Passage 4Share the WealthMost listed companies posted a big jump IN THEIR the first half of 2007，with investment income becoming a major driver for profits.Among the 538 companies listed on the shanghai and Shenzhen stock markets that filed mid-year reports by the end of last week,about 90 percent are making a profit and 78 percent show profit growth.The 538 enterprises， which account for about 36 percent of China's listed companies, recorded a combined net profit of 53, 952 billion yuan in the first half of 2007, according to sta-tistics compiled by Security Times.Companies in real estate, telecommunication ,hotel and travel,and chemical fibers recor-ded huge profit growth.Chongqing Estate Development Co, Yeland Group Co, Sichuan Shengda Industrial Co, Chengdu City Construction Co and Sichuan Sofcar Special-typed Fiber posted more than 1 , 000 percent increases in mid-year net profits.Companies in nonferrous metals, pharmaceuticals. coal and chemicals also performed well.Investment income“ High investment returns from stock in other companies，which are not matched with in-creases from their main businesses, drove profits up in many companies," Chen Yicong, an analyst with Southeast Securities tells China Business Weekly.“Asset restructuring, trading stocks and equity investments have become increasingly im-portant tools for companies to achieve higher profits ,Chen says.Investment income of 351 listed companies that released mid-term reports reached 6. 427 billion yuan, accounting for 21. 43 percent of the companies, net profits. The rate was 7.5 per-cent in 2006 and 3. 47 percent in 2005, according to statistics complied by Security Times.Haitong Securities announced a whopping 36-fold jump in mid-year net profit to 2. 041 bil-lion yuan after it finished restructuring its assets.Among the 538 companies that released mid-year reports, some 165 held huge amount of stocks and equities of other companies, according to WIND, a provider of Chinese financial da- fa.WIND calculates the stocks and equities held by 128 listed companies totaled 4. 2 billion yuan at the end of last week, up from 2. 7 billion >yuan at the end of June, a 56 percent in-crease.Among 165 companies, Double Coin Holdings Ltd, which has stock in 17 companies, and Hunan TV'&Broadcast Investment Co, which has shares in 15 listed firms, hold the largest numbers of other companies.Yangtze Power Corp, whose stocks holdings approached 7. 7 billion yuan, is the most prof-itable equity holder among the 165.Yanytze Power reported 2. 52 billion yuan in net profit in its mid-year report, a 71.65 percent increase. But without the l. 18 billion yuan investment income it gained by selling 400 million China Construction Bank shares, some 36 percent of Yangtze's mid-term total profit, the company's operational profits would have increased by only about 11 percent.Value of Yangtze Power’s equity holdings increased 20 percent from the end of June, jumping from 5. 9billion yuan to 7. 7 billion.There are still many stock and equity holding giants among companies that have not re-leased mid-year reports.China Life Insurance Co, the country ' s largest insurer, holds an enormous amount of oth-er companies' stocks, including 358 million CITIC Securities shares.The value of China Life ' s holdings increased from 20 billion yuan at the end of June to 30 billion yuan last week.(China Daily 08/20/2007 ) 回答问题In the first half year of 2007, 78 percent of Chinese listed companies show profit growth.( )

Passage 4Share the WealthMost listed companies posted a big jump IN THEIR the first half of 2007，with investment income becoming a major driver for profits.Among the 538 companies listed on the shanghai and Shenzhen stock markets that filed mid-year reports by the end of last week,about 90 percent are making a profit and 78 percent show profit growth.The 538 enterprises， which account for about 36 percent of China's listed companies, recorded a combined net profit of 53, 952 billion yuan in the first half of 2007, according to sta-tistics compiled by Security Times.Companies in real estate, telecommunication ,hotel and travel,and chemical fibers recor-ded huge profit growth.Chongqing Estate Development Co, Yeland Group Co, Sichuan Shengda Industrial Co, Chengdu City Construction Co and Sichuan Sofcar Special-typed Fiber posted more than 1 , 000 percent increases in mid-year net profits.Companies in nonferrous metals, pharmaceuticals. coal and chemicals also performed well.Investment income“ High investment returns from stock in other companies，which are not matched with in-creases from their main businesses, drove profits up in many companies," Chen Yicong, an analyst with Southeast Securities tells China Business Weekly.“Asset restructuring, trading stocks and equity investments have become increasingly im-portant tools for companies to achieve higher profits ,Chen says.Investment income of 351 listed companies that released mid-term reports reached 6. 427 billion yuan, accounting for 21. 43 percent of the companies, net profits. The rate was 7.5 per-cent in 2006 and 3. 47 percent in 2005, according to statistics complied by Security Times.Haitong Securities announced a whopping 36-fold jump in mid-year net profit to 2. 