China's＂going out＂ investment strategy fruitful
段落翻译
国家鼓励外商投资西部的政策已经并将继续发挥积极作用，为外商投资西部提供了有力的政策支持。
为鼓励外商加大向中西部地区投资的力度，进一步促进西部地区经济发展，国家已经制定了一系列优惠政策，主要涉及扩大中西部地区对外开放领域，拓宽投资方式，放宽对外商投资的限制，对在鼓励投资的领域里所设立的外商投资企业给予更优惠的税收待遇，加大对投资项目的金融支持，设立国家级经济技术开发区以营造优良的投资环境等六个方面。
国务院《关于实施西部大开发若干政策措施的通知》发布后，鼓励外商投资西部地区的各项政策措施进一步配套和完善。
随着中国加入世贸组织，中国政府还将在以下九个方面采取积极措施，吸引更多的外商投资西部地区。
1．及时修订《中西部地区利用外资优势产业目录》，有效发挥西部地区的资源优势和经济优势，突出发展特色经济。
2．完善《外商投资企业境内投资的暂行规定》，创造条件鼓励沿海外商投资企业到西部地区再投资，实现产业的梯度转移。
3．进一步扩大西部地区吸收外商投资的领域，鼓励外商投资农业、林业、水利、交通、能源、市政公用、环保等基础领域及基础设施建设，以及矿产、旅游等资源开发。
4．研究鼓励外商投资西电东送、西气东输、南水北调、青藏铁路等国家骨干工程的政策。
5．研究制定外商收购、兼并国有企业，利用BOT、TOT等方式进行投资，以及外商投资企业在境内外上市发行股票等各项政策措施。
6．鼓励外商投资企业引进、开发先进技术，进行技术创新，积极引导外商特别是跨国公司投资高新技术产业和建立研究开发机构，促进外商投资兴办资金技术密集型项目和设立更多的先进技术型项目。
7．将银行、保险、商业零售、外贸、电信、旅行社、建筑及与其相关的服务、中外合作会计师事务所、律师事务所等领域的对外开放试点扩大到符合条件的中西部地区中心城市，并适当放宽在这些领域设立外商投资企业的条件。
8．鼓励中小企业积极参与国际合作，促进外商投资于机电产品、零部件产业和原材料等配套和出口创汇项目。
口译复习
1.人民币的汇率问题一直是国际上很关心的一个问题，中国很多重要的贸易伙伴都敦促中国要采取更为灵活的人民币汇率机制。
2.中美两国在世界上具有很大的影响，两国人民都希望保持和发展健康、稳定的关系。
这种关系有利于亚太地区，乃至世界其他地区的和平、稳定和繁荣。
3.我们的目标是进口我国现代化建设所需要的先进技术和设备和国内市场短缺的原料。
4.我们成功地避免了经济的大起大落，避免了物价的过度上涨。
5.双方贸易与合作迅速发展的主要原因在于两国的经济有着很强的互补性。
6.过去的一年里，中国在国际上赢得了更多的理解、信任、尊重和支持，国际地位和影响力进一步提高。
7.世代友好，永不为敌，是我们两国正确的选择。
8.我们讨论的问题包括经贸问题、恐怖问题、反恐主义、伊拉克问题和朝鲜核问题。
The RMB question has been the focus of world attention, with many foreign trading partners urging China to adopt a more flexible exchange rate.Both China and the United States exert a considerable influence in the world, and the two peoples wish to maintain and develop healthy and stable ties, such a relationship is also beneficial to peace, stability and prosperity in the Asia-Pacific region and the rest of the world.Our goal is to import advanced technology and equipment needed for our modernization drive and materials which are in short supply domestically.We have been successful in avoiding major ups and downs in the economy and preventing excessive price hikes.A major reason for the rapid development of bilateral trade and cooperation rests with the fact that the economies of the two countries have a strong nature of mutual supplementation.Over the past year, China has won more understanding, trust, respect and support in the international arena. China's international status and influence have been on the rise.To be friends forever and never be enemies is what the two countries have correctly chosen to do.We discussed the questions such as the economy and trade, the terror question, counter-terrorism, Iraq, and North Korean nuclear issue.1.我们应该牢牢把握中美的大局，妥善解决分歧，不断朝着增进了解、扩大共识、发展合作、共创未来的目标前进。
建筑工程自我评价(通用13篇)
建筑工程自我评价（通用13篇）建筑工程自我评价建筑工程自我评价篇1本人知识面丰富，自我调节能力极佳，身体健康，能长期保持良好的工作状态。
性格淡泊，生长于军人家庭，有极强的自律能力，具备团队合作意识。
工作态度认真负责，履行岗位职责力求完美。
先后任职于中建一局，中建-大成公司等单位，长期从事施工总包方现场管理工作，熟悉总包方，发包方及监理方的项目管理流程，对施工组织，施工工艺，沟通协调等方面深有心得。
于__年第一批考取了全国注册一级建造师，努力成为一名出色的项目经理(生产经理)，体现自己的人生价值。
__年参加工作至__年4月一直在北京建工一建工程建筑有限公司项目部任技术工作。
主要是参与招投标，编写方案及交底，绘制现场施工图，办洽商，与监理、甲方打交道，作竣工图等工作。
__年4月至今在一电子厂房建设中任现场土建工程师(甲方现场代表)。
本人已参加工作近二十年，长年在建筑领域工作，从最初的维修、筑漏到监管高级装潢、高层建筑、市政道路、桥梁等等可谓经历广泛，担任过基建科科员、施工员、项目副经理、项目主管、项目总监等职务。
从基层到管理层承受了繁重地工作压力。
建筑工程自我评价篇2本人深知只有掌握过硬地专业技术，具备良好地沟通能力和团队合作精神，才能有效地开展工作。
同时本人也利用业余时间积极完善自己，完成了自考本科(项目管理)，也顺利通过了二级建造师(房建、装饰)地考试。
本人渴望在新的环境中有更大地发展空间。
也已在北京建工集团建筑公司工作近2022年，长期担任工程项目的技术总工和项目经理，其中曾经担任过20多万平方米工程的项目总工，和10多万平方米工程的项目经理，具有丰富的施工实践经验。
为人工作热情主动，具有很好的人际交往能力。
多年大型项目建筑施工现场管理经验，负责工程技术、进度、质量、成本、安全等方面管理。
熟悉建筑施工规范及验收规范;熟悉项目运作全程，掌握各工程技术要求。
能有效组织、领导、协调总包和各分包单位各项工作，严格履行合同要求，完成即定的质量、进度、成本目标。
哥伦比亚矿产资源及矿业管理概况
哥伦比亚矿产资源及矿业管理概况唐尧;王英林【摘要】Colombia is rich in coal oil, uranium, emeralds and other mineral resources. However, the degree of their exploration and exploitation is low. There is a large prospecting potentiality in Colombia. This paper points out that at present, in Colombia, the economy is in sustainable development stage;the market economy is implemented under government regulation;laws and regulations are comparatively sound. Moreover, there are so many investment opportunities, and the rights can be protected owing to their mining management policy such as the mining concession contract system. Therefore, Colombia is one of the ideal regions for China’s enterprises to carry out the out-going strategy.%哥伦比亚拥有丰富的煤炭、石油、铀矿和绿宝石等矿藏资源，但勘查、开发、利用程度较低，找矿潜力巨大。
当前哥伦比亚经济处于可持续发展阶段，实行政府监管的市场经济，法律法规较为健全，因实行矿山特许合同制度等矿业管理政策，投资机会较多，权益有保障，是我国企业“走出去”较为理想地区之一。
外文翻译sy
┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊Going Out: An Overview ofChina’s Outward Foreign Direct Investment China‟s investments abroad are growing despite an overall decline globally in foreign direct investment (FDI) following the 2008 financial crisis. That trend in Chinese investments abroad is likely to continue, since China‟s huge foreign exchange reserves are an increasing source of mobile capital and is a key part of China‟s official government policy. The receipts from China‟s existing global investments, combined with mounting trade surpluses, have made China the world‟s largest capital-surplus economy.Although China‟s outward direct investment (ODI) is still small relative to its massive inward FDI, China‟s ov erseas companies have been gaining momentum in moving international capital, investing across a broad spectrum of sectors ranging from natural resources to manufacturing to telecommunications and many others. As China‟s economy continues to grow, China fac es shortages in almost all raw materials, particularly in oil, iron ore, aluminum, and uranium, and it must therefore build trade linkages with Australia, Russia, Brazil, and other resource-rich countries to secure supplies.The rapid development of China‟s ODI activities reflects not only its economic maturation and integration into the global marketplace but also its need to expand overseas to supply China with natural resources, new markets, and advanced technology. In 2010, investors looking for overseas deals and based in China and Hong Kong accounted for a tenth of global deals by value, including investment in oil and iconic industry takeovers, such as Zhejiang Geely Holding Group‟s purchase of Ford Motor's V olvo unit.Rationale for China’s ODIRealized and planned foreign direct investment deals indicate that government encourages Chinese enterprises to invest overseas in order to gain access to raw materials and advanced technology from abroad, increase foreign exchange earnings, and promote China‟s exports. Chinese FIEs, though predominantly state owned, are often also expected to make profits.Access to Raw Materials and Energy:The need to secure access to overseas energy resources and raw materials to support China‟s high economic growth rate con tinues to be a key strategic driving force. A similar picture of explosive growth in demand on the part of China has also been forming in the case of aluminum, copper, nickel, iron ore, and other key commodity products. The natural resource-seeking ODI of the Chinese energy majors is intimately connected with the government‟s┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊pursuit of a national energy security agenda to secure overseas assets and supply agreements. Meanwhile, the Chinese authorities have been courting the governments of host states aggressively by strengthening bilateral trade relations, awarding aid, and providing much-needed transport and communications infrastructure, a process sometimes called “dollar diplomacy.” Another example of the government‟s close involvement with and support o f overseas-directed energy acquisitions is the current conditions stipulated by the influential policy-setting National Development and Reform Commission (NDRC), requiring China‟s energy firms to purchase equity in upstream energy suppliers, principally through overseas acquisitions.Acquisition of Technology, Brands, and Know-How:While the attempted deals that have garnered the most attention have generally involved natural resources, other mergers have been designed to help Chinese firms acquire advanced technology, manufacturing processes, and managerial know-how. FIEs are encouraged to enter joint ventures or to purchase foreign companies through which they can absorb state-of-the-art technologies and thus “leapfrog” several stages of development and upgrades.Mergers and acquisitions may comprise only a small percentage of Chinese outward investments, but they more frequently serve as the vehicle for Chinese investment in developed markets. Chinese firms typically look for “bargains” in the American or European markets—firms that have good brand recognition but are in dire financial straits—and purchase those firms as a way to gain a foothold in developed markets and learn marketing skills. China has capital available to invest in any business if it believes that it is in China's national interest. Moreover, China does not have to spend decades building up brand names because it can simply acquire existing well-known brands through government funded firms.The trend toward expansion in Chinese cross-border M&A purchases is driven by the same factor as ODI growth in general—the intensified level of domestic and international competition faced by Chinese companies. Since foreign companies initially control virtually all intellectual property in China and account for 85 percent of China's technology exports, Chinese firms have realized that they cannot compete on low cost alone and have targeted overseas acquisitions as a route to enhanced research, development, and brand recognition.Competition in the Domestic Market: One motivation for investing abroad that gets less attention is the search for new markets. This effort has grown in importance as domestic Chinese markets have become more competitive. Though predominantly state owned, firms that …go global‟ a re still motivated by profit maximization. These firms‟ efforts at overseas expansion are thus responses to saturated domestic markets or attempts to gain first-mover advantage in untapped markets overseas.┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊avoid foreign quotas, tariffs, and other barriers to Chinese-made goods. This was a more compelling motivation for overseas investment before China‟s World Trade Organization (WTO) accession.The Role of the State in China’s Outward FDIBehind much of the concern over Chinese investments abroad lies the fear of the Chinese state—acting through its large state-owned enterprises—acquiring increasing power and influence abroad, and potentially engaging in other actions to promote the interests of the state and the Chinese Communist Party. Such state-owned companies can be fearsome international competitors, especially since they receive high levels of state support and are allowed by their government owners to forgo profit in favor of aggressively seizing market share. State support for the overseas expansion of Chinese enterprises takes a number of different forms. These include direct and indirect subsidies and favorable financing in the form of credit lines and low interest rate loans from state-owned banks. A more indirect avenue of governmental support to Chinese enterprises seeking expansion abroad is the opportunity for partaking commercially (through the preferential awarding of construction contracts, etc.) in Chinese foreign aid programs in developing economies throughout Africa, Asia, and elsewhere. The Chinese government has been taking steps to ease and decentralize the regulatory procedure to encourage more overseas deals.A top priority for the Chines e government under its “going global” strategy is the creation of a number of “global champions,” large multinational firms with globally recognized brands able to compete in the international marketplace. Political and financial support for such state-owned or state-affiliated enterprises often gives them an advantage over more market-oriented western companies, as the former may not be subject to the same fiscal discipline by their owners or investors, thus significantly reducing their cost of capital.A variation of the state-owned national champion is a hybrid that is at least partially owned by the government, or retains strong government ties but that has some flexibility: Examples include Haier (appliances) and Lenovo (computers). Huawei (telecommunications) has tried for years, with limited success, to counter perceptions that it is also government-controlled. These hybrid government-private firms aggressively promote themselves as private companies, in part because their attempts to acquire foreign companies or joint venture partners sometimes meet with objections because of their Chinese government connections.As overseas investment has expanded and as the central government has relaxed controls on investment abroad, the number of state actors involved in approval and management of ODI projects has multiplied, making an already difficult process more so. But the Chinese government has altered the governance structure of some SOEs not only to make them more flexible and internationally┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊competitive but also more profitable. The State-owned Assets Supervision and Administration Commission (SASAC), created in 2003 to manage the large, central-level SOEs, is required to reform the SOEs under its control to create profitable “national champion” firms. In 2007, SASAC finally succeeded in establishing a system of after-tax profit distributions, with SASAC receiving a share of the profits of the SOEs under its supervision.SASAC‟s mandate to streamline central-level SOEs by forcing the least profitable ones to close or to merge with other firms also encourages firms to prioritize short-term growth over strategic and other concerns if they wish to survive.As Barry Naughton argues, over the past few years, while the power of SASAC has arguably grown somewhat, the power of the large central government enterprises has grown even more dramatically.The picture is further complicated by the fact that the state-owned firms that defy their state owners also have state-appointed managers; all the firms under SASAC control have top managers appointed either by the Communist Party Organization Department or by SASAC.SASAC is not the only state bureaucratic agency involved in fostering overseas investments. At the central level, SAFE and MOFCOM are also involved. State ba nks, including the government‟s China Export-Import Bank, play a role in the outward direct investment process by providing loans to enterprises that wish to “go global.” The China Development Bank and the China Export & Credit Insurance Corporation have also played a role in fostering overseas investment, signing an agreement to provide firms that “go global” with risk assessment, insurance, and protection against currency fluctuations in the host country. According to the China Center for Economic Research, Chinese embassies provide additional support to foreign-investing firms by conducting feasibility studies to evaluate the chances of success of proposed Chinese investment projects in the host country.The small scale and distribution of China‟s ODI may not be a good guide for the future, since the patterns of capital outflows are likely to change as China becomes more assertive in the use of its vast capital reserves. China has become a capital-surplus economy, and its overseas investment has grown apac e. China‟s ODI is now globally diversified and involved in a wide variety of sectors, including banking, manufacturing, and natural resource exploitation. There are challenges ahead, however, for Chinese overseas investors, since they appear to have no clear strategy for the operation and development of their overseas branches, nor have the most prominent Chinese overseas investments been successful. Restrictions remain on the use of foreign exchange. Since the renminbi (RMB) is not convertible, this places constraints on Chinese investors who do not have government support and access to hard currency.┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊China‟s economy, but it is safe to assume that Chinese ODI w ill continue to grow. One of the fundamental drivers of the continued growth in Chinese ODI will be the shortage of energy and raw materials to support the country‟s economic expansion. Other motivations include access to natural resources and advanced technology, acquisition of internationally established brands, and avoidance of trade barriers.┊┊┊┊┊┊┊┊┊┊┊┊┊装┊┊┊┊┊订┊┊┊┊┊线┊┊┊┊┊┊┊┊走出去:中国对外直接投资纵览自2008年金融危机以来，全球外商直接投资整体下降，但是中国的对外直接投资却越来越多，并且这种趋势很可能会持续下去，因为中国的巨额外汇储备是流动资本的增长来源，是政府政策的重要组成部分。
英语翻译 中国经济快速发展
近年来，中国经济保持快速发展，为世界经济发展注入了活力。
实践证明了中国在加入世贸组织之前的预言：中国的发展离不开世界，世界的发展需要中国。
未来20年，在全面建设小康社会的进程中，中国一定会对世界经济的发展和实现全人类的共同进步做出历史性的贡献。
为此，中国将继续扩大外贸，大力实施西部大开发战略，进一步改善投资环境，为外商提供更大的商机。
同时，中国将引导和支持更多有比较优势的企业对外投资，开展平等互利形式多样的经济技术合作。
中国将进一步加强双边、多边和区域经济合作，实现世界各国各地区的共同发展。
In recent years, China’s economy has maintained rapid development, injecting vigor into global economic growth. Facts have confirmed the prediction made by China before its WTO accession: China’s development cannot be sustained without the world, and world development needs China. In the coming 20 years, China is bound to make historic contributions to global economic development and to the common progress of mankind, while building a well-off society in an all-round way. To achieve this, China will continue to expand foreign trade, energetically implement its west development strategy, further improve itsinvestment environment, and provide overseas investors with greater business opportunities. Meanwhile, it will guide and support competitive enterprises to invest overseas and carry out diverse forms of economic and technological cooperation on the basis of equality and mutual benefit. China will further intensify bilateral, multilateral and regional economic cooperation, so as to achieve common development in all countries and regions in the world.。
我国经济发展英文作文
China's Economic Growth: Miracles andChallengesChina's economic development over the past few decades has been nothing short of remarkable. Rising from the ashes of the Cultural Revolution, the country has transformed itself into a global economic powerhouse, propelling its citizens into a new era of prosperity. The story of China's economic growth is a fascinating tale of determination, innovation, and sheer hard work.At the heart of China's economic miracle lies its transition from a centrally planned economy to a market-based system. This transition, which began in the late 1970s, marked a seismic shift in the country's economic policies. It entailed deregulating prices, privatizing state-owned enterprises, and opening up the economy to foreign investment and trade. The results have been staggering. China's GDP has grown at an average annual rate of over 9% for over three decades, lifting millions out of poverty and propelling the country to the forefront of global economic growth.One of the key drivers of China's economic growth has been its export-led strategy. By focusing on manufacturing and exporting goods to markets around the world, China has become the world's factory floor. Its vast industrial base, coupled with a skilled workforce and low labor costs, has made it a highly competitive exporter of goods ranging from toys and textiles to electronics and heavy machinery.However, China's economic growth has not come without its challenges. The rapid industrialization and urbanization process has led to environmental degradation and resource scarcity. Air pollution and water scarcity have become major concerns, and the government is scrambling to address these issues while maintaining economic growth.Moreover, China's aging population and shifting demographic landscape are posing new challenges to its economic model. As the working-age population declines and the elderly population grows, the country faces the prospect of a shrinking labor force and rising social spending on pensions and healthcare. This demographic shiftrequires China to rethink its economic strategies and find new sources of growth.Another challenge for China's economy is the rise of domestic consumption. As the country's middle class expands, consumers are demanding higher-quality goods and services. This shift towards a consumer-driven economy requires China to upgrade its industrial structure and move towards more value-added production.Despite these challenges, China's economic future remains bright. The government is actively pursuing reforms to address environmental degradation, demographic changes, and the shift towards a consumer-driven economy. With its vast resources, skilled workforce, and strong economic fundamentals, China is poised to continue its economic growth and emerge as a leading global economic powerhouse.**中国经济发展：奇迹与挑战**中国过去几十年的经济发展堪称奇迹。
中国发展英语发言稿
