篇一：接收函英文翻译
date:to,
m/s.
attn:
general manager
tel: fax:
p.o.box: dear mr,
it is really a great honor to receive invitation, and we are writing to confirm
our attendance. mr will attend the investigation and conference in china on time.best wishes & regardsfor general manager篇二：接收函电及疑译文海南经贸职业技术学院国际贸易系 外贸函电期末考试（第四小组）international business correspondence examination( team 4 ) 班级：10级国经二班 组员：洪魏、卢思思、严绍务、刘核理组长：刘核理 2012.06.18
目录
contents
1.函电正文?????????????????????（3） main part
2.函电译文?????????????????????（4） translation
3.词汇、短语及句型解析???????????????(5)analysis of vocabulary、phrases and sentences
4.个人函电例句及翻译????????????????(6)part of personal work
5.ppt纸质版???????????????????(17) ppt of paper version
6.工作量及评分表?????????????????(19) workload and scoresheets接受函
acceptance
june.17.2012
austin food corp.
11937 woodruff ave.,downey ca 90241 dear mr blake, we confirm your letter and the enclosed samples and pricelist of june 15th .weare grateful with your quickly reply.we find the price and quality satisfactory,so we confirm our acceptance of yourquotation if you can guarantee the following conditions:
1.delivery on or before july.10.2012.
2.transshipment and partial shipment will not be allowed.
3.the item will be packed in one bag of about 20 kgs net each,three bags to acarton.
4.payment is to be made by t/t. 50% deposit before delivery,50% after your faxing copy of b/l.we are glad to have conclude this deal with you.we hope it will be mark the goodbeginning of the pleasant business relations between us. the validity of our order is refer to your faxing copy of b/l reach us before
july
12.2012. yours truly, tanhome import and export corp.a720 new world apartments 24,jiefang rd.enclosed order of tapioca chips: art.no.quantity unit price amount cif dalian
qt011 200mts @usd120/mtusd 24,000 qt012 300mts @usd150/mtusd 45,000 total value: usd69,000函电译文
translation 事由：木薯干 blake 先生： 我方已收到贵公司6月15日来函以及随函附上的样品和价目单。 并对贵公司作对我方作出的及时回复表示感谢。 我方很满意贵公司的报价和质量，现确认贵方价格。我方希望贵方能够给出以下承诺：
1.于2012年7月12日或之前进行装运。
2.不会进行转船及分批装运。
3.所述商品每20千克装一袋,每3袋装一箱。
4.装运前我方支付50%订金，并于收到你方的海运提单传真件后支付 剩下50%的货款
我方很高兴与你方达成本次交易，并希望这是我们双方之间愉快合作的开端。该订单在我方2012年7月12日之前收到提单传真件为有效。 词汇、短语、句型解析
analysis
1.tapioca chips:木薯干
2.find the price and quality satisfactory:认为价格和质量是令人满意的。satisfactory:令人满意的
eg: we find your price unacceptable:我方认为你方价格不能接受
3.we confirm our acceptance of your quotation：我方兹确认接收贵方报价。
eg:we confirm having sold to you 1000 pairs of socks:我方兹确认售给
你方1000双袜子。
4.deposit:订金。
5.delivery:交货。
eg:delivery date:交货期。take delivery od good:提货
6.conclude this deal with you：与你方达成交易。 eg:一笔交易还可以表达为 a transaction/business接收函怎么写
