大学外贸英语课文翻译.doc

大学外贸英语课文翻译
Chapter 1-3
1. Providing liquidity including helping emerging and developing economies gain access to finance in current difficult financial conditions so as to unfreeze credit markets
提供流动资金(现金)帮助新兴国家和发展中国家在目前困难的经济状况下获得资金以便解冻信贷市场；
2. Strengthening the capital of financial institutions
增强金融机构的资本；
3. Protecting savings and deposits of the people and enterprises
保护个人与企业的储蓄与存款；
4. Addressing regulatory deficiencies by enhancing sound regulation
强化健全监管以弥补它的不力；
5. Ensuring that international financial institutions (IFIS) can provide critical support for the global economy
确保国际金融机构能向全球经济提供重要支持；
6. Reforming international financial institutions by enabling the poorest countries to have a greater voice and representation
对国际金融市场进行改革,使最穷的国家有更大话语权和代表性；
7. Using both fiscal and monetary measures to stimulate domestic demand while maintaining a policy framework conducive to fiscal stability
用财政与货币措施来刺激内需，同时维持有助于财政稳定的政策框架；
8. Ensuring that the IMF and World Bank and other influential financial institutions have sufficient resources to continue playing their role in overcoming the current world economic crisis
确保国际货币基金组织，世界银行以及其他有影响的金融机构，有足够的资源在克服当前世界经济危机中继续发挥它们的作用；
9. Reinforcing international cooperation in the field of world economic development
在世界经济发展领域强化国际合作；
10. Stepping up financial supervision and regulation
加强金融监管；
11. Fighting all sorts of trade protectionism
与各种贸易保护主义作斗争。
12.Due to substantial slowdown in the world’s major economies, the global outlook for 2009 has weakened, full of uncertainties, in spite of some good signs of slight recovery and slowing economic contraction in the U.S. and some other advanced countries since the start of the second half of 2009.
由于世界主要经济大国经济发展速度大幅减缓，2009年全球经济前景变弱，充满着不确定性，尽管美国和其他发达国家自2009年初经济稍有复苏，经济萎缩减缓的迹象。
13.Many of the diehard optimists on Wall Street have been beaten to a pulp by now, but those still standing have fallen back on a nifty bit of calculus. The second derivative, they say, is turning positive. That means that although the economy is spiraling down, it is doing so more slowly.
华尔街许多铁杆乐观主义者现已溃不成形,，但那些仍旧保持乐观的人开始求助于微积分的精妙之处。他们说二阶导数正在趋正,意思是:尽管经济仍在螺旋式下滑，但是下滑的速度减缓了。
14.There are a few bits of data to back up this assertion. Retail sails rose by 1％in January from December, the first monthly increase since June. Car sales fell in January but were stable to individual buyers, if not to corporate fleets. The economy may shrink at a slightly lower rate in the first quarter than it did in the fourth (in part because the fourth-quarter growth is likely to be revised to a steeper drop than the first annualised estimate of 3.8％). An index compiled by JP Morgan Chase finds that although economic news remains on balance worse than expected, the margin of awfulness has shrunk a bit; the firm’s analysts have marginally trimmed the risk of “a mini-depression”.
有几个数据支持这一断言。从去年12月至今年1月,零售额上涨了1％，自去年6月以来,这还是首次出现月度上长。虽然1月份的汽车销售量下降，而如果说对企业的销售并不稳定,但是对个人的汽车销售则是稳定的。今年第一季度的经济萎缩力度相比去年最后季度稍有缓和(部分原因是,去年第四季度经济增长率可能比之前预测的3.8％的年增长率下降到更低的水平)。JP摩根大通所编制的指数表明，尽管总体而言,经济恶化比预期严重,但是恶化的边际有所减小:该公司的分析师们已经稍稍降低了“微型萧条”的风险预期。
15.Meanwhile，thanks to huge policy stimulus by the authorities since October, yields on corporate bonds have edged lower, interbank rates have improved, and the money supply has surged. Thomson Reuters，a data gatherer, says that more than $100 billion of American corporate bonds have been issued this year, more than the four preceding months combined (though many are federally guaranteed).
