英译汉China has pulled out all the stops to get the 2008 Olympic Games after a heartbre aking loss to Sydney for 2000. State media here have steadily promised a world-beatin g Game at a cost of $20 to $40 billion. Yet such triumphal tones are now giving way t o a more modest depiction of the 2008 enterprise. One former Chinese official, speakin g on terms of anonymity, stated that, “It goes against the Chinese tradition of modest y for us to brag about our games. We need to ensurethe quality of materials is high. That's been the problem in our past. It isn't just the c ost. But this plan does cost a lot, and we need to be practical.”Beijing secured the 2008 Olympics after a hard-fought competition with Paris and Toronto. For China, snagging the Olympics was not only a matter of prestige but of int ernational respect. More important, as a Security Council member and a rising power i n Asia, the victory brought confidence that China would now be able to show the worl d its efficient central-planning system and its new technocratic class of savvy organizati onal managers who would put on a world-class games.Still, despite continued hopes for private-sector contributions, the financing side of the games remains largely state-run. The principal partners are state-owned enterprise s: The Bank of China, Air China, and China Netcom. Volkswagen has signed on, howev er, as has General Electric and McDonald''s.Asia''s booming initial-public-offering market is a sure sign that solid economic recov ery is growing deeper roots. The rush to list shares on the region''s stockmarkets signa ls that Asia''s entrepreneurs are back in the game. And it''s not all internet company fe ver, though there''s plenty of that; companies in many industries are lining up to issu e shares.In Hong Kong China, eight companies have listed on the Growth Enterprise Marke t, which opened in late November. The latest to join GEM, China Data Broadcast Holdin gs, rose 310% on its first day of trading on January 24. As in the United States, stoc k valuations sometimes don''t make much sense to traditional-minded investors. But th e stockmarket isn''t about making sense, it''s about making money.For many companies selling shares, the stockmarket is primarily about raising mon ey for new investment. The new-issues boom—if it doesn''t fizzle out—could help Asia s ustain and accelerate economic recovery. Many public-sector and private economists, in cluding those at the International Monetary Fund, have argued that Asian economies w ere too dependent on financing by banks, which often lent money to the best-connecte d companies instead of the best-run. When thebanks ran into trouble, the effects immediately filtered down into the real economy.Some economists argue that stockmarkets can better discipline corporate managem ent than local banks, although it remains to be seen whether the creation of an “equit y culture”will improve performance. The ability of stockmarkets to deliver capital and stimulate private industry will make it much easier for governments to take away the d eficit crutches and bring their budgetsback into balance.总公司 Head Office分公司 Branch Office营业部 Business Office人事部 Personnel Department人力资源部 Human Resources Department总务部 General Affairs Department财务部 General Accounting Department销售部 Sales Department促销部 Sales Promotion Department国际部 International Department出口部 Export Department进口部 Import Department公共关系 Public Relations Department广告部 Advertising Department企划部 Planning Department产品开发部 Product Development Department研发部 Research and Development Department(R&D)秘书室 Secretarial PoolGenerally speaking, China''s economy has kept a continuous, rapid and healthy devel opment in the first half of the year. Viewed from macroeconomics, it is wrong to alleg e there is an "overheat" in this economy. Strictly speaking, "overheat" which refers to a kind of sickness corresponding to "fever" in the human body is not an economic ter m. The use of such an imprecise term in economic life may cause misunderstandings. For example, how would you explain the relationship between overheat and high spee d, or does the latter mean the former?Of course it is necessary to keep a vigilance all the time. However, it won''t bring any conclusive result if the whole society talks at length about the "overheat" of the ec onomy. For instance, if China''s economy was really overheated at present, inflation wo uld surely follow, then the brake must be applied and as a result foreign investors wou ld re-examine their investments in China, and then domestic entrepreneurs would follo w suit. Too much talk about "overheat" would have an adverse effect on some non-exp ert personnel. A scientific and careful attitude is needed in such talks, just like the wa y a doctor tells his patient what disease heis suffering from, lest it should become some psychological burden on the part of the p atient. Psychological factors are becoming more and more important in social economi c life and a correct orientation is needed on the part of the media in order to lead th e public opinion in the right direction.1、Satellite TV has turned European soccer into Asia’s sport of choice. Now Europe’s teams andAsia’s businesses are racing to convert the fans’favor into cash. That mix looks set tochange the face of soccer forever.2、The information world is in the midst of a second wireless revolution, as profound a s the onethat gave us radio 100 years ago. As cell phones become more and more powerful, m any thinkthey’re on course to replace the PC.3、The company has a $10 billion market capitalization on the Hong Kong Stock Exchan ge. In orderto protect the interests of small and medium shareholders, it will further enhance trans parencyin listed companies.4、Management is in crisis all over the world and the MBA, the flagship course of most businessschools, bears a substantial part of the blame about such a bad condition.1、我代表美国商务部和美国机械制造技术协会谨向第四届中国国际机床展览会（CIMT）表示祝贺，欢迎诸位光临美国展团。