高级综合商务英语2-Unit-3-Economy-Watch

UnitThree

EconomyWatch1Lead-in2Lead-in

DiscussionWorkingroupstomatchthenationalflagswiththecountries.Thenchooseacountrytoliveinwhilejustifyingyourgroupdecision.IndiaU.S.EthiopiaSingaporeBrazilSwitzerland3

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Discussion2.Identifysomedevelopedcountriesanddevelopingcountriesfromtheworldmap.4Lead-in

Discussion3.Areyoufamiliarwiththefollowingtermsofeconomicsystem?Nameacountry/regionforeachcategory.PlannedEconomy/CommandEconomyMarketEconomyMixedEconomy54.Chinahasenjoyedstrongeconomicgrowthforoverthreedecades.Whataretheimplicationsofitsstronggrowth?There’safavorablerippleeffectthroughouttheeconomy.Forconsumers:---IncomelevelPurchasingpowerVolumeofspendingDemandforproductsFormanufacturers:---productionrevenueForsuppliers

---salesofequipmentsneedforworkersinvestmentFordistributors---businessopportunities......

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Discussion6TextATheChinaMiracleDemystified7StructuralAnalysisPara.MainTopics1China’seconomicgrowthinthepastthreedecadesisamiracle.2-16GreaterinteresthasbeenarousedintheChinamodelofeconomicgrowth.Thistextjusthelpstodemystifythemiracle.8PartI

QuestionsaboutPartIQ1:WhatwasChina’seconomicsituationlikebefore1979?Chinapracticedplannedeconomy.Chinawasapoor,inward-lookingcountrywithlowpercapitaincomeaswellastradedependenceratio.9PartI

QuestionsaboutPartIQ2:Whyistheyearof1979mentionedbytheauthorasadividinglineinChina’seconomicgrowth?InDecember1978,the3rdPlenumofthe11thCentralCommitteeofCPCwasheldinChina,atwhichthereformandopening-uppolicywasputforward.Sincethen,Chinahasembarkedonajourneyofstrongeconomicgrowthforover30years.10PartI

QuestionsaboutPartIQ3:WhatexampleshavebeengiventoelaboratetheChinamiracleofthepast30years?HighannualGDPgrowthrate;Highannualgrowthrateininternationaltrade;Increasedincome(nowamiddle-incomecountry);Highesttradedependenceratio;The2ndlargesteconomyandthelargestexporterofmerchandisein2009;Largestcarmarketnow;Shanghai:thebusiestseaportbycargotonnage.11

Thespectaculargrowthoverthepastthreedecadesfarexceededtheexpectationsofanyoneattheoutsetofthetransition,includingDengXiaoping,thearchitectofChina’sreformandopening-upstrategy.(Line14,Para.1)

China’smiraculouseconomicgrowthoverthepast30yearswasbeyondwhatmanypeoplehadexpectedatthebeginningofitseconomictransformation.AndDengXiaoping,whosettheblueprintforChina’sreformandopening-uppolicy,wasnoexception.PartI

SentenceInterpretation12

inward-looking(Para.1)

a.

beingenclosedorconfinedtotheinsideofsomething;beingcutofffromtheoutsideworld

synonyms:closed;isolated

example:Thesolutiontoglobalcompetitionisfosteringimprovedcompetitivenessratherthantakinganinward-lookingstance.PartI

WordsandExpressions13

miraculous(Para.1)

a.

surprisingorunexpected;beingorhavingthecharacterofamiracle

synonyms:incredible;marvelous;amazing

example:Withthenewmanagementteam,thecompanymadeamiraculousrecoveryfromthelabor-gatecrisis.PartI

WordsandExpressions14

attheoutsetof(Para.1)

pp.

atthestartof;atthebeginningof

example:Attheoutsetofhercareershewasfullofoptimismbutnotnow.PartI

WordsandExpressions15DengXiaopingDengXiaopingwastheleaderofChinafrom1978to1992.Heisconsidered“thearchitect”ofChina’sreformandopening-uppolicy.HisgoalatthattimewastoquadruplethesizeofChina’seconomyin20years,whichwouldhavemeantanaverageannualgrowthof7.2percent.Mostpeopleinthe1980s,andevenaslateastheearly1990s,thoughtthatachievingthatgoalwasamissionimpossible.HeisgenerallycreditedwithdevelopingChinaintooneofthefastest-growingeconomiesintheworldforover35yearsandraisingthelivingstandardofhundredsofmillionsofChinese.PartI

Notes16Q1.

