1．The current financing and investment system is mainly through administrative approval and examination which can’t use the market as a basic force in resource allocation. This has given rise to a lot of duplicated construction. So, there must be a reform in this regarding to make it in line with the international practice of market economy. 现行的投资融资体制主要是行政审批的制度，这不能贯彻把市场作为资源分配的基础力量，产生了很多重复建设，必须进行根本的改革，使它符合市场经济的国际惯例。
2．The definition of injury under WTO anti-dumping rules is a broad one. It is taken to mean material injury domestic industry, threat of a material injury to a domestic industry or material retardation of establishment of such an industry.
3．There is no economic regime to be perfect. In the absence of stable economic development climate and well-educated human resources, social motivation and innovation systems would be of little value. In the society full of illiteracy, no matter how good the motivation mechanism is, it can’t make prominent inventors or entrepreneurs. 任何一种经济制度都不是万能的。没有经济稳定的发展环境，没有受过良好教育的人力资本，社会激励机制与创新制度就变得毫无意义。一个普遍文盲的社会里，再好的激励机制也不可能造就出卓越的发明家和企业家。
4．With Iran announcing it would stop selling oil to Britain and France in retaliation against a planned European oil embargo, oil prices have climbed to a nine-month high. The Iranian Oil Minister has warned, the country could act preemptively, ahead of the EU ban that’s due to take effect in July. All of this is stirring up increasing concern, that stunted supply will restrain global growth.
5．The European Union last month agreed to ban Iranian oil purchases as the West ratchets up pressure over Iran’s nuclear program. As a result, Iran—the second-largest producer in OPEC after Saudi Arabia—said it’s stopped exporting crude oil to French and British
companies, and will instead give its crude oil to new customers. This latest move is rattling already-concerned markets, pushing oil prices to their highest since May 2016.
6．The release of the latest US economic data reveals a significant change in the balance of the economy. The third-quarter figures
show a growth of 2.6%, and this cheered the Dow Jones to new highs. But a look behind the headline growth shows a more disturbing picture. Calculated on an accrual basis, the level of US debt is now lighting higher than the nation’s GDP. In broad terms, this means that the entire annual GDP would be needed to pay off US debt, a
debt-to-GDP ratio beside which the European debt problems pale to insignificance.
7．It creates a contradiction between market behavior and economic analysis. Many analysts, particularly in Europe, believe the high debt-to-GDP ratio should weaken the US dollar. As a result, the
market for gold is bullish, with investors turning to it as a currency hedge against fiat currencies. Additionally, the dollar’s weakneis bullish for commodity prices, which in turn helps develop inflationary
pressures. Add to this mix the US’ quantitative easing and injection of printed money into its economy, and some analysts see a recipe for significant problems.
8．President Barack Obama has said a fall in the number of unemployed Americans indicates a more optimistic outlook for the US economy, although more than 9% remain jobless. Referring to new
employment figures for the month of December, Mr. Obama said the pace of job growth was beginning to pick up.
“The economy added more than 100,000 jobs last month, and the unemployment rate fell sharply. And we know these numbers can bounce around from month to month, but the tread is clear. We saw 12 straight months of private sector job growth. That’s the first time that’s been true since 2006.
Earlier, the chairman of the US Federal Reserve, Ben Bernanke,
warned it could take five years for unemployment to drop to its usual
rate of about 6%.
9．There are many contradictions between the expected price behavior and actual price behavior, and when these appear, caution is
suggested. Commodity prices are rising. Cooper is reaching all time highs. Soft commodities are moving steadily upward and putting inflationary pressure on food prices. Oil has hit new two-year highs and has the potential to move toward $100 a barrel. All of this actively suggests a weaker US dollar.
And here is the most significant contradiction. The index’s downtrend was broken on Nov. 15 when it rose above $0.78. The initial reversal has the characteristics of a rally with a fast rise to $0.815. The retreat from $0.815 to $0.795 was an important test of the developing
uptrend. The index tested support several times near $0.795 before a
successful rebound and continuation of the rising.
10. President Obama has said he’s taking China to the world Trade
Organization over its export quotas on rate earth-minerals SD the US gets a fair deal in the global economy. The European Union and Japan have also filed complaints over the quotas.
China has a near stranglehold on the production and export of rare earth minerals that are vital to the manufacture of high technology goods from mobile phones to wind turbines. For the past couple of years, those exports have been restricted and have become more expensive as China has tightened exports quotas-something it says it does for environmental reasons. Now in what’s the first joint filling of its kind, the US, the EU and Japan have complained to the World
Trade Organization, the first step before bringing formal litigation cancels over bank shares. Analysts exprefears of local government loans turning sour.
11. Shares in Chinese banks may face the risk of correction if the leaders fail to deliver consistently strong performances in the second half of the year. The bank sector rallied last week on market expectations of strong first-half corporate results and policy makers’ focus on policy stability plus a step back from more tightening measures.
The 14 A-share listed banks are expected to see an average 29 percent year-on-year rise in earnings for the first half. Smaller
commercial lenders are poised to past even stronger performances with Hua Xia Bank, Bank of Ningbo and China Merchants Bank forecasting a more than 60 percent surge in net profit for the first
12. Full competition of the strength of the dollar index’s uptrend comes with a successful breakout above resistance near $0.815. This gives an initial upper target near $0.83―the value of target is less
important than the trend it signals. This behavior confirms strong uptrend pressure on the dollar, the exact opposite of the economy, which conducts the US dollar will weaken.
13. In addition, the valuation of the bank sector, which suffered the most from Beijing’s credit control policies, has fallen to an attractively low level that may trigger buying sentiment in the market in the coming
But analysts said that the bank stocks would still face downward pressure if the end lenders fail to deliver consistently strong
performances in the second half of the year. The sustainability of the rally depends on whether the lenders could continue to deliver
strong corporate results that exceed market expectations in the third quarter.
14. However, the risk of rising bad loans remains a major concern among investors as the country’s economic growth may slow in the second half and local government investment vehicles would struggle to repay their debts. Bloomberg reported that Chinese banks may struggle to recoup about 23% percent of the 7.7 trillion Yuan they have lent to local governments.
