经济学人

China in Laos

Busted flush

How a Sino-Lao special economic zone hit the skids

May 26th 2011 | BOTEN, LAOS | from the print edition

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Soon all this will be jungle again

AT HOME and abroad, China is a byword for fast-track development, where yesterday’s paddy field is tomorrow’s factory, highway or hotel. Less noticed is that such development can just as quickly go into reverse. Golden City, in Boten, just over the border from China in tiny Laos, is a case in point.

When a Hong Kong-registered company signed a 30-year, renewable lease with the Lao government in 2003 to set up a 1,640-hectare special economic zone built with mainland money and expertise, Golden City was touted as a

futuristic hub for trade and tourism. The builders promptly went to work, and a cluster of pastel blocks rose amid the green hills of northern Laos. Thousands of Chinese tourists and entrepreneurs poured into the enclave, drawn largely by the forbidden pleasures and profits of gambling, which is illegal in China, except in Macau. Today the main casino, inside a three-star hotel, lies abandoned, its baize tables thick with dust.

The trouble started in December, when Chinese gamblers found that the operators refused to let them leave until they had coughed up for betting losses. Officials from Hubei province apparently negotiated the release of several “hostages”, but many more continued to be held against their will. Accounts in the Chinese media say that casino recruiters lured gamblers with offers of free travel and hotel rooms, only to be kept captive and beaten when their credit ran out. Lao villagers swap grisly tales of corpses dumped in the river.

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Chinese authorities have since put the boot into Boten. In March the foreign ministry warned citizens not to gamble in Laos and accused Golden City of cheating its cross-border customers. It said it had demanded that Laos close down the casino. Last month the casino duly shut, and the smaller gaming halls have since gone too. The 232-room hotel, which is almost empty, will be next.

Most shop and restaurant owners have packed up and left, as have the Thai transvestite show and the legions of prostitutes. Stricter visa rules for Chinese tourists have added to the squeeze. A Lao policeman, who admits to having nothing to do, puts the town’s dwindling population at 2,000, down from 10,000 at its peak. The enclave’s economy seems to have collapsed just as the builders hit their stride with a new high-rise hotel and a shopping centre bristling with columns in the classical style.

Golden City says it has pumped $130m into the project’s first phase, including funds from outside investors. A company official, Ginger He, puts a brave face on things, arguing that the slump is a chance to rebrand the enclave as a wholesome tourist destination and import-export zone. She blames the bad publicity on shady Chinese concessionaires who ran the card games in the casino—as if the company had expected angels. Golden

City has since declared force majeure to revoke its contracts. Investors might wish to sue under Lao law. But Miss He points out that China had ordered Laos to close the casino. “Little brother cannot fight with big brother,” she says.

At the best of times, cross-border casinos are risky investments, since China often cracks down on outbound gamblers. Warlords in Myanmar have previously felt the consequences, with gambling dens left to rot in the jungle after borders grew tighter. Business folk in Boten say the action may have moved to casinos elsewhere in Laos and Myanmar. A Macau-based company has recently completed a giant riverside casino in the so-called Golden Triangle, where Laos meets Thailand and Myanmar.

But Golden City was supposed to represent more than just a fast buck. The developers persuaded Laos of the benefits of allowing a Chinese-run enclave. Its residents, they said, would “form a huge community and a modern society”, in the words of their brochure. The zone also took on some of the trappings of the Chinese state, including uniformed security guards, development slogans and even the Chinese currency. This gave the false impression that it enjoyed official backing. Instead, it became an irritant that Beijing had to put in its place.

from the print edition | Asia

Economics focus

Drain or gain?

Poor countries can end up benefiting when their brightest citizens emigrate

May 26th 2011 | from the print edition

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WHEN people in rich countries worry about migration, they tend to think of low-paid incomers who compete for jobs as construction workers, dishwashers or farmhands. When people in developing countries worry about migration, they are usually concerned at the prospect of their best and brightest decamping to Silicon Valley or to hospitals and universities in the developed world. These are the kind of workers that countries like Britain, Canada and Australia try to attract by using immigration rules that privilege college graduates.

