当前位置:首页 >> 英语学习 >>

经济学人中英对照10


半导体行业:洗牌12009-04-11[2009.04.02]Under new managemen 半导体行业处于洗牌中
The semiconductor industry
半导体行业

Under new management
处于洗牌中
Apr 2nd 2009 | DRESDEN
Fr

om The Economist print edition

Chipmakers were suffering even before the global economic downturn. Recession is heightening the pain and highlighting changes in structure and ownership
在全球经济低迷之前,芯片制造业者已经处于危机中。经济危机的到来更加加剧了这种痛苦,并使得芯片制造业在产业结构和所有制方面的转变迫在眉睫。



MOST tourists come to Dresden to view the city’s architectural wonders. Beautifully rebuilt, the Frauenkirche (Church of Our Lady), for instance, reveals no hint that its huge cupola once crumbled after a rain of British bombs. But the capital of the German state of Saxony also has more contemporary attractions—at least for technically inclined travellers. It is the hub of one of Europe’s biggest technology clusters. Silicon Saxony, as the region has come to be called, boasts 1,500 high-tech firms employing 43,000 people, most of them in the semiconductor industry.

大多数游客来到德累斯顿(Dresden),是为了观赏城市中的建筑奇迹。譬如,Frauenkirche (圣母教堂),它在战后被完美的重建了,以至于没有留下巨大圆顶阁楼曾被英军的狂轰滥炸摧毁过的蛛丝马迹。但是德国萨克森州的首府[即德累斯顿]也同样不乏当代的名胜——至少对于爱好技术的游客们来说如此。事实上,它是欧洲最大科学技术密集区的枢纽—1500高科技企业以及他们的43000员工聚集此处,其中大多数从事半导体行业,也因此,德累斯顿被尊称为硅-萨克森(Silicon Saxony)。

Yet industrial tourists had better hurry. Recently Silicon Saxony has taken some hits that have weakened its foundations. On April 1st Qimonda, a maker of memory chips and the cluster’s largest employer, mothballed its factory, having been forced into insolvency earlier this year. Its last hope is to be bought by an outside investor lured by money from the Saxon government. Inspur, a Chinese computer-maker, is among those expressing interest in Qimonda, which has developed some cutting-edge technology.

然而工业旅游者得抓紧时间了。硅-萨克森最近受到的一些打击已经消弱了他的地位。四月一日,地区最大雇主,存储芯片制造厂商奇梦达(Qimonda)关闭了他的工厂,在今年早些,它已经被迫破产。它的最后希望是被外部投资者收购,因为来自萨克森政府的补贴金仍然对投资者具有吸引力。众多投资者表达了对已经发展了一定先进技术的奇梦达的兴趣,其中包括中国电脑制造商浪潮集团(Inspur)。

At Dresden’s other big “fab”, as chip-fabrication plants are called, is an indicator of another change that may prove just as damaging. There is a new logo at the entrance: visitors are no longer welcomed to AMD but to Globalfoundries. AMD, a maker of microprocessors for personal computers (PCs), decided last year to spin off its fabs into a separate company and to sell a majority stake to investment funds controlled by the government of Abu Dhabi. A good deal of production, some fret, may eventually move from Dresden to the Gulf.

在德累斯顿的另外一个被称为芯片制造工厂的大晶圆厂则表现了一种纯粹破坏性的的改变。在它的入口处有一个新LOGO:欢迎客户来到环球晶圆代工(Globalfoundries)而不是AMD。个人PC微处理器制造商AMD去年决定把晶圆厂分拆到单独的公司,并把多数股份卖给阿布扎比(Abu Dhabi)政府把持的投资基金。有些人担心大量的生产可能将最终从德累斯顿转移到海湾地区。

The likely death of Qimonda and the birth of Globalfoundries* have turned Silicon Saxony into an industrial showcase of a very different kind. It is a visible token of how hard recession around the world has hit the semiconductor industry, which had already been weakened by one of its periodic downturns. Just as important, it demonstrates the longer-term upheavals in the industry. The semiconductor business is becoming less vertically integrated and more concentrated. And its centre of gravity is shifting eastwards.

奇梦达的临近消亡和环球晶圆代工厂的出现已经置硅-萨克森于一种工业展示的奇异境地。而这正是全球经济不景气打击本已受到周期性低迷影响的半导体行业的明显标志。同样重要的,它也是行业长期巨变的明证。半导体业务正从纵向一体化向更多的集聚转变,并且它的重心正向东方转移。



Despite a few signs that the worst may be over—Asian chipmakers’ share prices soared recently after shortages were predicted—the industry is still in the midst of the longest slump in its 50-year history. If market researchers are right, it will shrink again in 2009 before resuming growth in 2010. iSuppli, one such forecaster, thinks that revenues will fall by more than 20% this year, to $205 billion (see chart 1). Other observers have been making similarly gloomy predictions.

在普遍预言萧条之时,亚洲芯片制造商近期股价飞涨,这成为少有的显示最坏时期可能结束的标志;除此不论,整个行业仍处于其50年历史中持续最久的低谷之中。如果市场调研正确,在2010年回复增长之前的2009年,半导体行业将会再次收缩。持有如上预测的iSuppli[1]公司认为今年的相关收入将会同比下降20%,为2050亿美元(见图一)。其它观察家也有相似悲观预见。

To understand why the semiconductor industry has been so pummelled, think of integrated circuits (ie, chips) not as tiny pieces of silicon engraved with millions of transistors, but as an essential resource. Before long every man-made object will come with at least one embedded microchip (see chart 2). Jerry Sanders, AMD’s founder, once called chips “the crude oil of industry”. This seems apt: integrated circuits have become the grease of the information economy. The flip side is that chipmakers have come to depend increasingly on the health of the rest of the economy.

为了解半导体行业为何受到如此沉重打击,应想到集成电路(即芯片)并不仅仅是用成百万晶体管雕刻的小硅片,而更是一种基础资源。不久之后,任何人造物都将被植入至少一个微芯片(见图二)。AMD创始人杰里?桑德斯[2](Jerry Sanders)曾经称芯片为“工业的原油”。这似乎容易想到:集成电路已经变成信息经济的润滑剂。另一面,芯片制造商也日益依赖于其它经济方面的健康状态。



The chip cycle
芯片周期
However, the industry’s own economics are also to blame. Even without the world’s wider troubles, these would have caused problems. In explaining how, Dan Hutcheson, chief executive of VLSI Research, a consultancy, likens semiconductor manufacturing to a different industry: farming. Investment decisions have to be made long before products can be sold. Chip farmers have to spend billions and wait years before they can start etching circuits onto “wafers”, those thin disks of semiconductor material, the size of pizzas, which are sliced into hundreds of chips at the end of the production process.

