Transcript Chapter 1 Why China Works*

Advanced Business English
1
Chapter 1 Why China Works？
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Words and Expressions
1. exotic
• eg. There are some exotic words in English
language.
2. intrigue
• eg.
• Perhaps the most intriguing evolution in China's
hybrid markets is in the way leaders are tracking
public opinion. Savvy management of public
opinion may prove crucial as economic conditions
head south.
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3. navigate
• eg.
• （1） navigate a ship to the nearest port
• （2）navigate a bill through Parliament
4. arsenal
• eg.
• In a time of crisis, China's officials can pick from
traditional market tools, like their Western
counterparts, and from the arsenal of China’s market
economic system.
4
5. incentive
• eg. （1）Many companies in Britain are keen on the idea of tax
incentives for R&D.
• （2）Early last year, as the housing market was overheating,
they simply ordered bankers to cut back on housing loans: then
as home sales began to fall, they offered market incentives, like
lower taxes on home purchases.
6. intervention
• eg.（1）armed intervention
• （2）But they've also issued orders that would be seen as
improper "intervention" in the West—for example, calling last
week on state industries, including steel and construction, to
"actively increase" their roles in the economy by buying up new
assets at home and abroad.
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7. bulwark
• eg. （1） Democracy is a bulwark of freedom.
• （2）Once seen as the bad habit of an immature
economy, China's state meddling is now seen as a
bulwark of stability.
8.unleash
• eg. （1） unleash a war
• （2）Unleash all the advantages
• （3）The state still exerts a strong and stabilizing hand,
but it has unleashed a private sector that now controls
at least half the economy, and as much as 70 percent if
you include state-owned companies that are in fact
allowed to operate as private firms.
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9. dismantle
• Eg. In 1995, China began a revolutionary dismantling of
state-run industry, laying off 46 million state workers—
the equivalent of the entire workforce of France and
Italy—over the next six years alone.
10. streamline
• eg. （1） We must streamline our methods.
• （2）In the years following, the streamlining has
continued, sharply raising profitability at state-run
firms (it was up 38 percent between 2004 and 2005,
for example), and the private sector was allowed to
play an increasingly important role in the economy.
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11. security
• eg. To that end, China is boldly moving beyond
stocks into new types of complex securities,
including stock index funds, corporate bonds
and other debt products.
12. lucrative
• eg. But the more lucrative services market is
still run by authorities, who set prices on
mobile-phone calls.
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13. deregulate
• eg. （1）Free-market reforms have moved governments
everywhere to downsize, deregulate, and privatize.
• （2） The slow easing was designed to avoid the 1,000
percent burst of inflation that hit Russia from 1991 to 1992
after Moscow deregulated prices.
14. tenure
eg. He's a tenured professor at an Ivy League university.
15. scrap
• eg.（1）It had been thought that passport controls would
be scrapped.
• （2）That's one reason authorities have tried since August
to revive the stock market by scrapping the stamp tax on
share purchases but in vain.
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16. license
• eg. Beijing has also chosen this moment to issue
new 3G mobile licenses, which will further funnel
money through the state telecoms sector.
17. funnel
• eg. Funnel money from donors to governments.
18. savvy
• eg. But this time, they are adopting more
politically-savvy strategies.
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Special Terms
1.credit crisis：
• A reduction in the general availability of loans (or credit)
or a sudden tightening of the conditions required to
obtain a loan from the banks.
2.financial innovation：
• Generation of new and creative approaches to securities,
money management or investing.
3. overheating：
• An economy that is expanding so rapidly that too much
money is chasing too few goods and economists fear a
rise in inflation.
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4. capital-intensive sector：
• An industry that requires large amounts of capital,
machinery and equipment to produce goods.
5. state-run firm：
• A legal entity created by a government to
undertake commercial activities on its behalf.
6. institutional investor：
• A non-bank entity or organization such as
investment companies and mutual funds that
invests in large quantities.
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7. insider trading：
• The trading of a corporation's stock or other securities
(e.g. bonds or stock options ) by individuals with
potential access to non-public information.
8. stamp tax：
• Tax levied on certain legal transactions such as the
transfer of a property such as building, copyright, land,
patent, and securities.
• 9. stimulus package：
• A plan or a series of measures taken by a government
to ump-start its ailing economy, generally as a part of
its fiscal policy.
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Summary
• China is the only major economy that is likely to
show significant growth this year, because it is the
only one that routinely breaks every rule in the
economic textbook.
• In a time of crisis, China's officials can pick from
traditional market tools, like their Western
counterparts, and from the arsenal of China’s
economic system. Early last year, as the housing
market was overheating, they simply ordered
bankers to cut back on housing loans: then as home
sales began to fall, they offered market incentives,
like lower taxes on home purchases.
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• In fact, the main reason China is not slowing as fast as
the other big five economies is its capacity for macroeconomic control.
• A command-and-control system run by relatively
skilled technocrats allows China to get things done,
quickly. "I'm always struck by the ability of the Chinese
state to move in a coherent manner and to marshal its
people and the resources of the country to a common
target," noted David Murphy, head of CLSA's China
Reality research division, in a recent report on the
country's efforts to bolster growth.
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• The Chinese don't want shock therapy, which
has proven to be all shock, and no therapy,"
says Cheng Li, a senior fellow at the Brookings
Institute.
• The genius of Deng is that when he put China
on the path to a market economy 30 years ago,
he knew the country needed a stable political
system. Whatever our system is, it is suitable
for China."
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• Thirty years ago, there were 963 million
people in China, and 30 percent of them were
hungry. Today, there are 1.3 billion, and 97
percent of them have a full stomach, but the
step up to the middle class is harder.
• China's successful use of command capitalism
also carries, at most, limited lessons for the
United States or Europe. Still, the fact that an
increasingly rich China still works so well is
worth studying, not least because the credit
crisis is provoking a wider questioning of freemarket orthodoxy.
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• "It is worth remembering that China is the
only major nation that is experiencing neither
a credit crisis, nor a crisis of confidence,"
notes Rothman. "Its still safe to say that
nobody worries about the Chinese
government's ability to get things done." As
Wen Jiabao has said, "confidence is worth
more than gold," and the Chinese people still
believe in their system.
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Questions:
• 1. How does the author view the Chinese
economy?
• 2. According to the author, why can the
Chinese economy perform so well?
• 3.What is “shock therapy”?
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Translation
• Turn to Page 15 of the book and translate the
passage into Chinese.
