Unit13FinanceLehmanBrothers由于受次貸危機影響,雷曼兄弟公司出現巨額虧損并導致破產,成為越演越烈的經濟危機的

導火線。經濟危機不僅嚴重影響了世界經濟的發展,而且也嚴重影響了人們的生活。WhentheLehmanBrothersdeclaredtheirbankruptcy1on15thSeptem-

ber,2008,theresponseofthebusinessworldwaspied2.Someofthemwere

anxiousaboutwhatthebankruptcywouldcausewhilesomefounditappro-

priatethatthebigperformeronthefinancialmarketintheendhadtoface

theconsequencesofitsownstroke.①

Theriseofthispowerfulinvestmentbankstartedin1844andplayedapre-

ciousroleinthefinancialandcommercialindustryoftheUnitedStatesfor

morethan15decades.In1844HenryLehmansetupasmalldrygoodsshop

andsoldgroceriestothenearbyfarmers.SixyearslaterhewasjoinedbyhistwobrothersandtheynameditLehmanBrothers.Soonafteritsfounding,

theLehmanBrothersevolvedfrommerchandising3businesstocommodities

brokers4thattradedcottontofarmers.Intheyear1898LehmanBrothersun-

derwrote5itsfirstpublicoffering6fortheinternationalsteampumpcompany.

Inthe1900

sthefirmbecameafinancerofmanytopretailers.Intheyear1

906LehmanBrothersshookhandswithGoldmanSachsinordertobringthe

generalcigarcompanytothemarket.Intheyear1929LehmanCorporation

wascreatedwhichwasaclosedendinvestmentcompany.②Intheyear1975LehmanbrothersacquiredAbraham&Co.andtwoyearslaterin1977

mergedwithKuhn,Loeb&Co.toformLehmanBrothersKuhnLoebInc.

Lateronin1984AmericanExpressacquiredLehmanBrothersandmergedit

withShearson.Butin1994LehmanBrothersbecameindependentthrough

publicstockofferingsandLehmanBrothersHoldingInc.③In2003Lehman

acquiredNeubergerBermanfor$2.6billionandin2007LehmanBrothers

recordedhighrevenues7andincomeforthefourthconsecutive8yearandthe

highestvolumeoftradeontheLondonStockExchange.LehmanBrothersprovidedarangeofequity9andfixedincomeservices.④

Theywerealsoagiantininvestmentbankingservicesandunderwritingser-

vices.However,

becauseofthepoorperformanceofresidential10mortgage11

origination12andsecuritization13business,itmightneedtorestructureits

businessportfolio14.⑤LehmanBrothershadaportfolioconsistingofabulkyshareofloanconnect-

edtothepurchasingofrealestate15,butthecorebusinesswasinvestment

bankingandalsofinancialservicestocorporations,governmentinstitutional

clients16andhighnetworthindividuals.Lehmanwastheworldwidecreator

incertainequityandfixedincomeproducts.Itsdistributionaptitude17ineq-uityandfixedincomeproductswasbasedonclient-flowbusinessmodel

whichmainlyfocusesonthetransactionoftheclientintheglobalcapital

marketsacrosstheworldbyadvisingonspecifiedneedoftheclient.AfterthebiggestaccountingscandalsfacedbytheUSAin2002theLehman

brothersmadeapowerfulcomeback18inthemarketinasset19management

withthenetinvestmentof$27,510,705,524.00atnominal20interestratesof

7.18%.Thisincreasedtheoperatingcostofthecompanybutearningsper

sharereached$3.20in2003.EnteringthePCSbusiness,Lehman

sprivate-

equitybusinessincreasednominaldiscountrateto8.03%withincreasedop-eratingcostandearningspershareto$4.00intheyear2004.⑥In2005

LehmanBrothersputahugeinvestmentinthesubprime21marketswithhigh

operatingcostbutstillmadeagoodamountontheirearningspershareof$5.