Lots of studies have found that well-educated people from developing countries are particularly likely to emigrate. By some estimates,

two-thirds of highly educated Cape Verdeans live outside the country. A big survey of Indian households carried out in 2004 asked about family members who had moved abroad. It found that nearly 40% of emigrants had more than a high-school education, compared with around 3.3% of all Indians over the age of 25. This “brain drain” has long bothered policymakers in poor countries. They fear that it hurts their economies, depriving them of much-needed skilled workers who could have taught at their universities, worked in their hospitals and come up with clever new products for their factories to make.

Many now take issue with this view (see article). Several economists reckon that the brain-drain hypothesis fails to account for the effects of remittances, for the beneficial effects of returning migrants, and for the possibility that being able to migrate to greener pastures induces people to get more education. Some argue that once these factors are taken into account, an exodus of highly skilled people could turn out to be a

net benefit to the countries they leave. Recent studies of migration from countries as far apart as Ghana, Fiji, India and Romania have found support for this “brain gain” idea.

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The most obvious way in which migrants repay their homelands is through remittances. Workers from developing countries remitted a total of $325 billion in 2010, according to the World Bank. In Lebanon, Lesotho, Nepal, Tajikistan and a few other places, remittances are more than 20% of GDP.

A skilled migrant may earn several multiples of what his income would have been had he stayed at home. A study of Romanian migrants to America found that the average emigrant earned almost $12,000 a year more in America than he would have done in his native land, a huge premium for someone from a country where income per person is around $7,500 (at market exchange rates).

It is true that many skilled migrants have been educated and trained partly at the expense of their (often cash-strapped) governments. Some argue that poor countries should therefore rethink how much they spend on higher education. Indians, for example, often debate whether their government should continue to subsidise the Indian Institutes of Technology (IITs), its elite engineering schools, when large numbers of IIT graduates end up in Silicon Valley or on Wall Street. But a new study of remittances sent home by Ghanaian migrants suggests that on average they transfer enough over their working lives to cover the amount spent on educating them several times over. The study finds that once remittances are taken into account, the cost of education would have to be 5.6 times the official figure to make it a losing proposition for Ghana.

There are more subtle ways in which the departure of some skilled people may aid poorer countries. Some emigrants would have been jobless had they stayed. Studies have found that unemployment rates among young people with college degrees in countries like Morocco and Tunisia are several

multiples of those among the poorly educated, perhaps because graduates are more demanding. Migration may lead to a more productive pairing of people’s skills and jobs. Some of the benefits of this improved match then flow back to the migrant’s home country, most directly via remittances.

The possibility of emigration may even have beneficial effects on those who choose to stay, by giving people in poor countries an incentive to invest in education. A study of Cape Verdeans finds that an increase of ten percentage points in young people’s perceived probability of emigrating raises the probability of their completing secondary school by around eight points. Another study looks at Fiji. A series of coups beginning in 1987 was seen by Fijians of Indian origin as permanently harming their prospects in the country by limiting their share of government jobs and political power. This set off a wave of emigration. Yet young Indians in Fiji became more likely to go to university even as the outlook at home dimmed, in part because Australia, Canada and New Zealand, three of the top destinations for Fijians, put more emphasis on attracting skilled migrants. Since some of those who got more education ended up staying, the skill levels of the resident Fijian population soared.

Passport to riches

Migrants can also affect their home country directly. In a recent book about the Indian diaspora, Devesh Kapur of the University of Pennsylvania argues that Indians in Silicon Valley helped shape the regulatory structure for India’s home-grown venture-capital industry. He also argues that these people helped Indian software companies break into the American market by vouching for their quality. Finally, migrants may return home, often with skills that would have been hard to pick up had they never gone abroad. The study of Romanian migrants found that returnees earned an average of 12-14% more than similar people who had stayed at home. Letting educated people go where they want looks like the brainy option.