International businerefers to transaction between parties from different countries. It involves more factors and thus is more complicated than, domestic business.
Visible trade refers to exporting and importing goods produced or manufactured in one country for consumption or resale in an-other.
Foreign direct investments of FDI for short is made for returns through controlling the enterprises or assets invested in a host country.
GNP refers to the market value of goods and services produced by the property and labor owned by the residents of an economy.
With mutually complementary economy, Japan and China are major trade partners, and the two countries are close neighbours separated only by a strip of water. Sino-Japanese relations are therefore of great importance to both countries.
Sharing a very long common border along which most of the Canadian people live, Canade and the United States, with their respective rich market, enjoy the largest single bilateral trade in the world.
Its executive body is the European Commission composed of 20 commissioners overseeing 23deaprtments in charge of different affairs.
Despite internal contradictions and cornpetition from non-OPEC oil producing countries, the influence on oil prices by OPEC that accounts for 40% of the global oil production is something the world cannot afford to neglect.
Asia-Pacific Economic Co-operation(APEC) has caught more and more attention for the past decade, especially in China since the country is playing an active role it.
Wide geographical spread i
s characteristic of MNEs. It enables them to have a wide range of options in terms of decision-makings on sourcing and pricing. They are also more able to take advantage of changes in the international economic environment.
Technology, capital and ready markets are sort of benefits MNEs bring to less-developed countries. They are considered to be the most effective vehicle for the promoting of global and national economic welfare.
According to the comparative advantage, a country can benefit from trade if only it has a comparative advantage, not absolute advantage, in producing certain product.
The advantage of trade are based on the theory of comparative advantage, where each country produces a particular product more efficiently than another. Ideally, each country focuses re-sources on producing its specialty, and then trades with one an-other.
To summarize, the theory of international specialization seeks to answer the question which countries will produce what goods, with what trade patterns among them.
The most-favored nation treatment is not really a special treatment but a normal trading status. The favored country is given the lowest tariffs only within the tariff schedule.
Invisible trade is also called service trade. In some developed countries, the invisible trade has taken quite a large share in their grodomestic production.
If, when drawing up their contract, buyer and seller have some commonly understood rules to specifically refer to, they can be sure of defining their respective responsibilities simply and safely.
Particular problems arise when the seller has to present a negotiable transport document and notably the bill of lading which is frequently used for the purpose of selling the g
oods while they are being carried.
The 2000revision of Incoterms took account of the spread of customs-free zones, the increased use of electronic communication, and the change in transport practices.
Written negotiations often begin with enquires made by the buyers to get information about the goods to be ordered including all the terms of trade.
It is enforceable by law, and any party that fails to fulfill his contractual obligations may be sued and forced to make competition, though most contracts do not give rise to disputes.
Barter trade is a primitive, inefficient expensive way of doing business, but the massive debts of developing countries and the world’s oversupply of goods make it inescapable.
Counter trade may help those nations, with serious debt problems to continue to import goods while ,in effect, concealing export earnings from creditors.
In international trade, it is very difficult for the parties to get adequate information about each other’s financial standing and credit worthiness, and mutual trust is hard to build.
If the importing country has a stable political situation and a trusted agent there to work for the exporter, the exporter can enter into consignment transactions and get payment until the goods are sold.
In the case of documents against acceptance, the importer will get the documents once the bill of exchange drawn by the ex-porter is accepted, while the payment will not be made until a later date.
Against the impeccable documents presented the seller gets paid, against the stipulated documents the buyer gets the goods. This bilateral security is the unique and charac
teristic feature of the letter of credit.
He beneficiary has to make a careful examination of all the con-tents of the credit so as to ensure safe and timely payment.
Most of the credits used in international trade are documentary credits, i.e. credits that require shipping documents to be presented together with the draft.
An revocable credit is one that its commitments can be altered or even cancelled without consulting with the beneficiary.
Under a confirmed credit, the beneficiary is given double assurance of payment since the confirming bank has added its own undertaking to that of the opening bank.
All the items listed on different documents such as the name of commodities, quantity, amount must be in strict conformity with those in the L/C.
Commercial invoice is one of the required and most commonly found documents. It constitutes the basis on which other documents are to be prepared.
Bill of lading is one of the most important documents in foreign trade ,with which the legal holder can take delivery of the goods at the port of destination.
The widely seen modes of transport are water, rail, roads, pipe-line, and air transport.
Transportation plays an important role in production. On the one hand ,it carries raw materials and labor to the place where they are needed. On the other hand, it transports intermediate products to other producers for use in their production process, or ship the finished goods to the hands of customers.
Insurance policy serves as the insurance contract between the insured and the insurer. Once the insured buys the policy, the specified risk will transfer to the insurance company from the insured.
The premium collected by the insurer from the insured is pooled together as a fund, and the claims of those suffering losses are paid out of this fund.
Cargo insurance is an activity aimed at moving the burden of risk from the shoulders of the exporters and importers, and placing it upon the shoulders of specialist risk-bearing underwriter.
Utmost good faith applies to all kind of insurance. If a person wants to insure against life insurance, he has to tell the insurance company about his real state of health.
If the insured intends to hide or mislead anything, which will be regarded as fraud, the contract is voidable.
In compensating claims, insurance company will restore the in-sured to the position he our she was in before a looccurred.
Before the First World War, the gold standard created a fixed exchange rate system as each country pegged the value of its currency to gold to establish its par value.
Under specific conditions, high interest rate will attract short-term international fund ,increasing the exchange rate of one’s own currency.
There are three type of foreign exchange price namely: the buying rate, the selliong rate and the average of the previous two—the medial rate.
The International Bank for Reconstruction and Development is owned by the governments of 160 countries. It finances its lending operations primarily from its own borrowings in world capital market.
The World Bank has set various rules for its loaning operation. It specifies that it must lend only for productive purposes and must stimulate economic growth in the developing countries, and at the same time the loan-receiving countries must be able to repay the loan.
Foreign direct investment is the major form of international in-vestment, whereby residents of one country acquire assets in a foreign country for the purpose of controlling and managing them.
Controlling costs is one of the major motivations for some enterprises to engage in FDI. And lowering production costs is an important consideration.
