1、商务英语阅读第二版Chapter1 Why China Works 网上私人独家翻译Why China WorksA look at bright spots in the recession begins with Beijing, where state control is looking smart.经济衰退中的一线光明开始于国家宏观调控看起来明智的北京。The construction site of the China Pavilion, host to the World Expo Shanghai 2010By Rana Foroohar | NEWSWEEKPublished
2、 Jan 10, 2009From the magazine issue dated Jan 19, 2009China is the only major economy that is likely to show significant growth this year, because it is the only one that routinely breaks every rule in the economic textbook. In fact, the main reason China is not slowing as fast as the other big fiv
3、e economies is its capacity for macro-control.中国是今年唯一一个可能取得亮丽增长的主要经济体，因为它是世界上唯一一个惯常打破经济教科书每一个原则的国家。事实上，中国不像其他五大经济体那样发展缓慢的主要原因是，它的宏观调控能力。 Why does Chinas market economic system work? Now that the United States and Europe are moving toward macro-economic controlby nationalizing the banking and car ind
4、ustries, and imposing heavy new regulation on the financial industrythe question has a new urgency. China looks like the one best positioned to navigate what may be the worst global downturn in seven decades.为什么中国市场经济体系奏效？目前，欧美等国正通过银行及汽车业国有化及强制对金融业的管理，走向宏观调控，但问题更加紧迫。中国看上去是最能够驾驭这场可能是近七十年来最糟的全球经济滑坡的国家
5、。 In a time of crisis, Chinas bureaucrats can pick from traditional market tools, like their Western counterparts, and from the arsenal of Chinas market economic system. Early last year, as the housing market was overheating, they simply ordered bankers to cut back on housing loans: then as home sal
6、es began to fall, they offered market incentives, like lower taxes on home purchases. In recent weeks they launched economic rescue efforts similar to those in the west, including a huge ($600 billion) plan to ramp up government spending and big interest-rate cuts. But theyve also issued orders that
7、 would be seen as improper intervention in the Westfor example, calling last week on state industries, including steel and construction, to actively increase their roles in the economy by buying up new assets at home and abroad.在危机中，中国官员既能采用像西方同行那样的传统市场工具，也能吸取中国市场经济体系的积累经验。去年早期，由于房地产市场过热，中国官员仅命令银行削减
8、房贷：然后随着房屋销售量下降，他们提供市场激励机制，比如更低的房屋购置税。最近几周，他们展开类似西方的经济救援行动，其中包括价值6000亿的大计划以增加政府开支和大幅削减利率。但同时，他们也发布在西方国家眼里是不合理的干涉的命令例如，上周中国官员召集包括钢铁和建筑在内的国有工业，通过并购国内外的新资产以积极发挥他们在经济中的作用。 Once seen as the bad habit of an immature economy, Chinas state meddling is now seen as a bulwark of stability. Government control of
9、 the most capital-intensive sectors leaves me optimistic about Chinas prospects, says CLSA economist Andy Rothman. The government can say to companies in these sectors, Continue to spend, dont defer your investment plans. Despite the falls in its biggest export markets and its own stock markets, Chi
10、nas economy looks likely to grow more than 7 percent in 2009down from the double-digit pace of recent years, but stronger than most. Corporate loan rates are actually up, as state banks loosen credit. In a nation where investment is the backbone of sustainable growth, accounting for 40 percent of GD
11、P, the state is once again ramping up investment to fight serious threats to growth, says Morgan Stanley Asia chief Stephen Roach. What were seeing is that the Chinese command-and-control system can actually work more effectively than other market based systems in times of economic stress, he says.
