经济类英语文章双语

Half-way from rags to richesApr 24th 2008From The Economist print editionVietnam has made a remarkable recovery from war and penury, says Peter Collins (interviewed here). But can it change enough to join the rich world?EyevineCorrection to this articleKNEES and knuckles scraping the ground, the visitors struggle to keep up with the tour guide who is briskly leading the way through the labyrinth of claustrophobic burrows dug into the hard earth. The legendary Cu Chi tunnels, from which the Viet Cong launched waves of surprise attacks on the Americans during the Vietnam war, are now a popular tourist attraction (pictured above). Visitors from all over the world arrive daily at the site near the city that used to be called Saigon, renamed Ho Chi Minh City after the Communists took the south in the wreckage of an abandoned M41 tank another friendly guide demonstrates a dozen types of improvised booby-traps with sharp spikes that were set in and around the tunnels to maim pursuing American soldiers. The Vietnamese not only welcome the tourist dollars Cu Chi brings in, but are also rather proud of it. They feel it demonstrates their ingenuity, adaptability, perseverance and, above all, their determination to resist much stronger foreign invaders, as the country has done many times down the centuries. These days Vietnam also has plenty of other things to be proud of. In the 1980s Ho Chi Minh's successors as party leaders damaged the war-ravaged economy even more by attempting to introduce real communism, collectivising land ownership and repressing private business. This caused the country to slide to the brink of famine. The collapse soon afterwards of its cold-war sponsor, the Soviet Union, added to the country's deep isolation and cut off the flow of roubles that had kept its economy going. Neighbouring countries were inundated with desperate Vietnamese “boat people”. Since then the country has been transformed by almost two decades of rapid but equitable growth, in which Vietnam has flung open its doors to the outside world and liberalised its economy. Over the past decade annual growth has averaged . Young, prosperous and confident Vietnamese throng downtown Ho Chi Minh City's smart Dong Khoi street with its designer shops. The quality of life is high for a country that until recently was so poor, and its larger cities have retained some of their colonial charm, though choking traffic and constant construction work are beginning to take their toll. An agricultural miracle has turned a country of 85m once barely able to feed itself into one of the world's main providers of farm produce. Vietnam has also become a big exporter of clothes, shoes and furniture, soon to be joined by microchips when Intel opens its $1 billion factory outside Ho Chi Minh City. Imports of machinery are soaring. Exports plus imports equal 160% of GDP, making the economy one of the world's most open. All this has kept government revenues buoyant despite cuts in import tariffs. The recent introduction of company taxes is also helping to fill the government's coffers. Spending on public services has surged, yet public debt, at an acceptable 43% of GDP, has remained fairly stable. Having made peace with its former foes, Vietnam hosted Presidents Bush, Putin and Hu at the Asia-Pacific summit in 2006 and joined the World Trade Organisation in 2007. This year it has one of the rotating seats on the UN Security Council. Vietnam's Communists conceded economic defeat 22 years ago, in the depths of a crisis, and brought in market-based reforms called doi moi (renewal), similar to those Deng Xiaoping had introduced in China a few years earlier. As in China, it took time for the effects to show up, but over the past few years economic liberalisation has been fostering rapid, poverty-reducing World Bank's representative in Vietnam, Ajay Chhibber, calls Vietnam a “poster child” of the benefits of market-oriented reforms. Not only does it comply with the catechism of the “Washington Consensus”—free enterprise, free trade, sensible state finances and so on—but it also ticks all the boxes for the Millennium Development Goals, the UN's anti-poverty blueprint. The proportion of households with electricity has doubled since the early 1990s, to 94%. Almost all children now attend primary school and benefit from at least basic no longer really needs the multilateral organisations' aid. Multilateral and bilateral donors together have promised the country $ billion in loans and grants this year, but with so much foreign investment pouring in, Vietnam's currency reserves increased by almost double that figure last year. At least the aid donors have learned from the mid-1990s, when excessive praise discouraged Vietnam from continuing to reform, prompting an exodus of investors. Now the tone in private meetings with officials is much franker, says a diplomat who attends them. Vietnam has become the darling of foreign investors and multinationals. Firms that draw up a “China-plus-one” strategy for new factories in case things go awry in China itself often make Vietnam the plus-one. Wage costs remain well below those in southern China and productivity is growing faster, albeit from a lower base. When the UN Conference on Trade and Development asked multinationals where they planned to invest this year and next, Vietnam, at number six, was the only South-East Asian country in the top ten. The government's programme of selling stakes in publicly owned firms and exposing