The introduction of JIT inventory management system can minimize the inventory of the stock so as to increase the efficiency of the operation.
The Stock Exchange plays two fundamental roles: one for capital raising market, one for various investment instrument market.
The unlisted companies can not trade their securities through the listing system at the stock exchange or other stock markets.
The GATT embodies the expectations of its member countries, that is ,to improve standards of living, full employment ,steady growing volume of real income and effective demand ,the full use of the world’s resources and the expansion of production.
The Uruguay Round and the establishment the WTO have shanged the character of the wold trading system.
Although the GATT is based on the principle of non-differential treatment, the less-developed countries still criticize it as a “rich men club” for the interest of the developed world.
The introduction of compulsory and automatic compensatory measures is considered as a solution to solve the problem of deteriorating terms of trade in the developing countries.
Western countries should open up their manufacture markets or provide preferential tariffs to facilitate the industrialization proceof the less-developed countries.
Most companies use salesmen in the domestic market because experience has shown that a good salesman is worth the price. If it is decided to sell thro
ugh an agent he should be the company’s representative and sales man in the overseas target market and be regarded as an integrate part of the company. The services provided will vary, depending on what has been agreed upon, from the most simple intermediary contract with buyers to a complete range of marketing service.
From the exporters’ point of view, one advantage of the commercial agent is that the agents’ commision is usually proportional to the sales he attained. To the principals, this means“no sale—no cost”, it is important to keep the agent continuously informed of the principal’s intention.
Price and pricing policy play an important role in all marketing strategy. It is worthwhile for any exporter to pay special attention to pricing before coming to grips with overseas buyers.
Overseas purchasers are generally reputed to be professional, knowledgeable and possessing solid information as a basis for their decisions. In most cases, hey are guided in their busineactivities by a budget which in turn is based on direct costing. This means that to them the purchase price is but one cost element among sever-al others and that the total cost does not accrue until the goods have been sold to the next customer. It is therefore irrelevant to the purchasers whether they can lower the price by bargaining or, as an alternative, make the sellers take over part of their other other costs for the product. Such peripheral costs may include special packaging, price marking.
The relationship between a sales person and a client is importa
nt: both parties want to feel satisfied with their deal and neither wants to feel cheated. A friendly, respectful relationship is more effective than an aggressive, competitive one.
A sales person should believe that his product has certain ad-vantage over the competition. A customer wants to be sure that he is buying a product that is good value and of high quality. No one in busineis going to spend his company’s money on something they don’t really need(unlike consumers, who can sometimes be persuaded to by“useless” products like fur coats and solid gold watches!)
In the postwar period MNCs have acquired a global pres-ence. As one statistic indicates, for most of the postwar period stocks and flows of FDI have grown faster than world income, and sometimes trade, particularly during the 1960s and since the mid-1980s. Stock measures in particular are subject to margins of error because of the difficulties with estimating their growth. Even so, it is indisputable that multinationals have become major players in the world economy: apart from the 1970s and early 1980s, the turnover of the largest 500 companies has grown faster than world output. MNCs now account for the majority of the world’s exports, while sales of foreign affiliates exceed total global exports. Furthermore, as MNCs have grown ,there has been a significant Tran nationalization of production expressed in the emergence of global production and distribution networks.
Economists’ argument for free trade is that opening up markets to
foreign suppliers increases competition. Without free trade, domestic companies may have enjoyed monopoles or oligopolies(求大于供的市场情况)that enabled them to keep prices well above marginal costs. Trade liberalization will undermine that market power. Competition should also spur domestic companies to greater efficiency because they will not be able to costs of slacknein higher prices.
In addition, free trade means that firms are no longer limited by the size of their home country, but can sell into bigger markets. In industries where average production costs fall as output increases, producing economies of scale, this means lower costs and prices. In such industries, trade also increases the variety of products on offer.
Non-tariff barriers include standards to protect health, safety, and product quality. The standards are sometimes used in an unduly stringent or discriminating way in order to restrict trade, but the sheer volume of regulations in this category is a problem in itself. Fruit content regulations for jam way vary so much from country to country that one agricultural specialist says,“A jam exporter needs a computer to avoid one or another country’s regulations.” Plant and animal quarantine(检疫)regulations serve an important function, but often are used solely to keep out foreign products. Al-though all countries use standards to some extent, Japan has raised the proceto the level of art(技术).Differing standards is one major disagreement between the United States and Japan. American companies are often confronted by
LESSON 1 INTERNATIONAL BUSINESS国际商务
1. 国际贸易一般指不同国家的当事人进行的交易，它涉及到许多因素，因而比国内贸易要复杂得多。International businerefers to transaction between parties from different countries. It involves more factors and thus is more complicated than domestic countries.
2. 随着经济一体化进程的发展，很少人和公司能完全独立于国际商务之外而存在。因此，在此方 面具有一定的知识是十分必要的，这既有益于企业的发展又有益于个人的进步。
With the development of economic globalization, few people or companies can completely stay away from international business. Therefore, some knowledge in this respect is necessary both for the benefit of enterprises and personal advancement.
Other forms for participating in international busineare management contract, contract manufacturing, and turnkey project.
4. 国际贸易最初以商品贸易的形式出现，即在一国生产或制造商品而出口或进口到另一国进行消 费或转售。
International businefirst took the form of commodity trade, i.e. exporting and importing goods produced or manufactured in one country for consumption or resale in another.
5. 除了国际贸易和投资， 国际许可和特许经营有时也是进入国外市场的一种方式。
Besides trade and investment, international licensing and franchising are sometimes taken as a means of entering a foreign market.
International busineand domestic busineare quite different in legal systems, currency, culture and natural and economic conditions.
7. 随着经济全球化的发展， 无形贸易即使在发展中国家的国际贸易中所占的比例也逐渐增大。
With the development of economic globalization, invisible trade accounts for an increasing proportion of the world trade even in the developing countries.
8. 国际投资是国际商务的另一个重要形式， 可分为外国直接投资和证券投资两大领域。
International investment is another form of international busineand can be classified into two categories, foreign direct investment and portfolio investment.
