国际商务英语---考试要点Equities:companystocksRatify:makeanagreementoratreatyofficiallyvalidbysigningitControversy:publicargumentaboutsth.WhichmanypeopledisagreewithBiennial:happeningeveryalternateyearClout:influenceAnti-dumping:oneformofactionwhichmaybetakenbyagovernmenttoprotectindustriesfromunfaircompetitionbywhichgoodsaresoldatapricelowerthaninthecountrywheretheyaremanufacturedMandate:authoritygiventoperformadutyStillborn:(ofachild)deadatbirth;(ofanideaoraplan)notdevelopingfurtherContractingparty:acountryoffilmthatsignsalegalagreementAkinto:similar,relatedtoOptimal:bestormostfavorableTermsoftrade:therelationofexportandimportpricesPreference:apracticaladvantagegiventooneoverothersExportearnings:moneyearnedonthesalesofgoodstoothercountriesProvisions:aformalorexplicitstatementofconditionsdemandedTariffs:customsdutiesimposedbyagovernmentonimportsorexportsInvisibles:tradeinservicesBoard:anofficialgroupofpersonswhodirectorsupervisesomeactivitiesofafirmPermanent:lastingCounterpart:apersonorthingthatcloselyresemblesanotherinpositionorfunctionForum:anoutletfordiscussingofmattersofinteresttoagivengroup外刊经贸知识选读1.ThewriterexaminesthedevelopmentofChina’stradepolicyandthepresentstateoftheoverseaseconomiclinks.2.ThepatternofChina’sforeigntradehaschangedsubstantiallysincethefoundingofPeople’sRepublic.3.ChinaexportedagriculturalproductstotheUSSRandEastEuropeancountriesinreturnformanufacturedgoodsandthecapitalequipmentrequiredforthecountry’sindustrializationprogrammewhichplacedemphasisonthedevelopmentofheavyindustry.4.TheGreatLeapForwardof1958-1959initiallyproducedgainsinagriculturalandindustrialproduction,butsubsequentlyresultedinseriouseconomicimbalances.5.Economicproblemswereexacerbatedbythreebadharvestswiththeresultthatnationalincomeandthevolumeofforeigntradecontractedduring1960-1962.6.ThewithdrawalofSovieteconomicandtechnicalaidintheearly-1960scausedtradetoshiftawayfromtheUSSRanditsComeconpartnerstowardsJapanandWesternEurope.7.ThegrowthofforeigntradewasdisruptedagainduringtheCulturalRevolution(1966-1976)when8.9.10.11.12.13.14.15.16.17.18.19.20.21.22.23.24.25.26.agriculturalandindustrialproductionfellsharplyandtransportationconstraintsbecamemoreserious.Foreigntrade,whichhasamajorroleintheFourModernizationsprogramme,hasgrownrapidlyoverthepastfewyears.TheSino-USAagreementontraderelations,whichcameintoforceinFebruary1980,accordsChinamost-favorednationtreatment.AcommoditybreakdownofChina’stradeshowsthatfuelsaccountedfor24percentoftotalexportsin1982……Buttheleadingcategoriesofimportsin1982werefood,whichaccountedfor22percentofthetotal,lightmanufactureditemswithashareof20percentandmachineryandtransportationequipmentwith17percent.TheUSdollarvalueofChineseexportsincreasedatanaveragerateofalmost18percentperannumbetween1978and1983……Asaresult,thevisibletradesurplusrosesharplyfromUS$3.7billionin1981toUS$4.4billionin1982andUS$3.7billionin1983.OfficialrecognitionthatforeigntechnologycouldplayamajorroleinmodernizingtheChineseeconomyhadcausedimportstorisebymorethan50percentin1978placingunduestrainonthenationaleconomy.Chinabecameanetgainexporterin1984.Thepatternofforeigntradegrowthwasreservedin1984:thevalueofexportsincreasedby10percent,butimportsjumped38percentwiththeresultthatthevisibletradeaccountwasindeficitbyUS$1.1billion.ThestrongincreaseinimportslastyearisattributedtobuoyanteconomicactivityaswellastothesuccessoftheGovernment’stradeandforeigninvestmentpolicies.HKisChina’smajorexportmarketaccountingforapproximately26percentoftotalexportsin1983(thoughmuchinre-exportedtootherdestinationsfromthere).TheEEC’sshareofChina’sexportshasgenerallybeenaround11-12percentoverthepastfewyears(theleadingexportmarketswithintheEuropeanCommunityareGermanyandtheUnitedKingdom),…….ThemostimportantsuppliersamongtheindustrialcountrieswereJapan……ThesuccessfuloutcometonegotiationsbetweenBritainandChinaaboutthefutureofHKwillstrengthentheSino-Britishrelationsandisexpectedtoboosttradebetweenthetwocountries.ThevalueofChineseexportstoBritain,whichroserapidlybetween1977and1980,declinedin1981-1982,butrecoveredstronglyin1983….Chineseofficialsstresstheimportanceofintroducingadvancedtechnologytodomesticindustry,buttheneedisfortechnologyofvaryingdegreesofsophistication,notnecessarilyforadvancedtechnologyasthattermisunderstoodintheWest.Thesizeofthevisibleaccountofthebalanceofpayments,butthesizeofthevisibletradesurplusduring1981-1983andapronouncedincreaseinearningsfromtourismsuggestthatthecurrentaccounthasbeeninsurplusoverthepastfewyears.ForeignexchangereserveshaverisenrapidlyfromapproximatelyUS$2.5billionatend-1980toUS$17.0billionbyOctober1984.ThebalanceofforeignexchangereservesiscontrolledbytheBankofChinawhichspecializesin27.28.29.30.31.32.33.34.35.36.37.foreignexchangebusiness.Theauthoritiesarewillingtopermitarun-downinthecountry’sinternationalreservesoverthenextfewyearsasameansofacceleratingtheintroductionofforeigntechnology.ForeigncountriesareencouragedtomountexhibitionsoftheirgoodsandChinaitselfhasparticipatedinanumberoftradefairsandexhibitionsheldabroad.Sincethelate1970sChinahasalsoadoptedforeigntradepracticeslong-establishedinmanyothercountries.Assemblymanufacturingbeganin1978andparticularformsofforeigntradeareeligibleforexemptionfromcustomsdutiesandtaxation.aseriesofpoliciesdesignedtoencourageforeigninvestmenthaveaccompaniedthesetradereforms.ThedebtproblemsconfrontinganumberofdevelopingcountrieshavereinforcedChina’sdeterminationtointroduceforeigntechnologybymeansofdirectinvestmentandconcessionaryfinanceratherthanbyraisingsubstantialsumsofmoneyontheinternationalcapitalmarkets.Foreigninvestmentisadvantageousinsofarasitfacilitatedthetransferoftechnologyandskillsandavoidscreatinganoverhangofdebt.Theauthoritiesdonotconsideritappropriatetoincurlargeamountsofexternaldebtuntilanumberofpracticalbottlenecksintheeconomy.China’saccesstosubstantialsumsofmoneyfromtheWorldBankalsoreducestheneedtoborrowoncommercialterms.FigurescompiledbytheOECDandtheBankofInternationalSettlementsshowborrowingsfromwesterncommercialbanksofapproximatelyUS$2billion,butalsoshowthatthebulkofChina’sforeignobligationsconsistofnon-banktraderelatedcreditswhichexceedUS$4billion.Thereappearsconsiderablescopeforforeignbankstoundertakeprofitablebusinessoverthelongerterm.1.Thefourspecialeconomiczones(SEZs)inGuangdongandFujianprovinces,14coastalcities(allformertreatyports)andHainanisland(19“open”areasinall)havespecificallydesignedtaxandotherincentivesfortheforeigninvestor.2.Buteveryprovincialcapitalisdoingitsbesttoattractforeigninvestment.3.Thefollowingyear,ataxlawforjointventureswaspromulgated.4.ChineseleadersweregrowingimpatientwiththerateofprogressintheshowpieceSEZ-Shenzhen.5.TheStateCouncildeclared14citiesalongtheentirecoastplusHainanislandopentoforeigninvestment,thusintroducingarealelementofcompetitionintothecountry’seconomic-developmentprogramme.6.Evenlocalfactoriesaretakingnoteofthevastpotentialsalesintheirowndomesticmarket.7.Thecentralgovernment’sdeterminationtoraisethelevelofindustrialtechnologyisclearlybehindthedecisiontoopenthe14coastalcities.8.TheBankofChinahasalsosaidthatnewandmoreflexibleloanpolicieswillenable“thousands”ofdomesticenterprisestoborrowforeignexchangetoimportequipmentandrepayinRenminbi.9.Theneedtoupgradeindustrialequipmentisgreat.10.Thecombinedindustrialoutputofthe15coastalareasisreportedlyequaltoaquarterofthenation’s11.12.13.14.15.16.17.18.19.20.21.22.23.24.total.Butwhilethereasonsforthrowing19areasandcitiesopentoforeigninvestmentandtechnologytransferareclear,howthepreferentialsystemswilloperateisnot.Thisisduelargelytotheintensityofcompetitionamongthe19,coupledwiththeinexperienceofmostlocalauthoritiesbothinmakingdecisionsandindealingwiththeoutsideworld.IntheSEZs,whicharebeingbuiltalmostfromscratch,foreignerscaninvestinanythingwhichthestatedeemsusefulforthecountry,beit,forexamples,productionofgoodsforexportorconstructionofprivate-housingestates.Thesecanbejointventures,cooperativeenterprisesorwhollyforeign-ownedoperations.