國(guó)際經(jīng)貿(mào)高級(jí)英語導(dǎo)讀材料

LessonThree

Sino-JapaneseEconomicTiesTEXT

JapanhasbeenChina'slargestsingletradingpartnerfortwodecades,andtheincreasingimportanceandcomplexityofthebilateraleconomicrelationshipsinceChina'sadoptionoftheopendoorpolicyinthelate1970sisevidentinseveralways.Mostsignificantly,theChinamarketisofgrowingimportancetoJapanesefirms,asreflectedinChina'srisingrankamongJapan'stradingpartners.JapanhaslongbeenChina'stoptradingpartner,butchinabecameoneofJapan'smostimportanttradingpartnersonlyinrecentyears,risingtonumbertwoin1985.Putalternatively,adecadeagoitwascommonlyarguedthatasChina'stradegrew,Japan'sdominantpositionintheChinamarketwoulderode.ButthishasnothappenedChina'stotaltradehassoared,butJapanhasretaineditsmarkedshare,thebilateraltradeLessonThree

Sino-JapaneseEconomicTiesvolumehaselarge,inabsolute,terms,andthegapbetweenthevolumeofSino-JapanesetradeandtradebetweenChinaandotherpartnershasgrown.Second,JapanhasethelargestnationalsupplierofaidtoChina.ThroughitsOverseasEconomicCooperationFund(OECF),Japanintwodevelopmentloanpackagesin1979and1984committedmorethan3.5billionU.S.dollarstoaidvariousconstructionprojects,projectsthatalreadyhavehadandwillcontinuetohaveapositiveeffectonthebilateraltraderelationship.ThemostobviousexamplesareJapanesesupportforraillineandportimprovementsthatwillincreaseChina'sabilitytoexportmorecoalandpetroleumtoJapan.In1983,forexample,a7.6billionyenloanwasextendedLessonThree

Sino-JapaneseEconomicTiesfortheelectrificationoftheBaoji(Shaanxi)toZhengzhou(Henan)railline,substantiallyincreasingthecarryingcapacityoftherailsystemleadingoutofShaanxiprovince,wherealmosthalfofChina'scoalismined.Thetermsoftheloanareextremelygenerouscomparedtonormalcommercialcredit.Therepaymentperiodisthirtyyearswithaten-yeargraceperiod,meaningtherepaymentswillnotbeginuntilthemid-1990s,andtheinterestrateisonly3.25percentperannum.IntermsoftheirgrantcomponenttheseloansapproachthosemadebytheInternationalDevelopmentAssociationoftheWorldBank,generallyconsideredtobethemostfavorablesourceoflong-termeconomicdevelopmentcredits.EarlierOECFfinancialcommitmentsweremadeforportdevelopmentatShijiusuo,improvementsoftheYanzhou-Shijiusuorailline,andtheBeijing-Qinhuangdaorailline.

LessonThree

Sino-JapaneseEconomicTiesJapan’saidprogramcontributestoincreasedbilateraltradefortworeasons.First,althoughtheloansareuntiedandthusinprinciplecanbeusedbytheChinesetofinancetheprocurementofproject-relatedequipment,suppliesandconsultingandengineeringservicesfromanycountry,theChineseutilizeaboutthree-quartersofthefundstopurchaseequipment,facilitiesandservicesfromJapan.Second,theprojectsfundedbyOECFarealldesignedtofacilitatetheflowofChineseexportstoJapan.AlmosthalfofJapan'simportsfromChinaconsistofcrudeoil,petroleumproductsandcoal.TheportandraildevelopmentprojectssupportedbyOECFloanswillfacilitateboththedomestictransportofthesecommoditiestomajorChineseportsandtheloadingofthegoodsintheports.

LessonThree

Sino-JapaneseEconomicTiesThethirdmanifestationoftheincreasingcomplexityofthebilateralSino-Japaneseeconomicrelationisincreditmarkets.ThroughseveralchannelsJapanhasethemostimportantinternationalfinancialmarketforchina.JapaneseExport-ImportBankcreditsofabout2billionU.S.dollarswereextendedin1979tofinancethedevelopmentofenergyresourcesinChina.Theseloanswereforfifteenyearswithanannualinterestrateof6.25percent.TheChinesehavealsoraisedsubstantialfundsintheJapanesebondmarket.Fromlate1981through1986variousChineseborrowersfloatedelevenbondissuesintheJapanesemarket.TheissuersincludetheBankofChina,theChinaInternationalTrustandInvestmentCompany(CITIC)andtwooftheprovincialLessonThree