Knowledge of businewill avoid giving rise to some problems in respect of international busineactivities.
10. BOT 是“交钥匙”工程的一种流行的变通形式。
BOT is a popular variant of the turnkey project.
LESSON 2 收入水平与世界市场
INCOME LEVEL AND THE WORLD MARKET
GNP and GDP are two important concepts used to indicate a country’s income.
The difference between GNP and GDP is that the former focuses on ownership of the factors of production while the latter concentrates on the place where production takes place.
12. 要评估某一市场的潜力，人们往往要分析其收入水平，因为它为那里居民的购买力高低提供了线索。In assessing the potential of a market, people often look at its income level since it provides clues about the purchasing power of its residents.
Countries of the world are divided by the World Bank into three categories of high-income, middle income and low income.
14. 中国现在的年人均收入为 1100 美元以上，但几年前它还是一个低收入的国家。
China with an annual per capita income of over $1100 is a middle income country though it was a low income country just a few years ago.
15. 就中国来说，周围还有其他应特别关注的市场，如亚洲四小虎、东盟国家、俄罗斯等国，这些 国家都具有前景看好的市场潜力，能为中国提供很好的商机。
As far as China is concerned, other markets we should pay particular attention to are those around us: the Four Tigers, the ASEAN countries, Russia etc. those are countries with very promising market potential and can offer good busineopportunities to China.
16. 日本和中国是重要贸易伙伴，两国经济互补，又是一衣带水的近邻。中日贸易关系对两国都有 重要的意义。
With mutually complementary economy, Japan and China are major trade partners, and the two countries are close neighbors separated by a strip of water. Sino-Japanese businerelations are therefore of great importance to both countries.
LESSON 3 地区经济一体化
REGIONAL ECONOMIC INTEGRATION
The past decades witnessed increasingly growing importance of regional economic integration.
18. 最著名的自由贸易区是北美自由贸易区，它是由美国，加拿大和墨西哥于 1991 年建立的。
The most notable free trade area is the North American Free Trade Area, formed by the United States, Canada and Mexico in 1991.
19. 经济联盟的成员国不仅要在税收，政府开支，企业策略等方面保持一致，而且还应使用同一的 货币。The members of an economic union are required to not only to harmonize their taxation, government expenditure, industry policies, etc. but also use the same currency.
The European Commission is one of the governing organs of the EU. It is the body which puts proposals to the Council of Ministers for decision and sees that the members carry out their duties under the treaty.
21. APEC 建立于在澳大利亚首都堪培拉召开的一次部长级会议上。当时有 12 位成员国出席，分别 为澳大利亚，美国，加拿大，日本，韩国，新西兰和东盟六国。
APEC was set up at the Ministerial Meeting held in the Australia capital Canberra attended by 12 members of Australia, the United States, Canada, Japan, Republic of Korea, New Zealand and Six ASEAN countries.
To better enjoy the benefit of free flow of goods, services, capital, labor and other resources, countries have signed various agreements to liberalize trade among them.
23. 欧盟各国经济的成功一体化降低了跨境交易成本，实现了规模经济，欧洲企业也在更激烈的竞争中提高了效率 。
The successful integration of European economies eliminated the cost of cross-border transactions, realized better economies of scale and made the European companies more efficient through more intense competition.
Besides regional economic integration, countries may form a commodity cartel to control the production, pricing and sale of particular goods so as to seek higher and more stable prices for the relevant goods.
25. 经济全球化为世界经济发展提供了新的动力和机会，同时也使各经济体更加相互依赖，相互影响。Economic globalization is giving new impetus and opportunities to world economic development and meanwhile making the various economies more and more interdependent and interactive.
A multinational enterprise is a busineorganization that owns, controls and manages assets in more than one country.
While many people are acclaiming the benefits brought about by economic globalization, there are also loud voices of opposition.
28. 跨国公司的内部交换占整个国际贸易的一个很大的比例 。
The transfer of the intra-MNE transactions constitutes a very significant proportion of total international trade.
29. 尽管公司的日常管理工作下放到跨国企业的子公司, 但重要决策，如有关公司目标和新投资等 都由母公司来决定。
Although the day-to-day running of corporate operations may be decentralized to the affiliate MNCs, the major decisions, such as those on corporate goals and new investments are made by the parent company.
30. 无论人们是否喜欢， 经济全球化已成为世界经济发展中的一个客观趋势。
Like it or not, economic globalization has become an objective trend in world economic development.
31. 经济全球化不仅涉及经济， 而且对政治、 文化、 价值观和生活方式都有重要影响。
Economy is not the only element involved in globalization since it also has an important bearing on politics, culture, value and way of life.
32. 如果一家跨国公司是原来的投资公司，它便称为母公司，一般也是这家国际企业组织的总部。If the MNC is the original investing corporation, it is known as the parent MNC, which is normally also the international headquarters of the MNE.
An MNE may also have various regional and operational headquarters, in addition to international trade.
34. 一些跨国企业有许多年的历史，它们的收入每年以两位数的速度增长，扣除通货膨胀因素比许 多国家的 GDP 增长还快。
Some MNEs have a history of many years and their double digit growth rate of revenue adjusted for inflation is higher than that of the GDP of many countries.
35. 在当今世界里， 跨国企业是一种可以跨越边界转移资源的非常重要的途径。
our world today, the In multinational enterprises are very important vehicles for the transfer of resources acronational boundaries.
Technology, capital and ready markets are sort of benefits MNEs bring to ledeveloped host countries.
INTERNATIONAL TRADE (Ⅰ)
In the complex economic world, no country can be completely self-sufficient.
38. 随着制造业和技术的发展， 出现了另一个刺激贸易的因素， 即国际专门化。
With the development of manufacture and technology, there arose another incentive for trade, i.e. international specialization.
39. 按照比较利益学说， 两个贸易伙伴均可从贸易中得到好处。
According to the theory of comparative advantage, both trade partners can benefit from trade.
40. 比较利益并不是一个静止的概念，一个国家可以通过自己的行动发展某种特定的比较利益。 Comparative advantage is not a static concept. A country may develop a particular comparative advantage through its own action.
