Directions:

　　In the following text, some sentences have removed. For Questions 41-45, choose the most suitable one from the list A-G to fit into of the numbered blank there are two extra choices, which do not fit in any of the gaps. Mark your answers on ANSWER SHEET 1. (10 points)

　　FOR months now, ministers have been blaming Britain's archaic and expensive planning laws for many of the country's ills, from high house prices to poor productivity. Lord Falconer, a close ally of the Prime Minister, describes the planning system as "a quagmire". It is certainly a lawyer's paradise. The national planning guidance alone runs to 800 pages.

　　(41)                              . The green paper, a consultative document, hardly lives up to the hype. But it does contain a number of sensible proposals for reforming a system which deals with 150,000 business and 300,000 domestic planning applications each year.

　　(42)                                     . The government also wants developers to be able to build more easily in designated business zones. The process for planning appeals is to be speeded up. All these measures should make the system work a little faster.

　　The case for change is hard to deny. The chancellor, Gordon Brown, is convinced that Britain's poor productivity performance is in part due to its restrictive planning system. That was the thesis of a hefty report published by McKinsey's consultants three years ago which argued that every British household could be  2,500 pounds a year better off if Britain was able to match American levels of productivity. (43)                                          .

　　(44)                                                . Even much smaller projects are subject to lengthy delay. Terry Leahy, chief executive of Tesco, complained to a Confederation of British Industry conference recently, "I know Rome wasn't built in a day, but why does it take four years to get a positive decision on one moderately-sized inner city store?"

　　A project to build a new freight railway, financed solely by private investment, from Liverpool via Manchester, Sheffield and London to the Channel Tunnel has been mired in planning problems for more than a decade. Andrew Gritten, chairman of Central Railway, says this scheme would take 3m lorry journeys a year off the roads. But without the government's backing, it has little chance of getting through Parliament, let alone surviving a public inquiry.

　　(45)                                                . Ministers believe that delays could be cut if the government were to set out its views in advance of a public inquiry. These would then be subject to parliamentary debate and approval. The planning system could thus deal with local issues rather than issues of principle.

　　Environmental and other lobby groups say they will resist such a change, which they see as short-circuiting democratic accountability. Certainly, the faster things happen, the worse it will be for them. It took more than a quarter of a century and three public inquiries before the bulldozers could start ploughing through beautiful Twyford Down to build a bitterly-fought extension to the M3 motorway near Winchester. In future, Swampy and his friends will have a much harder task opposing big new developments.

　　[A] For large projects, planning sometimes borders on the absurd. The inquiry into Heathrow's Terminal Five inquiry spent two days discussing whether some fish displaced by the proposed terminal would or would not be able to swim up a culvert. No wonder the inquiry occupied 33 barristers, cost pounds 100m and took four years to complete.                           

　　[B]The Government's Planning Green Paper, Planning: delivering a fundamental change, was published on 12 December 2001. Related 'daughter documents' - on major infrastructure projects, planning obligations, the Use Classes Order and compulsory purchase powers - were published soon afterwards.

　　[C]The Green Paper seeks a planning system which addresses economic, social, cultural and environmental objectives, in which people have confidence and which is efficient.                                             

　　[ D] The government is to publish a document next week advocating new parliamentary procedures for major projects.                                                                                      

　　[E] A report which recently emerged from the Department of Environment Transport and the Regions estimated that the cost of planning delays to business was at least pounds 600m a year. Currently more than half of all commercial planning applications take longer than two months to be decided.                                                                                       

　　[F] This week the government unveiled its proposals for reform claiming that they represented the biggest shake-up in the planning system for half a century.                                    

　　[G] A report which recently emerged from the Department of Environment Transport and the Regions estimated that the cost of planning delays to business was at least pounds 600m a year. Currently more than half of all commercial planning applications take longer than two months to be decided.

Part C

　　Directions:

　　Read the following text carefully and then translate the underlined segments into Chinese. Your translation should be written clearly on ANSWER SHEET2. (10points)

　　DESPITE the world economic downturn, South Korea's stockmarket has this year outperformed those of all other countries bar Russia. Its composite stock price index (Kospi) has risen by more than 25% since January 1st. (46)The rally, which has been driven by foreign buying, is expected to continue next year, for two reasons: encouraging economic fundamentals, and the introduction of derivatives so beloved of the world's hedge funds.

　　On January 28th next year the Korea Stock Exchange is due to introduce option contracts on the shares of seven listed companies: SK Telecom, Korea Electric Power, Korea Telecom, Samsung Electronics, Hyundai Motor, Pohang Iron & Steel and Kookmin Bank. (47)And as early as July, the Financial Supervisory Commission is expected to allow investment banks to sell over-the-counter derivatives, such as equity or interest-rate swaps.

　　Trading volume on the exchange will increase accordingly, says Lee Wonki at Merrill Lynch. Foreigners hold nearly 90 trillion won ($70 billion) of Korean shares, 37% of the market. Their slice of the trading of Kospi 200 index futures and options rose to 10% this year, from about 5% a year ago. But the Kospi index, covering 200 companies, is not the best way to hedge foreign portfolios, which are invested mainly in the seven blue-chip shares. Yet derivatives alone will not sustain Korean equities unless the economy turns around. There are signs that it has reached bottom, with real GDP estimated to have grown by at least 2.8% this year (slower than last year but higher than earlier forecasts of 2% or less). (48)Jin Nyum, the finance minister, predicts that, although exports may suffer next year if the Japanese yen continues to fall, domestic demand and public spending will help real GDP to grow near to the country's full potential of 5%.

　　Some analysts argue that the recent market rise has been caused by investors' blind faith in bank and technology shares. (49)The latter rallied last month, but then hesitated as Micron, an American memory- chip maker, blew hot and cold on taking a stake in or allying with Hynix, Korea's debt-laden maker of memory chips.

　　Nevertheless, the rally is likely to continue, says Koh Wonjong, of SG Securities in Seoul. (50)That is because South Korea's industries are more diversified——into information technology, cars, shipbuilding, steel and services——than those of other Asian countries. In Taiwan, telecoms, media and technology shares account for 80% of the market.

　　The restructuring of some big companies, such as Hynix and Daewoo Motor, remains incomplete, as does bank reform. But the past four years of financial and corporate change may soon pay off. For many companies, balance-sheet problems have turned into the need to measure profits, a far more welcome task.