国际货币与金融委员会第28次会议公报

 Communiqué of the Twenty-Eighth Meeting of the International Monetary¹ and Financial Committee, Chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance

国际货币与金融委员会第二十八次会议公报,会议由新加坡副总理兼财政部长尚达曼主持

October 12, 2013

2013年10月12日

The global recovery is continuing.Growth remains² subdued³, however, and downside risks persist, with some new risks emerging. There are encouraging signs of improving activity in advanced economies, while growth in many emerging market economies has moderated. Growth has generally remained resilient in low-income countries. We will build on recent progress and implement⁴ more ambitious and coherent policies for strong, sustainable, and balanced growth, while reducing market volatility⁵. This requires carefully managing multiple transitions, including a shift in growth dynamics⁶, normalizing global financial conditions, achieving fiscal⁷ sustainability, a rebalancing of global demand, and moving to a more stable global financial system. Structural⁸ policies to boost productivity, reduce unemployment and to achieve more inclusive growth are warranted in many countries. We welcome the directions set forth⁹ in the Managing Director’s Global Policy Agenda.

全球经济在继续复苏。然而，增长依然疲软，下行风险持续存在，新的风险在出现。先进经济体的活动出现了可喜的改善迹象，但许多新兴市场经济体的增长有所减缓。低收入国家的增长普遍保持了抗冲击力。我们需要在近期所取得的进展的基础上，实施力度更大的、连贯一致的政策，以实现强劲、可持续、均衡的增长，同时努力缓解市场波动。为此，必须谨慎地管理多个转变过程，包括增长动态的变化、全球金融条件的正常化、财政可持续性的努力实现、全球需求的再平衡调整，以及向更稳定的全球金融体系的不断迈进。许多国家应实施结构性改革，以提高生产率，减少失业，实现更具包容性的增长。我们对总裁全球政策议程所确定的方向表示欢迎。

Advanced economies. The recovery in the United States has gained ground, stimulus¹⁰ measures have induced a recovery in Japan, the euro area is emerging from recession, and in some other advanced economies including the United Kingdom growth is already picking up. Accommodative monetary policies have helped support global growth while maintaining stable prices, and remain appropriate, and should be accompanied by credible¹¹ fiscal policies and further financial sector¹² and structural reforms. The eventual¹³ transition toward the normalization¹⁴ of monetary policy in the context of strengthened and sustained growth should be well timed, carefully calibrated¹⁵, and clearly communicated. Where country circumstances allow, medium-term fiscal plans should be implemented¹⁶ flexibly to take account of near-term economic conditions to support growth and job creation, while placing government debt on a sustainable track. These actions will help to mitigate¹⁷ risks and manage spillovers, including those stemming from increased capital flow volatility, and to achieve strong, sustained and balanced growth. The United States needs to take urgent action to address short-term fiscal uncertainties¹⁸. The euro area should build on progress toward banking¹⁹ union and further reduce financial market fragmentation. Japan should implement medium-term fiscal consolidation²⁰, and structural reforms to invigorate growth.

先进经济体。美国的复苏在巩固，日本采取的措施已促使经济开始恢复，欧元区正走出衰退，其他一些先进经济体（包括英国）的增长正在加快。通融性货币政策支持了全球增长并维持了稳定的价格，目前这种政策仍是适当的，但与此同时，还应实施可信的财政政策，并进一步实施金融部门和结构性改革。随着经济增长持续增强，最终将实现货币政策的正常化，对于这种正常化，应确定最佳时机，谨慎做出安排，明确加以沟通。各国在本国具体情况允许的情况下，应灵活地实施中期财政计划，着眼于近期经济状况，支持增长和就业，同时使政府债务走上可持续道路。这些行动将有助于缓解风险和处理溢出效应（包括资本流动波动性增大所带来的风险和溢出效应），并实现强劲、可持续、均衡的增长。美国迫切需要采取行动，解决短期财政不确定性。欧元区应再接再厉，在建立银行业联盟方面继续努力，并进一步解决金融市场分割问题。日本应实施中期财政整顿，并通过结构性改革加快经济增长。

