countries. (F)
3. Three-stage strategy is the gradual process of China’s economic reform for the transition to a market economy. (T)
4. Currently, economic development has been laid down as the ultimate goal in Chinese economic reform. (T)
5. Compared with Africa, Asia benefits more from globalization. (T)
6. Compared with other regions in the world, growth performance in Latin America has been rather different, but it’s uniform among the countries in the region. (T)
7. The economies of China, India and a few other large developing economies are good examples of sustained growth generated through small governance changes and with initially imperfect institutions. (T)
8. Comprehensive reforms should be first achieved to improve specific areas of governance weaknesses instead of international support. (F)
Text B Challenges China Faces after Entering WTO
I. Answer the following questions according to the text. 1. Why should China enter WTO?
Globalization is an irreversible trend. Historical experiences have taught the Chinese not to close the door just because of challenges. No country can side-step the changes brought about by international competition and cooperation.
2. How do you understand the sentence: ―No country can side-step the changes brought about by international competition and cooperation.‖?
Historical experiences have taught the Chinese not to close the door just because of challenges. China can’t develop in isolation from the rest of the world. Lagging behind leaves one vulnerable to attacks! Entering WTO presents a new stage of reform and opening to the outside world. 3. What challenges is China facing?
Inevitably, China will face the challenges characterizing mainly by many aspects: mind, management, and operation mechanisms.
4. What kinds of measures should China adopt to develop economy after entering WTO?
According to experts, China should adopt effective measures to manage economy. These mainly include:ⅰ. Keeping moderate developing speed of economy; ⅱ. Fine-tuning economic structure and developing new style industry; ⅲ. Enhancing force on environmental construction and protection; ⅳ.Boosting industrialization of agriculture and increasing peasants’ income;ⅴ. Establishing social security system; ⅵ. Solving unemployment problem; ⅶ. Propelling urbanization; ⅷ. Deepening system reform and transforming the function of government; ⅸ. Setting up modern enterprise system; ⅹ. Creating more favorable political environment for development of private enterprise and small and medium-sized enterprise. 5. What effect will China exert on the world after entering WTO?
China’s accession to WTO can promote not only the development of Chinese economy, but also that of the world economy and it will inject new impetus into the progress of Asian economy and world economy. II. Fill in the table below by giving the corresponding Chinese or English equivalents.
Macro-regulatory system 5
行政垄断 市场经济 行政干预 指令性计划 现代企业制度 transformation of government’s functions rights and responsibilities small and medium-sized enterprise the form of economic growth
Ⅲ.Here is a crossword puzzle. You can rely on the information below and find the exact words in the text. 1T R A N S F O M P E T I T I O O R2 M E E S P O N S 8I B I L I8 T Y M N P D L O B A L 3I U O E P T I S M Y N T E R R I N V O A N A G E M E N T E L L N4 T N E M5 O O P Y 6C 7M G9 10U N M E
Ⅳ. After entering WTO, China will face challenges in many aspects: mind, management, and operation mechanisms. Please complete the form according to the information given in the text： Aspects mind Reasons people’s traditional mind; the idea of belittling commerce in tradition; Challenges the outdated ideology Measures to create a favorable legal, policy, financial, human, public opinion and social environment for privately-owned and collective economies management too many administrative planned economic system to devolve power to lower levels; to give economic activities more 6
interventions
autonomy; to break up administration monopoly operation mechanisms the rights and responsibilities quite a few companies and by defining the property rights undefined; the functions of enterprises pushed out of and responsibilities; the the market under intense by separating government and enterprises; by changing the form of economic growth from the extensive to the intensive type government and enterprises competitions. unseparated Case Study Automobile Industry After China’s Entry into WTO
Questions for Discussion
1. What do you think of the price trend in the domestic automobile market?
2. For what reasons did Wang Xiaoli decide to purchase an imported car this month? 3. How can domestically-made motor vehicles survive the foreign ones?
4. What measures should be taken for the domestic automobiles to complete with the imported ones?
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Unit 2
金融市场概览
彼得是一家企业的工业工程师，月收入3000美元。他把工资分为三部分：一部分用于购买衣、食、住、行等生活必须品；一部分用来投资股票；另一部分用以偿还一笔利率为5%的15年期的150，000美元的抵押贷款，每年偿还10，500美元，其中包括500美元的利息。
我们对货币相当熟悉，因为人们几乎天天接触货币。人们取得货币收入，用货币购买商品、支付劳务。现在大部分的货币都是纸制货币或金属货币。但是过去人们也常常使用商品充当货币，比如贝壳就是中国历史上的第一种实物货币。如今，随着电子技术在银行的业务经营中的运用，无形货币应运而生，而借贷卡、信用卡和智能卡在类的银行塑料卡也将逐步取代现钞和支票，成为广泛运用的支付工具。
有两种基本的货币活动：货币收支和货币借贷。货币收支，通常称为货币流通，是指货币的取得和使用。由于货币在时空上分布的不均衡，货币往往时多时少、此余彼缺。于是就出现了以信用为基础的货币借贷，即以偿还本金和一定利息为条件的借贷活动。利息是向他人提供货币所取得的收入而利率则是决定利息高低的关键，它是利息与本金的比率。 货币收支和货币借贷，密切联系，相互渗透，形成了一个新的范畴---金融，即货币的融通。因此，金融市场就是融资场所。货币市场是指交易一年期以内短期债务凭证的市场,资本市场指的是交易一年期以上的长期资产和债务凭证的市场。
国际金融市场是本国居民在国内金融市场以外与非本国居民从事金融资产交易活动的场所。比如，美国居民在美洲银行的储蓄活动属于国内金融交易活动，而瑞士银行吸纳日本企业家的美元存款则属于国际金融交易的范畴。由于电讯系统和数据处理方面的进步，国际金融市场超越国界，日益趋于一体化。最引人注目的案例非1997年夏天发生的东南亚金融危机莫属。
让我们回顾一下这一历史事件：7月发生的泰国金融危机迅速蔓延整个东南亚，10月香港、印尼遭袭，11月波及韩国。该危机由索罗斯量子基金的袭击直接所致。由于东南亚国家采用与美元挂钩的浮动汇率制，因此一旦兑美元的汇率急剧变化，则几乎所有东南亚市场的股价下跌，损失惨重。我们面临的一个主要的问题就是寻求诸如国际货币基金组合、世界银行的援助。在1997-1998年的亚洲金融危机中，国际货币基金组合和其他援救组织分别向泰国、印尼和韩国提供了高达172亿美元、430亿美元和570亿美元的资金，来帮助他们恢复经济、重构外汇储备。
亚洲金融危机提醒我们：我们生活在同一个星球上。导致此次危机的原因如下：
1、货币价值过度膨胀，经济泡沫 2、高利率吸引短期资金 3、 将外资作为维持国际收支均衡的主要动力 4、 缺乏监管机制，导致过度风险借贷
5、巨额投资资金突然迅速外流直接导致这场危机。当然，外汇储备不足，国际收支不均衡是引起国际投资者密切关注、突然袭击的重要原因。
然而，金融危机是可以预见的。因此，我们可以采取有效措施比如加强宏观经济调控、改善外汇结构、密切关注金融市场变化等避免金融危机的发生。如果必要的化，我们还可以寻求国际组织的帮助。
股 市 运 作
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