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海龟的困境-经济学人

海龟的困境-经济学人
海龟的困境-经济学人

Returning students

Plight of the sea turtles

Students coming back home helped build modern China. So why are they now faring so poorly in the labour market?

Jul 6th 2013 | SHANGHAI |From the print edition

“I LEFT in 1980 with only three dollars in my pocket,” recalls Li Sanqi. He was one of the first allowed to study overseas after the dark days of the Cultural Revolution. Like most in that elite group, he excelled, rising to a coveted position at the University of Texas, while launching several

technology firms. Now he is a senior executive at Huawei, a Chinese telecoms giant, enticed back by the chance to help build a world-class multinational.

Mr Li seems the perfect example of a sea turtle, or hai gui (in Mandarin, the phrase “return across the sea” sounds similar to that animal’s name), long applauded in China for bringing back advanced skills. In the past such folk reliably reaped handsome premiums in the local job market, but no longer. Sea turtles are not universally praised, the wage differential is shrinking and some are even unable to find jobs. Wags say they should now be called hai dai, or seaweed. This is a startling turn, given their past contributions.

Wang Huiyao of the China Western Returned Scholars Association, which celebrates its centenary this year, observes that sea turtles have returned in five waves. The first, in the 19th century, produced China’s first railway-builder and its first university president. The second and third, before 1949, produced many leaders of the Nationalist and Communist parties. The fourth wave, which went to the Soviet bloc in the 1950s, produced such leaders as Jiang Zemin and Li Peng.

The present wave began in 1978, and is by far the biggest. Since then, about 2.6m Chinese have gone abroad to study. The exodus has grown of

late to about 400,000 per year. The majority stay overseas, but the 1.1m who have come back have made a difference. Mr Wang argues that whereas the first three waves revolutionised China and the fourth modernised it, the fifth wave is globalising the country.

Sea turtles are helping to link China’s economy to the world. They founded leading technology firms such as Baidu. Many are senior managers in the local divisions of multinational firms. They are helping to connect China to commercial, political and popular culture abroad. Why then is their importance declining? Several studies show that sea turtles on average must now wait longer to find a less senior post at a smaller salary premium over local hires. The weakening job market for all graduates is one reason. Another is that, as China’s domestic market has taken off, industries such as e-commerce have evolved in ways unfamiliar to those who spent years abroad. Gary Rieschel of Qiming Ventures, a venture-capital firm, says that investors who a decade ago would have funded only those returning from Silicon Valley are now backing entrepreneurs from local universities, who are more familiar with local consumption patterns, computer-gaming habits and social media such as Weibo and Weixin.

As China has boomed, its managers have started to shed their inferiority

complex. A senior executive at Tencent, a Chinese social-media giant, says he still poaches sea turtles from foreign firms, but finds they have difficulty managing local engineers. A European investment banker says turtles often cling to quaint Western notions like transparency, meritocracy and ethics, which puts them at a disadvantage in China’s hyper-Darwinian economy, where locals are more willing to do whatever the boss or client wants.

Even foreign firms in China are getting pickier about whom they hire. Yannig Gourmelon of Roland Berger, a German management consultancy, believes the broader profit squeeze at multinational firms that killed off gilded expatriate packages has also sharply reduced the salary premium offered to sea turtles.

C grade turtles

There is another explanation: many of the latest wave are of lower quality. In the past, only the very best were allowed to go out and so competition for government scholarships was fierce. But as incomes have risen, many families of mediocre Chinese students have spent a fortune on degrees from universities of dubious quality that do little to enhance their job prospects. Worse yet, partly because of the downturn in Western economies, many have come back without work experience.

Even as hordes of less employable expatriates return, the brightest remain abroad. A study funded by America’s National Science Foundation found that 92% of Chinese with American PhDs still lived in that country five years after graduation. For Indians, the figure was 81%, for South Koreans 41% and for Mexicans 32%.

To lure such superstars back, the Chinese government is pouring pots of money into a scheme called 1,000 Talents, which offers generous subsidies and other perks. The powerful Organisation Department of the Communist Party is urging regional leaders and university heads to meet quotas for securing talent. In a forthcoming paper, Mr Wang and David Zweig of Hong Kong University of Science and Technology argue that China has been “perhaps the most assertive government in the world” in such efforts.