Emerging market and developing countries. Growth in emerging market economies continues to account for the bulk of global growth, but has moderated, in a few cases to a more sustainable level. Fundamentals and policy frameworks are generally stronger, but domestic structural challenges remain. Recent volatility in capital flows and financial markets has created new challenges in some countries. Macroeconomic policies, including exchange rate policies, need to be sound. When dealing²¹ with macroeconomic or financial stability risks arising from large and volatile²² capital flows, the necessary macroeconomic policy adjustment could be supported by prudential measures and, as appropriate, capital flow management measures. Fiscal consolidation remains a high priority in countries with large fiscal imbalances, while others should rebuild buffers²³, unless growth deteriorates²⁴ significantly. Policies to address structural obstacles and enhance productivity are an ongoing²⁵ effort toward strong, sustainable, and balanced growth. We recognize the effort in many smaller developing economies, especially in Africa, to sustain higher growth, increase participation²⁶, and transform their economic structures. We welcome the Fund’s strengthened engagement with small states and look forward to the implementation²⁷ of the work program in their support. We recognize the challenges faced by the Arab countries in transition and encourage these countries to implement reforms needed for sustainable growth and job creation. Substantial donor²⁸ support from the region has been provided and we call on bilateral²⁹ and multilateral partners to step up their contributions as appropriate in support of reforms. We encourage the Fund to provide strengthened financial support, policy advice, and capacity building tailored to country-specific needs and circumstances.

新兴市场和发展中国家。新兴市场经济体的增长在全球增长中仍占相当大一部分，但已经减缓，对于一些经济体而言，这使得它们的增速降到了一个更可持续的水平。经济基本面和政策框架总体而言较过去更强，但国内结构性挑战依然存在。近期资本流动和金融市场的波动使一些国家面临新的挑战。需要保持宏观经济政策（包括汇率政策）的稳健性。为了应对大规模、波动不定的资本流动带来的宏观经济或金融稳定风险，在实施必要的宏观经济政策调整的同时，还应采取审慎措施，适当时还可采取资本流动管理措施。在财政失衡严重的国家，财政整顿仍是重中之重。其他国家应重建缓冲，除非增长显著恶化。应持续实施有关政策，克服结构性障碍并提高生产率，以实现强劲、可持续和均衡的增长。我们看到，许多小型发展中经济体（特别是在非洲）已付出大量努力，以维持高增长、增强经济参与性和调整经济结构。我们对基金组织加强对小国的工作表示欢迎，并期待着基金组织实施支持这些国家的工作计划。我们认识到阿拉伯国家在经济转型过程中面临的挑战，并鼓励这些国家实施必要改革，以实现可持续增长和就业创造。该地区捐助方已提供了大量支持，我们呼吁双边和多边伙伴视情况增加捐助，为改革提供支持。我们鼓励基金组织根据各国具体需要和国情，加强资金支持、政策建议和能力建设协助。

Low-income countries. Growth has generally remained resilient. Strengthening fiscal and reserve positions, including through revenue mobilization and better targeting of subsidies³⁰, can provide buffers that could be used in the event that downside risks materialize. Sustained and more inclusive growth requires continued actions to promote financial deepening, productive public investment and services, and sound natural resource wealth management. We welcome the receipt of assurances needed for making the Fund’s concessional lending to low-income countries self-sustaining, and urge members now to make good on their pledges.

低收入国家。经济增长总体保持了抗冲击力。这些国家应努力强化财政和储备状况，措施包括增加税收收入和提高补贴针对性，这将提供缓冲，从而在下行风险变为现实时能加以利用。为实现可持续的、更具包容性的增长，需要继续采取行动促进金融深化，开展有成效的公共投资和服务，并实行稳健的自然资源财富管理机制。基金组织确保低收入国家优惠贷款的自我持续性的工作已得到落实，我们对此表示欢迎，并敦促成员国现在履行其承诺。

