[英语学习]翻译作业1.pptVIP

Exercise Two: Translation 1. East Asian FDI has its own unique characteristics. MNCs in the region make FDI decisions partly based on the ownership, location and internalization advantages that Dunning (1988) emphasized. However, their behavior also follows Kojima’s (小岛清，1973) model, with FDI flowing from the capital exporting country’s disadvantaged industry into the host country’s advantaged industry. MNCs in the investing country then export sophisticated parts and components and technology to the assembly country, so that there is a complementary relationship between exports and FDI in the region. East Asian FDI began in earnest after the yen appreciated 60% following the Plaza Accord in September 1985. Japanese multinational enterprises transferred factories to Republic of Korea and Taipei,China. However, as wages and exchange rates in these countries increased, they transferred production to the ASEAN countries. Japanese MNEs provided ASEAN firms with detailed engineering and managerial instructions and specifications, facilitating the assimilation of the new technologies. They also exported parts and components to be used to produce final goods. When the Asia Crisis of 1997–98 hit, Japanese firms slashed new FDI but continued to export large quantities of intermediate goods to affiliates in ASEAN. Thus, in spite of a once in a generation crisis, Japanese MNEs did not break off existing relationships with Southeast Asian firms. FDI then migrated to the PRC. After the PRC joined the WTO in 2001, foreign investors gained confidence that the PRC would maintain an FDI-friendly environment. The PRC quickly became the final assembly point of intricate production and distribution networks. It imported hundreds of billions of dollars of parts and components from East Asia and exported the final assembled products throughout the world. To understand this slicing up of the value chain it is helpful to compare the production cost saving arising from fragmentation with t