《华尔街日报》 英汉双栏对照学习 2013年4月8日 China“s Leader Warns On ”Hot Spots

第一篇：《华尔街日报》 英汉双栏对照学习 2013年4月8日 China“s Leader Warns On ”Hot Spots

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China's Leader Warns On 'Hot Spots' Chinese President Xi Jinping on Sunday stepped into the习近平博鳌讲话为区域关系奠定基调

growing tensions on the Korean peninsula with a carefully 中国国家主席习近平周日在讲话中提到了朝鲜半岛日益worded warning that no country should be allowed to 紧张的局势，他用谨慎的措辞提出警告，称不允许任何destabilize the world.国家破坏世界的稳定。

Mr.Xi's language in an opening speech to the three-day习近平在为期三天的博鳌亚洲论坛开幕式上发表的致辞Boao Forum for Asia appeared to be deliberately 似乎刻意含糊其词，没有直接点到哪个国家的名字。在ambiguous, naming no nation directly.Acknowledging Asian 承认亚洲存在“摩擦”和“热点”之后，习近平说，任'frictions' and 'hot spots,' Mr.Xi said, 'No one should be allowed to throw a region and even the whole world into chaos for selfish gains.'

The ambiguity itself was an unusual step as Mr.Xi's comments were worded in such a way that they could be construed as an admonition of China's belligerent neighbor.But he didn't directly name North Korea, or make any reference to the nuclear threat or diplomacy on the Korean peninsula.It would be a major move for China to publicly chide Pyongyang, and one fraught with domestic political risks for Mr.Xi given the strong support for North Korea within thepowerful People's Liberation Army, which Mr.Xi now leads.Yet Chinese public opinion is turning against North Korea, and some academics are openly calling for China to turn its back on a socialist neighbor described in Chinese propaganda as being as 'close as lips and teeth.'

The U.S.is putting pressure on China to rein in its close ally North Korea, which relies on China for food and fuel but is testing Beijing's patience by aggressively pursuing nuclear weapons and missile programs.The U.S.is responding to North Korea's actions and bellicose rhetoric by beefing up its missile defenses and flying bombers to South Korea in a display of support for its Asian ally.Still, there was no clear evidence that Mr.Xi had North Korea specifically in mind in a wide-ranging speech that sought to establish the tone of his new administration's relationship with countries in the region that are reliant on China for their prosperity but wary of its military ambitions.A senior editor at a Communist Party newspaper said Mr.Xi deliberately used vague language.'You can't say for sure that his comments were directed against any single 何国家都不能为一己之私把一个地区乃至世界搞乱。

措辞含糊并非寻常之举，习近平的讲话可以被理解为对朝鲜这个中国的好战邻居提出的告诫。但他没有直接点出朝鲜的名字，也没有提到朝鲜半岛的核威胁或外交问

题。

中国如果公开指责平壤，这将是一个重大举措。对习近平来说此举充满了国内政治风险，因为在实力强大的中国军方内部，很多军事将领大力支持朝鲜。习近平现为中央军委主席。

但中国国内舆论则转向抨击朝鲜的一面，部分学者公开呼吁中国不要再向这个社会主义邻邦提供帮助。按照中国官方的宣传，中朝关系“唇齿相依”。

目前，美国正敦促中国向朝鲜施压。尽管朝鲜的食品和能源供应在很大程度上要依靠中国，但朝鲜多次宣称要拥有核武器及进行导弹测试，这实际也是在挑战中国的耐心。作为对朝鲜各种动作及其挑衅论调的回应以及对其亚洲盟友的支持，美国已加强导弹防御系统并向韩国派遣了战略轰炸机。

不过，习近平在其内容广泛的讲话中并没有流露出着重关注朝鲜的明确迹象，而他的此次讲话意在为中国新一届政府与周边国家的关系定下了基调。亚洲国家在推动

经济繁荣发展方面依赖与中国的关系，但却对中国的军事发展战略感到忧心忡忡。

中共党报的一位资深编辑说，习近平故意含糊其辞。他说，你无法确定他的讲话是具体针对哪个国家。这位不愿具名的编辑说，他指的可能是美国，可能是日本，中

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country,' he said.'It could be the U.S.It could be Japan,' said 国对菲律宾也很不满。the editor, who declined to be identified.'China is also angry with the Philippines.'

