经济学人文本

LAST year a supporter of Sonia Gandhi threatened legal action and succeeded in preventing the publication in English of“The Red Sari”,a fictionalised life which had already had a successful run in Spanish and Italian.Although a couple of biographies have been published in India,Rani Singh’s“Sonia Gandhi:An Extraordinary Life,An Indian Destiny”is the first for an international market.

《红色纱丽》一书歪曲地描述了索尼娅·甘地的生活，此书的西班牙语和意大利语版本都广受欢迎。而英文版《红色纱丽》一书的出版却受到了索尼娅·甘地的一名支持者的阻挠，他扬言要采取法律手段，最终他成功了，英文版并没有出版。在印度国内，尽管有一些关于索尼娅·甘地的传记已经出版，但拉丽辛格的《索尼娅·甘地：卓越的一生，一个印度人的宿命》却是第一本面向全球读者的传记。

When Sonia married Rajiv,son of the prime minister,Indira Gandhi,in Delhi in1968,nobody predicted great things for her.She was pretty,personable and very shy.Like her husband,she had few academic qualifications.Her father was a builder from a town on the outskirts of Turin. Although the Nehru-Gandhi family was not,as Ms Singh states several times,aristocratic,they and their circle could certainly be snooty.It was not unusual in the1990s to hear Sonia Gandhi referred to in Delhi social circles as“the Italian au pair”.

1968年，索尼娅·甘地在新德里和当时的印度总理英迪拉·甘地（甘地夫人）的儿子拉杰夫·甘地结婚。人们对她并无多大的期待。索尼娅·甘地面容姣好，姿态优雅，害羞内敛。同她丈夫一样，她在学术上建树甚少。她的父亲是一个建筑工人，来自都灵市郊一个小镇。辛格不止一次将尼赫鲁-甘地家族描述为是有着贵族习气，尽管事实情况并非完全如此，但他们的小圈子的确是高傲势利。（尼赫鲁-甘地家族本可以待人傲慢，但事实上，他们这个小圈子并不像辛格在书中不止一次的描写的那样喜欢摆贵族的架子）在20世纪90年代，新德里的社交圈将索尼娅·甘地称为“意大利帮工”的情况已经很少再出现了。

Today Mrs Gandhi is the most powerful politician in India.Earlier this year when she went for treatment at Memorial Sloan–Kettering Cancer Centre in New York,the government was left rudderless.Characteristically,no announcement was made as to where she had gone,or whether her illness was serious.Cabinet ministers were reduced to asking each other,and even in some cases the media,for information about her condition.

如今，索尼娅·甘地已是印度最有权力的政治家。今年的早些时候，她前往纽约的梅莫瑞尔·斯欧恩-凯特林癌症中心接受治疗，政府群龙无首。有一个典型的例子：政府就她的去向，健康状况没有做任何的声明。内阁部长们不得不相互询问，有些时候甚至向媒体打听索尼娅·甘地的情况。

When she returned to India in September and resumed her duties as president of the ruling Congress Party,the immediate crisis appeared to stabilise.Mrs Gandhi’s position—which might best be described as a dynastic moral authority—now stems less from the fact that she is Rajiv’s widow than from her intuitive strategic sense and her discreet,often silent,ability to assert

political control.

当索尼娅·甘地九月份回到印度，再次开始她国会党主席的工作时，原本混乱的状况一似乎下子秩序井然。人们关于她的地位最恰当的描述是“王朝的精神领袖”，原本是因为她是拉吉夫的遗孀，而现在则更多的是因为她在政治上直觉敏锐，思想具有战略性，寡言慎行，对政治工作有绝对的掌控能力。

It is hard to determine just how she does this,since her senior colleagues know they would soon fall from favour if they broke the omerta that surrounds her.Sonia Gandhi almost never gives interviews,although the few she has done on Indian television have been surprisingly open and direct,recounting the tragedy of her husband’s assassination in1991and her own inclusive social ideals.