• New Words:
1.Flood 2. decade 3. infrastructure
4. determination 5. quintuple 6. crumble
7. postsecondary 8. millennium 9. Pop
10. prerogative 11. rescue 12. sputter
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Chap 2 A Changed Global Reality
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Words and Expressions
1. granite
• eg.Financial institutions that had seemed as solid
as granite disappeared as if they were no more
substantial than a bunch of flowers in the hands
of an old-style magician.
2. epochal
• eg. Given that the scale of the downturn was so
epochal, it should not be surprising that the
nature of the recovery would likewise be the stuff
of history.
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3. appurtenance
• eg. In the long term, this is nothing but good
news. As billions of poor people become more
prosperous, they will be able to afford the
comforts their counterparts in the rich world
have long considered the normal
appurtenances of life.
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4. wheeze
• eg. The double-dip recession some economists feared
never materialized. In the U.S., which seemed to stall in
the summer, there are early signs that consumers are
spending and banks are lending again, while the stock
market is at its highest point in 21⁄2 years.
• Though Europe is wheezing under cascading
sovereign-debt crises, it has so far avoided the worstcase scenarios— a collapse of the euro, a debt crisis
that spills from small economies such as Greece and
Ireland to much bigger ones like Italy and Spain, and
bitter social unrest in those nations that are having to
massage wages down while cutting public budgets.
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5. proclaim
• eg. While 2010 was the "Year of Doubt," 2011,
they proclaim, will be the "Year of Recovery."
6. dodge
• eg.The rebound in the U.S., Walker says, is a
mirage created by excessive stimulus. He expects
the U.S. to slip into the double dip it dodged in
2010. Even the less bearish worry that the global
economy is far from healed.
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7. distortion
• eg.Stephen Roach , an economist at Yale
University, believes that the world economy is
still digging itself out of the debt and
distortions built up during the last boom. "It's
a really slow postcrisis workout," Roach says.
"I'm not prepared to give the global economy
the green light."
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8. retrenchment
• austerity
• Feeble
• trajectory
• eg.In the U.S., the miserable condition of state and local
governments‘ budgets is likewise leading to a job-killing
retrenchment. Europe’s imposition of austerity has led
to heightened political conflict. Ballooning debts and
feeble growth prospects for the advanced economies are
reordering the investor‘s perception of risk.
• Noting that the U.S. "has no plan in place to stabilize and
ultimately reverse the upward debt trajectory," Moody's
in mid-January warned that the country's AAA credit
rating could come under pressure if debt continues to
mount; a few days later, Moody's upgraded Indonesia's
rating.
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9. spiking
• eg.Such spiking prices for the basics people
need to survive are hard enough to swallow in
the developed world. "Just at the point you
start to see a recovery coming, you get hit by
commodity prices that hit people's incomes,"
says Stephen King…
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10. curtail
• quell
• Eg. Fearing the consequences, policymakers
throughout the developing world have switched
priorities from holding up growth to fighting
inflation. In mid-January, China raised the
reserve-requirement ratio — which forces banks
to park more money at home for every loan they
make — to a record high in an attempt to curtail
credit and quell inflation, which rose at the
fastest pace in two years in November.
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11. disaffection
• connive
• Eg.In the U.S. and Europe, a certain helplessness
in the face of huge economic forces is fueling
• a disaffection — which makes itself felt in
different ways in different societies — with the
global financial elites and the policymakers who
are thought to have connived with them.
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12. scramble
• fallout
• intervene
• dent
• proxy
• spiral
• eg.As nations scramble to protect their own people from
the continued fallout of the Great Recession, the threat of
currency and trade wars has become very real.
Governments from Tokyo to Santiago have been
intervening in currency markets, imposing measures to
restrict capital flows and taking other steps to try to
prevent rising currencies from denting export
competitiveness. "The currency war is a proxy for a jobs
war," says Roach. In the mind of every policymaker
looms — at least, it should — the disastrous spiral into
protectionism that deepened the Depression in the 1930s.
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13. unmediated
• disparity
• eg.Yet the unmediated rift between countries,
each desperate to preserve its edge in the
global economic game, is not even the most
serious division that policymakers have to
contend with. That, rather, is what the WEF's
Global Risks calls economic disparity.
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14.fragile
• Eg.The warning is timely. In the rich world, the
gains that the working class made during what
the French call the trente glorieuses （The
Glorious Thirty）after 1945 — decent health
care, guaranteed pensions — are seen as
increasingly fragile.
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Phrases
1.Beggar-thy-neighbor Populism
An expression in exonomics describing policy
that seeks benefits for one country at the
expense of others. Such policies attempt to
remedy the economic problems in one
country by means which tend to worsen the
problems of other countries.
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2. double-dip recession
• A situation where economic growth slides back to
negative after a short-lived growth and the
economy may move into a deeper and longer
downturn.
3. private sector
• The part of the economy that is not state
controlled, and is run by individuals and
companies for profit.
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4. reserve requirement
• A central bank regulation that sets the
minimum reserves each commercial bank
must hold to customer deposits and notes.
5. protective tariff
• A tariff which tries to ban imports to stop
them competing with local products.
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6.sovereign-debt crisis
• A crisis in which a national government owes so
much debt that it is unable to repay or on the
edge of bankruptcy.
7.economic austerity
• A government policy of deficit-cutting, lower
spending, and a reduction in the amount of
benefits and public services provided, sometimes
coupled with increases in taxes to pay back
creditors to reduce debt.
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8. food-price index
• A measure that examines the weighted average
of prices of foodstuffs, often used as an
important factor to assess the cost of living.
9. credit rating
• A published ranking based on detailed financial
analysis by a credit bureau, of one’s financial
history, specifically as it relates to one’s ability to
meet debt obligations.
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10.Euro zone
• An economic and monetary union (EMU) of 17
European Union member states that have
adopted the euro currency as their sole legal
tender. Seven other states are obliged to join
the euro zone once they fulfill the strict
entrance requirements.
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11.Doha Round
• The Doha Development Round or Doha
Development Agenda(DDA) is the current
trade-negotiation round of the World Trade
Organization(WTO) which commenced in
November 2001. Its objective is to lower trade
barriers around the world, which allows
countries to increase trade globally.
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Summary
• Say this for the young century: we live in
interesting times. Not quite 2 1⁄2 years ago,
the world economy tipped into the most
severe downturn since the Great Depression
in the 1930s. World trade slowed sharply.
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• The new reality can be expressed like this. For more than
200 years, since the Industrial Revolution, the world has
seen two economies. One has dominated technological
innovation and trade and amassed great wealth.
