The impact of European firms' economic conditions and financial performance on accounting quali
Globalization and Regional Economic Integration
NAFTA
EU
Japan
Levels of Regional Economic Integration (REI)
1. Free Trade Area
No internal tariffs Each country determines its own trade
policies towards non-members e.g. NAFTA--North America Free Trade Agreement (US, Canada, Mexico)
Asia Pacific Economic Cooperation (APEC)
Globalization:Concept (cont.)
e.g. Lenovo ThinkPad laptop computer's global web of activities
design in U.S.
the world's best location for basic design work
The 75 existing GATT members and the European Communities
became the founding members of the WTO on 1 January 1995. The other 52 GATT members rejoined the WTO in the following two years (the last being Congo in 1997). Since the founding of the WTO, 21 new non-GATT members have joined and 29 are currently negotiating membership. There are a total of 153 member countries in the WTO.
重点总结的经济学人-中英文版)
Finance and EconomicsOffshore private banking离岸私人银行业Bourne to survive伯恩的幸存Aug 6th 2009From The Economist print editionDespite the woes of UBS, Swiss private banking remains in reasonable shape尽管瑞银处境不佳，瑞士的私人银行业仍保有相当规模Illustration by S. KambayashiA FTER visiting his bank in Zurich, Jason Bourne, an amnesic assassin, wonders: “Who has a safety-deposit box full of money and six passports and a gun?” In the popular imagination as well as Hollywood films the answer is clear: customers of Swiss banks do.当失忆的杀手詹森•伯恩(Jason Bourne)从其位于苏黎世的银行走出后，自问到：”什么样的人会有一个装满了钱、6本护照还有一把枪的银行保险箱？”在大众的想像与好莱坞的电影中，这个答案是明确的：瑞士银行的客户就是这样的人。
If this reputation for skulduggery is right, Switzerland, home to about one-quarter of the world’s offshore money, is in big trouble. After nearly going bust, UBS, its biggest bank, is now being pistol-whipped by America’s Internal Revenue Service (IRS), which wants it to hand over the names of tens of thousands of alleged tax dodgers. A preliminary settlement between the two was agreed on July 31st, although its details have yet to be made public. In March Switzerland agreed to comply with an OECD tax code that will oblige it to reveal information on clients that other governments say they need to enforce their laws. Where will crooks, despots and war criminals go now? And what will Swiss private banks do when they leave?如果这种隐秘而无原则的名声不是空穴来风的话，瑞士，这个坐拥世界四分之一离岸资金的国家将会有大麻烦。
欧美金融市场比较分析及启示
欧美金融市场比较分析及启示Introduction:Financial markets play a crucial role in the functioning of an economy. They are responsible for facilitating the flow of capital between investors and borrowers, which helps in the allocation of resources and the overall growth of the economy. Financial markets in Europe and America are among the most developed and sophisticatedin the world. These markets are characterized by high levels of liquidity, transparency, and innovation, making them attractive to investors globally. In this article, we will analyze and compare European and American financial markets to provide insights into their strengths, weaknesses, and implications for other economies.Chapter 1: Stock MarketsThe stock market is the most prominent financial market worldwide, and it serves as a barometer for the overall economy. In Europe, the main stock exchanges are London Stock Exchange, Euronext, Deutsche Börse, and SIX Swiss Exchange. In America, the key stock markets are New York Stock Exchange and Nasdaq. In terms of market capitalization, the American stock market is larger than the European stock market. As of 2021, the New York Stock Exchange had a market capitalization of $28.75 trillion, while Euronext had a market capitalization of $5.1 trillion.The American stock market is characterized by a higher level of liquidity and depth compared to the European stock market. This is due to the presence of a large number of institutional investors such as pension funds, insurance companies, and mutual funds. These investors provide a stable source of demand for stocks, making the market more efficient and less volatile. On the other hand, the European stock market is more fragmented and lacks a unified regulatory framework. This fragmentation increases transaction costs, reduces liquidity, and makes the market more susceptible to manipulation and insider trading.Chapter 2: Bond MarketsThe bond market is a critical component of the financial system as it provides a mechanism for companies and governments to raise funds.In Europe, the bond market is dominated by government bonds, while in America, the corporate bond market is more active. The European government bond market is more substantial than the American government bond market due to the presence of multiple issuers such as Germany, France, and Italy. In contrast, in the US, the government bond market is dominated by the US Treasury.The American corporate bond market is more developed and liquid than the European corporate bond market. The US bond market is also more innovative and accommodative to the changing needs of investors. For instance, the American bond market has pioneered the issuance of high-yield bonds, which provide companies with access to capital at a higher cost but have a lower credit rating. In contrast, the Europeancorporate bond market is conservative and focused on investment-grade securities.Chapter 3: Derivatives MarketsThe derivatives market is the largest financial market globally in terms of notional value. The derivatives market provides a mechanism for investors to hedge their risks, speculate, and earn alpha. In Europe, the derivatives market is dominated by Eurex, while in America, the derivatives market is dominated by the Chicago Mercantile Exchange and the Intercontinental Exchange.The American derivatives market is more sophisticated and innovative compared to the European derivatives market. The American market has led the world in the development of new products such as exchange-traded funds, options on futures, and credit default swaps. On the other hand, the European derivatives market is more regulated and focused on exchange-traded products.Chapter 4: Financial RegulationsThe financial crisis of 2008 highlighted the need for robust financial regulations to prevent the collapse of the financial system. In Europe, the financial regulatory framework is more decentralized, with each country having its own regulatory body. This fragmentation has made it challenging to harmonize regulations, making it challenging for firms to operate across countries. In contrast, in America, the regulatory framework is more centralized, with the Securities and ExchangeCommission and the Commodity Futures Trading Commission playing a significant role in regulating financial markets.Conclusion:In conclusion, European and American financial markets have their strengths and weaknesses. The American market is more developed, liquid, and innovative, while the European market is more fragmented and regulated. The analysis provides valuable insights for other economies in developing their financial markets. A well-functioning financial system is critical to the overall growth and prosperity of an economy, and policymakers should continue to improve their regulatory frameworks to prevent future financial crises.。
英语bbc新闻材料
英语bbc新闻材料Title: "BBC News: UK Economy Experiences Slowdown in Second Quarter"Introduction:The UK economy has recently experienced a slowdown in the second quarter, according to the latest report from the BBC News. This article will delve into the reasons behind this economic decline and its potential implications for various sectors.1. Impact of Brexit Uncertainty:The ongoing Brexit uncertainty has significantly impacted the UK economy. With the deadline for Britain's departure from the European Union fast approaching, businesses have been hesitant to invest and make long-term plans. This uncertainty has resulted in a decrease in consumer confidence and a slowdown in economic growth.2. Decline in Manufacturing Sector:One of the key contributors to the economic slowdown is the decline in the manufacturing sector. Manufacturing output has been affected by a combination of factors, includingglobal trade tensions, a slowdown in the global economy, and Brexit-related uncertainty. This decline has had a ripple effect on other sectors of the economy, such as transportation and construction.3. Weak Business Investment:Business investment has also been weak, exacerbating the economic slowdown. Many businesses have adopted a cautious approach due to uncertainty surrounding Brexit. This has led to a decrease in capital expenditure and the postponement of investment decisions, ultimately impacting economic growth.4. Sluggish Retail Sales:The retail sector has been facing challenges as well, with sluggish retail sales contributing to the economic slowdown. Consumers have been more cautious with their spending, as rising inflation and stagnant wage growth have eroded their purchasing power. Additionally, the increase in online shopping has put pressure on brick-and-mortar retailers, leading to store closures and job losses.5. Impact on Employment:The economic slowdown has also had an impact on employment. With businesses being cautious about their spending, hiring has slowed down and some companies have even implemented job cuts. This has resulted in increased unemployment rates and added pressure on the government to implement measures to stimulate job creation.6. Government Response:In response to the economic slowdown, the UK government has taken steps to mitigate the impact. The Bank of England has lowered interest rates, aiming to stimulate borrowing and spending. The government has also announced various fiscal measures, such as increased infrastructure spending and tax cuts for businesses, to boost economic activity.7. Potential Implications:The slowdown in the UK economy may have several implications for different sectors. For example, the construction industry may experience a decline in new projects and investments, leading to job losses and reduced growth. The financial services sector may face challenges as firms consider relocating operations due to Brexit uncertainty. Additionally, the tourism industry may be affected by reducedconsumer spending and a decrease in international visitors.Conclusion:The BBC News report highlights the recent slowdown in the UK economy during the second quarter. Brexit uncertainty, decline in the manufacturing sector, weak business investment, sluggish retail sales, and its impact on employment are all contributing factors. The government has responded with measures to stimulate economic growth, but the implications for various sectors remain uncertain. Monitoring the situation and implementing appropriate strategies will be crucial to revive the UK economy and ensure its long-term stability.。
经济学Question 1
