1. We can see no juslifications for an inerease in the price.
2. Multinational companies reaped great rewards of their foreign investment in developing countries.
3. The aim is to modernize the moribund state -owned enterprises that threalened China's economic
4. The structure of the fund management industry and stock market may also exacerbate the problem.
C. attribute :
5. Stock-taking of the open policy will come this year when the National People's Congress discusses the next five-year plan.
6. From the onset of the crisis, intermational organizations have been coordinating emergency activities.
D. growth .
7. The government plans to curtail economic growth to avoid speculative bubbles.
8. The America's formidable capital and technological resources would be utilized to meet its objectives.
9. The law banned discrimination against people with physical disabilities in the workplace.
10. Investment funds have moved oul of commodities and into liquid assets.
A. water resources
B. current assets
C. real estate
D. fixed assels
11. With unemployment rate at 9. 7%，the president is pressing the Congress to approve financial incentives for small businesses to add workers.
12.9% of listed firms are technically insolvent and have stopped paying their debts.
13. A substantial proportion of loans from the World Bank is still to be disbursed.
14. This marks the first time in history that these companies will be subject to federal supervision.
A. be free from
B. be exchanged by
C. be occupied in
D. be subordinated to
15. Online education is a fledgling sector where no perfect model has been created.
Force of the Multinationals
Direct investment by multinational companies is becoming a hugely important force in the world economy. In essence, a combination of factors, such as the development of global communications and a change in the political climate towards multinationals, is bringing in an era of true global manufacturing. A company such as Siemens may now slart making a product in Germany then ship it to Malaysia for the labor-intensive final stages of manufacture. The strategy by Japanese companies
of locating production in cheaper Far Fasterm countries such as Thailand has done much to integrate the economies of the region. US companies were selting up production in Mexico, for similar reasons . before negotiations on the NAFTA had even started. There is an important distinction to be made between the kind of integration based on trade, which is relatively simple, and the far more complex links involved in global manufacturing. The report says that “ as integration moves from
shallow trade - based linkages to deep intermational production - based linkage under the common governance, the traditional division between integration at the corporate and country levels begins to break down.
Foreign direct investment tends to transfer assels from the developed world to the developing world. But the patterm is not entirely simple. Big shifts have occurred in the composition of foreign direct investment by sector. Increasing investment is going into services and high-tech manufacture . rather than basic manufacture and natural resources. As might be expected， foreign direct investment in the developed world is mostly in the former category, whereas in the developing world the emphasis is on the latter. It seems countries have to reach a basic level of sophistication before they can get in the act. Simple cash incentives to set up production in a country have lttle efect, other than on margin. In addition, the increasing sophistication of global production means that heap labor is often not a deciding factor either.
16. Intermational production-based integration is better than trade-based integration.
17. Labor- intensive manufacture is the production mainly depend on the use of a large number of labor.
18. US companies set up production in Mexico for its cheaper labor and cost.
19. Cash incentive is a deciding factor in global production.
20. Foreign direct investment in the developed countries is mostly in services and high-tech sector.
Asia, You Cost Too Much
The Asian economic miracle can be best summed up as the biggest price undercut in history. sia grew because it was the cheapest source for the low-tech consumer goods that the West craves. ong Kong and Korea didn't invent new or more efcient manufacturing techniques, they simply ought market share with low wages. But now Asia is beginning to cost 1oo much. If you still think Asia is cheap or even a bargain, compare office rents in Shanghai with those in Chicago and Paris.
Or try to hold a qualified manager in China against the almost weekly job offers he receives due tothe shortage of Chinese professionals. No wonder companies are voting with their feet in response toAsia's rising cost. Germany's Siemens is dumping Singapore in favor of lower cost locations in theregion.' The way things are going, Siemens may have to move again before too long.
The competition facing Asia is not going to let up, either Local council representatives from Britain are running all over the world advertising tax cuts， giving away state land and slashingbureaucracy in an effort to attract industry. Technological innovations and cost reduction incommunications and transport mean that location isn't as important as it once was. Only Singaporescems to understand that keeping u中isn't good enough and that being competitive means forgingahead. The Lion City made a concerted effort to open market ，cut government regulations and createtransparency. But most Asian government just don't seem to understand the relationship belweenhigh costs and low competitiveness. Otherwise why would tariffs on agricultural imports be cripplingthe Korean and Japanese food processing industries? The oligarchical nature of trucking in Malaysiaguarantees that high transport costs will drive business away.
21. Asian economic growth was primarily based on cheap exports rather than high technology.
22. Siemens is satisfied with Singapore's low cost and will stay there all the time.
23. High rents and shortage of professionals became China's disadvantage in Business.
24. The importance of location is weakened by technology and communication innovations.
25. Most Asian government learned from Singapore to open markets and cut tariffs.
36. market forces
38. commercial hub
39. inellectual property right
40. brain trust
41. austerily programmes
42. the General Agreement on Tariffs and Trade
43. discount rate
44. countervailing duty
Once, when Japan faced pressure from abroad, it would either give in reluctantly or keep quietand hope that the fuss would die down. No longer it seems. America wants Japan to meet importtargets for some American goods, but far from capitulating to the thrust of American trade policy ，Japan is taking a stand that could lead to a trans- Pacific confrontation. The annual white paper ontrade development published by the Ministry of International Trade and Industry will reject theargument that Japan needs special trade sanctions. It is Japan's persistent surplus, more thananything. that has provoked anger in W ashington. This year the surplus has been growing fast. W ith the economy still barely growing, despite lwo fiscal packages in the past nine months, Japan's criticssay that the country is once more exporting its way out of recession.
46. Which word can“give in" be replaced by?
47. Explain “the fuss would die down
48. Paraphrase “ exporting its way out of recession'
The price of tin on the European spot market rose to 4, 400 pounds per ton，reflectingwidespread production cuts in the world tin industry, al a two-day meeting in Indonesia, the association of tin - producing countries, whose members represent 70 percent of world tin output ，decided to strengthen their co-operation in a bid to stabilize tin prices and to call on the United
States to limit sales of tin from ils strategic stockpile. Platinum progressed at the outset on concernabout strike action in South African mines but quickly fell victim to profit-taking as work resume.
49. What is “strategic stockpile"?
50. What does“progress" mean in the context?
51. What is profit-taking in business?
Commerce among nations entered a modern era; the constrained trading between imperialpowers and their colonies began to break down. W orld markets opened to all countries, andmultilateral trade flourished. Generally, a country could sell its goods in the best market it couldfind and buy what is needed from the least expensive supplier. Moreover, since currencies were
convertible, most transactions could be completed with cash. Barter was as antiquated as thehorse-soldier. During the past few years, however, the international monelary system has begunto strain under a variety of economic changes. One important cause is the enormous burden ofdebt carried by Third W orld countries. A professor at Harvard University says, “The plain fact isthat many countries are broken.”