Sino-JapaneseEconomicTiesbranchesofCITIC,theFujianInvestmentandEnterpriseCorporation(FIEC)andtheShanghaiInvestmentandTrustCorporation(SITCO).Cumulatively,through1986,Chinahadborrowedtoequivalentofalmost2billionU.S.dollarsoninternationalbondmarkets,thegreatmajorityinJapan.AndeventhoughChinamadeitsfirstofferingontheEurodollarbondmarketin1986,JapanislikelytoremainacriticalmarketformostChineseissuesofinternationalbond.Finally,JapanesebankshavebeenmajorsuppliersofcommercialcredittoChina.Thesedevelopmentsintrade,aidandborrowingareallthemoreremarkablesinceSino-Japaneserelationshavebeenmarkedbysubstantialfrictions.InearlyLessonThree

Sino-JapaneseEconomicTies1979theChineseunilaterallysuspendedcontractsofabout2.billionU.S.dollarsforpurchaseofindustrialplantscancellationsthatbecameknowninJapaneseindustrialcirclesasthe"Chinashock".Againin1981theChinesecanceled1.5billionU.S.dollarsincontractsforJapaneseplants,primarilyinthefieldsofsteelandpetrochemicals.Manyoftheseprojectswerelaterrevived,butonlyaftertheJapanesesideagreedtosupplyadditionalfinancialcredits.OntheothersideoftheequationtheChinesehavehadtheirowncomplaints.In1985,forexample,ChineseofficialscomplainedofJapan'sreluctancetoundertakemajordirectinvestmentsinChinaandofthesubstantialimbalanceinfavorofJapaninthebilateraltraderelationship.Theyalsoprotestedthevisit

LessonThree

Sino-JapaneseEconomicTiesoftheJapaneseprimeministertotheYasukuniShrine,whereJapanesewarcriminalsareburied.TheChinesehaveprotested,firstin1982andagainin1986,thetreatmentoftheSino_JapaneseWaringovernment-approvedschooltextbooks.Chinesecomplaintsconcerningtheeconomicaspectsofthebilateralrelationshipappeartohavesomemerit.DespiteJapan'spersistentdominantroleintradewithChina,totalJapaneseinvestmentinChinaisminisculenotonlyrelativetoJapan'soverallinvestmentabroadbutalsorelativetototalforeigninvestmentinChina.OftotalinvestmentinChinaofabout5.4billionU.S.dollarsattheendofthethirdquarterof1985,onlyabout2percentwasJapanese.AndJapaneseinvestmentinChinain1985comprisedonlyabout1percentofJapaneseinvestmentabroad.

LessonThree

Sino-JapaneseEconomicTies

DespitepersistentofficialChinesecomplaintsoveraperiodofseveralyears,thereislittleprospectthatthissituationwillchangeintheshortrun.WhileotherWesternfirmsrushedtoinitiatejointventuresandsubsequentlydiscoveredthatconditionswerefarfrompropitiousJapanesefirms,guidedbyJapan'sMinistryofInternationalTradeandIndustry,havebyandlargetakenacautiousapproach.ThebilateraltradebalancehasalsomovedinJapan'sfavorsince1983.By1985theChinesedeficitintradewithJapanhadreachedanunprecedentedlevelof5.2billionU.S.dollars.Onacustomsclearancebasisthedeficitwasevengreater,almost9billionU.S.dollars.Despiteregularhigh-levelconsultationsonthetradeimbalance,thereislittleevidenceofJapaneseresponsetoChineseLessonThree

Sino-JapaneseEconomicTiespleadingsthatJapanincreaseitspurchaseofChinesegoods.ThelackofasignificantresponsebytheJapaneseandthedecliningvalueofChina'spetroleumsalestoJapanmeanttherewasonlyaslightdropinthe1986bilateraltradedeficit,eventhoughChinacutitspurchasesofJapanesegoodsbyalmostone-fourth.(FromNicholasR.Lardy:"China'sEntryintotheWorld")EXERCISESⅠ.TranslatethefollowingintoEnglishbyusingthewordsorphrasesinthetext:1．中日經(jīng)濟(jì)關(guān)系的持續(xù)發(fā)展

thesustaineddevelopmentofSino-Japaneseeconomicrelationship.2．雙邊貿(mào)易量的迅速擴(kuò)大

therapidincreaseinthebilateraltradevolume

3．中國(guó)對(duì)非洲國(guó)家工業(yè)化的大力支持

China’svigoroussupportfortheindustrializationofAfricancountries

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Sino-JapaneseEconomicTies5．單方面中止兩國(guó)間的技術(shù)合作

unilaterallysuspendthetechnologicalcooperationbetweenthetwocountries

6．日本對(duì)華貿(mào)易順差略為下降

aslightdropinJapan'stradesurpluswithChina

7．人民幣對(duì)日元相對(duì)值的下降adeclineinthevalueofRenminbirelativetoJapaneseYen8．對(duì)日本經(jīng)濟(jì)的重要性不斷增加

beofgrowingimportancetotheJapaneseeconomy4．日本從中國(guó)的石油進(jìn)口

Japan`spetroleumimportsfromChinaLessonThree

Sino-JapaneseEconomicTies10．對(duì)石化工業(yè)的發(fā)展提供資金

financethedevelopmentofthepetrochemicalindustry

11．用于機(jī)器、設(shè)備進(jìn)口的短期商業(yè)信貸

short-termcommercialcreditusedtoimportmachineryandequipment

12．按絕對(duì)值計(jì)算的中國(guó)對(duì)日出口額China’sexportstoJapaninabsoluteterms13．日本在東南亞國(guó)家的直接投資總額

thetotalamountofJapan'sdirectinvestmentintheSoutheastAsiancountries9．把來自日本的鋼的進(jìn)口削減十分之一cutsteelimportsfromJapanbyonetenthLessonThree

