重医报刊选读文章翻译

DAVID CARROLL: \ across is really stunning. He probably will be considered an industrial giant on the scale of Thomas Edison and Henry Ford, so one of the great[s] of all time.\

他说：“他能使美国商业从上到下各方面焕然一新，这是很惊人的，或许可以把他视为一位工业天才，与托马斯爱迪生和亨利福特等量齐观，是永远的伟大人物。”

Steve Jobs stepped down as Apple's chief executive in August because of his health. He died a day after the company released a new iPhone version that met with limited excitement. Apple's new chief, Tim Cook, will also have to deal with the new Kindle Fire tablet computer from Amazon.com. It costs less than half as much as an iPad but also does less.

史蒂夫乔布斯因健康问题于八月辞去苹果总裁一职，他去世前一天公司发布的新ihone引发的欢呼寥寥。苹果新总裁提姆库克将不得不与亚马逊的新款Kindle Fire平板电脑竞争。这款电脑价格不到ipad的一半，当然功能也要少。

The American Economy Comeback Kid

美国经济：东山再起

ALMOST the only thing on which Barack Obama and Mitt Romney, his Republican challenger, agree is that the economy is in a bad way. Unemployment is stuck above 8% and growth probably slipped below an annualized 2% in the first half of this year. Ahead lie the threats of a euro break-up, a slowdown in China and the “fiscal cliff”, a withering year-end combination of tax increases and spending cuts. Mr Obama and Mr. Romney disagree only on what would make things worse: re-electing a left-wing president who has regulated to death a private sector he neither likes nor understands; or swapping him for a rapacious private-equity man bent on enriching the very people who caused the mess.

美国经济运行很糟糕，或许这是奥巴马和罗姆尼（美国共和党总统候选人）唯一能达成共识的地方了。比如，徘徊在8%之上的失业率居高不下，估计连今年上半年的经济也不会保住2%的年均增长率。摆在美国面前的除了欧元区解体的隐患与中国经济增速放缓，还有国内的“财政之窘【注1】”——年末税负增加与开支削减的共同作用将可能导致经济萎缩。而到底什么会让经济变得更糟，这是唯一一个让他们吵得不可开交的话题：是让左倾总统奥巴马连任还是换上罗姆尼执掌？前者不喜欢也不理解私营部门并限制其发展，后者作为贪婪的私营部门的代表，致力于为极少数导致此次危机的人谋福利。 America’s economy is certainly in a tender state. But the pessimism of the presidential slanging-match misses something vital. Led by its inventive private sector, the economy is remaking itself (see article). Old weaknesses are being remedied and new strengths discovered, with an agility that has much to teach stagnant Europe and dirigiste Asia.

眼下的美国经济的确十分脆弱，但弥漫在总统竞选口水战中的悲观情绪却让人们忽略了一些极其重要的东西。在其极富创造力的私营部门带领下，整个美国经济都在经历脱胎换骨的过程（另见文）。一边整改着经济系统薄弱之处，一边发掘新的经济增长点。该过程无不体现着其经济系统的灵活性，无论拿它来给经济停滞的欧洲精英上课，还是给青睐经济统制的亚洲官僚做教材都是绰绰有余的。

America’s sluggishness stems above all from pre-crisis excesses and the misshapen economy they created. Until 2008 growth relied too heavily on consumer spending and house-buying, both of them financed by foreign savings channeled through an undercapitalized financial system. Household debt, already nearly 100% of income in 2000, reached 133% in 2007. Recoveries from debt-driven busts always take years, as households and banks repair their balance-sheets.

谈到美国经济停滞的原因，其危机前的无度透支和畸形经济形态首当其冲，这都是美国人自己做下的孽。

2008年之前美国经济过度依赖消费和地产市场，其资金均源于国外储蓄，而这些储蓄流经的金融系统本身就资金不足。家庭负债在2000年已接近收入的100%，2007年则增至133%。而面对债务破产，银行和储户要平衡各自的资产负债表，这一过程往往要花费数年时间。

Nonetheless, in the past three years that repair has proceeded fast. America’s houses are now among the world’s most undervalued: 19% below fair value, according to our house-price index. And because the Treasury and other regulators, unlike their euro-zone counterparts, chose to confront the rot in their financial system quickly, American banks have had to write off debts and raise equity faster than their peers. (Citigroup alone has flushed through some $143 billion of loan losses; no euro-zone bank has set aside more than $30 billion.) American capital ratios are among the world’s highest. And consumers have cut back, too: debts are now 114% of income. 尽管如此，在过去的三年中，这一过程进展得并不慢。根据房价格指数，如今美国的房价格低于实际价值19%，位列全球房价格低估程度最大的国家之中。不同于欧洲，美国财政部和和其他监管机构选择快速采取行动，直面金融系统的弊病。因此美国各银行勾销债务与提高资产净值的步伐必须快于欧洲。（其中仅花旗一家银行就注销了1430亿美元的贷款，而没有任何一家欧元区银行注销过超过300亿的贷款。）美国是世界上资产负债率最高的国家之一。消费者也在削减开支，如今家庭负债已降至收入的114%。 New strengths have also been found. One is a more dynamic export sector. The weaker dollar helps explain why the trade deficit has shrunk from 6% of GDP in 2006 to about 4% today. But other, more permanent, shifts—especially the growth of a consuming class in emerging markets—augur well. On the campaign trail, both parties attack China as a currency-fiddling, rule-breaking supplier of cheap imports (see Lexington). But a richer China has become the third-largest market for America’s exports, up 53% since 2007.

