主观题部分
请用钢笔或圆珠笔将此部分试题的答案做在答题纸二上，否则无效！
V. Translation (20 points)
Fart A. (10 points)
Directions: Translate the following passage into Chinese on your ANSWER
SHEET.
One might ask why speculation is permitted when there is so real a danger of
loss. The basic reason is that speculation can perform useful functions in the
economy. Buying a commodity or stock in the belief that prices will rise speeds
market equilibrium and encourages faster entry of more suppliers. If the price
change lagged until after an actual commodity shortage had occurred, the
fluctuation would probably be sharper and more sudden. Remedial supply
action could not be further delayed. Similarly, if speculators foresee a surplus in
some commodity, their selling of futures will help drive the price down to some
extent before the SurpluS actually occurs. When speculators foresee a shortage
and bid up the price, they are also helphng to conserve the present supply. As
the price goes up,less of the commodity is purchased; a rise in price
encourages users to ecor, om2ze. Similarly, a lowering of price encourages users
to buy more, thus helping to sell the surplus which is developing.
Part B. (10 points)
Directions: Translate the following into EngIish on your ANSWER SHEET.
中国已经发层成为一个全球极富吸引力的、现实的大市场。世界各国
和地区不少有远见卓识的企业家，都将目光投向了中国，并从投资活动中
获得了丰厚的回报。我相信，中国加入世贸组织后，外商参与中国投资活
动的机会将越来越多，自身发展的空间也越来越大。在中国的投资活动一
定能成为沟通世界各国和地区的企业家与中国市场的一座桥梁，促进中国
和世界经济共同发展、共同繁荣。
VI. Writing (20 points)
Directions Write an essay in no less than 250 words with file title "My
Understanding of GlobaIization". Your essay should be written on the
Answer Sheet.
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