三、句子翻译：
1. A farfetched prediction？ The new American administration doesn‘t think so. Bill Clinton has appointed China hands to top Asia posts at the state and Treasury departments. When critics called the appointments a slight to Japan， the leading Pacific economic power， U.S. Deputy Treasury Secretary Roger Altman explained the administration’s reasoning： by early in the next century， he said ，China may replace Japan in importance to the U.S. as an economic partner. Japan recognizes the rise of China. As a warning shot in an intensifying rivalry， Tokyo last week put punitive import tariffs on Chinese steel.
一个牵强的预测吗？新美国行政机构不这样俯为，克林顿已被委任中国国务院和财政部在亚洲的要职，评论家称这个委任冷落了日本。最大的太平经济力量，美国的代表-财政部长罗格·奥得曼解释行政机构的理由：他说：“在下个世纪初，中国可以会取代日本作为美国经济伙伴的重要地位。”日本承认中国的崛起，上周日本作为在日益激烈竞争中的一次鸣枪警示给中国的钢以惩罚性的进口关税。
2.With the U.S. Congress due to consider the renewal of China“s most-favored nation trade status in June， officials in Beijing fear the trade imbalance could surpass human rights as a source of U.S. opposition to preferred status for China. ”The trade surplus itself will be the NO.1 problem this year.“ Says one Chinese official. ”After Japan， we‘ll be first in line for relation.“
美国议会由于考虑在六月延长中国最惠国待遇，北京的官员担心贸易不平衡可能超越人权问题而作为反对优惠待遇的借口。中国的一位官员说：“贸易顺差将会成为今年首要问题。”继日本之后，我们会成为第一个被报复的国家。
3.However， even as the party promotes growth as a national priority， it worries about going too far. Inflation has recently climbed back into double digits， and the party press is issuing strident warnings， urging restraint on buyers and sellers alike. Rapid development is overwhelming China‘s antique transport networks.
然而，正当党把促进增长作为一个国家优先的问题时，它又担心增长的太快。通货膨胀已在近期又回到了两位数，党政刊物发出刺耳的警告，力劝买卖方都要克制。
第四章
一、术语：
1.centrally-planned economy 中央计划经济
2.market economy 市场经济
3.disinflationary （anti-inflationary） policies 反通货膨胀政策
4.deflation 通货紧缩
5.short-term dollar interest rates 短期美元利率
6.commodity market 商品市场
7.nominal （dollar） terms 名义（美元）价
8.constant （dollar） terms 不变（美元）价9.business cycle 商业周期
10.weighted average 加权平均数
11.hard currencies 硬通货
12.fiscal adjustment 财政调整
13.portfolio investment 有价证券投资
14.market diversification 市场多元化
15.tight credit policy 紧缩的信贷政策16.exchange-rate devaluation 汇率贬值
17.accommodative monetary policy 融通性货币政策
18.yield curve 收益曲线
19.per capita GDP 人均国内生产总值
20.GATT： General Agreement on Tariffs and Trade 关贸总协定
21.EMS： European Monetary System 欧洲货币体系
22.GDP deflator 消除国内生产总值通货膨胀因素指数（ GDP 平减指数）
23.CMEA （Comecon）： Council for Mutual Economic Assistance 经互会
24.LIBOR： London Inter-Bank Offered Rate 伦敦同业银行优惠利率
22.per capita income 人均收入
23.multilateral trade agreements 多边贸易协定
24.Portfolio investment 证券投资
25.cyclical deceleration in investment spending 生产总值通货膨胀因素指数
26.the population-weighted growth rate 人口加权增长率