Guided by the principle of “seizing the current opportunity to deepen the reform and opening China wider to the outside world, promoting development and maintaining st ability”, the Chinese people worked hard with a united and pioneering spirit, achieving great success in the drive for socialist modernization.
Decisive strides were made in economic restructuring. The national economy continued to grow rapidly. The lives of the people improved, and the society maintained its stability. Our great motherland moved rapidly towards prosperity, grew steadily with each passing day, and took great strides along the road to socialism with Chinese characteristics. 3．根据建设社会主义市场经济体制的要求，我们对财税、金融、外汇、外贸、投资、价格和流通体制进行了重大改革。
In according with the requirement for establishing a socialist market economy system, we carried out important reforms in fiscal taxation, finance, foreign currency, foreign trade, investment, pricing and the circulation system.
As the whole nation worked in unison, the expected results were achieved. 5．这将对今后的改革和发展产生深远的影响。
These practices will exert a profound influence on reform and economic development in the future.
It remains a central task for the Chinese people to continue to advance the reform and opening, and the modernization drive.
We should correctly handle the relations between and among reform, development and stability, resolutely curb inflation and take concrete steps to strengthen agriculture.
We should further facilitate our reform, focusing on state enterprises. We should also continue to maintain the rapid and sound development of the economy and make greater efforts to promote socialist cultural and ideological progress, democracy and legal system, so as to promote overall social progress.
The current economic restructuring should focus on the reform of
state-owned enterprises, the pillars of our economy, plus the supporting reform of social security system. It also aims at strengthening and improving measures in reforming the macro-control system, further shifting the functions of the government, fostering a market system and pressing ahead in the direction of a socialist market economy.
We should continue to open to the outside world in all directions and focus on achieving better results.
We should work to maintain steady growth in foreign trade, improve the composition of export goods, raise their quality and grades.
We should vigorously promote export of mechanical and electrical products and complete sets of equipment, encourage the integration of industrial, technological and trade efforts, improve services and expand overseas markets.
We should rationalize the import mix and regulate the import of general goods, especially of high-grade consumer goods by means which conform to international practice.
We should formulate well-defined industrial policies to guide our orientation in foreign investment.
As the environment for investment continues to improve, we should follow the principle of selecting only the best of the competing offers for foreign business investment and further create the necessary conditions for the eventual practice of treating foreign-funded enterprises the same way as their Chinese counterparts, a practice which is compatible with international convention and which is necessary for establishing a socialist market economy in China.
In joint ventures, we need to evaluate the state’s assets, appraise imported technology and equipment, and protect, in accordance with the
law, the legitimate rights and interests of both Chinese and foreign investors as well as of employees.
17．继续办好经济特区和上海浦东新区，发挥开放城市、开放地带的积极作用。We should continue to develop the special economic zones and the Pudong New Area in Shanghai, giving full play to the role of open cities and areas. 18．这些地区要靠先进技术、集约化经营和产业结构升级，在发展外向型经济中创造新的优势。
All these open areas should make further progress in developing an export- oriented economy by application of advanced technologies and intensive management and by upgrading their industrial structure.
China will, as always, energetically develop multilateral and bilateral trade and economic relations with other countries on the basis of equality and mutual benefit. China is prepare to and should become a member state of the new World Trade Oganization.
1．No country today is more synonymous with economic growth, capital gains, and vast opportunities to make money than China.
2．Small investors are crowding into mutual funds that promise to grab some of China’s double-digit expansion.
3．American companies are directly investing an estimated $3.5 billion a year in factories and offices in China.
美国公司每年直接投资到中国工厂和公司的资金估计有 35 亿。
4．Talk about the turnaround.
5．Just a few years ago China’s investment potential was nil.
6．Today there are more than 50 dedicated China funds managing some $3 billion for institutional and individual investors in the West.
今天有超过 50 多家热诚尽职的中国公债基金管理公司，为西方机构和个人投资者经营着约 30 亿美元的资金。
7．You can invest in most of the funds either directly or through a US borker.
8．The stocks of Chinese state enterprises that have gone public can be bought through a broker too, though you may have to pay an extra fee if they are listed only on Chinese exchange and not in New York or Hong Kong.
9．The wave hasn't crested yet.
10．Within the past few months several big Asia infrastructure funds have been launched in New York and elsewhere, aimed at financing roads, bridges, and power plants in China as well as in other developing countries.
在过去的几个月里，一些亚洲大型基础设施公债已在纽约和其他地方上市，这些资金将用于建设中国以及其他发展中国家的道路、桥梁和发电厂。11．Consider this fact: Chinese consume 711 kilowatts of power per capita, vs. 11,333 per capita in U.S..
这是一个不容忽视的事实：中国人均用电仅为 711 千瓦，而美国人均用电却高达 11,333 千瓦。
12．The potential is enormous.
Then there’s t he growth.
14．China is the world’s largest consumer market, with 1.2 billion people whose incomes are rising rapidly.
中国是世界最大的消费市场，其 12 亿人口的收入正在迅速增长。
15．One study concludes that China has 60 million people who have per capita incomes of $1,000 a year or more, the level at which consumerism begins to blossom.
