2021年中国银行招聘考试押题密卷1_在线真题试卷与模拟练习_2021年中国银行招聘考试押题密卷1

In recent decades, there is a phenomenon which makes us give some attention, the so-called Southeast Asian "Tigers" have rivaled the western"lions" for stock cliches that make economic headlines. The myth of American economic hegemony over Asia in the imposing and patriarchal figure of Uncle Sam has provided frequent political grist( 有利 ) for Southeast Asian political leaders,particularlyMalaysia'sPrimeMinisterMahathir.Hehasattemptedtoforgean international reputation as a snarling tiger, but lately sounds more like a barnyard dog groaning at shadows. Without demeaning in any way the remarkable achievements of the newly developing economics of Malaysia, Thailand and Indonesia, these nations at times appear to be their own worst enemies. This is often exemplified by Dr. Mahathir, who rails at Western evil whenever an international or domestic crisis provides an opportunity. To be more specific, the recent devaluation of the Philippine and Thai currencies, and the subsequent pressure on the Malaysian currency has inspired Dr. Mahathir to launch an all-out attack on the West as the source of the problem. He even alleges that the United States has deliberately destabilized Southeast Asian economics in revenge for these nations, supporting the brutal military rule in Mahathir, an action which the United States seems to want inspected rather than rewarded. But by resorting to such scapegoat(替罪羊), instead of accepting even a bit responsibility, the Prime Minister may undermine the future success of the region and Malaysia in particular. Upon further questioning, Dr. Mahathir narrowed his attack to one wealthy individual, the well-known philanthropist (慈善家), Mr. George Soros, whose opposition to Myanmar's admission to ASEAN(Association of Southeast Asian Nations) Mahathir found particularity, irritating. The logical mistakes that underlie such conspiracy theories do not help Malaysia address the serious issues of economic overheating that experts have been warning about for all these difficult periods,which include large deficits and low savings to debt ratios. In fact, the recent dramatic drop in Malaysia's stock market and currency has led Dr. Mahathir to reverse his initial approach to the crisis. He even announces measures that at least imply he is quite aware of excesses in his own administration's spending policies that have contributed to this crisis of confidence. In the end, this kind of reaction undermines the esteem that Dr. Mahathir's enlightened leadership has justly earned. The relative pronoun "which" in the last paragraph (Line 6) refers to （　）.

In recent decades, there is a phenomenon which makes us give some attention, the so-called Southeast Asian "Tigers" have rivaled the western"lions" for stock cliches that make economic headlines. The myth of American economic hegemony over Asia in the imposing and patriarchal figure of Uncle Sam has provided frequent political grist( 有利 ) for Southeast Asian political leaders,particularlyMalaysia'sPrimeMinisterMahathir.Hehasattemptedtoforgean international reputation as a snarling tiger, but lately sounds more like a barnyard dog groaning at shadows. Without demeaning in any way the remarkable achievements of the newly developing economics of Malaysia, Thailand and Indonesia, these nations at times appear to be their own worst enemies. This is often exemplified by Dr. Mahathir, who rails at Western evil whenever an international or domestic crisis provides an opportunity. To be more specific, the recent devaluation of the Philippine and Thai currencies, and the subsequent pressure on the Malaysian currency has inspired Dr. Mahathir to launch an all-out attack on the West as the source of the problem. He even alleges that the United States has deliberately destabilized Southeast Asian economics in revenge for these nations, supporting the brutal military rule in Mahathir, an action which the United States seems to want inspected rather than rewarded. But by resorting to such scapegoat(替罪羊), instead of accepting even a bit responsibility, the Prime Minister may undermine the future success of the region and Malaysia in particular. Upon further questioning, Dr. Mahathir narrowed his attack to one wealthy individual, the well-known philanthropist (慈善家), Mr. George Soros, whose opposition to Myanmar's admission to ASEAN(Association of Southeast Asian Nations) Mahathir found particularity, irritating. The logical mistakes that underlie such conspiracy theories do not help Malaysia address the serious issues of economic overheating that experts have been warning about for all these difficult periods,which include large deficits and low savings to debt ratios. In fact, the recent dramatic drop in Malaysia's stock market and currency has led Dr. Mahathir to reverse his initial approach to the crisis. He even announces measures that at least imply he is quite aware of excesses in his own administration's spending policies that have contributed to this crisis of confidence. In the end, this kind of reaction undermines the esteem that Dr. Mahathir's enlightened leadership has justly earned. If you have not received_______of your order within two business days，please contactour customer service center．

