《专业外语》试题.doc

《专业外语》试题

I• Translate the following paragraphs into Chinese ( 40 marks )

The recovery of the US economy during the first quarter of this year has been so spectacular that it is creating a new set of risks for financial markets. The great risks are now facing the US economy center on monetary policy and the oil market- The current federal funds interest rate of only 1.75 percent has clearly become unsustainable in view of the economy?s resilience. The Federal Reserve will raise interest rates by at least 0.25 percentage points during the third quarter and could increase short-term interest rates or at least 3 percent before the autumn to the level they were at before last year.

Such tightening would probably cause refinancing to slump to about $300 billion at annual rates late this year, which would eliminate residential capital gains as a prop for consumer-spending. Rising interest rates could also damp the rally likely to occur in the equity market as corporate profits recover. If investment spending fails to recover, the economy^ annual growth rate could slide back to the 2・3 percent.

The oil price is also a big risk, mainly because of the uncertainty of the Middle-East political situation. The probability of war in the region could easily push the oil price back into the $110-$ 115 a barrel range for at least a few months. In effect, that would impose a big new tax on consumer spending and corporate profits. The prospect of monetary tightening and a sharp increase in the oil price suggests that late 2014 and early 2015 could be a period of great volatility for the US economy.

II• Translate the following paragraph into English ( 20 marks )

20世纪90年代以来，经济全球化迅速发展并日益成为世界经济发展的新趋势。虽然经济全球化促进了世界各国的生产、贸易和投资，但是发展屮国家与发达国家之间的经济差距不但没有缩小，反而进一步扩大了。因此，对发展屮国家血言，经济全球化既是机遇，又是挑战。发展中国家应当调整发展战略，加快改革开放进程，以实现经济的快速增长与发展。

HL Writing ( 500 ~ 550 words ) (40 marks )

Explain how to realize the transformation of China's economic development mode in the near future.