一项研究表明，中国有 6 千万人口，他们的人均年收入超过 1000 美元，这个收入水平是消费大增长的起点。
16．These new consumers will need power plants, designer clothiers, McDonald’s, you name it.
17．And they represent just a small fraction of the population.
18．The potential for a huge consumer market is staggering.
19．So why are longtime China watchers staring to worry?
20．One reason is the sheer speed at which the country is changing from a plodding state-planned economy to one driven more by market forces. 一个原因就是中国正在从举步维艰的计划经济迅速向为市场力量去懂得市场经济转轨时的速度。
21．While the direction is right - and the scope is impressive – the transition is not without troubles.
22．One point of concern: China’s entrepreneurial provinces along the coast are racing ahead at GDP growth rates of 20% or more, fueled to a more or less extent by foreign capital.
人们所关心的问题是：企业密集的中国沿海的省份的经济，在外资或多或少的助燃下，其国内生产总值以 20%或者 20%以上的速度飞速增长。
23．Inflation is high, but rising wages ease the bite.
虽然通货膨胀很厉害，但是不断增长的工资抵消了高通货膨胀的负面影响。24．Inland growth is much slower, and while prices are rising just as fast, wages are not.
25．The government has tried to quell inflation, through, for example, price controls on some essential commodities.
26．A more immediate worry for investors is that if inflation is not checked, China’s currency, the yuan, could be devalue d.
27．Many institutional investors are no longer wrestling with whether or not they should go east, but how.
28．Some are buying China’s listed securities, which are multiplying fast, while others are taking the leap into direct investment, expecting eventual fat payoffs.
29．Smaller investors are generally limited to China’s listed stocks or to funds that specialize in them.
TEXT FOR PRACTICE
1．自 1978 年后期开始实行改革开放后，至今所出现的许多历史性变化已引起了国外的极大关注。
The many historical changes which have taken place in China since the initiation of reform and opening in late period of 1978 have attracted great attention abroad.
2．16 年来，中国的国民生产总值以平均 9%的年增长率递增，而且这种高增长率可望延续到本世纪末。
In the past sixteen years, the China’s gross national product increased at an average of 9%, and the rage is expected to remain high throughout the years at the turn of the century.
3．今天，中国 12 亿人口的衣食问题已基本上得到解决，全国充满了生机。Today, the problem to feed and clothe its 1.2 billion people has been basically solved and the nation is full of vitality.
As a developing country, China still needs the cooperation and help from other countries.
At present, China is engaged in a large-scale economic construction, which will provide countries throughout the world, including the United States, with numerous opportunities for economic cooperation.
We hope that a bridge leading to a long-term cooperation between the financial investment communities in China and U.S. will be erected. 7．在过去的 10 年里，对中国电子工业投资的重点对象是消费品。
Investment in China’s electronic industry over the past decade focused on consumer good.
8．今后的发展战略重点将放在电信、电子计算机技术和生产成套设备方面。The strategy for future development will emphasize the industries of telecommunications, computer technology and the production of complete sets of equipments.
9．今后 3 年内将完成“三金工程”的建设，即建设全国公共几经信息网络的“金桥工程”，建设全国外经贸信息网络的“金关工程”，以及建设在全国范围内推行使用信用卡的“金卡工程”，所有这些工程都在寻求发达国家的投资。Three major projects are scheduled for completion in the next three years. These include the “Golden Bridge Project” for the establishment of a national public economic information network, the “Golden Customs Project” for the establishment of a national foreign economic and trade information network, and the “Golden Card Project” for the promotion of the nationwide use of credit cards, all seeking cooperation with interested parties in developed countries.
1．International auto makers are gearing up for the era of the Chinese family car.
2．Gone is the heavy skepticism about China’s near-term potential to develop a mass auto market.
3．The biggest US and Japanese companies have bypassed China to date, allowing German and French companies to take an early lead.
4．Aware of the situation, Ford Motor Co. is resolved to change it. 福特汽车公司注意到了这个状况，打算改变这一局面。
5．Recent moves by the Chinese government to kick, start its small land unsophisticated auto industry are behind Ford Motor’s change of heart.福特汽车公司这一转变，其动因是中国政府为推动其弱小单一的汽车工业的发展采取了一些措施。
6．Beijing unveiled an industrial policy last week that aims to consolidate China’s 120 manufacturers into eight significant players and to make “affordable family sedans” by the year 2000.
上周北京向外公开了一项工业政策，计划把中国 120 个厂家加以强化组合，联合成八大汽车制造企业，到 2000 年时，生产出“买得起的轿车”。7．Government Officials predict confidently that China will manufacture about three million cars and trucks by the end of this century.
政府官员非常自信的预见本世纪末中国将制造大约 3 百万的轿车和卡车。8．”There ‘s no major Japanese company that doesn’t want to get into this market now,” says a Toyota official at the auto-show, who asked to remain unnamed.
9．”Yes, it is true we haven’t been optimistic in the past. We are wrong to wait.”
10．A former Chryster executive who now heads China Automotive Components Corp. says,” This is going to be the only market in the world that compares in size to the market in the U.S..
11．People are kicking themselves for not getting here sooner.