人们不知道索尼娅·甘地是如何做到这些的。但她身边和她共事多年的同事们知道，要是他们胆敢损害索尼娅·甘地的美好形象(风言风言)，他们也将地位不保。索尼娅·甘地极少接受采访，在她为数不多的几次电视访问里，她一反常态地非常公开和直接地讲述着1991年他的丈夫遇刺的悲剧经历，分享着她自己的社会理想。

Ms Singh says she follows“her own brand of socialism”,which is an exaggeration.Rather than socialism,it is an emphasis on protecting the disadvantaged even while proceeding with India’s at times rapacious version of capitalism.Since she does not hold a ministerial post,Sonia Gandhi can appear detached from government policy,and row back from difficult decisions when they prove unpopular.A symbolic performance is combined with studious political negotiation.

辛格说索尼娅·甘地在践行她独有的社会主义，这实在有些夸大其词。与其是说走社会主义之路，索尼娅只是在印度大肆发展资本主义的同时更强调保护弱势群体的利益。由于她并没有内阁的席位，索尼娅可以表现得和政府的政策相背而行，当政府的决定不受欢迎时再提出自己的见解。这种象征性的表演常常体现在和与政府频繁进行的政治性协商中。

There are several difficulties with this biography.Ms Singh,a London-based journalist and broadcaster,appears to think that her duty as a biographer is to write a hagiographical defence of her subject.The enthusiastic tone extends to most members of the Gandhi family.When Indira Gandhi made a controversial snap decision to nationalise India’s big banks,the reader is told simply that crowds danced in the streets in jubilation:“Indira had an instinctive feeling for what would please people and would move heaven and earth to deliver.”

辛格是一名驻扎在伦敦的记者和播音员。在写这本书的时候有很多困难。她认为自己作为传记的撰写者，其职责就是要为她书中主角树立正面形象，因此她对甘地家族成员的评价都甚高，当记叙到甘地夫人当机立断，推行了一项颇有争议的国有化印度大型银行的政策时，辛格仅仅描述了人们在街上欢乐地跳舞庆贺。她还写到“甘地夫人天生知道如何迎合别人，她也竭尽全力地利用这一点。”

There is no indication that Ms Singh has had access,during her research,to either Sonia Gandhi herself,or to any of the people who are close to her.The book shows scant political understanding. Sikh militancy,Kashmir,the Sri Lanka conflict and the Bangladesh war are recounted in school textbook prose,accompanied by some baffling non sequiturs.

没有任何的迹象表明辛格在撰写这本书做研究期间，有机会接近索尼娅·甘地或是她身边的人。此书政治见解略显浅薄。书中关于锡克教的斗争，克什米尔，斯里兰卡冲突，孟加拉的战争的记叙走只停留在教科书的水平，同时还记叙了一些不相关的战争。（还下了一些不想干的令人困惑的结论）

When the narrative becomes more personal,the reader is offered anecdotes such as this:“Presented with a tray of freshly made juices,Sonia studied the options carefully:papaya,lime, orange,fresh mango,and coconut water,before choosing the last one.”Would history have turned out differently if she had chosen the lime?

当作者叙述平日的琐碎生活之时，读者会读到这样的句子“索尼娅面前放着众多的鲜榨的果汁，有番木瓜汁，酸橙汁，橘汁，新鲜芒果汁和椰子汁，她细细地选择着，最后选择了椰子汁。如果她最后选了酸橙汁，这对历史有什么影响呢？

经济学人杂志

经济学人杂志 Suga Yoshihide became Japan’s 99th prime minister. He won the leadership of the Liberal Democratic Party with 377 votes of a possible535, following Abe Shinzo’s resignation due to ill health in August. Mr. Suga, who served as Mr. Abe’s chief cabinet secretary, has promised continuity. But his background and stated priorities suggest a narrower focus on the economy。 菅义伟成为日本第99届首相。在安倍晋三八月份由于生病离职之后，他赢得了自由民主党535票中377票，从而获得领导权。菅义伟先生（曾经作为安倍晋三的内阁官房长官）承诺继续安倍的政策。但是他的背景和陈述出来的施政的优先权显示他对经济的聚焦将会减弱。 Thailand became the first South-East Asian country to lose tourism restrictions introduced during the pandemic. Visitors who agree to a14-day quarantine and a minimum stay will be allowed to enter. Malaysia’s prime minister, by contrast, said he would tighten controls at borders. Singapore will give all adult residents vouchers worth S$100 ($73) to spend on local hotels and sights.