请参考以下接受函范例：_____________大学：兹有贵校xx届xx专业毕业生 x x（身份证号为），经考核合格，同意接收到我单位（公
司）工作，经试用合格后办理录（聘）用手续。 特此函告。
（单位公章）
经 办 人： x x x
联系电话：
年月日篇四：接收函怎么写 接收函怎么写
〖文字大小：大 中 小〗 〖打印文章〗请参考以下接受函范例： _____________大学：兹有贵校xx届xx专业毕业生 x x（身份证号为），经考核合格，同意接收到我单位（公
司）工作，经试用合格后办理录（聘）用手续。 特此函告。
（单位公章）
经 办 人： x x x
联系电话：
年月日篇五：英文翻译 毕 业 设 计(论文) 外 文 翻 译 construction of embedded ethernet based on 中文题目：基于mcf52259构建嵌入
式以太网学院 名称： 电子与信息工程学院专业： 电子科学与技术 班级：
电科084 姓名： 李杰 学 号08401090438指导教 师： 胡劲松职 称 副教授 定稿日期： 2011年 12 月8日基于mcf52259构建嵌入式以太网 摘要 嵌入式以太网已成为一个重要的通信方式支持物联网的发展。嵌入式以太网技术分
为
两种类型：“微控制器与以太网控制芯片”构建方案和“单芯片”构建方案，但前者是 现在流行的选择。飞思卡尔公司的32位高度集成微控制器mcf52259被用为 v2coldfire微架构的嵌入式以太网的主要控制器。在构建过程中，嵌入式组件为向导。首先，完成以太网驱动的硬件电路设计，然后实现以太网驱动的软件编程。最后，进 行彻底核查编制测试用例。通过这种方式，可以证明该设计方案具有良好的稳定性。 关键词：mcf52259，嵌入式以太网，以太网驱动器。
1引言
随着4c技术（计算机技术，控制技术，通信技术和图形技术），从政府，企业，再到家庭，每一个部分将通过网络连接。更多更多的建筑物，生产设备，智能家居，智能互联
网设
备都要连接到对方，他们迫切需要嵌入式应用网络技术。目前，嵌入式以太网技术的研
究可
分为两种类型：（1）“微控制器与以太网控制方案芯片“解决方案[1]（2）”单芯片“解
决方
案[2]。大多数应用程序选择第一种方案，主要是由于嵌入式以太网通讯模块集成单片控
制
器少，这种微控制器的初始应用成本高。被选定的mcf52259微控制器[3]是由飞思卡尔
公司
于2009年2月推出一个新产品。它包括一个快速以太网控制器（fec）模块，相应的osi七层协议的数据链接的媒体访问控制层（mac）层。由于芯片没有集成物理层模块，本文
采
用第一种嵌入式以太网接入解决方案。在寻找信息的过程中，发现中国几乎没有关于 mcf52259的研究和应用。因为芯片内它有丰富和强大的资源，将有很大的潜在的，有价
值
的应用市场，因此，这种芯片是值得研究的。在mcf52259功能和开发方法的分析和研究
的
基础上，本文将完成以太网驱动器的硬件电路设计，并提供软件嵌入式以太网驱动程序
的设
计和测试案例的以太网驱动程序，也将提供mcf52259的其他功能模块的学习参考以及嵌
入
式以太网技术。
2.以太网模块的硬件设计
在物理层和数据链路层之间，mcf52259提供一个快速网络控制器（fec）模块。如果在 芯片中没有物理层，要实现以太网通信，必须有一个外部物理收发器。本文使用由台湾realtek公司生产的具有10/100m快速以太网物理层收发器的rtl8201cp芯片[4]。 rtl8201cp提供可供选择的媒体独立接口（mii）或串行网络接口（sni）的mac芯片，
它实
现了所有的10/100m以太网物理层的功能。在本文中，mii18线的接口被应用于实现
mcf52259
的mac层和rtl8201cp物理层phy的通信，以及媒体独立接口（mii）符合ieee802.3
的u 标准接口。图1显示mcf52259和rtl8201cp之间的引脚连接。rtl8201cp界面芯片和电
器
插座rj45之间得的网络连接，一个隔离得芯片hr601680用于连接的rj45电源插座。这
样
做不仅可以让信号传得更远，而且使芯片的内部和外部隔离，大大提高抗干扰能力，增
加了
对芯片的保护，如防止雷击。除此之外，不同电压的芯片（一些phy芯片是2.5v，一些
phy
芯片是3.3v）连接时，彼此不会影响。
3.以太网驱动程序的软件设计以太网模块mcf52259的硬件电路集成了ephy和快速以太网控制器（fec），它们通过 mii接口通讯。通此过此模块的驱动程序发送和接收帧。 “以太网帧结构显示在图2。
领先
的位循环冗余校验（crc）校验位由硬件自动添加。该驱动程序和mac的源地址和目的地
址，
长度和字段的类型和数据类型紧密相连。当它的值介于0x0000和0x05dc之间，字段的
长度
和类型就是是数据的长度，当其值大于0x0600，意味着字段的长度和类型就是数据的类
型。
互联网ip）为0x0800和地址解析对应本文中提到的协议（arp），这是由0x0806对应。
完
整的驱动程序文件包括（ephy）的物理初始化,pec的初始化，帧的发送和接收。图1。以太网物理层的硬件连接 图2：框架结构
3.1ephy的初始化
ephy初始化需要设置物理收发器的工作模式，程序如下：
（1）以太网功能通过设置nq[3]和nq[5]来选择，这两个端口是用来作为mdio的和mdc。
（2）初始化mii接口控制器。由于系统总线频率为80mhz，速度控制寄存器（mscr）的mii_speed域名设置为16，所以管理数据得到2.5m赫兹的时钟。 ephy初始化需要设置物理收发器的工作模式，程序如下：
（1）以太网功能通过设置nq[3]和nq[5]来选择，这两个端口是用来作为mdio的和mdc。
（2）初始化mii接口控制器。由于系统总线频率为80mhz，速度控制寄存器（mscr）的mii_speed域名设置为16，所以管理数据得到2.5m赫兹的时钟。
（3）mii通过mimifr注册控制读时序和写时序，根据用户参数，全双工或半双工模式，
通
过cr注册的自动协商模式来设置以太网传输速率。通过设置anar注册选择以太网所支
持的
特性，当cr注册工作在自动协商模式，所有这些选定的特点被送到另一端。