The idea of comparative advantage has become thecornerstone of modern thinking on international trade.
Absolute advantage and comparative advantage are two theories of international specialization.
INTERNATIONAL TRADE (Ⅱ)
The cost of a product will decrease with the expansion of production scale.
In reality, complete specialization may never take place even though it is economically advantageous.
Quotas or quantitative restrictions are the most common form of non-tariff barriers.
The visible trade is the important and export of goods, and the invisible trade is the exchange of services between countries.
The kinds of trade nations engage in are varied and complex, often a mixture of visible and invisible trade.
Protectionist measures which are often taken by governments are also barriers to trade, and typical examples are tariffs and quotas.
49. “自愿”这个说法一般意味着进口国已经威胁在自愿合作不能实现的情况下将实行更大的限 制。 “voluntary” label generally means that the importing country has threatened to impose even The worse restrictions if voluntary cooperation is not forthcoming.
Large insurance companies provide service for international trade and earn fees for insuring other nation’s foreign trade.
51. 许多国家可能有美丽的风景，名胜古迹或只是温和的充满阳光的气候，这些国家吸引着大批旅 游者。Many countries may have beautiful scenery, wonderful attractions, places of historical interest, or merely a mild and sunny climate. These countries attract large numbers of tourists.
52. 劳务输出输入可以是个人，或是由公司甚至国家组织。对一些国家来说，它正在成为一种重要 的无形贸易形式。
Import and export of labor service may be undertaken by individuals, or organized by companies or even by states. And this is becoming an important an important kind of invisible trade for some countries.
LESSON 7 国际贸易术语解释通则
53. 包装需按运输的要求进行，在大多数情况下，卖方明确知道把货物安全地运到目的地所需要的包装。 Packing should be made according to the requirement of transportation. In most cases, the seller knows clearly the particular type of packing required for transporting the goods safely to destination.
54. 在许多情况下，应通知买方在卖方将货物启运之时或之前安排验货。除非合同另有规定，否则 买方必须支付为其自身利益而安排的验货费用。
In many cases, the buyer shall be notified to go through the inspection of goods at or before the time of shipment. Unleotherwise specified, the buyer is supposed to undertake the charges of inspection thus incurred for his own sake.
55. 进口商可以通过可转让的运输单据将货物在运输途中卖给新的买方，这类可转让单据用起来非 常方便。The importer can sell the goods to a new buyer while they are being carried by means of negotiable shipping documents which are very convenient for use.
56. 在所有条款中，买卖双方各自的义务排列在 10 项标题下。
Under all terms, the respective obligations of the buyer and the seller are grouped under 10 headings.
57. 2000 年对国际贸易术语解释通则的修改考虑了无关税区的发展，商务活动中电子通讯使用的增 加， 以及运输方式的变化。
The 2000 revision of Incoterms took account of the spread of customs-free zones, the increased use of electronic communication, and the changes in transport practices.
LESSON 8 商业合同
THE BUSINESS CONTRACT
A contract is enforceable by law, and the party that fails to fulfill his contractual obligations may be sued and forced to make compensation.
59. 口头业务协商指的是面对面的直接谈判或通过国际长途电话进行的商谈 。
Oral businenegotiations refer to face-to-face discussions or those conducted through international trunk calls.
Enquiries made by the buyer are to get information about the goods to be ordered, and are not binding on the inquirer.
61. 有效期对于确盘是必不可少的。在规定的时间之前，或在被对方接受或拒绝之前确盘一直是有 效的。The validity period is indispensable to a firm offer, that remains valid until a stipulated time or until it is accepted or rejected.
62. 还盘是对发盘的拒绝， 一旦做出还盘，原报盘即失效而失去约束力。
A counter-offer is a refusal of A the offer which will be invalid and unbinding once a counter-offer is made.
63. 合同是在双方所达成的协议的基础上制定的， 而协议又是双方进行商务谈判的结果。Contract The is based on agreement, which is the result of businenegotiations.
In response to an enquiry, a quotation may be sent by the exporter which should include all the necessary information required by the enquiry.
65. 收到发盘的人可能发现该盘的一部分不能接受，并可能提出他自己的建议供进一步讨论，这就 构成了一个还盘。
The offeree may find part of the offer unacceptable and may raise for further discussions his own proposals which constitute a counter offer.
66. 不管业务协商是以书面还是口头进行， 一旦发盘或还盘被接受， 便认为是达成了交易。
No matter whether businenegotiation is conducted orally or by way of writing, transaction is considered concluded once an offer or a counter-offer is accepted.
The setting up of a contract is similar to that of a trade agreement or any other type of formal agreements.
LESSON 9 贸易方式
MODES OF TRADE
68. 对销贸易一般是与有关国家的政策目标相互联系的，如应对外汇短缺和扩大出口之类的问题。The counter trade is generally associated with policy objectives of relevant countries like dealing with foreign exchange and promotion of exports.
In essence, counter trade refers to the direct exchange of assorted kinds of goods and services.
70. 回购贸易和互购贸易之间另一个重要的区别在于回购贸易一般比互购贸易要延续更长一段时 间。Another important difference is that a buyback deal usually stretches over a longer period of time than a counter purchase deal.
71. 在正常的市场交易中， 由于使用货币及市场手段， 货物的买与卖是分别进行的。
In normal market In transactions buying and selling of goods are unbundled, because of the use of money and the market.
Despite all its advantages, counter trade can be very risky business.
Among other modes of trade are processing trade, consign-ment, leasing trade, agency etc.
LESSON 10 国际支付
In international trade, both the exporter and importer face risks as there is always the possibility that the other party may fail to fulfill the contract.
Various methods of payment have been developed to cope with different situations in international trade.
A lot of international transactions are paid for by means of the draft, which is an order to a bank or a customer to pay.
Documents against payment at sight requires immediate payment by the importer to get hold of the documents.
So far as the exporter’s interest is concerned D\P at sight is more favorable than D\P after sight, and D\P is more favorable than D\A.
The objective of an L/C is to facilitate international payment by means of the creditworthineof the bank.
The letter of credit only assures payment to the beneficiary provided the terms and conditions of the credit are fulfilled.
