9 Speech Skills That You Have to Improve to Get a Job of Your Dream

Congratulations! Your resume and cover letter were impressive enough to get you to the top of the pile, and now you have an interview for the job of your dream. This is the opportunity to convince the interviewer that you are perfect for the particular position. Do not miss out on that golden opportunity. Here are some speech skills you need to achieve that are all-important to make a great first impression. 1. Be Polite The way you interact with people from the receptionist to the parking attendant says a lot about what kind of employee you will be. Greet everyone in a warm, friendly way. During your interview, take care to exude positivity and enthusiasm. You will never get another chance to make the first impression. 2. Don’t Give out Too Much Information When you’re nervous, you may be tempted to ramble on about irrelevant or too personal topics. This behavior could immediately disqualify you from the job. Also, do not convey any expectations about payment. There will be time to ask about that later if you are offered the job. 3. Practice and Prepare Avoid the trap of freezing or rambling by studying common interview questions and preparing your responses to them. Do not memorize your answers; simply practice some key points. This preparation will help you feel more confident so you can portray your best self. 4. Attend to Your Non-Verbal Communication Your body language should convey an impression of confidence. Stand up straight and maintain eye contact with the interviewer. Try not to fidget or slouch. Greet the interviewer with a firm handshake. 5. Research the Company Impress your interviewer not just with your knowledge of the job description and the company, but also of the community, the core values and mission, and any notable achievements. Check out the company website, Glassdoor, and LinkedIn. With so much information readily accessible online, there’s no excuse not to do a thorough research. 6. Dress to Impress If possible, find out the company dress code beforehand and dress more formally. Any clothing you wear to your interview should be clean and ironed. Be extra vigilant about your hygiene and grooming. 7. Ask Questions During the interview, you will certainly be asked if you have any questions. Whatever you do, do not say that you have none. Asking questions shows that you are curious and interested. It’s also a good way to make sure that this company is a good fit for you. 8. Engage in Active Listening Good communicators know how to listen well. Show your interviewer that you are an active listener by nodding and occasionally paraphrasing what he or she says. Besides, this is a good way to learn more about the company. 9. Use Professional Language Do not talk to the interviewer in the same way that you would to your friends. Keep professional boundaries in the forefront and show that you know your place. Avoid personal topics and keep the conversation focused on business. Practice these skills to present your best self during the interview, and nothing will hold you back from your dreams.

The Real Cost - 1316 Words

â€Å"The Real Cost† According to â€Å"The Action of Smoking and Health,† every six seconds someone loses their life as a result of a tobacco related disease. It’s hard to realize how damaging cigarette smoking’s effect can be until you experience it first hand. It is almost certain that every one knows someone who is currently a smoker or was a smoker at some point in their life. For years smoking was the seen as the â€Å"cool† thing to do, it was how to â€Å"fit in.† There was no real emphasis placed on the dangers of this particular habit, and as a result, it became a world wide trend. In the past, technology and medicine were not nearly advanced enough to be able to determine just how harmful tobacco usage is. However, as we have made medical and†¦show more content†¦It all boils down to its social history. In practically every era since it was discovered, tobacco has been a huge social phenomenon. When tobacco was first brought to England it became a huge hit and soon there after, it spread to other parts of the world. At first it was only sold as a luxury to affluent city folk but eventually the manufacturing was revolutionized by the Bonsack machine which made it affordable for the general public. Ten years later, the American Tobacco Company was founded by James Buchanan Duke, who promoted cigarettes by using aggressive marketing and advertising techniques. The success of the cigarette was not only attributed to the witty business strategies utilized but also to the fact that young men in urban areas were smoking them and creating a trend. When World War 1 came about, smoking became an even bigger phenomenon. In fact, the military and governments organized a constant supply of cigarettes for the troops. At this point in time cigarette companies like Camel were bringing in tons of revenue. With all this new money, these companies were available to create bigger and better advertisements which resulted in more product consumers. In the early 1900’s this disposition became even more popular. In some parts of the world, up to 80% of the male populations were regular smokers. Smoking became an acceptable part of culture in almost all aspects of life; people did

Business and Corporations Law Woordside Energy Ltd.

