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Energy will be one of the defining issues of this century. One thing is clear: the era of easy oil is over. What we all do next will (1)_____ how well we meet the energy needs of the entire world in this century and (2)_____. Demand is (3)_____ like never before. As populations grow and economies take (4)_____ millions in the developing world are enjoying the (5)_____ of a lifestyle that requires increasing amounts of energy. (6)_____, some say that in 20 years the world will (7)_____ 40% more oil and gas fields are maturing. And new energy (8)_____ are mainly occurring in places where resources are difficult to (9)_____, physically, economically and even politically. When growing demand meets tighter supplies, the result is more (10)_____ for the same resources. We can wait (11)_____ a crisis forces us to do something. Or we can (12)_____ to working together, and start by asking the tough questions: How do we meet the energy needs of the developing world and those of (13)_____ nations What role will renewables and (14)_____ energies play What is the best way to protect our environment How do we accelerate our conservation efforts (15)_____ actions we take, we must look not just to next year, (16)_____ to the next 50 years. We believe that innovation, collaboration and conservation are the cornerstones (17)_____ which to build this new world. We cannot do this (18)_____. Corporations, governments and every citizen of this planet must be part of the solution (19)_____ surely as they are part of the problem. We call upon scientists and educators, politicians and policy-makers, environmentalists, leaders of industry and each one of you to be part of (20)_____ the next era of energy.
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Energy will be one of the defining issues of this century. One thing is clear: the era of easy oil is over. What we all do next will (1)_____ how well we meet the energy needs of the entire world in this century and (2)_____. Demand is (3)_____ like never before. As populations grow and economies take (4)_____ millions in the developing world are enjoying the (5)_____ of a lifestyle that requires increasing amounts of energy. (6)_____, some say that in 20 years the world will (7)_____ 40% more oil and gas fields are maturing. And new energy (8)_____ are mainly occurring in places where resources are difficult to (9)_____, physically, economically and even politically. When growing demand meets tighter supplies, the result is more (10)_____ for the same resources. We can wait (11)_____ a crisis forces us to do something. Or we can (12)_____ to working together, and start by asking the tough questions: How do we meet the energy needs of the developing world and those of (13)_____ nations What role will renewables and (14)_____ energies play What is the best way to protect our environment How do we accelerate our conservation efforts (15)_____ actions we take, we must look not just to next year, (16)_____ to the next 50 years. We believe that innovation, collaboration and conservation are the cornerstones (17)_____ which to build this new world. We cannot do this (18)_____. Corporations, governments and every citizen of this planet must be part of the solution (19)_____ surely as they are part of the problem. We call upon scientists and educators, politicians and policy-makers, environmentalists, leaders of industry and each one of you to be part of (20)_____ the next era of energy.
Energy will be one of the defining issues of this century. One thing is clear: the era of easy oil is over. What we all do next will (1)_____ how well we meet the energy needs of the entire world in this century and (2)_____. Demand is (3)_____ like never before. As populations grow and economies take (4)_____ millions in the developing world are enjoying the (5)_____ of a lifestyle that requires increasing amounts of energy. (6)_____, some say that in 20 years the world will (7)_____ 40% more oil and gas fields are maturing. And new energy (8)_____ are mainly occurring in places where resources are difficult to (9)_____, physically, economically and even politically. When growing demand meets tighter supplies, the result is more (10)_____ for the same resources. We can wait (11)_____ a crisis forces us to do something. Or we can (12)_____ to working together, and start by asking the tough questions: How do we meet the energy needs of the developing world and those of (13)_____ nations What role will renewables and (14)_____ energies play What is the best way to protect our environment How do we accelerate our conservation efforts (15)_____ actions we take, we must look not just to next year, (16)_____ to the next 50 years. We believe that innovation, collaboration and conservation are the cornerstones (17)_____ which to build this new world. We cannot do this (18)_____. Corporations, governments and every citizen of this planet must be part of the solution (19)_____ surely as they are part of the problem. We call upon scientists and educators, politicians and policy-makers, environmentalists, leaders of industry and each one of you to be part of (20)_____ the next era of energy.