同时，由于10月份以来当局大力度的政策刺激，公司债券的收益率缓慢下降，银行同业拆借利率上升，货币供给量急剧上升。据信息提供商汤姆森路透表示，美国今年已发行1 000亿美元的公司债券，比之前四个月的加起来还要多(尽管许多这样的债券得到联邦政府的担保)。
16.Larry Hatheway, a strategist at UBS，says a shift in the data from uniformly bad to mixed normally suggests that demand and production are coming back into balance. However, “This isn’t a normal cycle, ”he notes. Credit supply has not returned to normal; he points out that investment-grade companies are still borrowing at a　punitive 8％even after recent improvements in the market. Though a few junk-bond issuers have tapped the market, part of the demand may have come from funds “gambling for resurrection”, i.e., taking a big risk for high yields in a desperate bid to offset losses elsewhere.
瑞士联合银行战略家Larry Hatheway说，数据从一律的坏消息转成喜忧掺半，表明需求和生产正趋于平衡。但他指出，“这还不是一个正常的经济循环”：信货供给还未恢复正常；他指出：即使最近市场情况有所好转，投资级公司仍需支付带惩罚性的8％利息进行借款（投资级公司的借贷利率仍维持在苛刻的8%） 。虽说少数几家垃圾债券发行商也从市场上筹集到了资金,但是对这类贷款的需求部分来自于那些”赌生死”的基金,比如说(这些基金公司）通过承担高风险以追求高收益来拼死补偿基金在其他地方的损失
17.For each scrap of good news, there is plenty of the bad stuff. A 16.8％ plunge in housing starts in January suggests no bottom is in sight there. Except for Chinese credit, there is little encouraging in the rest of the world. What optimism the markets have shown has been mostly down to hopes of effective policy. This week’s equity rout suggests that policymakers still struggle to meet those expectations.
伴随每一个好消息而来的，是大量的坏消息。１月份房屋开工率陡减16.8％，表明房市的下跌还没有到头。除中国信贷状况尚好外，世界其他地方几乎无令人鼓舞的消息。市场所呈现的乐观迹象大都源自于对政策有效性的希望。而本周股票市场的大幅下跌表明决策者仍要挣扎着去满足这些预期。
18.The beast which gives its name to the Chinese new year that begins on January 26th is meant to symbolise prosperity through fortitude and hard work, offering hope that China will soon regain its economic vigour. But an ox is often a castrated bull——which may be an apt description of China’s economic pain. New figures show that China’s GDP growth fell to 6.8％ in the year to the fourth quarter, down from 9% in the third quarter and half its 13% pace in 2007. Growth of 6.8% may still sound pretty robust, but it implies that growth was virtually zero on a seasonally adjusted basis in the fourth quarter. But some economists forecast 8% and over 10% GDP growth for China’s economy in 2009 and 2010 respectively.
2009年1月26日是中国的农历牛年的开始，牛预示着通过坚忍不拔的努力和辛勤的工作而获得成功，这也是中国经济重获活力的希望。然而，公牛通常是指被阉割过的，这对正出于低迷的中国经济是最恰当不过的形容了。最新数据显示，中国GDP增速已从2008年第三季度的9％跌至第四季度的6.8％，是2007年13％增速的一半。6.8％的增速也许听起来仍然相当强劲，但按季节调整后的第四季度实际经济增长率为零。然而一些经济学家预测，2009年与2010中国GDP增速将分别达8％与10％以上。
19.Industrial production has slowed even more sharply, growing by only 5.7% in the 12 months to December，compared with an 18% pace in late 2007. Thousands of factories have closed and millions of migrant workers have already lost their jobs. But there could be worse to come. Chinese exports are likely to drop further in coming months as world demand shrinks. Qu Hongbin，an economist at HSBC，forecasts that exports in the first quarter could be 19％lower than a year ago. 2009 may well see the first full-year decline in exports in more than a quarter of a century.
工业生产降幅尤为明显，与2007年18%的增长速度相比，2008年十二个月里的增长率仅为5.7％。成千上万的工厂关闭，无数的外出打工者失去工作。然而情况还可能会更糟。由于全球需求萎缩，中国的出口在未来数月内很可能进一步下降。汇丰银行经济学家曲宏斌预测，2009年第一季度的出口额可能比去年同期减少19％。中国在2009年可能出现25年来首次全年外贸出口下滑。
20.Economists have become gloomier about China’s prospects, with many now predicting GDP growth of only 5-6％in 2009, the lowest for almost two decades. The most dismal view comes from Albert Edwards of a French bank, who thinks China may be sliding into outright recession. He points to a fall in electricity output of 6％in the year to the fourth quarter, down from average annual growth of 15％over the previous five years.
21.In the past, the growth in GDP and electricity use have tended to move together (see chart). Mr. Edwards reckons that a decline in electricity output may mean that GDP is falling, no matter what the official figures say. Equally worrying is the OECD's leading indicator of economic activity in China, which has plunged to its lowest level in its 26-year history, lower even than during the slump in 1989, the year of the Tiananmen Square incident.
