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1、Unit 1Why China WorksExercises1. Answer the questions on the text:1) How does the author view the Chinese economy? It is the most important bright spot in the world economy under the global recession, the only major economy that is likely to show significant growth this year, and the only one that r
2、outinely breaks every rule in the economic textbook.2) According to the author, why can the Chinese economy perform so well? Because of:(1) the capacity for state control by the Chinese government.(2) its rejection of exotic financial innovations that are the melting core of the global credit crisis
3、.(3) the integration of its economic policies between traditional market tools and state control measures.3) In what way does the author imply that western economists are erroneous in their bias toward “Chinas market economic system”? The United States and Europe are moving toward state control by n
4、ationalizing their banking and car industries, and imposing heavy new regulation on the financial industry.4) What is the view of Stephen Roach on the Chinese economy system?Investment is the backbone of sustainable growth in the Chinese economy, which works more effectively than other market based
5、systems in times of economic stress.5) Why can China work in the eye of the author? It has followed a radical pragmatism focusing on a slow but steady shift toward freer markets.6) What is regarded as the strategic thinking of the Chinese leaders in market reforms? They understand even under the ser
6、ious financial crisis that it can stabilize the Chinese market and economy to introduce more sophisticated forms of securitization, including stock index funds, corporate bonds and other debt products. They also realize that, in the course of doing this, they should learn from the mistakes the weste
7、rners have made.7) What is the example given to illustrate the steadiness of the Chinese leaders in their policy execution? They continue to allow the value of yuan to rise despite of the American charges and the need for export competitiveness by their own enterprises. 8) What is “shock therapy”? I
8、t is the economic policy adopted in Russia from 1991 to 1992 that totally deregulated prices and lead to a runaway inflation. It proved to be all shock and no therapy.9) In what ways does the Chinese economic system work efficiently? It can get things done quickly, move in a coherent manner, and mar
9、shal its people and resources to a common target: economic growth and prosperity.11) What are the Internet and public opinion used for? For putting pressure on local officials and influencing policy decisions.2. Fill in each blank of the following sentences with one of the phrases in the list given
10、below. Make changes when necessary.1) At a time when the need is growing for mental health services, many countries are unfortunately cutting back on its spending.2) There is an increasing number of people out of work. But the western media often unfairly label them as lazy and reliable.3) Now that
11、the flow of oil has been stopped by BP, the impact of all the spilled oil and natural gas is still being measured.4) Once again its ability to steer economic policy will be tested against the ability to deliver on services and projects aimed at growing the economy and jobs.5) Housing prices are incr
12、edibly high today. But he bought his house for a song about five years ago.6) As people are complaining high prices, especially those related to daily necessities, the government feels rather urgent to hold down inflation rate immediately.7) Under the new economy policy investors are invited to buy