中国发展英语发言稿Ladies and gentlemen, gather around as we embark on a journey through the dynamic landscape of China's development.A land rich in history and culture, China has been undergoing a metamorphosis that has captured the world's attention. From the bustling streets of Shanghai to the serene landscapes of the Yangtze River, the country is a testament to the power of progress and innovation.In recent years, China has emerged as a global powerhouse, not only in terms of economic growth but also in itsinfluence on the international stage. The Belt and Road Initiative, a monumental project aimed at fostering trade and cultural exchanges, is reshaping the economic map of the world. China's commitment to sustainable development isevident in its investment in renewable energy, with thecountry now leading in solar and wind power generation.The technological advancements are equally impressive. Chinese companies are at the forefront of 5G technology, artificial intelligence, and high-speed rail systems. These innovations are not just confined within the borders of China; they are exported globally, enhancing connectivity and efficiency worldwide.However, with great progress comes great responsibility. China is also a leader in environmental conservation, recognizing the importance of a green economy. Efforts tocombat pollution, protect biodiversity, and promoteecological balance are integral to China's development strategy.Culturally, China is embracing the world while preserving its unique traditions. The fusion of ancient wisdom with modern thought is evident in the country's educational system, which is producing a generation of global citizens who arenot only proficient in English but also ambassadors ofChinese culture.As we stand at the crossroads of history, witnessing the rise of China, we are reminded that development is not just about economic numbers; it's about the collective pursuit ofa better future for all. China's story is one of resilience, innovation, and a relentless drive towards a harmonious world. Let us celebrate this remarkable journey and look forward to the many milestones yet to come.。
【国家社会科学基金】_＂going out＂ strategy_期刊发文热词逐年推荐_20140813
2011年 序号
科研热词 1 走出去 2 能源企业 3 模式选择
推荐指数 1 1 1
2012年 序号 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33
科研热词 推荐指数 ＂going out＂ strategy 1 面板模型 1 问题 1 趋势 1 相关性 1 海外总部 1 民营企业 1 模式 1 本土化 1 文化走出去战略 1 文化繁荣 1 教材本土化 1 总部经济 1 对策 1 对外直接投资 1 国际直接投资 1 国际投资规则 1 回顾 1 发展前景 1 出境旅游 1 全球本土化战略 1 全球化 1 企业社会责任 1 人民币汇率 1 “走出去”战略 1 rmb exchange rate 1 relativity 1 panel data model 1 overseas headquarter 1 outward direct investment 1 our country＇s private enterprise 1 mode 1 headquarters economy 1
2013年 序号 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42
2013年 科研热词 经济全球化 身份认同 跨国公司 走出去战略 走出去 贸易结构 贸易竞争 羌族下山 纺织业 竞争优势 科技走出去战略 生存策略 民营企业 本科生 文化“走出去”战略 政策矫正 投资贸易 战略研究 战略 对非洲直接投资 对外直接投资 对外发展 审计机制 审计声誉 审计价格 实地调查法 学情调查 学习投入度 境外审计市场竞争 垄断限价模型 土地经济 国际产业转移 国家文明 双边投资协定 农地流转 会计师事务所竞争 企业 中非经贸合作 中国武术 swot分析 kmrw声誉模型 fdi 推荐指数 3 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1 1
《人民币升值对中国出口型企业的影响及对策》中英文
The Impact and Countermeasures of RMB Appreciation on Export-Based Enterprises in ChinaMin YuanSchool of Economics, Tianjin Polytechnic UniversityTianjin 300387, ChinaE-mail:*************************Zhuang ZhouSchool of Economics, Tianjin Polytechnic UniversityTianjin 300387, ChinaE-mail:*******************.cnAbstractRMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, China's export enterprises should take active measures to deal with the impact caused by the RMB appreciation, so that export-oriented enterprises can better adapt to the changes in the global economy, thus materializing their sustainable and stable development.Keywords: RMB appreciation, Export-based industries, Pros and cons, CountermeasuresThe appreciation of the RMB has become much-discussed focus in the international economy and society. China has begun to implement the managed floating exchange rate system based on market supply and demand, with reference to a basket of currencies. RMB exchange rate is no longer pegged only to the U.S. dollar, and instead China has formulated a more flexible RMB exchange rate mechanism. RMB appreciation will pose a challenge to export-based enterprises in China, and bring a sense of crisis to them. Therefore, China's export enterprises should take active measures to deal with the impact caused by the rising Yuan, so that export-oriented enterprises can better adapt to the changes in the global economy, thus materializing their sustainable and stable development.In June, 2008, the exchange rate of RMB against the U.S. dollar exceeded the 7:1 boundary. The trend of a Yuan’s rise is foreseeable, and in the irreversible environment, we must take appropriate steps to prevent large fluctuations in RMB to mitigate its negative impact on the import and export trade, while at the same time making full use of the small rise in yuan to promote trade development. Yuan’s rise is not only conducive to a decrease in import costs and domestic inflation, stimulation to consumption, acceleration of structural adjustment, promotion of foreign investment and the reduction in trade friction, but in the short term will also have a negative impact on exports, influencing foreign investment and employment.1. Major industries damaged by and benefiting from Yuan’s riseThe impact of a Yuan’s rise on various kinds of sectors varies according to the differentcharacteristics of industries. RMB appreciation brings advantages to the industries that need to import raw materials, but is not favorable to ones that are export-oriented. It also brings opportunities to the upgrade and optimization of these industries, though certain industries will be adversely affected by it.The main industries benefiting from Yuan’s rise are as follows: (1) real estate and infrastructure ones, which belong to the non-real estate industry, with its domestic real estate value comprehensively enhanced by a rise in Yuan; (2) ones such infrastructure industries as airports, ports, railways, and highways characterized by limited resources, monopoly, the long construction period, and small supply elasticity; (3) the financial sector, especially banking and securities, which is among capital-intensive industries dealing with currencies and capital. Because of good liquidity, it is categorized into the industry with a high value of RMB assets, benefiting from attracting a large amount of international capital; (4) ones such as aviation, electricity, oil refining, paper-making, engineering machinery, and so on, which will see a reduction in costs owning to its main dependence on procurement of foreign raw materials or equipments, or because of the benefits resulted from large amounts of external debt service and the exchange gains and losses, in particular the aviation industry with the dominance of the domestic market; (5) high-tech ones relying upon importing technology, which don’t have any advantage in intellectual property rights related to key sciences and technologies, will also maintain the momentum of a large amount of imports in a certain period of time, and are able to keep up their advantage in costs under the premise of a rise in Yuan.Major industries damaged by Yuan’s rise are as follows: (1) as for export-oriented ones, such as the textile industry (especially garment industry with the high degree of dependence on exports more damage, followed by the cotton spinning industry and wool industry), household appliances, building materials, whose product competitiveness will be weakened to a large extent; (2) foreign trade enterprises have a disadvantageous position in the industry chain, and their import business will be unable to gain excess profits from the appreciation of the RMB, with the export business suffering a lot; (3) mining, petrochemical, and non-ferrous metal industries, which will be given a big blow by their export business; (4) agriculture with a larger proportion of exports.2. The impact of RMB appreciation on China's export enterprises2.1 Adverse effects on China's export enterprises2.1.1 The export of manufactured goods is greatly affected by fluctuations in exchange rate on a wide basisRMB appreciation will induce a increase in currency exchange cost in Chinese export firms, resulting in the loss of price advantage. The cost refers to the RMB cost paid domestically on the net revenue from one dollar’worth of exports. China's manufacturing exports are more concentrated on low-end products, with competitive advantage weak. These products compete with other ones mainly by means of prizing, and as a result the Yuan’s rise will have a retarding effect on their exports. For employees in the manufacturing sector, those that are seriously affected may face the reduced income, or even the risk of unemployment. The adverse impact of enterprises in labor-intensive industries will be greater than ones in capital-intensive industries.2.1.2 Causing a slow growth in the export of most of products related to raw materialsThe majority of products related to raw materials don’t have any competitive edge in the export price, with a stronger reliance on the exchange rate, such as paper, cotton yarn, black metal (steel, manganese, etc.), aluminum, wood and other decorations. RMB appreciation will induce a slow growth in exports of these primary products and raw material products, having a negative impact on economic growth in the short run. It will also reduce the exports of crude oil, refined oil, timber, copper, gold and other resource-based commodities, and bring about the loss of the enterprises, worse still such cascade effects as increased unemployment and banking bad debts. Because our resources are not rich, these resource-based products belong to highly energy-consuming and polluting industries. Over-exports of resource-based products make it easy to intensify the tense contradiction between domestic coal, electricity and oil transportation in the short term. In the long term, it will increase the pressure of the domestic environment and resources, which is not conducive to the sustainable development of the domestic economy.2.1.3 The psychological effect of trade impact on peopleIn the international market, the increase in production costs will be passed on to the price, and consequently the exchange rate appreciation will not affect the profits of these enterprises too much. China's export products cause the price fluctuations in foreign countries due to our currency appreciation, and the appreciation of the RMB will increase the domestic production costs of these enterprises, and in the international market these enterprises have a substantial cost advantage, with the minimal impact on the interests of traders. However, those with ulterior motives will instigate a negative psychological effect on China in the international community. People will believe the prices of products from China are higher, and foreign businessmen also believe that they will not made a lot of money from products imported from China, which causes the really adverse impact on China's exports.2.2 Beneficial effects on China's export enterprises2.2.1 Enhancing the independent innovation capacity of enterprisesAt present, China is at a stage of technology overtaking, and enterprises have a strong capacity of technology introduction, digestion and absorption. And the Yuan’s rise can reduce the cost of independent development, indirectly promote the technological upgrading of firms and enhance their core competitiveness, thus speeding up the pace of optimizing