40.However,becauseofthemajorinvestmentinthesubprimemarketsitsoper-

atingcashwasdeclined.Earlyin2007~2008therewasadeclineintheprices

ofproperty22market(about16to20percent)whichmadethevalueofthe

propertylesserthantheloanvalueoutstanding,whichwastheshatteringfor

Lehmanbrothers.AsteepdeclineintheNPV23ofthecompanymadethemfilebankruptcyonSeptember15th,2008.——http://www.ukessays.com/essays/banking/sturdy-investment-bank.php(618words)Notes①Someofthemwereanxiousaboutwhatthebankruptcywouldcause

whilesomefounditappropriatethatthebigperformeronthefinancialmar-

ketintheendhadtofacetheconsequencesofitsownstroke.商界中有些人擔心破產將會導致的后果,但也有一些人覺得這正合時宜,

讓金融市場上的這個大玩家最終不得不自食其果。②Intheyear1929LehmanCorporationwascreatedwhichwasa

closedendinvestmentcompany.1929年雷曼股份有限公司成立,這是一家封閉型投資公司。③Butin1994LehmanBrothersbecameindependentthroughpublic

stockofferingsandLehmanBrothersHoldingInc.但在1994年,通過公開發行股票和成立雷曼兄弟控股公司,雷曼兄弟公

司成為獨立的公司。④LehmanBrothersprovidedarangeofequityandfixedincomeser-

vices.雷曼兄弟公司提供一系列股票和固定收益服務。⑤However,becauseofthepoorperformanceofresidentialmortgageorigi-

nationandsecuritizationbusiness,itmightneedtorestructureitsbusiness

portfolio.但是由于其住宅按揭貸款和資產證券化業務不佳,可能需要調整其證券

投資組合。⑥EnteringthePCSbusiness,Lehman

sprivate-equitybusinessin-

creasednominaldiscountrateto8.03%withincreasedoperatingcostand

earningspershareto$4.00intheyear2004.進入個人電腦行業,隨著經營成本增加以及2004年每股收益達到4美元,

雷曼兄弟公司把私募股權業務的名義貼現率提高到了8.03%。ExercisesⅠ.There

are

five

questions

or

unfinished

statements

based

on

the

passage.

For

each

of

them

choose

the

best

answer

from

the

four

choices

marked

A,B,

C

and

D.1.WhatarethereactionstothebankruptcyoftheLehmanBroth-

ers?A.Somewereworriedaboutthedestructiveeffectswhilesomethought

theLehmanBrothersdeservedit.B.Somewereworriedaboutthefinancialworldwhilesomethoughtthe

LehmanBrothersshameful.C.Somewereanxiousabouttheirownbusinesswhilesomethoughtthe

LehmanBrothersalaughingstock.D.Somewereanxiousabouttheconsequenceswhilesomethoughtthe

LehmanBrotherspitiful.2.WhenwastheLehmanBrothersofficiallynamed?A.In1844whenHenryLehmansetupasmalldrygoodsshop.B.In1850whenHenryLehmanwasjoinedbyhistwobrothers.C.In1898whenLehmanBrothersunderwroteitsfirstpublicoffering

foraninternationalcompany.D.Inthe1900

swhenthefirmbecameafinancerofmanytopretailers.3.Theunderlinedword“merged”inparagraph3means

.A.separatedB.appearedC.cooperatedD.combined4.HowwasthebusinesswhenthecompanywasengagedinthePCSbusi-

ness?A.Withincreasedoperatingcost,earningspersharewereincreased.B.Withrisingoperatingcost,earningspersharewerereduced.C.Withdecliningoperatingcost,operatingcashwasincreased.D.Withdecliningnetpresentvalue,operatingcashwasdeclined.5.Whatisthemaincauseofitsbankruptcy?A.Thepoorperformanceofresidentialmortgage.B.Theineffectivefinancialservices.C.Thehugeinvestmentinthesubprimemarkets.D.Thehighoperatingcostwithlowearningspershare.Ⅱ.Fill

