Lesson 1 China’s Emerging & the World Economy

Business Terms 合资企业 企业家精神 增长 衰退 迅速发展 崛起 亚洲开发银行 猛增 贸易逆差 衰退 joint venture entrepreneurship growth slump (v. & n.) to boom to emerge (grow up) the Asian Development Bank to jump (soar, surge) trade deficit (vs. surplus) recession

移动电话 个人电脑 破产的 购买力平价 跨国公司 供应链 贸易环境 全球化 自由浮动 提高购买力 mobile phone (cell phone) personal computer (laptop) bankrupt purchasing power parity multinational (adj.& n.) supply chain (vs. demand) trading environment globalization float freely give a boost to the buying power

Business Terms ［货币］升值 提高生产率 ［货币］增值 利润 电子产品 消除 利润幅度 竞争力 双边经济关系 revaluation (vs. devaluation) to lift productivity appreciation (vs. depreciation) margin (profit, gain, return ) electronics to erase profit margin competitiveness bilateral economic ties

Business Terms ［经济］部门 品种更多的商品 定价能力 支配地位 电讯 贸易顺差 “ 钉住 ” 冲击 企业 sector a wider range of goods pricing power dominance telecommunications trade surplus peg (fix) impact business (enterprise)

Dictation

Vocabulary 1 S_____: attracting attention by reason of being unusual, extreme, or prominent 1 S_____: persistently avoid, ignore, or reject (someone or something) through antipathy or caution 2 A_____: undergo great mental anguish through worrying about something 2 S_____: a disturbance causing instability in an economy 3 D_____: great fear or apprehension

Vocabulary 4 B_____: a person or a thing that can lessen or moderate the impact of (something) 5 S_____: proceed or develop in a spasmodic and feeble way 6 A_____: (of one or more things) available as another possibility 6 P_____: estimate or forecast (something) on the basis of present trends 7 D_____: make up or establish the character of

Vocabulary 8 R_____ e_____: the continuing and spreading results of an event or action 8 S_____: reach a peak 9 S_____: supply with extra energy or power 9 A_____: pursuing one's aims and interests forcefully, sometimes unduly so 10 F____ a_____: without being affected by the particular factor mentioned

Alternate vs. Alternative V. occur in turn repeatedly Day and night alternate. 昼夜更替。 The young man alternated singing and dancing. 那年轻人一会儿唱, 一会儿跳。 Adj. every other; every second she was asked to attend on alternate days. 她被要求隔天出席。 another term for alternative a novel set in an alternate universe 一部以另一空间为背景的小说。

Alternate vs. Alternative Adj. (of one or more things) available as another possibility the various alternative methods for resolving disputes. 解决争端的多种选择。 N. one of two or more available possibilities She had no alternative but to break the law. 她除了违反法律之外别无选择。

For all He is a poor musician for all his training. 尽管他经过训练, 他还是一个蹩脚的乐师。 For all her faults, Tallulah's friends tolerated and even adored her. 尽管塔卢拉有缺点, 她的朋友们却宽容她, 甚至崇拜她。 尽管他很有钱, 我也不愿意处在他那个位置。 I wouldn't like to be in his position, for all his wealth.

China’s Industry Has Lifted Productivity and Moved into a Growing Range of Higher Value Products Feb. 27, 2007

deutsch [d ɔ it ʃ ] adj. 〈德〉德国的 Deutschland ['d ɔ yt ʃ lant] German name for Germany Deutschmark (Deutsche Mark) the basic monetary unit of Germany, equal to 100 pfennig 马克（等于 100 芬尼）

United Bank of Switzerland

Top Banks in the World 2014 (ranked by total assets) Industrial & Commercial Bank of China China Construction Bank Corporation HSBC Holdings (UK) Agricultural Bank of China JPMorgan Chase & Co (USA) BNP Paribas (France) Bank of China Mitsubishi UFJ Financial Group (Japan) Credit Agricole Group (France) Barclays PLC (UK) Bank of America Deutsche Bank