ThreeaspectshavebeenfocusedtounveiltheChinamiracle.Whatarethey?(Para.2)ThereasonforChina’sextraordinaryperformanceintransition.Thereasonforfailingtoachievesimilarperformancebyothertransitioneconomies.TheinsightofChinamiracleforotherdevelopingcountries.PartII

QuestionsaboutPartII17Q2.

What,intheauthor’spointofviewhascontributedtoChina’sstronggrowthinthepastthreedecades?(Para.3-8)China’sexploitationoftheadvantageofbackwardnesshasallowedthecountrytoemergeastheworld’sworkshopandtoachieveextraordinaryeconomicgrowthbyreducingthecostsofinnovation,industrialupgrading,andsocialandeconomictransformation.PartII

QuestionsaboutPartII18Q3.Whydidn’tothertransitioneconomiesperformequallywell?(Para.9-12)Duringthetransitionfromlow-incomeagrarianeconomiestocapital-intensiveheavyindustries,manydevelopingcountriesintroduceddistortionsandgovernmentinterventions,leadingtostagnationandsocialandeconomiccrises.However,unlikeChina,theyremovedalldistortionsimmediatelywhileimplementingliberalization,privatizationandmarketizationatthesametime,causingthecollapseofmanynonviablefirmsinprivatesectorsandacontractionofGDP,highunemploymentrateandacutesocialdisorders.PartII

QuestionsaboutPartII19Q4.

WhatlessonscanbelearnedfromtheChinamiraclebyotherdevelopingeconomies?(Para.13-16)Theycanadoptadual-trackapproachlikewhatChinahastaken,providingsometransitoryprotectionstononviablefirmstomaintainstabilitybutliberalizingentryintosectorsinwhichtheyhavecomparativeadvantagestotaptheadvantageofbackwardnessinitstechnologicalinnovationandstructuraltransformationtoachievedynamicgrowth.PartII

QuestionsaboutPartII201.Theaccelerationofgrowthwasaccompaniedbyamoveoflaborfromagriculturetomanufacturingandservices.(Line5,Para.5)Accompanyingthequickgrowthofeconomyisthetransferoflaborersfromtheprimaryindustrytothesecondaryandtertiaryindustries.PartII

SentenceInterpretation212.China’sexploitationoftheadvantageofbackwardnesshasallowedthecountrytoemergeastheworld’sworkshopandtoachieveextraordinaryeconomicgrowthbyreducingthecostsofinnovation,industrialupgrading,andsocialandeconomictransformation.(Line14,Para.8)Bytakingfulladvantageofitsbackwardness,Chinahasbecometheworld’smanufacturingcenterandhasachievedamazingeconomicgrowththroughthecostreductionininnovation,industrialreengineeringaswellassocialandeconomictransformation.PartII

SentenceInterpretation223.Thedevelopmentofmodernadvancedindustrieswasperceivedastheonlywaytoachieverapideconomictakeoff,avoiddependenceontheWesternindustrialpowers,andeliminatepoverty.

(Line9,Para.9)Developingmodernadvancedindustrieswasregardedastheonlymeansforthosetransitioneconomiestoboosttheireconomicgrowth,tobeindependentfromWesternindustrialnationsandtoeradicatepoverty.PartII

SentenceInterpretation234.DuringthetransitionprocessChinaadoptedapragmatic,gradual,dual-trackapproach.

