SECTION 3: TRANSLATION TEST (30 minutes)

Directions: Translate the following passage into Chinese and write your version in the corresponding space in your ANSWER BOOKLET.

So in order to know where capitalism might be heading, it is imperative for policymakers, bankers, investors and voters to understand more clearly what went so badly wrong with 21st-century finance. Certainly, there is no shortage of potential culprits: naked greed, lax regulation, excessively loose monetary policy, fraudulent borrowing and managerial failure all played a role (as in earlier periods of boom and bust).Another problem was at play: the extraordinary complexity and opacity of modern finance. During the past two decades, a wave of innovation has reshaped the way markets work, in a manner that once seemed able to deliver huge benefits for all concerned. But this innovation became so intense that it outran the comprehension of most ordinary bankers – not to mention regulators.

As a result, not only is the financial system plagued with losses of a scale that nobody foresaw, but the pillars of faith on which this new financial capitalism were built have all but collapsed. That has left everyone from finance minister or central banker to small investor or pension holder bereft of an intellectual compass, dazed and confused. “Our world is broken – and I honestly don't know what is going to replace it. The compass by which we steered as Americans has gone,” says Bernie Sucher, head of Merrill Lynch's Moscow operations. “The last time I ever saw anything like this, in terms of the sense of disorientation and loss, was among my friends [in Russia] when the Soviet Union broke up.”

參考答案

因此，要了解資本主義可能走向何方，政策制定者、銀行家、投資者和選民就必須更清楚地了解，21世紀的金融在什么地方出了如此嚴重的問題。當然，潛在的罪魁禍首有很多：赤裸裸的貪婪、松懈的監(jiān)管、過于寬松的貨幣政策、欺騙性借款及管理失效等，全都負有責任（就像在經濟興衰周期的初期）。此外還有另一個問題：現代金融非同尋常的復雜性和不透明性。過去20年，一輪創(chuàng)新浪潮以一度看似能夠為相關各方都帶來巨大利益的方式，重塑了市場運作方式。但這種創(chuàng)新變得如此極端，甚至超出了多數普通銀行家的理解能力——更別提那些監(jiān)管者了。

結果，不僅是深受所有人都不曾預見到的虧損規(guī)模所困擾的金融體系，還有作為新金融資本主義構建基礎的信念支柱，幾乎都已崩潰。從財政部長和央行行長、到小型投資者和養(yǎng)老金持有人，每個人都因此失去了智力羅盤，變得茫然和困惑?！拔覀兊氖澜缫呀洷罎ⅰ蠈嵳f，我不知道會有什么來代替它。我們借之像美國人那樣操舵的羅盤不見了，”美林(Merrill Lynch)莫斯科辦事處主管伯爾尼·敘謝(Bernie Sucher)說道?！熬兔允Х较蚝痛鞌〉母杏X而言，我上一次見識這種情形，還是在蘇聯解體時從我的（俄羅斯）朋友身上看到的?！?/p>

[來源：金融時報]