them to market discipline has recently gathered pace. At the same time the switch from a command economy to free competition has allowed the Vietnamese people's entrepreneurialism to flourish. Almost every household now seems to be running a micro-business on the side, and a slew of ambitious larger firms is coming to the stockmarket. Much of the praise now being showered anew on the country is deserved. The government is well on course for its target of turning Vietnam into a middle-income country by 2010. Its longer-term aim, of becoming a modern industrial nation by 2020, does not seem unrealistic. But from now on the going may get tougher. As Mr Chhibber notes, few countries escape the “middle-income trap” as they become richer. They tend to lose their reformist zeal and see their growth fizzle. A study in 2006 by the Vietnamese Academy of Social Sciences concluded that further reductions in poverty will require higher growth rates than in the past because the remaining poor are well below the poverty line, whereas many of those who recently crossed it did not have far to stench of corruptionThe Communist Party leadership openly admits that the Vietnamese public is fed up with the endemic corruption at all levels of public life, from lowly traffic policemen and clerks to the most senior people in ministries. In 2006, just before the party's five-yearly congress, the transport minister resigned and several officials were arrested over a scandal in which millions of dollars of foreign aid were gambled on the outcome of football matches. The leadership insists it is doing its best to clean up, but a lot remains to be as bad as the corruption is the glacial speed of legislative and bureaucratic processes. Proposed laws have to pass through all sorts of hoops before taking effect, with endless rounds of consultations to build consensus. The dividing line between the Communist Party, the government and the courts is not always clear. The justice system is rudimentary. Lawyers have no formal access to past case files, so they find it hard to use precedent in legal government is part-way through a huge project to slim the bureaucracy and streamline official procedures. It recently cut the number of ministries from 28 to 22. Yet for the moment the bureaucratic logjam is stopping the country building the roads, power stations and other public works it needs to maintain its growth rate. Nguyen Tan Dung, the prime minister, says that if growth is to continue at its current rate, the country's electricity-generating capacity needs to double by 2010. That seems a tall order, to put it mildly. Soaring car-ownership is leaving the country's underdeveloped roads increasingly gridlocked. In an admirably liberal attempt to limit price distortions as oil surged above $100 a barrel, the government slashed fuel subsidies in February. But one effect will be to stoke inflation, already worryingly high at in March. Bank lending surged by 38% last year as firms and individuals borrowed to speculate on shares and government is finding it much harder to manage an economy made up of myriad private companies, banks and investors than to issue instructions to a limited number of state institutions, especially as the public sector is currently suffering a drain of talent to private firms that are able to offer much higher pay. What could go wrongAll this leaves Vietnam's continued economic development exposed to a number of risks: • Rising inflation—which is hurting low earners in particular—and a growing shortage of affordable housing could create a new urban underclass among unskilled workers who have left the land for the cities. Combined with rising resentment at official corruption and the increasing visibility of Vietnam's new rich, this could cause social friction and bring strikes and protests, chipping away at the political stability that has underpinned Vietnam's strong growth and investment.• Trade liberalisation and increased domestic competition will benefit some firms and farmers but hurt others—especially inefficient state enterprises. These could join forces and press the government to halt or even reverse the reforms.• The slumping stockmarket or perhaps a property crash could cause a big firm or bank to fail. Given the country's weak and untested bankruptcy laws and financial regulators, the authorities may find it hard to deal with that kind of calamity.• Natural disasters, from bird flu to floods, could cause chaos.• The economy could come up against the limits of its creaking infrastructure and the shortage of people with higher skills. Jammed roads, power blackouts and the inability to fill managerial and professional jobs could all bring Vietnam's growth rate crashing has set itself such demanding standards that even if some combination of these factors did no more than push annual growth below 5%, it would be seen as a serious setback. The foreign minister, Pham Gia Khiem, notes that Vietnam's current growth of around 8-9% is lower than that in Asia's richest economies at the same stage in their development. Despite the risks ahead, Vietnam has already provided the world with an admirable model for overcoming war, division, penury and isolation and growing strongly but equitably to reach middle-income status. This model could be followed by many impoverished African states or, closer to home, perhaps by North Korea. If it can be combined with gradual political liberalisation, it might even offer something for China to think about.

