王迈迈英语

Part C
 Directions: Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written clearly on ANSWER SHEET2. (10points)
     DESPITE the world economic downturn, South Korea's stock market has this year outperformed those of all other countries bar Russia. Its composite stock price index (Kospi) has risen by more than 25% since January 1st. (46)The rally, which has been driven by foreign buying, is expected to continue next year, for two reasons: encouraging economic fundamentals, and the introduction of derivatives so beloved of the world's hedge funds.
     On January 28th next year the Korea Stock Exchange is due to introduce option contracts on the shares of seven listed companies: SK Telecom, Korea Electric Power, Korea Telecom, Samsung Electronics, Hyundai Motor, Pohang Iron & Steel and Kookmin Bank. (47)And as early as July, the Financial Supervisory Commission is expected to allow investment banks to sell over-the-counter derivatives, such as equity or interest-rate swaps.
     Trading volume on the exchange will increase accordingly, says Lee Wonki at Merrill Lynch. Foreigners hold nearly 90 trillion won ($70 billion) of Korean shares, 37% of the market. Their slice of the trading of Kospi 200 index futures and options rose to 10% this year, from about 5% a year ago. But the Kospi index, covering 200 companies, is not the best way to hedge foreign portfolios, which are invested mainly in the seven blue-chip shares. Yet derivatives alone will not sustain Korean equities unless the economy turns around. There are signs that it has reached bottom, with real GDP estimated to have grown by at least 2.8% this year (slower than last year but higher than earlier forecasts of 2% or less). (48)Jin Nyum, the finance minister, predicts that, although exports may suffer next year if the Japanese yen continues to fall, domestic demand and public spending will help real GDP to grow near to the country's full potential of 5%.
Some analysts argue that the recent market rise has been caused by investors' blind faith in bank and technology shares. (49)The latter rallied last month, but then hesitated as Micron, an American memory- chip maker, blew hot and cold on taking a stake in or allying with Hynix, Korea's debt-laden maker of memory chips.
    Nevertheless, the rally is likely to continue, says Koh Wonjong, of SG Securities in Seoul. (50)That is because South Korea\'s industries are more diversified--into information technology, cars, shipbuilding, steel and services--than those of other Asian countries. In Taiwan, telecoms, media and technology shares account for 80% of the market.
    The restructuring of some big companies, such as Hynix and Daewoo Motor, remains incomplete, as does bank reform. But the past four years of financial and corporate change may soon pay off. For many companies, balance-sheet problems have turned into the need to measure profits, a far more welcome task.

Section Ⅲ Writing
Part A
51. Directions:
    The Students’ Union of your department is planning an English Evening. You are asked to invite one of your foreign teachers to join it. Write a letter to him which should cover the following points:

(1)express the purpose of writing this letter;

(2)state the time and place of the English Evening;

(3)ask him to prepare a performance;

(4)express your sincere appreciation.

Part B
52. Directions:

3. Study the picture above carefully and write an essay entitled “The Adaptation of the Classical Literature”. In the essay, you should

(1) describe the picture

(2) interpret its meaning 

(3) give your opinion about the phenomenon
 You should write about  200 words neatly on ANSWER SHEET 2. (20 points)