(Line1,Para.12)Duringitstransitionfromcommandeconomytomarketeconomy,Chinahasadoptedapractical,double-waymethod.PartII

SentenceInterpretation24self-sufficient(Para.5)a.abletoprovideforone’sownneedswithouthelpfromotherssynonyms:self-sufficing;self-sustaining

example:

Usingtraditionalmethods,poorfarmerscanbevirtuallyself-sufficient.PartII

WordsandExpressions25exploit(Para.5)v.makegooduseof;takeadvantageofsynonyms:

advantage;explore

example:Thepresidentishopingtoexploitnewopportunitieswithinthegoodbilateralrelationships.PartII

WordsandExpressions26unleash(Para.5)v.tomakelooseorfreefromconstraints;toreleaseorventsynonyms:

release;looseexample:TheCEO’sproposalsunleashedastormofprotestinthecompanyshareholders.

PartII

WordsandExpressions27trial-and-error(Para.6)n.amethod

ofreachingacorrectsolutionorsatisfactoryresultbytryingoutvariousmeansortheoriesuntilerrorissufficientlyreducedoreliminated.example:Hearguedthatalllearningisatrial-and-errorprocessthatresemblesbiologicalevolution.

PartII

WordsandExpressions28tap(Para.6)v.todrawfrom;tomakegooduseofsynonym:

exploitexample:TheCampbellSoupCompanysaysitwilltrytotapintoJapan’sricemarket.PartII

WordsandExpressions29defy(Para.10)v.toresistorconfrontwithresistancesynonym:

challengeexample:It’sadevastatingandbarbaricactthatdefiesallhumancivilizations.PartII

WordsandExpressions30pervasive(Para.10)a.spreadingthroughoutsynonym:

permeatingexample:Globalizationhasposedapervasiveimpactuponpeople’slife.PartII

WordsandExpressions31contraction(Para.11)a.theactofdecreasing(something)insizeorvolumeorquantityorscopesynonym:

cut;reduction;recessionantonym:expansionexample:TherecentcontractioninChinesemanufacturingistheresultofatighteningincreditmarkets.PartII

WordsandExpressions32eradicate(Para.15)v.togetridofsomethingcompletelysynonym:

eliminate;wipeoutexample:ThePrimeMinisterhasmadeasignificantcontributiontoeradicatinggovernmentcorruption.PartII

WordsandExpressions33inclusive(Para.16)a.includingmuchoreverything;andespeciallyincludingstatedlimits;synonym:

comprehensive;all-overantonym:exclusiveexample:Nowthegovernment’staskistounwindtheexceptionalsupportgiventotheeconomyandpushthroughthereformsneededtosustainfastandinclusivegrowth.PartII

WordsandExpressions34IndustrialRevolution(Para.5)TheIndustrialRevolution(1750-1840)beganinGreatBritainandspreadtoWesternEuropeandtheU.S.withinafewdecades.Itwasthetransitiontonewmanufacturingprocesses,fromhandproductionmethodstomachines,newchemicalmanufacturingandironproductionprocesses.Italsoincludedthechangefromwoodandotherbio-fuelstocoal.Itmarksamajorturningpointinhistory;almosteveryaspectofdailylifewasinfluencedinsomeway.Inparticular,averageincomeandpopulationbegantoexhibitunprecedentedsustainedgrowth.PartII

Notes35MichaelSpence(Para.7)MichaelSpenceis

anAmericaneconomistandrecipientofthe2001NobelMemorialPrizeinEconomicSciences.Hechairedtheindependentbody“TheCommissiononGrowthandDevelopment”toexaminevariousaspectsofeconomicgrowthanddevelopment.PartII

Notes36foreigndirectinvestment(Para.8)Aforeigndirectinvestment(abbreviatedasFDI)isacontrollingownershipinabusinessenterpriseinonecountrybyanentitybasedinanothercountry.Broadly,foreigndirectinvestmentincludesmergersandacquisitions,buildingnewfacilities,reinvestingprofitsearnedfromoverseasoperationsandintracompanyloans.Inanarrowsense,foreigndirectinvestmentrefersjusttobuildingnewfacilities.PartII