过去GDP与电力使用趋于同步增长(见图)。爱德华先生认为，不管官方数据怎么样，发电量的下降可能意味着GDP正在下降。同样令人忧虑的是经济合作发展组织(OECO)关于中国经济活动的主要指标已跌至26年来的最低水平，甚至低于不景气的1989年，该年发生了天安门事件。
22.This makes for a compelling story. But the relationship between GDP and electricity consumption has been distorted by the uneven nature of this slowdown. Energy-guzzling heavy industries, such as steel and cement, bore the brunt of China’s downturn late last year. So it is not surprising that electricity use slumped.
这就使人相信这是个不争的事实。但GDP与电能消费之间的关系已被经济下滑的不平衡特征所扭曲。诸如钢铁，水泥制造等高能耗的重工业在去年年底遭受了经济下滑的正面冲击，因此耗电量陡降也就不足为奇了。
23.Moreover, too much weight may be given to the declining exports, because it is often wrongly assumed that the slump in China’s growth has been caused mainly by a collapse in its exports to America and other rich economies. Yet in 2008 the fall in net exports (exports minus imports) accounted for less than half of its slowdown.
再有，对出口下降看得太重，因为常常有人错误的认为，中国经济增速减缓主要是对美国和其他富国出口下降造成的。但在2008年净出口（出口减去进口）的下降占其经济下滑的比重仍不到一半。
24.More important was a collapse in housing construction, caused by the government’s efforts to deflate a potential bubble. This, in turn, reduced the demand for materials such as steel. So by the fourth quarter there had been a huge build-up in stocks, exacerbating the fall in production: steel output was 12% lower than a year earlier.
造成中国经济增速放缓更为重要的原因是房屋建造的大幅下滑，这是由于政府为缩小潜在经济泡沫所作的努力所引起的。这转而减少了对原材料的需求，如对钢铁的需求。因此到第四季度，库存大量增加，加剧了产量的下降：钢铁产量比一年前下降了12％。
25.GDP growth is likely to continue to fall during the first half of 2009, sounding alarm bells among those who repeat the official mantra that China needs to grow by at least 8％a year to avoid social unrest (even though that number has no sound economic basis). But there is good reason to hope that by midyear the economy will perk up as destocking comes to an end and the government’s fiscal stimulus kicks in.
2009年上半年GDP可能继续下降，这在那些反反复复说“要避免社会不安定中国至少要有8％增长率”的官方“真言”的人中敲响了警钟(尽管8％这个数字没有合理的经济学依据)。但有充分的理由预期，年中库存减少至正常水平，政府财政刺激兑现（缴付）时，中国经济将会上扬。
26.China’s 4 trillion yuan($585 billion) package of infrastructure spending, subsidies and tax cuts for businesses has been trashed by many commentators as another “Chinese fake”. Most of it is not new money, they claim, and the central government will finance less than one-third of the planned spending; most of the rest will have to come from banks, which in the current climate may be reluctant to lend.
许多评论员将中国4万亿元(5 850亿美元)的一榄子基础设施支出以及对企业补贴与减税，视为另一个“中国式造假” 。他们认为：其中大部分的钱不是新增的钱，中央政府拿出的钱不到计划的三分之一，其余大部分将由银行承担。而在当前的经济形势下，银行是不情愿贷款的。
27.It is true that some of the extra spending had already been announced, but what matters for economic growth is how much spending will actually increase this year. The answer is a lot. For example, JP Morgan forecasts that transport investment will expand by an impressive 70％in 2009. HSBC estimates a total spending boost of 6-7％of GDP over this year and next.
