第四，1996年建立了统一的银行间拆借市场，为金融机构调整流动性创造了更好的条件。

(1)interbank money market:银行同业拆借市场

inter-:among;between:在……之中；在……中间

money market:货币市场

(2)liquidity adjustment:流动性调整

6.Fifth, the gradual shift from direct to indirect monetary policy instruments has greatly improved transimission of monetary policy and effectiveness of macroeconomic management.

第五，货币政策工具由直接到间接的逐渐改变，极大地改善了货币政策的传导效果和宏观经济管理效率。

(1)direct or indirect monetary policy instruments:直接或间接的货币政策工具

(2)transmission:传递；传导（效果；机制）

(3)effectiveness of microeconomic management:宏观经济管理效率

7.Sixth, the segregation of banking business from securities and insurance business has contributed to the stability of the financial system in a transition period characterized by massive instiutional changes,inadequate regulatory resources and insufficient self-discipline.

第六，在体制大幅调整，监管能力不足以及行业自律意识不强的转型时期，实现了银行与证券业、保险业的分业经营，保证了整个金融体制的稳定。

(1)segregation: n.隔离；分开

segregate: vt.put apart from the rest;isolaate:隔离；分开

例：a policy of social segregation:种族隔离政策

(2)securities: (pl.)n.（复数）证券、股票和债券的投资（表明某人拥有股票或债券的证明）

例：gilt-edged securities:金边债券，优等债券（对英国政府债券的投资）

listed securities:上市证券（可在证券交易所买卖的股票或在官方证券交易所挂牌的证券）

securities broker:证券经纪人或交易商（以买卖证券为业的人）

(3)insurance: n.保险（投保人定期向保险公司支付小额资金，保险公司在投保人遭受损失、损害和伤害或死亡时给予补偿的协议）

例：life insurance:人寿保险

endowment insurance:养老保险（一种人寿保险，到期投保人可得到所保的金额，倘若投保人在到期前死亡，其继承人可得到所保的金额）

general insurance:普通保险（涉及被盗、损失、损害等的保险，人寿险除外）

(4)contribute (to): v.have a share in;help to bring about:有助于；促成

(5)a transition period:过度时期；转型时期

transition: n.changing,change,from one condition or set of circumstances to another:转移；过度

(6)massive institutional change:大幅度的体制调整（变化）

massive: a.large,heavy and solid:大而重的；巨大的

institution: n.long-established law,customs, or group:由来已久的法律，风俗习惯或团体；体制

institutional: a.法律的；体制的

(7)inadequate regulatory resources:管理手段缺乏；监管能力不足

inadequate: a.not adequate;insufficient:不适当的；不充分的

regulate: vt.control systematically;cause to obey a rule or standard:有系统地管理；节制；使遵守规则或合标准

regulatory: a.管理的，控制的，调整的

例：regulatory power:管理权（实施政府法规的权力）

resource: n.sth which helps in dong sth,that can be turned to for support,help consolation:有助于做某事的办法；解决困难或获得成功之方法

(8)insufficient self-disicipline:自我约束不够；自律（意识）不强；

insufficient: a.not sufficient:不充足的；不够的

self-:(prefix):（前缀）表示"自我，自身．．．"

例：self-employed: a.非受雇佣的；个体经营的

self-financing: n.自筹资金（公司从自有资金来源中筹集开发成本、购买固定资产的费用）

self-disicipline:自律；自我约束

1.In addition, three policy banks (the State Development Bank, the Agricultual Development Bank of China and the Export and Import Bank of China) were established in 1994 to facilitate the separation of policy banking from commercial banking operations.

此外，1994年国家成立了三家政策性银行（国家开发银行、中国农业发展银行和中国进出口银行），从而促使了政策性银行业务与商业银行业务的分离。

(1)three policy bank:三家政策性银行

the State Development Bank:国家开发银行

the Agricultural Development Bank of China:中国农业发展银行

the Export and Import Bank of China:中国进出口银行

2.These policy-banking institutions have embarked on a track of steady development.

这些政策性金融机构已经步入稳定发展的轨道。

(1)embark on a track of steady development:进入稳定发展的轨道

embark (on;upon):start;take part in:开始；从事

例：embark upon a new business undertaking:从事一项新的商业

track: n.course;line taken by sth:进程；路经

3.They are playing an important role in financing major infrastructural projects and promoting agricultural development and international trade.

它们在国家重大基础建设项目融资、促进农业发展和国际贸易等方面，发挥着重要的作用。

(1)to finance major infrastructural projects:对重大基础建设项目融资

finance: v.provide money for (a scheme, project, etc):供（计划、项目等）以经费

infrastructure: n.the parts of a system that compose the shole:形成整体的一个系统之各部分；基础；基本设施

infrastructural: a.of infrastructure: 基础的；基本设施的

(2)promote: v.help to organize and start;help the progress of:提倡；促进

Paragragh 13(P2,倒数第1段)

4.Through years of reform efforts, China has developed a banking system consisting mainly of the wholly state-owned commercial banks and joint-equity commercial banks under the supervision of the central bank, the People‘s Bank of China.

经过多年的改革努力，中国已建立起了一个在中央银行——中国人民银行监管下的以国有独资商业银行与股份制商业银行为主体的银行体系。

(1)the wholly state-owned commercial banks:国有独资商业银行

joint-equity commercial banks:股份制商业银行

5.As of the end of 2000,China‘s banking system had three policy banks, four wholly state-owned commercial banks and more than 100 joint-equity commercial banks.

