詞匯翻譯（30分）英譯漢：從10個(gè)terms里面挑5個(gè)translate and define them briefly in Chinese (共15分，一個(gè)3分）1 added value tax 增值稅增值稅是以商品（含應(yīng)稅勞務(wù)）在流轉(zhuǎn)過程中產(chǎn)生的增值額作為計(jì)稅依據(jù)而征收的一種流轉(zhuǎn)稅。從計(jì)稅原理上說，增值稅是對(duì)商品生產(chǎn)、流通、勞務(wù)服務(wù)中多個(gè)環(huán)節(jié)的新增價(jià)值或商品的附加值征收的一種流轉(zhuǎn)稅。實(shí)行價(jià)外稅，也就是由消費(fèi)者負(fù)擔(dān)，有增值才征稅沒增值不征稅。2 annual financial report 年度財(cái)務(wù)報(bào)告年度財(cái)務(wù)報(bào)告是指年度終了對(duì)外提供的財(cái)務(wù)報(bào)告。通常將半年度，季度和月度財(cái)務(wù)報(bào)告統(tǒng)稱為中期財(cái)務(wù)會(huì)計(jì)報(bào)告。年度財(cái)務(wù)報(bào)告作為綜合反映企業(yè)單位年末財(cái)務(wù)狀況、全年經(jīng)營成果和現(xiàn)金流量的報(bào)告，在溝通企業(yè)單位管理層與財(cái)務(wù)會(huì)計(jì)報(bào)告使用者之間起著十分重要的橋梁作用。3 bull market 牛市，旺市；多頭市場(chǎng)。牛市，旺市指交易旺盛的市場(chǎng)形勢(shì)，和淡市相對(duì)。多頭市場(chǎng)又稱買空市場(chǎng)，是指股價(jià)的基本趨勢(shì)持續(xù)上升時(shí)形成的投機(jī)者不斷買進(jìn)證券，需求大于供給的市場(chǎng)現(xiàn)象。4 law of diminishing marginal returns 邊際收益遞減規(guī)律又稱邊際效益遞減規(guī)律，或邊際產(chǎn)量遞減規(guī)律，指在短期生產(chǎn)過程中，在其他條件不變（如技術(shù)水平不變）的前提下，增加某種生產(chǎn)要素的投入，當(dāng)該生產(chǎn)要素投入數(shù)量增加到一定程度以后，增加一單位該要素所帶來的效益增加量是遞減的，邊際收益遞減規(guī)律是以技術(shù)水平和其他生產(chǎn)要素的投入數(shù)量保持不變?yōu)闂l件的條件下進(jìn)行討論的一種規(guī)律。5 angel investment 天使投資是權(quán)益資本投資的一種形式，是指富有的個(gè)人出資協(xié)助具有專門技術(shù)或獨(dú)特概念的原創(chuàng)項(xiàng)目或小型初創(chuàng)企業(yè)，進(jìn)行一次性的前期投資。 它是風(fēng)險(xiǎn)投資的一種形式，在根據(jù)天使投資人的投資數(shù)量以及對(duì)被投資企業(yè)可能提供的綜合資源進(jìn)行投資。6 capital turnover 資本周轉(zhuǎn)資本周轉(zhuǎn)指不斷重復(fù)、周而復(fù)始的資本循環(huán)過程。資本必須在運(yùn)動(dòng)中才能實(shí)現(xiàn)其價(jià)值增殖，這種運(yùn)動(dòng)不能孤立地循環(huán)一次便停下來，而必須持續(xù)不斷地周期性地進(jìn)行。產(chǎn)業(yè)資本連續(xù)不斷、周而復(fù)始的循環(huán)。資本必須在運(yùn)動(dòng)中才能實(shí)現(xiàn)其價(jià)值增值，這種運(yùn)動(dòng)不能孤立地循環(huán)一次便停下來，而必須持續(xù)不斷地周期性地進(jìn)行。這樣的資本循環(huán)，叫做資本周轉(zhuǎn)。7 butterfly effect 蝴蝶效應(yīng)蝴蝶效應(yīng)是指在一個(gè)動(dòng)力系統(tǒng)中，初始條件下微小的變化能帶動(dòng)整個(gè)系統(tǒng)的長期的巨大的連鎖反應(yīng)。這是一種混沌現(xiàn)象。任何事物發(fā)展均存在定數(shù)與變數(shù)，事物在發(fā)展過程中其發(fā)展軌跡有規(guī)律可循，同時(shí)也存在不可測(cè)的“變數(shù)”，一個(gè)微小的變化能影響事物的發(fā)展，說明事物的發(fā)展具有復(fù)雜性。8 calling center 呼叫中心呼叫中心是充分利用現(xiàn)代通訊與計(jì)算機(jī)技術(shù)，如IVR（交互式語音800呼叫中心流程圖應(yīng)答系統(tǒng)）、ACD（自動(dòng)呼叫分配系統(tǒng)）等等，可以自動(dòng)靈活地處理大量各種不同的電話呼入和呼出業(yè)務(wù)和服務(wù)的運(yùn)營操作場(chǎng)所。呼叫中心在企業(yè)應(yīng)用中已經(jīng)逐漸從電話營銷中心向著CTI（計(jì)算機(jī)通信集成）綜合呼叫中心轉(zhuǎn)變，已經(jīng)將電話、計(jì)算機(jī)、互聯(lián)網(wǎng)等多種媒介綜合應(yīng)用于營銷、服務(wù)等等多項(xiàng)工作當(dāng)中。呼叫中心就是在一個(gè)相對(duì)集中的場(chǎng)所，由一批服務(wù)人員組成的服務(wù)機(jī)構(gòu)，通常利用計(jì)算機(jī)通訊技術(shù)，處理來自企業(yè)、顧客的垂詢與咨詢需求。以電話咨詢?yōu)槔邆渫瑫r(shí)處理大量來話的能力，還具備主叫號(hào)碼顯示，可將來電自動(dòng)分配給具備相應(yīng)技能的人員處理，并能記錄和儲(chǔ)存所有來話信息。一個(gè)典型的以客戶服務(wù)為主的呼叫中心可以兼具呼入與呼出功能，當(dāng)處理顧客的信息查詢、咨詢、投訴等業(yè)務(wù)的同時(shí)，可以進(jìn)行顧客回訪、滿意度調(diào)查等呼出業(yè)務(wù)。9 SWOT analysis 四點(diǎn)（優(yōu)勢(shì)、劣勢(shì)、機(jī)會(huì)、威脅）分析SWOT分析方法是一種企業(yè)內(nèi)部分析方法，即根據(jù)企業(yè)自身的既定內(nèi)在條件進(jìn)行分析，找出企業(yè)的優(yōu)勢(shì)、劣勢(shì)及核心競(jìng)爭(zhēng)力之所在，從而將公司的戰(zhàn)略與公司內(nèi)部資源、外部環(huán)境有機(jī)結(jié)合。