In recent decades, there is a phenomenon which makes us give some attention, the so-called Southeast Asian "Tigers" have rivaled the western"lions" for stock cliches that make economic headlines. The myth of American economic hegemony over Asia in the imposing and patriarchal figure of Uncle Sam has provided frequent political grist( 有利 ) for Southeast Asian political leaders,particularlyMalaysia'sPrimeMinisterMahathir.Hehasattemptedtoforgean international reputation as a snarling tiger, but lately sounds more like a barnyard dog groaning at shadows. Without demeaning in any way the remarkable achievements of the newly developing economics of Malaysia, Thailand and Indonesia, these nations at times appear to be their own worst enemies. This is often exemplified by Dr. Mahathir, who rails at Western evil whenever an international or domestic crisis provides an opportunity. To be more specific, the recent devaluation of the Philippine and Thai currencies, and the subsequent pressure on the Malaysian currency has inspired Dr. Mahathir to launch an all-out attack on the West as the source of the problem. He even alleges that the United States has deliberately destabilized Southeast Asian economics in revenge for these nations, supporting the brutal military rule in Mahathir, an action which the United States seems to want inspected rather than rewarded. But by resorting to such scapegoat(替罪羊), instead of accepting even a bit responsibility, the Prime Minister may undermine the future success of the region and Malaysia in particular. Upon further questioning, Dr. Mahathir narrowed his attack to one wealthy individual, the well-known philanthropist (慈善家), Mr. George Soros, whose opposition to Myanmar's admission to ASEAN(Association of Southeast Asian Nations) Mahathir found particularity, irritating. The logical mistakes that underlie such conspiracy theories do not help Malaysia address the serious issues of economic overheating that experts have been warning about for all these difficult periods,which include large deficits and low savings to debt ratios. In fact, the recent dramatic drop in Malaysia's stock market and currency has led Dr. Mahathir to reverse his initial approach to the crisis. He even announces measures that at least imply he is quite aware of excesses in his own administration's spending policies that have contributed to this crisis of confidence. In the end, this kind of reaction undermines the esteem that Dr. Mahathir's enlightened leadership has justly earned. The technical group spent more than a week improving the product design, and __________, the clients were satisfied.

In recent decades, there is a phenomenon which makes us give some attention, the so-called Southeast Asian "Tigers" have rivaled the western"lions" for stock cliches that make economic headlines. The myth of American economic hegemony over Asia in the imposing and patriarchal figure of Uncle Sam has provided frequent political grist( 有利 ) for Southeast Asian political leaders,particularlyMalaysia'sPrimeMinisterMahathir.Hehasattemptedtoforgean international reputation as a snarling tiger, but lately sounds more like a barnyard dog groaning at shadows. Without demeaning in any way the remarkable achievements of the newly developing economics of Malaysia, Thailand and Indonesia, these nations at times appear to be their own worst enemies. This is often exemplified by Dr. Mahathir, who rails at Western evil whenever an international or domestic crisis provides an opportunity. To be more specific, the recent devaluation of the Philippine and Thai currencies, and the subsequent pressure on the Malaysian currency has inspired Dr. Mahathir to launch an all-out attack on the West as the source of the problem. He even alleges that the United States has deliberately destabilized Southeast Asian economics in revenge for these nations, supporting the brutal military rule in Mahathir, an action which the United States seems to want inspected rather than rewarded. But by resorting to such scapegoat(替罪羊), instead of accepting even a bit responsibility, the Prime Minister may undermine the future success of the region and Malaysia in particular. Upon further questioning, Dr. Mahathir narrowed his attack to one wealthy individual, the well-known philanthropist (慈善家), Mr. George Soros, whose opposition to Myanmar's admission to ASEAN(Association of Southeast Asian Nations) Mahathir found particularity, irritating. The logical mistakes that underlie such conspiracy theories do not help Malaysia address the serious issues of economic overheating that experts have been warning about for all these difficult periods,which include large deficits and low savings to debt ratios. In fact, the recent dramatic drop in Malaysia's stock market and currency has led Dr. Mahathir to reverse his initial approach to the crisis. He even announces measures that at least imply he is quite aware of excesses in his own administration's spending policies that have contributed to this crisis of confidence. In the end, this kind of reaction undermines the esteem that Dr. Mahathir's enlightened leadership has justly earned. Tickets to special exhibits at the botanical gardens may be reserved __________ advance.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. According to paragraph 1 and 2, we can summarize that （　）.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. In Paragraph 5, the author discusses that （　）.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. The reasons why young worker will be harder to recruit exclude（　）.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. On which of the following would the author most probably agree?（　）.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. Office Furniture, Inc, is strongly committed to balancing its__________ progress with social responsibility.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. Among the likely candidates for the job．Mr．DiPaolo is the most_______.