One risk for China in putting public pressure on North Korea 对中国来说，公开向朝鲜施压的风险之一在于这可能让is that it could look weak and ineffectual if its words failed 中国看上去显得软弱。且如果中国的言论未能导致平壤to elicit a change in Pyongyang's behavior.方面的行为发生变化，外界会认为中国在半岛问题上不起作用。

Hard evidence that the exasperation of the Chinese

leadership with Pyongyang has reached a critical point 中国领导层对平壤深深不满的情绪是否已经达到临界点would be if Beijing began choking off supplies of food and crude oil that prop up the North Korean economy.So far, although China supports limited sanctions, diplomats say its enforcement record is patchy.China often levels accusations at the U.S.for what it considers to be Washington's own destabilizing behavior, in particular the U.S.strategic 'pivot' to Asia now that it is disentangling itself from conflicts in Iraq and Afghanistan.China sees the pivot as part of a broader U.S.conspiracy to contain Beijing's strategic rise in the world and put down a potential economic challenger.At one point in the speech, Mr.Xi warned that the world shouldn't become 'an arena where gladiators fight each other.' 'Rather than undercutting each other's efforts, countries should complement each other and work for joint progress,' he said.Analysts say China is conflicted in its approach to North Korea.Pyongyang's new leader, Kim Jong Eun, has clearly offended China with his nuclear saber-rattling, and Beijing has signed up to new economic sanctions designed to squeeze Mr.Kim and the North Korean elite.Yet many analysts believe China will never abandon a country that provides a buffer against U.S.forces in South Korea.Mr.Xi was followed on the podium by Australian Prime Minister Julia Gillard, who said she welcomed 'the growing cooperation of all regional governments to prevent conflict on the Korean peninsula and to counter North Korean aggression.'

On the Korean peninsula, 'any aggression is a threat to the interests of every country in the region,' she said.的确凿证据在于，北京是否开始考虑切断支撑朝鲜经济的食品和原油等物资供应。到目前为止，虽然中国支持对朝有限制裁，但外交人士说中国对朝制裁的执行情况并不完全令人满意。

中国常常因那些在其看来属华盛顿破坏世界稳定的行为指责美国，尤其是在美国从伊拉克和阿富汗战争脱身且战略性重返亚洲的情况下。中国认为美国重返亚洲是美国一个庞大阴谋的组成部分，这一阴谋是为了遏制中国在全球的战略性崛起，打压美国在经济上的一个潜在挑战者。

习近平在演讲中告诫说，世界不该变为“一个相互角力的竞技场”。

习近平说，各个国家不能这边搭台、那边拆台，而应该相互补台、好戏连台。

分析人士称，中国在处理与朝鲜关系的问题上是矛盾的。朝鲜最高领导人金正恩(Kim Jong Eun)近来在核方面的一系列强硬动作明显令中国感到不满，而中国此前加入到针对朝鲜的新的经济制裁行动当中。尽管如此，许多分析师仍认为中国不会放弃一个能牵制美国在韩势力的国家。

澳大利亚总理吉拉德(Julia Gillard)在习近平之后发表演讲称，她对亚洲各国政府在预防朝鲜半岛冲突和应对朝鲜挑衅方面加强合作表示欢迎。

她称，朝鲜半岛出现的任何挑衅行为都会对亚洲所有国家利益构成威胁。/ 3

Mr.Xi completed his rise to power by taking over the习近平于今年3月份全国人大会议期间完成权力交接成presidency at the National People's Congress in March.His 为中国国家主席。他在博鳌论坛上的演讲备受关注。在speech to the forum was closely watched for hints at how 当前中国政府持越发自信的外交立场之际，外界希望从he intends to develop relations with a region anxious about习近平的讲话中寻获他将如何发展与亚洲其他国家关系Beijing's increasingly assertive diplomacy.Relations with 的暗示。中国与日本以及不少东南亚国家间的关系近期Japan and much of Southeast Asia have been tested by 一直受到领土争端的考验。conflicting territorial claims.Mr.Xi echoed the major theme of previous administrations习近平同时重申了上一届政府的论调，称中国将通过争that China's economic rise will be peaceful, and that it seeks 取和平的环境发展经济，并寻求与亚洲邻国通过对话协dialogue with its neighbors in the world's fastest-growing economic region.But he offered no suggestion of softer diplomacy.'China will continue to properly handle differences and frictions with some countries,' he said.But he said China would defend its 'sovereignty, security and territorial integrity.' China's expansive claims to sovereignty cover the entire South China Sea and its rich energy, mineral and fishery resources.In contrast to his staid predecessor, Hu Jintao, Mr.Xi's language was colorful and direct.'Peace, like air and sunshine, is hardly noticed when people are benefiting from it.But none of us can live without them,' he said.Friction between countries is inevitable, he said.'What is important is that they should resolve differences through dialogue, consultation and peaceful negotiations in the larger interest of the sound growth of their relations.'