• The second — much of it politically under the thumb of
the first — has remained poor and technologically
dependent. This divide remains stubbornly real. The rich
world — the U.S., Canada, Western Europe, Australia,
New Zealand, Japan and the four original Asian
dragons — accounts for only 16% of total world
population but nearly 70% of world output.
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• But before we celebrate a new economic order,
deep divisions both between and within nations
have to be overcome. Otherwise, the world could
yet tip back into a beggar-thy-neighbor populism
that will end up beggaring everyone. We are not
out of the woods yet.
• The emerging economies face risks of their own.
The most alarming is a sharp rise in inflation—a
result of strong domestic growth, stimulus
policies, and commodity prices pumped up
globally by returning demand, fears of (or actual)
supply constraints and the loose-money policies
of the West.
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• Fearing the consequences, policymakers
throughout the developing world have
switched priorities from holding up growth to
fighting inflation.
• The same measures used to bust inflation,
however, will also dampen growth. The World
Bank predicts slowdowns for roaring China
(from 10% growth in 2010 to 8.7% in 2011)
and India (9.5% to 8.4%).
44
• Such numbers, of course, are beyond the dreams
of workers and consumers in developed
economies.
• Many in the developed world are only now
becoming aware that the globe's economic future
will be determined not just in London or New
York City but in Beijing and New Delhi too. "The
problem that Western economies have is that
they haven't realized the full effect of the rise of
the emerging world," says HSBC's King.
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• How can a disaffection with global capitalism in the
developed world be prevented from turning into a
backlash against it? It would help if there were
mechanisms in place to manage the stresses in the
international economy. Instead, there is something
close to a breakdown in global economic cooperation.
• In the economic field, that is especially true.
• As nations scramble to protect their own people from
the continued fallout of the Great Recession, the threat
of currency and trade wars has become very real.
46
• The benefits of globalization seem unevenly
spread. A minority is seen to have harvested a
disproportionate amount of the fruits. Issues
of economic disparity and equity at both the
national and international levels are becoming
increasingly important.
• None of these divisions — between and
within nations — are ones that have to last for
ever, and the future of the world is positive.
47
Translation
• Translate the following into Chinese:P38。
• New Words：
1.rancorous
2.avert
3. refrain
4.spin
5.summit
6.slip
7.imbalance
8.hostility
9.stride
10.Seoul
11.compromise 12.pledge
13.consensus 14.specter
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Chap 3 Time to rebalance
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Words and Expressions
• 1. option
• eg.（1）He has taken an option on shares in
the company.
• （2）In the following months Mr Hilton
stepped up efforts to save his company. He
gave up options to buy thousands of lots that
the firm had snapped up across Arizona,
Florida, Nevada and California during the
boom, taking massive losses.
50
2. macroeconomic
• eg.Instead, America’s economy will undergo one of
its biggest transformations in decades. This
macroeconomic shift from debt and consumption to
saving and exports will bring microeconomic
changes too: different lifestyles, and different jobs in
different places.
3. disposable
• eg.Households’ wealth has shrunk by $12 trillion, or
18%, since 2007. As a share of disposable income it
is back to its level in 1995. And if consumers feel less
rich, they are less inclined to spend.
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4. mortgage
• eg.Banks are also less willing to lend: they
have tightened loan standards, with a push
from regulators who now wish they had taken
a dimmer view of exotic mortgages and lax
lending during the boom.
52
5. opulent
deflate
• eg.The effect on the economy of deflated
assets, tighter credit and costlier energy are
already apparent. Fewer people are buying
homes, and the ones they buy tend to be
smaller and less opulent.
53
6. circulation
• eg.In 2008 the median size of a new home
shrank for the first time in 13 years. The
number of credit cards in circulation has
declined by almost a fifth. American Express is
pulling back from credit cards and is now
telling customers how to use their charge
cards (which are paid off in full every month)
to control their spending.
54
7. pent-up
• reassert
• eg.Normally, deep recessions are followed by strong
recoveries as pent-up demand reasserts itself. In the
recent recession GDP shrank by 3.8%, the worst drop
since the second world war.
8. trigger
• accumulate
• eg.But this particular recession was triggered by a
financial crisis that damaged the financial system’s ability
to channel savings to productive investment and left
consumers and businesses struggling with surplus
buildings, equipment and debt accumulated in the boom.
55
9. stagnation
• afflict
• bubble
• eg.So if America is to avoid the stagnation that
afflicted Japan after its bubbles burst, where is
the demand going to come from?
10. counteract
• eg.In the short term the federal government has
stepped up its borrowing—to 10% of GDP this
year—to counteract the drop in private
consumption and investment.
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11. moribund
• eg.Barack Obama wants the deficit to come
down to around 3% of GDP by the middle of
this decade, though it is not clear how that
will be achieved. Indeed, if the rest of the
economy remains moribund, the government
may be reluctant to withdraw the stimulus for
fear of pushing the economy back into
recession.
57
12. fourfold
• utility
• eg.A fourfold increase in oil prices since the
1990s has rearranged both consumer and
producer incentives. Sport-utility vehicles are
losing popularity, policies to boost conservation
and renewable energy have become bolder, and
producers have found a lot more oil below
America’s soil and coastal seabed.
58
13. commute
• eg.Population growth in the suburbs has
slowed. For the present the rise of knowledgeintensive global industries favours centres rich
in infrastructure and specialised skills. Some
are traditional urban cores such as New York
and some are suburban edge cities that offer
jobs along with affordable houses and short
commutes.
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14. hobble
• start-up
• eg.A burst of productivity could lift incomes and
profits. That would enable consumers to repay
some of their debt yet continue to spend. The
change in the mix of growth should help:
productivity in construction remains low, whereas
in exports the most productive companies often
do best. But the hobbled financial system will
make it hard for cash-hungry start-ups to get
financing, so innovation will suffer.
60
15.robust
• eg.In February John Chambers, the boss of Cisco
Systems, a maker of networking gear, called it “one
of the most robust, positive turnarounds I’ve seen
in my career”.
16.resuscitate
• beneficiary
• formidable
• eg.The cheaper dollar will resuscitate some
industries in commoditised markets, but the main
beneficiaries of the export boom will be
companies that are already formidable exporters.
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17. pharmaceutical
• eg. These companies reflect America’s strengths in highend services and highly skilled manufacturing such as
medical devices, pharmaceuticals, software and
engineering, as well as creative services like film,
architecture and advertising.