Articles and books referred to in this piece:

“Diaspora, Democracy and Development” by Devesh Kapur, Princeton University Press, 2010

“The Returns to the brain drain and brain circulation in sub-Saharan

Africa: Some computations using data from Ghana”, by Yaw Nyarko, NBER Working Paper 16813, February 2011

“Testing the ‘Brain Gain’ Hypothesis: Micro Evidence from Cape Verde” by Catia Batista, Aitor Lacuesta and Pedro C. Vicente. IZA DP No. 5048, July 2010

“The selection of migrants and returnees: Evidence from Romania and its implications” by J. William Ambrosini, Karin Mayr, Giovanni Peri and Dragos Radu. NBER Working Paper 16912, March 2011.

“Skilled emigration and skill creation: A quasi-experiment“ by Satish Chand and Michael A.Clemens. Center for Global Development working paper.

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What went wrong IN RECENT months many economists and policymakers, including such unlikely bedfellows as Paul Krugman, an economist and New York Times columnist, and Hank Paulson, a former American treasury secretary, have put “global imbalances”—the huge current-account surpluses run by countries like China, alongside America’s huge deficit—at the root of the financial crisis. But the IMF disagrees. It argues, in new papers released on Friday March 6th, that the “main culprit” was deficient regulation of t he financial system, together with a failure of market discipline. Olivier Blanchard, the IMF's chief economist, said this week that global imbalances contributed only “indirectly” to the crisis. This may sound like buck-passing by the world’s main interna tional macroeconomic organisation. But the distinction has important consequences for whether macroeconomic policy or more regulation of financial markets will provide the solutions to the mess. In broad strokes, the global imbalances view of the crisis argues that a glut of money from countries with high savings rates, such as China and the oil-producing states, came flooding into America. This kept interest rates low and fuelled the credit boom and the related boom in the prices of assets, such as houses and equity, whose collapse precipitated the financial crisis. A workable long-term fix for the problems of the world economy would, therefore, involve figuring out what to do about these imbalances. But the IMF argues that imbalances could not have caused the crisis without the creative ability of financial institutions to develop new structures and instruments to cater to investors’ demand for higher yields. These instruments turned out to be more risky than they appeared. Investors, overly optimistic about continued rises in asset prices, did not look closely into the nature of the assets that they bought, preferring to rely on the analysis of credit-rating agencies which were, in some cases, also selling advice on how to game the ratings system. This “failure of market discipline”, the fund argues, played a big role in the crisis. As big a problem, according to the IMF, was that financial regulation was flawed, ineffective and too limited in scope. What it calls the “shadow banking system”—the loosely regulated but highly interconnected network of investment banks, hedge funds, mortgage originators, and the like—was not subject to the sorts of prudential regulation (capital-adequacy norms, for example) that applied to banks. In part, the fund argues, this was because they were not thought to be systemically important, in the sense that banks were understood to be. But their being unregulated made it more attractive for banks (whose affiliates the non-banks often were) to evade capital requirements by pushing risk into these entities. In time, this network of institutions grew so large that they were indeed systemically important: in the now-familiar phrase, they were “too big” or “too interconnected” to fail. By late 2007, some estimates of the assets of the bank-like institutions in America outside the scope of existing prudential regulation, was around $10 trillion, as large as the assets of the regulated American banking system itself. Given this interpretation, it is not surprising that the IMF has thrown its weight strongly behind an enormous increase in the scale and scope of financial regulation in a series of papers leading up to the G20 meetings. Among many other proposals, it wants the shadow banking system to be subjected to the same sorts of prudential requirements that banks must follow. Sensibly, it is calling for regulation to concentrate on what an institution does, not what it is called (that is, the basis of regulation should be activities, not entities). It also wants regulators to focus more broadly on

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2020考研：考研同源外刊《经济学人》最常用600个词汇(下)