Question: Discuss about the Business and Corporations Law for Woordside Energy Ltd. Answer: Introduction: Consider the following situations and indicate whether consideration is present and whether Jack has an enforceable agreement: In the present situation, Jane is the promisor and Jack is the promisee. Jane has offered the car to Jack, to which Jack has also agreed. Even when the elements of valid contract i.e. offer and acceptance are present, this situation lacks consideration. Jane has not mentioned any consideration for the promise to give Lotus Super 7 sports car to Jack. Consideration is an essential part of a contract without which the contract may be termed as void. It is pertinent for the promisor to receive some amount of consideration in return if the price. In other words, it can be said that consideration is the price paid for the promise. As per the common law, a promisee must give some consideration for the promise it receives, for such a contract to be valid and binding between the promisor and the promisee. (Caffrey, 1991) Further, in Placer Development Ltd. Commonwealth [(1969) 121 CLR 353], the court held that if either of the parties to the contract have an option to choose to which extent they should perform or if there is any ambiguity in determining consideration to be paid for the promise, then it shall not be considered as valid consideration and thus there shall not be any valid contract between the parties. Also, the promisor must specify the consideration in return of promise either directly or indirectly. The promisee cannot ponder on any aspect and consider it to be the consideration in return of the promise. It is necessary for the consideration to be legal; irrespective of it being of monetary value or non-monetary value. (Vermeesch Lindgren, 1971) Since, in the present case Jane has not determined the price for her promise i.e. to give car to Jack, this constitutes invalid consideration. Further, it cannot be said that from the circumstances of the case the consideration could be determined because Jane was going overseas so she would sell her car at market price. Consideration is not something, which promisee can ponder over and determine but it must come from the promisor. In the present case, promisor has not agreed to any price as the amount of consideration and thus there is no valid consideration. In the present case, Jane has offered to sell his car at a price of $25000, which is also the market value of this car and the same has been agreed between both the parties. The elements of offer, acceptance and consideration are clearly established between the parties. In terms of law, consideration is merely the price paid in return of the promise made to the other party. Such a price, which consists consideration must be of some value but is not always required to be monetary. Consideration also includes vesting of right, benefit or interest. (Shtein Lindgren, 1973) For consideration to be valid it must be in some form as stipulated by the promisor in favor of the promise. Consideration is the amount that the promisor asks from the promisee to fulfill the promise between them.(Clarke, 2013) The price for the car i.e. $25000 is the consideration in the present situation. This is a valid consideration since it is legal and has a distinct value in the eyes of law and is also enforceable before law. This is a real consideration agreed between the parties and thus constitutes valid and binding consideration. In the present situation, Jean has offered Jack to sell her car at $2500. This is a monetary amount, which is legal and has a value in the eyes of law. Consideration is also defined as a measure of intent between the parties, which is used in establishing legally binding obligations and rights between such parties. As long as there is a value of consideration, the courts shall not intervene and ponder over the question of adequacy of such consideration. It is pertinent for consideration to have some value but it is irrelevant of how much the value is actually. However, to this general rule of consideration, these are the following two exceptions:(Clarke, 2013) Deeds or documents under seal- where there are deeds or any documents under seal, then consideration is not mandatory to form a binding contract. Doctrine of promissory estoppel- this doctrine ensures enforcement of promises in such situations where otherwise it would be inequitable to do so. However, it is not a strict exception to consideration and thus cannot be strictly substituted in place of consideration. As mentioned above, the law is clear on the point that consideration is the price, which the promisor demands in return of the promise made. In respect to consideration, price is defined in a broad sense, which means that it is not necessary for the price to be determined in terms of monetary value. In Carlill v. Carbolic Smoke Ball Co., it was held that it is necessary that the consideration follows from the promisor and should move to the promisee. For consideration to be valid, it is integral that it should not be illegal or in a manner that seeks to violate any law in force. The consideration irrespective of what is it must be legally enforceable before the law. The nature of consideration was discussed in Chappell v. Nestle, wherein it was expressed that even if the promisor stipulates a mere peppercorn as consideration, it would be considered valid. Further, consideration must be such that has a value in the eyes of law. Consideration must exist in reality and should be capable of being transfer from the promisee to the promisor in lieu of the promise between them. Consideration cannot be any illusionary undertaking between the parties.(Fitzroy Legal Serive, 2015) It is of no significance that the market price of the car is $25000, but the consideration fixed in $2500. The price stipulated for the car by Jane is $2500 and the same is accepted by Jack. Thus, it forms valid consideration between the parties because all essential elements of consideration are present in it. In the present case, the main issue is that the buyers position to perform in the contract between the parties was weakened and the shipbuilder exerted wrongful use of economic pressure. This situation gives rise to economic duress. In lieu of devaluating currency, the shipbuilder demanded an extra price for the country or otherwise threatened to stop the work. On the other hand, the buyer has already entered into contracts on the basis of its contract with the shipbuilder and was required to deliver the tanker to other party. However, another issue in the present case is that even after delivery of tanker, the buyer failed to commence the legal action until a long period of nine months. Thus, now the main issue becomes whether buyer can claim the benefits of economic duress after a period of nine months. When one party takes the position of dominant party and therefore threatens to not perform in the contract until and unless certain economic conditions are not fulfilled then it constitutes economic duress. However, to prove such economic duress it is pertinent that the weaker party had no other option available rather than fulfilling the condition of the dominant party. In case of economic duress, the contract becomes voidable at the end of the weaker party and thus damages can be claimed by such party, which had to act under economic duress of the dominant party. (Stewart, 1984) The doctrine of economic duress states that if one party applies illegitimate pressure on the other party to perform then the contract becomes voidable. In Electrcity Generation Corporation t/as Verve Energy v. Woordside Energy Ltd. [2013] WA SCA 36, the Western Australian Court of Appeal held that refusing to supply additional gas and thereby forcing the other party indirectly to enter in short-term gas sale agreement, results into pressure and constitutes economic duress, wherein the contract shall be considered as voidable (Bant, 2014). In such situation, the party, which was forced to enter into contract, may claim damages before the court of law. Thus, it is pertinent for parties to consider the factor of economic duress along with good faith, when any variations are negotiated in respect to the contract. (Cahif Bordignon, 2013) In Maskell v. Horner and Skeate v. Beale, if an agreement is made under duress it cannot be termed as void. However, when there is a threat that the contract shall be rescinded and it leads to payment of valuable consideration then such contract becomes voidable so that it can be avoided and any amount of excess money can be recovered from the dominating party. Another significant principle of the contract law is the duty of the buyer to act immediately upon delivery in case any of the rights of the buyer are violated while fulfilling the contractual obligations. It is the utmost duty of the buyer to not delay in bringing the case of economic duress before the courts so that the contract can be deemed as voidable and therefore damages granted to the weaker party. Thus, a party who sleeps over his rights cannot claim such rights after a considerable period of time. The party, whose right is violated must act diligently towards it and should not make any delays in approaching the court of law. Further, in North Ocean Shipping v. Hyundai Construction (The Atlantic Baron) [1979] QB 705, the defendants threatened the claimants that the contract would not be completed until they are made good of the profits suffered due to devaluation of currency. Considering future obligations of the claimant with other parties in respect to the same contract, the claimant agreed to payment of additional price. However, in this case the claimants bought the issue before the courts of law after a period of eight months of the delivery of ship. Thus, the court held that the contract was voidable due to economic duress and the claimants would have a right to damages under such contract, however the claimants took long to approach the contract, this implies that they have affirmed the contract and therefore the right to rescind the contract was lost. In the current situation, the consideration demanded for continuing the contract constitutes good consideration to the amount of US3$ million. Further, the buyer had already contracted other parties in regards to the tanker, which was to be delivered by the shipbuilder. Thus, the buyer had to sell the tanker and required delivery as schedules in the original agreement between them. Here the buyer did not have any right to reject the new variation introduced by the shipbuilder and had to pay the additional consideration so as to avoid future loss of business and reputation. It can be clearly concluded that the buyer was bound by the shipbuilder and was under the economic duress to perform he additional variation in the contract. Such economic duress lead the contract to be voidable at the end of the buyer, whereby giving the option to the buyer to either rescind the contract or claim damages of additional consideration or do both these options before the court. However, it was pertine nt for the buyer to bring such action before the courts of law within a considerable period of time. Bringing action after a period of nine months does not constitute considerable period and thereby restricts the right of the buyer to enforce doctrine of economic duress in his favor. Thus, it can be finally concluded that still enforce the doctrine of economic duress, the buyer should bring strong proofs as to why and how it was disabled to approach the court within a considerable period of time and thereby explain the court the reasons as to why it took the buyer good nine months to enforce its rights. In the present situation, it would be highly difficult for the buyer to establish rights after a period of nine months and this aspect is clearly explained in the Atlantic Baron Case. However, if the buyer would have approached the court without making such delay, then it would have the right as granted under the doctrine of economic duress to recover damages suffered by paying additional consideration to the shipbuilder. References Placer Development Ltd. Commonwealth [(1969) 121 CLR 353], Carlill v. Carbolic Smoke Ball Co [1983] 1 QB 256 Chappell v. Nestle [1960] AC 87 Electrcity Generation Corporation t/as Verve Energy v. Woordside Energy Ltd. [2013] WA SCA 36 Maskell v. Horner [1915] 3 KB 106 Skeate v. Beale [1840] 11 AD E 983 North Ocean Shipping v. Hyundai Construction (The Atlantic Baron) [1979] QB 705 Bant, E., 2014. An Opportunity Saved: Duress in the High Court of Australia: Verve Energy. [Online] Available at: https://blogs.unimelb.edu.au/opinionsonhigh/2014/03/12/bant-verve-energy/ [Accessed 16 July 2016]. Caffrey, B.A., 1991. Guidebook to Contract Law in Australia. Australia: CCH Australia. Cahif, A. Bordignon, L., 2013. Australia: Economic duress: be careful how you act when you hold all the power under a contract. [Online] Available at: https://www.mondaq.com/australia/x/257210/Contract+Law/Economic+duress+be+careful+how+you+act+when+you+hold+all+the+power+under+a+contract [Accessed 16 July 2016]. Clarke, J., 2013. Consideration. [Online] Available at: https://www.australiancontractlaw.com/law/formation-consideration.html [Accessed 16 July 2016]. Clarke, J., 2013. Formation of Contract. [Online] Available at: https://www.australiancontractlaw.com/law/formation.html [Accessed 16 July 2016]. Fitzroy Legal Serive, 2015. The Law Handbook Victorias most trusted practical guide to the law since 1977. [Online] Available at: https://www.lawhandbook.org.au/07_01_02_elements_of_a_contract/ [Accessed 16 July 2016]. Shtein, B.J.L. Lindgren, K.E., 1973. An introduction to Business Law. The Law Book Company Limited. Stewart, A., 1984. Economic Duress- Legal Regulation of Commercial Pressure. Melbourne University Law Review, 14, pp.410-41. Vermeesch, R.B. Lindgren, K.E., 1971. Business Law of Australia. Butterworths.

