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{ "en": "1929 or 1989?", "zh": "1929年还是1989年?" }

{ "en": "PARIS – As the economic crisis deepens and widens, the world has been searching for historical analogies to help us understand what has been happening.", "zh": "巴黎-随着经济危机不断加深和蔓延，整个世界一直在寻找历史上的类似事件希望有助于我们了解目前正在发生的情况。" }

{ "en": "At the start of the crisis, many people likened it to 1982 or 1973, which was reassuring, because both dates refer to classical cyclical downturns.", "zh": "一开始，很多人把这次危机比作1982年或1973年所发生的情况，这样得类比是令人宽心的，因为这两段时期意味着典型的周期性衰退。" }

{ "en": "Today, the mood is much grimmer, with references to 1929 and 1931 beginning to abound, even if some governments continue to behave as if the crisis was more classical than exceptional.", "zh": "如今人们的心情却是沉重多了，许多人开始把这次危机与1929年和1931年相比，即使一些国家政府的表现仍然似乎把视目前的情况为是典型的而看见的衰退。" }

{ "en": "The tendency is either excessive restraint (Europe) or a diffusion of the effort (the United States).", "zh": "目前的趋势是，要么是过度的克制（欧洲 ） ， 要么是努力的扩展（美国 ） 。" }

{ "en": "Europe is being cautious in the name of avoiding debt and defending the euro, whereas the US has moved on many fronts in order not to waste an ideal opportunity to implement badly needed structural reforms.", "zh": "欧洲在避免债务和捍卫欧元的名义下正变得谨慎，而美国已经在许多方面行动起来，以利用这一理想的时机来实行急需的结构性改革。" }

{ "en": "For geo-strategists, however, the year that naturally comes to mind, in both politics and economics, is 1989.", "zh": "然而，作为地域战略学家，无论是从政治意义还是从经济意义上，让我自然想到的年份是1989年。" }

{ "en": "Of course, the fall of the house of Lehman Brothers has nothing to do with the fall of the Berlin Wall.", "zh": "当然，雷曼兄弟公司的倒闭和柏林墙的倒塌没有任何关系。" }

{ "en": "Indeed, on the surface it seems to be its perfect antithesis: the collapse of a wall symbolizing oppression and artificial divisions versus the collapse of a seemingly indestructible and reassuring institution of financial capitalism.", "zh": "事实上，从表面上看，两者似乎是完全是相反的：一个是象征着压抑和人为分裂的柏林墙的倒塌，而另一个是看似坚不可摧的并令人安心的金融资本主义机构的倒塌。" }

{ "en": "Yet 2008-2009, like 1989, may very well correspond to an epochal change, whose unfolding consequences will be felt for decades.", "zh": "然而，和1989年一样，2008-2009年很可能也能被视为一个划时代的改变，其带来的发人深省的后果将在几十年后仍能让我们感受得到。" }

{ "en": "The end of the East-West ideological divide and the end of absolute faith in markets are historical turning points.", "zh": "东西方意识形态鸿沟的结束，以及对市场绝对信心的后果，都是历史的转折点。" }

{ "en": "And what happens in 2009 may jeopardize some of the positive results of 1989, including the peaceful reunification of Europe and the triumph of democratic principles over nationalist, if not xenophobic, tendencies.", "zh": "而2009年所发生的事情可能会威胁1989年革命所带来的积极成果，包括欧洲的和平统一和民主制度战胜了民族主义倾向，如果不是恐外倾向的话。" }

{ "en": "In 1989, liberal democracy triumphed over the socialist ideology incarnated and promoted by the Soviet Bloc.", "zh": "1989年，自由民主战胜了由苏联集团具体化并推崇的社会主义意识形态。" }

{ "en": "For many of his supporters, it was President Ronald Reagan who, with his deliberate escalation of the arms race, pushed the Soviet economy to the brink, thereby fully demonstrating the superiority of liberal societies and free markets.", "zh": "对于里根总统的许多的支持者来说，就是他精心策划的军备竞赛的升级，把苏联经济推向了崩溃的边缘，从而充分显示了自由社会和自由市场的优越性。" }

{ "en": "Of course, there are obvious differences between 1989 and now.", "zh": "当然，现在的情况和1989年的情况明显不同了。" }

{ "en": "First, and perhaps above all, the revolutions of 1989 and the subsequent collapse of the Soviet Union put an end to global bipolarity.", "zh": "首先，也许是最重要的，1989年的革命和随后的苏联解体结束了全球的两极化。" }