3.2 fec的初始化
fec的初始化需要设置几个重要的寄存器和初始化缓冲区描述符。其过程如下：
（1）通过以太网控制寄存器（ecr）设置复位信号1。大约复位后8个时钟周期，fec
的逻
辑复位序列已完成，fec逻辑恢复复位信号。现在，fec模块已完成复位。
（2）通过中断控制器来设置fec的13个中断源的优先级。
（3）关闭所有的fec中断入口，并清除所有中断标志位。
(4) 通过物理地址高寄存器（paur）和物理地址低字节寄存器（palr）来设置本地mac
地
址。palr包含低32位（字节0，1，2，3）的48位地址。paur包含高16位（4字节和
5）
48位地址。paur的15:0位包含一个常数的类型字段（0x8808用于pause帧的传输。该
寄
存器的高16位不能自动复位，我们必须对其进行初始化。
(5) 初始化一个单独的哈希表和一组哈希表。
篇二：英语文章20翻译
如何一次性将所有的坏习惯全部改掉？
如何一次性将所有的坏习惯全部改掉？
Every single thing you are not satisfied with in your life is a result of a bad habit compounded over time.
你对生活的不如意全部来自所有坏习随着时间的推移的叠加。
If you don’t have enough money, it’s because bad habits kept you from taking action and making money. If you are not as fit as you would like to be, it’s because of bad habits that kept you glued to the couch. Bad habits are like viruses that spread into all areas of our lives.
如果你没有足够的金钱，那是因为坏习惯使你无法付诸实际行动，无法赚到钱。如果你没有拥有自己希望的身材，那是因为话习惯使你像胶水一样粘到了沙发上。坏习惯就像病毒，蔓延于我们生活的各个领域。 Would you like to change that?
你想改变么？
The only thing that separates successful people from failures are successful habits.
是否成功的习惯是成功者和失败者的唯一区别。
Most of us go through our entire lives under the control of external circumstances, as opposed to being at cause for creating the life we want to live.
Whether you are training for an ultra marathon, starting a
business or running a successful blog, cultivating good habits is the key to mastery.无论你是在接受超级马拉松的训练，还是想要创业，亦或是要开创一个成功的博客，培养良好的习惯是取得成功的关键。But this is easier said than done.但是，说起来永远比做起来容易。 We find it near impossible to build good habits because we spend every day floating down the river of life with no oars.
我们大部分人都是被生活外因所控制，而不是积极去创造我们想要的人生。
Empowering habits allow us to take charge of our destiny by controlling our daily activities so that we no longer have to be a victim to the roller coaster of our feelings. The compound effect of those actions over time leads to the life of our dreams.
我们发现想要培养良好的习惯是几乎不可能的事，因为我们每天的生活就像没有浆的船只能随波逐流。
Follow these 9 steps to transform success from uncertainty to inevitability.
赋予习惯力量可以通过改变我们的日常生活而改变我们的命运，也正因此我们将不会再成为生活如过山车般感觉的牺牲品。
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这9个步骤可以帮你将成功的不确定性变成必然性。
Our only true freedom is to choose our response and our attitude to the events that occur every day, especially when those events are outside of our control.
生活中唯一我们可以自由选择的就是当事情发生时，尤其是那些我们无
法掌控的事情发生时，我们要用怎么的态度和反应区处理。
To practice 100% responsibility, choose to create an empowering meaning to any event, find the value in it and move forward in a manner that improves the quality of your life. This is as opposed to being a victim that blames, complains or whines about circumstances.