脱胎换骨过程中也发现了一些新的经济增长点，其中就包括更加强劲的出口部门。借助于美元的疲软，贸易逆差从2006年占GDP比重的6%降至今天的4%。其他变化带来的影响则更为深远——尤其是新兴市场消费群体的壮大——这都是好兆头。在总统竞选说辞中，经常可以听到两党职责中国操纵汇率，违反世贸规则出口廉价商品（见Lexington）。不过日益富裕的中国已经成为美国第三大出口市场，美国对中国出口额自2007年以来上升了53%。

And American exporters are changing. Some of the products—Boeing jets, Microsoft software and Hollywood films—are familiar. But there is a boom, too, in high-value services (architecture, engineering and finance) and a growing “app economy”, nurtured by Facebook, Apple and Google, which employs more than 300,000 people; its games, virtual merchandise and so on sell effortlessly across borders. Constrained by weakness at home and in Europe, even small companies are seeking a toehold in emerging markets. American manufacturers are recapturing some markets once lost to imports, and pioneering new processes such as 3D printing.

并且美国的出口目录也正在发生变化，波音客机，微软软件和好莱坞电影等产品固然耳熟能详，但高附加值服务（建筑、工程和金融）的出口额也在迅速增长， “应用程序经济”亦是如此，该“经济”由脸谱、苹果公司和谷歌培育而成，有30多万人为之奋斗。他们开发出来的游戏和虚拟商品在海外市场热销。受本国和欧洲市场颓势的影响，甚至一些小企业都想在新兴市场上寻找落足点。如此看来，美国的制造商正在夺回被进口产品侵占的市场，并引领3D印刷等新的制造工艺。

Meanwhile, what was once an Achilles heel is becoming a competitive advantage. America has paid dearly for its addiction to imported oil. Whenever West Texas Intermediate climbs above $100 per barrel (as it did in 2008, last year and again this year), growth suffers. But high prices have had an effect, restraining demand and stimulating supply. Net imports of oil this year are on track to be the lowest since 1995, and America should eventually become a net exporter of gas. 同时，美国的传统弱势产业也转变为相对优势产业。对进口石油的依赖性让美国付出了很大代价。只要西

德州轻质原油公司每桶原油的价格超过100美元（2008年就是这种情况，去年和今年也一样），美国的经济增长就会受到制约。不过较高的价格也在起积极作用，它可以减少需求并刺激供给。今年美国的石油净进口量降至1995年以来的最低水平，假以时日，美国将成为天然气的净出口国。

Many countries have shale gas, but, as it did with the internet revolution, America leads in exploiting it (see our special report this week). Federal money helped finance development of the “fracking” technology that makes shale gas accessible, just as it paid for the internet’s precursors. However its use was commercialized by a Texas wildcatter called George Mitchell, the sort of risk-taker America has in abundance. In Europe shale gas has been locked in by green rules and limited property rights. In America shale has already lowered consumers’ energy bills and, by displacing coal, carbon emissions. In future, it will give a spur to the domestic manufacture of anything needing large amounts of energy.

很多国家都蕴藏有页岩气资源，不过同因特网革命一样，美国也带头开采页岩气（见本期特别报道）。联邦政府为开采页岩气的“水力压裂”技术提供资金支持，就像当年资助开发因特网的先驱一样。不过页岩气的商业化是通过德克萨斯州一个名叫George Mitchell的“野猫”钻井者（美国不乏这样乐于冒险的人）实现的。而欧洲页岩气的开采却受相关环保法规和财产权的制约。美国页岩气的使用降低了消费者的能源支出，同时也取代了部分煤炭使用，减少了碳排放量。将来，这会刺激任何高能耗产品的制造。 America’s work-out is not finished. Even when the results are more visible, it will leave many problems unsolved. Because the companies leading the process are so productive, they pay high wages but do not employ many people. They may thus do little to reduce unemployment, while aggravating inequality. Yet this is still a more balanced and sustainable basis for growth than what America had before—and a far better platform for prosperity than unreformed, elderly Europe. 美国人要做的远不止这些。尽管改革成果愈发明朗，但也会留下很多待解决的问题。比如在经济复苏中发挥重要作用的公司效率极高，他们给的员工工资丰厚，但用工少。这不但不会帮助减少失业，还会拉大收入差距。与昔日之美国不同，今天美国经济发展的基础更加均衡、更具可持续性。而且与缺乏改革、死气沉沉的欧洲相比，美国经济发展的平台更加广阔。What should the next president do to generate muscle in this new economy? First, do no harm. Not driving the economy over the fiscal cliff would be a start: instead, settle on a credible long-term deficit plan that includes both tax rises and cuts to entitlement programs. There are other madness brewing. Some Democrats want to restrict exports of natural gas to hold down the price for domestic consumers—a brilliant strategy to discourage domestic investment and production. A braver Mr. Obama would expedite approval of gas exports. For his part, Mr Romney should back off his promise to brand China a currency manipulator, an invitation to a trade war.