Policy coherence³¹. The Fund should continue to provide a forum³² to stimulate³³ analysis and multilateral dialogue that promotes policy coherence and concerted action to manage spillovers, including those arising from the eventual and welcome normalization of monetary policy, mitigate risks, and support strong, sustainable and balanced growth, and job creation. Global imbalances have declined, for both structural and cyclical reasons, but rebalancing remains a key priority. Looking forward, policies in many countries will need to play a larger role in sustaining adjustment. Deficit³⁴ countries should continue to raise national saving and competitiveness, while surplus countries need to boost domestic sources of growth. We reaffirm our commitment to refrain from competitive devaluations and all forms of protectionism. Global financial reforms, including in the areas of “too-big-to-fail,” international capital standards, cross-border resolution, derivatives³⁵ markets, and addressing the potential systemic risks in shadow banking, need to be implemented promptly³⁶ and consistently. Further progress is needed to close data gaps, enhance fiscal transparency, combat money laundering³⁷ and the financing of terrorism, and fight cross-border tax evasion³⁸ and tax avoidance. We encourage the Fund to examine these issues as part of its bilateral and multilateral surveillance, and to work in collaboration³⁹ with other international institutions.

政策一致性。基金组织应继续提供一个旨在加强分析和多边对话的论坛，促进政策一致性和行动协同性，以管理溢出效应（包括货币政策最终的、必要的正常化所带来的溢出效应）、缓解风险，并支持强劲、可持续和均衡的增长以及就业的创造。在结构性和周期性因素的作用下，全球失衡已经减轻，但再平衡仍是一项重点任务。今后，在许多国家，政策需要在维持调整过程中发挥更大作用。逆差国应继续提高国民储蓄和竞争力，而顺差国需加强国内增长源。我们再次承诺，将避免采取竞争性贬值和各种形式的保护主义。需要迅速、一致地实施全球金融改革，包括在“大而不倒”的机构、国际资本标准、跨境破产处置、衍生产品市场以及解决影子银行业潜在系统性风险等领域。在克服数据缺陷、提高财政透明度、打击洗钱和恐怖主义融资以及遏制跨境逃税和避税等方面，需取得进一步的进展。我们鼓励基金组织在双边和多边监督中分析这些问题并与其他国际机构开展合作。

IMF surveillance. We welcome the progress in implementing⁴⁰ the Fund’s strengthened surveillance framework, including through the Financial Surveillance Strategy, pilot External Sector Report, Spillover Report, and enhanced analysis of macro-financial linkages⁴¹ in Article IV consultations⁴², and tailored advice on promoting inclusive growth and job creation. We look forward to the upcoming Triennial Surveillance Review, as well as further analysis of monetary and macroprudential policies and associated spillovers, reserve adequacy, global liquidity⁴³ indicators⁴⁴, capital flows, and the interaction of public and private sector vulnerabilities.

基金组织监督。我们欢迎在落实基金组织强化的监督框架方面取得的进展，有关措施包括出台“金融监督战略”、试行“对外部门报告”、“溢出效应报告”、在第四条磋商中加强对宏观金融联系的分析，以及根据各国情况提供关于促进包容性增长和就业创造的建议。我们期待着即将开始的三年期监督检查，也期待着对货币和宏观审慎政策及相关溢出效应、储备充足性、全球流动性指标、资本流动、公共与私人部门脆弱性的相互作用等方面开展进一步分析。

IMF lending. External financing, including on a precautionary basis, can help facilitate orderly adjustment. The Fund continues to be prepared to offer financing to support appropriate adjustments and reforms. We look forward to a flexible and voluntary dialogue between the Fund and regional financing arrangements on an ongoing basis, the review of some key instruments (Flexible Credit Line, Precautionary and Liquidity Line, Rapid Financing Instrument), a follow-up crisis program review, and further consideration of the Fund’s lending policy in high debt situations. We look forward to the finalization⁴⁵ of the review of the IMF debt limits policy, recognizing the importance of strengthening and promoting sustainable financing practices by all stakeholders.

