國際經濟與貿易金融危機中英文對照外文翻譯文獻

1、中英文對照外文翻譯Research on the Approaches of the participation of ChinaSMEs in International Trade under Financial Crisis a 1. Development of SMEs in International TradeSME is the important part of GDP throughout of the world, and Chinas rapid growthof economy also benefited from the tremendous contributi

2、on of SMEs over the past 30years. Until June 2007, Chinas total number of SMEs has reached more than 4200 million,accounting for 99.8% of the total number of national enterprises, including more than 430million small and medium enterprises registered by the business sector, and more than3800 million

3、 self-employed households, which accounted for 76.6% of total employment,64.5% of industrial output value, especially 68% of total merchandise exporting value.Thus, SMEs has become the main force of Chinas economic development and exports aswell. However, the greatest impact of the financial crisis

4、on China is on exports, and SMEs-1-unavoidably is suffering hardest hit from it. Therefore, it is necessary to examine howSMEs participate in international trade under the new environment thereby contributingbetter and faster development to our economy. In recent years, more and more SMEs havebeen g

5、oing out to expand overseas market, which has driven Chinas economy further tothe market-oriented transition to large extent, and caused Chinas economy integrating withthe world economy more and more closely.1.1 Growth of Exports of SMEsSince the reform and opening up, China has got sustained and ra

6、pid development offoreign trade, total value of exports increasing from 20.601 billion U.S. dollars of 1978 to2.1738 trillion U.S. dollars of 2007 with average annual growth rate of 14.77%, so exportshave become one of the most important factors to push national economy, obviously theexports growth

7、rate of SMEs in China also remains high for a long time. Department ofSMEs of National Development and Reform Commission chose some small and mediumenterprises as samples for analysis and research to form “Research report ofexport-oriented SMEs” which has been registered in the State General Adm ini

8、stration ofCustoms from 2003 to 2005, with total value of exports from the one million to 20 millionU.S. dollars and annual growth rate of over 25%. The report showed that the value ofChinas exports in 2005 amounted to 761.999 billion U.S. dollars, and SMEs exportsreached 518.159 billion U.S. dollar

9、s, accounting for 68% of total exports. Since most ofour export enterprises are SMEs, export orders index of PMI index can be selected toreflect the export situation of Chinas SMEs.( MENG Shan-shan, 2007)If the export ordersindex is above 50%, it will indicate the export expansion for a period of ti

10、me, and oppositeis true. From January 2005 onwards, the export orders index had maintained at above 50%,while with the gradual expansion of the financial crisis emerged in US. In 2007, theexports of SMEs have declined more and more quickly.As shown in Table1, in January 2008 the export orders index

11、was 49.0%, which hasdropped to below 50% for the first time since January 2005. Especially since fromSeptember 2008, PMI index began to decline, driving the export orders index to fall downin November 2008 to the lowest of 29%, which reflected Chinas external demand beingfurther weakened. Although t

12、he index has rebounded gradually since then and rose tonearly 50% in April 2009, export enterprises in China especially SMEs are still beingconfronted with a severe test.1.2 Composition of exporting products of SMEs in international tradeAt present most of exporting goods such as textile and garment

13、, footwear, toys,-2-luggage and other light industrial products, household plastic products and metal hardware,etc. are almost provided by SMEs. In recent years, SMEs are also actively involved inexports of high-tech and higher value-added products such as machinery equipment,electrical and electron

14、ic products, and chemical products, etc., and the proportion of SMEsin these three products has respectively amounted to 35%, 14.53% and 12.05%,rapidlygrowing trend being sustained. However, generally speaking, the structure of exportinggoods of SMEs is still irrational, a long way for innovation an

15、d research to go. Mostexporting products of SMEs are mainly resource-intensive and labor-intensive ones,therefore, the irrational structure of exporting products has brought a lot of obstacles to thesurvival and rapid development of SMEs. Though the state has strongly advocatedImproving trade with s

16、cience and technology, but the improvement of exportinghigh-tech products was not obvious. According to statistics, the proportion for ChinasSMEs to invest in technology development is less than 40% of the national researchfunding, far below the level of 70% in developed countries. In particular, mo

17、st privatesmall and medium enterprises mainly rely on imitation technology innovation to develop,which involves small investment, short cycle, and quick pay back, but because of theambiguity of property rights and low barriers to entry, enterprises do not have obviousadvantages, and the additional v

18、alue of the products produced by them is often low.1.3 Regional distribution of exporting SMEs and destination countries ofexporting goodsExporting SMEs are mainly located along the coastal areas, from Bohai gulf centeredby Shandong, and Liaoning,Yangtze River Delta centered by Zhejiang and Jiangsu,

19、 to thePearl River Delta centered by Guangdong and Fujian,which have taken full advantage ofthe window status to and actively guide SMEs to take the road of export-oriented economy,thereby promoting the continuous development of the regional economy. Exportingdestination countries mainly concentrate

20、d in the United States, Japan, Europe and othercountries, which are the main trading partner of China for a long time, while the worstaffected areas by the present financial crisis are Europe and America, which causedtremendous obstacles to the export of SMEs. So SMEs should actively explore newmark