Rising wages -- together with currency fluctuations and high fuel costs -- are eating away the once-formidable"China price" advantage, prompting thousands of factory owners to flee the Pearl River Delta. Much has been written about the more than doubling of wages at the Shenzhen factory of Foxconn, the world's largest electronics contract manufacturer, which produces Apple iPhones and iPads and employs 920,000 people in China alone."One can talk about a world pre- and post- Foxconn," says Victor Fung, chairman of Li & Fung, the world's biggest sourcing company and a supplier of Wal-Mart. "Foxconn is as important as that." Foxconn's wage increases are only the most dramatic. Our analysis suggests that, since February, minimum wages have climbed more than 20 percent in 20 Chinese regions and up to 30 percent in some, including Sichuan. At a Guangdong Province factory supplying Honda, wages have risen an astonishing 47 percent. All this is bad news for companies operating in the world's manufacturing hub, and chief executives should assume that double-digit annual rises -- if not on the scale witnessed this year -- are here to stay. Looked at another way, however, wage inflation provides companies with a once-in-a-generation opportunity to rethink radically the way they approach global production -- and they should do so sooner rather than later. Why the urgency? After all, wage hikes in China are nothing new. Since 1990, they have risen by an average of 13 percent a year in U.S. dollar terms and 19 percent annually in the past five years. There are two big reasons the situation is different now. The first has to do with productivity. Over the past 20 years, productivity increases have broadly matched wage increase, negating their impact. The pay rises came from a very low base, so while average wages grew 19 percent a year from 2005 to 2010, this amounted to only ￥260 a month per employee, a sum that could be offset by more efficient production or switching to cheaper sources of parts and materials. If labor costs continue, however, to increase at 19 percent a year for another five years,monthly wages would grew ￥623 per month, according to BCG estimates. Such an increase would ripple through the economy in the form of higher prices for components, business services, cargo-handling and office staff. The second reason relates to societal change. Until now, if has been easy to lure a seemingly unlimited number of young, low-wage workers to the richer coastal regions and house them cheaply in dormitories until they saved enough to return home to their families in the interior provinces. In the future, though, young workers will be harder to recruit. This is partly because there will be fewer of them: Largely because of the country's one-child policy, the number of Chinese aged 15 to 29 will start declining in 2011. Moreover, with living standards rising across China, fewer of today's rural youth will want to go to coastal regions to toil for 60 hours a week on an assembly line and live in a cramped dormitory. So what can CEOs do in this fast-changing environment? An instinctive reaction is to search for cheaper labor elsewhere. But this is short-sighted and would provide -- at best -- a short-term fix. Another option is to stay in China and try to squeeze out greater productivity gains. Okada Cleaning Service is offering discounts this month as a special __________for customers who refer their friends.

Questions 182-184 refer to the following e—mail （含图） Barry， Thanks again for arranging that videoconference last week．I just heard from Maxine Dawson，our account manager for the Johnson Company account，that the next product trial will be September 8 in their production plant in Denver．She has requested that I fly out there with her．of course，I still plan to attend the Engineering Society awards dinner in San Francisco on September9，SoI’ve booked a flight there after the meeting．Let me know when you’11 be arriving there．1’m looking forward to seeing you honored in San Francisco．You deserve it! Regards， Andrew Kim Celgar Associates What is the purpose of the e—mail?

Questions 182-184 refer to the following e—mail （含图） Barry， Thanks again for arranging that videoconference last week．I just heard from Maxine Dawson，our account manager for the Johnson Company account，that the next product trial will be September 8 in their production plant in Denver．She has requested that I fly out there with her．of course，I still plan to attend the Engineering Society awards dinner in San Francisco on September9，SoI’ve booked a flight there after the meeting．Let me know when you’11 be arriving there．1’m looking forward to seeing you honored in San Francisco．You deserve it! Regards， Andrew Kim Celgar Associates Who is Maxine Dawson?