Energy will be one of the defining issues of this century. One thing is clear: the era of easy oil is over. What we all do next will (1)_____ how well we meet the energy needs of the entire world in this century and (2)_____. Demand is (3)_____ like never before. As populations grow and economies take (4)_____ millions in the developing world are enjoying the (5)_____ of a lifestyle that requires increasing amounts of energy. (6)_____, some say that in 20 years the world will (7)_____ 40% more oil and gas fields are maturing. And new energy (8)_____ are mainly occurring in places where resources are difficult to (9)_____, physically, economically and even politically. When growing demand meets tighter supplies, the result is more (10)_____ for the same resources. We can wait (11)_____ a crisis forces us to do something. Or we can (12)_____ to working together, and start by asking the tough questions: How do we meet the energy needs of the developing world and those of (13)_____ nations What role will renewables and (14)_____ energies play What is the best way to protect our environment How do we accelerate our conservation efforts (15)_____ actions we take, we must look not just to next year, (16)_____ to the next 50 years. We believe that innovation, collaboration and conservation are the cornerstones (17)_____ which to build this new world. We cannot do this (18)_____. Corporations, governments and every citizen of this planet must be part of the solution (19)_____ surely as they are part of the problem. We call upon scientists and educators, politicians and policy-makers, environmentalists, leaders of industry and each one of you to be part of (20)_____ the next era of energy.
You are going to read a text about China"s trade achievements, followed by a list of examples. Choose the best example from the list for each numbered subheading. There is one extra example which you do not need to use. Let China sleep, for when she wakes, she will shake the world. Until recently, the world happily ignored Napoleon"s warning. But China is now shaking the world. The U.S. was the first continental capitalist economy. The European Union is trying to become a second. Potentially, China dwarfs them both. Already, it is a big and controversial presence in the global economy. Its impact is certain to increase still further. Fear is an inevitable response to this growing upheaval. But how far is it justified And what is the best response (41) The amazing achievements of China"s trade, China"s trade performance has, indeed, been astonishing. Between 1980 and 2002, China"s share in global exports and imports rose from 1.2 percent and 1.1 percent, to 5.2 percent and 4.2 percent, respectively. From 1993 to 2002, the volume of China"s exports of goods rose at an annual rate of 17.3 percent. (42) How to evaluate the impact of China"s trade To assess the impact of China"s trade, one must start with its comparative advantage and trade policies. (43) China has reduced her tariffs: In 1992, average statutory tariffs on manufactures were 46.5 percent. After accession to the World Trade Organization, this will be down to 6.9 percent. For primary products, the decline is from 22.3 to 3.6 percent. (44) Good or bad news Between 1979 and 2001, China"s terms of trade—the ratio of the prices of its exports to those of its imports—fell by 30 percent. As China"s growth drives down the relative price of her exports, countries that compete in third markets suffer declining profitability and market shares. But net importers of China"s exports and net exporters of her imports benefit. (45) The effect of direct Chinese competition: Gains are even available to countries that would seem vulnerable to direct Chinese competition. The reason is the vertical integration of Chinese production. In 1998, just under a quarter of the value of Chinese exports contained direct and indirect imports. Not surprisingly, such production is particularly relevant to China"s neighbors. How should other countries respond to the Chinese shock "Calmly" is the best advice. The biggest reason for calm comes from history. If China is permitted to thrive as a dynamic exporter of cheap manufactures, its people will obtain the prosperity they want. If China is thwarted by protectionist barriers, its people will be correspondingly frustrated and dangerous. The challenges of accommodating a wide-awake China will be huge. But they can and must be risen to.A. China also reduced the coverage of non-tariff barriers from 32.5 percent of imports to 21.6 percent between 1996 and 2001. This liberalization further increase the competitiveness of China"s exports, because a tax on imports is also a tax on exports.B. Another World Bank study notes, for example, that between 1985 and 2001, exports from other East Asian emerging market economies to China grew from 59 billion to 835 billion. In 2001, 15 percent of East Asia"s exports to China consisted of parts of office machines and telecommunications equipment and electronic microcircuits, all of which were for assembly and re-export.C. If current trends were sustained (which is unlikely), China"s exports would surpass those of the U.S. by about 2010. Over the 12 months to May 2003, Chinese exports of 3,660 billion were the world"s fourth largest, after those of the U.S., Germany and Japan. Its imports, at 3,230 billion, were the sixth largest, but will soon be bigger than those of Japan, the UK and France.D. In general, commodity exporters and exporters of sophisticated goods and services gain, while other labor abundant countries lose.E. China now enjoys significant foreign investment inflows. The volume of capital flows to developing countries is determined primarily by global conditions, not by local economic performance. Countries can increase their share of this capital by managing their economies well, hut conditions in the rich countries will always matter more, and these are hard to predict.F. The former rests on almost limitless supplies of cheap labor. The latter have become remarkably liberal.
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