下一任总统应该怎样增强经济实力呢？首先，他不能帮倒忙，不能让美国的经济陷入财政危局。相反地，他应该选择一个可靠的长期债务计划，包括对福利项目增税和削减开支。也有人提出不少欠火候的建议，部分民主党议员想通过限制天然气出口来降低国内天然气价格——一个会打消国内投资和扩大产量积极性的“好点子”。为了顺利当选，奥巴马需要更多魄力，加快实现天然气出口的进程。至于罗姆尼，他应该放弃将中国视作货币操纵者的承诺，以免招致贸易战。

Second, the next president should fix America’s ramshackle public services. Even the most productive start-ups cannot help an economy held back by dilapidated roads, the world’s most expensive health system, underachieving union-dominated schools and a Byzantine immigration system that deprives companies of the world’s best talent. Focus on those things, Mr. Obama and Mr. Romney, and you will be surprised what America’s private sector can do for itself.

其次，下任总统应该改善行将瓦解的公共服务。公路破旧不堪，医疗费用世界排名第一，公立学校教学质量不佳，还有拜占庭式的移民制度将世界上最优秀的人才当在国外，使之无法为美国公司效力。受这些条

件的制约，效率再高的新兴公司都不能在经济恢复中大显身手。奥巴马总统、罗姆尼先生，请在公共服务上多花点心思吧，私营部门自会给你们带来惊喜。

Japan Seeks Slow Nuclear Phase-out

日本将逐步淘汰核能

1 TOKYO—The Japanese government unveiled a long-term energy plan that seeks an end to nuclear power by 2040, responding to strong antinuclear sentiment but stopping short of a clear commitment to make the country nuclear-free.

东京-日本政府为应对人们强烈反核能情绪，公布了一项长期能源计划：在2040年之前结束核能，但并没有明确地承诺成为无核国家。

2 The plan, which comes after considerable backstage wrangling, largely rejects warnings from corporate Japan that moving away from nuclear power could hasten the hollowing out of the country's battered manufacturing base. \goal of having no nuclear plants operating by the end of the 2030s,\Friday by the government's energy and environmental committee.

日本政府经过激烈的内部磋商后拟定了一个计划，该计划主要是拒绝来自日本公司的远离核能的警告。这将会加快冲击该国本已不堪一击的制造业的发展。政府能源环境委员会周五发布的报告称“我们将使用一切可能的政治资源，以实现到2030年底没有核电长的目标。”

3 The long-awaited decision comes in the wake of the Fukushima Daiichi crisis in March 2011 and follows moves by Germany last year to phase out its nuclear plants. But the plan is unlikely to appease opponents of nuclear power in the earthquake-prone country since it assumes that nuclear-energy production will actually rise from low levels now as some idled plants are gradually brought back on line.

这个令人期待已久的决定是2011年3月福岛危机之后和德国去年宣布逐步淘汰核电之后做出的。但是该计划不太可能安抚地震多发国家的核电对手，因为它假定当一些闲置的工厂已经逐步恢复使用时，现在核能源生产实际将真正从低水平上升。

4 In addition, the government said that renouncing nuclear power will require more discussion. \zero-nuclear status is an ambition, not a commitment,\said a government official after a briefing.

此外，政府表示，放弃核电将需要更多的讨论。发布会后一位政府官员说“实现零核地位是一个志向而不是一个承诺。”

5 Under the policy, which still requires final endorsement by the cabinet, a new nuclear regulatory body will adopt toughened standards to ensure that plants are safe enough be restarted. But output isn't expected to return to the previous level of nearly 30% of electric output. That figure has fallen to 2.1% as only two reactors—both at a plant in western Japan—have been restarted in the past 18 months.

该政策仍需由内阁最后批准。根据该政策，新的核监管机构将采用钢化标准，以确保核电站是足够安全可以重新启动。但产量预期不会恢复到接近30%的电输出的上级。。这个数据已经下降到2.1%,因为在过去的18个月只有两个反应堆（都被安置在日本的西部）重新启动。

6 As plants reach their life span of 40 years, the policy calls for them to be taken out of service, with all plants offline \

当这些核电站到了它们40年的使用寿命之后，这项政策要求它们全部停产。另外，将不会再建新的核电站。

7 The plan also said uranium enrichment and reprocessing would continue as discussions are