The Grapes of Wrath and Fiesta Essay Example

The Grapes of Wrath and Fiesta Paper In Ernest Hemingways Fiesta (The Sun Also Rises) we are given an account of life in Europe, after the devastation of World War I. The main characters are expatriates living in Europe after all suffering through the War. Both their identity and their lives have been affected; consequently forcing them to be categorised as the lost generation1. In John Steinbecks The Grapes of Wrath we follow the Joad family as they travel west in search of a new, more prosperous life. The journey reveals the difficulties of creating an ordered, fully functioning society. In contrast to the expatriates in Fiesta; the Joads migration can be categorised as an establishment of a new generation. That is to say, a new society built on ideals of individual success and prosperity, in western America. By exploring the major themes in both novels, we can see exactly what effects the First World War and westward migration have upon the main characters. Additionally, we can see how this relates to individual actions, and American society as a whole. In Fiesta, Hemingway presents us with a series of characters whose lives have been tragically altered by the effects of the First World War. We will write a custom essay sample on The Grapes of Wrath and Fiesta specifically for you for only $16.38 $13.9/page Order now We will write a custom essay sample on The Grapes of Wrath and Fiesta specifically for you FOR ONLY $16.38 $13.9/page Hire Writer We will write a custom essay sample on The Grapes of Wrath and Fiesta specifically for you FOR ONLY $16.38 $13.9/page Hire Writer The characters are described as expatriates by Hemingway. An expatriate is defined as a person who lives outside their native country. This term usually applies to people who have fled from their home nation for particular reasons. The characters in Fiesta have taken refuge in Paris and Hemingway focuses upon their exploits in the city. The war has affected each of the main characters uniquely and significantly. Our protagonist is Jake Barnes. He was tragically wounded in the War; which has left him impotent. Then we have our second main character, Brett Ashley, a member of the English aristocracy. She was a nurse during the war and her first love was killed. These two characters propel the novels main themes. Theyre losses have significantly affected the way they live their lives in Paris. In Steinbecks The Grapes of Wrath the Joad family leave their home in Oklahoma behind to fulfil their dreams of prosperity in the west. The Joad family suffers greatly during their search for happiness. The novel reveals the difficulties and corruption that existed during the formation of a western society. The Joads represent the innocent migrants, who were persecuted by a new, evolving society that expanded over the Great Plains. Halliday makes the link of the expatriates in Fiesta to the experiences of the Joad family: There are plains in many countries that could well serve as symbols of emptiness, desolation, disaster, and death- we have some in the American west. 2 Steinbeck criticises the glamorised perception that financial success is easily achievable in the west. For Steinbeck, only way you can achieve satisfaction in all areas, is after struggle and conflict. The Joads cope with their discrimination throughout by remaining united as a family. It is this method of survival and kindness that Steinbeck praises during the novel. The effects of the War have lead critics to label the main characters in Fiesta as members of a lost generation. Their losses are significant in influencing the way they lead their lives in Paris. Being members of a lost generation, suggests that they have actually lost their sense of identity. This means that their lives no longer have any direction. The novel concentrates on the meaningless excess the main characters associate themselves with in Paris. Their lavish lifestyles lead us to believe that there is no moral boundaries in the world Hemingway has created here. This is where we notice that gender roles have also been reversed. This is most evident with Jake and Brett. Jakes wound, has in a sense removed his masculinity. He cannot maintain a relationship because of his impotence. This makes him feel less of a man; Jakes impotence gives way to a society of sexual promiscuity where they live. There does not seem to be one successful relationship; even Robert Cohns relationship with Frances is spoiled. What Jake is left with, are the personal qualities of a woman. He becomes more interested in not being alone and has lost his control over his life and others. It is his inevitable frustration that makes us pity him: We thus find Jake Barness war-wound impotence a kind of metaphor for the whole atmosphere of sterility and frustration 3 Hemingway then uses Brett to show how gender roles are reversed in Fiesta. Brett also lost something during the war; Her own true love had just kicked off with dysentery. (p48) This is the only time that Brett has been in a meaningful relationship. With the loss of her fist love, Brett is no longer able to sustain a relationship built on love and trust. Hemingway reveals this by portraying Brett as a very masculine woman. Her hair is short, she is boyish and she refers to the men as chaps. She is the promiscuous character in the novel; and behaves like a man, intimidating others and playing with the opposite sex. Spilka claims that this is the reason why love is not evident in the novel: when men no longer command respect, and women replace their natural warmth with masculine freedom and mobility, there can be no serious love. 4 The exchange in gender roles creates an additional misdirection in the lives of the main characters; without a sense of their own sexuality, theyre can be no internal identification of self. By viewing the Joad family as the new generation, we can understand the significance of their rites of passage to the west. They are in a sense, on a pilgrimage to the Promised Land. It is necessary that tests must be passed during a pilgrimage; in order to achieve success and fulfilment. The entire journey is a search for new identity. They are no longer from Oklahoma; they have left it behind. Steinbeck has characters referring to the Joads as Okies throughout; nevertheless, all the migrants are united in the search for land and prosperity. They labour on the land but it is never fully theirs. We recognize that the Joads will only feel like westerners when theyre blood and sweat has spilled onto their own land. For a new generation to be born, the older generation must give way. This is indicated with the death of both grandparents during the journey to the west. The grandparents are unable in making the transition to a new area or identification of self. They are tied to the land in Oklahoma; it is particularly significant that Grandma dies on the border to the west. She knows she cannot survive the difficulties that will face the rest of the family. Her own death is the beginning of the Joads progression into a new generation. It is apparent throughout the novel, that the characters in Fiesta have no meaning or direction in their lives. Their days are filled with drinking, eating and dancing. Their lavish lifestyles have no structure, and they respect wealth. Count Mippipopolous is admired for his generosity and wealth. Brett only remains friends with him because of his generosity. His wealth represents his masculinity; Brett therefore admires him, while Jake cannot help but feel threatened: Isnt it wonderful, said Brett. We all have titles. Why havent you a title, Jake? (p68) The Count also comments on Bretts lifestyle: Youre always drinking my dear. (p70) Hemingway emphasises the extravagance of Brett and Jakes lifestyle, through the outside characters. Robert Cohn is the prime example; he wants to escape it all and go to South America. Jake does not want to join him and we get the sense that he is afraid to start his life over again after the life he leads created by the aftermath of the war. The fact that Jake is hesitant in going also represents his dependence on a life with no structure or direction. In The Grapes of Wrath the only figures who experience excess and luxury, are the wealthy farm owners. Steinbeck intentionally makes these characters anonymous; they are myths among the poor, oppressed workers in the west. Their wealth is in direct contrast to the poverty of the workers. The wealth of the farm owners is further increased due to the oppression of the labourers. Steinbeck makes a direct insult towards the wealthy who exploited the unskilled, western workforce. The Joads suffer to feed themselves and the feeling of injustice and subordination is reiterated during the Joads stay in the camps. The injustice of worker exploitation is linked with the theme of the overall lack of justice in The Grapes of Wrath. The government run camps are personifications of injustice. There seems to be no structure of law or moral order. Steinbeck reveals that those who control the social and economic structures of the west are the complete antithesis of legality and order. This is the cause of the Joads persecution. Wealth and injustice also link into the Joads conversion into a new genera tion. Chapter 7 is the most effective example in revealing how the Joads have not yet crossed over into a modern lifestyle. The car salesmen, however, are fast talking opportunists. They are out to exploit theyre customers; and the Joads are exploited throughout the text. Steinbeck is making the point that the modern, capitalist economy is dominated by greed and corruption: Watch the womans face. If the woman likes it we can screw the old man. (p68) It is a main theme throughout the novel that the Joads are representing the traditional, family values that Steinbeck believes America was built on. As the Joads struggle to survive in the exploitation and corruption of western capitalism; they are also struggling to promote their traditional values of kindness and togetherness: wenty families became one family, the children were the children of all. (p206) In Fiesta none of the characters offer any meaningful advice to each other. They are blunt and sometimes extremely cruel during their conversations. The only person who does not retaliate is Robert: I do not know how people could say such terrible things to Robert Cohn. (p59) Robert is different to the other char acters in the novel. He accepts the way the war has affected the others. He understands that they are incapable of being considerate to other peoples feelings. That is why he suffers so much humiliation. His life has not been so drastically been poisoned by the aftermath of the war. As Spilka reveals, Robert has been affected in a different way: it turns him into an armed romantic, a man who can damage others in defense of his own beliefs. 5 By distinguishing the difference between Robert and the other characters, we understand his role in the novel. He is envied by all the men, except Romero. When he is introduced it is always under formal circumstances; either as Robert Cohn or simply just Cohn. Jake especially admires his stubborn moral values and his ability to have an affectionate relationship with Frances. Linked to the exchange of gender roles in Fiesta; we see the effects this has on the characters sexually. For example, Jake Barnes picks up a prostitute early on in the novel. He does not intend to sleep with her because he is impotent; instead he takes her out to dinner and dancing. The fact that he is impotent is the most relevant here, he says he feels sick: She looked up to be kissed. She touched me with one hand and I put her hand away Whats the matter? You sick? Yes. (p21) His impotence has distanced him from women; therefore, rendering him unable to sustain a relationship or even feel sexually close to a woman ever again. The only woman he can clearly show his affections to is Brett. Unfortunately, Jake cannot rescue her from her promiscuity, because theyre relationship can never be sexual. Leslie Fielder argues that Brett can never be saved because of Jakes wound: In the end, not only are her physical lovers unmanned and degraded, but even Jake, who is her priest and is protected by his terrible wound, is humiliated. 6 The only man capable of redeeming Brett is Romero the bullfighter. This is because he is different to every man in the rest of the novel. He has not lost his masculinity in any way shape or form. He is respected as an aficionado and as a man. His relationship with Brett threatens her independent sexuality: He wanted me to grow my hair out. Me, with long hair He said it would make me more womanly. (p280) Romero is in a sense nai ve that he thinks he can change Brett; however, Brett is also unwilling to be freed from her sexual confinement into a meaningful relationship. In The Grapes of Wrath the mother is the leader of the family. She takes the role of the father as he gradually fades away into insignificance, to direct and inspire her family into persevering against discrimination. She is the foundation of the family; without her, we get the feeling that the family would not survive through its journey. Steinbeck describes her as a strong, muscular woman. As previously identified, both grandparents died before the family got to the west. There are many examples of death in the novel, yet there is only one distinct example of birth. Tied into the theme of birth, is the theme of motherhood. The only woman capable of both is Rose of Sharon. Towards the end of the novel, she gives birth to a stillborn child. This is extremely significant to the novels overall theme of the new generation. The birth of the child represents the familys success in converting to a new generation of westerners. The death of the old generation gives way for the new. Nevertheless, Steinbeck has the birth of the baby result in a death. This paradox reveals that the family has still not fully made its pilgrimage into the new generation. Rather than deal with the death as a disaster, the family continue on their journey, confident they will prevail. Steinbeck is showing the reader that even in death, there is hope; again linked with the death of the grandparents before the Joads reach the west. The ending of the novel has Rose of Sharon acting like a mother, sustaining life with her body. Our final thought is that the family will be sustained by the land, like Rose of Sharon preserving life with her natural instinct as a mother. In Fiesta and The Grapes of Wrath we are presented with two distinct generations struggling to define each other. To fully integrate the texts into one identification of self; we must look at the basis of each novel. In the epigraph to Fiesta Hemingway uses two phrases; one from Gertrude Stein and an extract from Ecclesiastes, in the Bible. Stein called the expatriates of the First World War the lost generation. While in Ecclesiastes, Hemingway uses the quote: One generation passeth away, and another generation commeth. The epigraph is important in revealing how Hemingway still believes there is hope for mans salvation and that the lost generation will be replaced. Similarly, in The Grapes of Wrath, Steinbeck insisted on including the full version of the Battle Hymn of the Republic in its first edition: Mine eyes have seen the glory of the coming Lord/ He is trampling out the vintage where the grapes of wrath are stored 7 Steinbeck believed it had great significance and portrayed all types of American identity. Both authors used these sources for the original titles of both novels. Fiesta is also known as The Sun Also Rises. Hemingway and Steinbeck are both making the point that man will find salvation against the persecution of society; and that the only form of life that will always remain is the earth. To conclude , we can see how both novels are linked in the search for identity and the salvation of man. Hemingway and Steinbeck criticise extravagance, because it fuels greed and corruption. It is the traditional values portrayed by Romero and the Joads, which will save mankind. This is shown in Fiesta, when during the mens fishing trip, Wilson-Harris confesses that Ive not had so much fun since the war Their break from the city into a rural setting; away from the excess and greed of Paris convinces them that they can still escape from the effects of the war. In The Grapes of Wrath the Joads search for their identity as a family, trampling out the seeds of wrath planted by the corruption of man in the west. We get the sense that all the characters will be saved from their oppression and that man will always have hope.