其中，S代表strength(優(yōu)勢(shì))，W代表weakness(弱勢(shì))，O代表opportunity(機(jī)會(huì))，T代表threat(威脅)，其中，S、W是內(nèi)部因素，O、T是外部因素。按照企業(yè)競(jìng)爭(zhēng)戰(zhàn)略的完整概念，戰(zhàn)略應(yīng)是一個(gè)企業(yè)“能夠做的”（即組織的強(qiáng)項(xiàng)和弱項(xiàng)）和“可能做的”（即環(huán)境的機(jī)會(huì)和威脅）之間的有機(jī)組合。 意義：幫您清晰地把握全局，分析自己在資源方面的優(yōu)勢(shì)與劣勢(shì)，把握環(huán)境提供的機(jī)會(huì)，防范可能存在的風(fēng)險(xiǎn)與威脅，對(duì)我們的成功有非常重要的意義。10 business model 商業(yè)模式商業(yè)模式，是管理學(xué)的重要研究對(duì)象之一， MBA、EMBA等主流商業(yè)管理課程均對(duì)“商業(yè)模式”給予了不同程度的關(guān)注。在分析商業(yè)模式過程中，主要關(guān)注一類企業(yè)在市場(chǎng)中與用戶、供應(yīng)商、其他合作伙伴的關(guān)系，尤其是彼此間的物流、信息流和資金流。漢譯英：從10個(gè)terms里面挑5個(gè)translate and define them briefly in English(共15分，一個(gè)3分）1 聯(lián)合國貿(mào)發(fā)會(huì)議 United Nations Conference on Trade and Development（UNCTAD)Established in 1964, the United Nations Conference on Trade and Development (UNCTAD) promotes the development-friendly integration of developing countries into the world economy. UNCTAD has progressively evolved into an authoritative knowledge-based institution whose work aims to help shape current policy debates and thinking on development, with a particular focus on ensuring that domestic policies and international action are mutually supportive in bringing about sustainable development.或者The United Nations Conference on Trade and Development (UNCTAD) was established in 1964 as a permanent intergovernmental body. UNCTAD is the principal organ of the United Nations General Assembly dealing with trade, investment, and development issues. The organizations goals are to: maximize the trade, investment and development opportunities of developing countries and assist them in their efforts to integrate into the world economy on an equitable basis.The primary objective of UNCTAD is to formulate policies relating to all aspects of development including trade, aid, transport, finance and technology. The conference ordinarily meets once in four years; the permanent secretariat is in Geneva.2 普惠制Generalised System of Preferences（GSP)The Generalized System of Preferences, or GSP, is a preferential tariff system which provides for a formal system of exemption from the more general rules of the World Trade Organization (WTO), (formerly, the General Agreement on Tariffs and Trade or GATT). Specifically, its a system of exemption from the most favored nation principle (MFN) that obliges WTO member countries to treat the imports of all other WTO member countries no worse than they treat the imports of their most favored trading partner. In essence, MFN requires WTO member countries to treat imports coming from all other WTO member countries equally, that is, by imposing equal tariffs on them, etc.GSP exempts WTO member countries from MFN for the purpose of lowering tariffs for the least developed countries, without also lowering tariffs for rich countries3 北美自由貿(mào)易協(xié)定 North American Free Trade