经济学人：加拿大的住宅市场Finance and Economics; 财经；Canada's housing market; 加拿大的住宅市场；Time for a bigger needle; 该出手时就出手；The latest attempt to prick a bubble;戳破泡沫的最新举措；经济学人：Canada's reputation for financial regulation is starry. Its banksgot through the crisis unscathed. According to Moody's, a ratings agency, Royal Bank of Canadasits alongside HSBC and JPMorgan Chase in the top tier of global banks. And Canadianpolicymakers are old hands at pulling “macroprudential” levers of the sort now in vogue amongrich-world central banks.加拿大的金融监管一向广受赞誉。它的银行业在这场危机中做到了独善其身。根据评级机构穆迪的报告，加拿大皇家银行与汇丰银行以及摩根大通同列，跻身全球银行界的第一梯队。同时，加拿大的政策制定者也是运用宏观审慎政策的老手，这一政策如今也常被其他富国的央行使用。But questions still nag. Some say that Canada's banks are flattered by a huge indemnity offeredby Canada Mortgage and Housing Corp (CMHC), a public institution that insures mortgages witha loan-to-value ratio of more than 80%. CHMC's book grew to 567 billion Canadian Dollar(557 billion Dollar) in 2011, up from 345 billion Canadian Dollar four years earlier. And Canada'shousing market looks very frothy on some measures: The Economist's analysis of price-to-rentratios suggests that Canadian properties were about 75% above their long-run “fair value” in thefirst quarter of 2012 (see chart). Although less than of CHMC's mortgages are in arrears, such exuberance is a worry. The central bank recently labelled housing as “the most importantdomestic risk to financial stability in Canada”.但是，仍有问题缠身。部分人士认为，加拿大的银行被加拿大抵押和住房公司（CMHC）提供的巨额补偿金美化了，CMHC是一家为贷款估值比率超过80%的抵押贷款提供保险的公共机构。在2011年，CHMC的抵押贷款额从四年前的3450亿增长到了5670亿加元（合5570亿美元）。并且，从一些指标来看，加拿大的房地产充斥着泡沫：《经济学人》以房价租金比所做的分析显示，在2012年第一季度，加拿大的物业价格高出它们的长期公允价值75%。纵然仅有低于的CHMC抵押贷款存在拖欠的情况，但这样的繁荣仍让人忧虑。最近，央行也冠以楼市 “危及加拿大金融稳定性的最大国内隐患”。Repeated efforts by policymakers to take the heat out of housing have not had a noticeableeffect. So on June 21st Jim Flaherty, the finance minister, had another go, his fourth in fouryears. Some of the new measures were cosmetic. Buyers of homes worth more than 1m Dollarhave been able to get mortgage-default insurance from CMHC with a downpayment of only 5%. In practice, it is hard to find buyers in this bracket who do not have lots of equity in their homes. But after July 9th mortgages for homes of this value will not be eligible for CMHC coverage.政策制定者们给楼市降温的不断尝试并无明显成效。于是，在6月21日，加拿大财长吉姆·费拉逖，在四年来第四次出台了一些新举措。新措施中的一些不过是表面功夫。价值过百万美元住宅的买主能得到由CMHC担保的债务违约保险以及首付仅付5%的优惠待遇。而事实上，很少有这类购房者在购房时不以大量自有资金支付价款的。不过，在6月9日之后，这类住宅将不再适用于CMHC的保险范围。Other measures have more teeth. The maximum amortisation period for a mortgage will now be25 years, down from 30. That should hurt demand: last year about 40% of new mortgages werefor terms longer than that. Refinancing a home will be allowed only up to 80% of its value, downfrom 85%. Homebuyers will have to demonstrate their housing costs are no more than 39% oftheir gross household income. On top of Mr Flaherty's measures, the Office of theSuperintendent of Financial Institutions, Canada's banking regulator, slapped a loan-to-value limitof 65% on borrowing against home equity.