and upgrading the industrial structure and boosting the structure adjustment of exports.2.2.2 Optimizing the structure of introduced foreign capitalRMB appreciation makes improve the treatment of workers, which is beneficial to attracting high-tech talents. Under the prerequisite of the country's independent innovation and technological progress, foreign capital will invest in those industries with a high technological content, thereby promoting industrial structure upgrading and optimizing the structure of exports.2.2.3 Promoting China's enterprise investment overseasFor enterprises to invest directly in foreign nations, they must use the currency of investment destination country. The RMB appreciation significantly reduces their overseas investment costs, and meanwhile enhances the firm's international purchasing power and capacity of foreigninvestment, paving the way for a part of powerful enterprises to implement "going out" strategy.2.2.4 Facilitating the development in service and trade industriesRMB appreciation can most effectively crowd out those firms in the manufacturing sector with low technology content and added value, poor management and low efficiency, to the benefit of changing the situation of excessive resources gathering to export industries (mainly the secondary industry), and thus make industrial structure service-industry-oriented, promoting the optimization and upgrading of industrial structure and facilitating the rapid development of service industries including trade services. This way, the coordinated development can be ultimately realized between service and commodity trade, enhancing the country's overall competitiveness.2.2.5 Boosting China's imports of raw materials and technologyThe prices of foreign consumer goods and capital goods are lower than ever before, and manufacturers dependent on importing raw materials witness a decline in costs, such as steel, electrolytic aluminum, gasoline, oil and other consumption goods more and more dependent on imports. China's industrialization need to purchase a large number of advanced foreign technology; the appreciation of the RMB can reduce the purchase cost of foreign technology. As imports increase, the purchasing power of foreign raw materials increase, with exports declining, so it is helpful to ease the current trade surplus, enhance the balance of China's international balance of payments and weaken the formation of the RMB foreign exchange accounting, and improve the independence and initiative of monetary policy and the balance of money supply.2.2.6 Reducing pressure from external debt servicingThe appreciation of the RMB is advantageous to repaying foreign debts, and there is a corresponding reduction in the amount of outstanding external debt servicing.2.2.7 Strengthening the international purchasing power of common people in our countryAs the exchange rate rises, the prices of foreign consumer goods purchased by ordinary people will fall, promoting the import of consumer goods. At the same time the drop in the cost of travel abroad can promote the growth of national consumption.3. Counter-measures by China's export firms after RMB appreciationIn theory, the rising RMB exchange rate is bound to have a negative effect on China's export enterprises, but according to the actual trade volume, it’s still uncertain whether the rise in the RMB exchange rate lead to such results, which can be verified by the fact that China's foreign trade volume continues to maintain a favorable balance. However, export enterprises should response in a positive manner under the premise of the growing appreciation of the RMB.3.1 Avoiding exchange rate risk is an expedient measure for export enterprises to grapple with the appreciation of the RMB in the short runFaced with the steadily rising RMB exchange rate, export enterprises must take precautions, apart from enhancing its anti-risk capacity. In addition, financial instruments developed by banks and other financial institutions must also be relied on to be hedged against risks and prepare more “life buoy”, so as to achieve the purposes of avoiding risks and improving operational efficiency.3.1.1 Focus on the RMB exchange rate changes, and increase exchange rate risk awareness Concern about the RMB exchange rate changes is one of long-term management tasks in export businesses, with great importance attached to this. Special force must be organized to learn exchange rate management knowledge and closely track the movement of the RMB exchange rate changes, in particular the movements in the recent exchange rate of RMB against the U.S. dollar, euro, Japanese Yen, and other major currencies. Firms have to conduct an in-depth study of the impact of RMB appreciation on export products, and strive to improve the relevance and effectiveness of work. Export enterprises should enhance the risk awareness of exchange rate changes, take control of the effective means of exchange rate risk, and continuously boost their capacity to deal with exchange rate risk. For instance, when signing export contracts, firms can add some relevant provisions of avoiding exchange rate risk to prevent unexpected situations.3.1.2 Flexibly use various financial tools to lock and avoid exchange rate risksFlexible and effective financial instruments should be adopted, such as the use of multi-currency clearing method to transfer exchange rate risk, appropriate use of foreign exchange forward trading, hedging and other means to lock the exchange rate risk. Through the appropriate U.S. dollar loans, interest payments and the losses can be reduced. In addition, under the conditional premise, this method can be used to keep the exchange rate risk within the business source through long-term foreign exchange transactions, options transactions and foreign exchange futures trading.3.1.3 Accelerate the realization of exports, and reduce the occupation of receivable foreign exchange accountsExport enterprises accelerate the documentation transfer, strive to withdraw export documentations as soon as possible, actively take notes trade, factoring and other ways to make timely settlement in hand instruments realizable, and use this method to implement the money worth more than half of the export volume into cash. Enterprises should carry out the more rapid recovery of the export business, appropriate control of the export business with a long recovery period, and at the same time increase the collection of receivable foreign exchange accounts, thus shortening the settlement period and reducing in-transit funds occupation as soon as possible.3.1.4 Increase foreign exchange liabilities, and strike a balance between foreign exchange income and expenditureThrough the application of remittances, enterprises can replace Yuan loans for foreign exchange loans, delaying payment of imports and appropriately increasing foreign exchange liabilities. After the appreciation of the RMB, the amount of outstanding loans due to sell or buy foreign exchange return and external payment can be used to offset the risk of devaluation of foreign exchange assets, or directly profit from it.3.2 Main strategies for export enterprises to deal with the long-term appreciation of the RMBIn the evasion of exchange rate risk, the pace of restructuring needs to be accelerated, and the ability of independent innovation and competitiveness enhanced. By strengthening internal management, carrying out technological transformation to develop the potential, and taking theroad of branding, this is the long-term and fundamental solution to enterprise development.3.2.1 Enterprises carry out the "going out" strategyWe ought to solve problems related to ideas, accelerate the pace of opening to the outside world, and encourage strong, qualified enterprises to conduct foreign investment and overseas acquisition of the ore, nonferrous metals and other important resources. In particular, electrolytic aluminum enterprises should give full play to the available import-export rights, invest in foreign nations and establish a supply base of stable alumina, bauxite and other resources. In the case of the appreciation of the RMB, the prices of imported raw materials can increase, further reducing production costs. We should seriously study the feasibility of setting up factories in developing countries and regions, develop new products, and increase the technological content of products. The value-added products should be increased, enterprise costs management strengthened, and production and operation costs lowered. The government should choose low value-added processing enterprises with sales network support them to set up production plants and put departments and services at home in these countries with lower labor costs, which can not only use goodwill and marketing networks built up for many year, but also keep part of work positions, thus achieving the curve exports and reducing the trade surplus with major trading countries and the pressure on RMB appreciation.3.2.2 Optimize the structure of export commodities, and vigorously develop the international marketExport enterprises, especially production-oriented enterprises, ought to actively use new technology, develop new products and continuously improve the value-added products, reducing the exports with lowest profits and expanding own-brand product exports of good quality and efficiency. In addition, export enterprises should conscientiously strengthen the costs and cost management of procurement, production, marketing, financial planning and other aspects, fully develop the internal potential, and reduce costs and expenses, expanding product margins and increasing the competitiveness of export products. Only this way is the risk of exchange rate fluctuations avoided. During the RMB revaluation period, adjusting industrial structure of exports is a top priority. The international market is not infinite, and the traditional theory of comparative advantage in the international trade is greatly challenged. Some countries which have industries with comparative advantages face the issue of out-of-step growth in demand for international trade in the international market. This means that the protection of these industries may not be conducive to the long-term development of enterprises.3.2.3 Speed up the upgrading of products, and improve the quality of export productsChina is a manufacture-based country. If a product is sold well, there will be many homogenized products available on the market overnight, especially export enterprises. Many of China's enterprises are in the phrase of pursuit of survival, and lack long-term brand planning. The majority of export products win at low prices. Export enterprises based on production should increase technical transformation investment, speed up product upgrading, and strive to improve product quality and added value, improving the comprehensive competitiveness of export products and taking the road of difference and branding. The appreciation of the RMB may force some companies to upgrade products, enhancing export competitiveness in terms of quality and brand.At the moment, many light industrial products, particularly export products with high added value and high-tech content, remain relatively short. Therefore, enterprises should gradually conduct product restructuring and integration of resources, and vigorously develop the international market and export diversification strategy, achieving the output from product to capital and brand, product structure adjustment, and improvement in product quality and grades. Efforts to adjust the structure of export commodities need to intensified, and the opportunity of the appreciation of the RMB caught to actively import advanced equipment and technology, key components, promoting the restructuring in export industries and technological upgrading and transforming the mode of foreign trade growth.References:Phelps, E.S. (1994). Structural Slumps: The Model Equilibrium Theory of Unemployment, Interest, and Assets. Cambridge, Mass: Harvard University Press.Rotemberg, J.J and M. Woodford. (1991). Mark-Ups and the Business Cycle. NBER Macroeconomics Annual, (6)63-129.Sachs, J.D and H. J. Shatz. (1994).Trade and Jobs in U.S. Manufacturing. Brookings Papers on Economic Activity, (1):1-80.摘要人民币升值会对中国的出口型企业的带来挑战，并带来给他们危机感。