2020考研：考研同源外刊《经济学人》最常用600个词汇(下)

考研同源外刊《经济学人》最常用600个词汇（下） 401、Final goods最终产品 旨在最终使用而非转卖或进一步加工的商品。(参见"中间产品"，intermediate goods) 402、Financial economics金融经济学 经济学的一个分支。分析理性投资者如何通过最有效的方式使用资金和进行投资以期达到目标。 403、Financial intermediary金融中介 接受储蓄存款并将其出借给借款者的机构。包括存款机构(如商业银行和储蓄银行)和非存款机构(如货币市场共同基金、经纪人商行、保险公司或养老基金)。 404、Firm(business firm)厂商 (企业)经济体系中基本的私人生产单位。它雇用劳动，购买其他投入品，以制造和销售商品。 405、Fiscal-monetary mix财政-货币政策组合 用以干预宏观经济活动的财政政策和货币政策的组合。紧缩的货币政策和宽松的财政政策，倾向于鼓励消费和抑制投资。而宽松的货币政策和紧缩的财政政策，则具有相反的功效。 406、Fiscal policy财政政策 一种政府计划。内容包括：(1)商品和服务的购买及转移支付等支出；(2)税收的数量和种类。 407、Fiscal cost固定成本 见固定成本(cost，fixed)。 408、Fixed exchange rate固定汇率

见外汇汇率(foreign exchangs rate)。 409、Flexible exchange rates弹性汇率制 一种国际汇率制度。在该制度条件下，汇率主要由市场力量(即供给和需求)决定，政府不设定及维持某种特定的汇率。有时也称作"浮动汇率制"(floating exchange rates)。当政府对外汇市场不加干预时，该制度称为纯粹的浮动汇率制。 410、Floating exchange rates浮动汇率制 见弹性汇率制(flexible exchange rates)。 411、Flow vs stock流量与存量 流量是指，带有时间跨度或曰在一个时段上所累积变动的量(好比通过一个河段的水流)。存量则指，在某一个时点上某一变量的量值(如同湖中所盛的水)。收人代表每一年的美元流入数，因此是一个流量。而到1998年12月为止某人的财富则是一个存量。 412、Foreign exchange外汇 各国用以偿付对他国所欠债务的通货(或其他金融票据)。 413、Foreign exchange market外汇市场 不同国家的通货进行交易的市场。 414、Foreign exchange rate外汇汇率 一国通货与他国通货的交换比率或曰价格。例如，如果你可以用1美元购买19德国马克，那么马克的汇率就是19。如果一国通货钉住某一汇率水平，并准备随时捍卫这一汇率，则称该国实行的是固定汇率制(fixed ex-change rate)。而由市场供求力量来决定的汇率称为弹性汇率制(flexible exchange rates)。 415、Fourfirm concentration rate四企业集中度 见集中度(concentration ratio)。 416、Fractional-reserve banking部分准备金 银行制度现代银行体系的一种管制形式。依法要求有关金融机构将其所吸收的存款

考研英语经济学人文章阅读训练2020021502

Youngsters’job preferences and prospects are mismatched 年轻人的工作偏好与就业前景不相匹配 Teenage picks 青少年的选择 The world of work is changing.Are people ready for the new job outlook? A survey of15-year-olds across41countries by the OECD,a club of mostly rich countries,found that teenagers may have unrealistic expectations about the kind of work that will be available. 职业的世界正在发生变化。人们做好准备接受新的就业观了吗？世界经合组织（一个以发达国家为主的组织）对41个国家的15岁青少年进行了一项调查，结果发现青少年对于未来可能从事的工作抱有不切实际的期望。 Four of the five most popular choices were traditional professional roles: doctors,teachers,business managers and lawyers. Teenagers clustered around the most popular jobs,with the top ten being chosen by47%of boys and53%of girls.Those shares were significantly higher than when the survey was conducted back in2000. 在五个最受欢迎的职业选择中有四个是传统的职业角色：医生、教师、企业经理和律师。青少年对于最受欢迎工作的选择呈现了聚集性，有47％的男孩和53％的女孩选择了排在前十位的职业。这一比例显著高于2000年调查时的水平。 The rationale for this selection was partly down to wishful thinking on the part of those surveyed(designers,actors and musical performers were three of the top15jobs).Youth must be allowed a bit of hope. 受访者做出这一选择往往是出于自己的一厢情愿（最受欢迎的15个职业中有3个分别是设计师、演员和歌手）。我们必须给年轻人一点希望。

《经济学人》科技类文章整合

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.?