80. 只要所有单据都符合信用证的规定，便认为银行履行了职责。The banks will be considered as having fulfilled their responsibility so long as all documents comply with the stipulations of the credit.
81. 信 用 证 独 特 而 具 有 代 表 性 的 特 征 就 是 对 买 卖 双 方 所 提 供 的 双 边 保 证 。 The unique and characteristic feature of the letter of credit is the bilateral security offered to both the seller and the buyer.
82. 受益人如果发现信用证中有任何与合同不符之处，便要求开证人进行修改，以便能保证安全及 时地收到货款。
The beneficiary will request the opener to make amendments to any discrepancies in the credit so as to ensure safe and timely payment.
THE LETTER OF CREDIT(Ⅰ)
In international trade it is almost impossible In to match payment with the physical delivery of the goods.
The method of payment by the letter of credit offers security to both the seller and the buyer.
85. 现代信用证在 19 世纪后半叶开始采用， 第一次世界大战后得到了实质性的发展。
Modern credits were introduced in the second half of the 19th century and had substantial development after the First World War.
86. 要么因为信用证金额过大，要么因为对开证行不完全信任，出口商有时可能需要保兑的信用证。Either because the credit amount is too large, or because he does not fully trust the opening bank, the exporter may sometimes require a confirmed letter of credit.
87. 信用证的形式、 长短、 语言和规定各不相同。
Letters of credit are varied in form, length, language and stipulations.
Although a confirmed credit is able to provide the greatest degree of security to the beneficiary, it involves 4 additional cost as a result of the confirmation.
89. 即期信用证给予受益人最好的付款保障，并有助于他加快资金周转。只要受益人向银行提示汇 票和准确无误的单据， 银行便立即付款。
Sight credit gives the beneficiary better security and helps A him speed up his capital turnover. The bank will make payment provided that the beneficiary presents the draft and impeccable documents to it.
If a credit does not specify whether it is transferable, it should be regarded as a non-transferable credit according to the credit stipulations.
91. 循环信用证规定，其金额用过后，在未对其进行特定修改的情况下，即可重新恢复到原金额。 Revolving credit stipulates that its amount can be renewed or reinstated without specific amendment to the credit being made.
The letter of credit has greatly facilitated and promoted international trade. However, it cannot provide absolute security for the contracting parties.
LESSON 12 信用证
THE LETTER OF CREDIT(Ⅱ)
Letters of credit are classified into different types according to their function, form, and mechanism.
Clean letters of credit are mainly used in non-trade settlement, while documentary credits are generally used in commodity trade.
In the case of sight credits, payment can be made promptly upon presentation of draft and impeccable shipping documents.
96. 远期信用证显然要使用远期汇票。 付款期限可为 30 天、 天甚至可长达 180 天。
A usance credit obviously calls for a time draft, and the usance varies from 30, 60, to as long as 180 days.
97. 如果信用证可以由原受益人转让给另一个或几个人，那么这种信用证即为可转让信用证。原受 益人称作第一受益人，接受转让的人称作第二受益人。
A letter of credit is called transferable if it can be transferred by its original beneficiary to one or more parties. The original beneficiary is called first beneficiary, and the party the credit is transferred to is called the second beneficiary.
The letter of credit may not be the most ideal method of payment for a particular transaction, and the contracting parties should make their best choice according to the specific conditions.
MAJOR DOCUMENTS REQUIRED IN WORLD TRADE
It is very important to use correct documents in international trade; otherwise the importer will have difficulties in taking delivery of the goods.
99. 商业发票，一般称为“发票” ，这种单据对货物的质量和数量以及单价和总价进行概括性描述。The commercial invoice, generally called the invoice makes a general description of the quality, quantity, unit price, and total value of the goods.
It is necessary to insure the goods against the possible risks they are exposed to in the course of transportation.
An on board bill of lading indicates that the goods have been actually loaded on board of the carrying vessel bound for the port of destination.
102. 清洁提单指货物在表面状况良好的情况下装船，这意味着提单上未加任何有关包装或货物外表 不良的批注。
A clean bill of lading refers to one that indicates the goods have been shipped in apparent good order and condition, which means it is devoid of any qualifying remarks about the packing and the outer appearance of the goods.
The document similar to the ocean bill of lading is called airway bill for air transportation and railway bill for railway transportation.
The date when the bill of lading is issued can by no means be later than that stipulated in the credit.
There is no doubt that a society without an advanced transportation system remains primitive.
106. 这些方式在运作特点和性能方面不同，从而使它们各有比较优势和劣势。五种运输方式分别是： 水路、 铁路、 公路、 管道及航空。
The modes differ in terms of operating characteristics and capabilities, giving them comparative advantages and disadvantages. The five major modes are water, rail, truck, pipeline and air.
107. 过去 10 年，公司自己提供运输能力的倾向越来越大。
The past decade has seen an increasing tendency among businefirms to provide their own transportation capability.
108. 作为一个社会， 我们现在的生活比完全自给自足时更富裕， 更消闲。
a society, we enjoy a richer As and more leisurely life than we would be in a totally self-sufficient community.
109. 最近几年运输功能引人注目的另一个因素就是越来越多的使用零库存系统。这种系统是以公司 保持很少数量的生产投入的生产方式为基础的。
Another factor that has thrust transportation into the limelight in recent years is the growing utilization of just-in-time inventory systems, on the basis of a production approach in which the firm maintains very small quantities of production inputs. 5
110. 从正式的意义上来说，货物运输可定义为商品和产品为经济目的进行的移动以及这种移动对商 业的发展和进步产生的影响。In a formal sense, freight transportation is defined as the economic movement of commodities and products and the effect of such movement on the development and advancement of business.
All the modes and their representative carriers play important roles in the overall transportation system.
LESSON 15 INSURANCE (Ⅰ) 保险
112. 保险是一种风险转移机制。通过保险个人或企业可以将生活中一些不确定因素转移给其他人。 Insurance is a risk transfer mechanism, by which the individual or the busineenterprise can shift some of the uncertainty of life to the shoulders of others.
