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1、1、But theyre also issued orders that would be seen 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 .但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
2、集包括钢铁建筑等行业的国有行业并购国内外新资产以积极发挥在经济中的作用。2、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 privatizedin telecoms, equ
3、ipment markets are open to foreigners, because they bring capital and expertise that eventually trickles down to local firms, like the now internationally competitive Huawei. But the more lucrative services market is still run by authorities, who set prices on mobile-phone calls.这个这个平衡自由和管理市场中也能看到在关
4、键领域如金融服务、电信、公用事业和能源中用中国的方法来操纵价格和宏观经济控制。这些行业的一些部分私有化了，在电信、设备市场都对外国人开放,因为他们带来最终惠及当地公司的资本和专业知识,像现在的有国际竞争力的华为。但是更有利可图的服务市场仍由给移动电话定价的当局经营。3、But change is upon us. The developed world of the haves is struggling to restart growth and preserve welfare states, while the world of the once have-nots has surged
5、 out of the downturn. Big emerging economics like China and Indian have discovered new sources of domestic demand.但是变化已经来临。发达国家的富人正在努力重启增长和维持福利国家,而世界上的穷人一旦经济猛增走出低迷。像中国和印度这样大的新兴经济体已经发现了国内需求的新来源。4、As billions of poor people become more prosperous, they will be able to afford the comforts their counter
6、parts in the rich world have long considered the normal appurtenances of life.由于数以亿计的穷人更繁荣,他们将能够负担得起那些他们同行在发达国家长期以来认为是生活附属物的享受。5、China is tired of being lectured to by those who seem unable to manage their own economics particularly well. U.S. politicians, with an ear to their constituents, are lobb
7、ying for protective tariffs if China does not allow its currency appreciate.中国厌倦了被那些似乎无法将自己的经济管理的特别好的国家说教。如果中国不允许其货币升值的话，那些密切关注选民意向的美国政客将游说政府征收保护性关税,6、Yet the unmediated rift between countries, each desperate to preserve its edge in the global economic game, is not even the most serious division tha
8、t policymakers have to contend with. That, rather, is what the WEFs Global Risks calls economic disparity.然而无中介的成员国之间的裂痕,每个都渴望保持其在全球经济游戏中的优势,甚至不是政策制定者必须面对的最严重的部门。相反,是世界经济论坛全球风险经济差距的调用。7、But this particular recession was triggered by a financial crisis that damaged the financial systems ability to ch
9、annel savings to productive investment and left consumers and businesses struggling with surplus buildings, equipment and debt accumulated in the boom. Recovery after that kind of crisis is often slow and weak, and indeed some nine months into the upturn GDP has probably grown at an annual rate of l
10、ess than 4%. Unemployment is well up throughout the country (see map), though it declined slightly in February.但是由于本次经济萧条是由金融危机引发的，后者严重削弱了金融体制有效分流投资的能力，使消费者和企业在经济繁荣期积累下的多余建筑、装备和债务中费力挣扎。这样的经济危机之后的复苏通常缓慢无力，实际上经济复苏大约九个月后GDP的年增长率仍在4%的水平。失业率在全国范围内突飞猛进，尽管二月曾有小幅下降。 8、For the present the rise of knowledge-i
11、ntensive global industries favors centers rich in infrastructure and specialized skills. 现在全球范围内不断崛起的知识密集型产业更加青睐那些拥有优良基础设施和熟练专业技能的城市中心。 9、“Theres a world view that the United States is the consumer of the world and emerging markets are the producer,” says Bruce Kasman, chief economist at JPMorgan Ch
12、ase. “That has changed.” He reckons that America will account for just 27% of global consumption this year against emerging markets 34%, roughly the reverse of their shares eight years ago. “以前有一种观点，即美国是世界消费者而新兴市场是制造商，”摩根大通首席经济学家Bruce Kasman如是说。“但这种情形已经改变了。”他认为美国今年仅会在全球消费中占到27%的比重，而新兴市场会占34%，这与八年前的情
13、形刚好相反。 10、Start with history. The modern conception of a united Europe was born in the embers of World War 2 and rested upon the notion that binding Germanys fortunes to those of France and the rest of Europe could end the violence that had regularly engulfed the continent for centuries. Judged by t
14、hat measure the EU has worked out fine.以历史为开端。现代意义上的一个统一的欧洲出生于二战的余烬之中，基于将德国的命运与法国和欧洲其他国家联合在一起的概念可以结束定期吞没了大陆几个世纪的暴力。依据这个措施欧盟已经解决的很好了。 11、While Japan suffers from many problems, most prominently the rapid graying of its society, it is this decline of a once wealthy and dynamic nation into a deep socia
15、l and cultural rut that is perhaps Japans most ominous lesson for the world today.而日本存在许多问题,最突出的快速老龄化的社会,正是这种下降使一个曾经富有的和动态的国家社会和文化陷入了深深的车辙，这也许是日本对于如今的世界最不祥的教训。12、Japan has already created an entire generation of young people who say they have given up on believing that they can ever enjoy the job st