P.10 The resilience of the export sector shows up in the politically sensitive trade surplus, which has grown rapidly over the last two to three years, nearly doubling on China’s own figures to reach $177bn in Resilience: ability to withstand or recover quickly from difficult conditions China's trade surplus soared by almost half last year to a record $382 billion, the government announced Tuesday, but the world's second- largest economy again missed its trade growth target due to weakness overseas. (AFP,2015)

P.11 China broke its longstanding peg with the US dollar in mid-2005, but has kept a tight grip on the renminbi since then to allow local companies to adjust to a more flexible currency regime 年中期，中国终止了长期实行的将人 民币汇率 “ 钉住 ” 美元的做法，但自此一直牢 牢地控制住人民币以使得本国的公司得以逐 步适应一个更为灵活的货币体制。

２００５年７月２１日，中国人民银行启动 人民币汇率形成机制改革，实行以市场供求 为基础、参考一篮子货币进行调节、有管理 的浮动汇率制度。 ( “ 人民币汇率制度 ” 包括三个方面的内容：一是 以市场供求为基础的汇率浮动，发挥汇率的 价格信号作用；二是根据经常项目主要是贸 易平衡状况动态调节汇率浮动幅度，发挥 “ 有 管理 ” 的优势；三是参考一篮子货币，即从一 篮子货币的角度看汇率，不片面地关注人民 币与某个单一货币的双边汇率。

Countries are sorted by nominal GDP estimates from financial and statistical institutions, which are calculated at market or government official exchange rates. Nominal GDP does not take into account differences in the cost of living in different countries, and the results can vary greatly from one year to another based on fluctuations in the exchange rates of the country's currency. Such fluctuations may change a country's ranking from one year to the next, even though they often make little or no difference in the standard of living of its population.

Comparisons of national wealth are also frequently made on the basis of purchasing power parity (PPP), to adjust for differences in the cost of living in different countries. PPP largely removes the exchange rate problem, but has its own drawbacks; it does not reflect the value of economic output in international trade, and it also requires more estimation than nominal GDP.

Nominal GDP by IMF 2014 (millions of US$) 1 United States 17,348,075 2 China 10,356,508 3 Japan 4,602,367 4 Germany 3,874,437 5 United Kingdom 2,950,039 6 France 2,833,687 7 Brazil 2,346,583 8 Italy 2,147,744 9 India 2,051, Russia 1,860,598

1 China 18,088,054 2 United States 17,348,075 3 India 7,411,093 4 Japan 4,767,157 5 Germany 3,748,094 6 Russia 3,576,841 7 Brazil 3,275,799 8 Indonesia 2,685,893 9 France 2,591, United Kingdom 2,569,218

Nike shares hit by poor sales forecast Nike shares fell as much as 7% in after- hours收市后 trading after it released a weaker-than-expected growth forecast.

The world‘s largest sportswear maker said it expects sales to increase by a high single digit percentage and for overall earnings 收益 to be in the low teens in the fiscal year 财政年度 ending May That was lower than analyst estimates for between 10 and 15% growth. For the three months to March, Nike posted a profit of $950m (£668m) with revenues rising nearly 8% to $8bn. The sports giant has seen its overseas sales eroded by the impact of a strong US dollar and other currency fluctuations 币值波动.

Analysts are also concerned that consumers are reining back 控制 on spending due to the tepid 微温 global economy. However, China has remained a bright spot for Nike, with revenues there jumping 23% during the last quarter. Nike is expanding its e-commerce offerings 产品 in the country and saw particularly strong sales of its footwear, clothes and athletic equipment over the Lunar New Year period. To help boost sales, Nike is developing a line of new technology-infused products including electronic running shoes that can lace themselves.

Assignment Preview Lesson Two and answer the question: What prevents China Inc. from becoming well-known multinationals? Finish the exercises about business terms and get ready for the dictation.