in

the

blanks

in

the

following

sentences,using

the

words

or

phrases

given

below.Change

the

form

where

necessary.1.Thecourtsorderedtheseizureofallher

.2.Asa

ofsmoking,myfathercoughsfrequently.3.Itissaidthattheysufferedhugelossesinthe

crisis.4.Theschemehas

tohelphomelesspeople.5.Ifyouinsist,wehaveto

themeetingoff.6.Theyadvisedtheirclientto

anothercompany.7.Greathistoricalachievementsoften

simpleconcepts.8.Yourpositive

willreinforceheractions.9.You

llgetthere

ifyouworkhard!10.Theclosureoftheminewasthesinglemostimportantfactorinthe

town

s

.Ⅲ.Translate

the

following

Chinese

sentences

into

English.1.150多年來,雷曼兄弟公司在美國金融業和商業中一直起著重要作用。2.通過公開發行股票以及成立雷曼兄弟控股公司,雷曼兄弟公司于1994

年成為獨立的公司。3.雷曼兄弟公司可能需要調整其證券投資組合,因為其住宅按揭貸款和資產證券化業務業績不佳。4.雷曼兄弟公司破產的一個主要原因是它在次貸市場進行了大量的投

資,運營成本高昂。SectionAIn

this

section,you

are

going

to

read

a

passage

with

ten

statements

attached

to

it.Each

statement

contains

information

given

in

one

of

the

paragraphs.I-

dentify

the

paragraph

from

which

the

information

is

derived.You

may

choose

a

paragraph

more

than

once.Each

paragraph

is

marked

with

a

letter.HowHealthCareReformWillAffectYourWalletandYourLifeA)WhentheSupremeCourtruledthatthePatient

Protection

Affordable

Care

Act—“Obamacare”—wasconstitutional

(符合憲法的),manyAmericanssimplywonderedhowthisrul-

ingwouldaffecttheirdailylives.Back

to

the

FutureB)Insomeways,thefutureisalreadyhere,andmanyportionsofthe

PPACAhavealreadybeenquietlycarriedout.Thegovernmenthasstream-

lined(使……合理化)theapprovalprocessforbasicdrugsandexpanded

Medicare

sprescription(藥方)benefit.Ithaslevieda10%taxontanning

booths(紫外線保健房),andpassedseveralrulesthatwillmakeiteasierfor

peoplewith“pre-existingconditions”togetthelifesavingtreatmentsthey

need.Forinsurancecompanies,lifetimelimitsoncoverage,pricecheating,

andahostofothercost-cuttingmeasuresarenowillegal.Slowly,medicationisgettingcheaper,insurancecoverageisgettingeasiertoattain,anda

healthylifestyleisbecomingmoreattainable.C)Now,wecanexpectthatoverthenextfewmonths,moreandmoreofthe

futurewillshowup.StartinginAugust,treatmentslikecolonoscopies(結腸

鏡檢查)andmammograms(乳房X線照片)willbefreeforpatientswho

opennewinsurancepolicies.Afewmonthslater,peoplewhomakemore

than$200,000peryearwillhavetopayanextra0.9%taxwhichwillhelp

fundhealthcare.The

Big

Changes

You

Will

Hardly

NoticeD)Thesearelittlethings,increasingchangesthatmostpeoplewon

tnotice,

exceptperhapsoccasionallywonderingaboutwhenmedicationsgotcheaper

orwhyachievingtheSnooki(美國女明星)lookhasgottenmoreexpensive.

Butthebigtransitionwillarrivein2014.That

swheneveryonewilleither

havetogetinsuranceorpayatax.E)Thefunnythingis,creepingsocialismprobablywon

tfeelmuchdiffer-

entfromthecurrentsystem.Imagineanordinarymiddleclassfamily.For

momanddad,whoworkfulltime,insurancewillstillbeprovidedthrough

work.They

llstillgotothesamedoctor,paythesameco-pay,andheadtothesamehospitalwhenthingsgetworse.Theirkidswillstillgetthesame

care,althoughthey

llbeabletotakeadvantageoftheirparents

healthin-

suranceuntilthey

re26,iftheyneedto.F)Asforgrandpaandgrandma,ifthey

reover65,they

llstillbeinsuredby

Medicare,andtheirliveswilllargelygoonasusual.Ifthey

reyounger,and

suddenlyfindthemselveswithoutinsurance—if,forexample,grandpais

laidofffromhisjob—theywillbeabletogethealthinsuranceinspiteof

theirpre-existingconditions.The

Big

Changes

You

Will

NoticeG)Butwhatifgrandpa

snewjobdoesn

tpaymuchandhecan

taffordin-

surance?Well,thenewlawmaystillcoverhim.OneaspectofPPACAis

thatpeoplewhomakeupto133%ofthepovertyline—forahouseholdof

twoadultsandonechild,thiswouldbe$23,344—wouldbeeligible(合格

的)forMedicaidatnocost.Meanwhile,familiesthatmakeupto400%of

thepovertyline—thiswouldbe$70,208—wouldbeeligibleforsome

formofdiscountedinsurancerate,scaledtotheirincome.H)WhataboutUncleHank,theuninsuredrebelwiththeponytailandmotor-