13、into state-owned enterprises.8) Since a serious gun shooting occurred in Arizona last week, security concerns have trickled down to all places, including residential buildings.9) Social unrest is a daily occurrence in the country nowadays. It is in the last place when it comes to investment for mult
14、inational companies.10) Efforts to ban smoking in China are so effective yet. Some chain smokers never think of quitting while many others have battled in vain to quit.3. Match the terms in column A with the definitions in column B:A_ B_1) financial innovation A) A reduction in the general availabil
15、ity of loans (or credit) or a sudden tightening of the conditions required to obtain a loan from the banks.72) stimulus package B) A non-bank entity or organization such as investment companies and mutual funds that invests in large quantities. 83) overheating C)A legal entity created by a governmen
16、t to undertake commercial activities on its behalf. 64) stamp tax D) 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.9E) An industry that requires large amounts of capital, machinery and equipme
17、nt to produce goods. 55) capital-intensive sector F) Generation of new and creative approaches to securities, money management or investing. 16) state-run firm G) An economy that is expanding so rapidly that too much money is chasing too few goods and economists fear a rise in inflation . 37) credit
18、 crisis H) tax levied on certain legal transactions such as the transfer of a property such as building, copyright, land, patent, and securities. 48) institutional investor I) A plan or a series of measures taken by a government to jump-start its ailing economy, generally as a part of its fiscal pol
19、icy. 210) insider trading 4. Translate the following passage into Chinese.我們所面臨的來自中國的真正挑戰(zhàn)并不是他們向我們大量銷售的貨物,而恰恰相反,是他們正在提升的價值鏈。這在將來可能會對美國經(jīng)濟構成最嚴重的新挑戰(zhàn)。在過去三十年的大部分時間里,中國集中精力建設基礎設施,這主要靠廉價的勞動力和勤勞苦干的工人就行了。但工廠也都現(xiàn)代化、交通世界一流、港口大型化、機場高效化了,而且所有這些都是以人類歷史上從未有過的速度和規(guī)模完成的。現(xiàn)在中國又想跨入更高質產(chǎn)品和服務的時代。這意味著由政府官員確定的經(jīng)濟發(fā)展的下一步是要以建設高速網(wǎng)般
20、的決心投資發(fā)展人力資本。自1998年來,中國政府已啟動了大規(guī)模的教育發(fā)展計劃,投入的資金按GDP比例計算增加了兩倍,在而后的十年,中國的大學增加了一倍,大學生增加了四倍,從1997年的100萬增長到2007年的550萬。中國列出了頂級的9所大學為其常青藤大學聯(lián)盟。歐洲各大學以及美國的州立大學因受大規(guī)模經(jīng)費削減影響而處于崩潰狀態(tài),而中國的大學大發(fā)展趨勢則恰恰相反。耶魯大學校長理查德·雷文在今年年初的一次演講中指出:“這次中國大學的擴展是前所未有的,在僅十年的時間里就建起了世界上規(guī)模最大的高等教育。實際上,2000年以來中國大學擴招的大學生人數(shù)超過了美國大學招生的總數(shù)。那么這一史無前例的
21、教育投資對中國和美國有何意義呢?諾貝爾經(jīng)濟學獎得主羅伯特·福格爾預測了訓練有素工人的經(jīng)濟影響。在美國,高中畢業(yè)的工人的生產(chǎn)率是只受過9年教育的人的1.8倍,而大學畢業(yè)的則要高出兩倍。中國正在大規(guī)模地擴大高中和大學生的人數(shù)。盡管目前中國在服務業(yè)上仍遠遠落后他國,但中國企業(yè)將會很快進入這一巨大市場。福格爾相信高技能工人的增多將在今后大大刺激中國的經(jīng)濟增長率,使其GDP在2040年之前達到驚人的123萬億美元。不管這一難以想象的數(shù)字是否準確,但有一點是很清楚的,中國正開始提升其價值鏈,進入一直來只有西方國家獨占的產(chǎn)業(yè)和工種,這才是來自中國的真正挑戰(zhàn)。應對這一挑戰(zhàn)的最佳和最有效的方法不是威脅
22、和關稅,而是深層次的結構改革和大規(guī)模的投資,使美國經(jīng)濟重新獲得活力,使美國工人再具競爭力。5. Read the following text and choose the best sentence from the list (A-E) below to fill in each of the gaps in the text.1) It assembles more toys, stitches more shoes and sews more garments than any other nation in the world.2) China is home to 1.3 bill
23、ion people and has 100 cities of more than a million people.3) Even at 25 cents an hour, Chinese workers cost more than laborers in the poorer countries of Southeast Asia or Africa.4) Indeed, the country's embrace of market economy over the last decade and the government's insistence that fa
24、rmers fend for themselves are combining forces to all.5) That disparity has set in motion the largest human migration in history.Supplementary Reading China: The next branding superpower?1. China and the U.S disagree _.A. whether the Chinese should buy moreB. over who dominates the bilateral tradeC.