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Autism? 自闭症 Why it's not “Rain Woman”? 为什么它不是“雨女” Women have fewer cognitive disorders than men do because their bodies are better at ignoring the mutations which cause them? 与男性相比，患有认知障碍的女性较少，因为她们自身的身体能更好的忽略导致认知障碍的基因突变 AUTISM is a strange condition. Sometimes its symptoms of “social blindness”(an inability to read or comprehend the emotions of others) occur alone. This is dubbed high-functioning autism, or Asperger's syndrome. Though their fellow men and women may regard them as a bit odd, high-functioning autists are often successful (sometimes very successful) members of society. On other occasions, though, autism manifests as part of a range of cognitive problems. Then, the condition is debilitating. What is common to those on all parts of the so-called autistic spectrum is that they are more often men than women —so much more often that one school of thought suggests autism is an extreme manifestation of what it means, mentally, to be male. Boys are four times more likely to be diagnosed with autism than girls are. For high-functioning autism, the ratio is seven to one.?

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经济学人：中国乡村教育 写在前面的话： 篇章阅读一直是高考英语拉分重点，也是同学们一直头疼的问题。对于阅读部分，同学们一方面要掌握答题技巧，扩充词汇量，另一方面也要拓展自己的阅读面，尤其是阅读一些外刊原文，体会英文地道表达和文章结构的呈现方式。虽然一开始会很难，但是长期坚持下去，阅读能力就会有质的提升！ 对于本资料的使用： 如果你是阅读一般，平时不能完全看懂文章，答题正确率较低的同学，先不要阅读原文，直接阅读每个段落的词汇详解部分，打好词汇基础。然后看每个段落的句子分析，再打开本文，进行阅读，回顾词汇及句子分析，感受原文风采。 如果你是阅读能力强，词汇储备量高，答题正确率高的同学，可直接阅读本篇外刊文章，挑战自己，尽最大能力去理解文章中的句子含义，了解文章大意。之后再看下面的词汇详细介绍，查缺补漏。如此，进一步提升自己的阅读能力，强化语言实力。 So, are you ready now ? Let's read it! 篇章总览 来源：本文来自经济学人2017.4.15. 主要内容：中国乡村教育现状。 语言特点：中国特色表达；高频中等词汇；写作亮点短语；固定搭配短语；熟词僻义。Rural education in China ：Separate and unequal Last year some images spread on the internet in China. They showed children descending an 800-metre (2,600-foot) rock face on rickety ladders made of vines, wood and rusty metal. Their destination: school. The photographer was told by a local official that "seven or eight" people had died after losing their grip. Yet the children did this regularly—there is no school at the top of the mountain in Sichuan province where they live. The photographs conveyed two striking aspects of life in the Chinese countryside: a hunger for education so strong that children will risk their lives for it, and a lack of government attention to the needs of rural students. In many ways, education in China is improving. Since 2000 the annual tally of students graduating from university has increased nearly eightfold, to more than 7.5 million. But many rural students are neglected by China's school system, and they are not the only ones. So too are the children of migrants who have moved to the cities from the countryside and poor students who want to go to senior high school. This is not only unfair; it is also counterproductive. China faces a demographic crunch: its workforce is shrinking and it can no longer depend on cheap, low-skilled migrant labour to