Agreement（NAFTA)The North American Free Trade Agreement (NAFTA) is an agreement signed by Canada, Mexico, and the United States, creating a trilateral rules-based trade bloc in North America. The agreement came into force on January 1, 1994.It superseded the CanadaUnited States Free Trade Agreement between the U.S. and Canada. NAFTA has two supplements: the North American Agreement on Environmental Cooperation (NAAEC) and the North American Agreement on Labor Cooperation (NAALC).In terms of combined purchasing power parity GDP of its members, as of 2013 the trade bloc is the largest in the world as well as by nominal GDP comparison.4 口碑 word of mouth，public praiseWord of mouth is the passing of information from person to person by oral communication, which could be as simple as telling someone the time of day. Storytelling is a common form of word-of-mouth communication where one person tells others a story about a real event or something made up. Oral tradition is cultural material and traditions transmitted by word of mouth through successive generations. Storytelling and oral tradition are forms of word of mouth that play important roles in folklore and mythology. Another example of oral communication is oral historythe recording, preservation and interpretation of historical information, based on the personal experiences and opinions of the speaker. Oral history preservation is the field that deals with the care and upkeep of oral history materials collected by word of mouth, whatever format they may be in.5 匯票 bill of exchangeA bill of exchange or draft is a written order by the drawer to the drawee to pay money to the payee. A common type of bill of exchange is the cheque (check in American English), defined as a bill of exchange drawn on a banker and payable on demand. Bills of exchange are used primarily in international trade, and are written orders by one person to his bank to pay the bearer a specific sum on a specific date. Prior to the advent of paper currency, bills of exchange were a common means of exchange. They are not used as often today.6 傾銷 dumping In economics, dumping is a kind of predatory pricing, especially in the context of international trade. It occurs when manufacturers export a product to another country at a price either below the price charged in its home market or below its cost of production.7利基營銷 niche marketingNiche marketing is marketing a product or service in a small portion of a market that is not being readily served by the main stream product or service providers. Nearly everything we take for granted from the fast food chains, convenience stores, even Wal-Martbegan as a business to fill perceived voids in the market place. These “niches” can be geographic areas, a specialty industry, a demographic or ethnic group, a specific gender group, or other special group of people.8 特許經(jīng)營 