基金组织贷款。外部融资（包括预防性融资）有助于促进有序的调整。基金组织需继续随时准备提供资金，支持适当的调整和改革。我们期待着基金组织与地区融资安排持续开展灵活、自愿的对话，对一些主要工具（灵活信贷额度；预防性和流动性额度；快速融资工具）进行检查，对危机规划开展后续检查，并进一步考虑基金组织对高债务国家的贷款政策。我们认识到，所有利益方加强和促进可持续的融资做法非常重要，因此，我们期待着最终完成对基金组织债务限额政策的检查。

Governance. We continue to attach the highest priority to the IMF governance and quota⁴⁶ reform to enhance the Fund’s credibility, legitimacy⁴⁷ and effectiveness. We urge all members who have yet to ratify⁴⁸ the 2010 reforms to do so without delay. We remain committed to completing the 15th General Review of Quotas⁴⁹ by January 2014, and urge the Executive Board to agree on a new quota formula as part of that review. We reaffirm that any realignment in quota shares is expected to result in increased shares for dynamic economies in line with their relative positions in the world economy, and hence likely in the share of emerging market and developing countries as a whole. Steps shall be taken to protect the voice and representation of the poorest members.

治理。我们继续高度重视为增强基金组织可信性、合法性和有效性而实施的基金组织治理和份额改革。我们敦促所有尚未批准2010年改革的成员国尽快批准改革。我们继续致力于在2014年1月之前完成第十五次份额总检查，并敦促执重会在该检查中就新的份额公式达成一致。我们重申，份额比重的任何调整都应使具有活力的经济体拥有更高的份额比重，以符合它们在世界经济中的相对地位，因此，新兴市场和发展中国家作为一个整体的份额比重很可能会上升。应采取步骤保护最贫穷成员国的发言权和代表性。

Next IMFC meeting. Our next meeting will be held in Washington, D.C. on April 11-12, 2014.

国际货币与金融委员会的下一次会议。 我们的下一次会议将于2014年4月11-12日在华盛顿特区举行。

1 monetary   

adj.货币的，钱的；通货的；金融的；财政的

参考例句：

• The monetary system of some countries used to be based on gold.过去有些国家的货币制度是金本位制的。
• Education in the wilderness is not a matter of monetary means.荒凉地区的教育不是钱财问题。

2 remains   

n.剩余物，残留物；遗体，遗迹

参考例句：

• He ate the remains of food hungrily.他狼吞虎咽地吃剩余的食物。
• The remains of the meal were fed to the dog.残羹剩饭喂狗了。

3 subdued   

adj. 屈服的，柔和的，减弱的 动词subdue的过去式和过去分词

参考例句：

• He seemed a bit subdued to me. 我觉得他当时有点闷闷不乐。
• I felt strangely subdued when it was all over. 一切都结束的时候，我却有一种奇怪的压抑感。

4 implement   

n.(pl.)工具，器具；vt.实行，实施，执行

参考例句：

• Don't undertake a project unless you can implement it.不要承担一项计划，除非你能完成这项计划。
• The best implement for digging a garden is a spade.在花园里挖土的最好工具是铁锹。

5 volatility   

n.挥发性，挥发度，轻快，（性格）反复无常

参考例句：

• That was one reason why volatility was so low last year.这也是去年波动性如此低的原因之一。
• Yet because volatility remained low for so long,disaster myopia prevailed.然而，由于相当长的时间里波动性小，灾难短视就获胜了。

6 dynamics   

n.力学，动力学，动力，原动力；动态

参考例句：

• In order to succeed,you must master complicated knowledge of dynamics.要取得胜利，你必须掌握很复杂的动力学知识。
• Dynamics is a discipline that cannot be mastered without extensive practice.动力学是一门不做大量习题就不能掌握的学科。

7 fiscal   

adj.财政的，会计的，国库的，国库岁入的

参考例句：

• The increase of taxation is an important fiscal policy.增税是一项重要的财政政策。
• The government has two basic strategies of fiscal policy available.政府有两个可行的财政政策基本战略。

8 structural   

adj.构造的，组织的，建筑（用）的

参考例句：

• The storm caused no structural damage.风暴没有造成建筑结构方面的破坏。
• The North American continent is made up of three great structural entities.北美大陆是由三个构造单元组成的。