18. jumbo
• eg. Thanks to cheap digital technology, South Korea and
India now knock out the sort of low-budget films that
compete with standard American fare. But only
Hollywood combines the creativity, expertise and market
savvy to make something like “Avatar” which has earned
$2.6 billion so far, some 70% of which came from abroad.
That adds up to several jumbo jets.
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19. blessed
• Indebtedness
• eg.This time the deficit started out a lot larger and the
rest of the world is weaker. Still, even stabilisation around
3% would be a blessed relief because it would slow the
growth in America’s indebtedness to foreigners.
20. exuberant
• eg. Mr Hilton, for his part, runs his company on the
assumption that the days of easy money and exuberant
consumers are gone for ever. In his office he has a
yellowed copy of the Wall Street Journal from September
18th 2008, the week when Lehman failed and American
International Group was bailed out.
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Special Terms
1. consumerism
• A movement equating personal happiness
with purchasing material possessions and
consumption.
• Eg.The bubbly asset prices, ever easier credit
and cheap oil that fuelled [fjuəl] America’s age
of consumerism are not about to return.
64
2. economic model
• A theoretical construct that represents
economic processes by a set of variables and a
set of logical and quantitative relationships
between them.
• Eg.The crisis and then the recession put an
abrupt end to the old economic model.
65
3. disposable income
• The amount of income left to an individual after
taxes have been paid, available for spending and
saving.
4.consumer spending
• The amount of money spent by households,
measured monthly, making up an important part
of an economy.
• Eg.Consumer spending and housing rose from
70% of GDP in 1991 to 76% in 2005. By last year it
had fallen back to 73%, still high by international
standards.
66
5. economic restructuring
• The phenomenon of an economy shifting from
a manufacturing to a service sector economic
base.
• Eg. Tighter credit and lower consumer
borrowing are not the only drivers of
economic restructuring. A less noticed but
significant push comes from higher energy
prices.
67
6. emerging market
• An economy, with fast growth rate but low to
middle per capita income, has opened up its
market and integrated itself into the global
economy.
• Eg.…as the dollar fell and emerging markets’
growing appetite put pressure on global
production capacity.
68
7.turnaround
• The process of moving from a period of losses or low
profitability into a more profitable stage for a firm,
industry or economy.
8. current account
• Portion of the balance of payments consisting of
exports and imports of goods and services, as well as
transfer payments such as foreign aid grants.
• Eg.America’s current-account deficit, the broadest
measure of its trade and payments with the rest of the
world, shrank from 6% of GDP in 2006 to 3% last year.
69
9.profit margin
• Ratio of profit after taxes to cost-of-sales,
often expressed as a percentage, measuring
the profitability of a firm and indicating its
cost structure.
• Eg.In the last quarter of 2009 Intel, helped by
resurgent demand for technology, enjoyed
record profit margins.
70
Summary
• America’s economy is set to shift away from consumption
and debt and towards exports and saving. It will be its
biggest transformation in decades, says Greg Ip.
• The same could be said for America. Virtually every
industry has shed jobs in the past two years, but those that
cater mostly to consumers have suffered most.
Employment in residential construction and carmaking is
down by almost a third, in retailing and banking by 8%. As
the economy recovers, some of those jobs will come back,
but many of them will not, because this was no ordinary
recession.
71
• Instead, America’s economy will undergo one of
its biggest transformations in decades. This
macroeconomic shift from debt and consumption
to saving and exports will bring microeconomic
changes too: different lifestyles, and different
jobs in different places.
• The crisis and then the recession put an abrupt
end to the old economic model.
• The effect on the economy of deflated assets,
tighter credit and costlier energy are already
apparent. Fewer people are buying homes, and
the ones they buy tend to be smaller and less
opulent.
72
• Normally, deep recessions are followed by
strong recoveries as pent-up demand
reasserts itself. In the recent recession GDP
shrank by 3.8%, the worst drop since the
second world war. In the recovery the
economy might therefore be expected to grow
by 6-8% and unemployment to fall steadily, as
happened after two earlier recessions of
comparable depth, in 1973-75 and 1981-82.
73
• No bounce-back
• But this particular recession was triggered by a
financial crisis that damaged the financial
system’s ability to channel savings to productive
investment and left consumers and businesses
struggling with surplus buildings, equipment and
debt accumulated in the boom. Recovery after
that kind of crisis is often slow and weak, and
indeed some nine months into the upturn GDP
has probably grown at an annual rate of less than
4%. Unemployment is well up throughout the
country, though it declined slightly in February.
• So if America is to avoid the stagnation that
afflicted Japan after its bubbles burst, where is
the demand going to come from?
74
• The road to salvation
• As consumers rebuild their savings, American
firms must increasingly look abroad for sales.
• Exports are a classic route to recovery after a
crisis. Sweden and Finland in the early 1990s and
Thailand, Malaysia and South Korea in the late
1990s bounced back from recession by moving
from trade deficit to surplus or expanding their
surplus. But given its size and the sickly state of
most other rich countries’ economies, America
will find it much harder.
75
Questions
• 1.What did Mr. Hilton do to save his company?
• 2.What does “the biggest transformations”
mean?
• 3.How is the current recession different from
the previous ones?
76
Translation
• Translate the following passage into
Chinese.(P60)
• New words:
1.Skyrocket 2.slump 3.devastate
4.undermine 5.pump 6.counterfeit
7.confusion 8.uproar 9.ruin
10.mortgage 11.orient 12.era
13.terrorism 14.plummet 15.clue
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Chapter4 The Incredible
Shrinking Europe
78
Words and Expressions
1.insular
• Eg.If Europe wants to become a global power to rival the
U.S. and China then it needs to stop acting like a collection
of rich, insular states and start fighting for its beliefs.
2. holdout
• eg.It was supposed to be the moment Europe grew muscles.
Last fall, after a decade of work to simplify policymaking
and make the European Union more efficient at home and
stronger abroad, the last few holdouts signed a 1,000-page
document known as the Lisbon Treaty.
79
3. crunch
• eg.And Europe's economies would prove to the
ruthless free markets of North America and Asia
that the social market still offers the best way out
of an economic crunch.
4. Haggle
eg.The dream didn't last a month. At the climate
change conference in Copenhagen in December,
it was China and the U.S. who haggled over a final
deal, while Europe sat on the sidelines.
80
5. confab
• eg.At the same time, U.S. President Barack Obama
announced he would be skipping an E.U.--U.S. confab
in Spain in May, frustrated, it appeared, with the
endless summitry that goes with accommodating the
E.U.