25、 whether the value of RMB is deliberately held downD. over what the Chinese consumers should buy2. The Americans assume that China will remain _ so that it will continue to import American higher value added products and services.A. a manufacturing superpowerB. a developing countryC. a service-based
26、 economyD. a regional economic power3. By moving up the value chain, China intends to become a _.A. manufacturing giantB. branding superpowerC. competitive nationD. political superpower4. According to the author, the work of branding in China would depend more on _.A. domestic companiesB. foreign in
27、vestorsC. the governmentD. multinational companies5. With better access to Chinese market for foreign companies, what do Chinese policy makers fear?A. Chinese consumers will prefer famous foreign brands.B. Chinese brands are unable to move up to the high end of the brand chain.C. China can also add
28、values through marketing and distribution.D. China will have to spend billions building brands.6. The Space Rate between the U.S. and the Soviet Union is mentioned to reflect _.A. military competition during the cold warB. the anxiety of the Americans in the space rateC. national economic security i
29、n ChinaD. the national anxiety of China over their brand competitiveness7. The author believes in less than a century the consumer trends in the world will be overwhelmingly dominated by _.A. consumer consciousnessB. competitive marketC. such brands as Coca-cola, Google, and ToyotaD. Chinese brandsU
30、nit 2A Changed Global RealityExercises1. Answer the questions on the text:1)What are the features of the two major economies that the world has seen for more than 200 years?One has dominated technological innovation and trade and amassed great wealth. The secondmuch of it politically under the thumb
31、 of the firsthas remained poor and technologically dependent.2)How much did low-and-middle-income countries contribute to world growth in 2010?Almost half (46%)3)Taking a long term view, why is it good news that developing countries are growing fast?As billions of poor people become more prosperous,
32、 they will be able to afford comforts their counterparts in the rich world have long considered the normal appurtenances of life.4)What are the worst-case scenarios that Europe has so far avoided?A collapse of the euro, a debt crisis that spills from small economies such as Greece and Ireland to muc
33、h bigger ones like Italy and Spain, and bitter social unrest in those nations that are having to massage wages down while cutting public budgets.5)Why does Jim Walker think that 2011 will be a “year of reckoning”?Because Jim Walker thinks that the rebound in the US is a mirage created by excessive s
34、timulus. He expects the US to slip into the double dip it dodged in 2010.6)Why has the private-sector debt crisis of 2008-2009 morphed into a public-sector debt crisis in 2010-11?It has been the result of the debt and deficits amassed in the process of stimulating economies and bailing out banks dur
35、ing the downturn.7)What are the risks that emerging economies face?a. sharp rise in inflation b. rising oil prices c. soaring food price8)What did China and India do to cope with inflation and rising food prices?China raised the reserve-requirement ratio; India resorted to diplomatic means when Paki
36、stan temporarily cut off some exports of onions to the country.9)How can the 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.10)What is
37、the most serious division between countries that policymakers have to contend with?Economic disparity2. Fill in each blank of the following sentences with one of the phrases in the list given below:1) The search for the child was scaled back sharply today, with almost a third of the volunteers headi
38、ng home.2)The former Federal Reserve Chairman says there is a risk that the US could slip into a recession by years end.3) The CEO of the firm said that they would switch priority from traditional labor-intensive products to more hi-tech and value-added ones.4) In the aftermath of the financial cris
39、is the group has put on hold some of its ambitious regional expansion plans.5) Toyota Motor Corp. is offering widespread job buyouts to its US workers for the first time and cutting the workweek at some of its American plants by 10% to contend with falling sales.6) Eventually, it must morph into a s
40、ystem that functions on stability, or it will fail and cause an unstoppable breakdown and widespread hardship.7) Unfortunately most of the central banks in the world today are still firmly under the thumb of politicians.8) The stock markets endurance could depend heavily on whether economic and corp
41、orate performance remains uncertain, or begins indicating that the economy truly is out of the woods.9) Survivors were encouraged to talk about their horrible experiences to help them come to terms with the flood disaster.10) Other countriesnotably Australiahave also avoided a bust in their housing