{ "en": "By contrast, 2009 is likely to pave the way to a new form of bipolarity, but with China substituting for the Soviet Union.", "zh": "与此相反，2009年很可能会为一种新的两极化形式铺平道路，只是中国取代了苏联。" }

{ "en": "Second, whereas democracy and market capitalism appeared as clear – if more fragile than expected – winners in 1989, it is difficult in 2009, with the spread of the global crisis, to distinguish winners from losers.", "zh": "其二，民主制度和市场资本主义，或许要比预期的要脆弱些，看来确实是当时的赢家。" }

{ "en": "Everyone seems to be a loser, even if some are more affected than others.", "zh": "而在2009年，随着全球危机的蔓延，却很难区分赢家和输家；每个人似乎都是输家，即使有些国家比其它国家受到的影响更大。" }

{ "en": "Yet, history is unfair, and the US, despite its greater responsibility for today’s global crisis, may emerge in better shape than most countries from the morass.", "zh": "而历史是不公平的。 尽管美国要为当今的全球危机负更大的责任，但美国可能会比大多数国家以更良好的势态走出困境。" }

{ "en": "In better shape, but not alone.", "zh": "美国会恢复得更好，但并不是唯一能恢复的国家。" }

{ "en": "As a visiting professor at Harvard and MIT, I am getting a good preview of what the world could look like when the crisis finally passes.", "zh": "作为哈佛大学和麻省理工学院的访问教授，我能看到危机过后的世界是什么样子的。" }

{ "en": "One senses something like the making of an American-Asian dominated universe.", "zh": "我们能感受到一个美国和亚洲占主导地位的世界正在形成。" }

{ "en": "But before this new order appears, the world may be faced with spreading disorder, if not outright chaos.", "zh": "但是，在这一新秩序的出现之前，世界可能会面临更广泛的混沌，如果不是彻底的混乱的话。" }

{ "en": "What, for example, will happen to a country as central and vulnerable as Egypt when hundred of thousands of Egyptians working in the Gulf are forced to return to their homeland as a result of the crisis in the oil-producing countries?", "zh": "例如，对埃及这样一个重要而又脆弱的国家，有数十万的埃及人曾在海湾工作但现在因石油生产国出现的危机而被迫返回了自己的家园，那埃及会发生什么情况呢？" }

{ "en": "When the rich get less rich, the poor get poorer.", "zh": "当富人不再那么富了，穷人就会更穷。" }

{ "en": "And what about the foreign workers who have reached for the “European dream” and are now faced with potential explosions of xenophobia in Europe’s supposedly open countries?", "zh": "还有，对于那些追求“欧洲梦”的外来工人，现在他们面临着理应是开放的欧洲国家的仇外心态可能的爆发，他们会有怎样的遭遇？" }

{ "en": "The consequences of 1989 ended up being less enduring than many observers, including me, would have assumed.", "zh": "1989年革命所带来的成果，最后没有包括我在内许多观察家所想象的那么持久。" }

{ "en": "We can only hope that, in the end, the consequences of 2009 similarly prove to be far less dramatic than we now – intuitively and in our historical reflexes – feel them to be.", "zh": "我们只能希望2009年的危机同样地最后被证明是远远低于我们现在以直觉和历史回顾的方式��感觉到的那么剧烈。" }

{ "en": "One Hundred Years of Ineptitude", "zh": "百年愚顽" }

{ "en": "BERLIN – The global financial and economic crisis that began in 2008 was the greatest economic stress-test since the Great Depression, and the greatest challenge to social and political systems since World War II.", "zh": "柏林 — — 2008年爆发的全球金融和经济危机是自大萧条以来最严峻的一次经济压力测试，也是自二战以来社会和政治制度所面临的最严重挑战。" }

{ "en": "It not only put financial markets and currencies at risk; it also exposed serious regulatory and governance shortcomings that have yet to be fully addressed.", "zh": "它不仅对金融市场和货币构成威胁；而且还暴露了迄今为止都无法完全解决的严重的监管和治理缺陷。" }

{ "en": "In fact, the 2008 crisis will most likely be remembered as a watershed moment, but not because it led to reforms that strengthened economic resilience and removed vulnerabilities.", "zh": "事实上，2008年危机极有可能被视为一座分水岭，但却并非因为它导致了强化经济弹性和消除经济弱点的改革而永久留在人们的记忆当中。" }