6. articulated
• articulate
• eg.At times, it simply seems unable to say what it
thinks. Washington and Beijing may squabble from
time to time, but the U.S. has a reasonably wellarticulated China policy: engage economically,
encourage democratically, and criticize on human
rights when appropriate. What's the E.U.'s China policy
in a few words?
81
7. underwhelm
• provocative
• doom
• eg.The E.U. underwhelms on other big issues.
"When it comes to pressing international
problems like Afghanistan, Pakistan or North
Korea, the E.U. is either largely invisible or
absent," wrote Grant in his essay,
provocatively titled "Is Europe Doomed to Fail
as a Power?"
82
8. hangover
• eg. Lucio Caracciolo, editor of Limes, one of Italy's
leading foreign policy magazines, says the problem is a
Cold War hangover. The post--World War II period was
a golden age for Western Europe, a time of
reconstruction under the U.S. security umbrella, he
argues. When it ended, Europe went into shock.
• "We're in denial," Caracciolo says. "We see that the
Americans are not interested--to put it mildly --in our
interests, and we put our head in the sand." Europe
"happily decides," Caracciolo says, that Afghanistan
Iran are American affairs. "Any major crisis is
something that is analyzed abroad. We are not up to
the responsibilities of the time."
83
9. Cajole
sensitivity
feat
• eg.Critics point to the selection of Herman Van
Rompuy and Catherine Ashton as Europe's
President and Foreign Minister as symbolic of a
lack of vision. Van Rompuy, a former Belgian
Prime Minister, is known for his ability to balance
local sensitivities--no small feat in Belgium --and
cajole opposing camps towards a consensus.
84
10. embers
• Notwithstanding
• Pathetic
• eg.Start with history. The modern conception of a
united Europe was born in the embers of World
War II and rested upon the notion that binding
Germany's fortunes to those of France and the
rest of Europe could end the violence that had
regularly engulfed the continent for centuries.
Judged by that measure--and notwithstanding
the pathetic failure to prevent or quickly end the
wars of the Yugoslav succession--the E.U. has
worked out fine.
85
11. punch
• subsume
• eg.Beyond its neighborhood, however the E.U. has
rarely punched its collective weight. The main reason
for that, of course, is that member states still like to
defend and pursue their own national interests, rather
than subsume them in a multinational body. There's
also a case--and plenty in Europe make it--that Europe
is better off continuing to aim low. "Very few European
countries see the role of the E.U. as a power," says
Moïsi. "They see Europe as a place--with a common
market, a common currency, but not a power that
should project itself onto the outside world."
86
12. proselytize
• prone
• solely
• eg.In Africa, India, Latin America, leaders would
fall over themselves to engage more closely with
a power that's neither the U.S. nor China--both
nations that can come across as too powerful, too
proselytizing of their own values, too prone to
see their interaction with others solely in terms of
their own national interests.
87
13. chagrin
• unified
• eg.But since the end of the Cold War, it has
stepped back from the E.U., regularly taking a
different path when Europe attempted a
unified policy (notably during the financial
crisis in 2008 and 2009), and strengthening
ties with Russia, to the chagrin of Britain and
France.
88
14. contemplate
• condescending
• eg.As they contemplate the future, leaders of the
E.U. can no longer avoid the hard question: Is a
common foreign policy what its member states-and their domestic political constituencies--really
want? If it isn't, then the rest of the world can
adjust its expectations accordingly. If it is, then
Europeans can start the real work of public
diplomacy, speaking out for their asserted virtues
of tolerance, compromise and liberality, not in a
condescending way, but in one that explains how
the world's true dark continent in the 20th
century found a path to peace.
89
15. democratic
• Eg.That, it should be said, would be easier said
than done. We should not forget: Europe is
rich and democratic; its values are closer to
those of the U.S. than those of anywhere else.
But Europeans cannot rely on that shared
sensibility to secure American favor forever.
The world beyond Europe's borders is
changing fast.
90
Special Terms
1.free markets
• A market in which there is no economic
intervention by the state, except to enforce
private contracts and the ownership of property.
2. economic crunch
• An economic turmoil where companies go
bankrupt, people are laid off, and markets are
sluggish. There is a lot of panic in both business
and daily lives.
91
3. pension scheme
• A qualified retirement plan set up by a
corporation, labor union, government, or
other organization for its employees.
4. health insurance
• A form of collectivism by means of which
people collectively pool their risk, in this case
the risk of incurring medical expenses.
92
5. soft power
• The ability to obtain what one wants through
economic or cultural means. It allows nations
to exert their influence without using military
means or coercion.
6. turf war
• A fight or contention for territory, power,
control, or resources between two more
parties in a place or area.
93
7. demonstration effects
• Effects on the behavior of individuals caused by
observation of the actions of others and their
consequences.
8. national interest
• Things of great importance to a nation, including
its goals, visions and ambitions in political,
economic, cultural fields, etc. and actions,
circumstances, and decisions to achieve them.
9.coalition government
• A cabinet of a parliamentary government in
which several parties cooperate.
94
Summary
• If Europe wants to become a global power to rival
the U.S. and China then it needs to stop acting
like a collection of rich, insular states and start
fighting for its beliefs.
• In November, the E.U.'s first real President and
Foreign Minister were chosen. Europhiles dusted
off their familiar dream: of a newly emboldened
world power stepping up to calm trouble spots,
using aid and persuasion where it could, but
prepared to send in troops when it had to.
95
• And Europe's economies would prove to the
ruthless free markets of North America and
Asia that the social market still offers the best
way out of an economic crunch.
• The dream didn't last a month. At the climate
change conference in Copenhagen in
December, it was China and the U.S. who
haggled over a final deal, while Europe sat on
the sidelines.
96
• Little wonder that Europe finds itself in one of
its periodic bouts of angst-ridden self-doubt.
And little wonder that the rest of the world is
asking questions: What does Europe stand for?
Where does it fit into a world that seems set
to be dominated by China and the U.S.?
Would anyone notice if it disappeared?
97
• Let's get one thing straight: Europe is a remarkably good
place to live. Many of the E.U.'s member states are
among the richest in the world. Workers in Europe
usually enjoy long vacations, generous maternity leave
and comfortable pension schemes. Universal health
insurance is seen as part of the basic social contract.
Europe is politically stable, the most generous donor of
development aid in the world. Sure, taxes can be high,
but most Europeans seem happy to pay more to the
state in return for a higher--and guaranteed--quality of
life.
• But the good life at home doesn't make Europe strong
abroad. The E.U. may have all the soft-power credentials
in the world, but on the grand stage it has lacked the
weight and influence of others. The E.U. underwhelms
on other big issues.
98
• No Europe: So What?