然而,行业自身的经济情况也应受到指责,即使没有全球性的危机,这也会导致问题产生。为了解释这个问题,作为顾问的VLSI总裁Dan Hutcheson把半导体制造业比作另一个行业—农业。远在产品能销售之前,投资决定已经做出。芯片农夫不得不花数十亿美元并等待数年直到能开始在晶圆片上雕刻电路。晶圆是由半导体材料制成的披萨饼尺寸超薄原片,在生产流程的最后阶段被切割成成百的芯片。

This goes a long way towards explaining why chipmakers, like farmers, have a tendency to oversupply the market, particularly if they sell memory chips, an undifferentiated product (like winter wheat). Even if prices fall below costs, they have an interest in keeping their fabs humming, in order not to lose their heavy upfront investment and to recover the variable costs. What is more, they are caught on a “technology treadmill”, in the words of Mr Hutcheson. Competition forces them always to employ the latest technology, which both increases output and puts pressure on prices.

这里走了一大段长路来解释为什么芯片制造者像农夫般有过度供给市场的倾向,同时这种倾向在他们出售电脑芯片这种无差别产品(类似冬小麦)时更为明显。为了避免损失前面的大宗投资并回收可变成本,即使价格低于成本,他们也十分在意他们的晶圆厂处在继续运行中。更重要的是,用Hutcheson先生的话说,他们被“技术跑步机”俘虏了。竞争促使他们总是去采用最先进的技术,这在增加产出的同时,也加大了价格上的压力。

Finally, just as in agriculture, governments further fuel this innate tendency to oversupply. In prestige, national security, industrial policy or just a desire to create jobs, politicians have always found a reason to support their semiconductor industries, mostly with cash. Silicon Saxony, for instance, has received more than euro1.5 billion (nearly $2 billion at today’s exchange rate) from the state of Saxony alone, much of it to coax AMD into investing.

最后,如同农业,政府进一步推动了过度共给的固有趋势。虽然大体上是为了钱,但政客总能找到相当的理由来支持半导体工业,如声望,国家安全,工业政策或仅仅是促进就业。譬如,硅-萨克森单从萨克森州就已经得到超过15亿欧元(当今汇率下约等20亿美元)的财政支持,其中很大一部分用于劝诱AMD继续投资。

Asian governments have been the most active. Thanks to Taiwan’s industrial policy, more than half of the world’s chips are now made there. Support from the South Korean government made Samsung and Hynix the world’s biggest makers of memory chips; they supply about 50% of this segment. China seems intent on turning its semiconductor companies into market leaders at almost any price, above all Semiconductor Manufacturing International Corporation, or SMIC. All this explains why of the 40 fabs under construction in 2007, 35 were in Asia, three in America and only two in Europe.

亚洲政府已经是最活跃的了。由于台湾的工业政策,世界上超过半数的芯片在此制造。同时,在韩国政府的支持下,三星和现代成为世界最大的内存芯片制造商,提供世界该产品总量的50%。中国政府似乎决心付出任何代价将他的半导体公司转变为市场领导者,首先是中芯国际,即SMIC。所有这些解释了为什么2007年兴建的40个晶圆厂有35个在亚洲,3个在美国,只有两个在欧洲。

Not surprisingly, at times supply far outstrips demand. From 2002 until last year Asian makers of memory chips, especially, invested as if capital were free—which explains why everybody is now bleeding money. In July 2007 the price of a DRAM (dynamic random access memory) chip with a capacity of 512 megabits was more than $2. In early April it was about 50 cents. Smaller makers cannot cope. Qimonda, for instance, piled up losses of about euro1.5 billion between October 2007 and June 2008. Its revenues were only euro1.3 billion.

不必惊讶,有时供给远大于需求。从2002年到去年,尤其是亚洲内存芯片制造商,好似不要钱般的投资,这也解释了为什么现今每个人都大赔特赔。2007年 7月512MB的DRAM(动态随机存取存储器)芯片的价格超过两美元,今年4月早些降至50美分。小型制造厂商无法应对,例如奇梦达,它在2007年 10月到2008年7月之间累积了15亿欧元的亏损,而他的收入仅为13亿欧元。

Given the scale of the losses and the screaming from other industries, governments look less inclined to help this time. Even Taiwan is having second thoughts about an ambitious plan to save its memory-chip industry, announced only last month. The idea is to merge and bail out the country’s six makers of memory chips, which have lost $12.5 billion in the past two years and accumulated $11 billion in debts.

尽管看到亏损的规模和其他行业的呼吁,政府似乎并不倾向于此时出手。即使台湾也正考虑改变上月刚公布的关于解救内存芯片产业的庞大计划。那个计划是合并本土的六家内存芯片制造商以摆脱困境。这些制造商在过去的两年里亏损了125亿美元并积累了110亿美元的债务。

Even if Taiwan were to let these firms fail, which is highly unlikely, supply would still exceed demand, according to iSuppli. Global sales of memory chips will not start growing again before next year. And growth will not reattain its 2006 rate before 2015.

来自iSuppli的数据指出,这些企业关闭是不太可能的;但即使台湾关闭这些企业,供给仍然大于需求。全球内存芯片销售在明年之前不会开始增长,此外,增长速率在2015年之前不会重新达到2006年水平。

Whatever happens to Qimonda and its Taiwanese rivals, the current crisis is sure to speed up two seemingly contradictory long-term trends in the industry. It is consolidating, in that the manufacture of chips is becoming concentrated among fewer companies. At the same time, it is splitting up, in that more companies are specialising in design, and contracting out or quitting the making of chips. Both developments are mainly the consequence of what has come to be called “Moore’s Second Law”, an economic counterpart to a better known observation by Gordon Moore, one of the founders of Intel, the world’s biggest chipmaker by revenue.

