TRANSLATIAN
Read the following text carefully and then translate the underlined segments into Chinese.
China and the United States signed a historic agreement yesterday that will pave the way for Beijing to enter the Would Trade organization (WTo), 13 years after it applied to join.
While Beijing has still to complete negotiations with other WTo members , the US was the toughest party to deal with.
The agreement, after six grueling days and nights of negotiations, opens the way for China to joint the world’s principal trading body and is the mainland’s most important economic event since December 1979,when it switched from state planning and isolationism to reform and the open-door policy.
Hang Ligang, chief executive of eLong.com, an Internet start- up firm that was illegal when it was founded last week but became legal yesterday with the lifting of a ban on foreign investment in the Net, summed up the day. “if we say that Deng Xiaoping opened China t the world in 1979, we can say that this time China has entered the world.”
The chief US negotiator, Trade Representative Charlene Barshefsky, described the deal as “profoundly important”, “absolutely comprehensive and an excellent one for American business.
1) At a meeting with Ms. Badrshefsky yesterday afternoon, president Jiang Zemin called the deal as “good , historic and realistic”, and a win-win for both sides, which showed that both countries saw the issue form a strategic viewpoint.
2) Chinas entry into the WTo will have profound ramifications for the country, binding her to international trading rules and encouraging foreign firms to invest by providing a system less based on rule by the idiosyncrasies of an official and more on transparent laws and regulations.
3) It will accelerate a process of closing money -losing and over-manned stated companies and moving labor and capital into marker-driven businesses. In the short term , it will drive up unemployment as inefficient capital-intensive state industries shed labor and shut down.
It will marks a vital political victory for prime Minister Zhu Rongji, the main proponent, along with Mr.Jiang, of China’s membership, who offered a similar deal in Washington in April.The NATo bombing of the Chinese Embassy in Belgrade,froze negotiations from May until September.
4) For Mr.Zhu, WTo membership will serve as a motor for reform of sate companies, banking ,insurance, securities and other industries.
At a news conference just before she left China, Ms. Barshefsky said the support of the two presidents had been crucial. presidents Bill Clinton and Jiang Zemin met in Auckland and agreed to put the talks back on track, with a deadline of the next round of WTo talks that will begin in Seattle on November 30.
Ms.Barshefsky, full of energy despite the six-day marathon, presented the agreement’s main details.overall tariffs will fall to an average of about 17 per cent and on farm goods to 14.5 per cent to 15 per cent, while China will make significant liberalizations on importing such goods, especially wheat, corn, cotton and other bulk commodities.
5) Beijing will eliminate non-tariff quotas within five years, some in two to three years. it will cut tariffs on imported cars from the current 80-100 per cent to 25 per cent by 2006 and allow foreign financial institutions to finance the purchase of cars.
It will allow 49 per cent foreign investment in telecommunications firms from the date of entry, rising to 50 per cent in two years, and will allow foreign banks to conduct local currency business with domestic companies two years after accession and with domestic individuals five years after.
Beijing also agreed to lift a ban on foreign investment in the internet.IN return, Beijing received a concession on textiles, with Washington backing down from its demand that quotas on China’s exports remain until 2010. Instead they will end in 2005, but with an “anti-imports surge” mechanism remaining for a further four years, to prevent a flood of exports.