Will it work? It seems doubtful. Despite the policies, returning entrepreneurs hit many problems. Labour and land costs are rising, the theft of intellectual property is still rampant and corruption is widespread. Few top-tier scientists have returned. Mr Wang and Mr Zweig’s paper explains why: “If China wants to bring back the best, it needs a fundamental reform of its academic and scientific institutions” to break the power of politicised administrators over hiring and funding.

The hard truth is that Chinese abroad often have ambivalent attitudes towards their homeland. The wife and ch ildren of Huawei’s Mr Li, the seemingly archetypal sea turtle, still live in America. Rather than just shovelling out subsidies, Chinese officials might do better to strengthen the rule of law, root out corruption and clean up China’s air, water and food. Sea turtles would be sure to notice.

2019经济学人考研英文文章阅读八十五

Leopard seals share their suppers 豹海豹会分享它们的晚餐 Bad news if you are a penguin 假如你是一只企鹅,这真是个坏消息 Leopard seals resemble their terrestrial namesakes in two ways.They have polka-dot pelts.And they are powerful,generally solitary carnivores that are quite capable of killing a human being if they so choose—as has indeed happened once,in2003,when a British marine biologist was the victim. 豹海豹与生活在陆地上的同名动物(豹)有着两点相似之处。其一,它们的皮毛上都有着圆点花纹。其二,它们都是强大的独栖性食肉动物,只要它们愿意,是完全有能力杀死一个人的——正如2003年真实发生的那样,当时一位英国海洋生物学家就成了受害者。 Curiously,though,there have also been reports of leopard seals behaving in a friendly manner towards people—apparently trying to present gifts,in the form of prey,to divers. 但奇怪的是,也有报道称豹海豹对人类表现得十分友好——它们很显然把猎物作为礼物赠送给了潜水员。 Until now,there has been no explanation for this philanthropy.But work just published in Polar Biology by James Robbins of Plymouth University, in Britain,suggests that what the seals are actually looking for is a dining partner.

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Japanese commuters try new ways to deter gropers 日本通勤族尝试用新方法防止性骚扰 Victims are fighting back with apps,badges and invisible ink 受害者正在用应用程序、徽章和隐形墨水来反击 Throughout her20s,Yayoi Matsunaga was groped,almost daily,on packed rush-hour trains going to and from work.Three decades later,she discovered that her friend’s daughter was being molested on her commute to high school. 在松永弥生20多岁的时候,她几乎每天都会在上下班高峰拥挤的列车上被人骚扰。30年过去了,她发现她朋友的女儿仍会在上高中的通勤路上被人骚扰。 The teenager,after fruitless talks with the police and railway companies, decided to hang a sign from her bag that read:“Groping is a crime.I will not cry myself to sleep.”The groping stopped immediately. 在与警方和铁路部门交涉无果后,这名女孩决定在她的书包上挂一个牌子,上面写着:“性骚扰就是犯罪,我不会暗自哭泣的。”效果立竿见影。 Inspired,Ms Matsunaga launched a crowdfunding campaign in2015to create badges with the same message.They proved as effective as the sign: nearly95%of users stopped experiencing groping on public transport, according to a survey.

2020考研:考研同源外刊《经济学人》最常用600个词汇(下)

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Autism? 自闭症 Why it's not “Rain Woman”? 为什么它不是“雨女” Women have fewer cognitive disorders than men do because their bodies are better at ignoring the mutations which cause them? 与男性相比,患有认知障碍的女性较少,因为她们自身的身体能更好的忽略导致认知障碍的基因突变 AUTISM is a strange condition. Sometimes its symptoms of “social blindness”(an inability to read or comprehend the emotions of others) occur alone. This is dubbed high-functioning autism, or Asperger's syndrome. Though their fellow men and women may regard them as a bit odd, high-functioning autists are often successful (sometimes very successful) members of society. On other occasions, though, autism manifests as part of a range of cognitive problems. Then, the condition is debilitating. What is common to those on all parts of the so-called autistic spectrum is that they are more often men than women —so much more often that one school of thought suggests autism is an extreme manifestation of what it means, mentally, to be male. Boys are four times more likely to be diagnosed with autism than girls are. For high-functioning autism, the ratio is seven to one.?