• For most of that time, its leaders have been happy to
concentrate on domestic policies: a single market, a
European currency, free movement of people.
• Beyond its neighborhood, however the E.U. has rarely
punched its collective weight. The main reason for that,
of course, is that member states still like to defend and
pursue their own national interests, rather than
subsume them in a multinational body.
• Europe is right to think big--both for its own sake and for
that of others. Many in the rest of the world would
welcome a stronger European voice.
• But if Europe is to realize its own dreams and those of
others, it has to change the way it does business. Acting
as a true single bloc would bring greater influence. Next,
Europeans need to appreciate that ideals alone don't
bring you respect. You have to win others to your side.
99
• The Peaceful Continent
• Others notice the failure of the E.U. to find a single voice.
Instead of tackling that failing--an obvious priority for this
century--Europe has spent much of the past few months
obsessing over how Washington views it. Obama has
visited Europe six times since taking office, and made just
one trip to China. But the U.S. President's decision to skip
the Spain summit, and his failure to attend the 20th
anniversary of the fall of the Berlin Wall, has had Europe
acting like a jilted lover.
• We should not forget: Europe is rich and democratic; its
values are closer to those of the U.S. than those of
anywhere else. But Europeans cannot rely on that shared
sensibility to secure American favor forever. The world
beyond Europe's borders is changing fast.
100
Questions:
1. Why does the passage say that Europe is a
remarkably good place to live?
2.Does the good life at home make Europe
strong abroad ? Why?
3.What roles did Germany play in Europe in the
20th century?
101
Translation
• Translate the following into Chinese.P83
• New words:
1.perk 2. refuge 3. denial
4. Bluster 5. punctuate 6. Bicker
7. Heap 8. bout 9. diminish
10. Failing 11. adversity 12. rejuvenation
102
Chap 5 Japan Goes from Dynamic
to Disheartened
103
Words and Expressions
1. Dynamic
• disheartened
Eg.（1）Title:
• Japan Goes from Dynamic to disheartened
（2）The Association of Southeast Asian Nations, or
ASEAN, was established on 8 August 1967 in Bangkok,
Thailand. ASEAN members include Indonesia, Malaysia,
Philippines, Singapore and Thailand，Brunei，Viet
Nam, Laos, Myanmar and Cambodia.
104
2. affluence
• condominium
• Eg. Like many members of Japan’s middle class,
Masato Y. enjoyed a level of affluence two
decades ago that was the envy of the world.
Masato, a small-business owner, bought a
$500,000 condominium, vacationed in Hawaii
and drove a late-model Mercedes.
105
3. flashy
• upbeat
• Eg. “Japan used to be so flashy and upbeat,
but now everyone must live in a dark and
subdued way,” said Masato, 49, who asked
that his full name not be used because he still
cannot repay the $110,000 that he owes on
the mortgage.
106
4. reversal
• Eg.Few nations in recent history have seen
such a striking reversal of economic fortune as
Japan. The original Asian success story, Japan
rode one of the great speculative stock and
property bubbles of all time in the 1980s to
become the first Asian country to challenge
the long dominance of the West.
107
5. relentless
• corrosive
• afterthought
• Eg.But the bubbles popped in the late 1980s and
early 1990s, and Japan fell into a slow but relentless
decline that neither enormous budget deficits nor a
flood of easy money has reversed. For nearly a
generation now, the nation has been trapped in low
growth and a corrosive downward spiral of prices,
known as deflation, in the process shriveling from an
economic Godzilla to little more than an
afterthought in the global economy.
108
6. scar imprint pessimism
• Fatalism grim vibrancy Dire
• Eg.Just as inflation scarred a generation of Americans,
deflation has left a deep imprint on the Japanese,
breeding generational tensions and a culture of
pessimism, fatalism and reduced expectations. While
Japan remains in many ways a prosperous society, it
faces an increasingly grim situation, particularly
outside the relative economic vibrancy of Tokyo, and
its situation provides a possible glimpse into the
future for the United States and Europe, should the
most dire forecasts come to pass.
109
7. scaled-back
• cramped
• Eg.
• The downsizing of Japan’s ambitions can be
seen on the streets of Tokyo, where concrete
“microhouses” have become popular among
younger Japanese who cannot afford even the
famously cramped housing of their parents, or
lack the job security to take out a traditional
multidecade loan.
110
8. quadruple
• Eg. With the Japanese stock market
quadrupling and the yen rising to unimagined
heights, Japan’s companies dominated global
business, gobbling up trophy properties like
Hollywood movie studios (Universal Studios
and Columbia Pictures), famous golf courses
(Pebble Beach) and iconic real estate
(Rockefeller Center).
111
9. eclipse
• Eg. China has so thoroughly eclipsed Japan that few
American intellectuals seem to bother with Japan
now, and once crowded Japanese-language classes at
American universities have emptied. Even Clyde V.
Prestowitz, a former Reagan administration trade
negotiator whose writings in the 1980s about Japan’s
threat to the United States once stirred alarm in
Washington, said he was now studying Chinese. “I
hardly go to Japan anymore,” Mr. Prestowitz said.
112
10. voracious
• frugality
• Eg. Its once voracious manufacturers now
seem prepared to surrender industry after
industry to hungry South Korean and Chinese
rivals. Japanese consumers, who once flew by
the planeload on flashy shopping trips to
Manhattan and Paris, stay home more often
now, saving their money for an uncertain
future or setting new trends in frugality with
discount brands like Uniqlo.
113
11. vitality
• Eg. When asked in dozens of interviews about
their nation’s decline, Japanese, from policy
makers and corporate chieftains to shoppers
on the street, repeatedly mention this
startling loss of vitality.
114
12. apparel
• Eg. “It’s like Japanese have even lost the desire
to look good,” said Akiko Oka, 63, who works
part time in a small apparel shop, a job she
has held since her own clothing store went
bankrupt in 2002.
115
13. refinement
• Eg. But in the past 15 years, the number of
fashionable clubs and lounges has shrunk to
480 from 1,200, replaced by discount bars and
chain restaurants. Bartenders say the clientele
these days is too cost-conscious to show the
studied disregard for money that was long
considered the height of refinement.
116
14. disgruntled
• forgo
• Eg. Yukari Higaki, 24, said the only economic
conditions she had ever known were ones in which
prices and salaries seemed to be in permanent
decline. She saves as much money as she can by
buying her clothes at discount stores, making her
own lunches and forgoing travel abroad. She said
that while her generation still lived comfortably, she
and her peers were always in a defensive crouch,
ready for the worst.