{ "en": "On the contrary, leaders’ failure to discern, much less act on, the lessons of the Great Recession may open the way for a series of fresh crises, economic and otherwise, in the coming decades.", "zh": "相反，领导人未能汲取大萧条的教训，更不用说为此采取相应的预防对策可能引发未来几十年一系列新的经济和其他危机。" }

{ "en": "However serious those crises turn out to be, historians a century from now will likely despair at our shortsightedness.", "zh": "无论这些危机有多严重，一个世纪后的历史学家都极有可能绝望于我们的短视。" }

{ "en": "They will note that analysts and regulators were narrowly focused on fixing the financial system by strengthening national oversight regimes.", "zh": "他们将会看到，分析人士和监管机构通过强化国家监管机制，仅仅是狭隘地专注于修复金融体系。" }

{ "en": "While this was a worthy goal, historians will point out, it was far from the only imperative.", "zh": "尽管这一目标并非全无价值，但就像历史学家们所指出的那样，这绝不是唯一一件必须要做的事。" }

{ "en": "To prepare the world to confront the challenges posed by globalization and technological development in a way that supports sustainable and equitable growth, governance institutions and regulations at both the national and international levels must be drastically improved.", "zh": "为使世界能够以确保可持续及平衡增长的方式来应对全球化和技术进步所带来的挑战，就必须对国内和国际两级治理机构和制度进行大规模升级。" }

{ "en": "Yet not nearly enough has been invested in this effort.", "zh": "但目前这方面的投入还远远不够。" }

{ "en": "Beyond regional bodies like the European Union, international financial governance has remained largely untouched.", "zh": "除欧盟等地区机构外，国际金融治理机构基本仍未受到波及。" }

{ "en": "Worse, because the partial fixes to the financial system will enable even more globalization, they will end up making matters worse, as strain on already-inadequate governance and regulatory frameworks increases, not only in finance, but also in other economic and technological fields.", "zh": "更糟的是，因为部分修复金融体系将会带来进一步全球化，这些举措最终会恶化现有问题，因为此举不仅在金融、而且在其他经济和技术领域增加了对本已欠缺的治理和监管框架的压力。" }

{ "en": "Meanwhile, enormous financial investments focused on securing a higher rate of return are likely to fuel technological innovation, further stressing regulatory systems in finance and beyond.", "zh": "此外，专注于提高回报率的巨额金融投资很有可能会推动技术创新，并由此进一步加大对金融和其他监管体系所造成的压力。" }

{ "en": "Major technological advances fueled by cheap money can cause markets to change so fast that policy and institutional change cannot keep up.", "zh": "廉价资金推动的重大技术创新可以令市场变化速度快到政策和机构变化均无法适应。" }

{ "en": "And new markets can emerge that offer huge payoffs for early adopters or investors, who benefit from remaining several steps ahead of national and international regulators.", "zh": "同时新市场的出现可以为早期进入者或投资者带来巨大的回报，并使他们可以持续受益于相对国内及国际监管机构的领先。" }

{ "en": "This is what happened in the run-up to the 2008 crisis.", "zh": "这恰恰符合2008年危机爆发之前的情况。" }

{ "en": "New technology-enabled financial instruments created opportunities for some to make huge amounts of money.", "zh": "新技术支持的金融工具为某些人赚取巨额利润创造了机遇。" }

{ "en": "But regulators were unable to keep up with the innovations, which ended up generating risks that affected the entire economy.", "zh": "但监管机构却无法跟上创新的步伐，并最终酿成了影响整体经济的风险。" }

{ "en": "This points to a fundamental difference between global crises of the twenty-first century and, say, the Great Depression in the 1930s or, indeed, any past stock-market crashes.", "zh": "这体现出21世纪的全球危机与20世纪30年代大萧条或过去任何一次股市崩盘之间的根本区别。" }

{ "en": "Because of the financial sector’s growth, more actors benefit from under-regulation and weak governance in the short term, making today’s crises more difficult to prevent.", "zh": "金融行业持续增长导致更多参与主体从短期监管不足和治理薄弱中获益，从而使人们更加难以预防现在的危机。" }

{ "en": "Complicating matters further, the systems affected by today’s crises extend well beyond any one regulatory body’s jurisdiction.", "zh": "令问题更加复杂的是，受当前危机影响的系统远远超过任何一个监管机构的监管范围。" }

