English Quiz 126

(English Quiz 126)

1. But even if this upbeat scenario does come true, 2007 will also go down in history as a year of transition, in the phrase of Zhu Min, vice president of the Bank of China. High among his worries for the future are growing imbalances in the structure of the world economy, as Asia produces ever more of the goods that the U.S. consumes, and ends up investing ever more of the proceeds in U.S. government debt. These lopsided trade and financial flows are particularly acute between China and the U.S.: China's central bank currently holds $1 trillion in reserves, and that amount will probably swell by another $200 billion this year. "I am more and more convinced that we'll have a much tougher situation in the coming years," Zhu said, uneasy that policymakers around the globe have not yet begun addressing critical structural issues. Top of his wish list: some action by the U.S. to end its consumer-spending binge and encourage saving. As a banker, Zhu is also concerned about an explosion of complex and potentially perilous new instruments in financial markets, as hedge funds and many others leverage their investments worldwide.
Q: 試翻 "I am more and more convinced that ... critical structural issues."
Q: 試翻 "As a banker, ... leverage their investments worldwide."

2. Whoever ends up being right about this year's prospects for the U.S. economy, there was no dispute that the world is undergoing monumental shifts that will affect everyone, and in the not-so-distant future. Tyson described last year as "a landmark" because, as measured by purchasing power, emerging market economies for the first time overtook the developed world as a share of the global economy. But that rebalancing process still has a long way to go. Frenkel cited statistics showing that China and India together account for about 40% of the world's population but only 6% of world economic output. By contrast, the U.S., Japan and Western Europe make up 15% of the global population but account for 80% of its output. "There is a great gap, and it is going to be bridged over the next 20 years," he said. "We are going to see fundamental changes in the center of gravity and the center of power."
Q: 試翻 "Whoever ends up ... not-so-distant future."