2019经济学人考研英文文章阅读一三六

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.

0113期经济学人第一篇The digital proletariat

Free exchange 自由交易 The digital proletariat 数字无产阶级（无产阶级，不占有生产资料的阶级，这里意思我们产生数据，却无偿的交由互联网公司使用） 导读： Economists propose a radical solution to the problems posed byartificial intelligence 经济学家提出了一个彻底解决人工智能相关问题的方法。 正文： YOUhave multiple jobs, whetheryouknowitornot. 不管你有没有意识到，你身上都有多种生意。 Most begin first thing in the morning, when you pick up your phoneand begin generatingthe data thatmake up Silicon Valley’smost importantresource. 大多数生意在早晨开始，你拿起手机时就开始产生了数据。这些数据组成了硅谷最重要的资源 That, atleast, ishowwe oughtto think aboutthe role ofdata-creation in the economy, according to a fascinating new economics paper. 至少，这就是我们应该思考的：数据创造在经济里扮演怎样的角色，这是根据一篇很有吸引力的新经济文章提到的。

We are all digital labourers, helpingmake possible the fortunes generated by firms like Google andFacebook, the authors argue. 其中作者认为，我们就是所有数字的劳工，帮助像谷歌和脸书这样的公司创造财富。（fortunes命运，幸运，富有）Ifthe economy is to function properlyin the future—and ifa crisisoftechnological unemployment isto be avoided—we musttake accountofthis, and change the relationship between biginternetcompaniesand theirusers. 在未来经济运转良好的情况下，如果想要避免工业发展带来的失业危机，我们必须着眼于这件事情，并且改变大型互联网公司和他们用户之间的关系。 Artificial intelligence (AI) is getting better all the time, and stands poised totransform a host of industries, say the authors 作者说，人工智能势头一直越来越好，势必（准备）改变一大批工业。 But, in orderto learn to drive a carorrecognize a face, the algorithmsthatmake clever machines tick（滴答，拟声词，表示机器运作）mustusuallybe trained on massive amountsofdata. 但是，为了做到自动驾驶和人脸识别（主语是AI），使智能机器运作的法则必须经常用非常大量的数据进行测试。Internetfirms gather these data from users every time they click on aGoogle search result, say, orissue a command to Alexa.

经济学人科技类文章中英双语

The Brain Activity Map 绘制大脑活动地图 Hard cell 棘手的细胞 An ambitious project to map the brain is in the works. Possibly too ambitious 一个绘制大脑活动地图的宏伟计划正在准备当中，或许有些太宏伟了 NEWS of what protagonists hope will be America’s next big science project continues to dribble out. 有关其发起人心中下一个科学大工程的新闻报道层出不穷。 A leak to the New York Times, published on February 17th, let the cat out of the bag, with a report that Barack Obama’s administration is thinking of sponsoring what will be known as the Brain Activity Map. 2月17日，《纽约时报》刊登的一位线人报告终于泄露了秘密，报告称奥巴马政府正在考虑赞助将被称为“大脑活动地图”的计划。 And on March 7th several of those protagonists published a manifesto for the project in Science. 3月7日，部分发起人在《科学》杂志上发表声明证实了这一计划。 The purpose of BAM is to change the scale at which the brain is understood. “大脑活动地图”计划的目标是改变人们在认知大脑时采用的度量方法。 At the moment, neuroscience operates at two disconnected levels. 眼下，神经学的研究处在两个断开的层次。 The higher one, where the dimensions of features are measured in centimetres, has many techniques at its disposal, notably functional magnetic-res onance imaging, which measures changes in tissues’ fuel consumption. 在相对宏观的层次当中各个特征的规模用厘米来衡量，有很多技术可以使用，尤其是用来测量组织中能量消耗变动情况的核磁共振成像技术。 This lets researchers see which bits of the brain are active in particular tasks—as long as those tasks can be performed by a person lying down inside a scanner. 该技术可使研究人员找出在完成具体的任务时，大脑的哪些部分处于活跃状态。At the other end of the scale, where features are measured in microns, lots of research has been done on how individual nerve cells work, how messages are sent from one to another, and how the connections between cells strengthen and weaken as memories are formed. 而另一个度量的层次则要求用微米来测量各种特征，这一层次的研究很多都是关于单个神经细胞是如何工作的、信息在神经细胞之间是如何传递的以及当产生记忆的时候神经细胞之间的联系是如何得到加强和减弱的。 Between these two, though, all is darkness. 然而，位于这两个层次之间的研究还处于一片漆黑当中。 It is like trying to navigate America with an atlas that shows the states, the big cities and the main highways, and has a few street maps of local neighbourhoods, but displays nothing in between.