117
15. gridlock
• subterfuge
• Eg. Some years ago, he came up with an idea
to break the gridlock. He created a company
that guides homeowners through an elaborate
legal subterfuge in which they erase the
original loan by declaring personal bankruptcy,
but continue to live in their home by “selling”
it to a relative, who takes out a smaller loan to
pay its greatly reduced price.
118
Special Terms
1.speculative stock
• a stock with high risk relative to any potential positive
returns.
2. property bubble
• A procedure with rapid increases in valuations of real
estate until they reach unsustainable levels relative to
incomes and other economic elements, followed by a
reduction in price levels.
119
3. budget deficit
• The amount by which a government,
• company, or individual's spending exceeds its
income over a particular period of time.
4. easy money
• Commerce money that can be borrowed at a
low interest rate.
120
5. deflation
• A general decline in prices, often caused by a
reduction in the supply of money or credit.
6. gross domestic product
• The monetary value of all the finished goods
and services produced within a country's
borders in a specific time period.
121
7. chief executive officer
• The highest-ranking corporate administrator in
charge of total management of an organization.
8. personal bankruptcy
• A procedure which, in certain jurisdictions,
allows an individual to declare bankruptcy
122
9. stagnation
• A period of time in which an economy
experiences difficulties and achieves little or no
growth.
10. price war
• Market situation in which (usually two)
Powerful competitors try to usurp each other's
market share by progressively reducing prices
until one of them retreats, at least temporarily.
123
Summary
• Few nations in recent history have seen such a striking reversal of
economic fortune as Japan. The original Asian success story,
Japan rode one of the great speculative stock and property
bubbles of all time in the 1980s to become the first Asian country
to challenge the long dominance of the West.
• But the bubbles popped in the late 1980s and early 1990s, and
Japan fell into a slow but relentless decline that neither enormous
budget deficits nor a flood of easy money has reversed. For nearly
a generation now, the nation has been trapped in low growth and
a corrosive downward spiral of prices, known as deflation, in the
process shriveling from an economic Godzilla to little more than
an afterthought in the global economy.
124
• Now, as the United States and other Western
nations struggle to recover from a debt and
property bubble of their own, a growing
number of economists are pointing to Japan
as a dark vision of the future.
• Many economists remain confident that the
United States will avoid the stagnation of
Japan, largely because of the greater
responsiveness of the American political
system and Americans’ greater tolerance for
capitalism’s creative destruction.
125
• Still, as political pressure builds to reduce federal
spending and budget deficits, other economists are
now warning of “Japanification” — of falling into the
same deflationary trap of collapsed demand that
occurs when consumers refuse to consume,
corporations hold back on investments and banks sit
on cash. It becomes a vicious, self-reinforcing cycle:
as prices fall further and jobs disappear, consumers
tighten their purse strings even more and companies
cut back on spending and delay expansion plans.
126
• Just as inflation scarred a generation of Americans,
deflation has left a deep imprint on the Japanese,
breeding generational tensions and a culture of
pessimism, fatalism and reduced expectations. While
Japan remains in many ways a prosperous society, it
faces an increasingly grim situation, particularly
outside the relative economic vibrancy of Tokyo, and
its situation provides a possible glimpse into the
future for the United States and Europe, should the
most dire forecasts come to pass.
127
• Scaled-Back Ambitions
• In 1991, economists were predicting that Japan
would overtake the United States as the world’s
largest economy by 2010. In fact, Japan’s economy
remains the same size it was then: a gross domestic
product of $5.7 trillion at current exchange rates.
During the same period, the United States economy
doubled in size to $14.7 trillion, and this year China
overtook Japan to become the world’s No. 2
economy.
128
• But perhaps the most noticeable impact here has
been Japan’s crisis of confidence. Just two decades
ago, this was a vibrant nation filled with energy and
ambition, proud to the point of arrogance and eager
to create a new economic order in Asia based on the
yen. Today, those high-flying ambitions have been
shelved, replaced by weariness and fear of the future,
and an almost stifling air of resignation. Japan seems
to have pulled into a shell, content to accept its slow
fade from the global stage.
129
• As living standards in this still wealthy nation slowly erode, a new
frugality is apparent among a generation of young Japanese, who
have known nothing but economic stagnation and deflation.
They refuse to buy big-ticket items like cars or televisions, and
fewer choose to study abroad in America.
• The classic explanation of the evils of deflation is that it makes
individuals and businesses less willing to use money, because the
rational way to act when prices are falling is to hold onto cash,
which gains in value. But in Japan, nearly a generation of
deflation has had a much deeper effect, subconsciously coloring
how the Japanese view the world. It has bred a deep pessimism
about the future and a fear of taking risks that make people
instinctively reluctant to spend or invest, driving down
demand — and prices — even further.
130
• After years of complacency, Japan appears to be waking up to
its problems, as seen last year when disgruntled voters ended
the virtual postwar monopoly on power of the Liberal
Democratic Party. However, for many Japanese, it may be too
late. Japan has already created an entire generation of young
people who say they have given up on believing that they can
ever enjoy the job stability or rising living standards that were
once considered a birthright here.
• Deflation has also affected businesspeople by forcing them to
invent new ways to survive in an economy where prices and
profits only go down, not up.
• Economists said one reason deflation became self-perpetuating
was that it pushed companies and people like Masato to
survive by cutting costs and selling what they already owned,
instead of buying new goods or investing.
131
Translation
• Translate the following into Chinese.(P106)
• New words：
1.cringe 2.copped 3.skyline 4.grandiose
5.speculator 6.lavish 7.panic
8. schadenfreude 9.ensue
10.bruise 11. credit
132
专题1：英文经济合同常用词汇分析
一、hereby
二、hereof
三、hereto
四、herein
五、hereinafter
六、therein
七、thereof
八、whereas
133
一、hereby
例1：
• This Contract is hereby made and concluded
by and between Co. …（hereinafter referred
to as Party A） and…Co. （hereinafter
referred to as Party B） on…（Date），in…
（Place），China，on the principle of
equality and mutual benefit and through
amicable consultation。
134
例2：
• This agreement is hereby made and entered
into on…（Date），by and between…Co.
