Passage 1
This trend is likely to persist, in part because it isn’t just wealth that’s moving from West to East. Each time manufacturing and services are outsourced to Asia, knowledge, technology and skills are also transferred. Professor Richard Smalley, a Nobel-Prize-winning chemist at RiceUniversity, estimated that by 2010, 90% of all Ph,Ds in physical science and engineering may be living in Asia. With economic prowess comes geopolitical power. For many countries, exports to China have replaced exports to the U.S. as engines of growth—one reason why a long-time U.S. ally likeSouth Korea is cozying up to China. Moreover, China’s appetite for raw materials is shifting political power from industrialized countries to resource-rich ones.
这一趋势很可能会持续下去，部分原因是它不仅仅是财富的由西向东流动。每次生产和服务外包到亚洲的时候，知识，工艺和技能都会随之得到转移。莱斯大学的化学家，诺贝尔奖获得者，理查德·斯麦利估计到2010年，90%的物理学和工程学可能都住在亚洲。随着经济威力的出现，地理政治力量也出现了。对于许多国家来说，对中国的出口已经取代了对美国的出口，成为其增长发动机—这也是一些美国的长期同盟国，如韩国，开始奉承中国的原因。而且，中国对原料的需求正在将政治力量从工业化国家像资源丰富的国家转移。
Passage 2
There is no 1 best corporate culture. An optimal culture is one that best supports the mission and strategy of the company of which it is a part. This means that, like structure and staffing, corporate culture should support the strategy. Unless strategy is in complete agreement with the culture, any significant change in strategy should be followed by a modification of the organization’s culture. Although corporate culture can be changed, it may often take a long time and it requires much effort. A key job of management involves managing corporate culture. In doing so, management must evaluate what a particular change in strategy means to the corporate culture, assess if a change in culture is needed, and decide if an attempt to change the culture is worth the likely costs.
最好的企业文化是不存在的。一个理想的文化对所在公司的任务和策略能够给予最好的支持。也就是说，企业文化像公司的组织机构和职员一样能支撑其策略的实施。除非策略与文化达到完全统一，否则在策略上所做的任何重大改变都会导致组织文化的变化。虽然企业文化可以改变，但这可能需要很长的时间，也要花费大量的精力。管理的一个重要工作就是管理企业文化。这就是说要评价一个特定的策略改变对企业文化意味着什么，评估文化是否也需要改变，并且决定是否值得做这样的改变。
Passage 3
Many investment managers devote their time and energy to seeking out profitable investments from which they hope to earn more than the equity premium return offered by the overall market. They operate on the belief that they know more than the sellers from whom they buy—and therefore will be able to buy low. Or when they are selling, they will know more than the buyers to whom they sell—and therefore will be able to sell high. This may have been realistic for numerous investors many years ago, but it is a more questionable strategy in today’s market where the prices of stocks are set by the trading of sophisticated, informed, professional investors managing the funds of large institutions.
许多投资经理人将自己的时间和经理投入与寻求有利可图的投资，从中他们希望获得比整个市场提供的股权溢价回收更多的利润。他们相信自己比那些向他们卖出东西的卖方了解更多，因而他们可以低价购进。或者，当他们在卖东西的时候，他们会比买方了解得
更多，因此他们可以高价出售。这一点在很多年前也许是事实，但是在如今的市场上，这却是有待探讨的战略，因为在这个市场上，股票的价格是由久经世故的、见多识广的、专业的、管理大型机构基金的投资商的贸易而制定的。
Passage 4
Despite such a major obstacle, foreign MNEs are learning that there are a number of useful strategies that can help them to break into the Japanese market. In the case of suppliers, for example, it is important to be patient and to continue to bid for business. At first, many keiretsus turn down foreign companies because they want to stay within their cartel-like arrangement. However, these keiretsus are also interested in pushing out their major competitors, and a foreign supplier with high-quality products will often find that one of the major keiretsus will break with tradition and make a deal. Additionally, many small keiretsus are trying to get off the ground and to gain market shares.
