I. Phrase TranslationA) 英译汉：从10个terms里面挑5个translate and define them briefly in Chinese (共15分，一个3分）

1 added value tax

增值税 ?

增值税是以商品（含应税劳务）在流转过程中产生的增值额作为计税依据而征收的一种流转税。从计税原理上说，增值税是对商品生产、流通、劳务服务中多个环节的新增价值或商品的附加值征收的一种流转税。实行价外税，也就是由消费者负担，有增值才征税没增值不征税。

2 annual financial report

年度财务报告

年度财务报告是指年度终了对外提供的财务报告。通常将半年度，季度和月度财务报告统称为中期财务会计报告。年度财务报告作为综合反映企业单位年末财务状况、全年经营成果和现金流量的报告，在沟通企业单位管理层与财务会计报告使用者之间起着十分重要的桥梁作用。

3 bull market

牛市，旺市；多头市场。

牛市，旺市指交易旺盛的市场形势，和”淡市’相对。

多头市场又称买空市场，是指股价的基本趋势持续上升时形成的投机者不断买进证券，需求大于供给的市场现象。

4 law of diminishing marginal returns

边际收益递减规律

又称边际效益递减规律，或边际产量递减规律，指在短期生产过程中，在其他条件不变（如技术水平不变）的前提下，增加某种生产要素的投入，当该生产要素投入数量增加到一定程度以后，增加一单位该要素所带来的效益增加量是递减的，边际收益递减规律是以技术水平和其他生产要素的投入数量保持不变为条件的条件下进行讨论的一种规律。

5 angel investment

天使投资

是权益资本投资的一种形式，是指富有的个人出资协助具有专门技术或独特概念的原创项目或小型初创企业，进行一次性的前期投资。 它是风险投资的一种形式，在根据天使投资人的投资数量以及对被投资企业可能提供的综合资源进行投资。

6 capital turnover

资本周转

资本周转指不断重复、周而复始的资本循环过程。资本必须在运动中才能实现其价值增殖，这种运动不能孤立地循环一次便停下来，而必须持续不断地周期性地进行。产业资本连续不断、周而复始的循环。资本必须在运动中才能实现其价值增值，这种运动不能孤立地循环一次便停下来，而必须持续不断地周期性地进行。这样的资本循环，叫做资本周转。

7 butterfly effect

蝴蝶效应

蝴蝶效应是指在一个动力系统中，初始条件下微小的变化能带动整个系统的长期的巨大的连锁反应。这是一种混沌现象。任何事物发展均存在定数与变数，事物在发展过程中其发展轨迹有规律可循，同时也存在不可测的“变数”，一个微小的变化能影响事物的发展，说明事物的发展具有复杂性。

8 calling center

呼叫中心

呼叫中心是充分利用现代通讯与计算机技术，如IVR（交互式语音800呼叫中心流程图应答系统）、ACD（自动呼叫分配系统）等等，可以自动灵活地处理大量各种不同的电话呼入和呼出业务和服务的运营操作场所。呼叫中心在企业应用中已经逐渐从电话营销中心向着CTI（计算机通信集成）综合呼叫中心转变，已经将电话、计算机、互联网等多种媒介综合应用于营销、服务等等多项工作当中。呼叫中心就是在一个相对集中的场所，由一批服务人员组成的服务机构，通常利用计算机通讯技术，处理来自企业、顾客的垂询与咨询需求。以电话咨询为例，具备同时处理大量来话的能力，还具备主叫号码显示，可将来电自动分配给具备相应技能的人员处理，并能记录和储存所有来话信息。一个典型的以客户服务为主的呼叫中心可以兼具呼入与呼出功能，当处理顾客的信息查询、咨询、投诉等业务的同时，可以进行顾客回访、满意度调查等呼出业务。

9 SWOT analysis

四点（优势、劣势、机会、威胁）分析

SWOT分析方法是一种企业内部分析方法，即根据企业自身的既定内在条件进行分析，找出企业的优势、劣势及核心竞争力之所在，从而将公司的战略与公司内部资源、外部环境有机结合。其中，S代表strength(优势)，W代表weakness(弱势)，O代表opportunity(机会)，T代表threat(威胁)，其中，S、W是内部因素，O、T是外部因素。按照企业竞争战略的完整概念，战略应是一个企业“能够做的”（即组织的强项和弱项）和“可能做的”（即环境的机会和威胁）之间的有机组合。 意义：帮您清晰地把握全局，分析自己在资源方面的优势与劣势，把握环境提供的机会，防范可能存在的风险与威胁，对我们的成功有非常重要的意义。

