3.Financial stress brought on by excessive debt in the household and corporate sectors was an example of another kind of structural problem， in particular for the economies of Japan and the United States. Financial institutions in these two countries adopted more conservative lending policies， curtailing financing of higher-risk projects such as commercial construction and highly leveraged corporate transaction. A number of weaker institutions were also consolicated through bankruptcy， merger and reorganization.

　　過多債務(wù)的財政壓力招致了家族和公司部門是另外一種結(jié)構(gòu)問題的例子，尤其是日本和美國的經(jīng)濟(jì)。這兩個國家在財政制度上采取了比較保守的借貸政策，削減了對商業(yè)建筑這類高風(fēng)險的財政項目和對公司依靠大量借貸進(jìn)行交易的融資。大多數(shù)疲軟的機(jī)構(gòu)也通過破產(chǎn)，合并和重組來聯(lián)合。

　　4.The major risk facing this highly trade-oriented region is the potential for sluggishness or disruption in world-trade flows. Economic weakness in some of the region‘s traditional export markets has underlined the importance of market diversification， including a further strengthening of ties within the region. Increasingly buoyant intraregional trade in East Asia may be viewed as evidence of an ongoing process of “market-oriented” regional integration， a development that could partially offset lackluster progress in the area of multilateral trade agreements.

　　這個高度以貿(mào)易為導(dǎo)向的地區(qū)面對的風(fēng)險主要是潛在的世界貿(mào)易流中的蕭條或混亂。一些地區(qū)傳統(tǒng)出口市場的經(jīng)濟(jì)萎靡已強(qiáng)調(diào)了市場多樣化的重要性。包括進(jìn)一步加強(qiáng)地區(qū)內(nèi)的聯(lián)系。

　　日益活躍的東亞內(nèi)貿(mào)易可被視為一個“市場導(dǎo)向”地區(qū)一體化的見證，這一點(diǎn)可彌補(bǔ)多邊貿(mào)易協(xié)定領(lǐng)域毫無生氣的進(jìn)展局面。