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The dash off cash 挥金如土 Rich countries must start planning for a cashless future 发达国家必须开始为无现金的未来做计划 For the past3,000years,when people thought of money they thought of cash.From buying food to settling bar tabs,day-to-day dealings involved creased paper or clinking bits of metal. 在过去的3000年里,每当提起钱,人们总会想到现金。从购买食物到酒吧吧台结算消费,日常交易用到的都是皱巴巴的纸币或叮当作响的硬币。 Over the past decade,however,digital payments have taken off—tapping your plastic on a terminal or swiping a smartphone has become normal.然而,过去十年间,数字支付已经兴起——在终端上刷卡或刷手机已经变得平常。Now this revolution is about to turn cash into an endangered species in some rich economies.That will make the economy more efficient—but it also poses new problems that could hold the transition hostage. 如今,这场革命即将要把一些发达国家的现金变为“濒危物种”。数字支付能够让经济更高效,但同时也带来了一些可能会阻碍经济转型的新的问题。 Countries are eliminating cash at varying speeds.But the direction of travel is clear,and in some cases the journey is nearly complete.In Sweden the number of retail cash transactions per person has fallen by80%in the

0113期经济学人第一篇The digital proletariat

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What went wrong IN RECENT months many economists and policymakers, including such unlikely bedfellows as Paul Krugman, an economist and New York Times columnist, and Hank Paulson, a former American treasury secretary, have put “global imbalances”—the huge current-account surpluses run by countries like China, alongside America’s huge deficit—at the root of the financial crisis. But the IMF disagrees. It argues, in new papers released on Friday March 6th, that the “main culprit” was deficient regulation of t he financial system, together with a failure of market discipline. Olivier Blanchard, the IMF's chief economist, said this week that global imbalances contributed only “indirectly” to the crisis. This may sound like buck-passing by the world’s main interna tional macroeconomic organisation. But the distinction has important consequences for whether macroeconomic policy or more regulation of financial markets will provide the solutions to the mess. In broad strokes, the global imbalances view of the crisis argues that a glut of money from countries with high savings rates, such as China and the oil-producing states, came flooding into America. This kept interest rates low and fuelled the credit boom and the related boom in the prices of assets, such as houses and equity, whose collapse precipitated the financial crisis. A workable long-term fix for the problems of the world economy would, therefore, involve figuring out what to do about these imbalances. But the IMF argues that imbalances could not have caused the crisis without the creative ability of financial institutions to develop new structures and instruments to cater to investors’ demand for higher yields. These instruments turned out to be more risky than they appeared. Investors, overly optimistic about continued rises in asset prices, did not look closely into the nature of the assets that they bought, preferring to rely on the analysis of credit-rating agencies which were, in some cases, also selling advice on how to game the ratings system. This “failure of market discipline”, the fund argues, played a big role in the crisis. As big a problem, according to the IMF, was that financial regulation was flawed, ineffective and too limited in scope. What it calls the “shadow banking system”—the loosely regulated but highly interconnected network of investment banks, hedge funds, mortgage originators, and the like—was not subject to the sorts of prudential regulation (capital-adequacy norms, for example) that applied to banks. In part, the fund argues, this was because they were not thought to be systemically important, in the sense that banks were understood to be. But their being unregulated made it more attractive for banks (whose affiliates the non-banks often were) to evade capital requirements by pushing risk into these entities. In time, this network of institutions grew so large that they were indeed systemically important: in the now-familiar phrase, they were “too big” or “too interconnected” to fail. By late 2007, some estimates of the assets of the bank-like institutions in America outside the scope of existing prudential regulation, was around $10 trillion, as large as the assets of the regulated American banking system itself. Given this interpretation, it is not surprising that the IMF has thrown its weight strongly behind an enormous increase in the scale and scope of financial regulation in a series of papers leading up to the G20 meetings. Among many other proposals, it wants the shadow banking system to be subjected to the same sorts of prudential requirements that banks must follow. Sensibly, it is calling for regulation to concentrate on what an institution does, not what it is called (that is, the basis of regulation should be activities, not entities). It also wants regulators to focus more broadly on