113. 即使是在这种情况下，大多数公司宁可付已知的费用即保险费来转移风险，而不愿面对不确定 的风险损失。
Even under these circumstances, most of the firms prefer to pay a known cost or premium for the transfer of risk, rather than face the uncertainty of carrying the risk of loss.
In the case of busineenterprises, the values exposed to loare usually much higher and the premium charged is substantially higher than that for a house or a car.
The main stimulus to the enterprise is the release of funds for investment in the production of other items.
116. 因此，货物保险是一种目的在于把风险从进口商和出口商的肩上转移到专门承担风险的保险人 一方的活动。
Therefore, cargo insurance is an activity aiming at moving the burden of risk from the exporters and importers to the underwriters.
Those who transfer risk are called insureds. Those who assume risk are called insurers.
118. 保险是一种社会机制，人们在此机制下转移风险，并从所有转移风险的成员所缴纳的基金中提 供损失赔偿金。
Insurance is a social device in which a group of individuals transfer risk and provides for payment of losses from funds contributed by all members who transferred risk.
Cargo insurance is one of the main branches of insurance. These are usually listed as fire, marine, life and accident.
120. 关于运输保险，重要的一点是要认识到“是为商业服务的” 。
The important point to realize about transportation insurance is that it is “the handmaiden of commerce”.
He does not want to scoop the pool; he would prefer his cargoes to reach their destination safely.
LESSON 16 保险
An insurance contract without an insurable interest to support it is invalid and any claim made upon it will not be entertained.
Even though the mis-statement is unintentional, the underwriter will still be deceived and the policy voidable.
A contract of insurance is one which restores a person who has suffered a lointo the same position as he was in before the looccurred.
125. 赔偿金额一般包括发票金额加上运输费用及保险费再加上一个商定的百分比，如 10％。
The compensation payable generally includes the invoiced cost plus freight, the insurance premium, and an agreed percentage, say 10%.
126. 如果投保的险别不是造成损失的直接原因， 保险公司将不予赔偿。
The insurance company will not entertain the claim if the risk covered is not the proximate cause of the loss.
127. 人们对不“涉及自己利益”的东西投保就被认为是“违背公共政策” 。这就意味着鼓励犯罪。 The insuring of anything by people who are not “interested” in it is held to be “against public policy”. This means that crime would be encouraged.
128. 在货物保险中，如果我们了解使用的销售条款，就知道在任何特定的时间谁拥有对货物的权益。 In cargo insurance we know who has an interest in the cargo at any particular point of time, if we know the terms of sale which have been arranged.
The people who decide what premium is fair for a particular cover do so on the basis of written statements made in a proposal form.
130. 损失费用分摊原则规定同样的风险不能投保两次，不能从两个保险人那里获得赔偿费。 Contribution holds that a person cannot be allowed to insure twice for the same risk, and claim compensation from both insurers.
The insurer is entitled to the advantage of every right of the assured which will diminish the lohe has been forced to bear.
LESSON 17 国际货币体系与汇率
THE INTERNATIONAL MONETARY SYSTEM
AND EXCHANGE RATE
132. 第一次世界大战之前，金本位制建立了固定汇率制，每个国家通过将本国货币与黄金挂钩来确 定其货币的平价。
Before the First World War, the gold standard created a fixed exchange rate system 6 as each country pegged the value of its currency to gold to establish its par value.
133. 1944 年 44 国在美国布雷顿森林举行会议签署了协议，计划在世界贸易和货币方面实现更好的 合作。
In 1944, 44 nations held a conference at Bretton Woods, U.S.A., to plan better cooperation in world trade and currency matter.
134. 弹性汇率制从没有真正地“干净”或自由地浮动。因为中央银行为了稳定汇率采取了各种措施 对货币价格进行干涉。
The flexible exchange rate system has never been clean float or free float, because the central bank takes various measures to intervene in the price of its currency in order to stabilize the exchange rate.
135. 在特定条件下， 提高利率可以吸引国外短期资金， 提高一国的外汇汇率。
Under specific conditions, high interest rate will attract short-term international fund, increasing the exchange rate of one’s own currency.
136. 外汇汇率有三种形式， 买进汇率、 即： 售出汇率和两者的平均值—中间汇率。
There are three types of foreign exchange price namely: the buying rate, the selling rate and the average of the previous two the medial rate.
LESSON 18 国际金融机构
INTERNATIONAL FINANCIAL ORGANIZATONS
137. 这些机构的共同目标是通过把发达国家的资金输送到发展中国家帮助这些国家提高生活水平。The common objective of these institutions is to help raise standards of living in developing countries by channeling financial resources to them from developed countries.
A substantial contribution to the IBRD’s resources comes from its retained earnings and the flow of repayments on its loans.
The loans of IBRD are directed toward developing countries at more advanced stages of economic and social growth.
The purpose of IMF is to provide medium term loans to those members with payment difficulties.
141. 为了承担这项使命，多边投资担保机构向投资者提供担保以防范非商业性风险，向发展中成员 国政府提供咨询， 并为国际商业界与东道国政府就投资问题安排对话。
To undertake this mission, MIG offers investors guarantees against noncommercial risks, advices developing member governments on policies and sponsors dialogues between the international businecommunity and host governments on investment issues.
LESSON 19 对外直接投资
FOREIGN DIRECT INVESTMENT
142. 对外直接投资是国际投资的主要方式，一国居民为进行督控和经营通过对外投资获取另一国的 资产。Foreign direct investment is the major form of international investment, whereby residents of one country acquire assets in a foreign country for the purpose of controlling and managing them.
143. 控制成本是一些企业进行对外投资的主要动机之一。而降低生产成本是考虑的一个重要方面。 Controlling costs is one of the major motivations for some enterprises to engage in FDI. And lowering production costs is an important consideration.
144. 直接在国外经营提高一个公司产品的能见度，使当地客户对他们所购买的商品更加放心。 Operating directly abroad enhances the visibility of a firm’s products, making local customers feel more assured about the things they buy.
145. 即时库存管理系统的引进能最大限度地降低库存从而提高经营效率。The introduction of JIT inventory management system can minimize the inventory of the stock so as to increase the efficiency of the operation.
FDI is mainly practiced in three forms: Building new enterprises, purchasing existing facilities and forming joint ventures.