TheEconomist《经济学人》常用

1、绝对优势（Absolute advantage） 如果一个国家用一单位资源生产的某种产品比另一个国家多，那么，这个国家在这种产品的生产上与另一国相比就具有绝对优势。 2、逆向选择（Adverse choice） 在此状况下，保险公司发现它们的客户中有太大的一部分来自高风险群体。 3、选择成本（Alternative cost） 如果以最好的另一种方式使用的某种资源，它所能生产的价值就是选择成本，也可以称之为机会成本。 4、需求的弧弹性（Arc elasticity of demand） 如果P1和Q1分别是价格和需求量的初始值，P2 和Q2 为第二组值，那么，弧弹性就等于 -（Q1-Q2）（P1＋P2）/（P1-P2）（Q1＋Q2） 5、非对称的信息（Asymmetric information） 在某些市场中，每个参与者拥有的信息并不相同。例如，在旧车市场上，有关旧车质量的信息，卖者通常要比潜在的买者知道得多。 6、平均成本（Average cost） 平均成本是总成本除以产量。也称为平均总成本。 7、平均固定成本( Average fixed cost） 平均固定成本是总固定成本除以产量。 8、平均产品（Average product） 平均产品是总产量除以投入品的数量。 9、平均可变成本（Average variable cost） 平均可变成本是总可变成本除以产量。 10、投资的β(Beta） β度量的是与投资相联的不可分散的风险。对于一种股票而言，它表示所有现行股票的收益发生变化时，一种股票的收益会如何敏感地变化。11、债券收益(Bond yield） 债券收益是债券所获得的利率。 12、收支平衡图（Break－even chart） 收支平衡图表示一种产品所出售的总数量改变时总收 益和总成本是如何变化的。收支平衡点是为避免损失而 必须卖出的最小数量。 13、预算线(Budget line） 预算线表示消费者所能购买的商品X和商品Y的数量的 全部组合。它的斜率等于商品X的价格除以商品Y的价 格再乘以一1。 14、捆绑销售（Bundling） 捆绑销售指这样一种市场营销手段，出售两种产品的厂 商，要求购买其中一种产品的客户，也要购买另一种产 品。 15、资本（Capital） 资本是指用于生产、销售及商品和服务分配的设备、厂 房、存货、原材料和其他非人力生产资源。 16、资本收益（Capital gain） 资本收益是指人们卖出股票（或其他资产）时所获得的 超过原来为它支付的那一部分。 17、资本主义（Capitalism） 资本主义是一种市场体系，它依赖价格体系去解决基本 的经济问题：生产什么？如何生产？怎样分配？经济增 长率应为多少？ 18、基数效用(Cardinal utility） 基数效用是指像个人的体重或身高那样在基数的意义 上可以度量的效用（它意味着效用之间的差别，即边际 效用，是有意义的）。序数效用与它相反，它只在序数 的层面上才有意义。 19、卡特尔（Cartel） 卡特尔是指厂商之间为了合谋而签订公开和正式协议 这样一种市场结构形态。 20、科布一道格拉斯生产函数（Cobb-Douglas production function） 科布一道格拉斯生产函数是指这样的生产函数 Q=AL"IK"2 Mi3。式中，Q为产量；L为劳动的数量；K为资本的数 量；M为原材料的数量；A，31，12，23均为常数。 21、勾结（Collision） 勾结是指一个厂商和同业内其他的厂商签订有关价格、 产量和其他事宜的协议。 22、比较优势（Comparative advantage） 如果与生产其他商品的成本相比，一个国家生产的某种 产品的成本比另一个国家低，那么，该国就在这种商品 的生产上与另一个国家相比具有比较优势。 23、互补品（Complements） 如果X和Y是互补品，X的需求量就与Y的价格成反向 变化。 24、成本不变行业（Constant-cost industry） 成本不变的行业是指具有水平的长期供给曲线的行业， 它的扩大并不会引起投入品价格的上升或下降。 25、规模收益不变（Constant returns to scale） 如果所有投入品的数量都以相同的百分数增加，并导致 产量也以相同的百分数增加，就是规模收益不变的。 26、消费者剩余（Consumer surplus） 消费者剩余是指消费者愿意为某种商品或服务所支付 的最大数量与他实际支付的数量之差。 27、可竞争市场（Contestable market） 可竞争市场是指那种进入完全自由以及退出没有成本 的市场。可竞争市场的本质在于它们很容易受到打了就 1

0113期经济学人第一篇The digital proletariat

Free exchange 自由交易 The digital proletariat 数字无产阶级（无产阶级，不占有生产资料的阶级，这里意思我们产生数据，却无偿的交由互联网公司使用） 导读： Economists propose a radical solution to the problems posed byartificial intelligence 经济学家提出了一个彻底解决人工智能相关问题的方法。 正文： YOUhave multiple jobs, whetheryouknowitornot. 不管你有没有意识到，你身上都有多种生意。 Most begin first thing in the morning, when you pick up your phoneand begin generatingthe data thatmake up Silicon Valley’smost importantresource. 大多数生意在早晨开始，你拿起手机时就开始产生了数据。这些数据组成了硅谷最重要的资源 That, atleast, ishowwe oughtto think aboutthe role ofdata-creation in the economy, according to a fascinating new economics paper. 至少，这就是我们应该思考的：数据创造在经济里扮演怎样的角色，这是根据一篇很有吸引力的新经济文章提到的。