Sino-JapaneseEconomicTies15．在投資領(lǐng)域中試行一種新的合作方式

adopt(try),onatrialbasis,anewformofcooperationinthefieldofinvestment14．在中國(guó)的一些沿海城市創(chuàng)辦重工業(yè)合資企業(yè)initiateheavyindustrialjointventuresinsomeChinesecoastalcitiesLessonThree

Sino-JapaneseEconomicTies1．中日兩國(guó)經(jīng)濟(jì)上日益增長(zhǎng)的相互依賴性反映于兩國(guó)建交以來雙邊貿(mào)易額的不斷上升。TheincreasingSino-Japaneseeconomicinterdependenceisreflectedinthecontinuousriseinthebilateraltradeamountsincetheestablishmentoftheirdiplomaticrelations.

EXERCISESⅡ.TranslatethefollowingsentencesintoEnglish

LessonThree

Sino-JapaneseEconomicTies3．該年年初政府所實(shí)施的新法規(guī)，目的在于改善外商投資企業(yè)的經(jīng)營(yíng)環(huán)境，對(duì)外國(guó)向中國(guó)投資起著巨大的作用。

2．作為改善對(duì)華關(guān)系的一個(gè)步驟，那個(gè)西方國(guó)家在1990年初向中國(guó)提供一筆1千萬美元的長(zhǎng)期貸款，為上海的地鐵建設(shè)項(xiàng)目提供資金。Asastep|towardtheimprovementof|(toimprove)itsrelationswithChina,theWesterncountryextendedtoChinainearly1990atenmillionU.S.dollarlong-termloantofinancetheundergroundrailwayconstructionprojectinShanghai.

LessonThree

Sino-JapaneseEconomicTies4.由兩國(guó)政府官員和企業(yè)界人士組成的特別委員會(huì)，從事探索和研究促進(jìn)兩國(guó)經(jīng)濟(jì)交流和合作的政策、措施。

Thespecialcommitteeconsistingofgovernmentofficialsandbusinesspeopleofbothcountriesundertooktheexplorationandstudyofpoliciesandmeasuresthatwouldfacilitate[?facilitating;tofacilitate]thebilateraleconomicexchangesandcooperation.

Thenewregulationsenforcedbythegovernmentearlythatyear,whichweredesignedtoimprovethebusinessclimateofforeign-investedenterprises,hadagreatstimulatingeffectonforeigninvestmentinChina.

LessonThree

Sino-JapaneseEconomicTies5．當(dāng)時(shí)這家合資企業(yè)的資金嚴(yán)重短缺，但它從產(chǎn)值的增長(zhǎng)率來說還是超過同一工業(yè)部門的其他企業(yè)。Despiteitsseriousshortageoffundsatthattime,thejointventurestillsurpassedotherenterprisesinthesameindustryintermsofthegrowthrateofoutputvalue.LessonThree

Sino-JapaneseEconomicTies1972年中日關(guān)系正?；詠?，兩國(guó)間的貿(mào)易得到了飛躍的發(fā)展。據(jù)統(tǒng)計(jì)，1988年中日貿(mào)易額達(dá)到193億多美元，在關(guān)系正?；院蟮?7年間增長(zhǎng)了約18倍。一般認(rèn)為，雙邊貿(mào)易如此迅速擴(kuò)大的原因，在于中日兩國(guó)都對(duì)對(duì)方的產(chǎn)品有著很強(qiáng)的需求。即，日本方面主要需要中國(guó)的石油、煤炭等能源資源以及纖維、食品等工業(yè)用原料，中國(guó)方面在國(guó)內(nèi)經(jīng)濟(jì)建設(shè)上需要日本的必要的設(shè)備、技術(shù)、鋼鐵及化工產(chǎn)品等基礎(chǔ)原材料。

EXERCISESⅢ.TranslatethefollowingpassageintoChinese:

LessonThree

Sino-JapaneseEconomicTiesLessonThree

Sino-JapaneseEconomicTies

SincethenormalizationofrelationsbetweenChinaandJapanin1972,bilateraltradehasdevelopedbyleapsandbounds.Accordingtostatistics,in1988thetradebetweenthetwocountriesamountedtomorethanU.S.$19.3billion,anabout19-foldincreaseduringthe17yearssincetheir