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.”

参考答案

因此，要了解资本主义可能走向何方，政策制定者、银行家、投资者和选民就必须更清楚地了解，21世纪的金融在什么地方出了如此严重的问题。当然，潜在的罪魁祸首有很多：赤裸裸的贪婪、松懈的监管、过于宽松的货币政策、欺骗性借款及管理失效等，全都负有责任（就像在经济兴衰周期的初期）。此外还有另一个问题：现代金融非同寻常的复杂性和不透明性。过去20年，一轮创新浪潮以一度看似能够为相关各方都带来巨大利益的方式，重塑了市场运作方式。但这种创新变得如此极端，甚至超出了多数普通银行家的理解能力——更别提那些监管者了。

结果，不仅是深受所有人都不曾预见到的亏损规模所困扰的金融体系，还有作为新金融资本主义构建基础的信念支柱，几乎都已崩溃。从财政部长和央行行长、到小型投资者和养老金持有人，每个人都因此失去了智力罗盘，变得茫然和困惑。“我们的世界已经崩溃——老实说，我不知道会有什么来代替它。我们借之像美国人那样操舵的罗盘不见了，”美林(Merrill Lynch)莫斯科办事处主管伯尔尼·叙谢(Bernie Sucher)说道。“就迷失方向和挫败的感觉而言，我上一次见识这种情形，还是在苏联解体时从我的（俄罗斯）朋友身上看到的。”

[来源：金融时报]