9 forth   

adv.向前；向外，往外

参考例句：

• The wind moved the trees gently back and forth.风吹得树轻轻地来回摇晃。
• He gave forth a series of works in rapid succession.他很快连续发表了一系列的作品。

10 stimulus   

n.刺激，刺激物，促进因素，引起兴奋的事物

参考例句：

• Regard each failure as a stimulus to further efforts.把每次失利看成对进一步努力的激励。
• Light is a stimulus to growth in plants.光是促进植物生长的一个因素。

11 credible   

adj.可信任的，可靠的

参考例句：

• The news report is hardly credible.这则新闻报道令人难以置信。
• Is there a credible alternative to the nuclear deterrent?是否有可以取代核威慑力量的可靠办法？

12 sector   

n.部门，部分；防御地段，防区；扇形

参考例句：

• The export sector will aid the economic recovery. 出口产业将促进经济复苏。
• The enemy have attacked the British sector.敌人已进攻英国防区。

13 eventual   

adj.最后的，结局的，最终的

参考例句：

• Several schools face eventual closure.几所学校面临最终关闭。
• Both parties expressed optimism about an eventual solution.双方对问题的最终解决都表示乐观。

14 normalization   

n.（normalisation）正常化，标准化

参考例句：

• The visit signalled the normalization of relations between the two countries.这次访问显示两国关系已经正常化。
• He was pleased to the normalization of relationship between the police and the people.他很高兴警方和人民之间关系的正常化。

15 calibrated   

v.校准( calibrate的过去式和过去分词 )；使标准化；使合标准；测量（枪的）口径

参考例句：

• Power pesticide dusters can be calibrated and used to apply pertilizer. 动力杀虫剂可以调整用来施肥。 来自辞典例句
• The flexible diaphragm is connected to a plat cantilever-calibrated spring. 柔韧的膜片一扁平的悬臂校正弹簧相连。 来自辞典例句

16 implemented   

v.实现( implement的过去式和过去分词 )；执行；贯彻；使生效

参考例句：

• This agreement, if not implemented, is a mere scrap of paper. 这个协定如不执行只不过是一纸空文。 来自《现代汉英综合大词典》
• The economy is in danger of collapse unless far-reaching reforms are implemented. 如果不实施影响深远的改革，经济就面临崩溃的危险。 来自辞典例句

17 mitigate   

vt.（使）减轻，（使）缓和

参考例句：

• The government is trying to mitigate the effects of inflation.政府正试图缓和通货膨胀的影响。
• Governments should endeavour to mitigate distress.政府应努力缓解贫困问题。

18 uncertainties   

无把握( uncertainty的名词复数 )； 不确定； 变化不定； 无把握、不确定的事物

参考例句：

• One of the uncertainties of military duty is that you never know when you might suddenly get posted away. 任军职不稳定的因素之一是你永远不知道什么时候会突然被派往它处。
• Uncertainties affecting peace and development are on the rise. 影响和平与发展的不确定因素在增加。 来自汉英非文学 - 十六大报告

19 banking   

n.银行业，银行学，金融业

参考例句：

• John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
• He possesses an extensive knowledge of banking.他具有广博的银行业务知识。

20 consolidation   

n.合并,巩固

参考例句：

• The denser population necessitates closer consolidation both for internal and external action. 住得日益稠密的居民，对内和对外都不得不更紧密地团结起来。 来自英汉非文学 - 家庭、私有制和国家的起源
• The state ensures the consolidation and growth of the state economy. 国家保障国营经济的巩固和发展。 来自汉英非文学 - 中国宪法

21 dealing   

n.经商方法，待人态度

参考例句：

• This store has an excellent reputation for fair dealing.该商店因买卖公道而享有极高的声誉。
• His fair dealing earned our confidence.他的诚实的行为获得我们的信任。

22 volatile   

adj.反复无常的，挥发性的，稍纵即逝的，脾气火爆的；n.挥发性物质

参考例句：

• With the markets being so volatile,investments are at great risk.由于市场那么变化不定，投资冒着很大的风险。
• His character was weak and volatile.他这个人意志薄弱，喜怒无常。