10 business model

商业模式

商业模式，是管理学的重要研究对象之一， MBA、EMBA等主流商业管理课程均对“商业模式”给予了不同程度的关注。在分析商业模式过程中，主要关注一类企业在市场中与用户、供应商、其他合作伙伴的关系，尤其是彼此间的物流、信息流和资金流。

B) 汉译英：从10个terms里面挑5个translate and define them briefly in? English(共15分，一个3分）

1 联合国贸发会议

United Nations Conference on Trade and Development（UNCTAD)

Established in 1964, the United Nations Conference on Trade and Development (UNCTAD) promotes the development-friendly integration of developing countries into the world economy. UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development, with a particular focus on ensuring that domestic policies and international action are mutually supportive in bringing about sustainable development.

或者

The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. The organization’s goals are to: “maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.”The primary objective of UNCTAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. The conference ordinarily meets once in four years; the permanent secretariat is in Geneva.

2 普惠制

Generalised System of Preferences（GSP)

The Generalized System of Preferences, or GSP, is a preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organization (WTO), (formerly, the General Agreement on Tariffs and Trade or GATT). Specifically, it’s a system of exemption from the most favored nation principle (MFN) that obliges WTO member countries to treat the imports of all other WTO member countries no worse than they treat the imports of their “most favored” trading partner. In essence, MFN requires WTO member countries to treat imports coming from all other WTO member countries equally, that is, by imposing equal tariffs on them, etc.GSP exempts WTO member countries from MFN for the purpose of lowering tariffs for the least developed countries, without also lowering tariffs for rich countries

3 北美自由贸易协定

North American Free Trade Agreement（NAFTA)

The North American Free Trade Agreement (NAFTA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral rules-based trade bloc in North America. The agreement came into force on January 1, 1994.It superseded the Canada–United States Free Trade Agreement between the U.S. and Canada. NAFTA has two supplements: the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC).In terms of combined purchasing power parity GDP of its members, as of 2013 the trade bloc is the largest in the world as well as by nominal GDP comparison.

4 口碑

word of mouth，public praise

Word of mouth is the passing of information from person to person by oral communication, which could be as simple as telling someone the time of day. Storytelling is a common form of word-of-mouth communication where one person tells others a story about a real event or something made up. Oral tradition is cultural material and traditions transmitted by word of mouth through successive generations. Storytelling and oral tradition are forms of word of mouth that play important roles in folklore and mythology. Another example of oral communication is oral history—the recording, preservation and interpretation of historical information, based on the personal experiences and opinions of the speaker. Oral history preservation is the field that deals with the care and upkeep of oral history materials collected by word of mouth, whatever format they may be in.

5 汇票

bill of exchange

A bill of exchange or “draft” is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque (check in American English), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. Prior to the advent of paper currency, bills of exchange were a common means of exchange. They are not used as often today.

6 倾销

dumping

In economics, “dumping” is a kind of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price either below the price charged in its home market or below its cost of production.

7利基营销

niche marketing

Niche marketing is marketing a product or service in a small portion of a market that is not being readily served by the main stream product or service providers. Nearly everything we take for granted –from the fast food chains, convenience stores, even Wal-Mart–began as a business to fill perceived voids in the market place. These “niches” can be geographic areas, a specialty industry, a demographic or ethnic group, a specific gender group, or other special group of people.

8 特许经营

Franchising

Franchising is the practice of the right to use a firm’s successful business model and brand for a prescribed period of time. The word “franchise” is of Anglo-French derivation—from franc, meaning free—and is used both as a noun and as a (transitive) verb.For the franchiser, the franchise is an alternative to building “chain stores” to distribute goods that avoids the investments and liability of a chain. The franchisor’s success depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business. Essentially, and in terms of distribution, the franchisor is a supplier who allows an operator, or a franchisee, to use the supplier’s trademark and distribute the supplier’s goods. In return, the operator pays the supplier a fee. Thirty three countries—including the United States and Australia—have laws that explicitly regulate franchising, with the majority of all other countries having laws which have a direct or indirect impact on franchising.