想要负100％的责任，就要为自己做的每一件事都赋予意义并体会其中的价值所在，让自己的生活习惯向着提高生活质量的方向发展。这与成为“责怪、抱怨以及发牢骚”的受害者正相反。
Without a strong reason to drive you in changing your habits, it is near impossible to do so. Viktor Frankl once said, “Those who have a why to live for, can bear with almost any how.”
如果你没有一个好的理由，那想要改掉坏习惯几乎是一件不可能的事。维克托·弗兰克尔曾说过，“有理由活下去的人，在任何情况下都可以生存下去。”
I have adapted that to say “those who have a why to live for, will create almost any how.” The purpose behind your desire to change a habit is the fuel that will keep you going when things get tough. It is the driving force for change.
我要把这句话改一下：“知道自己为什么为活的人，几乎没有什么不可创造。”要改掉坏习惯这个欲望背后的原因就像燃料会成促使你坚持并最终达成目标，是你的励志改变的驱动力。
Hey Ford said it best, “Whether you think you can, or you think you can’t, you’re right.”
亨利·福特说：“你认为你能做到你就能做到，你认为你做不到你就做不到。”
Belief is the root of change. The strongest force in human behavior is the need to act in line with our self-identity or our belief of who we are. To change a habit, you must believe that you can actually do it. 信念是改变的根。人类最强大的力量来源于自我认同，我们坚信自己是什么的人，就会随之付诸于与其相符合的行为。
One way to create this belief is to log all the successes you have ever achieved in your life. From first learning how to tie your shoelace to graduating high school, whatever it may be, celebrate your successes to show yourself that you are capable of greatness.
要建立信任自己的信念的方法之一：将自己人生当中的所有成功都记录下来。从第一次学会系鞋带到高中毕业，无论是何种情况，庆祝自己的成功，像自己展示自己是有能力做一些伟大的事的。
Prove to yourself that you can do anything you put your mind to. Anchor in that state of unstoppable confidence and then condition the anchor over time.
向自己证明，只要是你下定决心了要做的事，你就有能力将其做好。向不可阻挡的自信抛锚，随着时间的推移根据自身的情况调整锚的位置。 MIT researchers have found that all habits consist of three elements: a cue, a routine and a reward. If you find yourself drinking a few beers every day after work and you want to change that habit, figure out how your actions fit into the habit cycle.
麻省理工研究发现所有的习惯都包含了三个元素：提示、日常行为、奖赏。如果你每天下班回家后都要喝些啤酒，而你想改掉这个习惯，那就尝试的去寻找这个习惯的三个元素是什么？
The cue could be coming home from work at 6:00pm. The routine may be taking off your shoes and your coat, sitting on your couch, kicking up your feet and opening up a beer. To figure out the
reward…
提示可能是每天6点下班到家；日常行为可能是脱掉鞋子和外套，然后坐在沙发上，翘着腿开啤酒。自己尝试搞清楚这样的奖赏是什么。（这里的奖赏是指自己做完这件事后，会有什么样的自己喜欢的结果发生。）
5. Experiment with different routines that meet the same reward 尝试用不同的方式达到同样的目的（奖赏）
Using the above example, the reward could be a variety of things. It may be the high from the alcohol, or it may be a release from the stress of work, or it may be relaxation. The key to breaking bad habits is to keep the cue and the reward the same, but change the routine. 用上面给的例子，奖赏有很多种情况。可能是因为酒精作用变得情绪高涨，可能是帮助自己缓解工作压力，可能是帮助自己放松。那么改掉这个坏习惯的关键就在于保持“提示和奖赏”但要改变“日常行为”。 To gain awareness on your individual habit cycle, write down your cues, routines and rewards while you are in the cycle. Then, experiment with different routines that offer the same reward. The reward may not be what you first think it is, so be sure to get very clear on the reward by writing it down every time you engage in the habit. Once you are clear on the pleasure from the behavior, then... 要了解自己的习惯周期纪要将“提示、日常行为和奖赏”写下来，然后尝试不同的方法（采取不同的日常行为）获得相同的“奖赏”。或许你不会再第一尝试后就得到自己想要的奖赏，所以一定要通过写的方式让自己清晰的了解到每次不同的尝试会给你什么样的“奖赏”。一旦清晰了解到不同的行为可以带来哪些乐趣后，一切就都变得容易了。
6. Interrupt the old patterns
篇三：商务英语文章(带中文翻译)
（一）
World economy
The jobs crisis 失业危机
It’s coming, whatever governments do; but they can make it better or worse
不论政府如何努力，失业危机已经到来。不过政府可以在这场危机中起到关键作用
Illustration by Belle Mellor
NOTHING evokes the misery of mass unemployment more than the photographs of the Depression. You can see it in the drawn faces of the men, in their shabby clothes, in their eyes. Their despair spawned political extremism that left a stain on society; but it also taught subsequent generations that public policy has a vital part in alleviating the suffering of those who cannot get work. Thanks to welfare schemes and unemployment benefits, many of which have their origins in those dark days, joblessness no longer plunges people into destitution, at least in the developed world.