{ "en": "That makes crises far unrulier, and their consequences – including their long-term influence on societies and politics – more difficult to predict.", "zh": "这导致危机变得更加凶险，并导致人们更加难以对危机所产生后果 — — 包括社会和政治领域的长期后果 — — 进行预判。" }

{ "en": "The next crises – made more likely by rising nationalism and a growing disregard for science and fact-based policymaking – may be financial, but they could also implicate realms as varied as migration, trade, cyberspace, pollution, and climate change.", "zh": "下一次危机 — — 因为民族主义情绪抬头和人们越来越无视基于科学和事实的决策而变得可能性愈来愈大 — — 可能涉及金融，但也可能涉及移民、贸易、网络空间、污染和气候变化等诸多领域。" }

{ "en": "In all of these areas, national and international governance institutions are weak or incomplete, and there are few independent actors, such as watchdog groups, demanding transparency and accountability.", "zh": "在上述所有领域，国内和国际治理机构都力量薄弱或覆盖不完善，而且严重缺乏要求透明度和问责制的监督组织等独立行动主体。" }

{ "en": "This makes it harder not only to prevent crises – not least because it creates opportunities for actors to game the system and shirk responsibility – but also to respond to them.", "zh": "这不仅加大了预防危机的难度 — — 尤其因为它为参与者提供了钻空子和逃避责任的机会 — — 还使得人们越来越难以采取措施来应对危机。" }

{ "en": "The 2008 crisis cast a harsh spotlight on just how bad we are at responding quickly to disasters, especially those fueled by fragmented governance.", "zh": "2008年危机暴露出我们在面对灾难时的快速反应有多么薄弱，尤其当造成灾难的主要原因是分散治理。" }

{ "en": "To be sure, as the Hertie School’s 2018 Governance Report shows, there have been some improvements in preparing for and managing crises.", "zh": "可以肯定，就像2018年赫蒂学院治理报告所表明的那样，人类在准备应对和管理危机方面取得了一定的进展。" }

{ "en": "But we must become more alert to how developments in a wide range of fields – from finance to digital technologies and climate change – can elude the governance capacities of national and international institutions.", "zh": "但我们必须警惕更广泛领域的发展 — — 从金融到数字技术再到气候变化 — — 是以何种方式来规避国内和国际机构的治理监管。" }

{ "en": "We should be running crisis scenarios and preparing emergency plans for upheaval in all of these fields, and taking stronger steps to mitigate risks, including by managing debt levels, which today remain much higher in the advanced economies than they were before the 2008 crisis.", "zh": "我们应当在上述所有领域进行危机情景预演并制定危机爆发之际的紧急计划，同时采取包括管理债务水平等更强有力的措施来降低风险，今天发达经济体的债务水平均远高于2008年危机爆发之前。" }

{ "en": "Moreover, we should ensure that we provide international institutions with the needed resources and responsibilities.", "zh": "此外，我们应当确保赋予国际机构必要的监管责任和资源。" }

{ "en": "And by punishing those who exacerbate risks for the sake of their own interests, we would strengthen the legitimacy of global governance and the institutions that are meant to conduct it.", "zh": "通过对那些因为自身利益而加剧风险的人进行惩戒，我们可以强化全球治理及其责任落实机构的合法地位。" }

{ "en": "As it stands, inadequate cross-border coordination and enforcement of international agreements is a major impediment to crisis prevention and management.", "zh": "目前，跨境协调和国际协定落实不充分是危机预防和管理的主要障碍。" }

{ "en": "Yet, far from addressing this weakness, the world is reviving an outdated model of national sovereignty that makes crises of various kinds more likely.", "zh": "但世界各国正在重新兴起过时的国家主权模式不但没有解决这个问题，而且增大了各种危机的爆发风险。" }

{ "en": "Unless we change course soon, the world of 2118 will have much reason to regard us with scorn.", "zh": "除非我们尽快改变方向，否则2118年的世界将有足够的理由来鄙视我们。" }

{ "en": "What Failed in 2008?", "zh": "2008年败在何处？" }

{ "en": "BERKELEY – To solve a problem, it is not enough to know what to do.", "zh": "伯克利—要解决问题，光知道做什么是不够的。" }

{ "en": "You actually have to implement the solution – and be willing to change course if it turns out that you did not know quite as much as you thought.", "zh": "你实际上必须实施解决办法 — — 并且在事实证明你知道的并不如你认为的那样多时，你得愿意改变办法。" }