其他那些则更为有力。抵押贷款最长还贷期限如今将从30年降低至25年。这势必将减少需求：去年约有40%的新贷款的期限是超过25年的。允许的房屋再融资的上限从房屋价值的85%降至只有80%。购房者还须证明他们的住房支出不超过家庭总收入的39%。费拉逖的举措中，紧随其后的是，加拿大的银行监管部门，联邦金融机构监督办公室，将贷款和自有资金间的贷款估值比率的限制猛降至65%。Craig Alexander, the chief economist for TD Financial Group, estimates all this will be theequivalent of about a 1% rise in mortgage rates for most homebuyers. He believes that willproduce a slow unwinding of the housing market. If he is right, and Mr Flaherty's variousinterventions avoid the collateral damage that would be caused by an actual interest-rate rise, Canada's admirers will have another thing to swoon over.多伦多道明银行金融集团首席经济学家，克雷格·亚历山大估计，所有这些措施对于购房者而言将等同于抵押贷款利率上升1%。他认为这将促使房产市场缓慢回归。如果他的观点正确，并且费拉逖的各种干预手段能够避免可能引发实际利率上升的附带伤害，那么如此一来，加拿大的崇拜者们又将有一个可以津津乐道的话题了。

next and the joy of the game of livin

一, 与市场,运营情况有关的形容词小结形容市场活跃, 繁荣1 dynamic 有活力的,有生机的2 prosperous 繁荣的3 brisk 兴隆的4 volatile 不稳定的, 活跃浮动的形容市场萧条,不景气5 bleak 惨淡凄凉的6 declining 下滑的,衰退的7 slump 委靡的8 sluggish 不景气,萧条的9 stagnant 停滞不前的, 萧条的二, 关于是“商品”的小结10 merchandise 商品(集合名词)(单数)11 goods 货物(复)12 commodity 商品, 期货futures 13 product 产品 14 produce 农产品 15 freight 运输的货物 ; 运费 16 cargo (船,飞机) 装载的货物 三, 和会议,集会有关的词小结17 convoke 召集18 rally 集合 19 gathering 聚会 20 function 集会，仪式event, happeningOur sports day is the most important function of the year.运动会那一天是我们一年里最盛大的活动。21 adjourn 延会,休会22 confer 商谈四, 常见犯罪小结23 mug 抢劫,(从背后袭击)24 steal 偷 25 loot 抢夺26 pickpocket 扒手27 burglary 夜盗28 smuggle 走私五, 常见支付方式小结29 by cash 现金 30 by check 支票31 by credit card 信用卡32 by money order 汇票33 by installment 分期伏款34 by mail 邮寄六, 关于性格的描述小节35 outgoing 外向活泼36 sociable 善于交际37 adaptable 适应性强38 ambitious 有野心39 hard-working 工作努力40 energetic 有活力41 enterprising 富于进取,有创业精神42 honest 诚实43 reserved 保守,稳重44 responsible 负责 45 optimistic 乐观46 independent 独立 七, 名词1 inflation 通货膨胀2 deflation 通货紧缩3 feasibility 可行性4 overhaul 彻底检查 5 custom 海关6 bruise 擦伤7 indices 是index的复数 注意读音是 / / (听力) 8 commotion 暴动,骚乱9 interest rate 利率10 disposition (1)性情气质 (2) 处理11 carat, karat 克拉12 hallmark 品质证明, 纯正之证明13 asylum 收容所, 养老院 14 orphanage 孤儿院15 morale 士气,人心16 pennant 锦旗17 vicinity 附近, 短语是 in the ~ of 18 interrogation 询问,审讯 短语是 put sb under ~19 intersection 交点20 intermission 休息时间 21 physician 内科医生22 surgeon 外科医生, 军医,船医23 breadwinner 养家糊口的人24 recipe 食谱,方法25 tender 招标,a public ~, ask for tender26 syllabus 课程纲要27 Spaniard 西班牙人28 dispassion 冷静客观29 levity 轻率30 expulsion 开除,除籍31 defamation 诽谤32 payroll 薪水册,工资表33 contraction 收缩 34 renewal 更新35 deduction 扣除(额)36 escalator 电动扶梯37 elevator 电梯,升降梯(美)38 lift 电梯(英)39 emblem 象征标志 同logo symbol 40 dereliction 玩忽职守 ~ of duty41 milk shake 奶昔42 endorsement 背书保证,找明星代言43 approbation 批准许可44 probation 试用 trial 