虽然有如此主要的障碍，跨国公司了解到还有许多有用的战略可以帮助其进驻日本市场。比如说在供应商方面，耐心地继续为某项业务投标是很重要的。首先，许多日本经连组织成员拒绝外国公司的加入是因为他们希望保留他们的卡特尔模式。然而，这些日本经连组织成员也有兴致排挤他们的主要竞争对手，因此，一家拥有高质量产品的外国供应商经常会发现日本经连组织的主要成员之一会打破传统，跟他们达成一笔交易。此外，该组织中的很多小公司正在尽力取得进展从而获得市场份额。
Passage 5
In his recent article on China's historical tasks at the primary stage of socialism and its foreign policy, Premier Wen Jiabao acknowledges that the socialist system in China is still immature and has a large r
oom for improvement. It was the first time a senior Chinese leader had published such a judgment. When referring to China's underdevelopment at the current primary stage of socialism, Premier Wen Jiabao does not restrict the topic to such familiar economic issues as China's low per capita gross domestic product, its 20 million impoverished people and the serious imbalance in urban and rural development. He also emphasizes the underdevelopment in another area—that of “the immature socialist system.”
最近在其关于中国社会主义初级阶段的历史任务及外交政策的报告中，承认了中国的社会主义体制还不够成熟，还有很大的发展空间。这是中国高层领导人首次发表这样的评论。当提及中国当前社会主义初级阶段的不发达时，总理没有将此话题限定于熟悉的经济事件，比如：中国较低的人均国内生产总值，中国仍有2千万人过着贫困生活以及严重的城乡发展的不平衡。他还强调了另外一个领域的不发达：不成熟的社会体制。
Passage 6
With China’s opening up to foreign investment and increasing inequity in distribution of wealth and income, more and more Chinese are demanding a better life: jobs and higher income as well as a better environment to live in. State ministers, provincial governors and city mayors are feeling the pres
sure for development. They are acutely aware of China’s regular periods of massive instability and unrest. To meet the needs for development while restoring the health of ecosystems, the only option is to follow a development path different from the industrialization model of the West. China’s leaders see that continuing the present massive exploitation of natural resources and inefficient production practices cannot continue.
随着中国对外商投资的开放以及日益增长的财富及收入不均，越来越多的中国人要求更好的生活：工作、高收入以及更好的生活环境。国家部门部长、省政府官员和各市市长
对于发展都感到了压力。他们很敏感地意识到中国定期地严重不稳定和不安地状态。为了满足发展地需求，同时恢复生态体系的健康，唯一的选择就是遵循一条与西方的工业化模型不一样的发展道路。意识到当前对于自然资源的肆意开采和低效率的生产实践不能在继续了。
Passage 7resources翻译
China wants to boost the return that it earns on its $1 trillion-plus stash of foreign-exchange reserves. The Prime Minister, Wen Jiabao, said on January 20th that the country would explore new ways of inv
esting the money, which is held mostly in liquid American government securities. But his statement was vague. It could simply imply broadening the composition of assets held by the People's Bank of China (PBOC) to include higher yielding equities and commodities; or, more dramatically, part of the reserves could be transferred to a separate state investment agency which would maximize returns like a fund manager.
中国想要推进其一万亿多的外汇储备所赚得的利润。1月20日，总理声明国家将要探索新的投资途径，现在这部分资金都套牢在流动的美国政府证券。但是他的声明是模糊的。这一声明暗示了扩大中国人民银行持有的资产组合，包括更高的可获利的资产净值及商品；或者更戏剧化地，将储备的一部分转为单独的国家投资机构，该机构将象一个资金管理人一样将利润最大化。
Passage 8
If a union is formed, then the elected representative has the right to attend company management meetings, and the company must also fund the union with 2 percent of all employees’ salaries each month (staff must also make a small contribution). Funds should be used for workers education, welfare and entertainment. Funds may also be used to provide legal support to employees with grievances against the company.