Oedipus the King

In Oedipus the King, by Sophocles, Oedipus is told from an oracle that was going to kill his father and marry his mother. Oedipus left Cornith, his home, to get away from this omen. In fact Oedipus did kill his biological father and marry his biological mother. After learning the truth, Oedipus punished himself by stabbing his eyes out and exiling himself from Thebes. The sentence for the crime of parricide and incest was fair. "I pray that that man's life be consumed in evil and wretchedness. And as for me, this curse applies no less," (1.31) Oedipus made this promise to the people of Thebes, reassuring them that the criminal would suffer the consequences even if he himself were the murder. When Oedipus was told by the many accountants that he fit the description of the murderer he was outraged. "Too long been blind to those for whom I was searching! From this hour, go in darkness!" (exodos.49) Oedipus said this as he stabbed his eyes, leaving himself blind. Oedipus' punishment fit his crime because his life as he knew it would never be the same. He now had to live with the guilt of murder and incest. "Drive me out of this country as quickly as may be To a place where no human voice can ever greet me." (exodos.207) Oedipus also exiled himself from Thebes. Not only leaving himself blind but with out family or friends. Oedipus chose an exile from Thebes to leave everything he knew and had. He also proved himself to the people of Thebes by showing them that he was a strong man for upholding his vow to punish the guilty man. Another reason Oedipus left the country was because he did not want his children to see him as a blind sinner. Oedipus' exile was fair because by doing this he lived with less guilt. He wouldn't think about what people thought of him after a few years. By not seeing him the people of Thebes would most likely forget of the wretchedness that had occurred...