再没有什么比关于经济大萧条的照片更能让人体会大量失业的痛苦。这种痛苦显见于人们紧绷的面容，褴褛的衣衫，还有他们的眼神。由人们的绝望所引发的政治极端主义给社会留下污点；失业问题也使后人懂得公共政策在减轻失业痛苦方面所起到的重要作用。很多福利计划和失业救济金方案都发轫于那些灰暗的失业时期；受惠于这些计划，至少发达国家的人们不再因为失业而陷入穷困。
Not even the gloomiest predict that today’s slump will approach the severity of the Depression, which shrank America’s economy by more than a quarter, and put a quarter of the working-age population out of a job. But with the world in its deepest recession since the 1930s and global trade shrinking at its fastest pace in 80 years, the misery of mass unemployment looms nonetheless, and raises the big question posed in the Depression: what should governments do?
即使是最悲观的预计都不认为眼下的衰退会接近大萧条的程度，后者使美国经济缩水四分之一，四分之一的就业人口失去工作。但随着世界经济出现自1930年代以来的最大幅度衰退以及全球贸易80年来的最快速萎缩，大规模失业的恶魇再度凸显，并且抛出了和大萧条时期一样的大问题：政府应该做些什么？
Join the queue 加入失业队伍
In the rich world the job losses are starkest in America, where the recession began. Its flexible labour market has shed 4.4m jobs since the downturn began in December 2007, including more than 600,000 in each of the past three months. The unemployment rate jumped to 8.1% in February, the highest in a quarter-century. An American who loses his job today has less of a chance of finding another one than at any time since records began half a century ago. That is especially worrying when the finances of many households have come to depend on two full incomes.
富裕国家的失业问题在衰退肇始的美国最为显著。自从07年12月经济陷入低迷以来，美国灵活的劳动力市场已经溢出了440万份失业，其中在过去三个月内每月产生了60万份。二月的失业率跃升至8.1%，是25年来的最高数字。比起有纪录的半个世纪内的任何时期，眼下失业的美国人更难再找到一份工作。特别是当很多家庭的财政依靠双职工收入的时候，这种情况尤其令人堪忧。
But it is already clear that unemployment will strike hard far beyond America and Britain. In Japan output is plunging faster than in other rich economies. Although unemployment is low, rapid job losses among Japan’s army of temporary workers are exposing the unfairness of a two-tier labour market and straining an egalitarian society.
然而显而易见的是，失业问题的沉重打击远不止于美国和英国。日本的生产量比其他富裕经济体下降得更快。尽管失业率尚低，但临时工当中快速增长的失业大军显示了“双层劳工市场”的不公平性，加剧了一个平等社会中的紧张。
In Europe joblessness has grown fastest in places such as Spain and Ireland, where building booms have crashed, but has only begun to edge up elsewhere. The unemployment rates in many European countries are below America’s, but that may be because their more rigid labour markets adjust more slowly to falling demand. Given how fast European economies are shrinking, nobody doubts that worse lies ahead. By the end of 2010, unemployment in much of the rich world is likely to be above 10%.
在欧洲，建筑业热潮遭遇重创的西班牙和爱尔兰等国失业速度增长最快，而在其他地方则初现端倪。很多欧洲国家的失业率都低于美国，但也许这只是因为它们有更加严格的劳工市场，从而对下降的市场需求适应更慢。面对着快速萎缩的欧洲经济，没有人会怀疑更糟糕的就业局面就在眼前。到2010年底，多数富裕国家的失业率可能会超过10%。
In the emerging world the pattern will be different, but the outcome more painful. As trade shrinks, millions of workers are losing their foothold on the bottom rungs of the global supply chain. Poverty will rise as they sink into informal work or move back to the land. The World Bank expects some 53m people to fall below the level of extreme poverty this year.