23 buffers   

起缓冲作用的人（或物）( buffer的名词复数 )； 缓冲器； 减震器； 愚蠢老头

参考例句：

• To allocate and schedule the use of buffers. 分配和计划缓冲器的使用。
• Number of times the stream has paused due to insufficient stream buffers. 由于流缓冲区不足导致流程暂停的次数。

24 deteriorates   

恶化，变坏( deteriorate的第三人称单数 )

参考例句：

• After a few years' planting, the quality of the potato crop deteriorates. 土豆种了几年之后就会退化。
• Virus activity deteriorates in plasma stored at room temperature. 在室温下储藏的血浆中病毒活动逐渐衰退。

25 ongoing   

adj.进行中的，前进的

参考例句：

• The problem is ongoing.这个问题尚未解决。
• The issues raised in the report relate directly to Age Concern's ongoing work in this area.报告中提出的问题与“关心老人”组织在这方面正在做的工作有直接的关系。

26 participation   

n.参与，参加，分享

参考例句：

• Some of the magic tricks called for audience participation.有些魔术要求有观众的参与。
• The scheme aims to encourage increased participation in sporting activities.这个方案旨在鼓励大众更多地参与体育活动。

27 implementation   

n.实施，贯彻

参考例句：

• Implementation of the program is now well underway.这一项目的实施现在行情看好。

28 donor   

n.捐献者；赠送人；(组织、器官等的)供体

参考例句：

• In these cases,the recipient usually takes care of the donor afterwards.在这类情况下，接受捐献者以后通常会照顾捐赠者。
• The Doctor transplanted the donor's heart to Mike's chest cavity.医生将捐赠者的心脏移植进麦克的胸腔。

29 bilateral   

adj.双方的，两边的，两侧的

参考例句：

• They have been negotiating a bilateral trade deal.他们一直在商谈一项双边贸易协定。
• There was a wide gap between the views of the two statesmen on the bilateral cooperation.对双方合作的问题，两位政治家各自所持的看法差距甚大。

30 subsidies   

n.补贴，津贴，补助金( subsidy的名词复数 )

参考例句：

• European agriculture ministers failed to break the deadlock over farm subsidies. 欧洲各国农业部长在农业补贴问题上未能打破僵局。
• Agricultural subsidies absorb about half the EU's income. 农业补贴占去了欧盟收入的大约一半。 来自《简明英汉词典》

31 coherence   

n.紧凑；连贯；一致性

参考例句：

• There was no coherence between the first and the second half of the film.这部电影的前半部和后半部没有连贯性。
• Environmental education is intended to give these topics more coherence.环境教育的目的是使这些课题更加息息相关。

32 forum   

n.论坛，讨论会

参考例句：

• They're holding a forum on new ways of teaching history.他们正在举行历史教学讨论会。
• The organisation would provide a forum where problems could be discussed.这个组织将提供一个可以讨论问题的平台。

33 stimulate   

vt.刺激，使兴奋；激励，使…振奋

参考例句：

• Your encouragement will stimulate me to further efforts.你的鼓励会激发我进一步努力。
• Success will stimulate the people for fresh efforts.成功能鼓舞人们去作新的努力。

34 deficit   

n.亏空，亏损；赤字，逆差

参考例句：

• The directors have reported a deficit of 2.5 million dollars.董事们报告赤字为250万美元。
• We have a great deficit this year.我们今年有很大亏损。

35 derivatives   

n.衍生性金融商品；派生物，引出物( derivative的名词复数 )；导数

参考例句：

• Many English words are derivatives of Latin words. 许多英语词来自拉丁语。 来自《简明英汉词典》
• These compounds are nitrosohydroxylamine derivatives. 这类合成物是亚硝基羟胺衍生物。 来自辞典例句

36 promptly   

adv.及时地，敏捷地

参考例句：

• He paid the money back promptly.他立即还了钱。
• She promptly seized the opportunity his absence gave her.她立即抓住了因他不在场给她创造的机会。