考研英语经济学人文章阅读训练2020082202

Cloth of gold 一块价值堪比黄金的布 Why the economic value of a face mask is$56.14 为什么说一个口罩的经济价值是56.14美元 After a brutal first six months of the year,governments across the world are hoping for an economic bounce-back.Rich-world GDP fell by about 10%in the first half of2020. 在经历今年上半年的残酷考验后，世界各国政府都期待经济能够触底反弹。2020年上半年，发达国家的GDP下降了约10%。 Yet much has changed since—including that more people are now wearing masks.Economists,obsessed with translating everything into GDP,wonder if more widespread face-covering could help the recovery.然而，自从越来越多的人戴上口罩后，情况发生了显著变化。经济学家痴迷于用GDP来解释一切事物，如今他们想知道，随着更多的人戴上了口罩，经济能否走向复苏。The thinking goes that masks can,in part,substitute for lockdowns. People wearing them need not be discouraged as much from using public transport.More shops and offices might be able to reopen,albeit while practising social distancing. 这种想法基于这样一个逻辑，戴口罩在一定程度上可以代替封锁措施。当人们戴上口罩后，就不必再对公共交通工具进行限制了。更多的商店和办公室也将重新开放，尽管是在保持社交距离的前提下。 Calculations from Goldman Sachs,a bank,suggest that a15 percentage-point rise in the share of the population that wears masks

2019经济学人考研英文文章阅读一三零

TikTok time-bomb 抖音，一颗定时炸弹 TikTok’s silly clips raise some serious questions 抖音的搞笑视频带来了一些严肃的问题 If this article were a TikTok video,it would already be almost over—and you would be smiling.TikTok’s15-second clips are all the rage among teenage netizens. 如果这篇文章是一段抖音短视频的话，那么到这会应该就快结束了，而此时的你应该在哈哈大笑。抖音的15秒短视频在青少年网民中风靡一时。 The app was downloaded more than750m times in the past12months, more than Facebook plus its sister services,Instagram and WhatsApp, combined.Fun aside,TikTok raises serious questions—about data geopolitics,the power of internet incumbents and who sees what online. 这款应用在过去的一年的下载量高达7.5亿次，超过了Facebook及其姊妹应用Instagram和WhatsApp的总和。除了给人们带来欢乐外，抖音也带来了一些严肃的问题，例如数据地缘政治、互联网公司的力量以及用户能看到什么内容。 TikTok is YouTube on steroids.It bombards users with self-repeating clips. It forms a genre of quick-hit entertainment:a prank,a dare,a teenager looking pretty.Most are produced by adolescents,with easy-to-use

