外文翻译-----台湾产业的金融服务和国际竞争力

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1、外文题目： Financial Services and International Competitiveness of the Taiwan Industry 出 处： Review of Pacific Basin Financial Markets & Policies； Sep2001, Vol. 4 Issue 3, p311, 14p 作 者： Wea, Chi-Lin Trade in Services refers to the sale and delivery of an intangible product, called a service, between a pr

2、oducer and consumer. Trade in services takes place between a producer and consumer that are, in legal terms, based in different countries, or economies, this is called International Trade in Services. International trade in services is defined by the Four Modes of Supply of the General Agreement on

3、Trade in Services (Mode 1) Cross border trade, which is defined as delivery of a service from the territory of one country into the territory of other country； (Mode 2) Consumption abroad - this mode covers supply of a service of one country to the service consumer of any other country； (Mode 3) Com

4、mercial presence - which covers services provided by a service supplier of one country in the territory of any other country, (Mode 4) Presence of natural persons - which covers services provided by a service supplier of one country through the presence of natural persons in the territory of any oth

5、er country. In global production networks, the production is regarded as a broad value-added process, and the up grading of industrial structure is mainly reflected by the transit from the stage of low value-added production and processing to the stages of high value-added R&D and marketing. Through

6、 asset-specific investments, Chinese enter prises can take advantage of the positive externalities and dynamic learning effect of global production network to p romote the upgrading of industrial structure, but the soundness of law system and the compatibility of technical standards also affect the

7、performance of the upgrading of industrial structure. Chinese enter prises should increase asset-specific investments for flagship firms and senior suppliers. Chinese government should create a good institutional environment for asset-specific investments, and strive to promote cross-licensing among

8、 different production stages. The paper makes a comparative analysis on the international competitiveness of financial services trade under the models of cross-border supply and commercialp resence. Our conclusions are as follows. ( 1 ) On the financial services trade under the model of cross-border

9、 supply, among the 18 economies, Chinas competitiveness is very poor, its in the last place. (2)On the financial services trade under the model of commercial presence, whether it is compared with the EastAsian economies or with the“BR IC”, Chinas financial industry has become strongly competitive. B

10、ut compared with developed economies, there is still a big gap. Finally, according to the empirical analysis, the paper puts forward corresponding counter measures on how to improve the international competitive power of Chinas financial services trade. This financial crisis reveals the fundamental

11、institutional defects of the international monetary system denominated by the USA, in the long run the dollar will inevitable depreciate. However, the USA remains the largest economy, the dollar is the most important global reserve money, in the short run the stability of dollars value is necessary

12、for the world, the aggressive reform will take the international monetary system into a more chaotic state. The bestway is to cultivate the other competitive powers such as EURO、 Japanese Yuan、 RMB as a check and balance mechanism, paving the way for a more diversified international monetary system.

13、 China should draw the lessons from the global strategy of EURO, Japanese Yuan, and create the positive conditions of a more diversified global monetary system and the globalization of RMB. 90% of which are treasury bonds and bills and secured agenc China has a total holding of 1. 4 trillion of US a

14、ssets y bonds. If the US continues its expansionary fiscal and monetary policies, the risk of dollar devaluation and replacement by EURO in the international reserve system will grow. While foreign exchange risk of dollar and its interest risk in the current recession are similar to those in histori

15、cal recessions, the stock market shows great volatility. The risk of Chinas holding of US asset in the short run relies on market volatility and in the long term on US fiscal and monetary disciplines. In order to cope with the changing financial landscape, the government in Taiwan has put forth fina

16、ncial reform measures and supplementary packages. In this paper, we shall discuss four main themes including the establishment of Asset Management Company/Resolution Trust Corporation to help financial institutions quickly clear up bad loans, the disclosure of open public financial information to in

17、crease market transparency, the set up of a Financial Supervisions Commission to unify the work of financial supervisions and financial examinations, and the promotion of merger, shareholdings, and alliances among financial institutions to raise the competitive power of Taiwan banks in international

18、 financial markets. Each topic begins with a description of the current status, government policies and strategies, and then brings up some issues worth discussing. Copyright of Review of Pacific Basin Financial Markets & Policies is the property of World Scientific Publishing Company and its conten

19、t may not be copied or emailed to multiple sites or posted to a listserv without the copyright holders express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users shoul

20、d refer to the original published version of the material for the full abstract. In order to cope with the changing fanancial landscape, the government in Taiwan has put forth fanancial reform measures and supplementary packages. In this paper, we shall discuss four main themes including the establi

21、shment of Asset Management Company/Resolution Trust Corporation to help fanancial institutions quickly clear up bad loans, the disclosure of open public fanancial information to increase market transparency, the set up of a Financial Supervisions Commission to unify the work of fanancial supervision

22、s and fanancial examinations, and the promotion of merger, shareholdings, and alliances among fanancial institutions to raise the competitive power of Taiwan banks in international fanancial markets. Each topic begins with a description of the current status, government policies and strategies, and then brings up some issues worth discussing.