四级高频词汇系列之strategy的用法及例句解析
四级高频词汇系列之strategy的用法及例句解析Strategy,作为四级高频词汇之一，在学术和商务语境中扮演着重要的角色。
本文将探讨strategy的基本含义和用法，并提供一些例句来帮助读者更好地理解其用法。
一、基本含义Strategy作为一个名词，指的是制定目标并决定如何达到这些目标的计划或方法。
它常用于商业和管理领域，也可在其它领域使用。
在实践中，一个好的strategy可以帮助人们更有条理地达到他们的目标。
二、用法分析1. Strategy + 动词Strategy常与动词结合使用，表示制定或执行计划的行为。
常见的动词包括develop, implement, adopt, design等。
例句1：The company needs to develop a new marketing strategy to attract more customers.这家公司需要制定一项新的市场营销战略，以吸引更多的客户。
例句2：Our team is currently implementing a new strategy to improve efficiency.我们的团队目前正在实施一项提高效率的新策略。
2. Strategy + 介词Strategy也可以与介词结合使用，表示战略的特定方面或关系。
常见的介词包括for, against, in, with等。
例句3：The government has implemented stricter regulations in the healthcare sector as a strategy for improving public health.政府在医疗保健行业实施了更严格的监管措施，作为改善公共健康的策略。
例句4：The company's competitive strategy against its rivals is to offer higher quality products at lower prices.该公司对竞争对手的竞争策略是以更低的价格提供更高质量的产品。
企业跨国并购财务风险中英文对照外文翻译文献
中英文对照外文翻译(文档含英文原文和中文翻译)Financial Risks of Chinese Enterprises’Cross-Border Mergers and AcquisitionsAbstractWith overall strength of Chinese enterprises and national going out strategy, cross-border M & As initiated by Chinese enterprises have been booming. However, compared with developed countries, Chinese enterprises started their M & As late and lacked experience and professionals. As a result, Chinese enterprises faced with numerous risks in cross-border M & As, especially with the financial risks. This paper, based on the analysis of Chinese enterprises’ cross-border M & As cases in recent years, explained how the financial risks formed and finally came up with efficacious precautionary measures.Key words: Chinese enterprise; M & As; Financial; risks1. OVERVIEW OF FINANCIAL RISKS OF CROSS-BORDER M & ASFinancial risks refer to the reimbursement risks and change of returns to shareholders triggered by financing decision in the process of enterprises’ cross-border mergers and acquisitions (abbr. M & As). Enterprises often go through three phases—valuation, financing, and payment—in the process of cross-border M & As. Based on valuation, financing, and payment, decisions affect enterprises’ assets structure and even their solvency and returns to their shareholders. In addition, cross-border M& As use an international currency for most countries.Change in exchange rates affects corporate earnings, as well as shareholders’ returns. Therefore, there are four main types of financial risks: valuation risk, financing risk, payment risk, and exchange rate risk.2. STATUS OF CHINESE ENTERPRISES’ CROSS-BORDER M & ASCombining with going out strategy, Chinese enterprises upgrade their strength and participate in the context of economic globalization. Chinese enterprises begin to go abroad, merging and acquiring foreign ones. Although Chinese enterprises’ cross-border M & As started late, China has become the world’s fifth cross-border acquiring power in 2009. Status of Chinese enterprises’ cross-border M & As is as follows:2.1 Increases in the Number and Scale of M & AsIn the year of 2008, Chinese companies completed only 30 cases of cross-border M & As, costing less than $ 9 billion. In the year of 2013, Chinese companies completed 99 cross-border M & A, amounting to $ 38.5 billion. The number of M & As doubled, while the total amount grew more than three times.2.2 Large State-Owned Enterprises as M & As SubjectCompared with private enterprises, large state-owned enterprises have more their own capital. It is easy for them to get loans and finance, so Chinese cross-border M & As are mostly done by large state-owned enterprises. On the Summer Davos Forum in 2013, Andrew, Global Chairman of KPMG International, pointed out that 86% of the China’s foreign inve stment came from China’sstate-owned enterprises. By far in China, the largest cross-border M & As was initiated by China’s state-owned enterprises CNOOC. On February 27, 2013, CNOOC successfully acquired Nexen Corp., a Canadian company, by spending $ 15.1 billion.2.3 Cash as the Main Form of PaymentChina’s market economy status has not been recognized by all countries, and, to a certain extent, Chinese enterprises are discriminated in cross-border M & As. In addition, China’sfinancial market is not perfect. In order to gain direct control of the acquired enterprises, Chinese enterprises mostly pay by cash. According to Bloomberg, 79.4% of China’s cross-border M & As made their payment by cash, 3.3% by stock, and only 1.18% by other mode.2.4 Increased Impact of Exchange Rate on M & AsBefore the year of 2012, the floating range of RMB against U.S. dollar was only 0.5%. Since 2012, China’s central bank adjusted the floating range of RMB against U.S. dollar to 1%, and on March 15, 2014, extended it to 2%. Compared to the previous fixed exchange rate, the change of exchange rate significantly increased, which made the Chinese enterprises begin to consider the impact of exchange rate change on acquisition costs in their M & As.3. FINANCIAL RISKS FACED WITHCHINESE ENTERPRISES IN CROSSBORDER M & AS Chinese enterprises began to participate in cross-border M & As actively only in the past ten years. The lack of experience made it difficult to accurately value the target enterprises. China’s financial market is no t mature, it is difficult for Chinese enterprises to finance and choose payment mode. At the same time, the international financial market fluctuates, and RMB is not an international monetary. Cross-border M & As is done by dollar or euro, which brings risks to Chinese cross-border M & As.3.1 The Valuation RiskDetermination of the transaction price of M & As is actually a game playing by initiators and targets of M & As. Under normal circumstances, the initiators can not fully grasp the information of target corporations, so it is difficult to estimate accurately. In general, valuation price will be higher than the actual value of the target enterprise. Overvalued price causes the main type of financial risk faced with the cross-border M & As performing by Chinese enterprises. This risk is reflected in a series of cases, such as TCL and Thomson M & A, China Investment Corporation’s investment in Blackstone USA, acquisition of United Commercial Bank (UCB) by China Minsheng Bank (CMB).Take the failure of acquisition of UCB by CMB as an example. After the outbreak of the subprime crisis in American, western banks were shrinking. The CMB decided to merge the UCB in the United States. CMB injected funds to UCB twice in 2008. After the first injection, the bank’s market value shrank by 70%. CMB didn’t take this as a sign of warning, it injected again after that. Until September, 2009, financial investors suddenly announced the existence financial concealment by UCB, and in November UCB was permanently closed. In the process of M & As, CMB overvalued UCB and eventually increased the loss.How much information about target enterprises that acquirers get is vital to evaluation. Even if acquirers get enough information, it is so subjective to calculate target enterpri ses’ real value. In the CMB M & A case, there existed big difference between subjective evaluation and real value of UCB. After the first injection of capital, the biggest mistake for CMB was that it took the devaluation of UCB’s stock as an opportunity of another capital injection instead of warning.3.2 Financing RiskFinancing decision plays a vital role in the M & As. It is the foundation of pricing decision and also the condition of payment decision. The major financing channels used by enterprises in their cross-border M & As are their own funds, stock financing, and bank loans. At present, Chinese enterprises mostly use their own funds in acquisitions, resulting in increasing financial problems.In the case of acquisition of Alcatel by TCL in the year of 2004, the significant adverse effect on TCL was due to bad financing decisions in M & As. In 2003 TCL’s annual profit was only about CNY ¥560 million, while Alcater’s amount of loss on TV sets and DVDs was as high as €120.TCL did not achieve profitabil ity immediately after M & As. TCL not only was unable to repay debt generated from acquisition financing, but also increased the new debt. After that, TCL’s financial risks continued to expand.Financing risk is composed of two parts, one is the environmental risk of financing, and the other is the debt risk of financing. Environmental risk of financing associates with the country’s macroenvironment and the maturity of its financial markets, that is, the more capital markets are developed, the better the macroenvironment is; the more financing instrument may be used, the more acquirers can get financing with less cost. Debt risk of financing is related to the structure of repayment period. Although, as a whole, macroeconomic environment is well in China, the financial markets are not mature, and furthermore, unreasonable repayment structure will bring financing risk to acquirers.3.3 Payment RiskPayment decision is based on valuation decision and financing decision. At present there are mainly three kinds of payment mode: cash payment, equity payment, and leverage payment. Chinese enterprises generally use cash payment, which