许多额外支出的钱其实之前已经宣布了，但是对经济增长最重要的是今年的支出实际会增加多少。答案是，很多。例如，摩根大通预计2009年，交通业投资将会大幅增加70%。汇丰银行估计，今年全年和明年总支出的增加会占GDP的6－7％。
28.Since the November package，the government has introduced other measures to support the economy. On January 21st it announced extra spending of 850 billion yuan over three years to improve health care．From February rural residents will get a 13％rebate on purchases of goods such as refrigerators, TVs and washing machines. Consumer spending will be dented by job losses and smaller wage rises but has so far remained strong，with retail sales up by 18％in real terms in the year to December. Interest rates have also been cut five times since September and，much more important, controls on bank lending have been scrapped. To help the property sector, minimum down-payments have been reduced from 30-40％of a home’s value to 20％, the transaction tax has been waived for properties held for at least two years, and more public housing is to be built．
自去年11月份提出一榄子计划以来，政府还采取了其他措施来刺激经济。1月21日政府宣布今后三年拿出8 500亿元改善医保。1月21日，政府宣布未来三年将额外投入8500亿元用于改进医疗卫生事业。2月份起，农村居民购买诸如冰箱、彩电、洗衣机之类商品能够获得13%的折扣。消费支出会受到失业和加薪幅度减小的影响，但迄今为止依然保持强劲的势头。截止2008年12月，零售额实际增长18%。自同年9月份以来，央行已经连续下调了五次利率，更重要的是对银行贷款的限制也放松了。为了恢复房地产市场，最低首付款已由房产价格的30-40%下降到20%，为帮助房地产部门的发展，最少的已从房价的30－40％减到20％。持有房产至少两年的业主免交交易税，政府还将建造更多公共住房。
29.Chris Wood，at CLSA，a brokerage，says the effectiveness of the stimulus hinges on the extent to which China is now a capitalist economy. The more “capitalist” it is, the deeper the downturn now; the more it is still a command economy, the better the chance of recovery in 2009. State-controlled firms, which account for one-third of industrial output and almost half of all investment, have been “asked’’ not to cut jobs and capital spending. All the big banks are state-owned and their chairmen are appointed by the government. If they get a phone call telling them to lend more, they are likely to do so.
里昂证券公司(CLSA：里昂证券，一家证券公司）的经纪人柯瑞斯·伍德说, 经济刺激计划的效力取决于目前中国经济资本化的程度。“资本化”程度越高，经济就越低迷；计划经济的程度越高，2009年经济复苏的可能性就越大。中国国有企业占工业产出的三分之一和近乎一半的投资，被“要求”不得裁员或减少资本支出。所有的大银行都是国有，其董事长也都由政府任命。如果他们接到一个电话要多放贷款，他们就会照做。
30.Banks already seem to be following Beijiing’s orders: total lending surge by 19％ in the year to December. China is one of the few large economies whose banking system has not been crippled by the global credit crunch. Andy Rothman, also at CLSA, argues that “in China, there is only a credit crunch when the political leadership wants one”. He believes the economy will revive by midyear and achieve GDP growth of close to 8％for 2009 as a whole.
银行似乎已经在执行北京政府的命令了：截止到2008年12月，贷款总额飙升了19%。中国的是全球为数不多，银行体系未受全球信贷危机波及的几个大经济体之一。同在里昂证券的安迪·罗斯曼称“在中国，只有当政治领导人需要时，才会有信贷危机”。 他相信2009年中期中国经济就能复苏，全年DGP增长也会将近8%。
31.The obvious concern is that although heavy-handed government meddling may be more effective than market-based tools to pull an economy out of a deep downturn, it comes at a cost. Public investment will inevitably include some wasteful spending, and politically directed lending could add to excess capacity in some sectors and create new bad loans for banks. This may hobble the bull in the future. But first it needs to regain its virility．
尽管政府的重拳干预可能会比基于市场的工具更有效地将经济拉出低谷，但明显令人担心的是为此付出的代价有多大。公共投资势必会导致一些浪费，而且政治引导下的贷款会使一些部门能力过剩，并给银行造成新的不良贷款。这可能会在未来困住中国这头公牛。但是，眼下它必须先恢复活力。
Chapter 4
In this chapter, we first explain the meaning of international trade, and then turn our attention to benefits from international trade .
在此章中，我们首先解释国际贸易的意思，然后再将注意力转向国际贸易带来的好处。
International trade, also called international business or foreign trade, occurs when goods and services are exchanged across national boundaries. Nowadays when talking about international trade we do not just mean selling and buying goods on an international scale but also some cross-border economic activities such as overseas investment and contracted projects.
国际贸易又称国际商业或外贸。当跨国界进行货物与服务交换时，此种贸易就会发生。今天当我们谈论国际贸易时, 我们不仅指在国际范围内进行的商品买卖, 还指诸如海外投资和承包工程一类的跨国界的经济活动。
Why do nations trade with each other? The answer is simple: Because we can receive benefits or make gains from it.
Now let’s have a look at the chief benefits from international trade.
为什么国与国之间进行贸易?答案很简单：因为我们能从中获得好处。 现在让我们看看国际贸易的主要收益。
Take the United States. A great deal of its high standard of living depends on international trade. Without international trade the United States cannot become a kingdom of automobiles because most of its oil is imported from abroad. Without international trade the United States can not have