Passage 1

The slowdown of the industrial countries in 1991 partly originated in structural problems inherited from the 1980s. Slower growth in Europe in 1991 revealed that unemployment, for instance, was still a structurally problematic area. Financial stress brought on by excessive debt in the household and corporate sectors was an example of another kind of structural problem, in particular for the economies of Japan and the United States. Financial institutions in these two countries adopted more conservative; lending policies, curtailing financing of higher-risk projects such as commercial construction and highly leveraged corporate transactions. A number of weaker institutions were also consolidated through bankruptcy, merger and reorganization. These developments played some part in the general tightening of credit during 1991, which may have helped to slow the pace of investment in the United Slates and Japan. (Weak growth of credit) and (a fall in some asset prices) probably slowed (consumption), as well.

36、Did “a fall in some asset prices” have anything to do with “weak growth of credit”?

37、What does “consumption” here? Is it consumption of the consumer goods or that of the capital goods?

38、How could “weak growth of credit and a fall in some asset prices” slow down consumption?

A popular Japanese political leader has the power to change Japan’s trade policies.

American forest products will be exported to Japan more smoothly.

For most people involved in the production and trading of “soft” or agricultural commodities, this is proving lo be a grim decade. Prices are in many cases at, or near historic lows in real terms as markets struggle to cope with floods of surplus produce. And—with most soothsayers forecasting flat, or still lower, prices —the markets themselves have lost much of their allure. Speculators who profited handsomely from the price volatility of the 1970s have deserted soft commodities for the newer excitement of financial futures or the security and big yields afforded by the equity and money market. It is strange, indeed, to observe that only 10 years have elapsed since many respected forecasters were warning of impending global shortages of basic raw materials and foodstuffs.

Japan plans to spend three years to lessen its import restrictions.

Washington faces obstacles not only from Tokyo’s government offices but also from Japanese traditions.

Agriculture is encouraged by Chinese government for foreign investment.

Analysts prospect that foreign funds flowing into China will decrease in 1995.

Passage 2

Tokyo

American hopes that pressure from the U. S. will force Japan to suddenly dismantle its trade barriers are almost certain to evaporate in disappointment.The fact is that Washington faces an obstacle far more formidable than a few power brokers in Tokyo’s government offices. It must buck centuries-old, deeply ingrained Japanese customs. To move the Japanese government, Washington must move an entire nation.So far, the U. S. has had only limited success despite congressional threats to retaliate. In an April 9 nationwide broadcast, Prime Minister Yasuhiro Nakasone urged the Japanese to buy more imported goods and unveiled a long-awaited three-year plan to ease import restrictions. But his program was far short of what Washington hoped to see.White House Chief of Staff Donald Regan said the Japanese offered “few new or immediate measures,” While the plan did promise fewer curbs on imports of telecommunications gear, medicine and medical equipment, it offered no relief for American forest products—which are among the most contentious trade issues.Nakasone gives every sign of being sincere in his desire to reduce a Japanese surplus in trade with the U. S. that hit 36.8 billion dollars in 1984 and could soon top 50 billion. Yet to rely on any one Japanese political leader, no matter how popular he is at home, to reverse trade policies is to underestimate the culture and traditions that weigh heavily against a breakthrough.

Japan agrees to eliminate its trade barriers under the pressure of the U. S..

Foreign investors went into property development for speculation.

Foreign investors are satisfied with China’s workforce.