We are all digital labourers, helpingmake possible the fortunes generated by firms like Google andFacebook, the authors argue. 其中作者认为，我们就是所有数字的劳工，帮助像谷歌和脸书这样的公司创造财富。（fortunes命运，幸运，富有）Ifthe economy is to function properlyin the future—and ifa crisisoftechnological unemployment isto be avoided—we musttake accountofthis, and change the relationship between biginternetcompaniesand theirusers. 在未来经济运转良好的情况下，如果想要避免工业发展带来的失业危机，我们必须着眼于这件事情，并且改变大型互联网公司和他们用户之间的关系。 Artificial intelligence (AI) is getting better all the time, and stands poised totransform a host of industries, say the authors 作者说，人工智能势头一直越来越好，势必（准备）改变一大批工业。 But, in orderto learn to drive a carorrecognize a face, the algorithmsthatmake clever machines tick（滴答，拟声词，表示机器运作）mustusuallybe trained on massive amountsofdata. 但是，为了做到自动驾驶和人脸识别（主语是AI），使智能机器运作的法则必须经常用非常大量的数据进行测试。Internetfirms gather these data from users every time they click on aGoogle search result, say, orissue a command to Alexa.

经济学人科技类文章中英双语

The Brain Activity Map 绘制大脑活动地图 Hard cell 棘手的细胞 An ambitious project to map the brain is in the works. Possibly too ambitious 一个绘制大脑活动地图的宏伟计划正在准备当中，或许有些太宏伟了 NEWS of what protagonists hope will be America’s next big science project continues to dribble out. 有关其发起人心中下一个科学大工程的新闻报道层出不穷。 A leak to the New York Times, published on February 17th, let the cat out of the bag, with a report that Barack Obama’s administration is thinking of sponsoring what will be known as the Brain Activity Map. 2月17日，《纽约时报》刊登的一位线人报告终于泄露了秘密，报告称奥巴马政府正在考虑赞助将被称为“大脑活动地图”的计划。 And on March 7th several of those protagonists published a manifesto for the project in Science. 3月7日，部分发起人在《科学》杂志上发表声明证实了这一计划。 The purpose of BAM is to change the scale at which the brain is understood. “大脑活动地图”计划的目标是改变人们在认知大脑时采用的度量方法。 At the moment, neuroscience operates at two disconnected levels. 眼下，神经学的研究处在两个断开的层次。 The higher one, where the dimensions of features are measured in centimetres, has many techniques at its disposal, notably functional magnetic-res onance imaging, which measures changes in tissues’ fuel consumption. 在相对宏观的层次当中各个特征的规模用厘米来衡量，有很多技术可以使用，尤其是用来测量组织中能量消耗变动情况的核磁共振成像技术。 This lets researchers see which bits of the brain are active in particular tasks—as long as those tasks can be performed by a person lying down inside a scanner. 该技术可使研究人员找出在完成具体的任务时，大脑的哪些部分处于活跃状态。At the other end of the scale, where features are measured in microns, lots of research has been done on how individual nerve cells work, how messages are sent from one to another, and how the connections between cells strengthen and weaken as memories are formed. 而另一个度量的层次则要求用微米来测量各种特征，这一层次的研究很多都是关于单个神经细胞是如何工作的、信息在神经细胞之间是如何传递的以及当产生记忆的时候神经细胞之间的联系是如何得到加强和减弱的。 Between these two, though, all is darkness. 然而，位于这两个层次之间的研究还处于一片漆黑当中。 It is like trying to navigate America with an atlas that shows the states, the big cities and the main highways, and has a few street maps of local neighbourhoods, but displays nothing in between.

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