45 deference 顺从尊重46 minor infraction 轻微违法major violation 重大47 vacate 疏散 evacuation 48 anarchy 无政府49 collusion 共谋,勾结50 downturn 下滑take a sudden downturn 51 spa 温泉52 freelance writer 自由撰稿人53 articles 用品,商品54 management 资方 union 工会55 turnover 运转,周转56 turnout (集会)出席者a large turnout 57 annuity 养老金 pension 58 extension 分机59 innovation 革新翻新, renovation装修60 dosage 剂量61 rash 疹子62 clientele 顾客,老主顾63 leave 请假 He is often absent without leave 64 partition 隔间,区分65 junk 垃圾 punk 朋克 66 menopause 更年期 67 razor 剃刀68 crop strains 作物品种 69 headphone 耳机earphone70 automated teller machine 自动提款机ATM71 civilians 听力中注意与surveillance区分72 subsidiary 子公司 73 strip mining 露天采矿74 national (某国的)国民 we employ various nationals at our local companies. 75 mortgage 抵押76 compartment 隔间 Ask the flight attendant if we can put our things in that compartment 77 helping (食物的)一分I had a second helping 78 subcontractor 转包商79 speculation 投机 ~ in real estate80 avocation 副业81 kickback 回扣82 spectator 观众 audience 听众 83 stroller (1)四轮婴儿车 (2)漫步者84 seniority 年长,资深 ~ has priority 85 toner 调色剂86 luncheon 正式午餐，下午餐会87 fa�0�4ade 建筑物正面（法）88 decoy 欺，引诱 envoy 使者，代表 alloy 合金 convoy 护送陪伴 89 interface 交互界面 (desktop 桌面) desktop video conference 桌面视频会议90 boutiques 小店精品店 banquet宴会 bouquet 花束 91 casino 俱乐部，游乐场92 complex 整套设施 (an office complex) Oedipus complex93 commencement ceremony授学位典礼 inception开始 induction 入伍94 modem 调制解调器95 fraud 96 magnate 工业巨头97 gourmet 美食家98 ordinance 法令99 cursor 光标100 liaison 交流合作 101 portfolio 公文包，文件夹 102 corrosives 易腐蚀品103 corporation 企业， (听力中注意和cooperation区分)104 minute 会议录105 recreation 娱乐，休闲 =relaxation 八, 动词1 strand 使搁浅，陷入困境2 relate 叙述3 facilitate 使便利4 excel 优出胜出 ~ in 名词 excellence 5 exceed 超过6 remit 汇款，宽恕7 highlight 强调8 inoculate 接种9 vaccinate 接种疫苗10 remedy 补救11 undermine 诋毁 12 reverse 颠倒 ~ the verdict 判决13 slam 使劲关 ~ dunk14 equip 配备15 capsize 倾覆（船）16 simmer 炖，煨17 retrench 减少，节约18 discredit 使失去权威性，破坏名誉的19 curb 阻止，控制 ~ the use of marijuana 20 process 加工21intercept 中途拦截 22 segregate 隔离，分开分离23 quarantine 隔离检疫24 seclude 隔绝，隐退，隐秘25 appeal 呼吁，恳求，上诉26 lift 解除，提起精神27 rescind 废止，取消28 audit 查帐29 condemn 非难，判罪30 condone 宽恕，容忍31 deviate 偏离，跑题 ~ from 32 disabuse 解惑，矫正 33 disavow 否认34 transfuse 输血35 mingle 交往，混合36 forfeit 没收 confiscate 37 staple 用订书器钉 ADJ 主要的重要的38 deregulate 解除对---的管制39 block 阻挡N 楼40 launch 推出新产品，实施 (an investigation into the scandal) 41 house V. 为---提供住房42 expel 开除，驱除43 reimburse 报销，伏款 = refund44 observe 遵守 ~ the smoking rule45 syndicate （在报刊，杂志联盟）多家报刊上同时发表 46 commute 通勤47 rotate 旋转，循环48 implement 实行49 liquidate 清算，清偿债务50 accrue 增长，自然增殖九, 形容词1 fragile 易碎的2 latter 后者3 latest 最新的 4 later 过一会，过后5 eligible 合格的 illegible 难懂的 6 edible 可食用的 audible 可听到的 7 duplicate 副本的，复制的8 potamic 河川的 9 faulty 有错误的 ~ transformer 变压器 10 supersonic 超音速的11 foremost 首要的 12 affluent 富足的13 explicit 明晰的 14 implicit 暗含的15 hustle-bustle 熙来攘往16 obese 