Notes37rent-seeking(Para.10)Ineconomics,rent-seekingisspendingwealthonpoliticallobbyingtoincreaseone’sshareofexistingwealthwithoutcreatingwealth.Theeffectsofrent-seekingarereducedeconomicefficiencythroughpoorallocationofresources,reducedwealthcreation,lostgovernmentrevenue,increasedincomeinequality,andnationaldecline.Currentstudiesofrent-seekingfocusonthemanipulationofregulatoryagenciestogainmonopolisticadvantagesinthemarketwhileimposingdisadvantagesoncompetitors.PartII

Notes38externality(Para.13)Ineconomics,anexternalityisthecostorbenefitthataffectsapartywhodidnotchoosetoincurthatcostorbenefit.Apositiveexternality(alsocalled“externalbenefit”or“externaleconomy”)isanactionofaproductonconsumersthatimposesapositiveeffectonathirdparty.Anegativeexternality(alsocalled“externalcost”or“externaldiseconomy”)isanactionofaproductonconsumersthatimposesanegativeeffectonathirdparty.PartII

Notes39

TextBAGameofCatch-up40StructuralAnalysisPara.MainTopics1-8Theworldeconomyhaswitnessedbothgreatdivergenceandgreatconvergencebetweenthewesterncountriesandtherestoftheworld.9-20Theeconomicpowerofthewesternworldhasgonethroughithistoricalgrandeuraswellasrecentdecline.Withemergingmarketscatchingup,manyworriesfromthewesternworldarose.21-25PeoplehaveanxietyovertheriskofAmerica’slosingitstop-dogstatustoemergingmarkets.41Q1:QuarryBankMillisusedasanexampleWhatdoestheauthoraimtotellus?(Para.1-3)TheIndustrialRevolutionhasgreatlyimpactedthecompany’sbusiness.Inaddition,ithasalsoestablishedaglobalhierarchyintheworldwiththewesternworldpossessingmoreeconomicpower(suchasQuarryBankMill’soutsourcingoftheirproductiontopoorercountries).PartI

QuestionsaboutPartI42Q2:Howhasthefinancialcrisistriggeredtheshiftineconomicpower?(Para.4-8)Ononehand,therichworldincludingAmericahasbeengreatlyimpactedbythecrisis,withscanteconomicgrowth.Ontheotherhand,poorcountrieshavetriedtotakeadvantageoftheirbackwardnesstocatchupquickly.Inaddition,duringthefinancialcrisis,developingcountriesboughtgovernmentbondsfromtherichworld(andstoredthemascurrencyreserves)asinsuranceagainstfuturecrises.PartI

QuestionsaboutPartI43Q1:Howhastheeconomicpowerchangedaccordingtothetext?(Para.9-16)BeforetheIndustrialRevolution,IndiaandChinaweretwobiggesteconomicgiantsduetotheirlargepopulation.By1870,Britainranked1stwiththehelpoftheIndustrialRevolution.BytheeveofWorldWarI,AmericahadbecomeNo.1andhasremaineditspositioneversince.Emergingcountries(includingChina&India)havebeendevelopingmuchfasterinrecentseveraldecades,posingthreatstotherichnationsincludingAmerica.PartII

QuestionsaboutPartII44Q2:Withemergingmarketsgainingmoreeconomicpower,therearesomeconcernsrelatedtoit.Whatarethey?(Para.17-20)The1stworryisaboutdirectcompetitionforlimitednaturalresourcesavailableaswellasthespecialstatusandperksthatcomewithbeingtheissuerofatrustedinternationalcurrency.The2ndanxietyrelatestojobsecurityandpay,especiallywiththeimpactofoutsourcing.The3rdconcernisthattheemergingmarketsarepronetocrisesandunlikelytobesustained.PartII

QuestionsaboutPartII45Q:Whatistheauthor’sattitudet