Candidates should explain clearly what free trade is. An explanation would explain that traders make transactions without interference from governments, ie without barriers. Candidates may include examples of free trade agreements and free trade talks to illustrate their explanation. Scottish Qualifications Authority 8 HN Assessment Exemplar/ F86E 35/AEX001 V1.0 Title: Economics 2: The World Economy September 2010Candidates should explain clearly what is meant by absolute and comparative advantage. A worked example of absolute and comparative advantage could be incorporated to support the explanation. Alternatively discussing how the UK’s absolute and comparative advantage has changed over time could be used to support the explanation.Question 3Candidates should identify three gains from engaging in international trade. The gains might be from the perspective of the firms engaged in free trade, or from a consumer or a government’s point of view. Gains might include:it allows goods to be imported that cannot be produced in the countryit improves consumer choiceprices may be lowerit allows economies of scale to be gainednew markets can be found for existing productsit allows specialisationit provides employmentoutput is stimulatedQuestion 4Candidates must explain clearly what the terms ‘protectionism’ and ‘barriers to trade’ mean. Reasons should be given for governments’ use of trade barriers which might include:protecting an important industry, eg ship buildingprotecting domestic employmentpreventing the dumping of low priced goodson political grounds for goods such as weapons, uranium, antiquities, ivory, etc or where sanctions are imposedretaliationhealth/safety groundsExamples of different types of trade barrier and reference to real examples of their use would enhance responses.Question 5The role of the World Trade Organisation should be described. Answers must focus on how the WTO has helped develop free trade. Candidates are likely to refer to examples of work undertaken by the WTO. Scottish Qualifications Authority 9 HN Assessment Exemplar/ F86E 35/AEX001 V1.0 Title: Economics 2: The World Economy September 2010Explain the role of one of the following trade blocs:The European Union (EU)The North American free Trade Agreement (NAFTA)The Association of Southeast Asian Nations (ASEAN)The explanation should cover the reasons for the existence of the chosen trade bloc and the role that it plays. Examples of the work undertaken by the chosen trade bloc are desirable.Question 7Candidates should explain the composition of the UK balance of payments covering the main sections:current accountcapital accountfinancial accountCandidates should refer to UK trade figures from recent years in their explanation. Question 8Examination of the main trends in UK trade should track the current balance over the last 30 years.General trends should be identified such as the surpluses in the late 1990s and the deficits in the 1980s and 2000+. In examining the trends such as the surpluses, possible causes such as the improvement in the trade in services may be identified. The deficits may also be explored and possible reasons given such as the trend for UK consumers to buy more imported goods, lack of competitiveness of UK firms, the decline in UK comparative advantage, etc.Question 9Candidates should investigate the relationship between sterling prices and the balance of trade. This allows candidates to examine export and import preferences. Candidates could provide a theoretical worked example, or a recent case showing the link between exports, imports and the pound. Scottish Qualifications Authority 10 HN Assessment Exemplar/ F86E 35/AEX001 V1.0 Title: Economics 2: The World Economy September 2010Three relevant advantages and disadvantages should be given for each of two of the following:fixed exchange ratesfloating exchange ratesthe single currency for the UKAdvantages for fixed exchange rates might include:reduces currency speculationa reduction in the risk involved in international tradegreater economic disciplineAdvantages for floating exchange rates might include:automatic adjustment of the balance of paymentsless foreign exchange reserves are requiredit is more flexible than a fixed or pegged systemAdvantages for the UK as a result from adopting the Euro might include:lower transactions costtransparency of prices across the Euro Zonegreater economic stabilityincreased trade within EuropeDisadvantages for fixed exchange rates might include:fixed rates may require large foreign currency reserveseconomic policy can become dominated by the fixed rate policyspeculators can place immense pressure upon the fixed ratesDisadvantages for floating exchange rates might include:can be open to speculationmay lead to uncertainty about future currency valuesit can lead to greater inflationDisadvantages for the UK as a result from adopting the Euro might include:loss of control over monetary policyloss of sovereigntyeconomic problems when another member state has an economic crisislack of convergence of EU economiesScottish Qualifications Authority 11 HN Assessment Exemplar/ F86E 35/AEX001 V1.0 Title: Economics 2: The World Economy September 2010Candidates should outline three effects on individuals and three effects on businesses for each of the two items selected in question 10, ie two items from: fixed exchange ratesfloating exchange ratesthe single currency for the UKThe table below contains some of thepossible effects: Effect onbusinessesEffect on individualsFixed exchange rates1 A business may be able to plan with greater certainty over prices for exports/imports.2 May be set at too higha rate thus damaging exports.3 Government may ignore business needs in maintaining the policy. 1 Greater certainty over exchange rates.2 Easier to make price comparisons.3 Interest rates may rise to maintain the exchange rate.Floating exchangerates 1 Uncertainty overprices.2 Can make eitherexports or importscheaper depending onthe movement of thecurrency.3 A need for hedging andfutures transactions. 1 The cost of going abroad can change.2 Essential products such as gas can soar in cost.3 Costs in changing currency may be greater than under a fixed exchange regime.The single currency forthe UK 1 Greater businessopportunities.2 Transaction costs arereduced.3 The need for hedgingand futures is reduced. 1 No currency conversion costs for holiday makers.2 Ease of making price comparisons.3 No need to physically change currency.1 Explain what is meant by the term, ‘free trade’?2 Explain absolute and comparative advantage using either a worked example, or an analysis of the changes in the United Kingdom’s (UK) absolute and comparative advantage.3 Identify three gains from trading internationally.4 Explain the terms ‘protectionism’ and ‘barriers to trade’. In your explanation identify why governments might wish to use trade barriers to protect their respective economies.5 Describe the role of the World Trade Organisation (WTO) in the development of free trade.6 Explain the role of one of the following trade blocs:The European Union (EU)The North American free Trade Agreement (NAFTA)The Association of Southeast Asian Nations (ASEAN)7 Referring to UK trade figures from recent years explain the composition of the UK balance of payments.8 What are the general trends in UK trade over the last 30 years? You should refer to the current balance over this period in your response.9 How is the balance of payments affected by exchange rates? You may provide a basic theoretical example or recent case to illustrate this. Scottish10 Identify three advantages and three disadvantages for each of two of the following:fixed exchange ratesfloating exchange ratesthe single currency for the UK11 Outline three effects on individuals and three effects on businesses for each of the two exchange rate regimes selected in question 10.12 Explain two characteristics of either Newly Industrialised Countries (NICs), or Less Developed Countries (LDCs).13 Using specific examples provide an analysis of one issue facing NICs, and one issue facing LDCs.14 Explain the impact of transnational firms on NICs or LDCs.。
六级英语经济段落
六级英语经济段落The Impact of Economic Policies on Global Trade。
In today's interconnected world, global trade plays a crucial role in driving economic growth and development. As countries strive to maximize their economic potential, the formulation and implementation of effective economic policies become paramount. This article will explore the impact of economic policies on global trade, focusing on the importance of trade liberalization, the role of exchange rates, and the significance of trade agreements.Trade liberalization, characterized by the removal of barriers to trade, has been a key driver of global economic integration. By reducing tariffs, quotas, and other trade barriers, countries can expand their export markets and attract foreign investments. For instance, the General Agreement on Tariffs and Trade (GATT) and its successor, the World Trade Organization (WTO), have played instrumental roles in promoting free trade and reducing protectionism worldwide. The elimination of trade barriers fosters competition, encourages innovation, and enhances efficiency, ultimately leading to higher economic growth and increased welfare for nations involved.Exchange rates, another crucial factor in global trade, can significantly impact a country's competitiveness and trade balance. A country with an undervalued currency can make its exports more attractive and competitive in international markets. This is because a lower exchange rate reduces the price of exports, making them more affordable for foreign consumers. On the other hand, a country with an overvalued currency may face challenges in exporting its goods and services, as they become relatively expensive for foreign buyers. Therefore, maintaining a stable and competitive exchange rate is essential for promoting exports and sustaining a favorable trade balance.Furthermore, trade agreements play a pivotal role in shaping global trade patterns. These agreements establish a framework for trade rules and regulations, providing certainty and predictability for businesses engaged in international trade. One notable example is the North American Free Trade Agreement (NAFTA), which has facilitatedtrade between the United States, Canada, and Mexico. By eliminating trade barriers and harmonizing regulations, NAFTA has created a more integrated and efficient supply chain, benefiting industries across the region. Similarly, the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP) has opened up new opportunities for trade among its member countries, stimulating economic growth and investment.However, it is important to acknowledge the potential challenges and criticisms associated with economic policies and their impact on global trade. Critics argue that trade liberalization can lead to job losses in certain industries, particularly those that are unable to compete with cheaper imports. Additionally, concerns about environmental sustainability and labor rights have prompted calls for fair trade practices and stricter regulations. It is crucial for policymakers to address these concerns and ensure that the benefits of global trade are shared equitably among all segments of society.In conclusion, economic policies have a profound impact on global trade. Trade liberalization, exchange rates, and trade agreements all play significant roles in shaping the patterns and dynamics of international trade. By embracing free trade, maintaining competitive exchange rates, and fostering cooperation through trade agreements, countries can unlock the potential for economic growth, job creation, and improved living standards. However, it is essential to address the challenges and concerns associated with these policies to ensure that the benefits of global trade are inclusive and sustainable.。
高三英语经济流派单选题40题及答案
高三英语经济流派单选题40题及答案1.Which of the following is a key idea of classical economics?ernment intervention is necessary for economic stability.B.Supply and demand determine prices.C.Distribution of wealth should be equal.D.Economies are mainly driven by psychological factors.答案：B。
解析：古典经济学的核心观点之一是供给和需求决定价格。
选项A 政府干预对于经济稳定是必要的，这不是古典经济学的观点，而是凯恩斯主义等强调政府干预的经济学流派的观点。
选项C 财富分配应该平等，不是古典经济学的主要观点。
选项D 经济主要由心理因素驱动，这是行为经济学等的观点。
2.Who is a famous representative of classical economics?A.John Maynard KeynesB.Adam Smithton FriedmanD.Paul Krugman答案：B。
解析：亚当·斯密是古典经济学的著名代表人物。
选项A 约翰·梅纳德·凯恩斯是凯恩斯主义的代表人物。
选项C 米尔顿·弗里德曼是新自由主义经济学的代表人物。
选项D 保罗·克鲁格曼是新凯恩斯主义的代表人物。
3.According to classical economics, what will happen if there is an increase in supply?A.Prices will increase.B.Prices will decrease.C.Demand will increase.D.Demand will decrease.答案：B。
The impact of economic globalization on China. 2015020561 陈显富pdf