LESSON 20 国际证券交易所
THE INTERNATIONAL STOCK EXCHANGE
Options are contracts giving the right to buy or sell a security at an agreed price within a particular period of time.
148. 未挂牌证券市场是为了满足已经确立了地位的，但是较小的，而且不太成熟的公司的需求而建 立的。The unlisted securities market is to meet the needs of established, but smaller, lemature companies.
One of the ways the government meets the public Sector Borrowing Requirement is by selling gilt-edged stocks.
150. 通过为证券的发行和交易提供中心市场，股票交易所长期为政府、工业以及投资商的需求服务。The Stock Exchange has long served the needs of government, industry and investors in providing the central market place for the issuing and trading of securities.
151. 国际 股票交易所 提供了一种 途径，使人 们的存款能 够为那些需 要资金的人 所利用。
The International Stock Exchange provides a channel through which the savings can reach those who need finance.
LESSON 21 世界贸易组织与中国
THE WORLD TRADE ORGANIZATION AND CHINA
152. 关贸总协定体系（现为世界贸易组织）是通过一系列的贸易谈判或回合发展起来的，它最初有 三个基本目标。
The GATT system (now WTO) was developed through a series of trade negotiations or rounds. It originally had three basic goals. 7
153. 加入世界贸易组织对中国有益，因为它将促进中国的改革和发展，提高商品和服务的质量，降 低商品成本和服务费用， 刺激投资和创造就业机会， 改善法制。
China’s WTO accession will benefit China because it will help advance its reform and development, improve the quality and reduce the cost of goods and services, spur investment and the creation of new jobs, and promote the rule of law.
154. 世界贸易组织的主要目的是为了促进自由贸易、进一步减少贸易壁垒并建立更有效的贸易纠纷 解决机制。The main objectives of WTO are to promote free trade, further reduce trade barriers, and establish more effective trade dispute settlement procedures.
155. WTO 争端解决机制是当今国际水准上的最为活跃的体系而且对国际法的持续发展具有重大意 义。The WTO dispute settlement system is the most active one today at the international level and has tremendous importance for the progressive development of international law.
156. 尽管中国取得了很大的成就，但仍然面临巨大的挑战。一部分挑战和竞争来自于农业、银行业 和保险业， 还有一部分来自于一些国家所采取的贸易保护主义措施。
Despite all the achievements, China still faces big challenges. Some of the challenges and competition are from the agricultural sector and banking and insurance industries. And some are caused by the protectionist measures in some countries.
LESSON 22 联合国贸易和发展大会
THE UNITED NATIONS CONFERENCE ON TRADE AND DEVELOPMENT
157. 尽管第一次会议没有制定出具体目标，联合国贸易和发展会议的总任务是制定、协商和实施改 善发展进程的措施。
Although no specific objectives were laid down at the first conference, the general target of UNCTAD is to formulate, negotiate and implement measures to improve the development process.
In the absence of effective agreements, compulsory and automatic compensatory measures should be introduced as soon as there is a decline in export earnings.
159. 实际上西方国家在使低收入国家繁荣起来的同时，其对这些国家的出口将增加，因此也能或得 经济效益。
The western nations would, in fact, also have an economic interest when they are bringing prosperity to the low-income countries, since their exports to these countries would thus be stepped up.
The new international economic order is mainly a demand for more cash and trade concessions from the developed countries.
A Trade and Development Board is the permanent organ of the United Nations Conference on Trade and Development.
162. 世界 500 强企业中有 160 多家企业总部设在美国，这 160 多家企业中有 24 家是全球前百名企 业。
More than 160 of the leading 500 enterprises are headquartered in US, 24 of the 160 enterprises are in the top 100 enterprises.
163. GDP 计算的是在一个经济体地理区域内所生产的所有实物产品和服务价值。
GDP measures the market value of all goods and services produced within the geographical area of an economy.
Another important form of international busineis supplying capital by residents of one country to another, known as international investment.
Every contract of insurance requires an insurable interest to support it, or otherwise it is invalid.
166. 还盘可以针对发盘中的价格， 付款条件， 装运时间或其它条款提出。
Counter-offer may be made A in relation to the price, terms of payment, time of shipment or other terms and conditions of the offer.
167. 《国际贸易术语解释通则》的目的在于为外贸业务中使用最普通的贸易术语提供一套国际解释 通则。The purpose of Incoterms is to provide a set of international rules for the interpretation of the most commonly used trade terms in foreign trade.
International busineinvolves more factors and thus is more complicated than domestic business.
Options are contracts giving the right to buy and sell a security at an agreed price within a particular period of time.
170. 建立跨国企业的目的是获取利润， 利润无疑是跨国企业股东们的基本要求。
MNEs are formed for profit. There is little doubt that the profit goal represents the basic need of the MNEs’ shareholders.
171. 合同是在协议基础上制定的， 而协议是商务谈判的结果。
Contract is based on agreement, which The is the result of businenegotiations.
It is not advisable to use licensing in countries with weak intellectual property protection.
So far as the exporter’s interest is concerned, D/P at sight is more favorable than D/P is more favorable than D/A.
174. 在国际贸易中进出口双方都面临风险，因为总存在对方不履约的可能。Both the exporter and the importer face risks as there is always the possibility that the other party may not fulfill the contract.
175. 信用证是解决这些问题的办法， 旨在通过银行信誉为国际支付提供便利。
The letter of credit is an effective means to solve these problems. Its objective is to facilitate international payment by means of the credit-worthineof the bank.
The banks are only concerned with the documents representing the goods instead of the underlying contracts.
Banks have no legal obligation whether the goods The comply with the contract.
178. 合法运输承运人所有权形式有三种：1）公共承运人；2） 契约承运人；3）自有承运人。
Three types of carrier ownership are legal forms of transportation: 1) common carriers, 2) contract carriers, and 3) private carriers.
Cargo insurance is one of the main branches of insurance. These are usually listed as fire, marine, life and accident.
180. 关于运输保险，重要的一点是要认识到“是为商业服务的” 。
The important point to realize about transportation insurance is that it is “the handmaiden of commerce”.