation of RMB (Wang 2010). Currently, the majority of the export-oriented industries is labor intensive, and US dollars are used for payments. With an appreciation of RMB, the profit of these industries will decrease. Unlike capital and skill intensive industries which can absorb the loss in cost advantage by other advantages, the value added for labor-intensive industries is relatively low. So their competitiveness is much affected by the loss in cost advantage.However, some economists think that the effect of the appreciation of RMB on export industries may not be very serious. It is estimated that for a 10% appreciation, the burden on the exporters in China and consumers in foreign countries, respectively, is about 5%. A similar empirical study also finds that the price elasticity of export is around −0.6. Based on these estimates, if the effective exchange rate of RMB (which is linked to a basket of currencies) appreciates by 5–6%, the profit of export sector will at most go down by 1.5–1.8%, even assuming that theindustries do not respond by raising productivity. Besides, the structure of export in China is such that more than 55% are export processing. When the prices of exports are raised because of RMB appreciation, the costs of imported materials are lowered at the same time. Therefore, the sensitivity of this sector to an appreciation of the exchange rate is lower than other export industries. At any rate, a restructuring of the export sector to lower cost of production and to increase efficiency can be effective means to reduce the negative effect of the appreciation of exchange rate.Effect on employmentThe Chinese economy is export-oriented. According to the official statistics in year 2009, the proportion of exports and imports to GDP amounts to almost 70%. Export has become one of the most important driving forces for the growth of employment and the economy. In the same year, the value of export alone was USD 593.4 billion; the trading industries employed around 70 million workers. From these numbers, one may conclude that the effect of the appreciation of RMB on reducing export and thus employment could be considerable. In fact, the impact of appreciation on different industries will be different, depending on the extent of import dependence. Moreover, the structure and the nature of products, and profit margins are different across industries and enterprises, and thus, their sensitivities to changes in exchange rate will also vary. Forinstance, we have explained earlier that the sensitivity of the export-processing industries is lower than other export industries.We can classify industries into four types according to the extent and nature of the effect: industries with large adverse effects, industries with little adverse effects, industries with neutral effects, and industries with favorable effects. The first type consists mainly of labor-intensive industries, like textile and clothing, shoe making, toys, motor cars, furniture, lighting, and bicycles, and also agricultural industries and industries with relatively large export dependence. It has been estimated that the affected employment may be more than ten million workers. The effect on agricultural sector is especially notable. In recent years, the major agricultural products for export and import are beans, cotton, corn, and wheat. In year 2009, the total area used for the growing of these four types of agricultural products amounts to 60.85 million acres. This takes up about 40% of total agricultural land, involving an agricultural work force of 100 million. If RMB exchange rate appreciates by 10%, there will be a large decrease in the domestic price of these agricultural products, leading directly to a decrease in demand for these domestically produced products in both the domestic and international market, adversely affecting the employment and income of the agricultural sector. In summary, an appreciation of RMB will exert much pressure on the labor market. The effect is especially great in labor-intensive industries,and the burden will be largely borne by labor in terms of reduced employment opportunities. On the other hand, this may provide an opportunity for an improvement in the structure of employment by a shift towards higher skilled employment.中文译文与人民币升值有关的经济伦理问题Y ang W, Lam K C J摘要自2008年全球金融危机爆发以来,人民币兑美元汇率已引起各方关注。