How to Improve Your Vocabulary

How to Improve Your Vocabulary There are many ways to improve your vocabulary. When working to do so, its important to know your goals in order to best choose the way in which you want to learn. For instance, reading can be a great way to improve your vocabulary, but it wont be much help on a vocabulary test next week. Here are a number of methods to help you improve and expand your English vocabulary. Synonyms and Antonyms A synonym is a word that has a similar meaning. An antonym is a word that has the opposite meaning. When learning new vocabulary, try to find at least two synonyms and two antonyms for each word. This is especially important when learning adjectives or adverbs.   Use a Thesaurus A thesaurus is a reference book that provides synonyms and antonyms. Used by writers to help find just the right word, a thesaurus can also help English learners expand their vocabulary. You  can use an  online thesaurus  which makes finding a synonym easier than ever. Vocabulary Trees Vocabulary trees help provide context. Once youve mapped out a few vocabulary trees, youll discover yourself thinking in vocabulary groups. When you see a cup your mind will quickly relate such words as knife, fork, plate, dishes, etc.   Create Vocabulary Themes Create a list of vocabulary themes and include a definition and an example sentence for each new item. Learning by theme emphasizes words that are related. This will help you memorize new vocabulary because of the connections between these words and your chosen theme. Use Technology to Help You Watching movies or sitcoms is a great way to help you understand native speakers of English. Use the  options of watching individual scenes to make DVD use into a vocabulary learning exercise. For example, watch one scene from a movie in English only. Next, watch the same scene in your native language. After that, watch the same scene in English with subtitles. Finally, watch the scene in English without subtitles. By watching the scene four times and using your own language to help, youll pick up a lot of idiomatic language. Specific Vocabulary Lists Rather than studying a long list of unrelated vocabulary, use specific vocabulary lists to help you prepare for the type of vocabulary you need for work, school, or hobbies. These business vocabulary word lists are great for industry-specific vocabulary items. Word Formation Charts Word formation refers to the form a word takes. For example, the word satisfaction  has four forms: Noun: satisfaction   The satisfaction of a job well done is worth the effort.Verb: satisfy Taking this course will satisfy your degree requirements.Adjective: satisfying / satisfied   I found the dinner very satisfying.Adverb: satisfyingly His mother smiled satisfyingly as her son won the award. Word formation is one of the keys to success for advanced level ESL learners. Advanced level English exams such as the TOEFL, First Certificate CAE, and Proficiency use word formation as one of the key testing elements. These word formation charts provide the concept noun, personal noun, adjective, and verb forms of key vocabulary listed in alphabetical order. Research  Specific Positions A great place to start learning vocabulary for a specific job is the Occupational Outlook Handbook. At this site, you will find detailed descriptions of specific positions. Use these pages to take note of key vocabulary related to the profession. Next, use this vocabulary and write your own description of your position.   Visual Dictionaries A picture is worth a thousand words. Its also very helpful for learning precise vocabulary. There are a number of excellent English learner visual dictionaries for sale. Here is an online version of a visual dictionary dedicated to jobs. Learn Collocations Collocations refer to words that often or always go together. A good example of a collocation is  do your homework.  Ã‚  Collocations can be learned through the use of corpora.  Corpora  are huge collections of documents that can track the number of times a word is used.  Another alternative is to use a collocation dictionary. This is especially helpful when focusing on business English. Vocabulary Learning Tips Use vocabulary learning methods to focus quickly on the vocabulary YOU need to study.  Dont make random lists of new words. Try to group words in themes. This will help you memorize new words more quickly.Always add context by writing out  a few example sentences using new vocabulary.  Keep a vocabulary notepad at hand whenever you are reading in English.Use a flashcard app on your smartphone to review vocabulary when you have some extra time.  Before you begin your day, choose five words and try to use each word during conversations throughout the day.

Labour Market Segmentation Theory Term Paper Example | Topics and Well Written Essays - 250 words

Labour Market Segmentation Theory - Term Paper Example 56-60). Labor market segmentation theory is actually one of neo-classical economic theories. According to the neoclassical economists, there is a labor market, which is similar to other markets with sellers and buyers in open competition with one another. It is different from the other markets in some ways. It is a universal fact that labor is not a homogeneous commodity, when it comes to the interests and choice between work and leisure it varies from worker to worker, have different tastes for monetary rewards as opposed to non-monetary rewards (Toft, pp. 36-44). In a labor market, neither the employer nor the workers can move from one place to another without incurring certain costs. It results in wages remaining high in cities that are big even when there are many workers unemployed when other parts of the country are taken into account. Local labor market is a term that often comes under utilization to refer to the market with jobs restricted to a particular locale it can be a t own or a city. Where employers in different industries require certain skills and wish to keep workers once the workers are equipped with certain skills industrial labor markets arise (Toft, pp. 25-30).

Spiritual and religious traditions of our ancestors Essay

Spiritual and religious traditions of our ancestors - Essay Example After awhile, he left the tent and went straight to the Confederate picket line where he seriously tried to commit suicide. (Blaise, n.d.) In the end, he was considered to be a hero for successfully diverting the Federal attack away from the civil war. For this reason, he was given the option to choose his own assignment in which he had chosen to see the ‘frontier’ – a remote post in remote South Dakota. As he reaches close to the Sioux village, a Sioux woman cuts her own wrists because her husband past away. (Willis, 2000) However, Dunbar was able to stop her from going through her plan of committing suicide. This woman happens to be a white woman that was raised by the Sioux tribe. For this reason, she became Dunbar’s personal interpreter. In the end, both Dunbar and the interpreter fell in love. The tribe is composed of the whites, the Sioux, and the Pawnee where racism has become the main reason for the civil war. (Willis, 2000) The group of individuals coming from three different races strongly hates people who are different from their own race. The story shows a great violence among the white Americans among other whites, the white on Indians, Indians on white, and Indian among the Indians. The Sioux were directed to show humanity in everyday life which causes the viewers to take side on them when they were at war with the Pawnee. As part of showing the intense war between the three groups of people, the use of profanity was enormous throughout the story. Religiously speaking, there should be no war and everyone should respect each other as brothers and sisters regardless of race, gender and status in life. However, the film focuses more on civil war that strongly violates humanity and the right of men to live. It is a religious tradition that once the husband or the wife past away, the widow or the widower has to mourn for the dead husband or wife for a certain period of time. However, this was

Product Lyfe Cylce of Iphone Essay Example for Free

Product Lyfe Cylce of Iphone Essay In class we learned about product life cycles and how the product life cycle tells us how the product is doing in the market. A product goes through four stages in the product life cycle and they are introduction, growth, maturity, and decline. In the introduction stage the company promotes the product in order to create awareness. In the growth stage the sales and profits increase. In the maturity stage most of the profit is earned during this stage and competitors are established. In the decline stage the sales decline and profits also go down. During this stage the company could decide to cut off the product as well. The IPhone 4s is currently in the maturity stage and there are many competitors that the IPhone has to deal with right now. Just to name a few Samsung Galaxy S II HD, Galaxy Note, HTC Sensation 4G, and Motorola Droid. In the current stage Apple has to deal with all the competitors that I’ve listed and the market share is going down along with profits. The reason why I say that is because when it comes to technology people want to buy the latest thing and if Apple isn’t changing there phone or software for the phone then they are going to lose customers due to new technology and software on the other phones. When the IPhone first came out it was always in the growth stage because it didn’t have any competitors and the sales were always going up because everyone wanted one. But that didn’t last because competitors came out with touch screen phone that were cheaper then the IPhone. And as of right now the first IPhone is the decline stage because they no longer make them and no software updates are available as well. For the IPhone 4S to stay in the maturity it must come out with a software update. Apple is currently working on IOS 6 which is coming this fall and its going to have features that will make it easier for people who have disabilities to use the devices. Another app that got updated was Maps, which will now give you turn-by-turn spoken directions, interactive 3D view, and a new flyover feature will allow you to see major metro areas from an airplane. It will also have another new app called Passbook that will store your boarding passes, movie tickets, retail coupons, loyalty cards in your phone. Also new calling feature that will let you reply with a text message or set a callback reminder when you decline a call. And there are many other features that are going to be new or improved in IOS 6, which will set up  the IPhone 4S to continue to be on the maturity stage. Another thing they could do in order to stay in the maturity stage is reduce the price of the IPhone 4S which will increase sales and profit.