无论在奇梦达和它的台湾对手身上发生了什么,当前的危机必然会加速该行业这两个看似矛盾的长期趋势。趋势之一是半导体行业的整合—芯片制造集中到少数的企业。同时,另一个趋势是行业的分化,更多企业专注于设计,外包或退出芯片制造业务。这两种趋势主要都是人们所说的“摩尔第二定律”的结果,该定律是戈登 ?摩尔提出的另一更著名论断在经济学上的应用。这是Intel的创始人之一戈登?摩尔[3](Gordon Moore)提出的一个著名经济学论断,就收入而言,Intel是世界上最大的芯片制造商。(这里说的另一更著名的论断便是“摩尔定律”——在价格恒定的情况下,集成电路上可容纳的晶体管数目,约每隔18个月便会增加一倍,性能也将提升一倍;或者说,每一美元所能买到的电脑性能,将每隔18个月翻两倍以上。)

The original Moore’s Law is usually summarised thus: the number of transistors on a chip doubles every 18 months. In fact Mr Moore first predicted this would happen every year and later changed his forecast to every two years; the average has become his law. Mr Hutcheson points out that Mr Moore made more than a purely technical prediction. He also stated that the cost of an integrated circuit would stay the same, a halving of the cost per transistor with every doubling of the number.

原始摩尔定律经常被表述为:单块硅芯片上所集成的晶体管数目每十八个月增加1倍。事实上,摩尔先生最初的的预测为每一年,后来改为每两年;他的这条定律取其平均数。Hutcheson先生指出摩尔先生做的不仅仅是纯粹的技术预测。他接着指出由于每个晶体管的成本减半和能集成的晶体管数量翻一番,集成电路的成本将保持不变。

This has turned out to be essentially correct, but progress has come at a high price. The ever more sophisticated equipment required to make semiconductors has been getting dearer with every iteration of Moore’s Law. The most advanced chips are built using 32-nanometre technology, meaning that transistors are now so tiny that more than 4m can fit on this full stop. Lithographic tools for transferring Lilliputian circuitry onto a wafer cost up to $50m a pop. To reach the economies of scale needed to make such investments pay, chipmakers must build bigger fabs.

摩尔定律已经被事实证明是十分正确的,但进展是在高昂代价下的。随着摩尔定律的每个反复,用来制造半导体的越来越尖端的设备已变的更为昂贵。最先进的芯片使用32纳米技术制造,这意味着晶体管是如此微小,以致于超过4百万个才抵得上这个句点。流行的用来移动微小电路到晶圆上的印刷工具价值5千万美元。为了达到规模经济以抵消大量的前期投入,芯片制造商必须建造更大的晶圆厂。

Rising fixed costs give rise to Moore’s Second Law: as the cost of transistors comes down, the cost of fabs goes up, albeit not at quite the same rate. In 1966 a new fab cost $14m. By 1995 the price had risen to $1.5 billion. Today, says Intel, the cost of a leading-edge fab exceeds $6 billion, including all the preparatory work. And the Taiwanese Semiconductor Manufacturing Company (TSMC) has built two “GigaFabs” for between $8 billion and $10 billion each, which would buy you four nuclear power stations. The output of such monsters depends on the mix of products, but they each could easily churn out 3 billion chips a year.

固定成本上升引起摩尔第二定律:尽管不是完全相同的速率,随着晶体管成本下降,晶圆成本上升。在1966年,建设一个新晶圆厂的花费为1400万美元,到了1955年花费上升到15亿美元。今日,就Intel而言,其先进晶圆厂的建设花费超过60亿美元,其中包括所有准备工作。并且,台积电(TSMC)已经兴建了两个“十亿级晶圆厂”,每个的造价都在80亿到100亿美元之间,这些钱足够买四座核电站。这些怪物般的产出有赖于产品的混合,但他们中的每一个都能一年轻松产出30亿芯片。

These ever-increasing costs and the need for specialisation have caused the industry to splinter, says Derek Lidow, iSuppli’s chief executive. Originally, all chipmakers were vertically integrated, meaning they designed the chip, built the tools to make them, ran the fabs and added the necessary connectors. As costs went up and certain activities became more and more complex, they were spun out to spread expenses and know-how. Semiconductor equipment, design software and packaging have long been done by separate companies. But the past ten years have seen the rise of “fabless” firms, which merely design integrated circuits.

iSuppli总裁Derek Lidow指出,这些成本的不断增加和对专业化的需求已经导致整个行业开始分化。最初,所有的芯片制造者呈纵向一体化,意味着他们自己设计芯片,制造制作工具,建设晶圆厂以及添加必要的中间环节。随着成本的增加和相关活动的复杂化,他们开始分化以分摊开支和工艺流程。半导体设备、设计软件程序包已长期分别由单独的公司来完成。过去的十年里已经出现了许多“无生产线”公司,他们仅仅设计集成电路。

Now established chipmakers can no longer afford to develop their own manufacturing processes or even to run their own fabs. To share the pain, IBM, Samsung and others have teamed up to use chipmaking technology jointly. Some firms, such as Texas Instruments, have chosen to go “fab-lite”, meaning that they have their own fabs only for certain chips. Others, such as AMD, have spun off manufacturing completely (although AMD’s decision had much to do with a lack of cash after it bought ATI, a maker of graphics chips, for $5.4 billion in 2006).

现在已建立的芯片制造商再也不能发展自己的生产工艺或者运行他们自己的晶圆厂。为了分担痛楚,IBM、三星和其它公司已经联合起来共同使用芯片制造技术。一些公司,例如德州仪器(Texas Instruments),已经选择走“轻晶圆厂”道路,也就是说,他们有自己的只生产特定芯片的晶圆厂。其它的,例如AMD,它已经把制造完全的分割了出去(虽然AMD的决定在很大程度上是因为在2006年以54亿美元的价格收购了图形芯片制造商ATI后缺乏资金)。

Hence the rise of “foundries”, the smelters of the information age. These are essentially contract manufacturers. Although far from household names, they are huge companies, churning out about one quarter of the world’s semiconductors. The biggest, TSMC, has a manufacturing capacity greater even than Intel’s. Its revenues grew at an annual average rate of 13% for several years, topping $10.6 billion, before falling by almost a third in the last quarter of 2008.

因此晶圆代工厂的增加是信息时代的熔炉。这些代工厂基本上属于合同制造商。虽然远非家喻户晓,但他们都是巨型企业,以致制造全世界半导体的四分之一。其中最大的—台积电,它的制造能力甚至超过Intel。它的年收入以13%的年增长率增长,在2008最后季度几乎三分之一的下降之前,曾达到过106亿美元的高点。

TSMC also illustrates a corollary of Moore’s Second Law: even the biggest chipmakers must keep expanding. Intel today accounts for 82% of global microprocessor revenue and has annual revenues of $37.6 billion because it understood this long ago. In the early 1980s, when Intel was a $700m company—pretty big for the time—Andy Grove, once Intel’s boss, notorious for his paranoia, was not satisfied. “He would run around and tell everybody that we have to get to $1 billion,” recalls Andy Bryant, the firm’s chief administrative officer. “He knew that you had to have a certain size to stay in business.”