Questions 182-184 refer to the following e—mail （含图） Barry， Thanks again for arranging that videoconference last week．I just heard from Maxine Dawson，our account manager for the Johnson Company account，that the next product trial will be September 8 in their production plant in Denver．She has requested that I fly out there with her．of course，I still plan to attend the Engineering Society awards dinner in San Francisco on September9，SoI’ve booked a flight there after the meeting．Let me know when you’11 be arriving there．1’m looking forward to seeing you honored in San Francisco．You deserve it! Regards， Andrew Kim Celgar Associates What is the purpose of Mr．Weinstein’s trip to San Francisco?

Questions 182-184 refer to the following e—mail （含图） Barry， Thanks again for arranging that videoconference last week．I just heard from Maxine Dawson，our account manager for the Johnson Company account，that the next product trial will be September 8 in their production plant in Denver．She has requested that I fly out there with her．of course，I still plan to attend the Engineering Society awards dinner in San Francisco on September9，SoI’ve booked a flight there after the meeting．Let me know when you’11 be arriving there．1’m looking forward to seeing you honored in San Francisco．You deserve it! Regards， Andrew Kim Celgar Associates Samuel Johnson Machines guarantees that any defective photocopy machine will be __________immediately with a new one.

Mindful travel，Inc．—Treasures of Egypt Dates：October 21 st—November 5th Price：from $2．190 Stimulate your imagination a8 you explore Egypt，both old and new．Stand before the great Pyramids of Giza at sunrise．Acquaint yourself with the bustling districts and vibrant culture of the capital city，Carl0．Travel up the majestic Nile River and visit the amazing Valley of the Kings ,where you can tour the famous tomb of“King Tut”．But best of all，our guide will share their knowledge of these sites with you，helping you to understand both the history and the modern culture of this amazing country．Expand your mind with Mindful Travel，Inc． Package price does not include airfare to or from Cairo． Mindful Travel．Inc． Public Relations Office 11 Derry Lane London，England November 9，2006 Dear MT representative， Having recently returned from your company’s Treasure of Egypt tour，I’m happy to report that I had a wonderful time．I don’t think I’ve ever had such an enjoyable and educational vacation．1 was particular impressed with how much I learned about history of Egypt，as well as what the country is like today． All of the guides and other MT employees assisting me during my travels were courteous．Helpful，and very knowledgeable about the fascinating historical sites that I visited．Please extent my thanks especially to Mr．Mokhta Said，who guided me around the Valley of the Kings．That was the highlight of my trip． 1’m going to share my experiences with friends and family，and l will definitely suggest that they travel with MT the next time they take a vacation． Thank you again，Leila Dorn What is special about Mindful Travel．Inc．?

Mindful travel，Inc．—Treasures of Egypt Dates：October 21 st—November 5th Price：from $2．190 Stimulate your imagination a8 you explore Egypt，both old and new．Stand before the great Pyramids of Giza at sunrise．Acquaint yourself with the bustling districts and vibrant culture of the capital city，Carl0．Travel up the majestic Nile River and visit the amazing Valley of the Kings ,where you can tour the famous tomb of“King Tut”．But best of all，our guide will share their knowledge of these sites with you，helping you to understand both the history and the modern culture of this amazing country．Expand your mind with Mindful Travel，Inc． Package price does not include airfare to or from Cairo． Mindful Travel．Inc． Public Relations Office 11 Derry Lane London，England November 9，2006 Dear MT representative， Having recently returned from your company’s Treasure of Egypt tour，I’m happy to report that I had a wonderful time．I don’t think I’ve ever had such an enjoyable and educational vacation．1 was particular impressed with how much I learned about history of Egypt，as well as what the country is like today． All of the guides and other MT employees assisting me during my travels were courteous．Helpful，and very knowledgeable about the fascinating historical sites that I visited．Please extent my thanks especially to Mr．Mokhta Said，who guided me around the Valley of the Kings．That was the highlight of my trip． 1’m going to share my experiences with friends and family，and l will definitely suggest that they travel with MT the next time they take a vacation． Thank you again，Leila Dorn What must tour participants do?