Restricting the union representative’s access only to the portion of meetings during which staff and workers’ right are to be discussed, while budgets for the use of union funds can also be agreed upon and implemented, can minimize management interference.
如果工会建立了，那么选举的代表有权利参加公司的管理会议。公司每月必须用所有员工工资的2％来支助工会（公司职员必须也作出贡献）。资金应该用于工人教育、福利和娱乐。资金还可以在员工受到公司不平待遇时，用来向其提供法律援助。
只允许工会代表参加讨论职员和工人权利的会议，这样可以最大程度地减少对管理层的干涉；当然，供工会使用的资金预算也还是会得到批准并实施。
Passage 9
What about the investor who decides to put 75% of a portfolio in automobile stocks or technology stocks? This investor is taking a risk over and beyond the risk of being in the stock market, because the market as a whole might go up a lot more, or go down a lot less, that these specific choices. This investor, in other words, has taken on “specific” risk in addition to systematic risk. But specific risk is avoidable. The investor can always hold a diversified portfolio with a risk that is no greater than the risk of market as a whole. Hence, the investor who decides to be a stock-picker cannot expect to be rewar
ded simply for passing up the opportunity of being diversified and taking on specific risk instead.
当投资者决定把投资组合中的75%投入汽车股和科技股，情形又会是怎样呢？该投资者正冒着风险并且其风险超越了投资于股票市场，因为，相比于这些特定的股份而言，股票市场作为一个整体会涨得多，跌得少。换句话说，除了系统性风险之外，该投资者还承担着“特殊”风险，而特殊风险是可回避的。投资者一直可以持有形形的投资组合，
这样的投资组合所含的风险不会超过整个市场所含的风险。因此，决定成为某种股票的投资者，在放弃了多样化投资机会、进而承担着特殊风险时，确实不因该再期待得到回报了。
Passage 10
Investors will refuse to take these risks unless they expect a return greater than the low-risk return of cash or cash substitutes. In general, then, the expected returns on the broad asset classes bear some kind of systematic relationship to the risks as investors perceive them. These higher expected returns are known as “risk premiums”. For example, the difference between the expected return on stocks and the expected return on bonds is known as the “equity risk premium”; the difference between the expect
ed return on long-tern bonds and 90-day treasury bills is called the “term premium”. When investors are gloomy or frightened by the economic environment, equities will tend to have a higher expected return than times when everyone is optimistic and stocks are priced way up; the equity risk premium, therefore, varies directly with the fear or greed in the marketplace.
如果投资者得到的回报低于投资低风险的现金或现金替代品，那么，他们是不愿意承担这些风险的。于是，正如投资者所觉察的那样，一般意义上讲，宽泛资产的投资回报与各种风险有着某种系统关系。人们把这种高回报叫做“风险溢价”。例如：投资股票与投资债券预期回报之间的差距就叫做“证券风险溢价”；投资长期国债与投资90天债券之间的收益差距叫“期限溢价”。当投资者情绪低迷，或由于经济环境而恐慌时，股票将带来的预期利润趋向于比当人们都很乐观而且股价上涨的时候要高。而且，股权风险溢价会直接随着市场中恐慌和贪婪而变化。
Passage 11
The investment world can be broken into two principle camps: those who believe that markets are efficient, and those who believe they are inefficient. The capital markets of today function primarily on the basis of trading among those who believe that markets are inefficient. Advocates of inefficient markets believe that market pricing does not correctly reflect all available information. They seek mispr
icing in markets or in an individual asset that can lead to improved returns, with risk control as a secondary objective. Advocates of efficient markets believe that pricing already reflects all publicly available information; this leads to a very strong bias in favor of “ passive management”, with a focus on risk control first and investment performance as a secondary (or even nonexistent) objective.