Title：The Impact of Economic Globalization on ChinaCollege：College of EconomicsSubject：Professional EnglishNumber：2015020561Name：Chen Xian FuThe Impact of Economic Globalization on ChinaThe positive impact of economic globalization on ChinaChina's reform and opening up to30years,some ways are gradually participate in the process of economic globalization.Economic advantage of the opportunities provided by globalization,and promote China's reform and development,and maintaining rapid economic growth,and promote the upgrading of industrial structure.1.The capital effect and spillover effects of foreign direct investmentCapital effect of foreign direct investment can be divided into direct and indirect effects in two ways.Absolute effect is the inflow of foreign direct investment to make up for the domestic shortfall,capital inflows directly formed production capacity,to promote China's capital formation and GDP growth is a direct contribution.Foreign direct investment in China capital formation indirect effect is mainly reflected in industry knock-on effect and the demonstration effect and affects.Knock-on effect for the industry mainly.FDI Driven by the industry around supporting investment on China investment multiplier effect.Demonstration effect and affect mainly due to the entry of foreign direct investment and bring market competition,forcing Chinese enterprises for technological innovation,improve production efficiency,so that domestic enterprises to invest increased.Since opening,external economy in China's economy has occupied an important position.Spillover Effects of FDI mainly refer to other factors that affect economic growth in addition to the impact of foreign direct investment of capital and labor,including production technologies and methods,as well as management techniques,improving the quality of workers,etc.2.The rapid development of foreign tradeSince the1980s,as China's reform and opening up drive the continuous progress of China's foreign economic ties increasingly close and deepened,become an important factor in promoting China's economic development and reform.2015trade volume of191-fold increase over1978,China's position in world trade has increased accordingly.1978China ranks first in world trade27,2016rose to No.1,wherein:the export ranking foremost in the world ranking of exports and imports ranked No.1in the rankings of world imports.This indicates that China has been gradually integrated into the economy in the process of economic globalization.3.To promote the upgrading of China's industrial structureUpgrading of industrial structure needs to introduce a lot of capital andtechnology.China is concerned,we have to accelerate the reform and opening up to 30years of development time,needed to upgrade the industrial structure of technology,from the domestic supply is far from adequate in terms of capacity.Our effective use of the opportunities offered by globalization,the use of a large amount of foreign capital and technology,and promote the upgrading of industrial structure. Our constantly improve the investment environment to attract global cross-border investment,a new round of high-tech industry represented by IT manufacturing sectors of mass transfer to China,the Yangtze River Delta,Pearl River Delta,BoHai Bay and other regions of the initial formation of distinctive IT Industry Base.4.Accelerate the pace of market reforms in ChinaThe process of China's market-oriented reform is a gradual process,with the main program,supplemented by market becomes market-based,supplemented by plans,and then into the establishment of a socialist market economy.China opening up participation in the economic globalization process,but also continues to promote China's market reform process.SEZ to expand the pilot to open the east coast,to the initial establishment of the socialist market economic system,the implementation of the reform and opening-round outside,while tariffs and import quotas are decreasing year by year.The challenge of economic globalization on China1.The global economic fluctuations may cause instability in the domestic economyChina Open by a continuing relationship with the global economy has a high degree of correlation.China's exports,imports and foreign capital inflows may have been greatly affected by external factors,so that inter-annual economic growth rate of significant fluctuations.In foreign trade,for example,after30years of reform and opening up in the progressive integration into the economic globalization process,but also dependence on foreign trade in1978rose to9.8%in2015,50.2%of which: export dependence and import dependence respectively,26.3%and23.9%. Dependence on foreign trade either reflect the openness of a country's economy,but also a measure of a country's economic dependence on the international market. Increase the index,reflects the degree of integration into the world economy to improve,reflecting the national economy while relying on international markets also increased the risk that the world's economic impact is also increasing.How to prevent the influence of outward fluctuations on the Chinese domestic economy is a critical issue.2.The impact on national security and the economy's capacity for self-developmentChina's foreign trade to settle hundreds of billions of dollars of overseas assets stock of China's development has played a very important role.However,China's fierce competition in attracting foreign investment in the region,so that a more domestic interest.In addition to continuously improve the soft investment environment,hardware environment and reduce business costs the right way,the inter-regional competition for foreign investment projects focused on the method of tax breaks and land as well as countless other none.Therefore,the use of imported capital of such inter-regional competition won over Chinese national treatment and excessive concessions.In the case of each region compete for foreign investment,and how to safeguard the overall interests of the nation and the country is we need a high degree of concern.The process of economic globalization,the free flow of so-called technology is far from reach.In China,technology spillover effect of FDI mainly through the channels of human capital,but another FDI technology spillover effect realizing that the key to the transfer of technology and production methods is not smooth.3.China's development impact of open economyEconomic globalization requires the traditional system of import substitution or export-oriented institutions is turning to establish an open economic system.Under China's socialist market economy is not perfect,develop an undeveloped economy,is undoubtedly the Chinese economic reform put forward new and higher benchmark. To adapt to the new situation of globalization,the establishment of a domestic foreign investment,foreign trade,both inside and outside the enterprise are applicable to non-discriminatory,fair and competitive incentives and market institutions,both the basic requirements of the WTO rules,but also the internal market economic system Claim.From the general development of international law,the establishment of an open economy,domestic first requires a relatively sound market economy system. These include:the effective functioning of the macro-control system,free movement of factors of a unified market for all economic sectors are common components of applicable competition policy,relatively healthy market order management system of rules.The higher the degree of integration of the domestic market economy,the establishment of an open economic system can be more efficient.And China to develop an open economy,it is in the matrimonial market economic system to promote the imperfect situation,this is a huge challenge.4.Challenge to Our Enterprises response capabilitiesWith the deepening of China's opening up,especially the WTO,we obtain a relatively stable and predictable international economic and trade environment,the space to expand the international market,the rapid growth of foreign trade,and foreign products and services into the Chinese market opportunities increased, inevitably some of the impact on domestic industries and enterprises.The degree of competition between domestic enterprises and foreign enterprises is more fierce, resulting in some of the weak competitiveness of enterprises have a difficult situation in the short term.Meanwhile,domestic enterprises to economic globalization, especially the rules of WTO rules,poorly understood,lack of experience,there could also be detrimental to our business results in the award process of the multilateral dispute settlement mechanism.References1.Bornsztein，E.；De Gregorio，J.and Lee，J.W.“How Does Foreign Direct Investment Affect Economic Growth”Journal of International Economics, 1998,Vol.45,pp.115-1352.Jiang Jin fan;mechanism of foreign direct investment in Chinese economic growth; World Economy,2004(6);pp.9ernment how to cope with the challenges of economic globalization,China Youth Daily;2001.11.34.Zhang Yan sheng,To the theory of economic globalization trend,World Economy; 2003(4);pp:3-95.Lu Xin de:new features of economic globalization and Countermeasures Chinese, World Economy;2003(7)。
会计舞弊财务舞弊外文文献翻译
会计舞弊财务舞弊外文文献翻译Corporate accounting fraud has been on the rise in recent times。
leading to a global call for XXX。
accounting and auditing standard-setting bodies。
and other ns such as the European n。
the XXX Accountants。
and the n for Economic XXX.BackgroundThe corporate accounting scandals of the early 2000s。
such as Enron and WorldCom。
brought to light the XXX scandals had far-reaching consequences。
including the loss of jobs。
ns。
and investments。
and a XXX。
leading to the XXX.Current XXXXXX fraud。
it still XXX。
Some of the common methods used by XXX fraud。
overstating assets。
understating liabilities。
and XXX。
including legal n。
fines。
XXX.XXXXXX fraud。
us XXX increased transparency and disclosure requirements。
stricter ns。
and the XXX.nCorporate accounting fraud remains a significant issue。
but the global call for XXX。
XXX.During XXX United States。
高二英语经济规律单选题50题
高二英语经济规律单选题50题1. In a small town, there are only a few large companies that control most of the market. This is an example of _.A. perfect competitionB. monopolistic competitionC. oligopolyD. monopoly答案：C。
解析：本题考查市场结构相关知识。
寡头垄断（oligopoly）是指少数几家厂商控制整个市场的产品的生产和销售的这样一种市场组织。
在这个小镇上只有少数几家大公司控制大部分市场，符合寡头垄断的特点。
选项A完全竞争（perfect competition）是指有许多企业生产和销售同质产品，市场参与者都是价格接受者的市场结构，与题意不符。
选项B垄断竞争 monopolistic competition）是许多厂商生产和销售有差别的同种产品的市场组织，这里强调的是少数大公司控制市场，不是垄断竞争。
选项D垄断（monopoly）是指一个企业完全控制一个行业的全部供给的市场结构，这里是少数几家公司而非一家公司控制市场，所以也不正确。
2. When the demand for a product is greater than the supply, what usually happens to the price?A. It stays the sameB. It decreasesC. It fluctuates randomlyD. It increases答案：D。
解析：根据供求关系原理，当需求（demand）大于供给 supply）时，通常会出现供不应求的情况，在这种情况下价格会上升（increase）。
选项A价格保持不变不符合供求关系对价格的影响规律。
选项B价格下降是在供大于求的情况下才会发生的。
非文学英译汉(CATTI二级笔译 经济问题)
非文学英译汉（CATTI二级笔译经济问题）国际金融危机给中国带来了前所未有的困难和挑战。
主要表现在：经济增长压力明显加大，进出口继续下滑，工业生产明显放缓，部分企业生产经营困难，就业难度加大。
这场国际金融危机与中国发展方式转变、经济结构调整的关键时期不期而遇，新的挑战与既有矛盾相互交织，加大了我们解决问题的难度。
The international financial crisis has brought unprecedented difficulties and challenges to China. All these are mainly reflected in the following: the obviously increasing economic growth pressure, the persistent decline in import and export, the distinct slowing down of industrial production, some companies’ production and operation (are faced up) with difficulties, as well as the enlarged employment difficulties. The crisis runs across the critical period of transformation of China‘s development pattern and economic structural adjustment, which has combined new challenges with existing contradictions, making us more difficult to solve problems.为应对国际金融危机冲击、保持经济平稳较快发展，中国及时调整宏观经济政策，果断实施积极的财政政策和适度宽松的货币政策，形成了进一步扩大内需、促进经济增长的一揽子计划。
