中国对外贸易虚拟经营与投资：概述与分析外文翻译.docVIP

外文翻译 原文 China’s Foreign Virtual Management Trade and Investment：An Overview and Analysis Material Source:ChinaWorld Economy.2005(3) Author:Hung-gay Fung. I Introduction Since the inception of its economic reform in1978, China has achieved remarkable economic growth, averaging about 9 percent before the Asian Financial Crisis in 1997 and more than 9 percent in recent years. Tow areas related to Chinas economic growth deserve special recognition and analysis: international trade and investment. They are the two most important forces related external factors behind China’s economic reform and have contributed significantly to China’s growth, which are driven by both internal and external factors. Foreign trade has been an important component of China’s GDP, as it has surged as mach as 50 percent of Chinas gross domestic product (GDP). At the some time, China has become the largest recipient of the world foreign direct investment (FDI) in 2003, surpassing the leading position of the U.S. China’s trade and investment are closely linked because many foreign investors have utilized China as a manufacturing base for exports are accounted for by the foreign-funded enterprises in China. As China is still in the process of moving toward a market-oriented economy, many earlier policy tools such as the use of a fixed exchange rate regime and inconvertibility of capital account for the balance of payments remain intact. Apparently, these adopted polices serve several functions. First, they intend to insulate Chinese economy from shocks of speculative external forces that can be destabilizing. Second, they enable Chinese policymakers to have better control of fund inflow and outflow in order to maintain more economic stability for the Chinese economy. Finally, they allow China to accumulate sufficient foreign reserves, which can potentially represent a symbol of stability and strength. As China encourages foreign firms to invest in China, better incentives(such as diff