北大閱讀試卷

GuanghuaSchoolofManagementFinalExamSpringSemester,2014-2015Course:BusinessEnglishReadingInstructor:YuShiguang,QiuYiExamDate:June.25th, Length:1.5 StudentFormat:Closedbook.PleasewriteallyouranswersontheexamReadingcomprehension(60Passageofficialshavepredictedlowereconomicgrowthagainthisyear.Theysaythathugeernmentspendingprogramsarecomingtoaclose.Instead,officialssaytheyareseekingwhattheycall"higherquality"butmoremodestgrowth.Thegoalistoincreasedomesticconsumptionandgrowtheeconomyinamorebalancedway.Lastweek,LiKeqiangreindthisopinionwhenheannouncedatargetgrowthrateofsevenpercentfor2015.Thatiswellbelowtheeconomy'saverageoverthelast20years.However,therearesignsthattheernmenthasnotyetendeditsbigspendingprograms.LiKeqiangannounceda13percentincreaseinfixedassetinvestments,thingslikebuildingsandmachinery.Thealsosaidtherewouldbenewspendinginenergy,railways,watermanagementandhousing.Someeconomistsbelievethisspendingwillbegreaterthanneededtoreachtheernment'sgrowthtarget.ShenJianguangischiefAsiaeconomistatMizuhoSecuritiesAsiainHongKong.Hecallstheadditionalinvestmentsa"silentstimulusn."InJanuary,LiKeqiangpromisedtocreate10millionnewjobsin2015,partlythroughinvestmentinbuildingprojects.Thenewspendingprogramislessthanthestimulusnputinceduringtheworldfinancialcrisis.In2008,announcedaspendingpackageof$570billion.Thisyear,however,Mr.Lihassetaside$260billionforininfrastructureandpartsoftheYetthespendingincreasedoesnothingtoincrease albuyinginorcreatedemandforgoodsandservices.Recently,aprofessoratRenminUniversityspoketostate-runbroadcasterCCTV.TaoRansaidthatconsumptionlevelsaremuchlessthanwhatisneededtoguaranteesteadygrowth.Spendingbythepublicisestimatedatjustabout40percentoftheeconomywhilespendingbyernmentagenciesmakestheTheernmentisborrowingmoneytopayfornewprojects.FinanceMinisterLouJiweisaidinanewsconferencethatdeficitspendingwillbeabout2.7percentofthegrossdomesticproduct.Thatisthevalueofallgoodsandservicesproducedbytheeconomyinoneyear.Itisanincreaseoverlastyearandalmostasmuchasduringthefinancialcrisisyearof2009.'sdebthasincreasedfourtimessince2007.TheMcKinseyGlobalInstituteestimatedinFebruarythattotaldebtinwasvaluedat282percentoftheeconomy.Thatincludesernment,corporateandhouseholddebt.ThesamereportestimatesU.S.debttobe269percentofGDP.'sMinistryofFinancehadbeenlimitingspendingtocooltheeconomy.ButMr.ShensaystheFinanceMinistryappearstobechangingthat.'slocalernmentsholdlargeamountsofdebtandthathashurttheirabilitytoinvestinnewinfrastructure.YinZhongqing,deputydirectoroftheFinanceandEconomiccommitteeoftheNationalPeople'sCongress,spoketoreportersrecently.Hesaidthecentralernmentwouldofferabout$160billioninlow-interestbondstoreceexistingdebtowedbylocalernments.Answerthefollowingquestionsbriefly.(3*5=15WhatistheeconomicgoalpursuedbyWhatistheexpectedresultof ernmentWhyispublicspendingsoimportantto’sWhatisthedebtlevelin?IsithighcomparedwiththeU.S.Howisthecentral ernmentgoingtoeasethedebtburdenoflocalPassageInJanuary,thePewResearchCenterpublishedapublicopinionstudythatshowedmorethan60percentofAmericanssupporttherenewaloffulldiplomaticrelationswithCuba.InDecember,Obamaannouncedhehaddecidedthatthetwonationsshouldofficiallyrecognizeoneanother.Itwasthefirststeptowardendingatradeembargothathadbeenincesincethe1960s.InJanuary,duringhisStateoftheUnionspeech,thecalledonCongresstobegintheworkofendingtheembargo.Somestateandfederallawmakersstronglysupporttheproposal.Othersstronglyopposeit.ManyAmericanfarmersandagricultureorganizationswantthetradeembargotoend.Then,theycouldsellmoreoftheircropstoCubamoreeasily.Cubaimportsabout80percentofitsfood.ThomasMartenisafarmerinthecentralAmericanstateofIllinois.Hesaysendingtheembargocouldincreasehisprofitsby15percent.Hewillnthiscropsinthenextfewmonths.Hesayshegrowsalotofspecialcorn,includingnon-GMO.Hesaysalmostalloftheproductgoestoexportmarkets.Mr.MartensayshisfathercouldnothaveimaginedeversellinghiscropstoCuba.Hesaidtheembargowasincetheentiretimehisfatherandhisfather'sbrotherswerefarming.Mr.Martenispartofagroupoffarmersandbusinessleaderspressuringlawmakerstosupporttheendofthetradeembargo.PeopleinCubawereeatingfromcropsgrowninIllinoisevenbeforeMr.Obamasaidhewouldendtheembargo.MarkAlbertsonisadirectorofmarketdevelopmentattheIllinoisSoybeanAssociation.HesaystheTradeSanctionsandReformActunderformerBillClintonpermittedagriculturetradetoCuba.Buthesaystherewerealotofdifficultiesstill.OneofthedifficultiesisthatitisillegalfortheUnitedStatestopermitCubatomakepaymentsovertimeforashipmentoffood.ThismeansCubamustpaythecompleteamountowedforthefoodwhenitissent.Mr.AlbertsonsaysothercountriesgivefinancialcredittoCubamakingthemmorecompetitivethanAmericanfarmers.Hesaystherehasbeenasharpdropinagriculture-relatedexportstoCubainrecentyears.Thebusinessgroup,U.S.AgriculturalCoalitionforCubaisleadingagroupofabout75farmersandbusinessleadersonatriptoCubalaterinMarch.ThomasMartenisgoing.Itwillbehissecondtriptotheislandnation.HetoldVOAheisoptimisticaboutthefutureoftradewithCuba.Hethinkstheembargohasfailedtopressurethecountry'sleaderstoimprovethelivesoftheCubanpeople.Buthesaysheknowsthereareproblemsthatmustbedealtwith."AsbothafarmerandaCatholic,youknow,Idefiniysawthatthere'salotofchurchesclosedthere,andthat'ssomethingthatdefiniyconcernsmeinCuba--istheirhumanrightsrecord.Thatsaid,54yearsofourembargohasdonevery,verylittleasfarasimprovingthehumanrightsconditionsinCuba."Mr.MartensayshehopesthatsomeofthecornandsoyfromhisnextharvestwillbesoldtoCuba.DeterminewhetherthefollowingstatementsareTrue(T)orFalse(F).(1.5*10=15 ]1.Attheendoflastyear,U.S.hassuccessfullyrenewedfulldiplomaticrelationswithCuba. ]2.TheCongressisdividedconcerningObama’sproposaltoremovethetradeembargofromCuba. ]3.ManyAmericanfarmersandagriculturalorganizationssupporttheproposalbecausetheycanfinanciallybenefitfromtheendingoftheembargo. ]4.Cubaimportsabout80percentofitsfoodfromthe[]5.Whentheembargocomestoanend,Mr.Martenisgoingtonthiscropsforexport.[]6.InMr.Marten’sfather’stime,AmericanfarmerswereunabletosellfoodproductstoCuba.[]7.OthercountriesgainadvantageoverU.S.infoodexporttoCubabecausetheyneverhavedelayedpaymentfromCubanimporters.[]8.Duetotherecentimprovementindiplomaticrelations,therehasbeenasteadyincreaseinfoodexporttoCuba.[]9.AlthoughMr.Martensupportstheendoftheembargo,hebelievestheembargoiseffectiveinpressuringtheCubanleaderstoimprovethehumanrights[]10.Mr.MartenisconcernedaboutthehumanrightsconditionsinPassageIn2008,theAcademyofSocialSciencespublishedcorporatesocialresponsibilityreportingguidelinesandtheState-ownedAssetsSupervisionandAdministrationCommission(SASAC)calledoncentral-levelstate-ownedenterprises(SOEs)suchas,PetroandCofcotobemoreresponsible.Inresponse,manybeganpublishingCSRreportsanddeveloCSR(1)s (long-termns).AlimitednumberhaveevenbeenpickedforinclusioninmajorglobalsustainabilitystockindicesliketheDowJonesSustainabilityIndex.JohnPabon,managerofadvisoryservicesinShanghaiforglobalCSRnonprofitBSR,saidthatallSOEswererequiredbytheernmenttopublishtheirsustainabilityeffortsinsomeway."Typicallyittakestheformofareport,andtheernmentwillmandatebyindustry‘OK,youneedtoticktheseboxes,andweneedtoseethisinyourreport',"Pabonsaid.Theactualcontentofthesereports,suchasemissionsfigures,pollution sorworkceaccidents,are(2)r (seldom)followedupon.But,"that’snottheernment'sissue.Theernment'sissueisthattheywantthisreport."Thatappliestomostsectors,includingbanking,whichinhasagreatinfluencefinancingcomparedtoglobalmarkets,wherefirmsaremorelikelytosellstocksorbondsto(3)r(gather,collect)capital.Thatmeansdecisionsonwhethermajorprojectsgetfundedfalltofinancialinstitutionsthatarereluctanttodoanythingthatmightrocktheboatandscarestakeholderswhosechiefconcernisprofit.Oneusefulindicatoroffinancialinstitutions'willingnesstoactivelyembracesustainableinvestmentiswhethertheyagreetotheUnitedNations'voluntaryPrinciplesforResponsibleInvestment,whichentailfullyincorporatingsustainablebusiness (actions,performances)anddisclosureintobothabusinessandthefirmsinwhichitinvests.Currentlyonlythreeinvestmentfirms–GreenlandFinancialHoldingsGroup,JDCapitalandLunarCapitalManagement–havesignedup.Forreasonslikethis,Pabonsaidanygreeningof'smajorfinancialinstitutionswouldrequireatop-down,ernmentpush.Pabonalsoexinedthat'sincreasingly(5)c (complicated)financialsectormayposefurtherhurdlestoholdinginvestorsresponsibleforwheretheirmoneyendsup.Whennormalconsumersshuntraditional,low-interestsavingsaccountsatbanksformoreprofitabletrustsproducts,forexample,evenasmallsumcanbeslicedinto (numerous)sliverswhichcanbeusedtohelpfundavarietyofprojectsbothgreenandbrown.Whicheverfirmsthemoneygoesto,properdisclosureremainsapreconditiontovettingthemforbestperformances.GuosaidthatCSRreportingintodaywaslargelypreventative,concernedwith(7)m (reducingtothesmallestdegree)thepossiblecostof pliance.Thatfailedtoprovidethefoundationallayerofinformationcomprisedofabusiness'senvironmentalandsocialimpact.Withoutthisfoundation,asecond,interpretivelevelatwhichjudgmentofa 'ssocialvaluecanbemaderemainsimpossible,hesaid."Therealitynowisthatit'salwaysgoodandit'simportanttoseetheearlymovementfordisclosuretowardlayer-oneinformation,"Guosaid."Butit'sfarfromenough,andatthesametime,mostofthetraditionalmarketyers–particularlythefinancialysts–theydon'tcareaboutthisinformationbecauseit'snotmaterialenough."ThenewenvironmentallawthatwentintoeffectonJanuary1could (probably,possibly)bringsignificantchangeto'sCSRspherebyupsettingthisstatusquo.Guosaidthekeyproblemisthatcompaniesalreadyknowwhatto (anticipate)fromregulators—i.e.laxenmentofanylawsthatcouldposeathreattoeconomicgrowth."Themousealreadyknowshowthecatysthegame,"heTheabilityofsomeNGOsinto(10)s(bringalawsuitagainst)pollutersunderthecountry'snewenvironmentallawmaybeforcingfirmstodealwithanotherfelineentirely.Thefirst100daysunderthenewregimesawfourlawsuitsfromNGOsagainstpolluters.Thatsoundslow,butcomparedtothetotalofninecasesfrom2009to2013,it'slitigationatablitzkriegspeed.Spellthewordsaccordingtothemeaningssuggestedintheparentheses.