台积电还表明了摩尔第二定律的必然结果:即使最大的芯片制造商也必须保持扩张。Intel之所以现今占据全球微处理器销售收入的82%,年收入达到376亿美元,就是因为它早已懂得了这个道理。早在20世纪80年代,Intel的市值为7亿美元,这在当时已相当庞大了。而当时的因偏执而声名狼藉的老总Andy Grove并不满意。“他总是东奔西跑并告诉每一个人我们应当达到10亿美元,” 该公司的首席行政长官Andy Bryant回忆道。“他知道,你必须有一定的规模来维持生意。”


发表于21:58 | 阅读全文 | 评论 1 | 编辑 | 分享 0日本银行:资本问题2009-04-10[2009.04.06] Japanese banks 日本银行的资本事件
Japanese banks

A capital affair 日本银行的资本事件

Apr 8th 2009 | TOKYO
From The Economist print edition

The investments of Japanese banks in other firms create a vicious circle

日本银行投资于其它公司成了一个怪圈。

IN A country where social relations are paramount, Japanese banks are so loyal to their customers that they hold shares in them. That loyalty has been tested for almost 20 years whenever the stockmarket lurches lower. But still the banks cling on to their shares, carrying around ¥10 trillion-worth ($100 billion) on their books.

日本是一个社交至上的国家,日本银行如此忠心于其客户,以至持有他们的股权。这份忠诚已经历了20多年来股市每每受挫时的考验。而银行依然保持参股姿态,在其收支平衡表上大约值10万亿日圆(1000万美元)。

The trouble is, the further the market falls, the more banks have to write down the asset values on their balance-sheets, which increases their losses. It also shrinks the tier-one capital that they hold as a cushion against further losses, constraining their ability to lend.

麻烦的是,市场越下滑,银行资产负债表上资产的价值就越缩水,为此损失越多。一级资本亦会缩减,一级资本被用作对付进一步亏损的缓冲,同时放贷能力受限。

The country’s three “megabanks”—Mitsubishi UFJ Financial Group (MUFG), Mizuho and Sumitomo Mitsui Financial Group (SMFG)—are particularly vulnerable. Their shareholdings as a percentage of tier-one capital range from just below 50% to above 60% (see chart). The trio are expected to post losses this year.

日本三大“超级银行”——三菱日联金融集团(Mitsubishi UFJ Financial Group)、瑞穗金融集团(Mizuho Financial Group)和三井住友金融集团(Sumitomo Mitsui Financial Group)——尤为岌岌可危。他们所持股权占一级资本的百分比由50%以下变动至60%以上(见表)。预计三大行今年将亏损。

But in Japan, even the titans find it hard to break with tradition, especially one that dates back to the Meiji era in the late 1800s when Japan began to industrialise. Capital was scarce and banks felt they had a role to support national industry; taking a stake in a borrower showed that their fates were united. Moreover, most banks were linked to companies within corporate families, called zaibatsu. That smoothed trade within and outside the groups.

但在日本,即使是伟人也难于打破传统,尤其是在19世纪末日本开始工业化的明治时代。资本匮乏,且银行认为它们有责任支撑本国的工业;参股借贷企业表示他们一损俱损,一荣俱荣。此外,大多数银行都与家族集团联系在一起,称之为财阀。这样做使集团内外的交易顺利进行。

After the second world war, huge conglomerates were forbidden and replaced by the keiretsu, a network of individual companies working together. Cross-shareholdings remained routine.

二战后,大型企业集团被禁,转而由企业联盟替代,这是一个私营公司合作网。交叉持股依然是惯例。

For most of the postwar period, the arrangement was highly lucrative. As share prices soared, balance-sheets swelled. This in turn pushed share prices higher. But after the bubble burst in 1990, it took a decade for regulators to begin forcing banks to reduce their shareholdings. In 2002 the government capped the ratio of equities to tier-one capital at 100%, which marked the beginning of the reduction (with the state itself as a buyer). Now, as then, requiring banks to dump their shareholdings altogether—however laudable—would run the risk of turning a bear market into a rout.

战后的大多时间里,此举带来了高额利润。随着股价高涨,资产负债表跟着膨胀。这转而推动股价进一步走高。但在1990年股市泡沫破灭后,日本监管层耗时十年开始强制银行减少其所持股权。2002年日本政府规定了所持股本最高上限,即为一级资本数额,此举标志着缩减股权的开始(国家作为买主)。目前同那时一样,要求银行抛售他们手中的股权——虽值得赞誉——却存在着使本就颓废的市场垮掉的风险。

Although today shareholdings remain huge compared with bank capital, the ratio is a third of the 150% of a decade ago. And although Japanese banks own 5% of the value of the country’s stockmarket, this too is far below the 20% they owned in 1985. So however troubling the problems remain, the banks can at least point to improvement.

虽然当前所持股权相较于银行资本而言依然是庞大的,但比率却是十年前的三分之一,当时比率为(一级资本的)150%。而且尽管日本银行占有该国股市市值的5%,但这相较于其1985年所占20%的比例真是小巫见大巫。因此虽然麻烦问题仍在,银行却至少能励精图治。

Japanese banks must deduct a percentage of certain unrealised losses from their shareholdings from their tier-one capital. According to UBS, every 10% drop in the Nikkei 225 Stock Average requires banks to raise from ¥13 billion to ¥190 billion apiece to replenish their tier-one ratios to around 7.5%. That would still be below 8%, the level considered safe in the current climate.

日本银行必须要从其所持股权和一级资本中扣除一定比例的未变现亏损。据瑞银集团(UBS),日经225指数每下滑10%,银行就需要增加130亿至1900亿日圆补充其一级资本,使其比率维持在7.5%左右。该比率仍低于当前环境下8%的安全度。

Raising funds is painful. In February Mizuho said it would issue ¥80 billion in preferred securities to rebuild its capital, but pay an annual fixed coupon of almost 15%—a cost it almost certainly cannot cover from its earnings. More recently it declined to redeem a $1.5 billion security at the first possible date, underscoring its need to preserve capital.