cycle?Well,assuminghemakesmorethan400%ofthepovertyline,Hank

sgoingtofaceatoughdecision:Hecaneithergetinsuranceorpayataxthat

willprobablybeslightlyhigherthanthecostofinsurance.I)Hankmightbeabletogetinsurancethroughhiswork,butifhecan

t,the

newlawwillgivehimanotherchoice—ahealthinsuranceexchange.IfUn-

cleHankdecidesnottopaythehealthcaretax,hewouldlikelygototheex-

change,pickaplan,setupadirectdepositprogramtotakemoneyfromhis

paycheckandgetaninsurancecard.J)And,later,ifHankgetsintoanaccidentonhisbike,hisinsurancewould

coverhistriptotheemergencyroom,aswellashisensuingoperationandphysicaltherapy(治療).The

Winners

and

the

LosersK)Sowhowinsandwholosesunderthenewinsuranceprogram?Forinsur-

ancecompanies,it

sgoingtobeamixedbag:Ontheplusside,theywillget

millionsofnew,relativelyyoungcustomerslikeUncleHankwhowillbe

cheaptoinsure,andwilladdmightilytotheircoffers.Ontheoppositeside,

they

llalsogetmillionsofolder,lowincomecustomers—likegrandpaand

grandma—whowillbeexpensivetoinsure.Overall,theywillprobably

makeatidyprofit.L)Forthepoor,thechronicallyill,andtheunemployed,thenewinsurance

programwillalsobeadefinitewin.Millionsofpeoplewillbeabletoafford

basichealthcare,getdiagnostictestsandbuymedications.Manywillbe

coveredbyanexpandedMedicaidprogram,andthosewhoaren

twilllikely

seeasteepdropinthecostofinsurance.M)Fortheaveragetaxpayer,thenewprogramwillalsobeawin.Rightnow,

alotofthebasichealthcareinAmericatakesplaceinemergencyrooms,

whereuninsuredpeopleendupwhentheircoldsturnintopneumonia,orun-

treateddiabetes(糖尿病)turnsintoacomaoranamputation.Manyoftheseemergencyroomsarealreadyreceivingtaxpayerdollars.Preventingmajor,

expensivecriseswhiletheyaresmall,inexpensive-to-treatproblemssaves

everyonemoney.N)Infact,thebiggestlosersofthenewhealthcareprogramwillbefolks

likeUncleHank,whopreviouslydidn

tworryabouthealthinsurance,but

willnowhavetopayforit.Ontheotherhand,manywillnowhaveaccessto

preventativecareandbasicmedicalcarethatwerepreviouslyunavailable.——http://www.dailyfinance.com/2012/06/28(917words)

1.BecauseofPPACA,cheapermedication,moreinsurancecoverage

andhealthierlifestylearebecomingmoreattainable.

2.Treatmentslikemammogramswillbefreeofchargeforpatients

whoopennewinsurancepolicies.

3.PPACAdoesn

tseemtochangethecurrentmedicalcaresystem

forpeoplefrommiddleclassfamilies.

4.Ifapersonearnsmorethan$200,000peryear,heorshehastopay

anextrataxof$1,800tohelpfundhealthcare.

5.Thebigchangeinmedicationin2014isthateveryonewilleither

havetobuyinsuranceorpayanadditionaltax.

6.AccordingtoPPACAtheunemployedwillprofitmorefromthe

newinsuranceprogram.

7.Thepreviouslyuninsuredpeoplewillbegreatlyaffectedbythe

newpolicy.

8.IfHankhasgotanaccidentonhisbike,histriptothehospital,his

ensuingoperationandphysicaltherapywouldbepaidbytheinsurancecom-

pany.