041 bil-lion yuan after it finished restructuring its assets.Among the 538 companies that released mid-year reports, some 165 held huge amount of stocks and equities of other companies, according to WIND, a provider of Chinese financial da- fa.WIND calculates the stocks and equities held by 128 listed companies totaled 4. 2 billion yuan at the end of last week, up from 2. 7 billion >yuan at the end of June, a 56 percent in-crease.Among 165 companies, Double Coin Holdings Ltd, which has stock in 17 companies, and Hunan TV'&Broadcast Investment Co, which has shares in 15 listed firms, hold the largest numbers of other companies.Yangtze Power Corp, whose stocks holdings approached 7. 7 billion yuan, is the most prof-itable equity holder among the 165.Yanytze Power reported 2. 52 billion yuan in net profit in its mid-year report, a 71.65 percent increase. But without the l. 18 billion yuan investment income it gained by selling 400 million China Construction Bank shares, some 36 percent of Yangtze's mid-term total profit, the company's operational profits would have increased by only about 11 percent.Value of Yangtze Power’s equity holdings increased 20 percent from the end of June, jumping from 5. 9billion yuan to 7. 7 billion.There are still many stock and equity holding giants among companies that have not re-leased mid-year reports.China Life Insurance Co, the country ' s largest insurer, holds an enormous amount of oth-er companies' stocks, including 358 million CITIC Securities shares.The value of China Life ' s holdings increased from 20 billion yuan at the end of June to 30 billion yuan last week.(China Daily 08/20/2007 ) 回答问题 Companies in real estate, telecommunication performed better in making profits than those in pharmaceuticals, coal and chemicals.()

Passage 4Share the WealthMost listed companies posted a big jump IN THEIR the first half of 2007，with investment income becoming a major driver for profits.Among the 538 companies listed on the shanghai and Shenzhen stock markets that filed mid-year reports by the end of last week,about 90 percent are making a profit and 78 percent show profit growth.The 538 enterprises， which account for about 36 percent of China's listed companies, recorded a combined net profit of 53, 952 billion yuan in the first half of 2007, according to sta-tistics compiled by Security Times.Companies in real estate, telecommunication ,hotel and travel,and chemical fibers recor-ded huge profit growth.Chongqing Estate Development Co, Yeland Group Co, Sichuan Shengda Industrial Co, Chengdu City Construction Co and Sichuan Sofcar Special-typed Fiber posted more than 1 , 000 percent increases in mid-year net profits.Companies in nonferrous metals, pharmaceuticals. coal and chemicals also performed well.Investment income“ High investment returns from stock in other companies，which are not matched with in-creases from their main businesses, drove profits up in many companies," Chen Yicong, an analyst with Southeast Securities tells China Business Weekly.“Asset restructuring, trading stocks and equity investments have become increasingly im-portant tools for companies to achieve higher profits ,Chen says.Investment income of 351 listed companies that released mid-term reports reached 6. 427 billion yuan, accounting for 21. 43 percent of the companies, net profits. The rate was 7.5 per-cent in 2006 and 3. 47 percent in 2005, according to statistics complied by Security Times.Haitong Securities announced a whopping 36-fold jump in mid-year net profit to 2. 041 bil-lion yuan after it finished restructuring its assets.Among the 538 companies that released mid-year reports, some 165 held huge amount of stocks and equities of other companies, according to WIND, a provider of Chinese financial da- fa.WIND calculates the stocks and equities held by 128 listed companies totaled 4. 2 billion yuan at the end of last week, up from 2. 7 billion >yuan at the end of June, a 56 percent in-crease.Among 165 companies, Double Coin Holdings Ltd, which has stock in 17 companies, and Hunan TV'&Broadcast Investment Co, which has shares in 15 listed firms, hold the largest numbers of other companies.Yangtze Power Corp, whose stocks holdings approached 7. 7 billion yuan, is the most prof-itable equity holder among the 165.Yanytze Power reported 2. 52 billion yuan in net profit in its mid-year report, a 71.65 percent increase. But without the l. 18 billion yuan investment income it gained by selling 400 million China Construction Bank shares, some 36 percent of Yangtze's mid-term total profit, the company's operational profits would have increased by only about 11 percent.Value of Yangtze Power’s equity holdings increased 20 percent from the end of June, jumping from 5. 9billion yuan to 7. 7 billion.There are still many stock and equity holding giants among companies that have not re-leased mid-year reports.China Life Insurance Co, the country ' s largest insurer, holds an enormous amount of oth-er companies' stocks, including 358 million CITIC Securities shares.The value of China Life ' s holdings increased from 20 billion yuan at the end of June to 30 billion yuan last week.(China Daily 08/20/2007 ) 回答问题Many companies managed to achieve high profits by investing stocks in other companies.()

