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International Business English

Lesson 1

International Business

Business Knowledge:

The major differences between international business and domestic business A. Differences in legal systems B. Differences in currencies C. Differences in cultural background D. Different in natural and economic conditions The major types of international business A. Trade

a. Commodity trade b. Service trade B. Investment

a. Foreign direct investment b. Portfolio investment C. Other types

a. c.

Licensing and franchising Turnkey project and BOT

b. Management contract and contract manufacturing Trade Terms:

1. Customs area关税区: 2. Conversion货币兑换

3. Visible trade有形贸易: The form of commodity trade, i.e. exporting and importing goods

produced or manufactured in one country for consumption or resale in another. (including cash transaction-by means of money and market, and counter trade)

4. Invisible trade无形贸易: The form of transportation, communication, banking, insurance,

consulting, information etc. is called invisible trade or service industries.

5. FDI外国直接投资: Foreign direct investments. Returns through controlling the enterprises or

assets invested in a host country. / P.256. One country acquires assets in a foreign country for the purpose of controlling and managing them.

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6. Portfolio investment证券投资: Purchases of foreign financial assets for a purpose other than

controlling.

7. Stocks股票: Capital stocks or bonds.

8. Bonds债券: The papers issued by a government or a firm with promise to pay back the money

lent or invested together with interest. 9. Maturity（票据等）到期 10. Certificate of deposit大额存单

11. Licensing许可经营: In licensing, a firm leases the right to use its intellectual property to a firm

in another country. They choose licensing because they do not have to make cash payments to stat business, and can simply receive income in the form of royalty.

12. Franchising特许经营: Under franchising, franchisee is allowed to operate in the name of

another, franchiser who provides the former with trademarks, brand names, logos and operating techniques for royalty. 13. Trade Mark商标 14. Patent专利

15. Royalty专利（许可）使用费，版税 16. Copyright版权 17. Licenser许可方 18. Licensee被许可方

19. Franchiser特许方: A firm who provides the franchisee with trademarks, brand names, logos

and operating techniques for royalty.

20. Franchisee被特许方: A firm is allowed to operate in the name of another.

21. Management contract管理合同: Under a management contract, one company offers

managerial or other specialized services to another within a particular period for a flat payment or a percentage of the relevant business volume. 22. Value chain价值链

23. Turnkey project“交钥匙”工程: For an international turnkey project, a firm signs a contract

with a foreign purchaser and undertakes all the designing, contracting and facility equipping before handing it over to the latter upon completion. 24. BOT建设、经营和移交: Build, Operate, Transfer 25. Expertise专门知识

26. Bonus红利、奖金、津贴 27. Royalty 许可使用费

28. International investment国际投资: Supplying capital by residents of one country to another. 29. Contract manufacturing承包生产

30. GATT关贸总协定: General Agreement on Tariffs and Trade

31. International business国际商务: Transaction between parties from different countries.

Sometimes business across the borders of different customs areas of the same country is also regarded as import and export. 32. Intellectual property知识产权 33. Oil deposit: 石油储备 = oil reserves

34. the reserves of natural resources 自然资源储备

35. Personal advancement个人的晋升，个人素质的提高以及个人事业的进步等。 Answer the following questions:

1. What does international business refer to? Please tell the difference between international

business and domestic business.

A: International business refers to transaction between parties from different countries. Sometimes business across the borders of different customs areas of the same country is also regarded as import and export.

Some major differences between international business and domestic business is following: (1) Differences in legal systems (2) Differences in currencies (3) Differences in cultural background (4) Different in natural and economic conditions

2. Please explain the differences between visible trade and invisible trade. Which is becoming

more and more important and accounts for an increasing proportion in international trade?

A: Visible trade is the form of commodity trade. The form of transportation, communication, banking, insurance, consulting, information etc. is called invisible trade or service industries. The later is become more and more important.

3. Can you cite some examples to illustrate cultural differences in international business? A: Cultural differences including language, customs, traditions, religion, value, behavior etc.

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4. Please elaborate on the two categories of international investment. What is their major

difference?

A: FDI (Foreign direct investment) is made for returns through controlling the enterprises or assets invested in in a host country. Portfolio investment refers to purchases of foreign financial assets for a purpose other than controlling. Such financial assets may be stocks, bonds or certificates of deposit.

5. What is licensing? Why do firms sometimes choose it as a means of entering a foreign

market?

A: In licensing, a firm leases the right to use its intellectual property to a firm in another country. They choose licensing because they do not have to make cash payments to stat business, and can simply receive income in the form of royalty. Besides, they can benefit from locational advantages of foreign operation without any obligations in ownership or management. The use of licensing is particularly encouraged by high customs duty and non-tariff barriers on the part of the host country.