is the most risky one in their cross-border M & As. This payment mode can effectively help enterprises obtain the control of target enterprises successfully, but it increases financial pressure and the debt burden of Chinese enterprises, which easily leads them to liquidity risk and financial difficulties.In the case of acquisition of Fortis Group Belgium by Ping An Insurance (Group) Company of China, Ltd. (Ping An), from 2007 to 2008, Ping An bought Fortis’s stocks three times fromsecondary markets, accounting for 4.99% of the total shares, becoming the largest shareholder of Fortis Group. However, by 2008 November, Fortis’s share price fell 96% cumulatively, and Ping An suffered huge losses. In order to make cash payment in the secondary markets to get Fortis shares, Ping An published additionalits own shares and also increased debt. As a result of this M & A, Ping An’s financial risk was increased; the ratio of assets and liabilities was as high as 88.47% in 2008.China’s financial market established late, and is in a progressive stage of development. In immature financial markets, there are limited financing instruments that can be used for acquirers. Most of the capital comes from acquirers’ own capital, bank loans, or government grants. The use of their own capital takes up a lot of corporate liquidity, weakening the ability of dealing with emergencies with their liquid capital. For bank loans, in the immature capital markets, banks monopolize capital, ask for monopolized profits, and may have rent-seeking behavior. As a result, enterprises get bank loans only after paying for large cost. Government grants usually support specific industries and the related audit procedures are very complicated. Even if the companies were in the field of government subsidized industry, they might miss opportunities to complete M & A due to complicated procedures and lengthy audit.3.4 Exchange Rate RiskRMB is not an international currency, and its circulation is limited in the world, so it can not be used in international transactions. Therefore, Chinese cross-border M & As need foreign exchange, under normal circumstances, dollars or euros. For Chinese enterprises, whether to borrow or buy foreign exchange, there is time difference between the day of signing contract and of the actual payment, during which the change in exchange rates will affect the costs of M & As, so that enterprises face foreign currency risk. In addition, when enterprises settle their income in foreign currency, or pay debt, exchange rate change will lead to the uncertainty of their future earnings.In the case of acquisition of Aurukun project by Aluminum Corporation of China Limited (CHALCN), exchange rate risk was obvious. In March, 2007, CHALCN bid Australian Aurukun bauxite development project by $2.92 billion. During the period of bid, Australian dollar exchange rate was about 0.68, and in 2008 July, it appreciated to 0.9848. The Australian dollar rate fluctuated nearly 40%. While CHALCN deposits in dollars, the cross-border M & A project led to huge losses because of exchange rate fluctuation.Boundary condition of cash payments is (VAB-VA)/(1+a)≥Cp≥VB, where VAB is the acquir er’s cash flow after M & A, VA is the acquirer’s cash flow before M & A, a is the cost rate of cash payment, Cp is the amount of cash, and VB is the value of target enterprise. When (VABVA)/(1+a)<C, the cash paid could not be recovered, and the acquirer would suffer the loss.Otherwise, VAB is an estimated value and will be affected by the valuation ability of acquirer. Furthermore, the change of a cannot be controlled completely by the acquirer. Therefore, the use of cash payment will lead to uncontrollable risk.In the process of payment, companies must make reasonable arrangement for funding. As to payment arrangement, if enterprises arranged the time structure and scale structure unreasonably, a relevant factor, such as cost of corporate debt, tax cost, and intermediate costs, would increase and make the increase of post-merger cash flows less than the actual cash flow, resulting in acquirers’ ultimate loss, that is, they would suffer enormous pressure and expose themselves to financial distress.4. COUNTERMEASURES OF FINANCIAL RISKSIn this part, we analyzed the causes of financial risks in Chinese enterprises’ cross-border M & As and proposed the corresponding countermeasures.4.1 Prevention of Valuation RiskFor these businesses involved in cross-border M & As, accurate valuation is the first step to the success. Valuation affects the whole process of M & As. Therefore, it is very important to avoid valuation risk.First, hire a professional team of valuation. Since the Chinese enterprises lack experience of cross-border M & As, it is difficult for acquiring enterprises to grasp the main points in the process of valuation of target companies. It is more likely that target firms would hide key information from them. Usually a professional valuation team has rich experience in M & As, better information collection, and analysis ability, and usually it is able to obtain the information needed from analysis through its unique channels; thereby it helps reduce the risk of enterprise valuation.Second, choose scientific methods of valuation. Enterprises can choose a relatively accurate estimation methods based on the actual situation and may also give a certain weight to each valuation approach and make comprehensive valuation, in order to disperse the risks of each valuation method.Third, adjust financial statements. Financial statements can only reflect the past performance and cannot reflect the future one. At the same time, the financial statements cannot take the key points of business out of balance sheet included. In order to overcome these adverse factors of valuation, acquiring enterprises can adjust the financial statements of target companies according to the information they got about the target companies. They can include the business other than those shown on balance sheet into account, give the weight coefficient of financial indicators and make a comprehensive valuation of the target companies.4.2 Prevention of Financing RiskFor Chinese corporation, financing risks arise due to the immaturity of China’s financial markets. Chinese enterprises have limited choices of financing channels to fund their M & As, so it is difficult for them to obtain enough funds needed in M & As. At the same time, there is no reasonable capital structure when arranging financing. Therefore, for the above reasons, we proposed three countermeasures.First, improve the financial markets and support the development of private credit in order to provide cheap financing for M & As in the short time. Financial innovation will lead to creation of new financial instruments to meet the needs of companies and investors to facilitate corporate financing and raise enough funds, while decentralizing financing risks Second, use innovative financing methods. For example, in 2010, in order to finance acquisition of V olvo, Geely Automobile used both fund financing and government funding. In order to attract local government funding, Geely promised to build factories in the cities whose local governments have funded it. Eventually, Geely gained $3 billion fund from Chinese local companies, including $1 billion from International Daqing, $1 billion from Jiaerwo Shanghai, and $1 billion from Chengdu Bank.Finally, set up a reasonable set of repayment structure. Before enterprises involve themselves in M & As, they should take fully consideration of how to pay debts in two consequences of success and failure in M & As respectively. When companies fail in M & As, enterprises should have sufficient liquidity to repay debt resulted from the initial investment. And if companies can successfully achieve acquisition, then companies should make sure that their repayment time, scale, and structure can math their cash flow, scale, and structure after the merger of target companies.4.3 Prevention of Payment RiskPayment risk results from the dependence of Chinese enterprises involved in cross-border M & A on cash payment and unreasonable payment structure arranged by these enterprises. Therefore, in order to prevent payment risk, Chinese enterprises should adopt various payment methods in their cross-border M & As and arrange payment structure reasonably. Lenovo gives us a very good demonstration. In December, 2004, Lenovo purchased IBM’s PC business by $ 1.25 billion, $ 0.65 billion in cash plus $ 0.6 billion by shares of Lenovo. This payment method greatly reduced the pressure of cash flow pressure on Lenovo. It was shown that debt rate of Lenovo remained at normal level in 2004.4.4 Prevention of Exchange Rate RiskWider scope of Chinese exchange rate volatility helps RMB internationalization and alsobrings more challenges to enterprises who participate in cross-border M & As. Exchange rate risk will further intensify, so we need to take positive measures to avoid it.First, internationalize RMB gradually. If RMB become an international currency, Chinese cross-border acquiring enterprises can use the RMB directly, and then there is no currency exchange and no exchange rate risk. At present the achievement of RMB regionalization is only a small step in the process of RMB internationalization.Second, adopt different hedging strategies. They may prevent the risk of exchange rate by choosing different financial instruments and combining them to hedge in the foreign exchange market. There are many financial instruments we can use, such as: the foreign exchange forward, foreign exchange futures, foreign exchange options, and currency swaps.CONCLUSIONThe paper introduced the status of Chinese enterprise cross-border M & As, and then analyzed the financial risks faced with Chinese enterprise cross-border M & As, that is, evaluation risk, financing risk, payment risk, and exchange rate risk. In order to overcome or even prevent these risks, Chinese enterprises should accumulate experiences of cross-border M & As performance and take use of innovative financial methods. Chinese government should promote the financial markets, support financial innovation and promote RMB internationalization. By their all efforts, Chinese enterprises will perform better in heir cross-border M & As.中国企业跨国并购的财务风险摘要随着我国企业的综合实力和国家战略的实施，我国企业的跨国并购活动蓬勃发展。
商务英语听说(第三版)Lesson 25 Investment
II. Repeat the sentences you hear on the tape.
1. The Chinese government has done everything it can to attract foreign investment. 2. We lay out about 50% the total investment. 3. How long will it take for all these documents to be approved? 4. The registered capital of this JV is going to be one million US dollars. 5. This law applies to foreign investors only.