12、曾被视为不成熟经济的弊病的中国宏观调控，现在却被看做是稳定的保障。里昂证券（CLSA）经济学家安迪罗斯曼（Andy Rothman）说，”政府对大多数资本密集型产业的控制，让我看好中国的未来。政府会对这些领域的公司说，继续花吧，不要由于你们的投资计划而延迟“。尽管最大的出口及自身股票市场出现下滑，中国经济在2009年看上去仍旧增加了7%以上，虽然与近些年两位数的增速相比有所下滑，但仍然比大多数国家坚挺。随着国有银行放松信贷，企业贷款率切实增加。摩根士丹利（Morgan Stanley）的亚洲首席史蒂芬罗奇（Stephen Roach）说，在一个投资支持可持续发展，并占GDP的40%的国家，政府
13、再次增加投资以抵抗对增长的威胁。他又说，在危机时期，中国的指挥控制系统确实比其他以市场为基础的系统有效。China works because it is governed by a radical pragmatism that has focused on a slow but steady shift toward freer markets. Deng called it crossing the river by feeling for the stones. The state still exerts a strong and stabilizing hand, but it h
14、as unleashed a private sector that now controls at least half the economy, and as much as 70 percent if you include state-owned companies that are in fact allowed to operate as private firms. Thats up from around 17 percent in the early 1990s. Some 60 percent of GDP growth, and two thirds of new job
15、 creation now come from the private sector, according to CLSA.中国的成功主要因为由彻底的实用主义管理，这一主义更注重缓慢但平稳地转向更自由市场。邓小平称之为”摸着石头过河“。政府伸出强有力的手的同时，也解放现在占至少一半经济成分的私人领域，允许70%的国有公司以私人公司形式运行。与20世纪90年代初期的约17%有所增长。根据CLSA的信息，大约60%的GDP增长及2/3的新增就业来自私人领域。In 1995, China began a revolutionary dismantling of state-run industry,
16、 laying off 46 million state workersthe equivalent of the entire workforce of France and Italyover the next six years alone. In the years following, the streamlining has continued, sharply raising profitability at state-run firms, and the private sector was allowed to play an increasingly important
17、role in the economy. Rothman calls it radical change, but over an extended time period. Above all, the Chinese wanted to avoid the chaos that followed Russias big-bang reforms of the early 90s, which created a corrupt, Kremlin-sponsored economic oligarchy that still haunts Russia today. 1995年，中国展开了一
18、场革命性的国企拆分，仅在接下来的六年就裁掉460万国企职工，相当于法国意大利的全部工人数。接下来几年，精简继续，国企盈利率迅猛上升，以及允许私企在经济中发挥重要作用。罗斯曼（Rothman）称之为，一场长时间的剧变。更重要的是，中国尤其想避免俄罗斯90年代初大爆炸改革导致的混乱，这场改革产生了腐败的，克里姆林（Kremlin）支持下的寡头政治，至今仍困扰俄罗斯。 China opened to Western investment at an earlier stage of development than either Japan or South Koreain the early 19
19、80s, when its average yearly income was only 760rmb ($500), because Deng recognized that global trade was the way out of national poverty. He also freed peasants to seek jobs in cities, a risky move in a nation with a long history of mobile peasant rebellions. After the Asian financial crisis of the
20、 late 1990s, China joined the World Trade Organization, committing itself to a wider opening of its domestic markets. Around the same time, the government allowed laid-off workers to start businesses and buy up state-owned housing for a song, founding an ownership society almost overnight, and setti
21、ng the stage for a middle-class society, in what Rothman calls the biggest one-time transfer of wealth in the history of the world. 在20世纪80年代，平均年收入只有760元，（约合500美元）的发展初期，中国已经对西方开放投资市场，而在发展初期日本和韩国还尚未开放。这是由于邓小平意识到全球贸易是摆脱国家贫穷的出路。他同样鼓励农民来城市寻找工作，这对于一个有着悠久流动农民起义历史的国家是个冒险的举动。在20世纪90年代末期亚洲金融危机后，中国加入世贸组织，旨在国内
22、市场更广泛的开放。 大约在同一时间，政府允许下岗失业人员创业，并以低价买断国有房屋，几乎在一夜之间成立了一个所有权社会，并且为中产阶级社会设置铺垫，用罗斯曼的话说就是“世界史上最大的一次性的资源转化”。Now, as a worse crisis gains momentum, Beijing continues to push market reforms in key sectors, even as it reasserts control in others. Banks are one main target of reform. Capital markets are still