….importsofcapitalandconsumergoods(exceptcigarettesandliquor)areexemptedfromcustomsduties,andauniform15%income-taxrateisapplied.Inthecoastalcities,onlyfactorieswhereplantisbeingupgradedbyforeigninvestment,enjoythe15%taxrate.TheEconomicandTechnicalDevelopmentZone(ETDZ)outsidethecoastalcitycentrewillofferauniformtaxrateof15%foralltheprojectsandwaivetheusual10%profit-remittancetax.AjointventureoutsidetheZoneisliabletothestandard33%taxrate.TouristenterprisesandanyotherserviceindustryoutsidetheZonearenotentitledtoanyspecialstatus.Themajorsourceofconfusionforforeigninvestors,however,isnotthetaxratebutwhohastheauthoritytoapproveprojects.ChinaInternationalEconomicConsultantsInc.istheconsultancyarmoftheChinaInternationalTrustandInvestmentCorp.Butifwestartputtingtoomanyrulesandregulations,theywillgetdiscourage.….itwillbesometimebeforethedustsettlesandlocalauthoritiesandforeigninvestorscandealwithoneanotherinasystematicway.Stock-takingoftheopenpolicywillcomelaterthisyearwhentheNationalPeople’sCongressdiscussestheseventhfive-yearplan.1.Chinahasthemostdynamiceconomyintheworldtoday.2.ItsboomradiatesfromGuangdong,itsrichestprovince…3.Afteraslowdownthrough1990,China’seconomybouncedbackmightily,reachingarecentpeakof13percentgrowthlastyear.4.SomeWesternexpertsarepredictingthatChinacouldbecometheworld’sdominanteconomyearlyin21stcentury.5.Membershipinthisclub,whichincludesalltheworld’sleadingeconomies,couldprovideahugeboostforalow-wageexporteconomy.6.LastyearChina’stradesurplussurged,buoyedbyexportsoftoys,textilesandconsumerelectronics.7.ItstradesurpluswiththeUnitedStateshitarecord$18billion.8.TheU.S.CongressduetoconsidertherenewalofChina’smost-favorednationtradestatusinJune…9.AfterJapan,we’llbefirstinlineforretaliation.10.AmericanhasanincreasinglylargestakeingoodrelationswithChina.11.In1992Americancompaniesledarushofforeigninvestorswhosignedmorethan$30billionworthofcontractsinChina.12.McDonnellDouglashasbuilt35MD-80seriesaircraftinShanghai—andhascontractedtobuild40more.13.Otherstate-affiliatedcompanies,includingCITICandChinaResources,Inc.,arebranchingoutfromHKtoestablishoverseaspostsarevariedasdiamond-tradingoperationsinSriLankaandbrokerageservicesinNewYork.14.Inflationhasrecentlyclimbedbackintodoubledigits…1.In1991,forthesecondyearinarow,theeconomiesoflow-incomeandmiddle-incomecountriesvirtuallystagnated,asmeasuredbyanincreaseinpercapitagrossdomesticproduct(GDP).2.Aggregateoutputfordevelopingcountriesadvancedbyslightlylessthan2percentduring1991(similartotheweakperformanceof1990),implyinganeasinginpercapitaincomeof0.1percent.3.ExcludingCentralandEasternEurope,growthindevelopingcountriesin1991was3.4percent,comparedwith3.8percentduringthe1980s.4.AnincreaseinChina’sgrowthratehelpedtosustainhighratesofgrowthintheEastAsiaregion.5.Internationalconditionsforgrowthindevelopingcountriesdeterioratedin1991.6.Thesevenmajorindustrialcountries(theG-7)experiencedasignificantslowdowninGDPgrowth…7.TheweaknessindemandintheUnitedStatescontributedtoadropofover6percentinnonoilcommodityprices…8.PolicyreformsinLatinAmericahelpedtomoderateinflationanddomesticdemand;EastAsianeconomics,supportedbygrowthinexportvolumeintherangeof10percentandbyrobustdomesticdemand,continuedtogrowrapidly.9.Theindexofnonoilprimarycommoditypricesinnominaldollartermsdeclineforthethirdconsecutiveyear,andtheindexinrealtermshitanall-timelow.10.TherewerenobreakthroughsintheUruguayRoundofGATTnegotiationsonkeyelements,andtheoutcomeremainsindoubt.11.GrowthintheG-7countriesdeceleratedfrom2.8percentin1990to1.9percentin1991.12.ThebroadtrendwastheoutcomeoflargelyunexpectedsetbackstorecoveryintheUnitedStatesandtheUnitedKingdomandtheapparentonsetofaslowerperiodofeconomicgrowthinJapanandGermany.13.Aslumpinconstructionofrentalhousingandthefadingofatax-cut-inducedboominautosalesalsocontributedtotheweakergrowthofJapan.14.Unificationfurtherboostedinvestment,whichthenappearedtodiminish,asexpectationsofprofitabilityweredampenedbyhigherwagesandhighshort-termnominalandrealinterestrates.15.InflationasmeasuredbytheGDPdeflatorslackenedinmostoftheG-7countries.16.ItcontinuedtodecelerateinNorthAmericaandedgeddowninJapan,17.Financialinstitutionsinthesetwocountriesadoptedmoreconservativelendingpolicies,curtailingfinancingofhigh-riskprojects…18.Thesedevelopmentsplayedsomepartinthegeneraltighteningofcreditduring1991…19.Anotabledevelopmentin1991wasanarrowingofcurrent-accountimbalancesofmostmajor20.21.22.23.24.25.26.27.28.29.30.31.32.1.2.3.4.5.6.7.8.9.industrialcountries…Thetradecomponentofthedeficitnarrowedaslowerinflationandearlierdollardepreciationimprovedcompetitiveness…Acontinuationofthesurgeofimportsthatfollowedunification,aswellastheearlierappreciationofthedeutschemark,contributedtotheswing.InGermany,theslopeoftheyieldcurveturnedpositive.Becauseslowdowninindustrial-countrygrowthdampeneddemandforexportsofbothprimarycommoditiesandmanufacturesfromdevelopingcountries,thevolumeofmerchandiseexportsofdevelopingcountriesdeclinedby2percent.TheinfluenceoftheGulfcrisis,includingthespikeinoilpricesanddislocationsintheMiddleEast,waswidespread.…thesharpcompressionofimportsbytheSovietUnionadverselyaffecteditsothertradingpartners.…apick-upinChinahelpedsustainAsianactivity.ThesharpaccelerationofGDPgrowthinChina,from4.5percenttoover6percent,wassupportedbyimprovementsinindustrialoutput,higherlevelsofconsumerspending,andsignificantgainsintheexportofmanufactures.ExportvolumesforthegroupofEastAsiancountriesadvancedatdouble-digitrates.Economicweaknessinsomeoftheregion’straditionalexportmarketshasunderlinedtheimportanceofmarketdiversification…ThedeclinewaspartlycausedbyIndia’sreininginofitsbudgetdeficitandtheshort-termeffectsoftheimplementationofstrongemergencystabilizationmeasures…Theemergencymeasuresincludedaservecompressionofimports,tightcreditpoliciesandexchange-ratedevaluation.InEuropeandCentralAsia,GDPcontractedbyabout7percent,asstabilizationandreformprograms,inseveralcountrieshadnotyetledtobottoming-outintheireconomies.TheClintonAdministrationisdrawingthefirstlinesofatougherU.S.policyontrade…Thestrongestsignalcamelastweek,whenMickeyKantor,theU.S.traderepresentative,movedquicklytocitethe12-nationEuropeanCommunityfor“intolerable”discriminationagainstU.S.companiesseekinggovernmentcontractswithintheCommunity.TheadministrationwillbeginretaliatinginsixweeksifECpoliciesremainunchanged.Awillingnesstoimposesanctiononmajortradingpartnerstoreducetradebarriersabroad,withlesspatiencefordrawn-outnegotiations.Administrationofficialsseelittleriskthatthismoreaggressivepolicycouldescalateintofull-fledgedtradewarthatwouldshocktheworld’sfragileeconomies.Tokyoappearsmore“results-oriented”thantheCommunity,promptinghopesthatbargainscanbereachedwithJapantoeasefrictionsonarangeofissues.ApledgetoMexicoandCanadatoseekrapidcongressionalapprovaloftheNorthAmericanFree-tradeAgreementasthehighesttradepriority.SomerepresentativesofU.S.business,seethingoverwhattheyviewasprotectionistECpolicies,praisedMr.Kantor’saction.…ifthedisputewithEuropeanCommunityovergovernmentprocurementissoonfollowedbycasheswithEuropeoversteel…10.AnyonewhothinksEuropeandJapanwillbebulliedintomeetingAmericandeadlinesandprioritiesisn’tawaketothechangesthathaveoccurred.2015年8月
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