Passage 4Share the WealthMost listed companies posted a big jump IN THEIR the first half of 2007，with investment income becoming a major driver for profits.Among the 538 companies listed on the shanghai and Shenzhen stock markets that filed mid-year reports by the end of last week,about 90 percent are making a profit and 78 percent show profit growth.The 538 enterprises， which account for about 36 percent of China's listed companies, recorded a combined net profit of 53, 952 billion yuan in the first half of 2007, according to sta-tistics compiled by Security Times.Companies in real estate, telecommunication ,hotel and travel,and chemical fibers recor-ded huge profit growth.Chongqing Estate Development Co, Yeland Group Co, Sichuan Shengda Industrial Co, Chengdu City Construction Co and Sichuan Sofcar Special-typed Fiber posted more than 1 , 000 percent increases in mid-year net profits.Companies in nonferrous metals, pharmaceuticals. coal and chemicals also performed well.Investment income“ High investment returns from stock in other companies，which are not matched with in-creases from their main businesses, drove profits up in many companies," Chen Yicong, an analyst with Southeast Securities tells China Business Weekly.“Asset restructuring, trading stocks and equity investments have become increasingly im-portant tools for companies to achieve higher profits ,Chen says.Investment income of 351 listed companies that released mid-term reports reached 6. 427 billion yuan, accounting for 21. 43 percent of the companies, net profits. The rate was 7.5 per-cent in 2006 and 3. 47 percent in 2005, according to statistics complied by Security Times.Haitong Securities announced a whopping 36-fold jump in mid-year net profit to 2. 041 bil-lion yuan after it finished restructuring its assets.Among the 538 companies that released mid-year reports, some 165 held huge amount of stocks and equities of other companies, according to WIND, a provider of Chinese financial da- fa.WIND calculates the stocks and equities held by 128 listed companies totaled 4. 2 billion yuan at the end of last week, up from 2. 7 billion >yuan at the end of June, a 56 percent in-crease.Among 165 companies, Double Coin Holdings Ltd, which has stock in 17 companies, and Hunan TV'&Broadcast Investment Co, which has shares in 15 listed firms, hold the largest numbers of other companies.Yangtze Power Corp, whose stocks holdings approached 7. 7 billion yuan, is the most prof-itable equity holder among the 165.Yanytze Power reported 2. 52 billion yuan in net profit in its mid-year report, a 71.65 percent increase. But without the l. 18 billion yuan investment income it gained by selling 400 million China Construction Bank shares, some 36 percent of Yangtze's mid-term total profit, the company's operational profits would have increased by only about 11 percent.Value of Yangtze Power’s equity holdings increased 20 percent from the end of June, jumping from 5. 9billion yuan to 7. 7 billion.There are still many stock and equity holding giants among companies that have not re-leased mid-year reports.China Life Insurance Co, the country ' s largest insurer, holds an enormous amount of oth-er companies' stocks, including 358 million CITIC Securities shares.The value of China Life ' s holdings increased from 20 billion yuan at the end of June to 30 billion yuan last week.(China Daily 08/20/2007 ) 回答问题Double Coin Holdings Ltd and Hunan TV& Broadcast Investment Co hold the largest num-bers of other companies ' stock and are among the most profitable equity holders.()

Passage 4Share the WealthMost listed companies posted a big jump IN THEIR the first half of 2007，with investment income becoming a major driver for profits.Among the 538 companies listed on the shanghai and Shenzhen stock markets that filed mid-year reports by the end of last week,about 90 percent are making a profit and 78 percent show profit growth.The 538 enterprises， which account for about 36 percent of China's listed companies, recorded a combined net profit of 53, 952 billion yuan in the first half of 2007, according to sta-tistics compiled by Security Times.Companies in real estate, telecommunication ,hotel and travel,and chemical fibers recor-ded huge profit growth.Chongqing Estate Development Co, Yeland Group Co, Sichuan Shengda Industrial Co, Chengdu City Construction Co and Sichuan Sofcar Special-typed Fiber posted more than 1 , 000 percent increases in mid-year net profits.Companies in nonferrous metals, pharmaceuticals. coal and chemicals also performed well.Investment income“ High investment returns from stock in other companies，which are not matched with in-creases from their main businesses, drove profits up in many companies," Chen Yicong, an analyst with Southeast Securities tells China Business Weekly.“Asset restructuring, trading stocks and equity investments have become increasingly im-portant tools for companies to achieve higher profits ,Chen says.Investment income of 351 listed companies that released mid-term reports reached 6. 427 billion yuan, accounting for 21. 43 percent of the companies, net profits. The rate was 7.5 per-cent in 2006 and 3. 