He applauded the resolve and determination of China's leadership, who acted
proactively to soften the blow of what he described as an "emerging global
market crisis" rather than an Asian economic crisis per se.
(1) resolve 和 determination 是同义词，在使用方面有什么区别？
(2) proactively = 主动？actively = 积极？
Because of sensible fiscal policies already in place since the early 1990s,
the Chinese leadership is better equipped to navigate its way through this
economic downturn.
* navigate：走出(经济低谷)？
Furthermore, in comparison to countries such as Thailand, Indonesia and
Korea, China's foreign debt to GNP ratio is small. Even if one factors in
non-performing loans (these loans combined with domestic government debt
result in the total debt), the total debt is only 20-25% of GNP.
* non-performing loans：表现不良的贷款？
Presently, the reform agenda focuses on restructuring state enterprises,
the financial sector and creating systems for social protection. Unfortunately,
due to the fusion of these three issues, China faces a difficult challenge.
* fusion：(这三个问题的)千丝万娄的联系？
Although there are still a relative number of small and medium-sized enterprises
that cannot repay their loans, the total of their financial assets equals
less than US$40 billion, which is less than 2.5% of the Central Bank's total
financial assets. From this account, he does not believe insolvent loans
will seriously impact China's economy.
(1) insolvent loans = non-performing loans？
(2) from this account：从这个层面看？
Furthermore, within the next two to three years, the Central Bank's efforts
will be directed toward implementing internationally accepted accounting
principles and developing an insurance system for small and medium-sized
financial organizations.
* internationally accepted accounting principles：一般译为“国际接受的会
计原则”还是“国际通用会计原则”？
Advocating the purchase of accounts receivable insurance, increasing access
to working capital, and helping businesses to become more competitive by
increasing the kinds of terms of payment they can offer, professional organizations
can enhance a business' capacity to pursue new export opportunities while
minimizing risk.
* working capital：工作资本？工作基金？
Dr. Wong agreed, stating specifically that in the next two years as other
Asian economies recover from their economic crises, China would be wise
to focus efforts on improving its products to remain competitive when other,
leaner economies come back into serious market play.
* leaner economies：有困难的经济？
In his presentation, Ralph Huenemann said that one should relish the fact
that all business risk can't be eliminated. Prof. Huenemann suggested that
only by living "at the edge of chaos" and focusing on the type of risks that
can't be anticipated will businesses be truly successful.
* relish 在这里怎么理解？
China's relatively new stock markets have had to endure the inevitable growing
pains associated with any developing economy.
* 本想用“阵痛”来翻 growing pains，但仔细一想，觉得不太合适(一个是生产
时的痛，一个是成长时的“痛”)。记得，国内把美国情景喜剧 Growing Pains 译
为“成长的烦恼”。在这里，growing pains 翻译成什么？
To achieve these objectives, China began a limited privatization effort
of its state-owned enterprises (SOEs). The state would gain foreign equity
without having to relinquish full control of the SOEs.
(1) privatization：民营化？在“中国”的上下文中，译为“私营化”不妥，对吗？
(2) foreign equity：外国股权？国家如何获得外国股权？哪位懂经济的能否解释
一下？
"B" shares failed to attract international investors because they were difficult
to trade, were governed by lower regulatory standards than those of the
West, and were limited in their liquidity. As a result, "B" shares traded
at a significant discount compared to their domestic "A" share cousins.
* discount 在这里怎么理解？
securities exchange 和 stock exchange 有区别吗？