9.Underthenewinsuranceprogram,insurancecompanieswillprob-

ablymakeabigprofit.

10.Fortheaveragetaxpayers,theywillgetmoreprofitfromthenew

program.Time

required:15minutesTime

used:

minutesSectionBIn

this

section,there

is

a

passage

with

ten

blanks.You

are

required

to

select

one

word

for

each

blank

from

a

list

of

choices

given

in

the

word

bank.Read

the

passage

through

carefully

before

making

your

choices.You

may

not

use

any

of

the

words

in

the

bank

more

than

once.MortgageRatesFalltoNewLowsAgainLowmortgagerateshaven

tdonemuchtoboosthomesales.

Rateshavebeenbelow4%forallbutoneweeksinceearlyDe-

cember.YetsalesofbothpreviouslyoccupiedhomesandnewhomesfellinMarch.Therehavebeensome1

signsinrecentmonths.January

andFebruary2

thebestwinterforsalesofpreviouslyoccu-

piedhomesinfiveyears.Andbuildersarelayingplansto3

morehomesin2012thanatanyotherpointinthepast3

years.Thatsuggestssomeseethehousingmarketslowlystart-

ingto4

.Still,manywould-bebuyerscan

t5

forloansorafford

higherdownpaymentsrequiredbybanks.Homepricesinmanycitiescontinuetofall,makingthosewho

canaffordtobuy6

aboutenteringthemarket.Andfor

thosewhoarewillingtobravethetroubledmarket,manyhave

already7

lowerrates—mortgagerateshavebeenbelow

5%formorethanayearnow.Mortgageratesarelowerbecausethey8

tracktheyieldon

10-yearTreasurynotes.SlowerUSAjobgrowthanduncertainty

abouthowEuropewill9

itsdebtcrisishaveledinvestors

tobuymoreTreasuries,whichareconsideredsafe10

.As

demandforTreasuriesincreases,theyieldfalls,asbondprices

andyieldsmoveinoppositedirections.Theaverageratedoesnotincludeextrafees,knownaspoints,

whichmostborrowersmustpaytogetthelowestrates.Onepointequals1%oftheloanamount.——http://www.usatoday.com/money/story/2012-05-10/mort-

gage-rates/54872986/1(249words)Time

required:8minutesTime

used:

minutesSectionCIn

this

section

there

is

a

passage

followed

by

some

questions

or

unfinished

statements.For

each

of

them

choose

the

best

answer

from

the

four

choices

marked

A,B,C

and

D.Foryears,seriouspeoplehavebeenissuingalarmingwarningsaboutthe

consequencesoflargebudgetdeficits(預算赤字)—deficitsthatareover-

whelminglytheresultofourongoingeconomiccrisis.InMay,2009,Niall

FergusonofHarvarddeclaredthatthe“tidalwaveofdebtissuance”wouldcauseUSAinterestratestosoar.InMarch,2011,ErskineBowles,the

co-chairmanofPresidentObama

sill-fateddeficitcommission,warnedthat

unlessactionwastakenonthedeficitsoon,“themarketswilldevastate(毀

滅)us”,probablywithintwoyears.Well,IguessMr.Bowleshasafewmonthsleft.Butafunnythinghappened

onthewaytothepredictedfiscalcrisis:insteadofsoaring,USAborrowing

costshavefallentotheirlowestlevelinthenation

shistory.Andit

snot

justAmerica.Atthispoint,everyadvancedcountrythatborrowsinitsown

currencyisabletoborrowverycheaply.Thefailureofdeficitstoproducethepredictedriseininterestratesistelling

ussomethingimportantaboutthenatureofoureconomictroubles.Borrow-

ingcostsaresolowthat,insomecases,investorsareactuallypayinggov-

ernmentstoholdtheirmoney.Forthemostpart,thisishappeningwith“inflation-protectedsecurities”