欧元危机英语简介
Emergency repairsA promised huge rescue fund and central-bank help for indebted governments have eased the euro area’s crisis. The respite must be used wiselyMay 13th 2010 | From The Economist print editionFOR weeks, Europe’s policymakers have stood accused of doing too little, too late as the sovereign-debt crisis that engulfed Greece threatened to spread to Portugal, Spain, Ireland and perhaps elsewhere. By May 7th, as yields on vulnerable euro-area countries’government bonds rose sharply, there seemed to be a real threat that foreign financing for these countries would stop. That in turn raised fears about the exposure of banks to European governments and private borrowers. Europe’s Lehman moment, it seemed, might be at hand.The European Union’s policymakers were forced to act with unaccustomed speed and unprecedented force. In the early hours of May 10th finance ministers, meeting in Brussels, agreed on an extensive scheme of repairs for the euro zone. The biggest stack of financial scaffolding is a “stabilisation fund”, worth up to €500 billion ($635 billion). This includes €60 billion to be financed by EU bonds that can be sold fairly quickly—as much as can be raised over three years without breaching the union’s budget ceiling. This elementhad to be approved by EU members, such as Britain, which do not use the euro, because their taxpayers would also be on the hook were the money not repaid in full. (It is an extension of a similar €50 billion fund for non-euro countries with balance-of-payments problems.) The stabilisation fund would be supplemented by up to €250 billion more from the IMF.In addition, the European Central Bank (ECB) said it would purchase government bonds to restore calm to “dysfunctional” markets. It will offer banks unlimited cash at a fixed interest rate at its next two scheduled three-month financing operations on May 26th and June 30th. The ECB also reopened credit lines that had been put in place in the autumn of 2008, in post-Lehman days, with the Federal Reserve, the Bank of England, the Bank of Canada and the Swiss National Bank, so that it will be able to lend European banks dollars and other currencies.Financial markets’ initial response was euphoric. Germany’s stockmarket closed more than 5% higher on May 10th. France’s main index went up by almost 10%: big French banks are heavily exposed to Greece, so they stand to benefit from a guarantee of rescue. The yield on ten-year Greek government bonds plunged from more than 12% to less than 8%. Yields on comparable Irish, Italian, Portuguese and Spanish bonds also fell sharply—mostly, it seems, because of purchases by the ECB (see chart 1).However, this giddy joy soon gave way to a more sober view, for three main reasons. First, the rescue plan has a patched-together feel. Many of the details are still missing. Second, the fact that the ECB is buying the debt of euro-area governments raises questions about the central bank’s much-trumpeted independence of politicians—and hence about its credibility as an inflation-fighter. And third, the package, impressive though its scale and speed may be, only buys time for troubled governments to cut their budget deficits and putin place structural reforms needed to improve their lost export competitiveness. If that time is wasted, even worse trouble may lie ahead for the euro zone’s policymakers and their fellow citizens.International rescueStart with the rescue plan. Its mainstay is the promise of up to €440 billion over three years from a “special-purpose vehicle” to be set up by the 16 euro-zone countries, which will control the disbursement of money and guarantee the vehicle’s financing. The scheme is open to EU countries that do not use the euro: Poland and Sweden say they will sign up to it; Britain says it will not. At Germany’s insistence the money will be raised and overseen by governments. The Germans do not want Eurocrats raising and handing out too much money without close monitoring from national capitals.That much is plain. Further details of the scheme’s workings, however, remain sketchy. It is not clear, for instance, whether the pool will raise money in anticipation of a funding emergency or only when it is needed, which is how the balance-of-payments fund operates. The interest rate to be charged for access to funds has not been decided—a detail that delayed the Greek rescue package for weeks.The IMF has not yet spelled out the precise size and nature of its promised contribution (see article), although it seems that some finance ministers were in contact with fund officials during the late-night talks. The ministers expect the IMF to chip in “at least half as much” as European countries, just as it did for the rescue of Greece and, before that, for Latvia.These elements of the rescue plan would take a while to become fully operational—too long, perhaps, for jittery financial markets to wait. That is what made the ECB’s participation necessary: it is the only institution that could react rapidly enough. However, the role of the central bank raises a second set of concerns.Some of these are easier to assuage than others. By buying government bonds, the ECB is pumping money into the economy. This is potentially inflationary. However, the central bank says it will soak up the cash, for instance by selling instruments of its own, so that monetary policy will not in fact be loosened.More niggling is the suspicion that the ECB has caved in to political pressure to help out spendthrift governments. As recently as May 6th, Jean-Claude Trichet, the central bank’s president, said that the ECB’s 22-strong governing council had not even discussed buying bonds at its regular monetary-policy meeting. Four days later the bank was doing just that. Not every member of the council was happy with the change of heart, even though Mr Trichet insisted it was backed by an “overwhelming majority”. Axel Weber, thehead of the Bundesbank, Germany’s central bank, and a leading candidate to succeed Mr Trichet when he steps down next year, voiced his criticism to Börsen-Zeitung, a German financial newspaper.Mr Trichet has denied that the ECB was pressured into buying bonds, saying that the central bank was “fiercely and totally independent”. Yet the ECB looks a different animal from what it was when the fiscal crisis began. Last year it balked at buying government bonds when other central banks were doing so as an emergency extension of monetary policy—ie, to hold down the interest rates at which firms and households could borrow and to get money flowing through the banking system. Now it finds itself providing explicit support for European governments’fiscal policies, which is a far bigger threat to its reputation for independence. It is influencing the borrowing costs of euro-zone governments directly, without much of a guide to what the rates on their bonds should be.This is not the only sharp U-turn Mr Trichet has had to perform recently. He opposed the IMF’s involvement in the Greek rescue, then welcomed it. And he said the central bank’s rules on what constituted acceptable collateral should not be altered to suit one country, only to change them to ensure that Greek bonds could be exchanged by banks for ECB cash. The central bank’s credibility relies in part on a reputation for living up to its pledges and partly on its disdain for political expediency. On both counts, it has lost something.The loss need not be fatal. As one senior policymaker puts it, it is one thing to be independent of politicians but quite another to have discussions with them in a crisis. It was the flaws in the construction of the euro that forced Mr Trichet’s hand, not a lack of fortitude under political pressure. The ECB had to step in to head off the threat of a run on Irish, Portuguese and Spanish bonds (and maybe some banks) because no other euro-zone institution could do so. Equally, the ECB could scarcely refuse Greek government bonds as collateral for central-bank money even if they were junk. To do so would be to deny Greece one of the privileges of membership. It might even have been illegal.Gouvernement économiqueThe third cause for concern is what the euro area’s governments will do with the time the rescue package buys them. Already, countries that have been dilatory in cutting their deficits have pledged to be more resolute. Portugal’s government, which clocked up a deficit of 9.4% of GDP last year, has said it will delay plans to build a new airport, to follow a recent promise of cuts in unemployment insurance. On May 12th the Spanish prime minister, José Luis Rodríguez Zapatero, announced that civil servants’ pay would be cut by 5% from June and frozen next year. Ministers’ pay will be slashed by 15%. It is hoped thatthis and other measures, including a €6 billion reduction in public investment, will cut Spain’s budget deficit from 11.2% of GDP last year to just over 6% in 2011. “The situation is difficult and it would be nonsense to hide it,” said Mr Zapatero.However, keeping up the pressure on countries with big deficits may prove difficult with a safety net in place. After all, the rescue package is, in effect, an attempt by policymakers to convince investors that euro-zone sovereign debts are collectively insured: the debts of one are guaranteed by all. The idea that the €440 billion scheme will be retired after three years is hard to believe: it is difficult to withdraw a guarantee once it has been given. All governments, even that of reluctant Germany, understand that they have taken a step towards a kind of fiscal federalism. Indeed euro-zone policymakers are now scrambling to claim the plan as their own so that they can set the terms for the economic co-ordination and surveillance that it entails.For many, the fallout from the Greek crisis has proved what they had suspected all along: that the euro zone needs more fiscal co-ordination in order to work. If its members are to underwrite each other’s debts, they will demand more say in each other’s budget plans. The stability and growth pact, the scheme that was meant to limit euro-area countries’ budget deficits to 3% of GDP and public debt to 60% of GDP, has clearly failed.That still leaves Europe’s policymakers grappling with the problem of how to impose fiscal discipline. On May 12th the European Commission set out proposals for strengthening the EU’s “economic governance”. The commission said budget plans and economic reforms should be subject to peer review before they reach national parliaments. Breaches of budgetary rules should be punished faster—by withholding funds from the EU budget or by fines, placed in an interest-bearing account pending remedial action. It is easy to think of other possible sanctions but harder to work out how they could be imposed.Lax countries could be threatened with harsher terms on borrowing from pooled funds. Sinners could lose access to ECB support. The trouble is, these sorts of threats are empty as long as they impose costs on those who would dole out punishment. Fiscal surveillance in the euro area has failed because the punishers fret that one day they might be the punished, or because the strong financial links between euro-area countries mean that any punishment would undermine the currency zone’s stability.Budgetary discipline will be only one part of euro-zone surveillance—and perhaps not the most important part. The commission also wants to monitor trade imbalances and the build-up of foreign debts. Greece, Ireland, Portugal and Spain have become heavily reliant on foreign capital, racking up big current-account deficits year after year (see chart 2) and hence accumulating ever larger foreign debts. Portugal is deepest in hock: its net international debt (what it owes, less its foreign assets) rose to 112% of GDP