增加资本金着实困难。瑞穗金融集团在2月份表示,该集团将发行800亿日圆的优先债券修复其资本,但所支付的固定票息超过15%,收益几乎不够支付成本。最近该集团拒绝在最初的可能到期日赎回价值150亿美元的债券,强调其需要保有资本。

In recent weeks, the government has offered to inject capital into the banks and has set aside ¥20 trillion to buy many of the wilting shares from them. That would enable the banks to strengthen their balance-sheets further, preserve capital and keep on lending. But most banks have resisted: relying on the state would suggest they are in trouble. And selling would require them to crystallise the losses rather than let hope—that one day the stockmarket may miraculously recover—spring eternal. In the season of cherry blossoms, hope is all they have.

近几周来,日本政府已提出向银行业注资,并留有20万亿日圆购买银行手中持有的许多贬值股票。此举可使银行资本负债表进一步充盈、保有资本及继续放贷。但多数银行却拒绝了,认为依赖政府会表明他们陷于困境。而出售手中的股权将要求他们具体化其亏损度,而非使希望——某天股市会奇迹般反弹——永存。在这个樱花盛开的季节,他们所拥有的只有希望而已。

发表于10:52 | 阅读全文 | 评论 0 | 编辑 | 分享 0鲜花销售:鲜花花束销售排行榜2009-04-09[2009.04.09]Flower sales:Bloom and bust 鲜花销售:几家欢喜几家愁
Flower sales 鲜花销售

Bloom and bust 几家欢喜几家愁

Apr 9th 2009
From Economist.com

Roses rose and Tulips blossomed but flower sales are wilting overall 玫瑰商喜上眉梢,郁金香销售也俏,但整体花市愁云笼罩。

ROSES were the bestselling cut flower last year, according to the Flower Council of Holland, an industry group based in The Netherlands, the world’s largest exporter of flowers and plants. Sales of roses were a blooming EURO802m ($1.2 billion), although that is a meagre increase of 0.9% from 2007. Sales of tulips, third on the list, grew by 9.2% to EURO223m. But total cut-flower sales withered by 2.9% to EURO2.48 billion. The Netherlands devoted 2,809 hectares to horticulture in 2008, supplying over half of the flowers sold at its auctions. Over 3.7 billion imported stems, mainly from Kenya, Israel and Ethiopia, make up the rest. Most exports—EURO871m of cut flowers—went to Germany. Britain and France followed, demanding vasefuls worth EURO604m and EURO446m respectively.

荷兰花卉协会,是世界最大的鲜花和植物出口商协会。该组织公布了2008年鲜花花束销售排行榜,玫瑰摘取皇后桂冠。玫瑰商的销售额高达8.02亿欧元(12亿美元),比2007年略长了0.9%。第三名的郁金香,业绩增长了9.2%,共计2.23亿欧元。但整体花市销售比上年削减了2.9%,仅有24.8亿欧元。荷兰人去年园艺用地共计2809公顷,本土鲜花占其国际拍卖市场的半壁江山。另一半3.7亿多束的鲜花是舶来品,主要来自肯尼亚,以色列和埃塞俄比亚三个国家。荷兰鲜花拍卖市场主要服务出口市场,德国人是最大的主顾,从这里买进了价值8.71亿欧元的鲜花。英国和法国人紧随其后,为了插满自家的花瓶,各在荷兰花掉了6.04亿和4.46亿欧元。

鲜花花束销售排行榜(2008年,单位:百万欧元)
下列鲜花分别为:玫瑰 小菊 郁金香 百合花 非洲菊 大菊 小苍兰 火鹤花 孤挺花


发表于21:55 | 阅读全文 | 评论 1 | 编辑 | 分享 0印度选举:一场闹剧2009-04-05[2009.04.16] India's jumbo election 印度大选

Democracy in India

India's jumbo election
印度大选

Apr 16th 2009
From The Economist print edition

The worst possible way of choosing an Indian government—apart from all the others
选举印度政府最糟糕的方式——除此之外别无它法



LIKE a lumbering elephant embarking on an epic trek, India’s general election got under way this week (see article). That it keeps going is something of a miracle. The scale is mind-boggling. It will be spread over five stages, taking four weeks and involving 6.5m staff. In 543 constituencies, 4,617 candidates, representing some 300 parties, will compete for the ballots of an electorate of 714m eligible voters. In 828,804 polling stations, 1,368,430 simple, robust and apparently tamper-proof electronic voting machines will be deployed. It is hard not to be impressed by the process—and its resilience.

就像一只笨重的大象跋涉在史诗般的旅途中,印度大选这周开始了(详情请看全文)。大选能进行简直可以说是个奇迹。选举规模之大令人难以置信。大选将历经5 个阶段,历时4周并将有650万工作人员参与其中。在543个选区中共有4617名候选人代表约300个政党来竞争7亿1400万合法选民手中的投票。 828,804个投票站里将有1,368,430个简单,耐用而又明显能防篡改的电子投票器投入使用。选举的过程及其所体现出的不折不挠的精神让人影响颇为深刻。

A poor, diverse country of more than 30 main languages and six main religions, India also has, in the Hindu caste system, a tradition of hierarchy seemingly at odds with a system of universal suffrage. The country suffers security threats that would provide many a government with the excuse to suspend elections. Kashmir has been riven by insurgency for more than two decades; parts of the north-east for even longer. Maoist revolutionaries-cum-bandits stoke another fire in India’s interior and staged attacks as polling began this week. Yet, apart from the brief months of the “emergency” in 1975, India has never curtailed its people’s right to choose their rulers. And now, more than ever, that right is to be prized.

这个拥有30种主要语言,6个主要宗教,贫困而多元的国家实行的普选制度与它传统的印度等级制度格格不入。印度面临着诸多安全威胁,这本是许多政府暂停选举的绝好借口。二十多年来,由于叛乱克什米尔地区一直处于分裂状态;而其东北部部分地区则分裂了更长时间。毛派革命分子兼土匪在印度境内再次纵火并在这周投票开始时策划袭击活动。然而,除1975年处于“紧急状态”时那几个月,印度从未剥夺人民选举他们领导人的权利。如今,这种权利显得更为弥足珍贵。

Singh if you’re glad to be grey
如果你不介意沉闷,选辛格吧

The election comes amid the deepest global economic slump for two generations. India faces difficult choices as it seeks to escape the worst of the downturn. Voters have a chance to judge five years of government by a coalition led by the Congress party and its elderly prime minister, Manmohan Singh. It has presided over an unprecedented economic boom, and has continued the course of cautious liberalization and globalization followed by its predecessors. It has succeeded in raising India’s international standing and, with its controversial agreement on civil nuclear co-operation with America, has accomplished an important strategic tilt.