FranchisingFranchising is the practice of the right to use a firms successful business model and brand for a prescribed period of time. The word franchise is of Anglo-French derivationfrom franc, meaning freeand is used both as a noun and as a (transitive) verb.For the franchiser, the franchise is an alternative to building chain stores to distribute goods that avoids the investments and liability of a chain. The franchisors success depends on the success of the franchisees. The franchisee is said to have a greater incentive than a direct employee because he or she has a direct stake in the business. Essentially, and in terms of distribution, the franchisor is a supplier who allows an operator, or a franchisee, to use the suppliers trademark and distribute the suppliers goods. In return, the operator pays the supplier a fee. Thirty three countriesincluding the United States and Australiahave laws that explicitly regulate franchising, with the majority of all other countries having laws which have a direct or indirect impact on franchising.9市場(chǎng)細(xì)分 market segmentationMarket segmentation is a marketing strategy that involves dividing a broad target market into subsets of consumers, businesses, or countries who have common needs and priorities, and then designing and implementing strategies to target them. Market segmentation strategies may be used to identify the target customers, and provide supporting data for positioning to achieve a marketing plan objective. Businesses may develop product differentiation strategies, or an undifferentiated approach, involving specific products or product lines depending on the specific demand and attributes of the target segment.10對(duì)等貿(mào)易 counter tradeCounter trade means exchanging goods or services which are paid for, in whole or part, with other goods or services, rather than with money. A monetary valuation can however be used in counter trade for accounting purposes. In dealings between sovereign states, the term bilateral trade is used. OR Any transaction involving exchange of goods or service for something of equal value.篇章翻譯（120分）英譯漢（60分）英譯漢原文 When You Move, I Move: Increasing Synchronization Among Asias Economies In recent decades, trade integration within Asia has increased more than in other regions. In valued-added terms, intraregional trade grew on average by over 10 percent a year from 1990 to 2012, twice the pace seen outside of Asia. Likewise, financial integration within the region has started to catch up, although it still lags behind trade integration. Concomitantly, business cycles in Asia have become steadily more synchronized over the past two decades, with the correlation between ASEAN economies growth rates almost reaching the very high levels seen within the Euro Area. As outlined in the IMF Asia and Pacific Departments latest Regional Economic Outlook, these