last year.Roughly half of that total was public debt. Spain, Greece and Ireland are also heavily in debt.What makes this problem so acute is that very little of the foreign capital in these countries is greenfield direct investments, like new factories, or purchases of shares in big firms listed on stockmarkets—the kind of money that tends to stick around and can bear losses. The bulk of it is either government bonds or short-term money that has been funnelled through the banking system to fund mortgages and loans to small firms, and is more likely to disappear in a crisis. Portuguese banks’ net foreign debts were around 46% of GDP last year. These credit lines need to be rolled over regularly and their price and availability depend on the creditworthiness of the government. In the fallout from the Greek crisis, the market’s confidence about Ireland, Portugal and Spain was draining away. As the yields on their government bonds rose at the end of last week, there seemed to be a real threat that foreign financing would come to a sudden halt.Dependence on foreign capital in these countries is both symptom and cause of a deeper problem: a lack of export competitiveness. Cheap foreign credit fuelled the booms in domestic demand in Greece, Spain and Ireland in the years after the euro’s launch in 1999. That pushed up unit-wage costs relative to those in the rest of the euro area (notably super-competitive Germany) and cost competitiveness declined steadily (see chart 3). Consumer booms also skewed industrial structures away from firms that export to those that serve the domestic market and are more sheltered from foreign competition.Reversing those trends will be hard, but essential if countries are to service their foreign debts from export earnings. Devaluation, the usual route to rebalancing, is not open to countries in the euro area. They must find ways of cutting labour costs and boosting productivity. Ireland has already reduced wages; Spain made a start this week. Granted, lower wages will make mortgage debts harder to service. But the choice is between lower wages and higher unemployment, which is already in double digits in Portugal and Ireland and close to 20% in Spain. It will not be easy to dismantle Portugal’s and Spain’s complex wage-setting agreements, which set a floor to industry pay. But firms, especially small ones, should be allowed to opt out of such arrangements so that they can better match labour costs to productivity.Export or diePolicy should also be directed at shifting resources to exporters. One complaint in Portugal is that the monopolistic state of some service industries serves only to reinforce existing imbalances. The best graduates want to work for telephone and energy companies because they pay well, thanks to the profitability that comes from market power. The lack of competition imposes costs on firms, including exporters, which are forced to use their services; and weak competition reduces productivity more generally. That makes measures to boost competition in services all the more vital. A report on strengthening the single market by Mario Monti, a former EU commissioner, was issued on May 10th.Tax policy can also help, where fiscal consolidation allows it. Increasing levies on spending, such as value-added taxes, while reducing taxes on jobs would shift economies away from domestic demand, mimicking a devaluation. Countries that habitually run a trade surplus (Germany, Belgium, the Netherlands and Finland) need to mirror the reformsin deficit changes with policies to promote stronger domestic demand and a shift away from an emphasis on exporting industries.The transition to a more competitive economy will be painful. Politicians have not prepared electorates for difficult times. Running up debts is fun; paying them off is not. In an ideal world, the pain of a structural-reform programme would be cushioned by an expansionary fiscal policy. That is a luxury that Spain, Portugal and the rest can no longer afford.The fall in the euro will help. It cannot help high-wage countries compete with Germany, but it gives their firms a chance against imports from outside the euro zone. Economic logic as well as market sentiment points to further euro weakness. Business cycles favour it: America’s recovery is more advanced than Europe’s. Figures released on May 12th showed that the euro-area economy grew by 0.2% in the first quarter: America’s economy expanded four times as quickly.Monetary conditions should also hold the euro down. The pressure to tighten fiscal policy in some parts of the euro area will make it hard for the ECB even to consider raising interest rates. That will weigh on the euro and will also help indebted households in Spain, Portugal and Ireland, where mortgage rates tend to track the ECB’s benchmark interest rate. The euro is still dear against the dollar on gauges such as purchasing-power parity, notwithstanding its recent slide.The measures announced this week offer countries a chance, perhaps their last one, to put things right. There are some hopeful signs. Portugal started to introduce some modest reforms to jobs and product markets after 2005. Its economy grew by an impressive 1.7% in the year to the first quarter—about as fast as Germany’s—which suggests that its efforts to reorient itself may be paying off.It would be wrong to conclude that, in trying to get ahead of the crisis, the euro zone’s policymakers have already gone too far. The threat that Portugal and Spain might be cut off from credit markets, triggering a meltdown in Europe’s financial system, was all too real. The rescue effort will dent the ECB’s reputation as a single-minded inflation-slayer. There is still a risk that the insurance provided by the rescue scheme may leave countries that benefit from it a bit less minded to cut deficits and reform their economies. But those faults, real as they are, must be set against the potential costs of doing nothing.。
布莱尔指出欧盟应改善其经济政策
Blair to EU: Modernize or FailTony Blair's message to the European Union is that it must change the way it does business if it is to survive.He told the European Parliament that the people of Europe are ahead of the continent's politicians in recognizing the need for change.Tony Blair: It is time to give ourselves a reality check to receive the wake-up call. The people are blowing the trumpets around the city walls. Are we listening? Have we the political will to go out and meet them so that they regard our leadership collectively as part of the solution and not part of the problem?Mr. Blair's message comes as the EU wonders how it can get out of a crisis caused by French and Dutch voters' rejection of its constitution and its failure at a summit last week to agree on a long-term budget.Tony Blair: In every crisis there is an opportunity. There is one here for Europe now, if we have the courage to take it.But for Mr. Blair, the issue is bigger than the constitution or the budget. It is that Europe must adapt itself to changing times in order to compete economically, not just with the United States but also with such rising giants as China and India. Mr. Blair has been accused by the French and the Germans, among others, of wanting to destroy Europe's welfare state and impose unfettered capitalism across the continent. His critics also say Britain wants the EU to be a big common market and is not interested in closer political integration. Mr. Blair said those criticisms are unfair.Tony Blair: The issue is not between a free market Europe and a social Europe, between those who want to retreat to a common market and those who believe in Europe as a political project. This is not just a misrepresentation. It is to intimidate those who want to change Europe by representing the desire for change as a betrayal of the European ideal.The British leader said his aim is not to kill Europe's highly regulated social model but to change it.Tony Blair: What type of social model is it that has 20 million unemployed across Europe? The purpose of our social model should be to enhance our ability to compete, to help our people cope with globalization, to let them embrace its opportunities and avoid the dangers.Mr. Blair's first challenge is to try to secure a deal on the EU's budget for the six-year period that begins in 2007. He will have difficulty doing that because hehas insisted on maintaining a special rebate Britain gets for not receiving as much as France and Germany in farm subsidies. He says he is prepared to negotiate about the rebate only if other EU members are willing to cut back on the agricultural handouts that take up 40 percent of the EU budget. And France is unwilling to do that.But diplomats say that, even if Mr. Blair cannnot get a budget deal, he can at least start a Europe-wide debate over the economic policies Europe needs for the future.Roger Wilkison, VOA news, Brussels.。
高三英语经济流派练习题40题
高三英语经济流派练习题40题1. Adam Smith is known as the father of modern economics. His major work is "The Wealth of Nations". Which economic concept is he associated with?A. Laissez-faire economicsB. Keynesian economicsC. Marxian economicsD. Mercantilism答案：A。
解析：亚当·斯密与自由放任经济学相关。
选项B 凯恩斯经济学是约翰·梅纳德·凯恩斯提出的；选项 C 马克思经济学是卡尔·马克思提出的；选项 D 重商主义不是亚当·斯密的主要经济概念。
2. The classical economists believed in the importance of which factor in determining economic growth?A. Government interventionB. ConsumptionC. ProductionD. Distribution答案：C。
解析：古典经济学家认为生产在决定经济增长中很重要。
选项A 政府干预不是古典经济学家的主要观点；选项B 消费虽然重要，但不是古典经济学家认为决定经济增长的最主要因素；选项D 分配也不是古典经济学家认为决定经济增长的关键因素。
3. According to classical economics, what determines the price of a good?A. Supply and demandB. Government regulationsC. Cost of productionD. Consumer preferences答案：A。
亚洲和欧洲国家的对比英语作文
亚洲和欧洲国家的对比英语作文Asia and Europe are two continents that have shaped the course of history through their unique cultures, economies, and social structures. The contrast between these two regions is stark and multifaceted, encompassing a wide range of aspects from geography and climate to technological advancement and political systems.Geographically, Asia is the largest continent on Earth, home to a diverse range of climates, from the frozen tundra of Siberia to the tropical rainforests of Southeast Asia. Europe, while significantly smaller, boasts a moderate climate that has been conducive to agriculture, fostering early civilization growth. The varied topography of Asia has led to the development of many distinct cultures and languages, whereas Europe's relatively uniform landscape facilitated easier communication and cultural exchange among its people.Culturally, Asia is known for its rich tapestry of traditions, languages, and religions. It is the birthplace of some of the world's major religions, including Hinduism, Buddhism, and Islam, which have influenced not only Asia but the entire world. Europe, with its Greco-Roman heritage and the spread of Christianity, has also had a profound impact on global culture, particularly through the Renaissance and the Enlightenment periods, which ushered in new eras of thought and innovation.Economically, Asia currently stands as a region of rapid growth and development. Countries like China, Japan, and South Korea have become global economic powerhouses, with technology and manufacturing sectors that rival those of any western nation. Europe's economy, traditionally strong and stable, has been characterized by its advanced infrastructure, high standard of living, and well-established trade networks. The European Union, a unique economic and political union, has contributed to the economic prosperity and stability of its member states.In terms of technology, Asia has made significant strides in recent years. The continent is home to some of the world's leading technology firms, and it is at the forefront of innovations in electronics, robotics, and artificial intelligence. Europe, withits strong emphasis on research and development, continues to be a leader in various fields, including renewable energy, pharmaceuticals, and automotive engineering.Politically, Asia encompasses a wide spectrum of government systems, from the world's largest democracy in India to the communist regime of China. This diversity has led to a complex web of alliances and conflicts. Europe, on the other hand, has largely embraced democratic governance, with the European Union promoting cooperation and unity among its member states, although recent years have seen a rise in nationalist sentiments and challenges to the EU's ideals.Socially, both continents face their unique challenges. Asia grapples with issues such as overpopulation, poverty, and human rights concerns, while Europe confronts aging populations, immigration, and the integration of diverse cultures within its borders.In conclusion, the contrasts between Asia and Europe are pronounced and deeply rooted in their historical, geographical, and cultural contexts. These differences have not only defined each region's path but have also contributed to the rich diversity of the global tapestry. As the world becomes increasingly interconnected, understanding these contrasts is essential for fostering mutual respect and cooperation between these two pivotal continents. 。
外文文献翻译【欧盟国内外银行盈利能力影响因素分析】
1外文资料翻译译文欧盟国内外银行盈利能力影响因素分析摘要：本文使用银行级数据，通过1995 - 2001年期间国内和外国银行在15个欧盟国家的商业运营情况来了解银行的具体特点和整体银行业环境对影响盈利能力。
结果表明, 国内和外国银行的盈利能力不仅受银行具体特点的影响，也受金融市场结构和宏观经济条件的影响。
除了在集中情况下国内银行利润，所有的变量都是有重大意义的,尽管它们的影响和关系对国内和国外银行并不总是相同.1 介绍在过去的几年许多的因素造成了欧盟银行业竞争日益激烈。
最重要的因素之一是针对服务、建立、运行和监督信贷机构的第二个欧洲指令出台，在银行和金融领域放松管制.这个指令为所有欧洲银行机构在单一欧洲金融市场和提供了平等的竞争条件，因此银行正在先前无法预料的国内外竞争之中。
另外, 最近一些的技术进步对规模经济和范围提供了更多的机会，而采用欧元也加速了行业的变化。
此外，宏观经济政策后大多数国家通货膨胀率和利率逐步降低。
最后，在越来越多的欧洲国家非金融公司被允许提供传统的银行服务,并且在竞争中进一步提高,银行被迫产生新的产品和寻找新客户.许多银行为了参加欧洲市场和银行业扩大被迫增加规模，通过合并和收购的方式进行了前所未有的整合。
在环境快速变化的情况下,这些变化给在欧盟的银行带来很大的挑战，因此影响了他们的效能。
格林指出,充足的收益是必要的条件让银行保持偿付能力,在一个合适的环境生存、发展和繁荣。
考虑到银行业的健康发展和经济知识增长，影响银行的盈利能力的潜在因素不仅和管理者有关，而且和众多利益相关者如中央银行，银行家协会、政府以及其他金融当局有关。
2 文献综述参考文献与本文可分为三大类。
第一部分是研究集中于银行的盈利能力的决定因素.第二部分包括研究欧洲银行的利润和成本效率。
第三由研究比较国内外银行。
在下面几个部分中，我们讨论这些类别中的每一个.3 决定因素和变量选择3．1 因变量本研究使用平均资产回报率（ROAA)来评估银行的性能。
2010-09-13欧元区经济预测 英文版
[suggested new layout using the text of IF Sep 09]September 2010EU recovery progressing within an uncertain global environmentThe economic recovery in the EU, while still fragile, is progressing at a faster pace than previously envisaged. In particular, real GDP growth for both the EU and euro area surprised markedly on the upside in the second quarter of 2010. This strong performance stemmed from an export-driven industrial rebound, in line with the continued strong dynamics of global growth and trade in the first half of the year. Encouragingly, signs of a revival in domestic demand, including private consumption, also became evident, particularly in Germany. While a moderation of EU GDP growth in the second half of the year is still foreseen, some momentum from the second quarter should feed-through to the following quarters, lifting the previously expected quarterly profile somewhat. This improved outlook is supported, inter alia, by sentiment indicators for the EU pointing to continuing expansion of activity in the months ahead, with signs that the recovery is also broadening across sectors. However, the global economy is still expected to go through a soft patch in the second half of the year, implying a dampening effect on EU export growth. In addition, although financial-market conditions have partly recovered from the acute tensions experienced last May, the situation remains tenuous, and adverse effects on bank credit provision to the economy cannot be ruled out.Based on an update for the seven largest EU Member States focusing on growth and inflation this year, the economic outlook for the EU has been revised up from the Commission's spring 2010 forecast. Real GDP growth is now projected at 1.8% in the EU and 1.7% in the euro area in 2010. Upward revisions are reported for all seven Member States considered in this interim forecast and notably so for Germany, where the underlying dynamics appear to have gained much more strength than earlier anticipated. Notwithstanding exchange-rate developments and the recent weather-related price increases of some agro-commodities, slack in the economy, subdued wage growth and low inflation expectations are keeping inflation in check. The inflation forecasts for 2010 are broadly unchanged, with HICP inflation projected at 1.8% and 1.4% in the EU and euro area respectively.Amid continued high uncertainty, risks to the EU growth outlook remain elevated, even if they are broadly balanced.Graph 1: Softer GDP growth aheadSource: European CommissionGraph 2: Continued subdued HICP inflationSource: European Commission2Interim forecast September 2010Global recovery loosing momentumThe world economy recovered by more than expected in the first half of 2010, led by strong growth in emerging market economies, particularly in Asia. World trade also performed strongly, with trade in goods returning to pre-recession levels by mid-year. Despite some loss of momentum in the second quarter, annual growth in global trade (excl. EU) is now expected to average around 12% in 2010 in volume terms, up from about 10% in the spring forecast.Looking ahead, the global economy is set to moderate somewhat in the second half of 2010, although a 'double-dip' seems unlikely. This follows from the expected weaker support from inventory building going forward and the phasing out of stimulus measures. Leading indicators, such as the global Purchasing Managers' Index (PMI) for manufacturing, though remaining in expansion territory, have declined in recent months, suggesting that the global manufacturing cycle has peaked in the second quarter. Despite the expected soft patch, global GDP (excl. EU) is projected to grow by some 5% in 2010, up by ¼ pp. compared to the spring forecast.Graph 3: Softening global growth and trade-15-10-55100001020304050607080910113035404550556065World trade, CPB (ma3, LHS)Global PMI - manufacturing output (ma3, RHS)Source: CPB - Netherlands Bureau for Economic Policy Analysis, European CommissionThe global recovery is still expected to be uneven and is surrounded by major uncertainties. On the one hand, growth in emerging economies remainsrobust, supported by the rebound in global trade, commodity price developments and solid domestic demand. On the other hand, the recovery is still fragile in several advanced economies. While investment in equipment should continue to benefit with some lag from the increase in global demand, consumption remains constrained in these economies. Moreover, the resurfacing of global imbalances, high debt levels and lingering tensions in sovereign-debt markets are also weighing on the outlook.Financial markets affected by a retreat from riskOver the last few months, financial markets have partly recovered from the sovereign-debt crisis, though significant challenges remain in place. With concerns about the strength of the economic recovery increasing in some parts of the world, a retreat from risk has become a key determinant of financial-market developments.While sovereign-bond spreads in most European countries have narrowed somewhat since May 2010, they are still significantly above the levels seen at the beginning of the year. More recently, benchmark sovereign-bond yields have fallen to historic lows in the EU, with spreads vis-à-vis German bunds widening again in some Member States. Similarly, corporate-bond spreads have narrowed since May, but also remain substantially above their levels of early 2010. New bond issuance has resumed on the back of mostly better-than-expected corporate results. With concerns about sovereign debt receding, markets' attention has shifted from banks' solvency positions to banks' refinancing risk.Bank credit provision to the economy has come into focus over the past months. So far lending growth to households has remained very moderate in the euro area and the UK, whereas bank credit to non-financial corporations continued to shrink over the summer. The latest ECB survey provides evidence of renewed tightening of bank credit standards, at least for enterprises. The reported factors behind this are renewed constraints in banks' access to funding and liquidity management, owing to tensions in sovereign-debt markets. These developments suggest that support from the credit side to the economic recovery could materialise somewhat later than envisaged in the spring.3Interim forecast September 2010Improved prospects for the EU economyThe recovery of the EU economy gained ground in the second quarter of 2010. GDP growth picked up sharply, by 1.0% q-o-q in both regions, after growth of just 0.3% in the first quarter. This outcome was above the consensus estimate (which was 0.6% for the euro area) and the Commission's spring forecast (0.4%).While exports continued to support the recovery, expanding by a sizeable 4%, the second quarter also saw a rebalancing of growth towards domestic demand. Indeed, the contribution of private investment and consumption to GDP growth (0.6 pp. in the EU and euro area) exceeded the combined contributions of inventories and net exports (0.3 pp.). As expected in the spring, the second quarter figure also partly reflects temporary factors, such as a technical rebound in construction activity following the harsh winter.Graph 4: A rebalancing of EU growth across demandcomponents-2.5-2.0-1.5-1.0-0.50.00.51.01.507Q108Q109Q110Q1Inventories Net exportsDomestic demand (excl. inventories)GDP (q-o-q%)Source: European CommissionLooking ahead, GDP growth is set to moderate in the second half of the year. This stems from the expected softening in the global economy, along with the fading of the temporary factors that kick-started the recovery.Based on an update of the outlook for the seven largest Member States, GDP is now expected to expand by 0.5% in the EU and euro area in the third quarter, and by 0.4% and 0.3% respectively in the fourth. This represents a slight upward revisioncompared to the quarterly profile presented in the spring forecast, on account of some spill-over of the momentum from the second quarter.High-frequency indicators support the improved outlook for the EU economy. For instance, the Commission's Economic Sentiment Indicator (ESI) has recovered from the adverse impact of tensions in financial and sovereign-bond markets in May-June, to currently stand above its long-term average. Similarly, the composite PMI remains firmly in the zone that indicates expansion, despite a slight easing in August. As for sectoral patterns, the broad-based nature of the latest survey readings is also encouraging. It suggests that the expected spill-over from the export-led industrial rebound to the rest of the economy is gradually materialising.Graph 5: Brighter prospects for EU equipment investment-12-10-8-6-4-20240001020304050607080910-7-6-5-4-3-2-1012Equipment investment (LHS)Industrial confidence (ma3, RHS)*ma3=3 months moving averageSource: European CommissionFurther support to the view that the recovery is broadening can be found in data that are closely correlated with developments in private investment and consumption. For example, the degree of capacity utilisation is approaching a level (just above 80) which traditionally implies expanding equipment investment in the euro area. At the same time, the profit situation of firms has improved. On the consumption side, while disposable income remains weak, the decline in the household saving rate from its peak during the crisis, subdued inflation and stabilising labour-market conditions bode well for consumer spending in the near term.4Interim forecast