English Quiz 122

(English Quiz 122)

1. These days, U.S. officials routinely acknowledge that the Washington-Beijing relationship is the world's most important. Combined, the U.S. and Chinese economies accounted for more than half of global growth over the past four years, and how these nations interact over everything from Iran to North Korea will do much to determine whether peace and prosperity prevail in Asia and beyond. But high-level U.S. talks with China in recent years have been sporadic, at best. The heaviest hitters in President Bush's Administration have been preoccupied with the war on terror and the deepening fiasco in Iraq. Aside from last April's promise by China's President Hu Jintao to try to expand market access for U.S. goods, there has been scant evidence of constructive dialogue on trade issues.Q: 試翻 "But high-level U.S. talks ..., at best."

Q: 試翻 "Aside from last ... on trade issues."

2. In virtually the same breath, however, Paulson acknowledges that mind melds about the large economic issues confronting the two countries aren't what a lot of folks in Washington are looking for these days. Led by a Congress now controlled by the Democrats, the get-tough-on-China brigade in Washington is growing. Some U.S. lawmakers are demanding tangible action by Beijing on a range of issues, including the massive bilateral-trade imbalance, piracy of intellectual property and the perceived loss of U.S. manufacturing jobs to low-cost labor in China. Specifically, the trade hawks want a faster revaluation of the yuan, China's currency, against the dollar, which would help balance trade by making Chinese goods more expensive in the U.S. and American products cheaper on the mainland. Absent significant policy shifts by Beijing, Congress might try to punish China by erecting punitive trade barriers, which could damage both countries, politically and economically. Does Paulson have any sense of what might be deliverable—and when? "None of the issues we're dealing with lend themselves to quick fixes," he says. "But I've never been known as the world's most patient person. I totally recognize that we need to get results."

Q: 試翻 "Led by a Congress ... on a range of issues"

3. Paulson says that on the current, headline-grabbing issue between the two countries—the yuan's undervaluation against the dollar—the difference between the two sides is all about timing. "I've been in meetings with my colleagues on the Hill and have explained to them that they are saying the same things as the Chinese," he says, "but [the two sides] are not communicating very well." In 2005, Beijing abandoned its practice of fixing the yuan directly to the dollar and instead linked it to a basket of currencies. But the yuan's value is still managed by the government, which has allowed the currency to rise less than 6% against the dollar since the dollar peg was scrapped. Beijing argues this policy has delivered a strong flow of foreign direct investment that has stabilized the country's weak financial system and helped modernize its economy. While most Chinese officials recognize that the yuan is undervalued, they insist adjustments must come gradually. They fear that an abrupt rise could trigger financial instability, a sharp slowdown in economic growth and rising unemployment. The U.S. is pushing for faster action.

Q: 試翻 "Paulson says that ... all about timing."