The Character of the Green Knight in Sir Gawain and the Green Knight Es

The Character of the Green Knight in Sir Gawain and the Green Knight In the most general sense, the Green Knight is an anomaly to the story of " Sir Gawain and the Green Knight," the only supernatural element in what is otherwise a very believable and wholly real rendering of a specific length of time. Gawain is momentarily tricked into believing†¹or, rather, hoping†¹that the garter is magical in nature, but both his fear and the Green Knight dispel him of that heathen notion. Thus on the one hand the poet warns us of the danger of accepting the supernatural qua supernatural, while on the other he demands that we understand the Green Knight to be an expression of the "power of Morgan le Fay," who is "well taught in magic arts." The effect of this then is to thrust the Green Knight into an even greater shroud of mystery than normal for Arthurian tales, which usually feature a whole cast of impossible characters. From this isolated line of thought, it would seem as if the Green Knight ought to be held only to his own, strange, separate rules. Since he is the sole f...

Investment and Equity Cost

2. Suppose the market portfolio has an expected return of 10% and a volatility of 20%, while Microsoft’s stock has a volatility of 30%. A. Given its higher volatility, should we expect Microsoft to have an equity cost of capital that is higher than 10%? No, Microsoft is diversifiable and it will not be affected by the changes in the market. We do not expect Microsoft’s equity cost of capital to be higher than 10%. Each stock carries its own weight. B. What would have to be true for Microsoft’s equity cost of capital to be equal to 10%? In order for Microsoft’s equity cost of capital to be 10% its beta will have to be 1. 4. Suppose all possible investment opportunities in the world are limited to the five stocks listed in the table below. What does the market portfolio consist of (what are the portfolio weights)? Stock Price/Share ($) Number of Shares Outstanding (millions) A 10 10 B 20 12 C 8 3 D 50 1 E 45 20 Total value of the market = 10Ãâ€"10+20Ãâ€"12+8Ãâ€"3+50Ãâ€"1+45Ãâ€"20= $1. 314 billion Stock Portfolio Weight A 10Ãâ€"10=100 100/1314 =0. 0761 x 100 = 7. 61% B 20Ãâ€"12= 240 240/1314 =0. 1826 x 100= 18. 6% C 8Ãâ€"3= 24 24/1314= 0. 0183 x 100 = 1. 83% D 50x 1 = 50 50/1314=0. 03381 x 100 = 3. 81% E 45Ãâ€"20 = 900 900/1314= 0. 6859 x 100 = 68. 49% Total = 100% 5. Using the data in Problem 4, suppose you are holding a market portfolio, and have invested $12,000 in Stock C. A. How much have you invested in Stock A? 12,000x(10Ãâ€"10)/(8Ãâ€"3)=$50,000

American Home Product Essay

1. How much business risk does American Home Product face? How much financial risk would American Home Product face at each of the proposed levels of debt shown in case Exhibit 3? (Hint: Calculate impact on net income of 10% reduction in EBIT). How much potential value, if any, can AHP create for its shareholders at each of the proposed levels of debt? 2.Construct a simple EBIT-EPS Analysis chart for AHP for each of the proposed levels of debt shown in case Exhibit 3. Give your analysis based upon this chart. 3.What capital structure would you recommend as appropriate for AHP? What are the advantages of leveraging this company? The Disadvantages? How would leveraging up affect the company taxes? How would the capital markets react to a decision by the company to increase the use of debt in its capital structure? 4.How might AHP implement a more aggressive capital structure policy? What are the alternative methods for leveraging up? (Short answer will be OK, no calculation). 5.In view of AHP’s unique corporate culture, what arguments would you advance to persuade Mr. Laporte or his successor to adopt your recommendation? Note: Make sure that you do understand how to find the numbers on Exhibit 3 and Exhibit 4, number 8. Answer: 1.Business risk: Stable annual growth (10~15%) and profit margin (11~12%). Overall low-risk investments; ‘proven’ formulas instead of R&D. AAA Bond Rating. (EBIT 1981 / EBIT 1980) / % increase in sales (EBIT 1981 / (Net Income 1980 / (1 – Tax Rate))) / % increase in sales (EBIT 1981 / (Net Income 1980 / (1 – 48%))) / % increase in sales (954,8 / (445,9 / 52%)) / (4.131,2 / 3.798,5) = 1,02. (954,8 / 857,5) / 108,8% = 1,02. Financial risk: DFL = % change EPS / % change EBIT = (1 + ((3,18 – 2,84) / 2,84)) / (1 + ((954,8 – 857,5) / 857,5)) = 1,120 / 1,113 = 1,006. Higher DFL means higher EPS variability. 0%   1,006 30% 1,090 50%   1,116 70%   1,143 Debt to Capital = total debt / net worth. Higher DtC ratio means higher risk. 0% ïÆ'  0,009 30% 0,429 50% 1,000 70% 2,333 Potential value: EPS goes up as % of debt goes up ($3.18 – $3.49). 0% $3.18 30% $3.33 50% $3.41 70% $3.49 Dividends rise. 0% $1.90 30% $2.00 50% $2.04 70% $2.10 2.EBIT-EPS Analysis Chart Although leveraging decrease the company’s EBIT, it gives more value per share to its shareholders. 3.Recommended capital structure: Most appropriate capital structure for American Home Products is 30% debt to total capital. Several reasons will explain the reason why this structure gives advantage to AHP. The first, as using 30% debt ratio, the company  would be able to be recapitalized; hence, common shares outstanding of 19.8 million can be repurchased. The second, AHP would have advantage to save taxes of 37.8 million dollars and its shareholders benefit by getting more values. Exhibit 2 shows that Warner Lambert company’s debt ratio is approximately 32% and its bond rating is AAA or AA. It means that if AHP uses 30% debt and 70% equity, its bond rating will be same as Warner Lambert; consequently, bond interest to pay will not increase much due to bond rating. Addition to these reasons, AHP would face less risk to compare heavier capital structures. The advantages of leveraging this company: a.Higher value for shareholders. b.Reduction in tax through interest. c.Access to additional capital. The disadvantages of leveraging this company: a.Higher risk to shareholders. b.Lower net income. Leveraging effect: As debt increases, tax decreases. Market reaction: Market will expect higher return and stock price will rise. 4.AHP should use heavier capital structure which means increasing to use more debt instead of relying wholly on shareholders’ capital, which has its limitation as far as the shareholders’ wealth. So, by using debt to finance AHP’s growth (leveraging up), AHP’s capital structure might be more effective and aggressive. Leveraging up may enable AHP in innovating new products, using better technology, and motivating labor. While during Mr. Laporte’s era, the company can only conduct the â€Å"me too† strategy, relying heavily on its marketing prowess. 5.Mr. Laporte stated that his company works in order to increase  shareholders’ wealth. However, using 30% debt to capital would give possibility to save 37.8 million dollars from taxes; thus, its shareholders would benefit from getting higher dividends per share. Also, if the company uses more debt to its operations, it will be possible to repurchase common stocks of 19.8 millions of shares from market, increasing its EPS, thus affecting in rise in stock price.