6篇经济学人文章

1、The Americas Argentina's debt Let's not make a deal Argentina may spurn a chance to settle with its creditors 美洲阿根廷债务别签协议啦阿根廷或将还债机会弃如敝履 WHEN Argentina defaulted on its debt for the second time in 13 years last July, the government blamed a pesky clause in its contracts with bondholders. 去年七月,阿根廷发生了十三年来的第二次债务违约,而政府却将这次违约归咎于与债权人签订的合同中的某项麻烦条款。 The so-called Rights Upon Future Offers (RUFO) clause was set to expire on December 31st,in theory opening the way to a settlement with bondholders who had refused Argentina's earlier offers of partial payment. 由于之前债权人拒绝阿根廷部分偿还,这项本应于12月31日到期的未来发行权利(RUFO)条款理论上可以解决与债权人之间的债务问题。 A deal would make it easier to borrow dollars, which the country badly needs to pay for imports. 这项协议可以为阿根廷借入美元提供更多便利,有了美元,阿根廷就可以解决进口商品所使用货币的燃眉之急。 But the president, Cristina Fernandez de Kirchner, may spurn the opportunity. 不过,克里斯蒂娜?费尔南德斯?基什内尔总统却有可能将这一机会弃如敝履。 After its previous default (in 2001) Argentina offered RUFO as a way to entice bond holders to swap the old debt for new bonds worth much less than the original ones. 上次(2001年)债务违约后,阿根廷通过RUFO 怂恿债券持有人进行债务掉期,也就是说用原先价格较低的旧债券交换价格较高的新债券。 The clause says that any future deal offered to some bondholders would be extended to all of them. 这一条款规定,合同签署后,政府和部分债券持有人达成的协议将适用于全体债券持有人。 In 2012 a court in New York ruled that Argentina would have to pay in full the small minority of bondholders who refused the debt swap. 2012年,纽约一家法院判定阿根廷政府应向拒绝债务掉期的少数债券持有人一次付清所有债务。 These are mostly American hedge funds, which bought the bonds at a fraction of their face value. 后者主要是美国对冲基金,它们当初就是以远远低于面值的价格买入了阿根廷债券。 Argentina argued that complying with the court order would trigger billions in payments to all holders of bonds issued under New York law, and so chose to default. 阿根廷称,根据纽约法律,按法庭裁决行事将导致对债券持有人支付高达数十亿的费用,于是便选择了违约。 Since the court's ruling, its foreign-exchange reserves have dwindled to 30 billion, less than needed to pay for six months' imports. 法院作出判决后,阿根廷外汇储备已缩减至300亿美元,甚至不足以支付六个月的商品进口。 Low commodity prices mean that few dollars are flowing in. 较低物价意味着美元流入会更少。 The government has responded by further restricting imports, which has led to shortages of supplies to factories and of some consumer goods. 由于限制进口导致工厂供货和部分日用品出现了短缺,政府已对进一步限制进口做出了回应。 That is one reason why the economy is expected to shrink by around 1% in 2015. 这便是阿根廷经济增速预计将在2015年下跌1个百分点的原因之一。 Debt payments during the year will siphon off some 40% of international reserves. 全年的债务将造成外汇储备流失40%。In December Argentina tried to reduce that drain by offering holders of bonds due for repayment new securities that mature in 2024. 十二月时,阿根廷曾试图给债券持有人提供2024年到期的新债券,以避免本国外汇储备消耗过快。 The gambit failed miserably:just 4% of creditors volunteered to exchange their 2015 bonds. 这项策略后以惨败告终:只有4%的债权人自愿用2015年债券进行兑换。 Things are so desperate that the government will soon make an attractive offer to holdout bondholders, some observers believe. 一些观察家认为,当前情况万分危急,政府不久就会制定出富有吸引力的政策来维系人心。 The expiration of the RUFO clause makes the cost bearable; the government would not have to make the same offer to the other bondholders. 这次RUFO条款期满后,违约成本尚可担负;但政府今后不会再和其他债券持有人签署同样的协议了。But that is a minority view. 不过,这只是小部分人的看法。 The real obstacles to paying off the holdouts have always been political rather than contractual, many think. 许多人认为,一直以来,政府无力清偿债务的真正原因都不是合同问题,而是各种政治方面的因素。 Ms Fernandez and her advisers demonised them as vultures and blamed them for many of Argentina's woes. 在费尔南德斯总

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