这次选举在六十多年来最严重的一次全球金融危机中拉开序幕。印度面临着艰难选择因为该国力求摆脱危机带来的最坏结果。这次选举给选民们一次评价五年来国大党领导下的政府联盟及印度年迈总理辛格的机会。该政府曾给本国经济带来前所未有的繁荣,并延续了前辈们奉行的谨慎进行自由化与全球化的政策。印度与美国达成颇受争议的民用核能合作协议,完成了一次重要战略倾斜,进而成功提升印度的国际地位。

Yet Mr Singh’s government has made scant progress towards one of the main goals it set itself in 2004. This was to reform India’s creaking, corrupt administrative structures so that policies formulated in Delhi might actually be implemented in the villages where most Indians still live. Partly because of that failure, and despite sharp falls in the poverty rate, appalling numbers of Indians are still desperately poor. One quarter of the world’s malnourished live in India, among them 40% of all Indian children under five. To Mr Singh’s credit, it is the plight of the poorest, not India’s GDP growth-figures, that is usually the starting-point for his policy speeches. This is also shrewd: the poor do not care about his achievements as a diplomat and globaliser, which scarcely impinge on their lives.

然而辛格政府在完成2004年所设立的主要目标方面却未鲜有成效。那便是,改革印度摇摇欲坠的腐败行政机构以使在德里实行的政策在大多数印度人生活的农村也能得以实施。尽管贫困率极大下降,但印度一贫如洗的人口数量仍然大的惊人,导致这种情况的部分原因就是这项改革的失败。世界上四分之一的营养不良人口生活在印度,而其中40%为印度五岁以下儿童。辛格值得赞扬的一点是他通常把最贫困人民的苦难而非印度的GDP增长数字作为他政策演讲的出发点。这也是他的精明之处:穷人不关心他作为一个外交家及全球化进程推动者所取得的成就,因为那些对他们的生活没有多大影响。

As in other countries, elections in India tend not to be dominated by grand national issues. And, as elsewhere, an Indian election may look splendid from a distance, but up close can be ugly. Campaigns are dominated by personalities, money and, in some places, intimidation. Many candidates seek votes through beggar-thy-neighbor appeals to the self-interest of a particular linguistic, caste or religious group.

与其它国家一样,印度大选往往不为国家大事所主导而且远看精彩纷呈但近看却丑恶衍生。选举活动由名人,金钱甚至在某些地方由恐吓操控着。许多候选人通过以邻为壑的方法谋求选票,以迎合某个特定语种人群,阶层或宗教群体特谋私利。

Even in such an unpredictable contest, two outcomes are sadly fairly safe bets. First, parliament will have to make room for a lot of shady characters. Nearly a quarter of the current members have faced criminal charges. Nor are their alleged offences all petty. They include murder, rapes and kidnaps.

即便是这样一个变幻莫测的选举,有两个结果是毫无疑问的。第一,国会将不得不为许多问题人物腾位置。近乎四分之一的现任国会成员都曾面临过刑事指控。并且他们面临的指控还都不轻,其中包括谋杀,强奸和绑架。

Second, the resulting national government will be a coalition, its policies held hostage by its smaller members. The secular trend in Indian politics is the gradual decline of the only truly “national” parties, Congress and the main opposition, the Bharatiya Janata Party (BJP). In 2004 the two combined won less than half (49%) of the votes. On the rise is a legion of regional and caste-based parties that do not even pretend to be guided by the national interest.

第二,选举产生的国家政府将实行联合执政,但国家政策却由少部分人把持。印度政治的现实发展趋势是:仅有的真正“国家”党派——国大党及主要反对党印度人民党(BJP)逐渐走下坡路。在2004年的选举中两党的联合得票率还未过半(49%)。不断上升的是一大批地区性及以社会阶层为基础的党派,它们甚至不屑装着以国家利益为导向。

In part, the big parties can blame themselves for this. Congress, despite able technocrats, like Mr Singh, remains an antiquated dynastic machine. The prime ministership was bestowed on Mr Singh by Sonia Gandhi, the party’s Italian-born leader. He seems to be keeping the seat warm for her son, Rahul, a pleasant-seeming but unconvincing chap apparently destined to represent the fifth generation of his family to lead Congress. Nor is the economically liberal Mr Singh a typical Congress-man. Much of the party is still nostalgic for the Nehruvian socialism that for so long impeded India’s growth.

造成这种局面,在一定程度上还得怪这些大党自己。尽管有像辛格这样有能力的专家治国论者,国大党仍旧是一台过时的王朝机器。辛格的总理职位是由意大利出生的国大党党领袖甘地夫人赐予的。辛格好像是在帮甘地夫人的儿子拉胡尔暖热这个位置。胡拉尔外表看起来让人愉快但实际却是个难以令人信服的人物,他毫无疑问将注定代表其家族的第五代担任起领导国大党的重任。再者提倡经济自由的辛格也非典型的国大党人。国大党中的许多人仍怀念尼赫鲁的社会主义政策,尽管在很长一段时间它阻碍着印度的发展。

In power, the BJP also had a creditable record of economic management. But it has not escaped its origins as the political wing of the Hindutva, or “Hindu-ness” movement. That has an extremist fringe that has at times been guilty of terrible violence against India’s large Muslim minority and smaller Christian one, who may never trust BJP rule.

在执政期间,人民党在经济管理方面也曾有过不错表现。但它仍没摆脱其印度教徒派(又称“印度教性”运动)的政治出身。由于党内极端分子不时对印度穆斯林及基督教徒进行恐怖打击导致他们绝不会相信人民党的统治。

Better than the alternative
更好的选择

For this reason, The Economist, if it had a vote, would plump for Mr Singh’s Congress. But in reality, the choice between the two big parties is not the one on offer. In India the poor, proportionately, are more likely to vote than are the middle classes. It often makes sense for them to back regional parties campaigning on local issues: they are more likely to fulfill their promises. But it does make for hopelessly unwieldy governing coalitions. One solution would be to introduce national thresholds below which parties would be ineligible for seats in parliament. But reform would need the approval of those elected under present arrangements, so it is not on the cards.