{ "en": "That is the message of two recent books that, together, tell you everything you need to know about the 2008 financial crisis: what caused it, what can be done to prevent it from recurring, and why those things have yet to be done.", "zh": "这就是两本新书一起告诉你的信息。 这两本新书讲述了你需要知道的关于2008年金融危机的一切：什么引起了金融危机，可以做什么防止它再次发生，以及为何这些事情还没有人去做。" }

{ "en": "His starting point is the huge rise in wealth among the world’s richest 0.1% and 0.01% and the consequent pressure for people, governments, and companies to take on increasingly unsustainable levels of debt.", "zh": "首先，他指出世界最富有的0.1%和0.01%人群财富剧增，这给人民、政府和公司造成了日益不可持续的高负债的压力。" }

{ "en": "Meanwhile, policymakers were lulled into complacency by the widespread acceptance of economic theories such as the “efficient-market hypothesis,” which assumes that investors act rationally and use all available information when making their decisions.", "zh": "与此同时，决策者因为“有效市场假说”等经济理论的广泛接受而志得意满，有效市场假说认为投资者的行为是理性的，在作出决策时会利用一切可获得的信心。" }

{ "en": "As a result, markets were deregulated, making it easier to trade assets that were perceived to be safe, but were in fact not.", "zh": "结果，市场监管被放松，交易被认为安全但实际并不安全的资产变得更加容易。" }

{ "en": "As a result, systemic risk proliferated beyond central bankers’ wildest imagination.", "zh": "结果，系统性风险悄然酝酿，并且超过了央行官员最大胆的想象。" }

{ "en": "Untested – and ultimately incorrect – assumptions created a policymaking environment defined by what can only be called hubris.", "zh": "未受检验并且最终错误的假设形成了一个只能用狂妄自大形容的决策环境。" }

{ "en": "Officials underestimated tail risks.", "zh": "官员低估了尾部风险。" }

{ "en": "They set inflation targets at around 2% – leaving little room for maneuver when the water got choppy.", "zh": "它们将通胀目标设定在2%左右 — — 这意味着当波涛汹涌时他们根本没有多少施展空间。" }

{ "en": "And, most audaciously of all, the European Union introduced the euro as a common currency.", "zh": "此外，最大胆的动作要数欧盟引入欧元作为共同货币。" }

{ "en": "Indeed, wrongheaded policymaking continued long after the crisis began.", "zh": "事实上，方向错误的决策在危机开始后仍然能维持了很长时间。" }

{ "en": "Politicians responded to worsening economic conditions by hewing as closely as possible to failed prescriptions, making sure to do no more than absolutely necessary to address the biggest economic disaster since the Great Depression.", "zh": "政客对恶化的经济条件的反应是坚定实施错误的药方，对于这场大萧条以来最严重的经济灾难，他们除了绝对需要做的事情意外什么都不做。" }

{ "en": "Wolf’s prescription for countering the crisis is simple, smart, and unassailable.", "zh": "沃尔夫给抵御这场危机开出的药方简单、明智并且无懈可击。" }

{ "en": "In the short term, he suggests that countries with reserve currencies spend more (especially to finance public-sector investments) and issue more debt.", "zh": "在短期，他建议拥有储备货币的国家增加支出（特别是公共部门投资融资 ） 、 发行更多债务。" }

{ "en": "Their central banks, he argues, should raise inflation targets to 3% or even 4% per year.", "zh": "他指出，这些国家的央行应该将通胀目标提高到每年3%甚至4 % 。" }

{ "en": "Over the medium term, according to Wolf, countries need to put in place regulatory measures that lower debt levels and discourage overleveraging.", "zh": "在中期，沃尔夫认为各国需要实施监管措施降低债务水平、阻止过度举债。" }

{ "en": "The eurozone, too, must resolve its internal contradictions, either by disbanding or by introducing “a minimum set of institutions and policies” that allow the monetary union to function properly.", "zh": "欧元区也必须解决其内部矛盾，要么通过解散欧元区实现，要么通过引入能令货币联盟正常运行的“最小限度的机构和政策组合”实现。" }

{ "en": "And yet, as recommendable as Wolf’s proposals may be, little has been done to implement them.", "zh": "但是，尽管沃尔夫的方案值得推荐，但几乎没有任何实施。" }

{ "en": "The reasons why are found in the second book: Hall of Mirrors, by my friend, teacher, and patron, Barry Eichengreen.", "zh": "原因可以从第二本书中找到：由我的朋友、老师和“老板”巴里·艾肯格林（Barry Eichengreen）所著的《镜厅 》 （ Hall of Mirrors ） 。" }