Sharknado Will Teach You All About Blogging

Sharknado Will Teach You All About Blogging Sharknado. It spawned 5,032 tweets per minute at its peak (about 84 tweets each second)for a movie about a hurricane that spawns tornadoes filled with sharks that bring down people, helicopters, and houses. What can you possibly learn from this movie about writing, beyond the fact that people will watch anything scripted for the SyFy channel? At first glance at the amazing poster, it seems pretty clear that there is little about blogging and content marketing in the movie. **SPOILER ALERT** The sharks dont win. Sure, they get in a few good bites, but in the end, the hero prevails and its messy.  In the interest of learning something meaningful from all of lifes experiences, even the ridiculous ones, can writers find anything of value from Sharknado and its messy heroic win? #Sharknado is a treasure trove of great writing advice. #NoReallyMost certainly. After watching Sharknado, you will realize that, as a writer, you need to: 1. Think on your feet. A change in the blogging schedule meant I had 40 minutes to write and publish a post. Those werent ideal conditions, but  I did it.  I cranked out the blog post, and sent it on to my team to peer review. Hayden responded back, after reviewing the post. I literally thought as I read: heres what 10+ years of blogging and disciplined writing gets you, he said, and it was the first time I realized that constant long-term blogging gives you the skills to think on your feet when you have to. Long-term practice makes it possible for you to think on your feet. It will happen. Youll have about 30 minutes to write a blog post. Can you do it?  Youd better have a process, the confidence, and the ability to write out of nowhere. Which leads to the next point 2. Maintain situational awareness. In Sharknado, the sharks were coming from every direction–air, land, water, living room–and the hero had to be aware of his surroundings to stay alive. In those moments when you have to think on your feet, youll need situational awareness. To pull off that last-minute blog post, I referred to a list of running ideas I am constantly tracking. Im always making note of blog ideas because in those intense moments,  youd better have something in the bank. And to get those things, youll have to be aware of how just about anything could be a blog post and bank those ideas.

How to Make a Reaction Paper

How to Make a Reaction Paper How to Make a Reaction Paper How to Make a Reaction Paper Well-Structured and Interesting How to make a reaction paper? It is the first question that appears in a students mind when he or she gets such a task. It is quite obvious why it is so! Although a reaction paper is not a large academic paper (it should be no larger than 5 pages), its writing takes some time. It is not just expressing of a students thoughts about something he or she has read or seen. It should be a well-structured, clear paper that fulfills all the requirements of a certain format. So, how to make a reaction paper in such a way that it will be a really good academic paper? The tips given in this article will help you cope with such a task! How to make a reaction paper well-structured? You should keep in mind that any reaction paper should consist of 3 main constituent parts: the introduction, the main body and the conclusion. These parts should be interrelated. Each of them should contain certain information. The main aim of the intr oduction is to introduce a topic of your reaction paper. So, in this part you should state what you are discussing. You should mention, first of all, what your paper is based on:the title of a book (an article, a research paper or some other reading) or a movie; the name of the author (the writer, the scientist) or the director; the publication data or the place of the shooting (of a movie). Highlight the main points of the work: what it is about, what problems it touches upon. A thesis statement of your reaction paper should also be stated in the introduction.The main body should consist of several paragraphs each of that support your thesis statement. Here you discuss the issue concerned, express your attitude to the authors opinion (you may agree or disagree with his or her viewpoint or you may even add something). The conclusion should summarize your reaction paper: restate your ideas or express your overall impression about the work. How to make a reaction paper i nteresting? You should understand that your reaction paper should not only be well-organized but interesting as well. So, how to make a reaction paper interesting?Use various examples concerning the issue. They may be from your personal experience. Use different quotations from the work. They can not only prove your opinion but also make the problem more clear for the audience. So, this information will help you answer the question how to make a reaction paper really good? If you do not know how to write a reaction paper and look for help, you are welcome to address us! We can always provide you with professional help in writing any kind of assignment papers, in particular reaction papers.

Michelengelo Essay Example | Topics and Well Written Essays - 1250 words

Michelengelo - Essay Example He later shifted to sculptures after mastering painting. Michelangelo made many paintings while in Florence. His skill impressed the Pope and he got an invite to make a painting on the ceiling of the Sistine Church. Michelangelo was also an architect. He contributed his ideas to many architectural masterpieces that are in Italy today. His most celebrated contribution in the field of architecture is the St. Peters cathedral. He developed many principal features that can be seen at the cathedral including the design for the dome. Early works The earliest sculpture made by Michelangelo was the Battle of the Centaurs. He created the sculpture when he was about seventeen years old. This artwork is regarded highly due to its simplicity. He used solid forms that created squarish figures making the sculpture depict violence in an intense manner (Harden, 2008). The Medici family was overthrown following the death of Lorenzo in 1492. Michelangelo was forced to flee to Bologna where he continue d with his work. He made sculptures of three saints for the San Domenico church. Rome Michelangelo returned briefly to Florence before moving to Rome. In Rome he made a sculpture of a Bacchus for a banker. The Bacchus is the only large sculpture from the earlier days of Michelangelo’s art work that still survives to date. It is also the only sculpture designed to be viewed from all sides. The banker also paid Michelangelo to carve the Peita ( a carving in which Mary holds the dead body of Christ while on her knees) in 1498 (Pettit, 1998). The sculpture is presently located in St. Peters. The sculpture was larger than the usual life size sculptures. The theme of contrast was manifested a lot in the work. Mary’s position was vertical while the body of Christ lay horizontally. One person was alive while the other was dead. One was male and the other female. Florence In 1501 Michelangelo returned to Florence. By then, he was the most talented sculptor in Central Italy. The Florence cathedral commissioned him to carve the David. In 1504, he was commissioned to paint the Battle of Cascina. The painting depicted soldiers climbing from a river they had been swimming in to respond to a military distress call. Michelangelo continued to work on other large projects but he failed to finish most of them. In 1505, Michelangelo was summoned to Rome by Pope Julius II (1443–1513). He was requested to design the pope’s tomb. The tomb was to incorporate approximately 40 life size statues. Michelangelo worked on and off on the project for a period of forty years (Harden,2008). Statue of David This is the most acknowledged sculpture done by Michelangelo. When Michelangelo returned to Florence in 1501 after the fall of Girolamo Savonarola, he was asked to complete a statue of David that an earlier artist had left unfinished. The statue was to be a symbol of freedom. He responded by finishing the statue of David. This statue was a master work of art made of marble (Bonner, 2001). It established the prominence of Michelangelo as an artist with extraordinary skill and a creative imagination. Sistine Chapel The Sistine Chapel was the chief chapel in the Vatican. Michelangelo was commissioned by the Pope in 1508 to paint the ceiling of the Sistine chapel. The artwork done on this ceiling was unique compared to artwork done on other ceilings. The project halted for some months. When Michelangelo returned to continue with the project, his style shifted a bit to intensify emotional tension.