21、ets in order to avoid the risks of financial crisis. According to statistics of customs, inthe first 8 months of 2009, the total value of bilateral trade between China and Brazil hasamounted to 25.41 billion U.S. dollars, Brazil ranking as one of Chinas top 10 tradepartners so far. (Fenxi Mining, 20

22、09)In view of the status above mentioned, the current trend of the overall development ofSMEs in China is good, but there existing some internal problems, which concluding low-3-level of technology, irrational export structure, concentration of destination of exportingcountries, and weak anti-risk a

23、bility. Therefore, SMEs of China are facing unprecedentedchallenges with the internal problems together with the high degree of harm of thefinancial crisis, but opportunities also existing side by side.2. Opportunities and Challenges Faced by SMEs in InternationalTrade under the Financial Crisis2.1

24、Challenges2.1.1 Reduced demand for exports leading SMEs inadequate productionWith proliferation and the severe impact of the U.S. sub-prime crisis, the worldeconomy further slows down. The sluggish consumption growth in the United States andEurope, and the weakened importing demand lead to marked dr

25、op in the exporting growthof SMEs especially in processing trade, and varying degrees of reduction in exportingorders. Statistics shows that Chinas exports to U.S. will decrease by 4% whenever theeconomic growth of U.S. Drops by l%. According to the statistics from GeneralAdministration of customs o

26、f China, in 2008, the total value of bilateral Sino-US tradeamounted to 333.74 billion U.S. dollars, growing by 10.5% compared with 2007, whichreaching the lowest growth rate during the seven years after entry into WTO. And theexporting value of China to the U.S. was 252.3 billion U.S. dollars at an

27、 increase rate of8.4%, which dropping to single digit the first time in seven years. Facing the sharpreduction in orders, the unique countermeasure many companies can apply is to “Produceas orders”, i.e. Stopping production without orders, expectant. As the result of limitedproduction, a large numbe

28、r of raw materials companies had purchased have been piled upin warehouses, together with many machinery and equipments, most SMEs have tomaintaining a simple production in order to retain workers. In short, considerable numberof enterprises is working under capacity. (Chen Lijin, 2009)2.1.2 Financi

29、ng difficulties causing a serious shortage of working capitalMost SMEs are in urgent need of funds in the early stage of development and accessto rapid growth period. However,due to financing difficulties, enterprises can not acquirethe large amount of fund needed for development. Even with the curr

30、ent turmoil globalfinancial system and the banks non-performing assets increasing substantially, banks willraise credit standards in order to avoid risks, which would cause business loans and-4-consumer credit more difficult, as the result of the deficiency of the SMEs, small scale,poor ability to r

31、esist risks, short life and low level of credit Banks would provide morestrict loan conditions to SMEs comparing with large enterprises for consideration ofreducing credit risks which would cause the community reducing aggregate demand andthe macro-economic environment deteriorate, and then SMEs wou

32、ld be lack in orders oreven stop production or semi-cut-off.2.1.3 Economic efficiency decreasing significantlyAccording to the survey on nearly 2,000 key enterprises by Ministry of Commerce ofChina, during the first half of 2009, average export profit margin is only 1.5%, decreasingby 6.2%, part of

33、exporting SMEs facing difficulties, which is mainly reflected in thefollowing facts, Firstly, export growth rate of SMEs lowering as result of sharply reducingoverseas orders; secondly, SMEs being at the edge of loss because declining cost of exportswap rate can not keep up with the appreciation of

34、exchange rate; thirdly, profit margin ofexporting SMEs has been severely squeezed with the superposition effect of the changes oftax refund rates, exchange rates, interest rates, raw material prices, labor costs and themonetary policy environment. Since most exporting enterprises of China belong top

35、rocessing SMEs, already in the end of industry value chain, with the weak ability of pricetransfer, it is difficult for enterprises to cover operational costs through increasing pricesand profit margins of them are further squeezed. in buyers market.2.2 OpportunitiesDespite enormous difficulties fac

36、ed by SMEs, opportunities of development also comeso that SMEs should seize these opportunities to continue development in the newplatform.2.2.1 Opportunities of global industrial transferAfter the outbreak of the financial crisis, the pattern of the world economicdevelopment needs to be re-adjusted

37、. From the perspective of the manufacturing sector, thecurrent global manufacturing industry mainly lies in North America, Europe and East Asia,and East Asia represented by Japan and South Korea. At present, Chinas manufacturingindustry occupies an important position in the world, second-largest man

38、ufacturinggreat-power, accounting for 13.2% of that of the global value, but still far below the 20%share of the United States. However, after the hit of financial crisis, the United States,European Union, Japan and other developed economies will fall into recession in 2009 or-5-the edge of a recess

39、ion, so that the manufacturing industry in developed countries willundoubtedly accelerate the speed of transfer to developing countries to offset the adverseeffects on local economy, which will help speed up the formation of Chinas worldfactory and bring a historic opportunity for the development of

