CrisisinconfidenceTheChinafactor翻译.docVIP

Crisis in confidence: The China factor The crisis in confidence in the US economy triggered by the creative accounting scandals involving Enron and others has highlighted important differences in the worlds two most powerful economies, the United States and Europe. （牵涉安然和其他公司的假账丑闻触发了美国经济的信任危机，而这凸显了世界最具实力的两大经济体——美国和欧洲经济体之间的重要不同。 But another emerging economic giant looms in Asia, and it is clear that here, too, confidence is the key. Here, however, security is the concern, and not so much misleading profit-and-loss figures. （不过在亚洲另一个正在形成的经济巨人已经出现，并也表明信心是关键。虽然亚洲的安全问题也让人担忧，但是却没有如此之多的与利益得失相关的欺骗性的数据。） In the United States, creative accounting permitted traditional companies to show performances similar to those in the new high-tech economy and thus compete with Microsoft and its peers for a share of investment from an ever-greedier public. （在美国，假账使传统企业与那些高科技经济体下的公司表现出相近的业绩，藉此这些传统企业与微软及其合作伙伴们竞争从变得更加贪婪的投资者那里分得一杯羹。In this way, one could see the Enron case and the others as byproducts of the new economy. （于是，人们能看到安然事件等成为新经济的副产品。） As the new companies showed performances and potentials that were crowding out the traditional companies, the latter lost investment on the stock market. （由于新公司表现出的成就和潜能挤垮了传统公司，后者失去了股票市场上的投资。） To compete and stay afloat in a world of fast-shifting investment, the traditional companies had to improve their performance. （为了能在瞬息万变的投资市场站稳脚跟，传统公司不得不提升他们的业绩。） To do that they had to streamline their business and make it more rewarding for the stockholder, who would otherwise shift his investment into new-economy stocks. （于是传统公司需要提高公司的效率并给予股东更高的回报以能挽留住他们而不转向投资新经济股票。） Furthermore, the new economy promised new avenues of growth, promises fueled by the uncertainty surrounding the real long-term effects of the computer revolution. （此外,新经济给出了经济增长新途径的承诺，这些承诺增加环绕在计算机革命所带来的真实而长期的影响周围的不确定性。Although no one could calculate how much efficiency would improve, everyone assumed such improvements would show up on the balance sheets sooner or later. （尽管没人能计算出效能提高了多少，