Unit 31. CPI:(consumer price index)居民消费价格指数2. PPI:(producer price index )生产价格指数3. Business cycle经济周期4. Fiscal policy 财政政策:5. equity capital主权资本，股本权益6. Game theory 博弈论7. break even price保本价格8. Producer surplus生产者剩余9. inward-looking: closed; isolated10. miraculous: incredible; marvelous; amazing 11. at the outset of: at the beginning of12. self-sufficient: self-sufficing; self-sustaining13. unleash: release; loose14. exploit: advantage; explore15. tap: exploit16. defy: challenge17. pervasive: permeating18. contraction: cut; reduction; recession19. eradicate: eliminate; wipe out20. inclusive:comprehensive; all-over1. After the industrial revolution, experience-based innovation was increasingly replaced by field experimentation and, later, by science-based experiments conducted in scientific laboratories (substitute)Paraphrase: After the industrial revolution, field experimentation and, later on, science-based experiments which were conducted in science labs have substituted the traditional experience-based innovation.2. So if a developing country knows how to tap the advantage of backwardness in technology, industry, and social and economic institutions, it can grow at an annual rate several times that of high-income countries for decades before closing its income gap with those countries.(exploit; catch up with) Paraphrase: Therefore, if a developing country knows how to exploit its advantage of backwardness in technology, industry, and social and economic institutions by borrowing advanced technology from outside, its annual growth rate will be several times greater than that of rich countries for many decades and thus it might catch up with those countries.3. Stagnation and frequent social and economic crises began to beset most developing countries by the 1970s and 1980s.(be faced with)Paraphrase: By the 1970s and 1980s, most developing countries were faced with economic depression and frequent social and economic crises.4. A well-functioning market is the prerequisite of developing a country’s industries according to thecomparative advantages the country has over other countries. (be the prerequisite)Paraphrase: A well-functioning market is the prerequisite of developing a country’s industries according to the comparative advantages the country has over other countries.5. The spectacular growth over the past three decades far exceeded the expectations of anyone at the outset of the transition, including Deng Xiaoping, the architect of China’s reform and opening-up strategy.Paraphrase: China’s miraculous economic growth over the past thirty years was beyond many people’s expectations set at the beginning of its economic transformation. And Deng Xiaoping, who set the blueprint for China’s reform and opening-up policy, was no exception.1. The acceleration of growth was accompanied by a move of labor from agriculture to manufacturing and services. (Line 5, Para. 5)Paraphrase: Accompanying the quick growth of economy is the transfer of laborers from the primary industry to the secondary and tertiary industries.2. China’s exploitation of the advantage of backwardness has allowed the country to emerge as the world’s workshop and to achieve extraordinary economic growth by reducing the costs of innovation, industrial upgrading, and social and economic transformation.(Line 14, Para.8) Paraphrase: By taking full advantage of its backwardness, China has become the world’s manufacturing center and has achieved amazing economic growth through the cost reduction in innovation, industrial reengineering as well as social and economic transformation.3.The development of modern advanced industries was perceived as the only way to achieve rapid economic takeoff, avoid dependence on the Western industrial powers, and eliminate poverty. (Line 9, Para. 9)Paraphrase: Developing modern advanced industries was regarded as the only means for those transition economies to boost their economic growth, to be independent from Western industrial nations and to eradicate poverty.4.During the transition process China adopted a pragmatic, gradual, dual-track approach. (Line 1, Para.12)Paraphrase: During its transition from command economy to market economy, China has adopted a practical, double-way method.。