鉴于此,如果《经济学人》也可以投一票的话,我们会支持辛格的国大党。但现实是,并非只能在两大党之间做出选择。按比例来说,印度的穷人比中产阶级更乐于参加投票。通常,支持以解决本地事务为竞选口号的地区性政党对是个明智之举,因为他们更能履行承诺。但运转不灵的联合执政使这变得希望渺茫。有一种解决方法是设置全国性门槛,低于门槛的政党将没资格在国会中拥有席位。但改革需征得现行体制下获选者的同意,所以这也是不可能的。

Before yielding to despair over the intractability of political reform in India, it is worth considering the outcomes of recent elections. Since launching liberalising economic reform in 1991, India has had a succession of governments that have frustrated with their timidity, but have broadly kept the economy on track and avoided dangerous policy lurches—the BJP, to forge a coalition, had to ditch its core Hindutva demands, for example. Undemocratic governments might have been bolder, quicker and more efficient. But they might have been a whole lot worse, and certainly a whole lot harder to replace. Let the elephant lumber on.

在对印度棘手的政治改革感到绝望之前,有必要思考一下近年来的大选结果。自从1991年实行自由化经济改革以来,印度历届政府由于它们的胆小踟蹰而频频受挫。但整体上经济仍保持正轨发展,避免了危险的政策突变。例如,人民党为了建立同盟不得不放弃其印度教徒派的核心要求。也许非民主政府更大胆,更敏捷也更高效,但它们也许更糟,并且毫无疑问它们将更难替换。还是让这头大象继续笨重前行吧。

发表于21:49 | 阅读全文 | 评论 0 | 编辑 | 分享 0药物数字化:医药行业拥抱IT2009-04-04[2009.04.16] Medicine goes digital 药物数字化进程
A special report on health care and technology

对医疗保健和技术的特别报道





Medicine goes digital

药物数字化进程



Apr 16th 2009
From The Economist print edition






The convergence of biology and engineering is turning health care into an information industry. That will be disruptive, says Vijay Vaitheeswaran (interviewed here), but also hugely beneficial to patients

生物学和工程学的融合使得医疗保健成为了信息产业。Vijay Vaitheesearan表示,这会引起混乱,但同时病人会大为受益。











INNOVATION and medicine go together. The ancient Egyptians are thought to have performed surgery back in 2750BC, and the Romans developed medical tools such as forceps and surgical needles. In modern times medicine has been transformed by waves of discovery that have brought marvels like antibiotics, vaccines and heart stents.



创新和药物一起发展。古代埃及人被认为早在公元前2750年就进行了外科手术,罗马人发明了医疗工具,如医用钳子和手术用针。到了现代,发现探索的浪潮给人们带来了诸多奇迹,如抗生素,育苗和心脏支架。这些都促进了医药的改革。



Given its history of innovation, the health-care sector has been surprisingly reluctant to embrace information technology (IT). Whereas every other big industry has computerised with gusto since the 1980s, doctors in most parts of the world still work mainly with pen and paper.





考虑到创新的历史,医疗保健行业迟迟没有拥抱信息技术(IT),这是颇为令人吃惊的。自从19世纪80年代,其他大型的产业都兴致勃勃地接受电脑化进程,而世界大多数地区的医生仍旧是与笔和纸打交道。But now, in fits and starts, medicine is at long last catching up. As this special report will explain, it is likely to be transformed by the introduction of electronic health records that can be turned into searchable medical databases, providing a “smart grid” for medicine that will not only improve clinical practice but also help to revive drugs research. Developing countries are already using mobile phones to put a doctor into patients’ pockets. Devices and diagnostics are also going digital, advancing such long-heralded ideas as telemedicine, personal medical devices for the home and smart pills.






虽然医药行业改变的步伐时断时续,但现在该行业终于逐渐赶上了这一趋势。此次的特别报道将会向你阐释,电子健康记录的出现将有可能改革医药行业。该记录可转变为可搜索式的医疗数据库,为药物提供一个“智慧的网络”,不仅会改进临床实践,还有助于重振药物研究。发展中国家已经通过使用移动电话,使得医生陪伴着病人,寸步不离。医疗设备和诊断法也变得数字化,极大促进了长久以来就梦想的远程开药,家庭个人医疗设备和聪明药的发展。






The first technological revolution in modern biology started when James Watson and Francis Crick described the structure of DNA half a century ago. That established the fields of molecular and cell biology, the basis of the biotechnology industry. The sequencing of the human genome nearly a decade ago set off a second revolution which has started to illuminate the origins of diseases.






现代生物学的第一次技术革命始于在半个世纪前,James Watson和Francis Crick成功描述了DNA的结构。这一举动建立了分子细胞生物学,也奠定了生物技术行业的基础。大约10年前的人类基因组排序引发了第二次革命,这一举动为人类探寻疾病的根源指明了道路。






The great convergence 伟大的融合



Now the industry is convinced that a third revolution is under way: the convergence of biology and engineering. A recent report from the Massachusetts Institute of Technology (MIT) says that physical sciences have already been transformed by their adoption of information technology, advanced materials, imaging, nanotechnology and sophisticated modelling and simulation. Phillip Sharp, a Nobel prize-winner at that university, believes that those tools are about to be brought to bear on biology too.






现在,该行业相信第三次革命即将来临:生物学和工程学的融合。MIT最近的一项报告显示,信息技术,先进材料,成像技术,纳米技术和建模仿真技术的运用已经推进了自然科学的改变。MIT的一名诺贝尔获得者Phillip Sharp 相信,这些工具将会运用到生物学,并对其产生影响。






Robert Langer, a biochemist at MIT who holds over 500 patents in biotechnology and medical technologies and has started or advised more than 100 new companies, thinks innovation in medical technologies is about to take off. Menno Prins of Philips, a Dutch multinational with a big medical-technology division, explains that, “like chemistry before it, biology is moving from a world of alchemy and ignorance to becoming a predictable, repeatable science.” Ajay Royyuru of IBM, an IT giant, argues that “it’s the transformation of biology into an information science from a discovery science.”






MIT的生化学家Robert Langer掌握着500多项生物技术和医疗技术的专利。作为众多公司的创建者和作为其它公司的顾问,他服务于100多家新兴公司。他认为,医疗技术的创新将会迎来腾飞。Menno Prins of Philips是一家荷兰跨国公司,拥有大型医疗技术分支机构。该公司解释到,“就像以前的化学,生物走出了一个充满炼金术和无知的世界,成为一个可预测,可重复的科学。” IT巨头IBM公司的Ajay Royyuru表示,“生物学从一个探索发现科学发展成为了一门信息科学。”






This special report will ask how much of this grand vision is likely to become reality. Some of the industry’s optimism appears to be well-founded. As the rich world gets older and sicker and the poor world gets wealthier and fatter, the market for medical innovations of all kinds is bound to grow. Clever technology can help solve two big problems in health care: overspending in the rich world and under-provisioning in the poor world.