{ "en": "When the 2008 financial crisis erupted, policymakers tried to apply Friedman’s proposed solutions to the Great Depression.", "zh": "2008年金融危机爆发时，决策者试图使用弗里德曼提出的大萧条方案。" }

{ "en": "Unfortunately, this turned out to be the wrong thing to do, as the monetarist interpretation of the Great Depression was, to put it bluntly, wrong in significant respects and radically incomplete.", "zh": "不幸的是，事实证明这是错的，直言不讳地说，货币主义者对大萧条的解释在众多方面都是错误的，并且非常不完整。" }

{ "en": "The result is today’s stagnant economy, marked by anemic growth that threatens to become the new normal.", "zh": "结果就是现在的经济停滞，其特征是增长无力并且随时可能成为新常态。" }

{ "en": "The United States and Europe are on track to have thrown away 10% of their potential wealth, while the failure to strengthen financial-sector regulation has left the world economy exposed to the risk of another major crisis.", "zh": "美国和欧洲损失了10%的潜在财富，而没有强化金融部门监管让世界经济随时可能迎来新一场大危机。" }

{ "en": "Wolf and Eichengreen would agree that the main shortcomings that led to the 2008 financial crisis – and that continue to underpin our inadequate response to it – are intellectual.", "zh": "沃尔夫和艾肯格林会认为，导致2008年金融危机的主要缺陷 — — 以及继续破坏我们对危机的不充分反应的主要缺陷 — — 是知识缺陷。" }

{ "en": "Indeed, the only true lesson of the crisis so far seems to be that its lessons will never truly be learned.", "zh": "事实上，到目前为止，危机的唯一真正教训是它的教训从未被真正汲取。" }

{ "en": "A Comeback Strategy for Europe", "zh": "欧洲的重振战略" }

{ "en": "STOCKHOLM/MADRID – When Pope Francis addressed the European Parliament last November, he compared the European Union to a grandmother – pleasant and rich with experience, but lacking the vitality and energy of the past.", "zh": "斯托克霍姆/马德里—去年11月，教皇方济各在其欧洲议会演讲中将欧盟比作祖母 — — 和蔼而富于经验，但已不再有过去的活力和能量。" }

{ "en": "It is high time, Francis argued, that EU leaders shed their dozy image, recognize the strategic challenges that Europe faces, and forge a clear policy for tackling them.", "zh": "方济各说，现在是一个关键时刻，欧盟领导人必须摆脱懈怠形象，承认欧洲所面临的战略挑战，并构建应对挑战的明确政策。" }

{ "en": "Admittedly, the pope’s characterization was alarmingly accurate in some respects.", "zh": "诚然，教皇的描述在某些角度讲非常准确。" }

{ "en": "But, despite its seeming lassitude, Europe retains significant strengths.", "zh": "但是，尽管欧洲看起来疲态尽露，但仍拥有巨大优势。" }

{ "en": "It is a hub of high-level thought and innovation; it is home to some of the world’s most competitive regions and industries; and, perhaps most impressive, it has built a community and market encompassing a half-billion people.", "zh": "欧洲是高水平思想和创新的枢纽；是世界最有竞争力地区和产业的所在地；最重要的是，它还构建了一个由五亿人组成的社会和市场。" }

{ "en": "But the world is changing: the Asia-Pacific region is increasingly influencing global developments, economic and otherwise.", "zh": "但世界正在变化：亚太地区正在日益影响全球经济和其他发展趋势。" }

{ "en": "The Trans-Pacific Partnership – by which the United States and 11 other countries would create a mega-regional free-trade zone – would most likely accelerate this shift (all the more so if China eventually joins).", "zh": "跨太平洋合作伙伴关系（Trans-Pacific Partnership，TPP，由美国和其他11国建立的巨型地区自由贸易区）很有可能加速这一变革（如果中国最终也能加入就更加如此了 ） 。" }

{ "en": "Though the TPP faces no shortage of hurdles to clear before an agreement is finalized, its potential to augment Asia’s economic power cannot be underestimated.", "zh": "尽管TPP距离最终完成协议还有很多障碍需要跨越，但其扩大亚洲经济实力的潜力绝不容���觑。" }

{ "en": "Europe must work to secure its position in the new world order – beginning by enhancing its own trade and investment ties with the US.", "zh": "欧洲必须致力于确保其在新世界秩序中的地位 — — 首先要强化其自身与美国的贸易和投资联系。" }