Section One Section Two
Section One: Read the following and fill in the blanks with the phrases or words given below , once only for each phrase or word--将下列短语或单词复制入空格(不能复制单词前后的空格),每个空格填一个,每个短语或单词只能用一次(23个空).
appliance avalanche crucial compensation controlling decline diluted easing float issues majority
non-tradeable overhang pilot performance private-sector rejected reform retained stage structure tranches unveiled
China adds big names to stock market plan
中国大企业加入股权分置改革
China's stock market regulator said yesterday that 42 companies, including some of the country's biggest and best-known corporate names, would take part in the second of its planned reform of the shareholder of listed companies that is seen as to the future of the stock market.中国证券市场监管机构昨天表示，包括中国一些最大、最知名企业在内的42家公司将参与上市公司股权结构改革第二阶段试点。股权结构改革被认为是中国证券市场未来的关键。
Baosteel, China's biggest steel company, and oil company Sinochem International are among the companies that will begin unwinding their large holdings of shares and in some cases will the shares on the stock market.中国最大的钢铁企业宝钢股份(Baosteel)和石油企业中化国际(Sinochem International)也在上述试点公司名单之内，它们将开始减持其大量的非流通股份，并且在某些情况下将这些股份上市。
The announcement by the China Securities Regulatory Commission (CSRC) underlines the government's determination to push ahead with the reform plan despite a critical response from investors since it was first in early May.中国证监会(CSRC)这一公告表明了政府推进改革计划的决心，但是自5月初首次公布试点计划以来，投资者对此提出了批评。
The government also said at the weekend it would set limits on the sale of these non-tradeable shares, a statement aimed at
concerns the market will suffer a flood of new 政府周末还表示，将对出售这些非流通股设定限制。这一表态旨在安抚市场，因为市场担心将有大量新股充斥市场。
The plan is designed to deal with the fact that around two-thirds of the equity in China's listed companies is in the form of non-tradeable shares, most of which are in the hands of the state. The result is that the shareholder often has little interest in the of the share price.股权结构改革计划旨在面对这样一个现实：中国上市公司三分之二的股份都是非流通股，其中大多数都在政府手中。结果造成大股东通常对股价表现不大感兴趣。
Many analysts believe this of unlisted shares is one of the main reasons for the in share prices in recent years. The Shanghai market fell 15 per cent last year and is well down again this year.许多分析师认为，大量未上市股份的存在是中国股市近几年股价下跌的主要原因之一。去年上海股市下跌了15%，今年以来又有大幅下跌。
In early May, the CSRC announced the first four companies in a programme to list their non-tradeable shares and begin selling small 中国证监会5月初宣布了试点计划的首批四家公司，让它们的非流通股上市，并开始进行小批量出售。
Of the four, all relatively small, the shareholders in one have the company's offer of .in return for having their stakes 这四家公司都相对较小，其中一家公司的股东否决了该公司提出的补偿，作为股权稀释的代价。
The 42 companies in the second round of the programme include large state-owned groups such as Yangtze Power and Shanghai Port and Container, as well as some companies such as Suning Appliance Chains, the home retailer.改革试点的第二批42家公司中，包括长江电力(Yangtze Power)和上港集箱(ShanghaiPort and Container)等大型国有集团，同时也包括家电零售商苏宁电器(Suning Appliance Chains)等私营企业。
The State-owned Assets Supervision and Administration Commission (Sasac), which controls the state's equity holdings, said at the weekend it would engage in the shareholder reform plan, but added that the state would maintain positions in many state-owned enterprises.管理国家持有股份的国资委(Sasac)周末表示，它将参与股权改革计划，但补充说，国家将在许多国有企业中保持控股地位。
The statement said companies in important sectors would establish a minimum level of shares to be by the state, giving the market a clearer indication of the amount of shares that might be floated. Some investors had feared the reform plan would lead to an of new issues, which would send other share prices down.该声明表示，重要产业的企业将设定国家最低持股比例，从而可以更清楚地向市场表明可能上市的股票数量。一些投资者曾担心，改革计划将导致大量新股上市，从而促使其它股票价格下跌。
Section Two
Listen to the interview and fill in the blanks with the phrases or words you hear, once only for each phrase or word--请听下面的采访,将 您听到的短语或单词填入空格,每个空格填一个,请注意大小写(27个空)
Click here for listening 点击此处开始听
Greenspan Says China Currency Revaluation Won't Help US Jobs, Manufacturers
The chairman of the U.S. Federal Reserve Bank says he does not believe an increase in the value of the Chinese currency will lead to more manufacturing activity or jobs in the United States. Alan Greenspan's comments came in Thursday to the Finance Committee.
Mr. Greenspan said a of the Chinese currency would not have the positive effects in the United States that some believe it would.
"Some observers mistakenly believe that a marked increase in the exchange value of the Chinese Renminbi [yuan], the so-called RMB, relative to the U.S. dollar, would significantly increase activity and jobs in the United States. I'm aware of no credible evidence that supports such a conclusion," he said.
The U.S. central bank chairman also warned against that would more than 27 percent on Chinese goods flowing into the United States, if Beijing doesn't move to a more currency system. He said the tariffs would not help the United States lower its overall trade
"The broad tariff on Chinese goods that has recently been proposed, should it be , would significantly lower U.S. imports from China, but would comparably raise U.S. imports from other low-cost sources of supply," he said. "At only slightly higher prices than at present, U.S. imports of textiles, light manufactures, assembled computers, toys, and similar products, would in part shift from China, as the final assembler, to other market economies in Asia, and perhaps in Latin America as well."
And, while he urged caution on the U.S. side regarding pressure on China to revalue its currency, Mr. Greenspan added that he thinks it is in China's own interest to loosen its currency exchange
"It is nonetheless the case that a more flexible RMB would be helpful to China's economic , and hence, to world and U.S. economic growth," he said. "Rapid of foreign, largely dollar-reserve holdings by the People's Bank of China, China's central bank, as a of support for the RMB, would boost the growth of the money stock with the risk of putting upward pressure on and a general of the Chinese economy." China has been keeping its currency at 8.28 to the dollar for the past decade. say the RMB has become , which gives Chinese exports an unfair price advantage. They are calling on Beijing to loosen the RMB and let its value rise. Meanwhile, the U.S. Congress is considering proposals to impose tariffs on Chinese imports.
This issue has taken on greater following statistics showing that the U.S. deficit hit a $618 billion last year. The trade deficit with China was nearly $162 billion, the highest ever with a single country.
--------------------------------------------------------------------------------
将姓名和成绩记录下来mail给管理员
您的考试成绩： Total score: 100 (2 for each blank) 本期答案