6. What is franchising? How is it different from licensing?

A: Under franchising, franchisee is allowed to operate in the name of another, franchiser who provides the former with trademarks, brand names, logos and operating techniques for royalty. In comparison with the relation between the licenser and the licensee, the franchiser has more control over and provides more support for the franchisee.

7. What is a management contract? Under what conditions is it most applicable?

A: Under a management contract, one company offers managerial or other specialized services to another within a particular period for a flat payment or a percentage of the relevant business volume. When a government forbids foreign ownership in certain industries it considers to be of strategic importance but lacks the expertise for operation, management contracts maybe a practical choice enabling a foreign company to operate in the industry without owning the assets.

8. What is an international turnkey project? In what way is its variant BOT different from

it?

A: For an international turnkey project, a firm signs a contract with a foreign purchaser and undertakes all the designing, contracting and facility equipping before handing it over to the latter

upon completion. For a BOT project, a firm operates a facility for a period of time after building it up before finally transferring it to a foreign company. Making profit from operating the project for a period is the major difference between BOT and the common turnkey project

Translate the following sentences into English:

1.国际贸易一般指不同国家的当事人进行的交易，它涉及到许多因素，因而比国内贸易要复杂得多。

International business refers to transaction between parties form different countries. It involves more factors and thus is more complicated the domestic business.

2.随着经济一体化进程的发展，很少人和公司能完全独立于国际商务之外而存在。因此，在此方面具有一定的知识是十分必要的，这既有益于企业的发展又有益于个人的进步。

With the development of economic globalization, few people or companies can completely stay away from international business. Therefore, some knowledge in this respect is necessary both for the benefit of enterprises and personal advancement.

3.其他参与国际贸易的形式有管理合同、承包生产和“交钥匙”工程。

Other forms for participating in international business are management contract, contract manufacturing and turnkey project.

4.国际贸易最初以商品贸易的形式出现，即在一国生产或制造商品而出口或进口到另一国进行消费或转售。

International business first took the form of commodity trade, i.e. exporting and importing goods produced or manufactured in one country for consumption or resale in another.

5.除了国际贸易和投资，国际许可和特许经营有时也是进入国外市场的一种方式。

Besides trade and investment, international licensing and franchising are sometimes taken as a means of entering a foreign market.

Lesson 2

Income Level and the World Market

Business Knowledge:

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Trade Terms:

1. GNP国民生产总值: Gross national Product. The market value of goods and services produced

by the property and labor owned by the residents of an economy.

2. GDP国内生产总值: Gross Domestic Product. The market value of all goods and services

produced within the geographic area of an economy. 3. National income国民收入 4. Per capita income人均收入

5. Per capita GDP人均国内生产总值: It is calculated by dividing its total GDP by its population,

which reveals the average income level of consumers. 6. PPP购买力平价: Purchasing power parity 7. Consumerism消费主义

8. Income distribution收入分布: The proportions of its rich, middle income and poor people. 9. Infra structure基础设施 10. Staple goods大路货 11. Invoice （开）发票 12. Creditor country债权国

13. OECD经合组织，经济合作与开发组织: Organization for Economic Cooperation and Development.

14. The Commonwealth of Independent States 独联体，独立国家联合体 (1) GNP and GDP

(2) Per capita income and per capita GDP

(3) High-income, middle income and low-income countries

A. Standards for classification B. Representative countries (4) Triad and Quad

A. United States B. Western Europe C. Japan D. Canada

(5) Other important markets for China

15. ASEAN 东盟，东南亚国家联盟: Association of Southeast Asian Nationals. 16. NIEs（亚洲四小虎）: Newly Industrialized Economies 17. Factors of production生产要素

Answer the following questions:

1. Explain the concepts of GNP and GDP respectively and point out their major difference. Can we use them interchangeably?

A: GNP (Gross national Product) refers to the market value of goods and services produced by the property and labor owned by the residents of an economy. GDP (Gross Domestic Product) measures the market value of all goods and services produced within the geographic area of an economy. The difference between them is that GNP focuses on ownership of the factors of production while GDP concentrates on the place where production takes place. The difference between GNP and GDP can be ignored since it very small in most cases. Therefore, we can use them interchangeably.

2. In what different ways are GDP and per capita income significant in assessing the potential of a particular market?

A: Total GDP indicates the overall size of an economy, which is important in market assessment for durable equipment or bulk goods (grain, steel or cement). Per capita GDP reveals the average income level of consumers, which is important when marketing consumer durables.

3. What are meant by high income, middle income, and low-income countries according to the World Bank? Cite some examples for each group.

A: High-income countries: those enjoying annual per capita income of $9386 and above. In this group comprise three types of countries; most members of OECD, rich oil producing countries of the Middle East, small-industrialized countries or regions.

