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　　Bankers have been blaming themselves for their  troubles  in public .Behind eht scenes,they have been taking aim at someone else the accounting standard-setters.Their rules,moan the banks,have forced them to report enormous losses,and it’s just not fair.These rules say they must value some assets at the price atheird party would pay,not the price managers and regulators would like them to fetch。

　　Unfortunately,banks’lobbying now seems to be working.The details may be unknowable,but the independence of standard-setters,essential to the proper functioning of capital marksts,is being compromised.And,unless banks carry toxic assets at prices that attract buyers,reviving the banking system will be difficult.After a bruising encounter with Xongress.America;s Financial Accounting Standards Board(FASB)rushed through rule changse.These gave banks more freedom to use models to value illiquid assets and more flexibility in recognizing losses on long0term assets in their income statement.Bob Herz,the FASB’s chairman,cried out against ehose who ”question our motives。”Yet bank shares rose  and the changes enhance what one lobby group politely calls”the use of judgment by management。”

　　European ministers instantly demanded that the International Accounting Standards Board(IASB)do likewise.The IASB says it does not want to act without overall planning,but the pressure to fold when it comletes it reconstruction of rules later this year is strong Charlie McCreevy,a European commissioner,warned the IASB that is did”not live in a political vacuum”but”in the real word” and the Europe could yet develop different rules。

　　It was banks that were on the wrong planet,with accouts htat wastly overvalued assets.today they argue htat market prices overstate loeees,because htey

　　Largerly reflect the temporary illiquldity of markets,not the likely entent of bad debts.The truth will not be known for years.But bank’s shares trade below their book value,suggeting that investors are akeptical.And dead markets partly reflect the paralysis of banks which will not sell assets for fear of booking losses,yet are relucaant to buy all those supposed bargains。

　　To get the sysytem working again, losses must be recognized and dealt with.America’s new plan to buy up toxic assets will not work unless banks mark assets to levels which buyers find attractive. Successful markets require independent and even combative standard-setters. The FASB and IASB have been exactly that,cleaning up rules on stock options ang pensions,for example,against hostility interests. But by giving in to critics now they are inviting pressure to make more concessions。

　　36. Bankers complained that they were forced to

　　[A]follow anfavorable asset evaluation rules

　　[B]collect payments from third parties

　　[C]cooperate with the price managers

　　[D]reevaluate some of their assets

　　37.According to the author,the rule changes of the FASB may result in

　　[A]the dimingishing role of management

　　[B] the revival of the banking syestem

　　[C]the bank’s long-term asset lossers

　　[D]the weakening og its indepentdence

　　38. According to Paragarph 4,McCreevy objects to the IASB’s attempt to

　　[A] keep away from political influences

　　[B] evade the pressure from their peers

　　[C] act on their own in ruli-setting

　　[D]take gradual measures in reform

　　39、The author thinks the banks were“on the wrong planet”in that they

　　[A]mis interpreted market price indicators

　　[B]exaggerated the real value of their assets

　　[C]neglected the likely existence of bad debts

　　[D]denied booking losses in their sale of assets

　　40、The author’s attitude towards standard-setters is one of

　　[A]satisfaction

　　[B]skepticism

　　[C]objectiveness

　　[D]sympathy

　　Part B

　　Directions:

　　For Questions 41-45,choose the most suitable paragraphs from the first A-G and fill them into the numbered boxes to from a coherent text Paragraph E has been correctly placed. There is one paragraph which dose not fit in with the text. Mark your answers on ANSWER SHEET1.(10 points)

　　[A]The first and more important is the consumer’s growing preference for eating out; the consumption of food and drink in places other than homes has risen from about 32 percent of total consumption in 1995 to 35 percent in 2000 and is expected to approach 38 percent by 2005. This development is boosting wholesale demand from the food service segment by 4 to 5 percent a year Europe compared with growth in retail demand of 1 to 2 percent. Meanwhile as the recession is looming large, people are getting anxious. They tend to keep a tighter hold on their purse and consider eating at home a realistic alternative。

　　[B]Retail sales of food and drink in Europe’s largest markets are at a standstill,lesving European grocery retailers hungry for opportunities to grow.Most leading retailers have alteady tried e-commerce,with limit success,and expansion abroad.But almost all have ignored the big.profitable opportunity in their own backyard the wholesale food and drink trade,whoch appears to be just the kind of market retailers need。