肥胖的17 manifold 各样的，多种18 imprudent 轻率的19 effete 疲惫枯竭 20 ebullient 沸腾的，热情洋溢的21 enervated 无力的衰弱的22 spacious 宽敞的23 selective 精挑细选的24 precocious 早熟的，过早的 25 remiss 疏忽的26 facile 容易的，流畅的27 intangible 无形的28 illicit 不合法的 = illegal 29 diagonal 对角线的 30 methodically 有条不紊的31definitive 限定的，决定的32 plausible 似合理的33 propitious 吉祥的，有利的34 auspicious 吉祥的35 intelligible 可识别的36 inflammable 易燃的37 nonflammable 不易燃的38 quality 质量好的 ~~ product/items/materials 39 state-of-the-art 最新水平40 illegitimate 不合法的，私生的41 tailored 定制的 ~ devise programs to our needs 42 custom-made = tailor-made 特制的43mandatory 强制性的44 provisional—temporary 暂时的，临时的45luxurious 奢侈的46 bear market ”熊市”，也称空头市场，指行情普遍看淡。延续时间相对较长的大跌。47 bull market ”牛市”，也称多头市场，指市场行情普遍看涨，延续时间较长的大升。48 clean 的其他说法： 卫生的hygienic（名词hygiene）干净的 sanitary49 tricky 棘手的，复杂的（工作） 50 languishing 衰弱下去的十 词组1 a handful of people 少数的人2 adjacent to 与---临近3 put on airs 摆架子4 discharge from hospital 出院5 halt buses and subway all day 使公车地铁一天停止6 graphic design 平面设计7 3D design 三维设计8 medical insurance coverage 保险项目，范围9 default rate 拖欠债务率10 full professor 正教授11 potent antibiotics 强效抗生素12 make a rule of doing something 形成---习惯13 chanber of commerce 商会 14 leteter of credit (L/C) 信用证（支付方式的一种）15 stock dividend 股息16 devaluation of the currency 货币贬值17 sprain one’s ankle 扭伤脚踝18 holistic medicine 整体医学19insurance premium 保险费用20 his Hair receding from his fore head 从前额掉头发21 express train 快车 limited train 特快车22 probation/trial period 试用期23 take a hard line with 强权策略 24 tread mission 贸易代表团25 long term objective 长期目标26 the audit department 审纪部27 International Herald Tribune 国际先驱论坛28 top copy 复印原件29 take steps to do 着手落实Many countries have taken steps to improve airport security。 30 pertaining to 适合，合宜，关于 31 a panorama of 齐全，品种繁多 32 24 hours a day = 7 days a week 24小时营业，无休息33 dog days 三伏34 column writer 栏目作者35 staff appraisal 员工评估36 at one’s fingertips 在手头，目前37 lodge and accommodation 膳宿38 fringe benefit 福利，补贴 39 go into liquidation 倒闭40 lag behind 落后 41 phase something out 逐步废止42 write—offs 破旧的无从修理43 abide strictly by 严格恪守44 clearance sale 清仓大处理45 have/take title to 有---特权46 staff attendant 员工出勤情况47 down payment 定金，分期付款的首次款 48 know-how 专项技能，窍门49 cross-reference 互相参照50 labor-intensive industry 劳动密集型行业 一篇中国09年经济展望的论文：Chinese economic outlook for 2009From my point of view, generally speaking, china would forced to face many challenges in 2009 due to the undertaking recession issues, but in the global economic world, it would still be expected to act as one of the first countries to get recovered from the recession. There are five major issues regards to Chinese economic condition in 2009. First, China will be challenged by the influence from international economic crisis. Secondly, due to the combination impact from the home and abroad, the macroeconomic regulation in China would become more complicated; in