—bondswhosefuturerepaymentsarelinkedtoconsumerpricessothatin-

vestorsneednotfearthattheirinvestmentwillbeerodedbyinflation.Soinvestorsare,inasense,offeringgovernmentsfreemoneyforthenext10

years;infact,they

rewillingtopaygovernmentsamodestfeeforkeepingtheirwealthsafe.Yes,wehavealong-runbudgetproblem,andweshouldbetakingstepsto

addressthatproblem,mainlybyreininginhealthcarecosts.Butit

ssimply

crazytobelayingoffschoolteachersandcancelinginfrastructure(基礎設

施)projectsatatimewheninvestorsareofferingzero-ornegative-interest

financing.Soit

stimetostoppayingattentiontotheallegedwisemenwhohijacked

ourpolicydiscussionandmadethedeficitthecenterofconversation.They

vebeenwrongabouteverything—andthesedayseventhefinancialmar-ketsaretellingusthatweshouldbefocusedonjobsandgrowth.——http://www.nytimes.com(345words)1.Accordingtothepassage,howwasthepredictionmadebyNiallFerguson

ofHarvardinMay,2009?A.Itturnedouttobecorrect.B.Itturnedouttobeopposite.C.Itprovedtobesuccessful.D.Itprovedtobeuseful.2.WhatdoestheauthorimplyasfarasErskineBowlesisconcerned?A.Hewillleavehispostsoon.B.Hewillgetpromotedsoon.C.Hewillbeill-fatedsoon.D.Hewillbearrangedtotacklethedeficitsoon.3.Whyneedn

tinvestorsfearthattheirinvestmentwillbereducedbyinfla-

tion?A.Becauseinvestorshaveofferedgovernmentsfreemoneyfor10years.B.Becauseseriouspeoplehavebeenissuingalarmingwarningsaboutthe

consequencesoflargebudgetdeficits.C.Becausethegovernmenthastakenactiononthedeficit.D.Becausethebondstheyhaveboughtareprotectedfrominflation.4.Theunderlinedword“address”inthesixthparagraphmeans

.A.controlB.tackleC.writeanaddressD.deliveraspeech5.Whatisthebestwayforustodealwiththebudgetproblem?A.Focusonthewisemen

swarningsonfiscalcrisis.B.Payattentiontopolicydiscussion.C.Payattentiontoemploymentanddevelopment.D.Makethedeficitthecenterofconversation.Timerequired:8minutesTimeused:

minutesUnit14NewLifestylesinChinaTheRiseofCar-sharinginChina共享經濟正在日益影響中國人的生活。從共享充電寶、共享單車發展到共享汽車。雖然

存在種種弊端,但不可否認這些給人們的生活帶來了便利。WiththefastdevelopmentofeconomyinChina,peoplearebecoming

wealthy.Therearemoreandmoreprivatecarsanditseemsunlikelythatthe

country

sgrowthincarownershipwillstopanytimesoon.However,severe

1airpollutionandtrafficcongestion2haveledseverallargeChinesecitiesto

takeactionstostem3therisingtideofprivatecars.Forexample,sixbigcities

includingBeijing

haveimplemented4licenseplatecontrolpolicies.Othermanagementstrategiessuchascongestionpricingarewidelyadopted

tostoptherisingtideofprivatecars.Aspartofthestrategiestoachievesus-

tainable5urbanmobility,car-sharingcanhelpreducethenumberofcarsin

Chinesecitiesandmeettheincreasingdemandforpersonalmobilityofthemiddleclass①.Car-sharing,oneofthefastestgrowingurbanmobilityinnovations6world-

wide,didnotexistinChinauntil2009,butitisquicklybecomingamain-

stream7inChinesecities.Theglobalcar-sharingmarkethasanestimated

valueof1billionUSAdollars,with272%growthinthenumberofcar-shar-

ingvehiclesbetween2006and2012.The

rise

of

station-based

car-sharing

in

ChinaCar-sharingisstillemerging8inChina,andin2012therewereonlytwocar-sharingoperators(CSOs),withatotalof39vehiclesinChinesecities.To-

day,thecar-sharingnetworkinChinahasgrowntoatotalof1,000vehicles

withfiveactiveoperatorsinBeijing,Hangzhou,Wuhan,Shenzhenand

Changsha.Thecomposition9ofCSOsinChinahasevolvedfromdomestic

start-upsthatoperateindependentlyfromthegovernmentorestablished

rentalcarcompaniestogetherwithmunicipal10governments,foreignand

domesticvehiclemanufacturers②.AmongtheseCSOs,EduoAutoispopularwithcollegestudentsandeven