47 percent in 2005, according to statistics complied by Security Times.Haitong Securities announced a whopping 36-fold jump in mid-year net profit to 2. 041 bil-lion yuan after it finished restructuring its assets.Among the 538 companies that released mid-year reports, some 165 held huge amount of stocks and equities of other companies, according to WIND, a provider of Chinese financial da- fa.WIND calculates the stocks and equities held by 128 listed companies totaled 4. 2 billion yuan at the end of last week, up from 2. 7 billion >yuan at the end of June, a 56 percent in-crease.Among 165 companies, Double Coin Holdings Ltd, which has stock in 17 companies, and Hunan TV'&Broadcast Investment Co, which has shares in 15 listed firms, hold the largest numbers of other companies.Yangtze Power Corp, whose stocks holdings approached 7. 7 billion yuan, is the most prof-itable equity holder among the 165.Yanytze Power reported 2. 52 billion yuan in net profit in its mid-year report, a 71.65 percent increase. But without the l. 18 billion yuan investment income it gained by selling 400 million China Construction Bank shares, some 36 percent of Yangtze's mid-term total profit, the company's operational profits would have increased by only about 11 percent.Value of Yangtze Power’s equity holdings increased 20 percent from the end of June, jumping from 5. 9billion yuan to 7. 7 billion.There are still many stock and equity holding giants among companies that have not re-leased mid-year reports.China Life Insurance Co, the country ' s largest insurer, holds an enormous amount of oth-er companies' stocks, including 358 million CITIC Securities shares.The value of China Life ' s holdings increased from 20 billion yuan at the end of June to 30 billion yuan last week.(China Daily 08/20/2007 ) 回答问题By selling 400 million China Construction Bank shares, Yanytze Power gained l. 18 billion yuan investment income, a 71. 65 percent increase of its total profit.( )

Passage 5(56) " Inflation" is the term used to describe a rise in the general price level of goods and services. Note that individual price increases, for example due to seasonal shortages of food,are not classified as inflation. There are three situations which can result in inflation.The first is the one in which the demand for goods and services (and the money available to purchase them) exceeds the supply available. There may be a large supply of money availa-ble for one or more of several reasons： because government spending is relatively high； or be-cause credit is easily available； or because people have relatively high disposable income ( e. g. incomes after tax plus transfers, such as children ' s allowances) . (57) When customers want to spend money on goods and services but there are not enough of them to satisfy the de-mand, prices rise accordingly. This is often referred to as demand-pull inflation" .The second situation which causes inflation is the one in which production costs are rising. Production coses include raw materials, energy, and wages. When workers find they cannot. afford the goods and services they need owing to the fact that prices are too high, they seek wage increases. (58) Sometimes increased production costs are absorbed in increased productivity or a reduction in profits so that they are not passed on in higher prices.More usually, however, they are not and, hence, prices rise. This is often referred as“cost-push inflation". These two causes of inflation are often interrelated so that the one situation leads to the other which in turn leads to a recurrence of the first situation. This chain of cause and effect is called an " inflationary spiral".A third cause of inflation may be government policy. (59) Governments can affect the level of prices by controlling or regulating them, or by reducing taxes on goods and services and accordingly keeping prices down. Alternately, if a government does not regulate prices or if it imposes higher takes (such as VAT) it may push prices up. Governments also occasionally attempt to control the level of wage increases and, hence, keep those production coSTS down. Lastly, as mentioned earlier, some people think that higher prices are often due to nigh government spending.Inflation has several consequences, all of which are bad.(60) First, because the real value of money tends to decline, lenders of money, such as banks，are less willing to lend or are willing to do so only at higher interest rates. This makes borrowing more expensive, and thus may cause prices to rise even further, owing to the in-creased cost of borrowing. Second , there are many groups of people whose incomes axe fixed or whose incomes tend to rise slowly and infrequently. In a period of inflation the living standings of these people fall and, as a result, they suffer hardship. Old age pensioners are examples of oneof these groups.Third, when people see the value of money being eroded, they are less willing to save. Accordingly, there is less money available for investment in the new equipment which is fre-quently necessary if productivity is to increase. It may be more difficult, therefore, to absorb increased production costs. Consequently, prices continue to rise. 回答问题What is the best title of the passage?