投资世界可以被分成两大主要阵营：市场有效论者和市场有效论者。如今资本市场的运作主要基于那些认为市场无效的商家之间的交易。市场无效的提倡者认为市场报价不能正确反映既有的信息。他们寻求市场中或单个资产中错定的价格，这些错定的价格可以使他们获得更多的盈利，而将风险控制作为次要目标。而市场有效论的提倡者认为市场报价已经能反映出所有公共既得信息，这一态度导致对于“消极管理”方式的强烈支持，即将重心首先放于风险控制，将投资业绩作为第二（甚至是不存在的）目标。
Passage 12
The importance of innovation is widely proclaimed. The message has been pressed in varying degrees for over a century, but it has perhaps rarely been argued so insistently as now, in the context of the “knowledge economy”. Yet in comparison with the rhetoric, actual performance on this front appears deficient---especially in the UK, where the DIT’s (Department of Trade and Industry) innovation/R&D index reveals poor participation by firms. Organizations are morethan
happy to use the concept of innovation in their advertising and corporate PR, but ,apart from a few notable exceptions, sustained behaviour in practice seems below par.
创新的重要性是早就被广泛宣告了。一个多世纪以来，这一观点被不同程度地倡导过，但是像现在这样在知识经济的大背景下被反复讨论实属罕见。然而与这一言辞相比，在这方面的实际表现显得相对不足----尤其是在英国，其贸易工业创新指数以及研发指数都显示出公司创新力不够。一些机构非常喜欢在广告和企业公关中使用“创新”这个概念，但是除了一些特例外，持续的实践行为远没有达到创新的要求。
Passage 13
During the period from the date of effectiveness to the termination of this Contract, the two parties shall hold a meeting every year to discuss problems in the execution of the Contract, to exchange views on technical development and improvement and thus to lay a foundation for further technical cooperation. The aforesaid meeting shall be held in the two countries in turn. The content and conclusion of such discussions shall not be written in memorandum. The number of attendants of each party shall not exceed five persons. Each party shall bear its own expenses.
从合同生效之日起到合同终止的期间内，双方每年举行一次正式会晤，以便讨论合同执行中存在的问题，以及就技术改进与创新问题进行交流，为进一步的技术合作奠定基础。双方的会晤轮流在两国举行。讨论的内容和结论载入备忘录中。每方参加人员不得超过5人，费用自理。
Passage 14
If one party fails to perform its obligation in the contract within the time agreed upon in this Contract, and fails to eliminate or remedy such breach within 15 days following the receipt of the notice thereof from the non-breaching party and still again fails to perform the contract within the period of time allowed for delayed performance,in such case the non-breaching party shall be entitled to rescind the contract by a written notice to the defaulting party and still have the right to claim damages from defaulting party.
如果合同一方未能在合同规定的时限内履行合同义务，并在收到未违约方的通知后15天内未能消除违约或采取补救措施，而且在被允许推迟履行的期限内未履行合同，在此情形下，未违约的一方应书面通知违约方解除合同，同时有权要求违约方赔偿损失。
Passage 15
What happens to China’s inflation rate is now a topic of great significance for the wider world. It will of course be important for the advanced economies to respond to their domestic challenges. But in the new era, it is also ever more vital to think through the external consequences of any policy changes they make. The west’s central banks are doubtless contemplating fresh monetary stimulus. But given the wider global context, they might be better off taking actions that would help to reduce inflationary pressures in their current and future export markets.
现在，中国的通胀形势已成为一个全球性的重要话题。对于发达经济体而言，应对本国国内的挑战固然十分重要，但在新的时代背景下，全面考虑任何政策改变可能给其它国家造成的后果，也变得越来越重要。西方各国央行肯定都在谋划出台新的货币刺激措施。但考虑到全球大环境，它们也许更应该采取行动，帮助目前及未来的出口市场减轻通胀压力。
Passage 16
The rest of the world, including the US, is beginning to grasp that it has reason to fear the consequences if it does. On Wednesday and Thursday of this week, China’s authorities at one
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