On the economy, Mr.Xi stressed the benefits to the region of a country that is taking in imports, investing overseas and sending abroad tens of millions of tourists who spend lavishly on luxury goods and services.The global economy is 'fraught with risks' and Asia faces a 'bumpy and twisting' road ahead, Mr.Xi said.On the economy, Mr.Xi said China is shifting its growth model to rely more on consumption, a transition that some economists believe will be hard to pull off and may even stall the country's advance.While conceding that China 'faces many difficulties and challenges,' Mr.Xi asserted that 'we have full confidence in China's future.'Andrew Browne

商解决分歧。但他并未暗示将采取软外交。

习近平表示，中国将继续妥善处理同有关国家的分歧和摩擦。但他说中国将捍卫国家主权、安全和领土完整。中国庞大的主权要求覆盖整个南中国海（中国称南海）及其丰富的能源、矿产和渔业资源。

与前任胡锦涛不同的是，习近平的语言丰富多彩并且直

接。他说，和平犹如空气和阳光，受益而不觉，失之则难存。

他同时表示，各国交往频繁，磕磕碰碰在所难免，关键是要坚持通过对话协商与和平谈判，妥善解决矛盾分歧，维护相互关系发展大局。

习近平在谈到经济方面时强调了中国大力进口、对外投资和数千万人出境旅游给亚洲经济带来的裨益。

习近平说，全球经济充满风险，亚洲还需要爬一道道的坡、过一道道的坎。

在谈到经济问题时习近平说，中国经济正在朝着依靠拉动消费来促进增长的方向转变。一些经济学家认为，这种经济增长模式的转型将很难实现，甚至有可能拖累中国经济增长。

尽管承认中国发展仍面临着不少困难和挑战，但习近平坚称，展望未来，我们充满信心。Andrew Browne

第二篇：金融危机时代(英汉对照)华尔街日报20100913

《华尔街日报》看后金融危机时代！（英汉对照）（摘自《华尔街日报》经济脉搏20100913）

A New World Since Lehman's Fall

Two years after Lehman Brothers Holdings Inc.collapsed into bankruptcy, the impact of the financial crisis can be seen on almost every market around the globe.The preference of investors for reliable income streams from bonds of all types has led to big rallies in both safe-haven U.S.Treasurys and risky 'junk' bonds, even amid a chorus of warnings about a 'bond bubble.'

But many stock markets, most notably in the U.S., haven't reclaimed losses suffered since Lehman filed for bankruptcy on Sept.15, 2008.The Dow Jones Industrial Average remains more than 900 points below its pre-Lehman level.U.S.financial stocks, at the epicenter of the crisis, remain nearly a third lower than where they were two years ago.And, since August 2008, investors around the world have pulled $203 billion out of developed-market stock funds, according to EPFR Global.That is 8.5% of the $2.4 trillion in developed-market stock funds at the time.Instead, investors are gravitating toward emerging markets.That isn't because they want to take on risk.Those economies, with lower debt levels and strong outlooks, are now seen as having taken on the role of driving global economic growth from the developed economies.At the same time, investors have bid up gold prices by 64% as they seek out insurance against another financial crisis and protection against the potential long-term inflationary impact of big budget deficits and super-low interest rates put in place to revive battered economies.Whether it is because of the sheer magnitude of the financial crisis, a lost decade for stock investors or the significant level of government intervention in the economy and financial markets, investors--who usually have short memories--continue to see Lehman's shadow.'The failure of Lehman Brothers is still very much present,' says Jason DeSena Trennert, chief investment strategist at Strategas Research Partners.When it comes to investor psychology, he says, 'it's hard to overestimate its importance.'

The stock market's current malaise contrasts with the aftermath of other crises.Two years after the 1987 market crash, the Dow was 400 points higher than it had been on the Friday before Black Monday, a gain of 20%.Recently, there have been hints that investors are less enamored of bonds and tiptoeing back into stocks.The Dow has gained 4.5% this month to 10462.77, as a string of better-than-expected economic data has eased fears about a double-dip recession.The 10-year Treasury note has tumbled, pushing its yield up from 2.477% to 2.795%.Given huge government efforts to prop up the economy following the financial crisis, it is harder than usual for investors to get a read on the economic outlook, says Erin Browne, global macro equity trader at Citigroup.That was evident in the collapse of U.S.home sales during June following the expiration of the homebuyers' tax credit.Usually the markets move in anticipation of the economy's ups and downs, but with the tremendous influence of economic-and monetary-policy stimulus, 'people are unwilling to buy

[stocks] ahead of the data,' Ms.Browne says.Instead, 'they're in a 'prove it to me' state.'