发展中国家的情况就不一样了，只不过结果会更人头疼。随着贸易萎缩，数以百万计的工人正失去他们在全球供应链条底端的立锥之地。他们转向非正式工作或者回到农村，伴随而来的是贫困问题的抬头。世界银行预计，今年将有约5300万人降到极端贫困线以下。
Politics dictates that governments must intervene energetically to help. That’s partly because capital has taken such a large share of profits for so many years that the pendulum is bound to swing back and partly because, having just given trillions of dollars to the banks, politicians will be under pressure to put vast amounts of money into saving jobs. But help cannot be measured in dollars alone. Badly designed policies can be self-defeating. After the recessions of the 1970s and early 1980s, Europe’s rigid labour-markets kept unemployment high for decades.
政治上，政府必须全力介入进行援助。这一方面是因为多年以来资本在利润中占去了很大份额，重心注定要返回；另一方面是因为给了银行万亿计美元的当政者们承担着巨大的压力，需要大量注资来挽救就业岗位。然而挽救不能仅以美元来衡量。错误的决策反倒会弄巧成拙。自1970年代和1980年代初期的经济衰退以来，欧洲缺乏灵活度的劳动力市场就使失业率几十年来居高不下。
Governments are piling in with short-term help for workers. In America, which has one of the lowest social safety nets in the rich world, extending unemployment benefits was, rightly, part of the recent stimulus package. Japan is giving social assistance to “non regular” workers, a group that has long been ignored. In general, however, it makes more sense to pay companies to keep people in work than to subsidise unemployment. Many countries are topping up the earnings of workers on shortened weeks or forced leave.
各国政府正为劳动者提供大量的短期援助。美国的社会保障体系在富裕国家中处于最低，而最近出台的经济刺激计划中，扩大失业救济金惠及面恰恰是计划中的一部分。日本为长期以来受忽视的“非固定”劳动者群体提供社会援助。不过总的来说，比起失业补助，资助企业以留住员工才是明智之举。很多国家通过缩短每周工作日或强制休假来满足劳工薪资。
These are sensible measures, so long as they are time-limited; for, in the short term, governments need to do all they can to sustain demand. But the jobs crisis, alas, is unlikely to be short-lived. Even if the recession ends soon (and there is little sign of that happening), the asset bust and the excessive borrowing that led to it are likely to overshadow the world economy for many years to come. Moreover, many of yesterday’s jobs, from Spanish bricklayer to Wall Street trader, are not coming back. People will have to shift out of old occupations and into new ones.
这些措施在一定时限内是合理的：因为在短期内，政府需要尽全力维持需求。只是哎呀，就业危机不大可能只在短期
内存在。即便经济衰退很快结束（而且几乎不可能发生），引起这场危机的阴云——资金短缺和过度借贷——将在接下来继续笼罩世界经济长达数年。更有甚者，不论是西班牙的砌砖匠还是华尔街的交易员，很多昔日的就业岗位会一去不复返。人们将被迫告别现有职位，转行进入新岗位。
A difficult dance 艰难的舞步
Over the next couple of years, politicians will have to perform a difficult policy U-turn; for, in the long term, they need flexible labour markets. That will mean abolishing job-subsidy programmes, taking away protected workers’ privileges and making it easier for businesses to restructure by laying people off. Countries such as Japan, with two-tier workforces in which an army of temporary workers with few protections toil alongside mollycoddled folk with many, will need to narrow that disparity by making the latter easier to fire.
在接下来的几年中，政治家们不得不做出一个180度的艰难政策转变：因为从长远来看，他们需要一个灵活的劳动力市场。这意味着废除工作补贴计划，去除受保护劳工的特权，以及帮助企业更方便地裁员从而进行重组。像日本这样具有双层劳动力结构的国家，大量埋头苦干的临时劳工缺乏就业保障，而被娇生惯养的上层员工却能享受到多重保护。这种差别需要通过严格上层员工的裁汰制度加以消除。
The euphemism for that is “flexibility”. The bare truth is that the more easily jobs can be destroyed, the more easily new ones can be created. The programmes that help today, by keeping people in existing jobs, will tomorrow become a drag on the great adjustment that lies ahead. As time goes by, spending on keeping people in old jobs will need to be cut, and replaced with spending on training them for new ones. Governments will have to switch from policies to support demand to policies to make their labour markets more flexible. That is going to require fancy political footwork; but politicians will have to perform those steps, because if they fail to, they will stifle growth.