Mindful travel，Inc．—Treasures of Egypt Dates：October 21 st—November 5th Price：from $2．190 Stimulate your imagination a8 you explore Egypt，both old and new．Stand before the great Pyramids of Giza at sunrise．Acquaint yourself with the bustling districts and vibrant culture of the capital city，Carl0．Travel up the majestic Nile River and visit the amazing Valley of the Kings ,where you can tour the famous tomb of“King Tut”．But best of all，our guide will share their knowledge of these sites with you，helping you to understand both the history and the modern culture of this amazing country．Expand your mind with Mindful Travel，Inc． Package price does not include airfare to or from Cairo． Mindful Travel．Inc． Public Relations Office 11 Derry Lane London，England November 9，2006 Dear MT representative， Having recently returned from your company’s Treasure of Egypt tour，I’m happy to report that I had a wonderful time．I don’t think I’ve ever had such an enjoyable and educational vacation．1 was particular impressed with how much I learned about history of Egypt，as well as what the country is like today． All of the guides and other MT employees assisting me during my travels were courteous．Helpful，and very knowledgeable about the fascinating historical sites that I visited．Please extent my thanks especially to Mr．Mokhta Said，who guided me around the Valley of the Kings．That was the highlight of my trip． 1’m going to share my experiences with friends and family，and l will definitely suggest that they travel with MT the next time they take a vacation． Thank you again，Leila Dorn Why did Ms．Dorn write the letter?

Mindful travel，Inc．—Treasures of Egypt Dates：October 21 st—November 5th Price：from $2．190 Stimulate your imagination a8 you explore Egypt，both old and new．Stand before the great Pyramids of Giza at sunrise．Acquaint yourself with the bustling districts and vibrant culture of the capital city，Carl0．Travel up the majestic Nile River and visit the amazing Valley of the Kings ,where you can tour the famous tomb of“King Tut”．But best of all，our guide will share their knowledge of these sites with you，helping you to understand both the history and the modern culture of this amazing country．Expand your mind with Mindful Travel，Inc． Package price does not include airfare to or from Cairo． Mindful Travel．Inc． Public Relations Office 11 Derry Lane London，England November 9，2006 Dear MT representative， Having recently returned from your company’s Treasure of Egypt tour，I’m happy to report that I had a wonderful time．I don’t think I’ve ever had such an enjoyable and educational vacation．1 was particular impressed with how much I learned about history of Egypt，as well as what the country is like today． All of the guides and other MT employees assisting me during my travels were courteous．Helpful，and very knowledgeable about the fascinating historical sites that I visited．Please extent my thanks especially to Mr．Mokhta Said，who guided me around the Valley of the Kings．That was the highlight of my trip． 1’m going to share my experiences with friends and family，and l will definitely suggest that they travel with MT the next time they take a vacation． Thank you again，Leila Dorn Which site did Ms．Dora most enjoy?

Mindful travel，Inc．—Treasures of Egypt Dates：October 21 st—November 5th Price：from $2．190 Stimulate your imagination a8 you explore Egypt，both old and new．Stand before the great Pyramids of Giza at sunrise．Acquaint yourself with the bustling districts and vibrant culture of the capital city，Carl0．Travel up the majestic Nile River and visit the amazing Valley of the Kings ,where you can tour the famous tomb of“King Tut”．But best of all，our guide will share their knowledge of these sites with you，helping you to understand both the history and the modern culture of this amazing country．Expand your mind with Mindful Travel，Inc． Package price does not include airfare to or from Cairo． Mindful Travel．Inc． Public Relations Office 11 Derry Lane London，England November 9，2006 Dear MT representative， Having recently returned from your company’s Treasure of Egypt tour，I’m happy to report that I had a wonderful time．I don’t think I’ve ever had such an enjoyable and educational vacation．1 was particular impressed with how much I learned about history of Egypt，as well as what the country is like today． All of the guides and other MT employees assisting me during my travels were courteous．Helpful，and very knowledgeable about the fascinating historical sites that I visited．Please extent my thanks especially to Mr．Mokhta Said，who guided me around the Valley of the Kings．That was the highlight of my trip． 1’m going to share my experiences with friends and family，and l will definitely suggest that they travel with MT the next time they take a vacation． Thank you again，Leila Dorn What does Ms．Dorn say she will do?