42、markets, and have instead seen prices increases flatten out.3. Match the terms in column A with the explanations in column B:A B _1)double-dip recession A) A physical substance, such as food, grains, and metals, which is interchangeable with another product of the same type, and which investors buy
43、or sell, usually through future contracts 72) credit rating B) A measure that examines the weighted average of prices of foodstuffs, often used as an important factor to assess the cost of living. 93) austerity C) A government policy of deficit-cutting, lower spending, and a red
44、uction in the amount of benefits and public services provided, sometimes coupled with increases in taxes to pay back creditors to reduce debt. 34) private sector D) A central bank regulation that sets the minimum reserves each commercial bank must hold to customer deposits and notes. 105)protective
45、tariffE) The part of the economy that is not state controlled, and is run by individuals and companies for profit. 46)beggar thy neighbor F) An expression in economics describing policy that seeks benefits for one country at the expense of others. Such policies attempt to remedy the economic problem
46、s in one country by means which tend to worsen the problems of other countries. 67) commodity G) A published ranking based on detailed financial analysis by a credit bureau, of ones financial history, specifically as it relates to ones ability to meet debt obligations. 28)sovereign-debt crisis H) A
47、crisis in which a national government owes so much debt that it is unable to repay or on the edge of bankruptcy. 89)food-price index I) A tariff which tries to ban imports to stop them competing with local products 510)reserve requirement J) A situation where economic growth slides back to negative
48、after a short-lived growth and the economy may move into a deeper and longer downturn. 14. Translate the following into Chinese:星期五,世界上20個主要經(jīng)濟體的領導人結束了在這座東北亞首都城市舉行的為期兩天的峰會。各國爭論不休,然而卻沒有就避免破壞性貨幣和貿(mào)易戰(zhàn)爭的具體措施達成一致意見。會議遭遇的挫折遠多于收獲,而奧巴馬總統(tǒng)最為沮喪,其采取統(tǒng)一方法推動全球經(jīng)濟的努力未能成功。 20國集團成員國突然拒絕支持美國迫使中國提高幣值的嘗試,延續(xù)了這場痛苦的爭端,很多人認為爭端
49、最終會導致全球貿(mào)易戰(zhàn)。在離開這座城市之前,各國領導人發(fā)表了一項打了折扣的聲明,僅僅同意避免貨幣的“競爭性貶值”。這份聯(lián)合聲明大致描述了他們推動增長,并平衡貿(mào)易和匯率以及避免貿(mào)易保護主義政策的意圖。美國官員稱此為一份重要協(xié)議,將會幫助減輕一些承受巨額貿(mào)易逆差的國家的壓力。但是各國并沒有義務遵守這些協(xié)議。在最后的講話中,奧巴馬對這次令人失望的峰會持積極態(tài)度,說世界上的發(fā)達國家和發(fā)展中國家已經(jīng)成功地把世界經(jīng)濟引入通往復蘇的道路。但是他也承認參與峰會的各國可能重陷一種險境:引起本次全球經(jīng)濟危機的經(jīng)濟失衡。盡管如此,他不會承認在后門會議上遭遇的失敗。這樣的會議經(jīng)常被認為是處于陷入敵對狀態(tài)的邊緣。“我們在
50、此所做的工作并不一定那么激動人心、始終能改變世界,但我們確實是在穩(wěn)步地增強國際管理機制和機構,減少世界各國間的摩擦”,奧巴馬說。他強調(diào)二十國集團領袖們作出了巨大的努力,包括建立國際社會所要求的裁定當事國是否對貿(mào)易伙伴采取不公平做法的仲裁機制?!坝袝r我覺得人們本能地聚焦于分歧也是很自然的,”美國總統(tǒng)說,但實際上“我們在每次這樣的峰會上都取得實質性的進展?!钡谑谞枺澜珙I袖們一再顯示他們無意妥協(xié),只愿做出空泛的許諾,難以遮蓋他們在尋求共識果敢行動上的無能。不能達成共識有時則會促使世界各國去追求各自的利益,而會損害有協(xié)調(diào)的全球均衡增長。5. Fill in each of the followin
51、g gaps with one of the sentences given below:1) This week the IMF predicted that global GDP should expand by 4.8% this year.2) Most obviously, there is the gap between the vitality of the big emerging economies, some of which have been sprinting along at close to 10%, and the sluggishness of many ri
52、ch ones.3) Poor countries, especially young ones, ought in theory to invest more than they save, and so be a net source of demand for richer, older ones, all the more so when the latter are in bad shape.4) Rich countries are planning tax rises and spending cuts worth 1.25% of their collective GDP in
53、 2011, the biggest synchronised fiscal tightening on record.5) Even in America the ageing of the baby-boomers points to a slower-growing workforce.Supplementary ReadingThe Survival of the Safest1. Which of the following is an important reason for the American economys persistent weakness?A. new risk
54、sB. damage to moraleC. distrust in one anotherD. John Maynard Keynes theory2. According to the passage, the book “Why Wages Dont Fall During a Recession” focuses on:A. the recession of 1999B. the recession of 1990-1999C. the recession of 1990-1991D. the recession of 2008-now3. What is unusual about
55、the market for labor compared with other productive factors?A. For other productive factors such as wheat, the price usually drops until the excess supply is mostly gone.B. Excess supply of labor shows up as unemployment.C. Unlike factors of productions such as wheat or trucks, human beings dont hav
56、e morale issues.D. For labor market, excess supply can be prominent and persistent. 4. The managers that Professor Bewley interviewed consistently told that:A. they are concerned about both the emotional and physical state of their core employees.B. they are concerned about the emotional state of th
57、eir core employees C. they are concerned about the physical state of their core employeesD. they are concerned about the emotional state of all their employees5. The underlined part in the sentence “they steel themselves against sentimentality”means:A. Become hard-hearted B. Wrap themselves with steel.C. Be equipped with steelD. Fight against6. Why do managers often lay off more people than necessary?A. To e
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