9市场细分

market segmentation

Market segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries who have common needs and priorities, and then designing and implementing strategies to target them. Market segmentation strategies may be used to identify the target customers, and provide supporting data for positioning to achieve a marketing plan objective. Businesses may develop product differentiation strategies, or an undifferentiated approach, involving specific products or product lines depending on the specific demand and attributes of the target segment.

10对等贸易

counter trade

Counter trade means exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money. A monetary valuation can however be used in counter trade for accounting purposes. In dealings between sovereign states, the term bilateral trade is used. OR “Any transaction involving exchange of goods or service for something of equal value.”

II Passage Translatron (120 points)Section One: Translate the following English passage into Chinese. Write your answers on the ANSWER SHEET (60 points).

When You Move, I Move: Increasing Synchronization Among Asia’s Economies

In recent decades, trade integration within Asia has increased more than in other regions. In valued-added terms, intraregional trade grew on average by over 10 percent a year from 1990 to 2012, twice the pace seen outside of Asia. Likewise, financial integration within the region has started to catch up, although it still lags behind trade integration. Concomitantly, business cycles in Asia have become steadily more synchronized over the past two decades, with the correlation between ASEAN economies’ growth rates almost reaching the very high levels seen within the Euro Area.

As outlined in the IMF Asia and Pacific Department’s latest Regional Economic Outlook, these facts are related. Namely, increases in trade and financial integration have strengthened the propagation of growth shocks between regional partners, leading Asian economies to move more in lockstep. One driver of this synchronization of business cycles has been the increase in size and connectedness of China’s economy. Looking ahead, we expect regional integration agenda and a bigger China to further increase spillovers and growth co-movement across the region. Greater international cooperation, particularly regional and global financial safety nets, can help countries respond to the associated risk of more synchronized, sharper downturns, and thereby help Asia make the most of greater regional integration.

Trade integration has been an important synchronizing force for Asian business cycles

On the trade side, our study brings a novel finding: what makes two economies co-move—by propagating shocks across borders—is the intensity of their bilateral trade in value-added terms, not in gross terms. The iPhone supply chain example illustrates why this makes sense: although China exports the product to the US, its domestic firms add only a small fraction of the overall value added, so that gross exports vastly over-estimate the dependence of the Chinese economy on final demand from American consumers. The reverse holds for Korea or Taiwan POC, which reap sizeable value added through exports of components to China even though they don’t export any iPhones to the US. Overall, the trend increase in the value-added traded between Asian economies over the past two decades has accounted for around one-quarter of the concomitant increase in business cycle synchronization across the region.

Financial integration has been a more ambivalent force. Across the world, it has magnified the impact on business cycle synchronization of large global shocks like the global financial crisis, as global banks pulled funds back across the board. But in normal times, it has lowered synchronization somewhat, possibly by facilitating international reallocation of capital when a shock hits one country. However, this has been less of a factor in Asia, where cross-border financial claims and flows have so far been comparatively small.

参考译文：亦步亦趋：亚洲经济体的同步性不断增强

近几十年来，亚洲贸易一体化的步伐大于其他地区。以增加值计算，1990年至2012年，亚洲区域内贸易平均每年增长10%以上，增速是亚洲之外地区的两倍。同样，该地区的金融一体化也开始赶超，但仍落后于贸易一体化。伴随而来的是，过去二十年里，亚洲地区的商业周期的同步性稳步上升，东盟各经济体增长率的关联度几乎达到了欧元区内的极高水平。

正如基金组织亚太部最新一期《地区经济展望》所述，上述情况是相互关联的，即，贸易与金融一体化的发展推动了区域伙伴之间增长冲击的传播，导致亚洲经济体的步伐愈发一致。中国经济的规模扩大和对外关联度增强是商业周期同步化的一个驱动因素。展望未来，我们预计区域一体化行动和中国的发展将进一步加强该地区的溢出效应和增长联动性。加强国际合作，尤其是区域和全球金融安全网方面的合作，有助于各国应对更同步的、更急剧的经济下滑风险，进而使亚洲能从深化区域一体化中获得最大的收益。

贸易一体化是亚洲商业周期同步化增强的重要驱动因素

在贸易方面，我们的研究得出了一个新颖的观点，即，导致两个经济体（通过跨境传播冲击进行）联动的因素是以增加值衡量的双边贸易规模，而非总值衡量的规模。苹果手机供应链的例子可以很好地解释这个道理。虽然中国向美国出口产品，但国内企业获得的增加值仅为总体增加值的一小部分，因此按总出口来衡量的话会大大高估中国经济对美国消费者最终需求的依赖性。韩国或中国台湾的情况则正相反：即便他们不向美国出口任何苹果手机，但可通过向中国出口配件来获取丰厚的增加值。总体上来看，亚洲商业周期同步性的增幅中，约有四分之一是因为过去二十年里亚洲经济体之间贸易增加值的趋势增长。