China （hereinafter referred to as Party A）
and …Co. （hereinafter referred to as Party
B）。
135
二、hereof
例1：
• Whether the custom of the Port is contrary to this
Clause or not，the owner of the goods shall，
without interruption，by day and night，including
Sundays and holidays （if required by the carrier），
supply and take delivery of the goods。Provided that
the owner of the goods shall be liable for all losses or
damages including demurrage incurred in default on
the provisions hereof。
136
例2：
• In the event of conflict between the provisions
on arbitration formulated and prepared prior
to the effective date of this Law and the
provisions of this Law，the provisions hereof
shall prevail。
137
三、hereto
例1：
• All disputes arising from the performance of this Contract
shall，through amicable negotiations，be settled by the
Parties hereto。Should，through negotiations，no
settlement be reached，the case in question shall then be
submitted for arbitration to the China International Economic
and Trade Arbitration Commission，Beijing and the
arbitration rules of this Commission shall be applied。The
award of the arbitration shall be final and binding upon the
Parties hereto。The Arbitration fee shall be borne by the
losing party unless otherwise awarded by the Arbitration
Commission。
138
例2：
• The termination of this Contract shall not in
any way affect the outstanding claims and
liabilities existing between the Parties hereto
upon the expiration of the validity of the
Contract and the debtor shall continue to be
kept liable for paying the outstanding debts to
the creditor。
139
四、herein
例1：
• Unfair competition mentioned in this Law refers to
such acts of business operators as contravene the
provisions hereof，with a result of damaging the
lawful rights and interests of other business
operators，and disturbing the socio-economic order。
• Business operators mentioned herein refer to such
legal persons，other economic organizations and
individuals as engage in the trading of goods or
profit-making services （hereafter called Goods
including services）。
140
例2：
• The term “company” mentioned herein refers
to such a limited liability company or such a
company limited by shares as are established
within the territory of China in accordance
with this Law。
141
五、hereinafter
例1：
• In accordance with the Law of the People’s
Republic of China on Chinese-Foreign Equity
Joint Ventures and the Contract signed by and
between…Co.（hereinafter referred to as
Party A） and… Co.（hereinafter referred to
as Party B），the articles of association
hereby is formulated and prepared。
142
例2：
• Financial institutions with foreign capital mentioned
in these Regulations refer to the following financial
institutions that are established and operate in China
upon approval in accordance with the relevant laws
and regulations of the People’s Republic of China：
（1） subsidiary banks incorporated by foreign capital
whose head offices are in China（hereinafter
referred to as foreign banks）；
143
六、therein
例1：
• “Temporary Works” means all temporary
works of every kind （other than the
Contractor’s Equipment） required in or
about the execution and completion of the
Works and the remedying of any defects
therein。
144
例2：
• The contractor shall not，without the prior
consent of the Employer，assign the Contract
or any part thereof，or any benefit or interest
therein or thereunder，otherwise than by：
145
七、thereof
例1：
• When the Buyer is entitled to determine the
time within a specified period and /or the
place of taking delivery，the Buyer in
question shall give the Seller the notice
thereof。
146
例2：
• The collection of tax or the cessation thereof，the
reduction，exemption and refund of tax as well as
the payment of tax unpaid shall，in accordance with
the provisions of the relevant law，be implemented。
Provided that if the State Council is authorized by the
law to formulate and prepare the relevant provisions
of the regulations，the provisions in question shall
be implemented and complied with。
147
八、whereas
例1：
• Whereas the Borrower proposes to borrow from the
Banks，and the Banks，severally but not jointly，
propose to lend to the Borrower，an aggregate
amount of $50，000，000，the Parties hereto have
hereby made and concluded this Agreement as follows：
148
例2：
• Whereas Party A and Party B，adhering to the
principle of equality and mutual benefit and
through friendly consultation，agree to
jointly invest to establish a new joint venture
company in China （hereinafter referred as
“Joint Venture”）。The Contract hereunder is
made and concluded。
149
专题2：信用证常用词语分析
一、against
二、subject to
三、draw
四、negotiate 和honor
五、unless otherwise expressed
六、bona fide holders 和act of God
七、other than
150
一、against
1、“反对”( indicating opposition)
• （1）Public opinion was against the Bill.
2、 “用. . . 交换， 用. . . 兑付”
• （1）the rates against U. S. dollars
151
3、“凭. . .”“以. . .”
（1）This credit valid until September 17，2011 in
Switzerland for payment available against the
presentation of following documents…
（2）Documents bearing discrepancies must not be
negotiated against guarantee.
（3）The payment is available at sight against the
following documents.
（4）The consignment is handed over for disposal
against payment by the buyer.
152
二、subject to
1、“受. . . 约束， 受. . . 管制”
（1）This documentary credit is subject to the
Uniform Customs and Practice for
Documentary Credits (2007 Revision)
International Chamber of Commerce
(publication No. 600).
（2）We are subject to the law of the land.
153
2、“有待于，须经. . . 的， 以. . . 为条件”
（1）The certificate of inspection would be
issued and signed by authorized applicant of
L/C before shipment of cargo，whose
signature is subject to our final confirmation.
（2）This Proforma Invoice is subject to our last
approval.
154
三、draw
• “开给”“向. . . 开立的”
1、draw的派生词
（1）drawer
（2）drawee
（3）drawn clause
2、例句
（1）We hereby establish this Irrevocable Credit which is
available against beneficiary’s drafts drawn in duplicate on
applicant at 30 days sight free of interest for 100% of invoice
value. Document against acceptance.
155
（2）Drawn on Bank of China，Head Office.
（3）The beneficiary's drafts drawing at 120
days after sight are to be paid in face value as
drawn at sight basis，discounting charges，
accountance commissions and usance interest
are for account of the accountee.
156
四、negotiate 和honor
1、negotiate “议付”
（1）At the time of negotiation，5%
commission to be deducted from invoice value
and should be remitted by the negotiating
bank in the form of a bank draft in favor of
Cima Co.
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2、honor “兑现、承付”
（1）This L/C will be duly honored only if the
seller submits whole set of documents that all
terms and requirements under L/C No. 45675
have been complied with.
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五、unless otherwise expressed
1、例句
（1）Unless otherwise stipulated herein，any charges
and commissions in respect to negotiation of drafts
under this credit prior to presentation to us to be
collected from beneficiary.
2、类似的变形
• unless otherwise expressed
• except otherwise stated
• so far as otherwise expressly stated. . .
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六、 bona fide holders 和act of God
1、bona fide holders
（1）This documentary credit is available for
negotiation to pay without specific restriction
to drawers or bone fide holders.
2、act of God
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七、other than
（1）We will also accept a transport document issued
by a courier or expedited delivery service evidencing
that courier charges fee for the account of a party
other than the consignee.
（2）All parts of the house other than the windows
were in good condition.
（3）The truth is quite other than what you think.
（4）I borrowed some books other than novels.
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