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Disney Star Wars, Disney and myth-making How one company came to master the business of storytelling FROM a galaxy far, far away to a cinema just down the road: “The Force Awakens”, the newest instalment of the Star Wars saga, is inescapable this Christmas. The first Star Wars title since Lucasfilm, the owner of the franchise, was acquired by Disney in 2012 for $4.1 billion, it represents more than just the revival of a beloved science-fiction series. It is the latest example of the way Disney has prospered over the past decade from a series of shrewd acquisitions (see article). Having bought Pixar, Marvel and Lucasfilm, Disney has skilfullycapitalised on their intellectual property—and in so doing, cemented its position as the market leader in the industrialisation of mythology. Its success rests on its mastery of the three elements of modern myth-making: tropes, technology and toys. From Homer to Han Solo Start with the tropes. Disney properties, which include everything from “Thor” to “Toy Story”, draw on well-worn devices of mythic structure to give their stories cultural resonance. Walt Disney himself had an intuitive grasp of the power of fables. George Lucas, the creator of Star Wars, is an avid student of the work of Joseph Campbell, an American comparative mythologist who outlined the “monomyth” structure in which a hero answers a call, is assisted by a mentor figure, voyages to another world, survives various trials and emerges triumphant. Both film-makers merrily plundered ancient mythology and folklore. The Marvel universe goes even further, directly appropriating chunks of Greco-Roman and Norse mythology. (This makes Disney's enthusiasm for fierce enforcement of intellectual-property laws, and the seemingly perpetual extension of copyright, somewhat ironic.) The internal mechanics of myths may not have changed much over the ages, but the technology used to impart them certainly has. That highlights Disney's second area of expertise. In Homer's day, legends were passed on in the form of dactylic hexameters; modern myth-makers prefer computer graphics, special effects, 3D projection, surround sound and internet video distribution,

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China in Laos Busted flush How a Sino-Lao special economic zone hit the skids May 26th 2011 | BOTEN, LAOS | from the print edition ?Tweet ? Soon all this will be jungle again AT HOME and abroad, China is a byword for fast-track development, where yesterday’s paddy field is tomorrow’s factory, highway or hotel. Less noticed is that such development can just as quickly go into reverse. Golden City, in Boten, just over the border from China in tiny Laos, is a case in point. When a Hong Kong-registered company signed a 30-year, renewable lease with the Lao government in 2003 to set up a 1,640-hectare special economic zone built with mainland money and expertise, Golden City was touted as a

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Tencent Video battles iQiyi in China’s streaming wars腾讯视频与爱奇艺之中国流媒体大战 But the two big Chinese streaming platform may onc day settle into a cosy duopoly 但两大平台在未来某天或将实现双头垄断 L aunched in2010,iQiyi has grown used to the foreign press calling it“the Netflix of China”.Not the worst nickname,given the videostreaming pioneer’s success.But Gong Yu,iQiyi’s founder and boss,insists that his firm is more accurately described as“Netflix plus”.A bold claim for a loss-making business worth one-fifteenth as much as America’s(cash-generating)entertainment powerhouse with a market value of$214bn.Still,Mr Gong has a point. 创立于2010年的爱奇艺常常被外国媒体称为“中国版网飞”。鉴于这家流媒体先驱的成功，这一称号也算名副其实。但爱奇艺创始人兼老板龚宇坚称，准确来说，爱奇艺是“加强版网飞”。对于这家仍在亏损的公司来说，这种说法有些张狂，作为美国娱乐业巨头的网飞现已实现盈利，市值高达2140亿美元，而爱奇艺市值仅为其十五分之一。不过，龚宇所言仍有些许道理。 Like Netflix,iQiyi offers customers a deep catalogue of licensed and original content.Unlike Netflix,which relies almost entirely on subscription fees,iQiyi has multiple revenue streams.“Membership fees”,which start from19.8yuan ($2.87)a month,accounted for just over half of iQiyi’s7.4bn yuan in revenues in the second quarter. 爱奇艺和网飞一样，也为客户提供海量版权及原创影视作品。但不同于几乎完全依赖会员费的网飞，爱奇艺拥有多项收入来源。在爱奇艺第二季度74亿元的营收中，每月19.8元（约合2.87美元）起的“会员费”占比刚刚过半。 The rest came mainly from an online store(which sells“entertainment-related merchandise”),a nascent mobile-gaming arm,an e-book business and advertisements;iQiyi operates a“freemium”model which allows stingier users to stream some content free of charge provided they agree to watch ads.

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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