implementsamembershipsystem,whileWeigongjiaoandE-carreceivegovernmentsupportandoperateonlyelectricvehicles.Weigongjiao,which

means“mini-bus”,creativelyusesvendingmachines11-likeparking

garageswithelectricvehiclecharginginfrastructure12.Car2Goisthefirstcar

-sharingprogramsupportedbyaforeignequipmentmanufacturer(OEM)in

China.The

emergence

of

private

peer-to-peer

car-sharingPeer-to-peer13(P2P)car-sharinghasexistedinChinaforashortperiodof

timethoughithasbeenoperatinginNorthAmericaformorethanadecade.

P2Pcompaniesprovideaplatform14formemberstorentvehiclesownedbyothermembersinthenetwork.Car-sharingexpertslikeZipCarfounder,

RobinChase,regardP2Pcar-sharingasthenextrevolutioninthecarrental

industry,asitcancheaplymobilize15unusedresourcestoprovidevehicleac-

cessacrossawidearea.TwoofthemostnotableP2PcompaniesinChina

arePPZucheandATZuche.What

role

will

car-sharing

play

in

Chinese

cities

in

the

future?Therearemultiple16challengesfacingthecar-sharingindustryinChi-na.Culturalpreferencetowardscarownershipmaymakecar-sharingless

appealing17inChinathaninothercountries.ItmaytaketimeforCSOsto

developanoperationalscheme18thatsuitsChinesecities,andforcityleaders

tocreatesupportivepoliciessuchason-streetparkingforsharedvehicles.

Somelocalgovernmentshavesupportedelectricvehiclecar-sharingpro-

grams,thoughmostgovernmentsaregenerallyunawareofcar-sharingasa

potential19sustainabletransportsolution.BusinessesinChinaareinnovatingtocreatelocallyviablevehiclesharing

programsthatmayreshape20privatevehicleusageinthelargestvehiclemarketintheworld.Astheindustryevolves,supportfromcitygovernments

throughpoliciessuchasdedicatedparkingforsharedvehiclesandexemp-

tion21tovehiclelicenserestrictionswillbevitaltothegrowthoftheindus-

try.ItisalsoimportantforCSOsandresearcherstodemonstratethebenefits

ofcar-sharingservices.Ifmoregovernmentscanprovideanaccommodating2

2policyenvironment,theriseofcar-sharingprogramsinChinacouldbepart

ofastrategytomakecitiesmoresustainableandlivablewhileminimizing

carownership.——http://thecityfix.com/blog/on-the-move-car-sharing-scales-up-heshuang-zeng(613words)Notes①Aspartofthestrategiestoachievesustainableurbanmobility,car-

sharingcanhelpreducethenumberofcarsinChinesecitiesandmeetthein-

creasingdemandforpersonalmobilityofthemiddleclass.共享汽車是實現中國城市交通可持續發展的遠大戰略之一,有助于減少城市汽車數量,同時滿足中產階級不斷增長的個人出行交通需求。②ThecompositionofCSOsinChinahasevolvedfromdomesticstart-

upsthatoperateindependentlyfromthegovernmentorestablishedrentalcar

companiestogetherwithmunicipalgovernments,foreignanddomesticvehi-

clemanufacturers.在中國,共享汽車運營商的構成從國內新興私營企業或知名租車公司發

展成為政府和國內外汽車制造商共同運營。ExercisesⅠ.There

are

five

questions

or

unfinished

statements

based

on

the

passage.

For

each

of

them

choose

the

best

answer

from

the

four

choices

marked

A,B,

C

and

D.1.Whichofthefollowingproblemismentionedasaresultoftherising

numberofprivatecarsinChina?A.Over-consumptionofenergy.B.Higherinfrastructurecost.C.Morecaraccidents.D.Increasingairpollution.2.Whichofthefollowingstatementsistrueaboutthecar-sharingmarketin

China?A.Thecar-sharingmarketinChinaisquitemature.B.Thenumberofcar-sharingvehiclesbetween2006and2012in-

creasedby272%inChina.C.Thereareatleastfiveactivecar-sharingoperatorsinChina.D.Car-sharingoperators