Stock is (convertible) into cash or other securities.

In matters relating to the environment, the United Nations Conference on Environment and Development, held in June 1992 in Rio de Janeiro, produced an “Earth Charter”, or declaration of basic principles for the conduct of nations and peoples with respect to environment and development; agreements on specific legal measures, including conventions (公约)on climate change and biodiversity, and principles for a framework agreement on forests; and an agenda for action (“Agenda 21”) , establishing the environmental work program agreed by the international community for the period beyond 1992 and into the twenty-first century.

Passage 2

“The whole concept that we can turn this around right now is patently ridiculous,” says an American trader who has lived and worked here since 1952. “The vested interests are being shaken and slowly moved, but at (a pace too slow for the eyes to follow).“That view is echoed by a U. S. diplomat closely involved in the efforts to open Japanese markets to American goods, Washington’s stock solution to the ballooning trade imbalance.“(Japan is a relationship society rather than a transactional society),” he says. “You cannot alter that kind of a system with a television speech or a batch of general proposals, no matter how well intentioned they are.”

49、Paraphrase “ a pace too slow for the eyes to follow”.

50、“Japan is a relationship society rather than a transactional society.“ What’s your understanding of this sentence?

51、What does the word “ transactional” mean here?

spot market

Passage 1

When the European Community’s vast single market officially takes effect on Jan. 1, there will be no balloons and brass bands, and holiday fliers between EC cities will still face passport checks at airports. Europeans will wake up on New Year’s Day with the same 10 per cent unemployment and doubts about European unity.“There won’t be the big bang some might have expected,” says Ricardo Perissich, EC director-general for the single market.Yet in its current dour mood, Europe risks almost overlooking the (revolutionary) step forward it has taken in creating the world’s largest and wealthiest barrier-free market—and on a continent where, for centuries, economic battles have led to some of history’s bloodiest wars.

46、What conclusions could you draw from the pictures presented in the 1st paragraph?

47、In what sense is “revolutionary” used here?

48、What did the writer worry about for Western Europe here?

exclusive contract

import tariff

a hermit nation

trade balance

barrier-free market

Chinese Economic Area