16、ability or rising living standards that were once considered a birthright here。日本已经创造了整整一代声称已经放弃相信他们能享受工作稳定或不断上升的生活水平的年轻人，而这些享受曾被认为是一种与生俱来的权利。13、It helps to start with a clear-eyed view of Smoot-Hawley itself, which was just one of many mistakes committed by Depression-era policy-makersand not the m
17、ost consequential of them. If we want to avoid the sort of destructive, beggar-thy-neighbor trade wars that contributed to bringing down the world economy in the 1930s, we have to draw the right lessons from this chapter of our history.它有助于以斯穆特-霍利税法本身有远见的观点为开始,这不是大萧条时期政策制定者犯下的许多错误中最重要的一个。如果我们想避免那种具有
18、破坏性的,以邻为壑的在1930年代导致世界经济下降的贸易战争, 我们必须从我们历史的这一章中吸取正确的教训。14、Countries that clung to the gold standard were forced to maintain tight monetary policies. Because they could not print money to counteract the deflationary forces that had taken hold of the world economy, they imposed higher tariffs, import q
19、uotas and exchange controls to restrict imports.坚持金本位制的国家被迫保持紧缩的货币政策。因为他们不能通过印钞票来抵消影响世界经济的贬值压力,他们开始通过提高关税、进口配额、外汇管制来限制进口。15、The great concern is that an expansionary monetary policy will lead to uncontrolled inflation, destroying faith in the dollar. Similar sentiments were expressed in the 1930s by
20、 advocates of sound money who opposed going off the gold standard. Such fears may be justified in ordinary times of full employment, but when there is considerable slack in the economy and unemployment remains high, monetary policy can help to raise output before it leads to higher prices.一个很大的担忧是,扩
21、张性的货币政策将导致无法控制的通货膨胀,并摧毁美元的信誉。类似的情绪在1930年代由反对放弃金本位制主张“稳健货币”的倡导者表达过。这种担忧在平时充分就业时可能被认为是合理的,但当有经济大萧条和居高不下的失业率时,货币政策有助于在它导致更高的价格水平之前增加产出。16、With 275 retail stores in nine countries, a 73% share of the U.S. MP3 player market, and the undisputed leadership position in innovation when it comes to mobile pho
22、nes, Apple and its CEO are no ones idea of underdogs anymore.苹果在9个国家开设了275家零售店,在美国MP3播放器市场占有73的份额,自从推出移动手机（iPhone）之后,它又无可争议地确立了它在创新上的领袖地位.苹果和她的CEO不再是毫无想法的失败者。17、Jobs was initially mum as well about a stock options backdating scandal that embroiled the companys former finance chief and general counse
23、l. In an eventual SEC filing, Apple said Jobs was aware that the company had adjusted option grant dates so that the grants were more profitable for employees. Jobs apologized for the backdating, calling the episode “completely out of character for Apple”.对于那起将苹果前首席财务官和法律顾问都牵连进去的股票期权倒填日期丑闻,乔布斯一开始保持沉
24、默态度.在最后提交给证券交易委员会的文件中,苹果承认乔布斯在这件事上是知情的.为此,乔布斯公开发表了道歉,并且声称这个小插曲绝非苹果的本性. 18、The investment-banking industry was further constrained during the Depression of the 1930s, when Wall Street firms such as that founded by Morgan were split into commercial banks and securities houses. The lattertodays investm
25、ent banksunderwrite stocks and bonds and advise companies on mergers and acquisitions, rather than collect deposits and make loans.在上个世纪30年代的大萧条（the Depression of the 1930s）期间投资银行业受到进一步的抑制，华尔街的许多公司（比方说摩根创立的公司）被拆分为商业银行和证券交易所。后者即今天的投资银行，它承销股票和债券，并就企业合并和收购事宜为公司提供咨询服务，而不经营存、贷款业务。19、The opening up of Asi
26、an economies has brought down the price of traded goods, helping to fight inflation. Meanwhile, high savings rates in that part of the world, combined with ageing populations in the West, have helped to push up demand for long-term investment instruments such as bonds.亚洲经济的发展降低了贸易商品的价格，也有助于抑制通货膨胀。同时
27、，亚洲地区的高储蓄率和西方老龄化的人口都推动了对债券这类长期投资工具需求的增加。20、Given the markets increasing complexity, how do investment banks manage the growing risks they face? There are lots of things they need to do, from finding enough brainboxes capable of handling the intricate assets being created to measuring the correlation
28、s between instruments that are supposed to spread risk but may do the opposite if liquidity dries up. It is mildly reassuring that hardly a week goes by without regulators in the worlds main markets pressing the industry to improve its risk-management techniquesbut rather worrying that the same regulators pay considerably less attention to where the risk may end up.鉴于这些市场的复杂性不断增加，投资银行如何才能应付它们所面对的不断增加的风险？它们必须做许多事情，一件事就是要找到足够的处理创造出的复杂资产的智囊，还有一件就是要衡量用于分散风险但也许在流动性枯竭之后产生相反效果的金融工具之间的相互关系。稍微有点让人放心的是：没有哪个星期世界主要市场的监管者不敦促该行业改善风险管理技术。但让人很担心的是：上述的这些监管者却不太关注风险会在哪里结束。