another word, it may result in a repeating domestic inflation and deflation. Thirdly, the above situations might have side-effects on Chinese stock market and real estate market; further, the small and medium companies might face serious liquidation issues. In Addition, there is a great possibility of a dramatic decline on the employment rate. Last but not least, it would become tremendous difficulty for government to maintain a balanced financial status and also inject further confidence into Chinese economic. To sum up, from the above analysis, it is clear that the economic situation in China for 2009 is not in positive. However, with more focus on Chinese domestic market and increasing living allowances of our lower-income groups, it is possible to achieve a stabilized economic and social position even in such a serious condition.

Planning a share portfolioTere is no shortage of tipsters around offering"get-rich-quick' if you are a serious private investor,leave the Las Vegas mentality to those with money to serious investor needs a proper'portfolio'-a well-planned selection of investments,with a definite structure and a clear exactly how does a newcomer to the stock market go about achieving that?5 Well,if you go to five reputable stock brokers and ask them what you should do with your money,you're likely to get five different answers-even if you give all the relevant infoumation about your age,family,finances and what you want from your is no one "right‘way to structure a undoubtedly some wrong ways,and you can be sure that none of our five advisers would have suggested sinking all(or perhaps any)of your money into Periwigs*.10 so what should you do?We'll assume that you have sorted out the basics-like mortgages,pensions,insurance and access to sufficient cash should then establish your own individual are partly a matter of personal circumstances,partly a matter of psychology. For instance,if you are older you have less time to recover from any major losses,and you may well wish to boost your pension preserving your capital and generating extra income are your main this ease,you'd probably construct a portfolio with some shares (but not high risk ones),along with gilts,cash deposits,and perhaps convertibles or the income shares of split capital investment trusts. If you are younger,and in a solid financial position,you may decide to take an a ggressive approach-but only if you're blessed with a sanguine disposition and won't suffer sleepless nights over share you recognize yourself in this description,you might include a couple ofheady growth stocks in your 20 portfolio,alongside your more pedestrian you have decided on your investment aims,you can'then decide where to put your golden rule here is spread your risk-if you put all of *‘Periwigs’is the mame of a fictitious company.