这些措施可以委婉地概括为“灵活性”措施。更直白的事实是，现有工作越容易被废弃，新工作就越容易被创造。眼下这些保住人们饭碗的援助计划会在今后成为调整适应今后形势的拖累。随着时间推移，用在保留人员旧岗位的指出需要削减，取而代之的是为新岗位培养劳动者的开支。各国政府需要从支持需求的政策转变为建设一个更灵活的劳动力市场。这种转变需要富有想象力的政治谋划，但确实当政者们必须完成的步骤：因为如果他们不这样做，增长将被遏制。
However well governments design their policies, unemployment is going to rise sharply, for some time. At best it will blight millions of lives for years. The politicians’ task is to make sure the misery is not measured in decades.
然而，不论政府政策制定的多么完美，失业率在一段时间内仍将陡增。不过充其量它会在几年内让数百万人的生计陷于困境。当政者的任务是不要让这场不幸延续数十年。
（二）
China's trade
Surplus to requirements 顺差的需要
Why is China’s trade surplus growing when its exports have collapsed?
为什么中国的出口大幅下降时，贸易顺差却在增长？
THIS week revised figures revealed that China overtook Germany in 2007 to become the world’s third-biggest economy. At the start of last year China also looked set to become the world’s biggest exporter, but a slump in exports in the final months of the year meant they remained smaller than Germany’s. China’s exports tumbled by 13% (in dollar terms) in the fourth quarter, leaving them 3% lower in December than a year earlier. Despite this, China’s trade surplus rose to a record $457 billion at an
annual rate in the fourth quarter—50% bigger than in the same period of 2007. What is going on?
本周，修正后的数字显示中国在2007年已经超越德国成为世界第三大经济体。在去年初，中国也目标成为世界上最大的出口国，但是年末数月出口的大幅下落意味着他们仍然排在德国之后。按照美元来计算，中国的出口额在第四季度下降了13%，比一年前同期少了3%。尽管如此，中国的贸易顺差在第四季度却以全年增速上升到创纪录的4570亿美元，比2007年同期增长了50%。这其中到底有何玄机？
In the first half of 2008 China’s trade surplus did indeed shrink (see chart). But since then, although exports slumped, imports fell by much more—down by 21% in the 12 months to December. The slide in both exports and imports was exacerbated by the global credit freeze, which has made it harder for companies around the world to get letters of credit to guarantee payment. Imports were also dragged down by cheaper oil and commodity prices, and by weaker imports of materials and components used to make exports (over 50% of total imports).
2008年上半年，中国的贸易顺差确实出现了缩水（见表）。但是自那以后，尽管出口大跌，但是进口跌的更惨——到12月时，12个月内下跌了21%。进出口双双下滑由于受到全球信贷停滞影响而加剧。这是因为信用冻结导致全世界的公司更加难以获得信用证从而保证支付。出口同样也受到拖累，其下跌主要是由于更廉价的原油和商品价格，以及原材料和用于出口产品的部件进口（占到进口总量的50%以上）表现疲软。
But a more worrying reason why China bought less from the rest of the world is that its domestic demand has weakened. Consumer spending and manufacturing investment have so far held up reasonably well, but construction—a big user of imported raw materials—has collapsed.
但是关于中国进口下降的一个更令人忧虑的原因是：中国的国内需求减小。消费支出和生产投资目前的收缩尚且适当，但是建筑业作为进口原材料的使用大户也出现了急剧下滑。
With most of the world in recession, China’s exports will continue to slide this year. Nomura forecasts a drop of 6%—the first annual decline for more than 25 years. Imports, on the other hand, are expected to increase. By mid-year, the government’s planned massive increase in infrastructure spending will boost imports of raw materials and machinery. If so, China’s trade surplus will shrink in 2009.
随着全球大部分地区陷入衰退，中国的出口今年将继续下滑。野村证券预测的下滑是6%，为25年来的首次下滑。另一方面，进口预计将增长。到年中时，政府计划的基础设施投入大幅增长将会推动原材料和机械进口。这样的话，中国2009年的贸易顺差将会缩水。
The collapse in exports and the consequent job losses in southern China have triggered speculation that the government might try to push down the value of the yuan. But not only would this provoke a protectionist backlash from America’s new government, it would also do little to help producers. China’s problem is weak foreign demand, not competitiveness. The best way for China to support its economy—and to help unwind global trade imbalances—is to bolster domestic demand.
