I. Translate the following terms into English (15%):

1) 兼并

2) 控制股

3) 上市公司

4) （股票）首期公開上市

5) 垃圾債券

6) 歐洲債券市場

7) 總合帳戶

8) 貿(mào)易壁壘

9) 進口替代

10) 清算機制

II. Translate the following terms into Chinese(10%):

1) CAP

2) FTAA

3) OECD

4) marketing savvy

5) capital spending binge

6) venture capital

7) euro-denominated capital market

8) mercantilist assumptions

9) liquid investment

10) management expertise

III. Translate the following passages into Chinese (26%):
1. Some believe that individually, with the help of enterprising local management or eager multinational partners wanting to add new products to their stable, Chinese brands could become a global phenomenon within a decade, marketed on quality and exotic appeal, as well as competitive pricing.
2. New Economy skeptics have a more pessimistic view of the future because they have a gloomier reading of the past. They say much of the equipment and software bought in the late 1990s went to waste. And they argue that recent downward revisions of historical GDP data solidify their case that the profit and productivity surge of the period was not as strong as first believed. When the history books are written, they say, the boom will turn out to have been largely a bubble.
3. As world markets worry about tighter money in America, overheating in China and dearer oil everywhere, Europe and Japan are, contrary to tradition, providing havens for optimists. Japan’s economy, in particular, continues to beat expectations even as it raises them. Numbers released on Tuesday May 18th showed that Japan’s output grew at an annual pace of 5.6% in the first quarter of this year, its eighth straight quarter of growth. Even the money value of its 
output managed to rise by a healthy 3.2%, despite a continuing fall in prices.
The euro area’s rebound is less marked and less impressive. But the latest figures, released last Friday, were still good enough to deny the euro-pessimists satisfaction. Euro-area GDP grew at an annual pace of 2.4% in the first quarter, faster than at any time since the beginning of 2001. France was looking positively sprightly: it grew by 3.2%.
IV. Translate the following sentences into English by using the given phrases (15%):
turn out peg leave off earmark gain ground

1. 一份被期待已久的就業(yè)報告表明五月份美國經(jīng)濟新增了成千上萬個就業(yè)，隨之華爾街股價獲得上升之勢。

2. 在作者所研究的所有案例中，那些強烈追求物質(zhì)價值的人到頭來感覺并不那么幸福，包括不滿、不快、沮喪和焦慮等。

3. 這兩位經(jīng)濟學(xué)家發(fā)誓要從原來中斷的地方開始繼續(xù)研究下去。

4. 在20世紀(jì)50年代和60年代期間，美國將其美元與黃金掛鉤（35美元相當(dāng)于1盎司黃金），而大多數(shù)其他國家使其貨幣釘住美元（德國馬克被定為每4馬克相當(dāng)于1美元）。

第 3 頁 共 9 頁 高級商務(wù)英語閱讀

5. 當(dāng)然比起大多數(shù)跨國公司專門撥劃的金額來說，海爾在營銷方面的花費并不多。在美國，海爾的促銷預(yù)算僅占其在美國銷售的1%。

V. Read the following passage and choose an appropriate sentence from the list (A-H) to fill each of the gaps in the passage (14%):
Learning by doing is familiar to every manager sent o a training course. Invariably this involves role-play based on studies of long-ago triumphs and disasters, from a relevant industry or organization. 1)______ The problem is, any experience of decision-making gained from role-play has one obvious shortcoming: it is not real life.
To tackle this dilemma, some of the best-known companies have set up the International Management Development Consortium, which provides a range of executive development programs for staff members. 2)______ What this means is that they involve “action learning” through real-life situations, and participants work as problem-solving consultants on projects within companies engaged in day-to-day business.
3)______ Within this they also take training and refresher courses in traditional business skills such as finance, marketing, staff management and strategic planning. These disciplines are taught by a mix of academics, business people and senior managers from Consortium companies who also monitor the consultancy work.
More than 100 of these consultancy projects have been undertaken so far, and many more are to come. 4)______ Generally, those who choose to attend the course come from various countries, reflecting the multi-national nature of companies within the Consortium. 5)______ As a result of this cross-cultural exchange, the people on the course learn a great deal from each other----and often keep in contact on a professional level long after the end of their course.
The Consortium says language difficulties are not a problem when consultancies are undertaken for foreign companies on site. A translator is on hand to deal with difficulties which arise from technical terms of jargon. 6)______ This is because they are not charged consultancy fees, although a nominal sum is payable for administration. The funding for the scheme is provided by each Consortium member who contributes to the cost of running the training course, and the amount involved is considerably less than fees charged by leading business schools. 7)______ ‘It is”, says the Chairman, ‘a(chǎn) real learning experience with 
techniques that can easily be used back at work’.
A. They are being offered by companies who are aware of the benefits of the range of knowledge offered by the people on the course.
B. As well as the savings, there are also the dividends it pays in the form of improved staff performance.
C. The difference between these programs and the average executive course, however, is that these courses are based on the concept of ‘live’ consultancy.
D. In this way, participants can also benchmark themselves against the best members from a range of Consortium companies.
E. This means that within every training group there will be a wide variety of experience, which is discussed and explored by the group.
F. Typically, groups of up to six course members undertake projects as part of this development program.
G. Another major advantage is that these companies usually get their problems solved very

答案：

I. Translate the following terms into English:
兼并 mergers and acquisitions
控制股 controlling stake
上市公司 listed company
（股票）首期公開上市 initial public offering (IPO)
垃圾債券 junk bonds
歐洲債券市場 euro-bond market
總合帳戶 pooled account
貿(mào)易壁壘 trade barriers
進口替代 import substitution
清算機制 clearing mechanism

II. Translate the following terms into Chinese(10%):
CAP 共同農(nóng)業(yè)政策
FTAA 北美自由貿(mào)易協(xié)定
OECD 經(jīng)濟合作與發(fā)展組織
marketing savvy 營銷技能
capital spending binge 資本投資熱
venture capital 風(fēng)險資本
euro-denominated capital market 以歐元標(biāo)價的資本市場
mercantilist assumptions 重商主義觀點
liquid investment 短期投資
management expertise 管理知識

III. 英譯中（略）

IV. 中譯英

1) The fines and costs of legal actions may eventually pale in comparison with the brand damage and loss of consumer confidence resulting from such cases.

2) The new company aims to have its assets and sales both exceeding 100 billion yuan and nudge into the world’s top 500 in three years.

3) When successful people share the secrets of their success, they often boil down to hard work, determination and commitment.

4) By riding the wave of its accession to WTO, the Chinese government has taken more measures to restructure its national economy.

5) Far from making an unapologetic case for open markets, free traders have played into the hands of protectionists by treating trade barriers as important assets while focusing all their energies on prying open foreign markets.