到2000年底，中国的银行体系拥有三家政策性银行，四家国有独资商业银行，以及100多家股份制商业银行。

(1)as of:till:截止

5.The non-bank financial sector mainly consisted of trust and investment companies, securities firms, finance companies and insurance firms as well as many urban and rural credit cooperatiives.

非银行金融机构主要包括投资公司、证券公司、财务公司、保险公司以及众多城乡信用合作社。

(1)non-bank financial sector:非银行金融机构

(2)trust and investment company:信托投资公司

(3)securities firm:证券公司

(4)finance company:财务公司

(5)insurance firm:保险公司

(6)urban and rural credit cooperatives:城乡信用合作社

1.The stabilization and adhustment efforts that began in 1993 brought the economy to a soft landing.

1993年政府开始实施稳定和调整政策，实现了我国经济的软着陆。

(1)bring the economy to a soft landing:实现经济的软着陆

economy: n.system for the management and use of resources:经济（制度）

例：domestic economy:家庭经济；家政

national economy:国家经济

a soft landing:软着陆

2.Inflation measured by retail price index declined from the peak of 21.7 percent in 1994 to 0.8 percent in 1997 and remained subdued in the following years while real GDP growth moderated gradully from 13.5 percent in 1993 to a more sustainable rate.

由零售物价指数来衡量的通货膨胀率从1994年21.7%的高点下落到1997年的0.8%，并且在后来的几年中一直被控制在一个较低的水平上，而国内生产总值实际增长率也从1993年的13.5%逐渐回落到可持续发展的水平上。

(1)retail price index:零售物价指数

(2)decline: v.continue to become smaller,weaker,lower:继续变小，变弱，变低

例：a declining birthrate:在下降中的出生率

declining sale:销售不景气

(3)subdue: vt.make quieter,softer,gentler:缓和；减弱

(4)moderate: v.make or become less violent or extreme:缓和；减轻；稳定

(5)sustain: v.(enable to) keep up;maintain:（使能）维持；保持；

sustainable: a.

a more sustainable rate:可持续发展的水平上

3.The robust microeconomic growth has been sustained since then despite the negative impact of the Asian financial crisis.

此后，尽管受到亚洲金融危机的不利影响，中国宏观经济仍然保持着强劲的增长势头。

(1)robust macroeconomic growth:强劲的宏观经济增长

robust: a.vigorous;healthy:有活力的；健康的

macroeconomic: a.宏观经济的

Asian financial crisis:亚洲金融危机

(2)negative impact:不利影响；负面影响

negative: a.expressing the absence of any positive character; that stops,hinders or makes powerless:消极的；反对的

(3)impact: n.strong impression or effect:强烈印象或影响

4.The external sector performance also improved significantly during the period.

在此期间，我国的涉外经济成绩斐然。

(1)external sector:涉外（经济）部门；外贸企业

5.The strong export performance and capital inflow resulted in the increase of official foreign exchange reserves, from USD51.6 billion at the end of 1994 to nearly USD166 billion at the end of 2000.

出口和资本流入大幅度增加，官方外汇储备从1994年底的516亿美元增加到2000年底的1600亿美元。

(1)capital inflow:资本流入

(2)official foreign exchange reserves:官方外汇储备

6.The RMB exchange rate has remained stable.

人民币汇率保持稳定。

(1)RMB exchange rate:人民币汇率

7.The implementation of the stabilization and structural measures has been a major factor underlying the resilience of the Chinese economy in the context of the crisis in Asian financial markets and the recent weakening of global economic activity.

宏观经济稳定政策和结构调整措施，是我国经济在亚洲金融危机阴影笼罩和近年来全球经济疲弱的环境下，依然保持较快发展的一个重要因素。

(1)implementation: n. 实现；完成

implement: v.carry an undertaking,agreement,promise into effect:实现；完成（任务等）

(2)stabilization: 此处指"国家实施宏观经济稳定政策"。

structural measures:（经济、行业）结构性调整措施

(3)structure: n.way in which sth is put together,organized,etc:结构；构造

例：company‘s organizational structure:公司的组织结构

price structure:价格结构

capital structure of a company:公司的资本结构（公司资本构成的方式）

the company‘s salary structure:公司的工资构成（公司中不同工种不同工资的结构）

(4)resilience: n.quality or property of quickly recovering the original shape or condition after being pulled, [ressed,crushed,etc:弹性；回弹

(fig)power of recuperating quickly:（喻）迅速恢复的力量

(5)in the context of:在……背景（环境）下

context: n.circumstance in which an event occurs:（某一事件发生的）环境；背景

(6)weaken: v.make or become weak:使弱；变弱

weakening:疲软

Paragraph 15 （P3,第14行）

8.Although capital market development is expected to speed up, banks in China, which currently provide about 75 percent of aggregate financing in the economy, are likely to continue to playing a dominant role in financing economic and technological development as well as the economic reform in the foreseeable future.

尽管中国资本市场的发展将会加快，目前占整个经济融资总量75％的银行业在可以预见的将来，在为经济发展和科技进步融资，以及经济（体制）改革中仍将发挥主导作用。

(1)Although…,banks in China…:整个句子是主从复合句，其中由Although…引导的"让步状语从句"，主句中又包括一个由which…引导的"非限制性定语从句"。

(2)expect: vt.think or believe that sth will happen or come:预期；期待

(3)are likely to…:that is expected to:很可能发生的……；有希望的……

(4)(in) financing economic and technological development:由financing引导的动名词短语作"介词in"的宾语。