37 laundering   

n.洗涤（衣等），洗烫（衣等）；洗（钱）v.洗（衣服等），洗烫（衣服等）( launder的现在分词 )；洗（黑钱）（把非法收入改头换面，变为貌似合法的收入）

参考例句：

• Separate the white clothes from the dark clothes before laundering. 洗衣前应当把浅色衣服和深色衣服分开。 来自《简明英汉词典》
• He was charged with laundering money. 他被指控洗钱。 来自《简明英汉词典》

38 evasion   

n.逃避，偷漏(税)

参考例句：

• The movie star is in prison for tax evasion.那位影星因为逃税而坐牢。
• The act was passed as a safeguard against tax evasion.这项法案旨在防止逃税行为。

39 collaboration   

n.合作，协作；勾结

参考例句：

• The two companies are working in close collaboration each other.这两家公司密切合作。
• He was shot for collaboration with the enemy.他因通敌而被枪毙了。

40 implementing   

v.实现( implement的现在分词 )；执行；贯彻；使生效

参考例句：

• -- Implementing a comprehensive drug control strategy. ――实行综合治理的禁毒战略。 来自汉英非文学 - 白皮书
• He was in no hurry about implementing his unshakable principle. 他并不急于实行他那不可动摇的原则。 来自辞典例句

41 linkages   

n.连接( linkage的名词复数 )；结合；联系；联动装置

参考例句：

• Only the thermosetting resins provide a strong cohesive forces; this is due to molecular cross linkages. 只有热固性树脂具有巨大的凝聚力，这是由于分子交错链所造成的。 来自辞典例句
• The linkages between the stable units must be as near as possible of equal stability. 稳定链节之间的键必须有尽可能接近的稳定性。 来自辞典例句

42 consultations   

n.磋商（会议）( consultation的名词复数 )；商讨会；协商会；查找

参考例句：

• Consultations can be arranged at other times by appointment. 磋商可以通过预约安排在其他时间。 来自《现代汉英综合大词典》
• Consultations are under way. 正在进行磋商。 来自《现代汉英综合大词典》

43 liquidity   

n.流动性，偿债能力，流动资产

参考例句：

• The bank has progressively increased its liquidity.银行逐渐地增加其流动资产。
• The demand for and the supply of credit is closely linked to changes in liquidity.信用的供求和流动资金的变化有密切关系。

44 indicators   

（仪器上显示温度、压力、耗油量等的）指针( indicator的名词复数 )； 指示物； （车辆上的）转弯指示灯； 指示信号

参考例句：

• The economic indicators are better than expected. 经济指标比预期的好。
• It is still difficult to develop indicators for many concepts used in social science. 为社会科学领域的许多概念确立一个指标仍然很难。

45 finalization   

n.定稿

参考例句：

• The book can finally be published after revision and finalization. 经过删定，这本书终于可以出版了。 来自互联网
• Lead supplier pre-selection, selection, price negotiation, contract finalization. 领导供应商预选，筛选，议价及合同的订立。 来自互联网

46 quota   

n.（生产、进出口等的）配额，（移民的）限额

参考例句：

• A restricted import quota was set for meat products.肉类产品设定了进口配额。
• He overfulfilled his production quota for two months running.他一连两个月超额完成生产指标。

47 legitimacy   

n.合法，正当

参考例句：

• The newspaper was directly challenging the government's legitimacy.报纸直接质疑政府的合法性。
• Managing from the top down,we operate with full legitimacy.我们进行由上而下的管理有充分的合法性。

48 ratify   

v.批准，认可，追认

参考例句：

• The heads of two governments met to ratify the peace treaty.两国政府首脑会晤批准和平条约。
• The agreement have to be ratify by the board.该协议必须由董事会批准。

49 quotas   

（正式限定的）定量( quota的名词复数 )； 定额； 指标； 摊派

参考例句：

• In fulfilling the production quotas, John made rings round all his fellow workers. 约翰完成生产定额大大超过他的同事们。
• Quotas of the means of production are allocated by the higher administrative bodies to the lower ones. 物资指标按隶属关系分配。