40、 manufacturing industry.So far, despite a cyclical downturn of macroeconomic trends faced by China, the degree ofthe manufacturing sector still remains at a high level. Therefore, after the financial crisis ofthe industrial structure adjustment, China will strengthen its manufacturing center, and in

41、the near future is likely to replace the U.S. as the worlds largest manufacturing base, bywhich SMEs can get greater share of international trade in the global industrial transfer todrive Chinas economy out of shadow of the financial crisis.2.2.2 Opportunities of industrial upgradingWith the develop

42、ment of economic globalization, new industrial revolution and thecore technologies is providing an opportunity of reshuffle to help backward countriesachieve economic development by leaps and bounds through the development of newleading industries. The long-term development of export-oriented SMEs i

43、n China and theproblems, (such as the low level of technology, mainly engaged in processing trade andlow value-added products) focusing in the current financial crisis make Chinas SMEs inan urgent need to conduct industrial upgrading in process. Thus, we must seize the currentfavorable opportunity t

44、o actively undertake the transfer of global industry and acceleratethe optimization and upgrading of industrial structure to achieve sound and fast economicdevelopment, which is bound to provide unprecedented opportunities for the developmentand innovation of Chinas SMEs and new opportunities for Ch

45、inas industrial and productupgrading.2.2.3 Opportunities of favorable domestic policiesIn order to help SMEs cope with the financial crisis, in 2008,the central and localgovernments of China have adopted a series of policies and measures to secure steady andrapid development of SMEs, such as improvi

46、ng export tax rebate rate of somelabor-intensive products, guiding the SMEs credit guarantee institutions to make greatereffort to ease the difficulties of production and management for SMEs activating a packageof over 4 trillion yuan construction plans to promote economic development. In addition,t

47、he commercial banks have also introduced new measures to support SMEs development,such as simplifying procedures of small business loans, separately arranging creditscale,satisfying the liquidity needs of SMEs complying with industrial and environmentalpolicies. With the implementationof the above-m

48、entioned policies, SMEs will get-6-tremendous opportunities for development. (NELSON K. H., 2003)Therefore, SMEs should actively take advantage of these policy supports and resourceto create conditions for thegovernment loan assistance, further expand exports andstrengthen their leading role in driv

49、ing Chinas exports.3. Approach Choices f SMEs Participation in International Trade3.1 Adhering to independent innovation to enhance the market competitivenessof productsIt is often ineffective for SMEs to survive only by the simple strategy to reduce pricesowing to their small-scale, low level of te

50、chnology and weak market capacity. Only ifSMEs implement their own innovative strategies, take the way of small but specialized,specialized but tertiary, manage to raise the added value of products, enhance marketcompetitiveness and create differentiated products, would they get rid of difficulties

51、toexpand their own market space.Firstly, fully understand the importance of innovation. Many SMEs do not reallyrecognize the importance of innovation and R & D, usually putting production andoperation income in the first place while ignoring long-term development of enterprises.Therefore, it is much

52、 important to work out relationship between production and R & D.Secondly, orient the innovation of SMEs to market demand. R & D and innovation areaimed at better development of SMEs in the future market competition for them to occupya dominant position to get more profit. Therefore, all innovation

53、and R & D need to carryout according to the actual needs of the market.Thirdly, obtain innovative technologies outside SMEs through introduction, cooperationand mergers. SMEs can get access to innovative technologies after the correct assessmenton the market, its capacity and partners through introd

54、uction, cooperation and mergers.(HUANG Bin FANG , 2009)3.2 Taking the use of operating flexibility to seek for new market spaceDue to less restriction of traditional economic system, SMEs are stronglyinterest-driven and market-oriented with flexibility and variability, which request SMEsown a large

55、number of daring entrepreneurs who can take full advantage of their ownstrengths and market opportunities to develop their business with the absolute control overcompanies and rich industry knowledge. Additionally, with a strong innovation andpioneering spirit, they can rapidly adjust business decis

56、ions to adapt to new economic-7-requirements of the times to come into the market areas usually ignored by largeenterprises, as which there existing characteristics as short product life cycle, low butstable profits, inadequate market capacity, and small quantity of production. At present,exporting

57、goods of SMEs are mainly distributed in the United States and Europe, whichwere badly hit by the financial crisis, so SMEs should actively explore new markets,actively stepping out the shadow from the financial crisis.3.3 Taking full advantage of new tools to explore international market spaceDuring

58、 the global economic crisis, facing the situation of shrinking export markets,many SMEs have to tighten expenditure thereby changing the traditional sales methods inorder to reduce marketing costs, which concerns that SMEs can acquire completeinformation quickly through e-commerce, greatly reducing

59、the search costs and improvingthe efficiency of the search; find suppliers on line to reduce purchasing costs and improvethe international market competitiveness of products and expand overseas market throughsearching purchasers on line. According to “2009 Annual Report on the development ofNetwork

60、enterprises” issued by Alibaba, after 10 years of development, networkenterprises of China have gradually realized the integration with the mainstream ofsocio-economic system. Till the first half of 2009, the amount of Chinas networkenterprises has been expanded to 63 million, with the growing socia