Part A Sample Conversation
Notes:
1. roughly speaking 大致说来，大体上说 Roughly speaking, there’re two possibilities. 大致说来，有两种可能性。 译： 粗略说来，大约有100人参观了展览。 Roughly speaking, about 100 people attended the exhibition. 译：大致说来，我们今年的营业额大约是6千万美元。 Roughly speaking, our turnover this year is about sixty million US dollars.
4. You have a very good point in … 你说的……有道理 point n. 意思 I didn’t get the point of that joke. 我没有听懂那个笑话的意思。 You’ve got a point there. 你说得有道理。 Please get to the point. 请说正题。 译： 你也许说的有道理。 You may have a point there. 译：恐怕你没听明白。 I'm afraid you've missed the point.
ODI
ODI 'on track for steady growth'China's outbound direct investment is expected to grow 10 percent annually over the next five years as demand for industrial products and infrastructure surges in developed and developing markets, senior officials said on Wednesday.Assistant Minister of Commerce Zhang Xiangchen said that China will continue to increase the flexibility of ODI procedures to allow domestic companies to assume more control of their overseas business.China's non-financial ODI totaled $74.96 billion in the first three quarters of this year, up 21.6 percent from the same period a year earlier, fresh evidence that China's "going global" strategy is still expanding."International markets — especially Latin America, Africa, Southeast Asia and East Europe — still need many products such as machinery, power systems, rail and other shipping equipment, construction and household items to diversify and support their economies," Zhang told a news conference in Beijing."China's ODI, therefore, is essential for them to gain funds, technologies, human resources and development experience," said Zhang.China's ODI reached a record high of $108 billion in 2013, making it the world's third-largest investor for a second consecutive year.The government is working with other countries to enhance the status of investment protection agreements, as well as simplifying its own ODI approval procedures.For example, as of Oct 6, the ministry scaled back its role in overseas project approvals by ending controls on the number of investment projects."Only projects in sensitive countries or regions, as well as in sensitive industries, will require approval by the Ministry of Commerce," said Chen Lin, commercial counselor in the ministry's department of outward investment and economic cooperation."Sensitive" countries or regions are those that have no diplomatic ties with China or those under United Nations sanctions. Other overseas investment projects need only be registered with the ministry.Last year, the ministry approved 6,608 ODI projects. But this year, it will rule on only 100 cases, because it has ceded its control over the number of investment projects under the new rule.The value of overseas assets and property owned by 25,000 Chinese companies, including 40 percent of private companies, amounts to $3 trillion in 166 countries and regions. The companies have more than 1 million employees at different locations throughout the world.Wang Zhile, a senior researcher at the Chinese Academy of International Trade and Economic Cooperation, said the rapid growth of China's ODI will not decline in the short term, as current economic developments demand that domestic companies use resources in global markets."Also, a slow world economic recovery is driving many economies to seek foreign investment to boost economic growth and employment," said Wang.China is expected to attract about $120 billion of foreign direct investment in 2014, and China's ODI may outpace FDI inflows in 2015, as Chinese companies' global competitiveness in machinery, shipbuilding and chemicals rises.。
Culture Speaks
67June 2016Reforms to the cultural admin-istrative system have gradually deepened in recent years.formances), artworks, new media (game consoles), musical instruments, as well as integrated services. Among them, integrated services, which include Internet culture, cultural exhibitions, and adver -tising, is the fastest growing sector of the cultural industry. As the most market-oriented and interna -tionalized category of cultural products in China, it commands strong international competitiveness, and has become a bellwether for the country’s cul -tural exports.The report also finds that in spite of the global economic recession, a large quantity of consumers of movies and music turn to related web services, the trade volume of cultural products from 2004 to 2013 having doubled. As a part of cultural services, products such as music, movies and periodicals are deeply impacted by digital production, whose mar -ket focus is on online subscriptions. Trade in music records dropped 27 percent and in film products 88 percent between 2004 and 2013. The trade in print -ed materials, including periodicals, also suffered a slump. However, paper books, as a significant cultural product, registered a 20-percent growth in some regions.Wu has established contacts with the book in -dustry in his capacity as gold jewelry dealer. In February 2016, he attended a Chinese book fair in Madrid, Spain, where Spanish translations of such Chinese literary classics as The Plum in the GoldenVase and Book of Changes , as well as a number of modern works of fiction, were well received by local readers. China’s publications exports exceeded US $100 million in 2013, and the proportion of copy -rights exported continued to rise, according to the Chinese Academy of Press and Publications 2013 Press and Publication Industry Analysis Report. A rising number of China’s cultural projects are going global, according to Wu, whose business often takes him abroad. As a fan of La Liga, he noticed that Dalian Wanda Group, China’s largest property company, has bought a 20-percent stake in Span -ish league champion Atletico de Madrid. This is the first time a Chinese firm has invested in a premier European soccer club.China’s outward foreign direct investment in cul -ture, sports, and entertainment industries increased from US $5.1 million in 2007 to US $310.85 million in 2013, a whopping 61-fold growth, according to researcher at the Development Research Center of the State Council Lai Youwei.“Judging from international experience, the ‘go global’ strategy of a country’s cultural industry can not only improve its foreign trade structure and facilitate the transformation and upgrading of in -dustrial structure, but also promote native culture globally and the nation’s international competitive -ness,” Lai said.Support from the CountryCultural trade was formerly a weak link in China’s overseas trade. A good deal of international cultural exchange was based on friendly activities rather than commercial endeavors. The parties concerned regarded cultural industry as a public service, their focus on ideological elements and pro -moting national characteristics, so overlooking its commercial potential.In 2003, the Ministry of Culture set up a unit specializing in the promotion of cultural products and services as part of the “go global via business” strategy. In 2006, the Ministry of Culture, the Min -istry of Commerce and the then General Admin -istration of Press and Publications (now the State Administration of Press, Publications, Radio, Film and Television) jointly formulated policies encour -aging and incentivizing exports of cultural products and services. In addition, the central government provided financial support to cultural units that achieved excellent export performances. In 2009, the Ministry of Culture established a department of cultural trade.Reforms to the cultural administrative system have gradually deepened in recent years. In 2013, a large number of state-owned for-profit cultural units became qualified market players, so strength -ening their vitality and market compositeness. Meanwhile, the non-public cultural sector also accelerated its structural reforms. Many cultural export enterprises gained government support in the areas of market exploitation, technological in -English translations of Chinese books on sale in the Barnes & Noble Bookstore in New York are keenly welcomed by American readers.novation, and customs clearance. The building of foreign cultural trade bases in major cities like Bei-jing, Shanghai and Shenzhen completed the trading system.In March 2014, the State Council issued its Opinions on Accelerating the Development of Cul-tural Trade, so elevating it to a national strategy. On March 17, 2016, the country approved its 13th Five-Year Plan for Economic and Social Development, and included cultural trade in its national strategic planning. The plan proposed intensifying cultural exchanges between China and other countries, and innovating modes of external communications, cul-tural exchanges, and trade, so adding new momen-tum to the growth of international cultural trade. Stage photo from the Chinese ballet The Butterfly Lovers.中国文化核心词 KEY CHINESE CONCEPTS宇宙/yǔzhòu/Universe/Cosmos本义指屋檐和栋梁,引申指空间和时间,及由无限空间和无限时间所构成的世界整体。
对于中国是走出去的写一篇英语作文
对于中国是走出去的写一篇英语作文全文共3篇示例，供读者参考篇1Going Out：China's Path to GlobalizationIn recent years, China has embarked on a journey of globalization, seizing new opportunities and overcoming challenges as it reaches out to the world. This "going out" strategy is not only shaping the country's economy but also influencing global trade dynamics and cultural exchanges. In this essay, we will explore the significance of China's globalization efforts and the impact they have on the country and the world at large.The concept of "going out" in China refers to the country's push to expand its presence and influence beyond its borders. This initiative encompasses a wide range of activities, such as outbound investment, overseas expansion of Chinese companies, international trade, and cultural exchanges. The goal is to leverage China's economic strength, technological prowess, and cultural heritage to forge stronger ties with other nations and contribute to global development.One of the key drivers behind China's globalization efforts is the country's rapid economic growth and increasing global influence. As the world's second-largest economy, China has become a major player in international trade and investment, with its companies expanding their presence in key industries such as technology, infrastructure, and finance. By going out, China aims to diversify its markets, access new resources, and foster innovation through collaboration with foreign partners.Moreover, China's globalization strategy is also driven by the need to address domestic challenges such as overcapacity and structural imbalances. By investing in overseas projects and establishing international partnerships, Chinese companies can tap into new markets, transfer excess capacity, and upgrade their technology and management practices. This not only helps them stay competitive in a globalized economy but also contributes to the sustainable development of the global economy.In addition to economic benefits, China's globalization efforts also have broader implications for cultural exchanges and people-to-people ties. Through initiatives such as the Belt and Road Initiative and the Asian Infrastructure Investment Bank, China is promoting connectivity and cooperation among countries in Asia, Africa, and Europe. This not only facilitatestrade and investment but also fosters understanding and mutual respect among different cultures and civilizations.Despite the many opportunities presented by China's "going out" strategy, it also faces a number of challenges and criticisms. For example, Chinese companies investing overseas have been accused of engaging in unfair competition, environmental degradation, and human rights violations. There are also concerns that China's growing influence in strategic sectors such as technology and infrastructure could pose risks to global security and stability.To address these challenges, China has taken steps to improve the transparency, sustainability, and responsibility of its overseas investments. By adhering to international standards and best practices, Chinese companies can enhance their credibility, build trust with host countries, and contribute to the economic and social development of the communities where they operate. Furthermore, China is working with other countries to establish multilateral mechanisms and guidelines for global governance, ensuring that its globalization efforts benefit the world at large.In conclusion, China's "going out" strategy represents a bold and ambitious vision for the country's future. By embracingglobalization and engaging with the world, China is not only shaping its own destiny but also contributing to a more inclusive, interconnected, and prosperous global community. As China continues to walk this path, it will be crucial for all stakeholders to work together to address challenges, seize opportunities, and build a more sustainable and equitable world for future generations.