本次特别报道将询问,这个伟大的愿景有多大可能会成为现实。行业内的一些乐观见解似乎有依有据。随着富裕国家人口变得老龄化,多病化,贫困国家人口变得更富有,更肥胖,各种医药创新的市场必将得到成长。先进的技术会解决医疗保险的两大问题:富裕国家的过度开支和贫困国家的供给不足。






But the chances are that this will take time, and turn out to be more of a reformation than a revolution. The hidebound health-care systems of the rich world may resist new technologies even as poor countries leapfrog ahead. There is already a backlash against genomics, which has been oversold to consumers as a deterministic science. And given soaring health-care costs, insurers and health systems may not want to adopt new technologies unless inventors can show conclusively that they will produce better outcomes and offer value for money.






但这需要时间,并且仅仅是一个改革,而非革命。富裕国家冥顽不化的医疗体系也许会抵制新兴技术,而贫困国家则会大步前进。基因组学的出现已经遭遇了一些不良反应:作为确定性的科学,基因组学被大量地出售给消费者。考虑到医疗保健费用的飙升,除非投资者们能确保他们会带来更好的结果和能创造金钱的价值,否则保险商和医疗保健体系不会采取新的技术。






If these obstacles can be overcome, then the biggest winner will be the patient. In the past medicine has taken a paternalistic stance, with the all-knowing physician dispensing wisdom from on high, but that is becoming increasingly untenable. Digitisation promises to connect doctors not only to everything they need to know about their patients but also to other doctors who have treated similar disorders.






如果这阻碍能得到解决,那么最大的受益者将是病人。在过去,无所不知的医生高高在上,医药也是一个基于家长式关系上的产物。但这一做法越来越站不住脚。数字化将会通过网络使医生得到病人的一切信息,同时也会让他们和其他治疗过相似病历的医生相互交流。






The coming convergence of biology and engineering will be led by information technologies, which in medicine means the digitisation of medical records and the establishment of an intelligent network for sharing those records. That essential reform will enable many other big technological changes to be introduced.






对于即将到来的生物学与工程学的融合,信息技术将会起到主导作用。而对于药物而言,这就是意味着将药物记录数字化,并建立一个分享这些记录的智能网络。这个关键的改革将会带来其它重要的技术改变。






Just as important, it can make that information available to the patients too, empowering them to play a bigger part in managing their own health affairs. This is controversial, and with good reason. Many doctors, and some patients, reckon they lack the knowledge to make informed decisions. But patients actually know a great deal about many diseases, especially chronic ones like diabetes and heart problems with which they often live for many years. The best way to deal with those is for individuals to take more responsibility for their own health and prevent problems before they require costly hospital visits. That means putting electronic health records directly into patients’ hands.




同样重要的是,病人也会得到这些信息,使其更有能力在管理自己健康事物时起到更大的作用。这是具有争议的,但同时也是有依据的。许多医生和一些病人认为,他们缺乏足够的知识来做出恰当的决定。但事实上,病人们对很多疾病有着深入的了解,尤其是慢性病如糖尿病和心脏病。虽然患有这些慢性病,病人通常能够活上很长的一段时间。解决这个问题的办法就是每个人都需对自己的健康尽起责任,在他们需要上医院打花一笔之前预防这些疾病的形成。这意味着病人亲自掌握电子健康记录。

发表于21:44 | 阅读全文 | 评论 0 | 编辑 | 分享 0

相关文章:
60秒中英对照10月份
经济学人中英对照10 19页 免费 航运术语中英对照10 6页 免费 2K10中英对照 21页 5财富值如要投诉违规内容,请到百度文库投诉中心;如要提出功能问题或意见建议,请...
经济学人中英对照阅读加练习五十篇
经济学人中英对照阅读加练习五十篇_英语学习_外语学习_教育专区 暂无评价|0人阅读|0次下载|举报文档经济学人中英对照阅读加练习五十篇_英语学习_外语学习_教育...
经济学人 中英翻译
经济学人 中英翻译_英语学习_外语学习_教育专区。考研...中国领导人也谈到要用几十年的时间超 过更加富裕的...即使排除这些非比寻常的亚洲国 家(下文也将也不予...
经济学人中英文版
经济学人中英文版_经济/市场_经管营销_专业资料。Taking its medicine.自尝苦果...有一个配送网络系统已和美国、加拿大的 1,050 家当地商店签约,还以每周二十几...
【经济学人】中英双语阅读精粹(1998-2010年版(中英版))
经济学人中英双语阅读精粹(1998-2010年版(中英...的确,美国经济似乎正在走出萧条阴影。七月三十一日...―We‘re still dancing.‖ 美国经济学巨擘艾尔文...
经济学人听力10
而在经济严重衰退和高失业率的状况下,多给布鲁塞尔官员任何一 分钱都比以往时候...经济学人10月15日 100页 1下载券 经济学人中英对照10 19页 5下载券 经济...
2013年7月经济学人economist文章_英汉双语对照_
2013年7月经济学人economist文章_英汉双语对照__英语学习_外语学习_教育专区。考研...但是,这位埃及第一个民选总统食言了,尽管在六月三十日,全国范围内反对穆尔西...
Extractions-Article2015年9月10月经济学人社评摘要
Extractions-Article2015年9月10经济学人社评摘要_英语学习_外语学习_教育专区...例如,斯洛文尼亚的一家保险公司过去需要办理再 保险以防范暴风雪,如果现在它隶属...
经济学人-从0到70(十亿) 优步究竟经历了什么(2)
经济学人-从0到70(十亿) 优步究竟经历了什么(2)_英语学习_外语学习_教育...文都何凯文:经济学人推... 1页 免费 经济学人中英对照2 14页 5下载券 ©...
英语笔记(时代周刊,经济学人,纽约客)-2011.10
28页 10财富值 [纽约客].The.New.Yorker,... 48页 2财富值 (1-5)《经济学人中英对照... 19页 免费如要投诉违规内容,请到百度文库投诉中心;如要提出功...
更多相关标签:
经济学人中英对照 | 经济学人中英文对照 | win10版本中英文对照 | arcgis10.2中英文对照 | icd 10 中英文对照版 | arcgis10 中英文对照 | 经济学人中英双语版 | 经济学人中英 |