23、dominated by bank lending. We have too few products and we need to get more institutional investors into the market, says Fang Xinghai. To that end, China is boldly moving beyond stocks into new types of complex securities, including stock index funds, corporate bonds and other debt products. The fa
24、ct that Chinese leaders understand even in the midst of the credit crisis that more sophisticated forms of securitization can play a stabilizing role is a sign of strategic thinking, and great skill at learning from others mistakes. Asked what he admires most in Western counterparts, Jiang Jianqing,
25、 chairman of Chinas largest state bank, ICBC, says, Innovation. Americans have an endless passion for it. Perhaps in the past, it hasnt been so well regulated, but you cant stop it. Its one of the most important ways to push enterprise forward.现在，在一个更大危机的趋势下，北京继续在关键领域推进市场化改革，同时重申对其他领域的管控。银行是改革的主要目标之
26、一。“资本市场仍然由银行贷款占主导地位，我们的产品太少了，我们需要得到更多的机构投资者进入市场，”方星海说。为此，中国大胆地超越了股票，成为新型的复合证券，包括股票指数基金，公司债券及其他债券产品。中国领导人明白即使是在信贷危机中证券形式的复杂化也是可以起到稳定作用的，这一事实是战略思维的标志，并从其他国家的错误中学习到高超的技巧。当被问及他最钦佩的西方同行，姜建清，中国最大的国有银行，中国工商银行董事长说，“创新。美国人有无尽的创新激情。也许在过去，它并没有被如此良好的监管，但你不能阻止它。它是推动企业前进的最重要途径之一。“Even more farsighted is the new,
27、landmark land-reform program, which would make it possible for Chinese peasants to rent or lease their land to outsiders. Simply figuring out who owns which properties can be a Byzantine task in China, so land reform could take decades-but the idea is already generating excitement. In November, real
28、-estate consulting firm Jones Lang LaSalle estimated that land reform could unlock rural property worth as much as $2.5 trillion. Land reform will be Chinas lasting legacy, says JLL national research director Michael Klibaner. Turning peasants into land-owning consumers could go a long way toward cr
29、eating a consumer society, reducing Chinas dependence on exports, and rebalancing the world economy.更有远见的是，新的具有里程碑意义的土地改革方案，这将有可能使中国农民以出租或租用他们的土地给外人。在中国，仅仅找出谁拥有哪些属性就是个错综复杂的任务，所以土地改革可能需要数十年，但这个想法已经令人兴奋。十一月份，房地产咨询公司仲量联行（Jones Lang LaSalle）估计，土地改革可以解锁农村产权的价值高达25万亿美元。 “土地改革将是中国持久的遗产，”仲量联行全国研究总监柯志谦（Micha
30、el Klibaner）说。谈到从农民成为拥有土地的消费者到建立一个消费社会还有很长的路要走，同时减少中国对出口的依赖，并重新平衡世界经济。Once Chinese leaders signal a new direction, they rarely waver, says Rothman. Witness the political battle over American charges that China is deliberately holding down the value of the yuan to boost its exports, a charge that ign
31、ores the gradual 21.5 percent rise in the yuan that had already taken place between the summer of 2005 and 2008. While the yuan did fall a bit in recent months, most economists believe Beijing will continue to allow a modest appreciation, weighing its need for export competitiveness against the worl
32、ds need for more balanced trade flows.一旦中国领导人提出一个新的方向，他们很少动摇，罗斯曼说。见证了美国指控中国故意压低人民币币值以刺激出口的政治斗争，指控却忽略了在2005年夏天到2008年之间，人民币已经渐进式增长了21.5%。虽然人民币在近几个月下降了一点儿，大多数经济学家认为为了权衡其出口竞争力的需要和世界上更加平衡的贸易流的需要，北京将继续允许适度升值，。This balance between free and managed markets can also be seen in Chinas approach to price fixing and macro-economic control in key sectors like financial services, telecoms, utilities and energy. Some of these industries are partially privatized-in telecoms, equipment markets are open to foreigners, because they bring capital and expertise that eventually trickles down to loca