篇2China's Going-out StrategyIntroductionAs the world's second largest economy, China has been increasingly involved in foreign investment and overseas expansion in recent years. This trend, also known as the "going-out" strategy, has been an important aspect of China's economic growth and global influence. In this essay, we will explore the reasons behind China's going-out strategy, the benefits and challenges it presents, and the implications for China's future development.Reasons for China's Going-out StrategyThere are several reasons why China has been actively pursuing the going-out strategy in recent years. One of the mainreasons is to secure access to natural resources, such as oil, gas, and minerals, which are essential for China's continued economic development. By investing in overseas projects and acquiring foreign companies, China is able to ensure a stable supply of these resources and reduce its dependence on imports.Another reason for China's going-out strategy is to diversify its investments and reduce risks. By investing in a variety of sectors and countries, China can spread its financial exposure and minimize the impact of economic downturns in any one market. This also allows China to benefit from the growth of emerging markets and gain access to new technologies and markets.Benefits and Challenges of China's Going-out StrategyThe going-out strategy has brought a number of benefits to China, including increased access to resources, technology transfers, and opportunities for Chinese companies to expand globally. By investing in overseas projects, China has been able to create jobs, promote economic development in host countries, and strengthen its diplomatic and trade relationships around the world.However, the going-out strategy also presents several challenges for China. One of the main challenges is the issue ofpolitical and regulatory risks in foreign countries. Chinese companies often face obstacles such as government intervention, policy changes, and cultural differences, which can affect their operations and profitability. In addition, there is also the risk of backlash from local communities and environmental groups, as Chinese investors are sometimes perceived as exploitative or harmful to the environment.Implications for China's Future DevelopmentLooking ahead, the going-out strategy is likely to continue to play a key role in China's foreign policy and economic development. As China's influence and presence in the global economy grows, the country will need to navigate the challenges and opportunities of overseas expansion in a responsible and sustainable manner. This will require Chinese companies to invest in corporate social responsibility, environmental protection, and good governance practices, in order to build trust and credibility with host countries and local communities.In conclusion, China's going-out strategy has been a crucial component of the country's economic growth and global influence in recent years. By investing in overseas projects, acquiring foreign companies, and expanding its presence in international markets, China has been able to secure access toresources, diversify its investments, and promote economic development around the world. As China continues to pursue its going-out strategy, it will be important for the country to address the challenges and risks that come with overseas expansion, and to maintain a balance between economic growth and social responsibility.篇3China has experienced tremendous economic growth and development in recent decades, becoming one of the world's leading economies. As China continues to expand its influence globally, the concept of "going out" has become increasingly important.The "going out" strategy refers to China's efforts to encourage its companies to invest overseas, expand their operations in foreign markets, and participate in international trade and cooperation. This strategy is seen as a way for Chinese companies to diversify their risks, access new markets, and develop new technologies and capabilities.One of the key reasons for China's "going out" strategy is to address the challenges of overcapacity and slowing growth in domestic markets. By expanding overseas, Chinese companiescan tap into new markets and opportunities for growth. Additionally, by investing in foreign markets, Chinese companies can gain access to new technologies, talent, and resources that can help them to remain competitive in the global marketplace.Another important driver of China's "going out" strategy is the Belt and Road Initiative (BRI), which aims to enhance regional connectivity and promote economic cooperation among countries along the ancient Silk Road routes. Through the BRI, China is investing in infrastructure projects, such as roads, railways, ports, and pipelines, in countries across Asia, Africa, and Europe. These investments are not only helping to improve connectivity and trade between China and other countries, but they are also creating new opportunities for Chinese companies to expand their presence overseas.China's "going out" strategy is not without its challenges. Chinese companies face obstacles such as cultural differences, regulatory barriers, political instability, and competition from local firms in foreign markets. Additionally, Chinese companies have been criticized for their environmental and labor practices in some countries, leading to concerns about sustainability and social responsibility.Despite these challenges, China's "going out" strategy has been largely successful. Chinese companies have made significant investments in a wide range of sectors, including infrastructure, energy, telecommunications, finance, and manufacturing. Chinese companies such as Huawei, Alibaba, and Tencent have become global leaders in their respective industries, demonstrating the competitive capabilities of Chinese firms on the world stage.In conclusion, China's "going out" strategy is a key component of the country's efforts to promote economic development, expand its influence globally, and contribute to global prosperity. By investing in foreign markets, participating in international trade and cooperation, and promoting regional connectivity through initiatives such as the BRI, China is positioning itself as a major player in the global economy. As Chinese companies continue to pursue opportunities overseas, it is important for them to address challenges such as cultural differences, regulatory barriers, and sustainability concerns in order to ensure long-term success and sustainable growth.。
投资策略建议英语
投资策略建议英语Investing can be a daunting task, especially for those who are new to the financial world. The key to successful investing is developing a strategy that aligns with your financial goals, risk tolerance, and investment horizon. Here, we will explore various investment strategies that can help you navigate the complexities of the market and make informed decisions.Diversification is the cornerstone of a sound investment strategy. It involves spreading your investments across different asset classes, such as stocks, bonds, and real estate, to minimize risk. The rationale behind diversification is simple: when one asset class underperforms, another might outperform, thereby balancing the overall portfolio performance.Asset Allocation is another critical component of an investment strategy. It refers to the distribution of assets in a portfolio according to an individual's goals, risk tolerance, and investment timeline. A young investor with a high-risk tolerance and a long investment horizon might allocate a larger portion of their portfolio to stocks. In contrast, an individual nearing retirement may prefer bonds for their stability and regular income.Value Investing is a strategy where investors look for stocks that appear undervalued by the market. These are stocks that trade for less than their intrinsic values. Investors who follow this strategy believe the market overreacts to good and bad news, resulting in stock price movements that do not correspond with a company's long-term fundamentals. The idea is to buy these stocks at a discounted price and hold them until their price reflects their true worth.Growth Investing focuses on companies that exhibit signs of above-average growth, even if the share price appears expensive in terms of metrics such as price-to-earnings ratios. Growth investors seek companies that are expected to grow at an above-average rate compared to their industry or the overall market.Index Investing has gained popularity due to its low-cost nature and the success of passive investment strategies. By investing in index funds, which track a specific index like the S&P 500, investors can gain exposure to a wide range of securities in a single, diversified fund. This strategy is based on the idea that it is difficult to beat the market consistently, so it's better to match it.Risk Management is essential in any investment strategy. It involves identifying, assessing, and taking steps to minimize the risks associated with investing. This can include setting stop-loss orders to sell off assets at a predetermined price or using options strategies to hedge against potential losses.In conclusion, there is no one-size-fits-all investment strategy. Each investor must assess their financial situation, goals, and risk tolerance to develop a strategy that suits their needs. Whether you are a conservative investor looking for stable returns or an aggressive investor in search of high rewards, understanding and applying these investment principles can help you build a robust portfolio. Remember, investing is a journey, and staying informed and adaptable to market changes is crucial for long-term success.This document is a brief overview of investment strategies and does not constitute financial advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions. Remember, all investments carry some level of risk, including the potential loss of principal invested. No investment strategy can guarantee a profit or protect against loss in periods of declining values.。
《中国加拿大促进保护投资协定》若干规则研究
2
目录
引 言 ······································································································1 一、《中加双边投资协定》概述 ·····································································3
本文以《中加双边投资协定》文本研究为出发点，希望能够通过对准入规则、征收 规则、金融审慎例外安排这三个规则的研究以此加深对条文的认识和整体把握。本文在 比较了该投资协定与其他双边投资协定或自由贸易协定中投资规则的基础上，分析《中 加双边投资协定》条款设置的特点及其原因，评析并给出建议。
第一部分《中加双边投资协定》概述主要梳理了《中加双边投资协定》的一些基本 情况，从中加投资的历史、发展、现状入手，介绍了《中加双边投资协定》签订的投资 自由化背景与世界双边投资协定的发展情况，最后简单地阐述了《中加双边投资协定》 的内容，从宏观角度对文本进行一个把握。
The second part presents the legal issues of admission, starts at the basic concepts and the evolution of admission, making a more detailed discussion on the national treatment standards of admission, combined with the current legislative practice, points out the weak points and make suggestions.