facts are related. Namely, increases in trade and financial integration have strengthened the propagation of growth shocks between regional partners, leading Asian economies to move more in lockstep. One driver of this synchronization of business cycles has been the increase in size and connectedness of Chinas economy. Looking ahead, we expect regional integration agenda and a bigger China to further increase spillovers and growth co-movement across the region. Greater international cooperation, particularly regional and global financial safety nets, can help countries respond to the associated risk of more synchronized, sharper downturns, and thereby help Asia make the most of greater regional integration. Trade integration has been an important synchronizing force for Asian business cycles On the trade side, our study brings a novel finding: what makes two economies co-moveby propagating shocks across bordersis the intensity of their bilateral trade in value-added terms, not in gross terms. The iPhone supply chain example illustrates why this makes sense: although China exports the product to the US, its domestic firms add only a small fraction of the overall value added, so that gross exports vastly over-estimate the dependence of the Chinese economy on final demand from American consumers. The reverse holds for Korea or Taiwan POC, which reap sizeable value added through exports of components to China even though they dont export any iPhones to the US. Overall, the trend increase in the value-added traded between Asian economies over the past two decades has accounted for around one-quarter of the concomitant increase in business cycle synchronization across the region. Financial integration has been a more ambivalent force. Across the world, it has magnified the impact on business cycle synchronization of large global shocks like the global financial crisis, as global banks pulled funds back across the board. But in normal times, it has lowered synchronization somewhat, possibly by facilitating international reallocation of capital when a shock hits one country. However, this has been less of a factor in Asia, where cross-border financial claims and flows have so far been comparatively small. 英譯漢的譯文 亦步亦趨：亞洲經(jīng)濟(jì)體的同步性不斷增強(qiáng) 近幾十年來，亞洲貿(mào)易一體化的步伐大于其他地區(qū)。以增加值計(jì)算，1990年至2012年，亞洲區(qū)域內(nèi)貿(mào)易平均每年增長10%以上，增速是亞洲之外地區(qū)的兩倍。同樣，該地區(qū)的金融一體化也開始趕超，但仍落后于貿(mào)易一體化。伴隨而來的是，過去二十年里，亞洲地區(qū)的商業(yè)周期的同步性穩(wěn)步上升，東盟各經(jīng)濟(jì)體增長率的關(guān)聯(lián)度幾乎達(dá)到了歐元區(qū)內(nèi)的極高水平。 正如基金組織亞太部最新一期地區(qū)經(jīng)濟(jì)展望所述，上述情況是相互關(guān)聯(lián)的，即，貿(mào)易與金融一體化的發(fā)展推動(dòng)了區(qū)域伙伴之間增長沖擊的傳播，導(dǎo)致亞洲經(jīng)濟(jì)體的步伐愈發(fā)一致。中國經(jīng)濟(jì)的規(guī)模擴(kuò)大和對(duì)外關(guān)聯(lián)度增強(qiáng)是商業(yè)周期同步化的一個(gè)驅(qū)動(dòng)因素。展望未來，我們預(yù)計(jì)區(qū)域一體化行動(dòng)和中國的發(fā)展將進(jìn)一步加強(qiáng)該地區(qū)的溢出效應(yīng)和增長聯(lián)動(dòng)性。