(1.5*10=15PassageWHENLeeKun-heetookthehelmatSamsungjusttwoweeksafterthedeathofhisfather,thefirm’sfounder,in1987,hesethimselfaseeminglyunachievablegoal:turningamiddlingSouthKoreanconglomerateintoaglobalgiantinthemouldofIBMorGeneralElectric.Hehadaclearvisionofhowtoclimbthatmountain:makingbigbetsonemergingandgoingforscaleatalmostanyprice.AndhehadthesortofmanagementstylethatwouldhavemadeZeusproud.Everyfewyearshehurledlightningboltsintothegroup’sheadquartersinSeoul,wherehewouldotherwiseseldomshowup.In1993,forinstance,heorderedallhisseniormanagerstodropeverythingandflyimmediaytoFrankfurt,wherehegavethemaspeechthatlastedthreedays.Today,nearly30yearslater,Samsungboastsannualrevenuesofmorethan$300billion.Itisnowtheworld’slargestelectronicsmanufacturer,withtwo-thirdsofthegroup’srevenuescomingfromsmartphones,semiconductorchipsandassortedothercomponents.Therestcomesfromagrab-bagoflower-techofferings,fromwashingmachinesandcontainershipstothemeparksandlifeassurance.Onceagain,thecolossusisinthemidstofadynasticsuccession.MrLee,now73yearsold,sufferedaheartattacklastyear.Itissaidthathisphysicalconditionhasstabilisedbutthathecannotcommunicate,andcanhardlyreturntowork.Gradually,hisonlyson,LeeJae-yong,46(whocallshimselfJay),hasbeensteptowardsthelimelight.OnMay15thitwasannouncedthathewould echairmanoftwofamilyfoundations.TheseholdsomeofthevarioussmallstakesinSamsungcompaniesthatallowtheLeestocontrolthegroupdespiteowningonlyafewpercentofit.ThefoundationsarealsoseeninSouthKoreaasthefamily’spublicface:theysupportgoodcauses,suchaschild-carecentresforpoorfamilies,andthestunningLeeummuseuminSeoul.TakingchargeatthecharitieswillhelpcementtheyoungerMrLee’simageasasofter,morereflectiveleaderthanhisfather.Itisalsoseenasoneofthefinalstepsbeforehecanascendtothecorporatethrone.Heissaidtotakealeadershiproleatthegroup’smostimportantdivision,SamsungElectronics,inthecomingmonths.Untilrecently,preciouslittlewasknownaboutthegroup’snewboss.Articlesabouthim,especiallyinWesternnewsmedia,havetendedtorepeatthesamefewpoints:thatheismoresoft-spokenthanhisfather,thathewasinvolvedinadisastrous merceventureduringthelate-1990s bubbleandthatystsregardhismanagerialabilitiesasIndeed,when50fundmanagers,stockmarketystsandotherexpertswererecentlypolledabout11heirstothechaebol,SouthKorea’sdominantbusinessconglomerates,MrLeerankedseventhonleadershipabilityandlastonlegitimacytoinherithisfather’swealth.SouthKoreansasawholehave elesstolerantofcorporate“princelings”,butinSamsung’scaseatleastithelpsthatthefamily’sthirdgeneration—LeeJae-yongandhistwosisters,whoalreadyrunsmallerbitsoftheempire—areseenashavingcleanhands.TheyoungerMrLeegainedcreditforpushingthe,ayearago,toapologiseswiftlytoemployeeswhohadapparentlycontractedleukaemiawhileworkinginitssemiconductorThosewhohavemetMrLeesayheisindeedlow-keyandevenabitshy,butthathecanalsobeinsightful,funnyandevenpassionate—forinstancewhenhetalksaboutSamsung’snsto eabigcontractmanufacturerfordrugcompanies,aprojecthehasbeenknowntodescribeashis“baby”.Andalthoughhedoesnot(yet)sitontheboardofSamsungElectronicsandhasonlytherankofvice-chairmanatthefirm,itwouldbenaivetoassumethathehadnosayinthefirm’srecentbigmoves.OneexampleisthereleaseearlierthisyearoftheGalaxyS6smartphone.Itdoesnotseemtobesellingmuchbetterthanitspredecessor,whichreceivedpoorreviews,promptingafallinSamsung’smarketshare.WhentheS6waslaunched,Koreannewsmediacalleditthe“LeeJae-yongphone”—anechoofthe“LeeKun-heephone”,theSGH-T100,whichtheolderMrLeelaunchedin2002andwhichbecameSamsung’sfirstbighit,sellingmorethan10munits.Althoughheisunlikelytosubjecthisstafftothree-dayspeeches,theyoungerMrLeewillprobablyemulatehisfatherinanotherrespect,bykeeoutofday-to-daymatterstoconcentrateonbroadissues.Inanumberofways,thoseissuesposefartougherquestionsthantheoneshisfatherfacedfrom1987.AlthoughMrLeesenior’spathtogreatnesswassteep,atleast