Middle-income countries: those with annual per capita income below $9386 but above $765. Included in this category is most East European countries and most members of the Commonwealth of Independent States, six OECD members, quite a number of Latin American countries and some comparatively developed countries in Asia, South Africa and oil-producing countries in African. Low-income countries: those that have per capita incomes of only $765 or even less. Most African countries, some Asian countries and a few Latin American countries are included in this group.

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4. Why are high-income countries important to trade and investment? Should we neglect low-income countries in international business?

A: High-income countries often have good infrastructure, high purchasing power, and advanced technology, efficient management and favorable environment for trade and investment. They offer prime markets for expensive consumer goods and are both attractive sources and destinations of investment.

In international trade the low-income countries should not be neglected, because they constitute markets for lower-priced staple goods, provide cheap labor and are often rich in resources. Once tapped, the business potential of these countries will one day become real business opportunities.

5.Was China a low-income country a few years ago? How about now?

A: China with a per capita income of over $1100 is a middle-income country though it was a low-income country just a few years ago.

6.What does the term “Triad” refers to? What is meant by Quad?

A: The term Triad refers to the three richest regions of the world; the United States, the European Union and Japan that offer the most important business opportunities. The scope of Triad to include Canada and name the broadened grouping Quad.

7. How much do you know about OECD? Please make a brief account.

A: OECD means Organization for Economic Cooperation and Development. The organization is included 29 members, 23 of them are high-income countries and 6 are middle-income countries. The headquarters is in Paris.

8. What is the best policy for China to develop business opportunities?

A: So far as China is concerned, other markets we should pay particular attention to are those around us: the Four Tigers, the ASEAN countries, Russia, India and a bit farther away Australia. These countries or regions either have rich consumers and offer good business opportunities or are developing fast with very promising market potential. And their geographical proximity to China is a great advantage for us in developing business relations with them.

Translate the following sentences into English:

1. 民生产总值和国内生产总值是表明一国收入的两个重要概念。区别在于前者强调的是生产要素的所属权而后者着重于进行生产的国家。

GNP and GDP are two important concepts used to indicate a country’s total income. The difference between them is that the former focuses on ownership of the factors of production while the latter concentrates on the country where production takes place.

2. 要评估某一市场的潜力，人们往往要分析其收入水平，因为它为那里居民的购买力高低提供了线索。

In assessing the potential of a country as a market, people often look at per capita income since it provides clues about the purchasing power of its residents..

3. 世界各国被世界银行分为三大领域：高收入国家，中等收入国家和低收入国家。

Countries of the world are divided by the World Bank into three categories of high-income, middle-income and low-income economies.

4. 中国现在年人均收入为1100美元以上，但几年前它还是个低收入国家。

China with a per capita income of over $1100 is a middle-income country though it was a low-income country just a few years ago.

5. 就中国来说，周围还有其他应特别关注的市场，如亚洲四小虎、东盟国家、俄罗斯等国，这些国家都具有前景看好的市场潜力，能为中国提供很好的商机。

As far as China is concerned, other markets we should pay particular attention to are those around us: the Four Tigers, the ASEAN countries, Russia, etc. These countries with very promising market potential and can offer good business opportunities to China.

Lesson 3

Regional Economic Integration

Business Knowledge:

(1) Major objectives of regional integration * (2) For levels of regional economic integration

A. Free trade area B. Customs union

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C. Common market D. Economic union (3) European Union (EU)

(4) Asia-Pacific Economic Cooperation (APEC)

(5) Organization of Petroleum Exporting Countries (OPEC)

Trade Terms:

1. Economic integration经济一体化

2. Free trade area自由贸易区: The members remove barriers to trade among themselves while

still adopts each own external policy

3. Customs union关税同盟: The members remove barriers to trade among themselves and adopt

the same external policy 4. Tariff rates关税税率 5. Settlement

6. NAFTA北美自由贸易协定: North American Free Trade Agreement

7. Common market共同市场: The members remove barriers not only to trade but also to factors

of production and adopt the same external policy. 8. Banknotes circulation货币流通 9. Cartel卡塔尔

10. APEC亚太经合组织，亚洲太平洋经济合作组织: Asia Pacific Economic Cooperation 11. OPEC石油输出国组织: Organization of Petroleum Exporting Countries 12. European Commission欧盟委员会 13. Council of ministers部长理事会 14. Dual-Ministerial Meeting双部长会议 15. Quota Restrictions配额限制

16. Economic Union (EU)经济同盟: The members remove barriers not only to trade but also to

factors of production, adopt the same external policy and harmonize their taxation, government expenditure, industry policies and use the same currency. 17. EU欧盟，欧洲联盟: European Union

18. EC欧共体，欧洲共同体: European Community

19. Benelux荷比卢（比利时、荷兰和卢森堡三国）:Belgium, Netherlands, Luxemburg