出口剧减加上随之而来的中国南方的失业会导致政府考虑人民币贬值。但这将不仅激起美国新政府的保护主义反弹，对生产者也帮助甚小。中国的问题是在于疲软的国外需求，而不是竞争力。支持中国经济乃至帮助全球贸易摆脱不平衡的方法，是加强内需。
One piece of good news this week is that, following interest-rate cuts and the government’s scrapping of credit restrictions, total bank loans jumped by 19% in the 12 months to December, up from growth of 14% last summer. China is perhaps the only big economy where credit growth has heated up in recent months. If that is sustained, it could help to boost domestic spending.
本周的一个好消息是：随着减息和政府去除信贷限制，银行信贷总额到12月的12个月中从去年夏天的14%猛增19%。
中国也许是最近几个月内世界大经济体中唯一出现信贷增长加速的地方。如果增速持续，它将促进内需支出。
China certainly cannot rely on exports any more. Becoming the world’s biggest exporter will be of little comfort if global trade is spiralling downwards.
中国决不能再依赖出口。如果全球贸易持续下降，成为世界最大的出口国亦将无益。
（三）
China's stimulus
Got a light? 经济复苏已被点燃？
China’s big fiscal package may be starting to work
中国庞大的财政措施可能已经起效
“ONLY when all contribute their firewood can they build up a strong fire,” says a Chinese proverb. With the world economy in its worst crisis in 70 years, every country needs to do its bit to rekindle global demand. The American government, which plans to run a budget deficit of 12% of GDP this year, has called on its Group of 20 partners to do more. Is China one of the misers? Its budget, published last week, showed that it plans to run a deficit of only 3% of GDP. Was the 4 trillion yuan ($586 billion) infrastructure package unveiled last November, worth 14% of GDP, a sham?
中国有句民谚：“众人拾柴火焰高。”随着世界经济陷入70年以来的最大危机，要重燃全球需求之火，各国都责无旁贷。美国政府计划今年运行占国内生产总值12%的财政赤字，并号召二十国集团的伙伴们作出更多行动。中国是其中的吝啬鬼吗？它在上周公布的预算显示，中国计划运行的财政赤字只占GDP的3%。难道去年十一月公布的4亿元用于基础设施建设的措施——相当于GDP的14%——仅仅是在忽悠？
Beijing’s stimulus is smaller than the number announced last year, but it is still the biggest in the world. The fact that America is set to run a budget deficit four times the size of China’s as a share of GDP does not mean its demand stimulus is bigger; America started this year with a much bigger deficit. America’s deficit will increase by more than China’s this year, largely because it is suffering a deeper recession which will depress tax revenue. The correct measure of a fiscal stimulus is the change in the budget deficit adjusted for the impact of the economic cycle.
北京的刺激计划小于去年公布的数字，但这依然是世界范围内最大的经济刺激方案。尽管美国运行的财政赤字是中国的四倍，但这并不意味着它的需求性刺激计划就更大。美国从今年开始就保持了巨大的财政赤字，并且年内赤字增长将高于中国。这主要是因为美国遭受的经济衰退极大地减少了税收。财政刺激方案的正确措施应该是调整财政赤字以适应经济圈的冲击。
In China, however, even this would understate the true stimulus, because some public-infrastructure investment will be done by state-owned firms or local governments and financed by banks. Tao Wang of UBS estimates that new infrastructure investment, tax cuts, consumer subsidies and increased spending on health care will amount to a stimulus by the central government of about 3% of GDP in 2009. Adding in bank-financed infrastructure spending might lift the total to 4% of GDP.
然而在中国，经济赤字掩盖了真实的刺激方案，因为一些公共基础设施投资是由银行提供资金、国有公司或地方政府实施的。瑞银的陶旺（音）预计，新的基础设施建设、减税、消费补贴以及医疗方面的投资增长将构成总额占到GDP3%的09年中央政府刺激方案。如果加上由银行提供资金支持的基建支出，整个刺激方案将占到GDP的4%。
Chinese investment in railways, roads and power grids is already booming. In the first two months of this year, total fixed investment was 30% higher in real terms than a year earlier, and investment in railways tripled. China has been much criticised
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