中国对外贸易虚拟经营与投资：概述与分析【外文翻译】

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1、外文翻译原文China’sForeignVirtualManagementTradeandInvestment：AnOverviewandAnalysisMaterialSource:China&WorldEconomy.2005(3)Author:Hung-gayFung.IIntroductionSincetheinceptionofitseconomicreformin1978,Chinahasachievedremarkableeconomicgrowth,averagingabout9percentbefore

2、theAsianFinancialCrisisin1997andmorethan9percentinrecentyears.TowareasrelatedtoChinaseconomicgrowthdeservespecialrecognitionandanalysis:internationaltradeandinvestment.TheyarethetwomostimportantforcesrelatedexternalfactorsbehindChina’seconomicreformandhavecontrib

3、utedsignificantlytoChina’sgrowth,whicharedrivenbybothinternalandexternalfactors.ForeigntradehasbeenanimportantcomponentofChina’sGDP,asithassurgedasmachas50percentofChinasgrossdomesticproduct(GDP).Atthesometime,Chinahasbecomethelargestrecipientoftheworldforeigndir

4、ectinvestment(FDI)in2003,surpassingtheleadingpositionoftheU.S.China’stradeandinvestmentarecloselylinkedbecausemanyforeigninvestorshaveutilizedChinaasamanufacturingbaseforexportsareaccountedforbytheforeign-fundedenterprisesinChina.AsChinaisstillintheprocessofmovin

5、gtowardamarket-orientedeconomy,manyearlierpolicytoolssuchastheuseofafixedexchangerateregimeandinconvertibilityofcapitalaccountforthebalanceofpaymentsremainintact.Apparently,theseadoptedpolicesserveseveralfunctions.First,theyintendtoinsulateChineseeconomyfromshock

6、sofspeculativeexternalforcesthatcanbedestabilizing.Second,theyenableChinesepolicymakerstohavebettercontroloffundinflowandoutflowinordertomaintainmoreeconomicstabilityfortheChineseeconomy.Finally,theyallowChinatoaccumulatesufficientforeignreserves,whichcanpotentia

7、llyrepresentasymbolofstabilityandstrength.AsChinaencouragesforeignfirmstoinvestinChina,betterincentives(suchasdifferentialtaxpackagesandlowerimporttariffs)areprovidedtothem,creatingadifferentialtaxtreatmentorno-uniformityofincentivesbetweendomesticandforeignfirms

8、.Financialtheoriessuggeststhatmultinationalfirmscanbeviewedasrealoptionsthatenablefirmstohaveflexibilitytotakeadvantageofmarketimpedimentsorimperfections.Thist