The intervention efforts by governments and central banks to prop up economies crippled by the financial crisis have also had a direct impact on markets.This can be seen in the U.S.mortgage-backed-securities and Treasury-debt markets, where the Federal Reserve has mopped up some $1.55 trillion of debt since March 2009.The Fed's purchases haven't only lifted prices of those bonds but also have driven traditional investors into other markets, helping fuel the rally in corporate bonds.The Barclays Capital U.S.Aggregate bond index, formerly the Lehman Aggregate Bond Index, has returned 15.8% since just before Lehman's fall.Treasury debt has returned 12.4% during that time, U.S.investment-grade bonds have returned 24.4%, and junk bonds have returned 31.1%, according to other Barclays credit indexes.In one largely unexpected effect of the crisis, investors have developed a taste for emerging-market debt.While usually seen as more risky, and thus not intuitively a go-to investment for jittery investors, emerging markets have been sought after for their promise of robust economic growth relative the U.S., Japan and Europe.雷曼破产两周年 危机阴影难退

雷曼兄弟(Lehman Brothers Holdings Inc.)陷入破产保护的两年后，这场金融危机的影响在全球各地的每个市场几乎随处可见。

投资者对债券这种可靠收入来源的青睐延伸至所有债券种类，不仅令素有安全避风港之称的美国国债大幅飙升，就连高风险的“垃圾级”债券也随之大涨，即便面对如潮的“债券泡沫”警告声。

然而许多股市，尤其是美国股市，仍未从2008年9月15日雷曼申请破产保护之后的跌势中恢复过来。道琼斯工业平均指数目前仍较雷曼事件之前的水平低900点有余。

处于这场危机中心点的美国金融股依然较其两年前的水平低近三分之一。据追踪基金业的EPFR Global，自2008年8月以来，全球投资者从发达市场的股票基金中撤出了2030亿美元。这相当于发达市场当时2.4万亿美元股市市值的8.5%。

与此形成对照的是，投资者正被新兴市场所吸引。这并非因为他们愿意承担风险。这些经济体有着较低的负债水平，前景乐观，目前被看作是取代发达经济体承担起了拉动全球经济增长的作用。

与此同时，投资者将金价推高了64%，因为他们寻求抵御另一场金融危机，以及为提振疲弱经济而推行的大规模预算赤字和超低利率所可能产生的长期通胀影响。

不管是因为这场金融危机的强烈程度，还是对股市投资者来说失去的十年，抑或是政府干预经济和金融市场的非同一般的力度，投资者──通常是健忘的──依然能看到雷曼的阴影。市场研究机构Strategas Research Partners首席投资策略师特瑞纳特(Jason DeSena Trennert)说，雷曼倒闭的影响当前依然存在。在对投资者心理的影响方面，他说，它的重要性怎么说都不为过。

股市当前的萎靡状态与其他危机之后的情形形成了鲜明对照。在1987年市场发生崩盘的两年后，道指比“黑色星期一”前的那个周五高出了400点，涨幅为20%。

最近有迹象表明，投资者对债券不再那么迷恋了，而是小心谨慎地重回股市。道指本月已上涨4.5%，至10462.77点，因为一系列好于预期的经济数据缓解了对于二次探底式衰退的担

忧。10年期美国国债下跌，收益率从2.477%升至2.795%。

花旗集团(Citigroup)全球宏观股市交易员布朗尼(Erin Browne)说，鉴于政府在金融危机后大力刺激经济的举措，投资者现在要预测经济前景，难度就比平时要大了。这从购房者的税收抵免到期后美国住房销售在6月份大幅下滑这一事例便可看出。

布朗尼说，通常而言市场会根据对经济走势的预测而作出反应，但由于经济和货币刺激政策的重大影响，人们不愿在数据公布前买进股票，而是处于一种先看后买的状态。

政府和央行为提振遭金融危机损害的经济而实施的干预行为也对市场有着直接影响。

这一点从美国抵押贷款支持证券和国债市场中可以看出，自2009年3月以来美联储(Federal Reserve)已经在这里“消化”了大约1.55万亿美元的债务。美联储购买债务的举动不仅仅提高了这些债券的价格，还将传统投资者引向其他市场，在一定程度上推高了公司债。

巴克莱资本美国综合债券指数自雷曼倒闭前不久以来已实现15.8%的回报率。这一指数的前身是雷曼综合债券指数。据其他巴克莱信贷指数，美国国债在此期间的回报率为12.4%，美国投资级债券和垃圾级债券的回报率分别为24.4%和31.1%。

这场危机还带来了一个多数人都意想不到的结果，那便是投资者对新兴市场债券产生了兴趣。尽管对神经紧张的投资者而言，新兴市场往往被视为具有高风险、因而直觉上应该让他们退避三舍，但由于其经济增长前景相对美国、日本和欧洲来说更为乐观，因此这些市场受到了投资者追捧。