金融一体化则是一股更具矛盾的力量。在全球范围内，由于危机期间全球性银行全面收回资金，金融一体化加剧了诸如国际金融危机这种大规模全球冲击对商业周期同步性的影响。但在正常时期，金融一体化导致同步性有所下降，其途径可能是：在冲击影响某一国时，金融一体化会促进资本在全球的再分配。然而，金融一体化对亚洲的影响不大，因为该地区跨境金融债权和流动的规模至今相对较小。

Section Two: Translate the following Chinese passage into English. Write your answers on the ANSWER SHEET (60 points).

我国人口老龄化对经济增长的潜在影响

理论研究认为, 老龄化会减少劳动力供给, 降低社会储蓄率, 导致产出和资本形成能力下降, 最终影响经济增长。同时, 发达国家的实际表明, 随着人口老龄化, 养老费用及人均医疗费用均会大幅上升, 加重政府财政负担。

与发达国家“富老同步冶或者“先富后老冶相比, 我国人均收入水平仍然较低, 属于明显的“未富先老冶, 对经济增长的影响日益明显。一是未来劳动力供给减少和成本上升, 将不利于企业尤其是劳动密集型企业发展。二是老年抚养比淤上升将影响居民储蓄数量和储蓄倾向, 并通过降低企业利润间接影响企业储蓄行为。储蓄下降将减少投资资金来源, 并影响资金价格。三是加重财政支出负担。与发达国家相比, 我国社会保障水平较低, 养老保险和医疗保险面临资金紧张、覆盖面窄等问题, 许多地方存在养老金缺口。随着我国社会保障体系逐渐完善, 养老金水平不断提高, 医疗保障覆盖面扩大, 未来老龄化所带来的财政支出将大幅增长, 财政压力随之增大。

人口老龄化将是我国需要面对的一个长期问题, 应加快采取相关应对措施, 继续推进新型城镇化建设和区域经济协调发展, 进一步推动农村剩余劳动力的转移和就业。加大人力资本投入, 提高劳动者素质。大力促进科技创新, 实现产业结构优化升级, 通过技术进步来弥补劳动力优势的逐步丧失。加快健全社会保障体系, 继续扩大养老保险和医疗保险覆盖面,逐步提高社会保障水平。

参考译文：The Potential Impact of China’s Aging Population on Its Economic Growth

Theoretical studies suggest that aging population will reduce labor supply, reduce the social saving rate, result in reduced output and capital formation, and ultimately affect economic growth. Meantime, the experiences of developed countries show that with aging population, expenditure for the elder and per capital health care will rise sharply, adding to the fiscal burden.

Compared with “synchronization of getting rich and becoming an aged society” or “becoming a rich society before getting older”, China’s per capita income is still relatively low, and China’s situation belongs to “becoming an aged society before getting rich”, and its impact on economic growth is increasingly evident. First, in the future, declining labor supply and rising labor cost will have a negative impact on the corporate sector, especially labor-intensive enterprises. Second, the rising elder dependency ratio will affect households’saving amount and the propensity to save, and indirectly affect corporate saving behaviors by depressing corporate profits. The decline in savings will reduce the source of investment funds, and in turn affect the price of funds. Third, aging population will add to fiscal burden. Compared with developed countries, China’s social security level is relatively low, both the pension funds and medical insurance system face the problems of insufficient funding and inadequate coverage, and there are shortfalls in many localities. As China’s social security system is gradually improved, the level of pensions continues to rise, and the health insurance coverage expands, in the future fiscal expenditures resulting from aging population will grew rapidly, adding to increasing fiscal pressures.

Since population aging is a long-term issue in China, measures should be taken continuously to promote urbanization and balanced regional economic development, and to facilitate the transfer and reemployment of surplus labor in the rural area. Furthermore the following measures should be taken: increase human capital input, and improve labor quality; vigorously promote technological innovation and upgrade industrial structure to offset the gradual loss of labor advantage via technological progress; accelerate the building of the social security system, and continue to expand the coverage of pension funds and medical insurances to gradually upgrade the social security level.

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