September 2010Graph 6: Private consumption expanding again in the euroarea-0,9-0,6-0,30,00,30,60,91,21,51,80001020304050607080910121314151617Private consumption (LHS)Source: European CommissionGrowth forecast for the EU economy revised upFor 2010 as a whole, GDP growth is now forecast at 1.8% in the EU and 1.7% in the euro area. This represents a sizeable upward revision compared to the spring forecast (1.0% for the EU and 0.9% for the euro area), reflecting a higher carry-over from the first half of the year and the elements discussed above. However, this aggregate picture masks uneven developments across Member States, confirming the Commission's expectation of a multi-speed recovery within the EU. This is not surprising given differences in the scale of adjustment challenges and ongoing rebalancing within the EU and euro area.Inflation in the EU to remain moderateConsumer price inflation increased moderately in the first half of 2010. This upward trend reflected an increase in global commodity prices, as well as the impact of upward base effects from the food and energy components.Euro-area headline HICP inflation rose to 1.5% in the second quarter of 2010, in line with the spring forecast. Core inflation (i.e. HICP inflation excluding energy and unprocessed food) appears to have bottomed out at 0.8% in the same period, decreasing from 1.5% one year earlier. In the EU, headline inflation was 2.0% in the second quarter, 0.3 pp. higher than in the spring forecast, largely due to a surprise in the UK.Weak labour-market conditions kept wage growth subdued in the euro area in the first quarter of 2010. At the same time, annual unit-labour-cost growth was negative, reflecting improving productivity and only modest growth in compensation per employee.Looking ahead, the headline inflation rate for 2010 is expected to hold at 1.8% in the EU, while in the euro area it is marginally revised down to 1.4% (-0.1 pp. compared to the spring forecast). However, within the euro area, projected developments are somewhat divergent, with France being the only Member State with an upward revision, following increases in administered prices. Outside the euro area, inflation has been revised up, in particular in the UK on account of a stronger-than-expected pass-through to the headline inflation rate from exchange-rate and commodity-price developments, as well as due to changes in indirect taxation.Graph 7: EU underlying inflation remains subdued1.01.21.41.61.82.02.22.42.62.83.000010203040506070809106.57.07.58.08.59.09.510.0Core inflation (HICP excl. energy and unproc. food, LHS)Unemployment rate (RHS)y-o-y%% of labour force (inverted scale)Source: European CommissionDespite revisions at the Member State level, the underlying inflation trends identified in the spring forecast remain valid. The remaining slack in the economy and weak labour market conditions are expected to keep core inflation at historically low levels, while the headline rate may prove to be volatile in the second half of 2010, driven both by changes in commodity prices related to the outlook in advanced economies and base effects.Interim forecast September 2010Brighter growth outlook bodes well for the labour market and public financesIn keeping with the usual pattern – whereby labour- market developments follow those of GDP with a time lag of half a year or more – the labour-market situation has started to stabilise in recent months. The first quarter of 2010 saw job shedding ease to 0.2% q-o-q in the EU (from some 0.8% a year earlier) and come to an end in the euro area. Similarly, the unemployment rate has held steady since the spring, at 9.6% in the EU and 10.0% in the euro area.As for the outlook, survey indicators of firms' employment expectations point to moderate job creation going forward, as does the PMI employment index which crossed the 50-mark in May. Taken together with the strong upward revision to economic growth in 2010, it seems that the labour market may hold up somewhat better this year than expected at the time of the spring forecast. Nonetheless, conditions are set to remain weak, reflecting, inter alia, the partial unwinding of support measures and ongoing structural adjustment across sectors and firms. At Member State level, a continuation of the divergence observed to date in labour-market performance is also expected. Turning to public finances, additional consolidation measures taken since the publication of the spring forecast and the better-than-expected growth outlook will help improve the 2010 budgetary position in the EU and euro area.A full assessment of prospects for public finances and the labour market will be carried out in the Commission's upcoming autumn forecast.High uncertainty, but broadly balanced risks Uncertainty at the current juncture is high, with non-negligible risks to the EU growth outlook clearly evident. While these risks go in both directions, they appear broadly balanced for 2010. On the upside, the impetus from the export-led industrial rebound to private consumption could prove stronger than assumed in the baseline, as was the case in the first half of the year. The broad-based improvement in sentiment indicators of late bodes well for a similar outcome in the period ahead. Moreover, in so far as the labour market continues to surprise on the upside – as it has done for some time now – the feed-through to private consumption could be even more pronounced. The materialisation of these risks would add to the self-sustainability of the EU recovery. Likewise, the spill-over to be expected from the pick-up in activity in Germany to other Member States may materialise to a greater extent than expected at present, further strengthening the recovery.On the downside, softening global demand in the second part of 2010 – beyond that allowed for in the baseline – poses a risk for EU export growth. Second, the still relatively fragile financial-market situation remains a concern. While markets have recovered somewhat from the recent crisis, renewed turbulence in sovereign-debt markets could trigger further increases in funding costs and additional credit tightening, with adverse consequences for confidence and economic activity. A third downside risk relates to the fiscal consolidation underway in a number of Member States. This should help dissipate market concerns about fiscal sustainability, but may weigh more on domestic demand in the short term than currently envisaged. Regarding the inflation outlook, risks also appear to be broadly balanced for 2010. While strengthening activity and a weaker than previously assumed euro represent upside risks, weak labour-market conditions, as well as low inflation expectations, suggest that these pressures are likely to be offset in the near term.5Interim forecast September 2010Growth and inflation prospects in the seven largest Member States1. Germany – strong recovery becoming more broad-basedThe German economy has rebounded vigorously from the crisis, posting five consecutive quarters of robust growth since the second quarter of 2009. Despite the harsh weather conditions around the turn of 2009-10, the underlying growth momentum remained largely intact and turned out considerably stronger than projected in the Commission's spring forecast. A brisk rebound in world trade and expansionary monetary and fiscal policy were the main driving forces behind this turnaround. The initially largely export-driven recovery is increasingly becoming more broad-based with domestic demand contributing more strongly to growth in the second quarter than net exports.In the second quarter of 2010 real GDP growth culminated at over 2%, the highest quarterly rate since reunification. A particularly sharp increase in exports and a surge in construction activity – reflecting a rebound after the impact of severe winter weather and the kicking-in of public infrastructure projects as part of the fiscal stimulus – contributed to this exceptionally brisk pace. The weaker economic outlook for the US and a possible moderation of growth in Asia are likely to imply a softening of the export dynamics in the second half of the year. However, domestic demand components are set to gather further strength and to sustain a relatively lively recovery. The robust labour market which, despite the scope of the downturn, was barely affected should boost household confidence. Thus, private consumption will continue to be buoyed by falling unemployment, stronger wage growth as working hours are being extended again, still moderate inflation and fiscal relief measures. Rising capacity utilisation, low interest rates and the strong financial position of the corporate sector should support private investment activity, which will additionally be boosted by the expiry of favourable depreciation rules at the end of the year. Hence, despite some slowdown in the quarterly growth rates, real GDP is projected to grow by close to 3½% in 2010. Despite higher energy prices and a depreciation of the euro, HICP inflation has remained contained so far and is expected to accelerate only moderately in the coming months. Annual average HICP inflation is projected at just above 1.0% this year.2. Spain – temporary setback in mid-2010 Economic activity in 2010 is forecast to decline by 0.3% following a fall of3.7% in the previous year. Specifically, the first and second quarters of 2010 recorded positive quarterly growth, largely driven by temporary factors, though these positive effects will fade over the second half of the year.The VAT-rate increase which became effective on 1 July, led to a front-loading of consumption plans from the second to the first half of 2010, which seems consistent with the deterioration observed in retail sales in the third quarter. After growing significantly in the beginning of the year, car sales are also dropping sharply in the third quarter, reflecting the end of the car-scrapping schemes. Thus, private consumption is projected to contract in the second half of the year. Investment will remain weak: while the ongoing adjustment in the housing sector is projected to continue, public investment is set to fall as a result of the cut in public spending scheduled for the second half of 2010. Therefore, quarterly GDP growth is expected to record a temporary fall in the third quarter, but should turn positive in the fourth. For the year as a whole, domestic demand is set to lower GDP growth by nearly 1¼ pps.In the external sector, exports recorded better-than-expected growth at the beginning of 2010, consistent with the recovery of world demand. However, the growth contribution of net exports is expected to be close to 1 pp. compared to 2.7 pps. in 2009 as a result of an important rebound of imports in 2010, driven by a positive evolution of final demand.The inflation rate continued to increase, to 1¼% and above 1½% in the two first quarters of 2010 respectively. It is expected to rise to 1¾% at the end of the year, with an annual average of just above 1½% for 2010, on the back of higher oil prices and the VAT hike. After a significant increase in 2009, real wages are expected to stagnate in 2010,67Interim forecast September 2010following higher inflation and lower nominal wage increases included in recent agreements.Graph 8: Commission's Economic Sentiment Indicators (ESI) and components: differences from the long-term averages(last obs. Aug. 2010)-50-40-30-20-1001020ES NL IT PL FR EA UK EU DEManufacturing Services Consumers Construction Retail ESISource: European Commission3. France – gradual recovery on the back of subdued demandThe French economy has been gradually recovering from recession since the second quarter of last year. For 2009 as a whole, however, it experienced a significant decline of GDP (-2.6%), though less so than the euro area (-4.1%). This was mainly due to the absence of major domestic imbalances, relatively large economic stabilisers, the comparatively low degree of openness of the economy, combined with the limited size of the manufacturing sector, as well as the resilience of private consumption. Unlike the case in several other EU countries, there has been almost no acceleration in growth in the first half of 2010, with GDP expanding at an average quarter-on-quarter rate of 0.4%. In the second quarter of 2010, activity grew by 0.6% q-o-q. As before, domestic demand was the main driver of growth, complemented by the impact of a deceleration in destocking. In spite of the recovery in world trade and the depreciation of the euro, net trade was a drag on growth, as imports expanded strongly.The same structural features that partly shielded the French economy during the crisis will continue to contain the pace of expansion. Although business climate indicators are close to their long-termaverage, they have recently levelled off and remain below their historical recovery levels. This suggests a slowdown of economic expansion compared to the second quarter of 2010. Domestic demand is also set to grow at a moderate pace because the inventory cycle is becoming less supportive. Private consumption will mirror the weakness of disposable income and the after-effects of the car-scrapping premium. Investment growth should be limited given still large spare capacity. The still favourable developments in world trade combined with the euro depreciation are expected to have a positive but limited effect . All in all, GDP is likely to grow by 0.4% and 0.3% in the third and fourth quarter respectively, implying an annual growth rate of 1.6% for 2010 as a whole.HICP inflation reached 1.8% in the second quarter as the rise in oil prices was amplified by a base effect from last year. In 2010, inflation is set to average 1.6% while core inflation is expected to remain subdued. The high unemployment rate and the need for firms to remain competitive in an export-led recovery are likely to weigh on prices.4. Italy – exports contribute to a moderate upturnItaly's real GDP expanded by almost ½ pp. in both the first and the second quarter of 2010 and is expected to grow by 1.1% in the year as a whole. The 0.3 pp. upward revision compared with the Commission's spring 2010 forecast is explained by the better-than-anticipated growth impulse from external demand and a revised 2009 quarterly growth profile.The moderate recovery of the Italian economy is projected to be mainly driven by the industrial sector, thanks to the rebound in exports after the collapse recorded in 2009. The upturn in external demand is providing some support to investment in equipment, which also benefited from tax incentives that expired at the end of June. By contrast, investment in construction is expected to remain weak in the coming quarters. Finally, the still fragile labour-market situation is set to continue weighing on the dynamics of private consumption.As regards the quarterly profile of GDP growth, the most recent data on industrial production andInterim forecast September 2010business confidence suggest economic expansion in the third quarter of 2010 to continue at broadly the same pace as in the first two quarters of the year. The recovery is then projected to ease somewhat in the last quarter of 2010, due to the expected deceleration in global demand.The short-term outlook for the Italian economy appears subject to both upside and downside risks. On the one hand, global demand could prove stronger than anticipated, with positive spillovers also for firms' investment. On the other hand, possible renewed tensions and uncertainty in financial markets might affect economic agents' confidence.After declining markedly in 2009, HICP inflation picked up in the first half of 2010, due to the fading of favourable base effects from energy prices. In 2010 as a whole, inflation is projected to increase to 1.6% on average. This is 0.2 pp. lower than in the Commission's spring 2010 forecast, mainly because of less dynamic commodity prices.5. The Netherlands – maintaining moderate momentumThe recovery of the Dutch economy, which started in the second half of 2009, gained momentum in the first half of 2010, resulting in quarter-on-quarter GDP growth of 0.5% and 0.9% in the first and second quarter, respectively. Economic activity benefitted from a strong upswing in the inventory cycle and a rebound of investment in the second quarter, due mainly to a replacement of equipment. Although exports proved to be an important growth driver again – taking advantage of the acceleration in world trade and reflecting the sensitivity of the Dutch economy to external demand – net exports were a drag on growth, as imports posted even stronger growth in both the first and the second quarter of 2010. Private consumption showed some signs of recovery, especially in the first quarter, but this was in large part due to the low temperatures boosting households' energy consumption.The momentum of economic growth created in the second quarter is expected to continue partially in the third quarter, leading to quarter-on-quarter growth of 0.4%. With the fading of some temporary growth drivers, such as stock building, real GDP growth is expected to weaken again in the fourth quarter to 0.3% q-o-q, so that annual real GDP growth is projected to reach 1.9% in 2010. Private consumption is likely to remain subdued throughout the second half of 2010, given a strong and rapid decline in wage growth, as reflected in recent wage agreements. Additionally, limited support for private consumption is expected to stem from labour-market developments, in spite of the latter having outperformed expectations. The positive growth dynamics of investment displayed in the second quarter are likely to slow down, especially towards the end of 2010, reflecting a loss of demand momentum and a below-average capacity utilisation. Net trade is most likely to contribute to growth only moderately, given the expected softening of world-trade growth.The annual HICP inflation rate was historically low in the first half of 2010, reaching 0.4% in the second quarter. It is projected to increase in the third quarter, mainly as a result of a positive contribution of energy prices coming from a base effect. Overall, for 2010, inflation is expected to reach 1.1%.Graph 9: Uneven GDP developments across Member StatesSource: European Commission6. Poland – manufacturing sector leads the recoveryEconomic activity continued to be strong in the second quarter of 2010, with GDP growth reaching 1.1% q-o-q. The upswing was driven by a strong manufacturing sector (industrial production (s.a.) grew by 10.5% y-o-y in the second quarter of 2010)8。
外刊经贸知识选读复习资料
外刊经贸知识选读第一章一、术语1. 制成品 manufactured goods2.资本货物 capital goods3.国际收支 balance of payments. 经常项目 current account有形贸易项目 visible trade account无形贸易项目 invisible trade account贸易顺差 trade surplus贸易逆差 trade deficit易货贸易 barter补偿贸易 compensation trade反向贸易 counter-trade组装生产 assembly manufacturing工商统一税 industrial and commercial consolidated tax合资企业 joint venture延期付款 deferred payment买方信贷 buyer credit卖方信贷 supplier credit软贷款 (低息贷款) soft loan最惠国待遇 MFN treatment (Most Favored nation treatment)永久性正常贸易关系 PNTR(Permanent Normal Trading Relations)国民收入 NI(National Income)国民生产总值 GNP(Gross National Product)国内生产总值 GDP(Gross Domestic Product)国际复兴和开发银行IBRD(International Bank for Reconstruction and Development)国际开发协会 IDA(International Development Association)国际金融公司 IFC(International Finance Comporation)经济合作和发展组织 OECD(Organization for Economic Cooperation and Development) 国际清算银行 BIS(Bank for International Settlement)欧洲经济共同体 EEC(European Economic Community)欧洲联盟 EU(European Union)外商直接投资 FDI(Foreign Direct Investment)二、词语释义：substantially ： dramatically， significantly， considerablysubsequently： afterwardsexacerbate： deteriorate， worsen; aggravate; make worsewithdraw： cancellationtheme： principlein return for： in exchange fordisrupt： interruptdestined： designedpronounced： markedin the wake of： following; after withundue： too much; unbearablereverse： change to the oppositebuoyant： briskoutcome： resultboost： stimulate; promote; developrecover： reboundfacilitate： make easyrun-down： reductionmount exhibitions： hold exhibitionsinsofar as： to the extentbottlenecks： obstacles三、句子翻译1. During the 1950s China exported agricultural products to the USSR and East European countries in return for manufactured goods and the capital equipment required for the country‘s industrialization programme which placed emphasis on the development of heavy industry.20世纪50年代，中国向前苏联和东欧各国出口农产品以换取制成品和国家的工业化计划所要求的资本设备，而国家的工业化计划则强调重工业的发展。
the value of agriculture to european economies
the value of agriculture to european economies Agriculture plays a significant role in European economies, with several important values. Here are some of the key ways in which agriculture contributes to European economies:1. Food security: Agriculture is the primary source of food production ensuring a stable and reliable supply of food for the population. This is crucial for maintaining social stability and meeting the basic needs of people.2. Employment and economic activity: The agricultural sector employsa significant number of people directly and indirectly. It generates jobs in farming, food processing, distribution, and related industries contributing to local and regional economies.3. Export earnings: Many European countries are significant exporters of agricultural products, generating revenue through international trade. Agricultural exports can have a positive impact on the balance of payments and economic growth.4. Rural development: Agriculture is often closely linked to rural areas. It can drive economic development in these regions, supporting local businesses, infrastructure, and services.5. Technological advancements: The agricultural sector drives innovation and technological progress. Advances in agriculturaltechnology can improve productivity, efficiency, and sustainability benefiting the wider economy.6. Biodiversity and environmental stewardship: Well-managed agriculture can contribute to the preservation of biodiversity, soil health, and water resources. Sustainable agricultural practices are essential for environmental protection and the long-term viability of the sector.7. Cultural and heritage value: Agriculture is often an integral part of European cultural heritage, with traditional farming practices landscapes, and agri-tourism contributing to the region's identity and tourism industry.It's important to note that the specific value of agriculture may vary among European countries due to their different economic structures, agricultural specializations, and policies. Additionally, as global challenges such as climate change and resource scarcity arise the importance of sustainable and resilient agriculture in Europe is likely to increase.。
快递服务业概述-外文文献原文及翻译
快递服务业概述An Overview of Express Delivery ServicesMaterial Source :A Report By US—ASEAN Business Council,2005Author ： James I. Campbell Jr.A．Characteristics of an Express Delivery CompanyFour major integrators : UPS， FedEx， TNT， and DHL， account for almost 85 percent of the world's express shipments. The services that these companies provide generally share the following characteristics which differentiate them from other traditional forms of delivery services：Door-to-door delivery ： this includes the seamless transfer across multiple modesof transport . the “integrated” aspect of the service offered frees the customer from the need to make complex transportation arrangements for pick-up and delivery。
Close custodial control ： Using sophisticated information systems that enhance security ，EDS firms maintain close custodial and administrative control over all shipments。