　　[C]Will such variations bring about a change in the overall structure of the food and drinkmarket?Definitely not.The functioning of the market is basrd on flexible

　　Trends dominated by potential buyers.In other words it is up to the buyer tather than the seller to decide what to buy.At any rate this change will ultimately be acclaimed by an ever-growing number of both domestic and international consumers regardless of how long the current consumer pattem will take hold。

　　[D] All in all,this clearly seems to be a market in which big retailers that master the intricacies of wholesaling in Europe may well expect to rake in substantial profits there by.At least,that is how it looks as a whole.Closer inspection reveals import differences among the biggest national markets,especially in their customer segments and wholesale structures,as well as the competitive dynamics of individual food and drink categories.Big retailers must understand these differences before they can identify the segments of European wholesaling in which particular abilities might unseat smaller but enerenched competitors.New skills and unfamiliar business models are needed too。

　　[E] Despite variations in detail,wholesale markets in the countries that have been closely examined—France,Germany,Italy,and Spain—are made out of same building blocks.Demand comes mainly from two sources:independent morn-and-pop grocery stores which,unlike large retail chains,are two small to buy straight from producers,and food service operators range from snack machines to large institutional catering ventures,but most of these businesses are known in the trade as “horeca”：hotels,restaurants,and cafes.Overall, Europe’s retail wholesale market, but the figures,when added together,mask two opposing trends。

　　[F] For example, wholesale food and drink sales come to $268 billion in France, Germany, Italy, Spain and the United Kingdom in 2000-more than 40 percent of retail sales. Moreover, average overall margins are higher in wholesale than in retail; wholesale demand from the food service sector is growing quickly as more Europeans eat out more often;and changes in the competitive dynamics of this fragmented industry are at last making it feasible for wholesalers to considerate。

　　[G] However, none of these requirements should deter large retails and even some large good producers and existing wholesalers from trying their hand,for those that master the intricacies of wholesaling in Europe stand to reap considerable gains。

　　41   →    42   → 43 → 44 → E → 45

　　Part C

　　Directions:

　　Read the following text carefully and then translate the underlined segments into Chinese.Your translation should be written carfully on ANSWER SHEET 2.(10

　　Points)

　　One basic weakness in a comservation system based wholly one economic motives is that most members of the land community have no economic value Yet these ereatures are members of the biotic community and ,if its stability depends on its inteynity,they are entitled to continuance

　　When one of these noneconomic categories is threatened and if we happen to love it.We incert excuses to give it economic importance At the beginning pf century songbiras were supppsed to be disappearing。(46)Scinentists jumped to the resure with some distimctly shaky evidence to the effect the insecets would est us up of brids failed to control them the ecideuce had to be conbmic in order to be walid。

　　It is pamful to read these round about accounts today.We have no land ehtic yet。(47)but we have at least drawn near the point pf admitting that birds should continue as a matter of intrinisic right reardless of the presence pf absence of economic adcantage to us。

　　A panallel situation exists in respect of predatory mamals and fish-eating birds(48)Time was when biologosts somewhat over worded evidence that these creatures preserve the health of game by killing the physically weak or that they prey only on “worthless species”。

　　Some species pf tree have been read out of the party by economici –minded fpresters they grow too slowty or have a sale vate to pay as imeber crops (49)In europe,where forestry is ecologically more advanced ,the ncommercial tree species are recognized ad members of native forest community,to be preserved as such,within reason。

　　To sum up;a system of conservation based solely on econominc self-interest is hopelesstly lopsided(50)It tends to ignore,and thus eventually to eliminate,many elements in the land community that lack commercial value,but that are essential to its healthy functioning.Without the uneconomic pats。

　　Section III Writing

　　Part A

　　51.Directions:

　　You are supposed to write for the postgraduate association a notice to recruit volunteers for an intemational conference on globalization,

　　you should conclude the basic qualification of applicant and the other information you think relative。

　　You should write about 100 words.Do not sign your own name at the end ofthe letter.Use"postgraduate association" instead。

　　Part B

　　52.Directions:

　　Write an essay of 160200 words based on the following deawing.In your essay,you should

　　1)      describe the drawing briefly,

　　2)      ecplain its intended meaning,and then

　　3)      give your comments。

　　You should write neatly on ANSHWER SHEET2.(20 points)

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