加強(qiáng)國際合作，尤其是區(qū)域和全球金融安全網(wǎng)方面的合作，有助于各國應(yīng)對(duì)更同步的、更急劇的經(jīng)濟(jì)下滑風(fēng)險(xiǎn)，進(jìn)而使亞洲能從深化區(qū)域一體化中獲得最大的收益。 貿(mào)易一體化是亞洲商業(yè)周期同步化增強(qiáng)的重要驅(qū)動(dòng)因素 在貿(mào)易方面，我們的研究得出了一個(gè)新穎的觀點(diǎn)，即，導(dǎo)致兩個(gè)經(jīng)濟(jì)體（通過跨境傳播沖擊進(jìn)行）聯(lián)動(dòng)的因素是以增加值衡量的雙邊貿(mào)易規(guī)模，而非總值衡量的規(guī)模。蘋果手機(jī)供應(yīng)鏈的例子可以很好地解釋這個(gè)道理。雖然中國向美國出口產(chǎn)品，但國內(nèi)企業(yè)獲得的增加值僅為總體增加值的一小部分，因此按總出口來衡量的話會(huì)大大高估中國經(jīng)濟(jì)對(duì)美國消費(fèi)者最終需求的依賴性。韓國或中國臺(tái)灣的情況則正相反：即便他們不向美國出口任何蘋果手機(jī)，但可通過向中國出口配件來獲取豐厚的增加值。總體上來看，亞洲商業(yè)周期同步性的增幅中，約有四分之一是因?yàn)檫^去二十年里亞洲經(jīng)濟(jì)體之間貿(mào)易增加值的趨勢(shì)增長。 金融一體化則是一股更具矛盾的力量。在全球范圍內(nèi)，由于危機(jī)期間全球性銀行全面收回資金，金融一體化加劇了諸如國際金融危機(jī)這種大規(guī)模全球沖擊對(duì)商業(yè)周期同步性的影響。但在正常時(shí)期，金融一體化導(dǎo)致同步性有所下降，其途徑可能是：在沖擊影響某一國時(shí)，金融一體化會(huì)促進(jìn)資本在全球的再分配。然而，金融一體化對(duì)亞洲的影響不大，因?yàn)樵摰貐^(qū)跨境金融債權(quán)和流動(dòng)的規(guī)模至今相對(duì)較小。漢譯英（60分）漢譯英的原文 我國人口老齡化對(duì)經(jīng)濟(jì)增長的潛在影響 理論研究認(rèn)為, 老齡化會(huì)減少勞動(dòng)力供給, 降低社會(huì)儲(chǔ)蓄率, 導(dǎo)致產(chǎn)出和資本形成能力下降, 最終影響經(jīng)濟(jì)增長。同時(shí), 發(fā)達(dá)國家的實(shí)際表明, 隨著人口老齡化, 養(yǎng)老費(fèi)用及人均醫(yī)療費(fèi)用均會(huì)大幅上升, 加重政府財(cái)政負(fù)擔(dān)。 與發(fā)達(dá)國家“富老同步冶或者“先富后老冶相比, 我國人均收入水平仍然較低, 屬于明顯的“未富先老冶, 對(duì)經(jīng)濟(jì)增長的影響日益明顯。一是未來勞動(dòng)力供給減少和成本上升, 將不利于企業(yè)尤其是勞動(dòng)密集型企業(yè)發(fā)展。二是老年撫養(yǎng)比淤上升將影響居民儲(chǔ)蓄數(shù)量和儲(chǔ)蓄傾向, 并通過降低企業(yè)利潤間接影響企業(yè)儲(chǔ)蓄行為。儲(chǔ)蓄下降將減少投資資金來源, 并影響資金價(jià)格。三是加重財(cái)政支出負(fù)擔(dān)。與發(fā)達(dá)國家相比, 我國社會(huì)保障水平較低, 養(yǎng)老保險(xiǎn)和醫(yī)療保險(xiǎn)面臨資金緊張、覆蓋面窄等問題, 許多地方存在養(yǎng)老金缺口。隨著我國社會(huì)保障體系逐漸完善, 養(yǎng)老金水平不斷提高, 醫(yī)療保障覆蓋面擴(kuò)大, 未來老齡化所帶來的財(cái)政支出將大幅增長, 財(cái)政壓力隨之增大。 人口老齡化將是我國需要面對(duì)的一個(gè)長期問題, 應(yīng)加快采取相關(guān)應(yīng)對(duì)措施, 繼續(xù)推進(jìn)新型城鎮(zhèn)化建設(shè)和區(qū)域經(jīng)濟(jì)協(xié)調(diào)發(fā)展, 進(jìn)一步推動(dòng)農(nóng)村剩余勞動(dòng)力的轉(zhuǎn)移和就業(yè)。加大人力資本投入, 提高勞動(dòng)者素質(zhì)。大力促進(jìn)科技創(chuàng)新, 實(shí)現(xiàn)產(chǎn)業(yè)結(jié)構(gòu)優(yōu)化升級(jí), 通過技術(shù)進(jìn)步來彌補(bǔ)勞動(dòng)力優(yōu)勢(shì)的逐步喪失。加快健全社會(huì)保障體系, 繼續(xù)擴(kuò)大養(yǎng)老保險(xiǎn)和醫(yī)療保險(xiǎn)覆蓋面,逐步提高社會(huì)保障水平。漢譯英的譯文 The Potential Impact of Chinas Aging Population on Its Economic Growth Theoretical studies suggest that aging population will reduce labor supply, reduce the social saving rate, result in reduced output and capital formation, and ultimately affect economic growth. Meantime, the experiences of developed countries show that with aging population, expenditure for the elder and per capital health care will rise sharply, adding to the fiscal burden. Compared with “synchronization of getting rich and becoming an aged society” or “becoming a rich society before getting older”, Chinas per capita income is still relatively low, and Chinas situation belongs to “becoming an aged society before getting rich”, and its impact on economic growth is increasingly evident. First, in the future, declining labor supply and rising labor cost will have