Example of an asset that is NOT recorded on a Balance Sheet Essay

Example of an asset that is NOT recorded on a Balance Sheet - Essay Example While scrutinizing a business and assessing its worth it is of almost importance to get a thorough and detailed understanding of the particulars recorded in the balance sheet and how are they measured . In the balance sheet, assets denotes the resources of a business that it has attained over a time and which have some economic value. Companies usually acquire assets through investing activities, operating activities or financing activities. Liquidity refers to the concept of how fast can an asset be converted into cash. Therefore, assets in a balance sheet are listed according to the order of liquidity. The category of assets section is divided in to two sub-categories namely, current assets and non-current assets. Currents Assets are those assets which are predicted to stay with the business for more than twelve months. Both current and non current assets belong to the tangible form of assets. This also, infers that the assets that are recorded in the balance sheet or any other fin ancial statement are actually tangible asset that are those assets which have some physical form and value where as the assets that can not be evaluated and seen physically are called intangible assets. Such assets as intangible assets can not be recorded in any financial statement, particularly not in the balance sheet. Goodwill of a company falls under the heading of an intangible asset and thus, it is not recorded in the books of the companies as it is defined in terms of the positive reputation of a firm that does not have a physical existence, but is of utmost importance for a business. Patents, copyrights, and trademarks are also other examples of intangible assets which are not recorded in the balance sheet. Good customer relations, a strong brand name, good employee relations, any patents or propriety

Professional Learning Communities Research Proposal

Professional Learning Communities - Research Proposal Example (DuFour, 2004, pp.6-11). For Senge, the five key disciplines underlying the concept of PLC include organizational learning, shared vision, mental models, team learning and systems thinking whereas Hord believes these five key elements to be supportive and shared leadership, shared values and vision, collective learning and application of learning, supportive conditions and shared personal practice (Alberta Education, 2006, pp.8 & 9). Since teachers play a key role in the over all accomplishment of any educational institute, they have become the cynosure of professional learning communities where they are considered as learners who are in a constant process of mentoring and being mentored. The reason behind bringing the teachers to the centre of attention is the fact that any kind of improvement happening in any classroom involves the participation of a teacher (Schwarz: 1998). Any development in teachers would not only improve students’ performance but would also motivate the teachers themselves. As a consequence of aggrandizing trend of professional learning communities, the education system has witnessed a considerable phase of amelioration. According to the studies of Wisconsin Department of Public Instruction, as a result of professional development, the teachers do not confine their lessons to the conventional facts but keep updating their knowledge with latest developments in their fields. Similarly, the teachers do not expect normative feedback but appreciate multiple perspectives from their students. They also design the curriculum in such a way that the knowledge inculcated to the students becomes more thought provoking. In order to elucidate various concepts, they try to extract examples from the real life situations instead to sticking to the text book instances. Through the practice of collegiality facilitated by PLCs, teachers are now able to work in groups in order to share different teaching strategies about

Customer satisfaction analysis of telecommunication company Vodafone

Customer satisfaction analysis of telecommunication company Vodafone Telecommunication sector is the largest one across UK and one of the major contributors in UKs economy. There are number of telecom players in UK telecom sector and among these players, Vodafone is the leader having 34% market share. The company launched every time new product/service in the market to delight its customers. Sometime the customers face number of issues or problems with the services for which the company has set up its separate customer care center (Deurinck, 2007). The customer care standards therefore play significant role if delivering services and satisfying the customer need. Therefore with this consideration the area of the research is to measure the satisfaction level of customers of Vodafone (Bloom, 2006). Further the research will identify the importance of customer care standards in telecommunication business and how to imply it into the business to retain the customer. The overall aim of this research will be to increase the business profitability and growth through high level of customer satisfaction. The research study is focusing towards the customer care in telecom sector to understand the problems faced by the customers of Vodafone. The following research objectives will be achieved in this research: To determine the key elements of customer care standards to be maintained for the purpose of delivery high satisfaction and retaining the customers in Vodafone. to understand the current level of satisfaction among the Vodafone customers with its services To determine the training and development needs to be fulfilled to deliver the services above customer expectations. To recommend the suitable strategies to Vodafone for improving the customer satisfaction level and increasing the loyalty of the customers 2. Research Methods: In order to achieve the above listed research objectives, an efficient research method needs to be designed. A research onion method has been used to design the research methodology for completing the above e research objectives. A special emphasis has bee given to the operational function of Vodafone, hence with such sensitivity, it is essential to critically review the available research methods to design the suitable framework. In the research onion process designed by Saunders et al (2003), the following layers exist and by removing out each layer, a suitable step is obtained. Integration of each part from the selection of available methods provides the appropriate research methodology. Research Purpose/Aim/Objective Research Approach Research Strategy Data Collection Sample Selection Data Analysis Validity/Reliability of the Data 3. Research Aims and Objectives: As mentioned earlier the aim of the research is to understand the satisfaction level of customers at Vodafone and customer care standards in Vodafone. 4. Research philosophy: Saunders et al, (2003) research philosophy is the technique to initiate the research by means of development thinking and the way in which the research want to conduct the research study. A researcher can make the choices among positivism, interpretivism and realism research philosophies. Positivism and realism research philosophy is not relevant in this research since both the philosophical approaches work on the behavioral studies; however this is the independent research where the satisfaction level of the customers will be tested. In this study there is no connection of the behavioral studies. Hence interpretivism research philosophy will be adopted to conduct this research work. Moreover the interpretivism research philosophy enables the researcher to determine and analyze the different variables. The discussion of the research findings is more exploratory with in-depth discussion. Therefore the interpretivism research philosophy is more relevant than the positivism and realism. The results of the study will be interpreted based on the real world findings by interviewing the customers at Vodafone. 5. Research Approach: The second layer of the research onion is research approach which enables the researcher to further make out the selection of data collection and data analysis methods. Also the right research approach enable the researcher to take further decided on line of action item that help the researcher to fulfil the research objectives in case any constraints occurs. A researcher therefore can make the selection among deductive, inductive and abductive research approaches. Since the philosophical approach is interpretivism which can be better aligned with the deductive research approach as per the argument provided by Saunders et al (2003). Deductive approach is useful where the data is collected from the external respondents and analyzed to improve the current state. Since the research is focusing towards the customer satisfaction level at Vodafone which will eventually increase the companys profitability. Looking at such usefulness the ab-ductiuve and inductive research approached are irre levant to use in this study. Further to justify the selection of deductive research approach, it is provided the base to verify the theoretical results with the primary findings. Hence the deductive research is relevant in this study. It will enable the researcher to establish the link between the evaluation of research objectives and summary findings which has been derived from the primary and secondary research. 6. Research Strategy: The third layer of the research onion includes the choices of research strategies. According to Saunders et al (2003), a researcher can make the selection between the qualitative and quantitative research strategy. In qualitative research, a thorough discussion in held with the qualitative data whiles the quantitative research methods is based more on the quantitative data. Qualitative research is more useful where the researcher wants to develop the opinion based on the small sample size. On the other hand the quantitative research is useful where the researcher wants to develop the opinion based on larger sample size. In-depth discussion analysis is used to achieve the aims and objectives in qualitative research methods, while the numeric analysis is conducted to achieve the aims and objective of the research. However, sometimes the researcher can also use the mix of qualitative and quantitative research methods. Since the researcher wants to collect the opinion of customers of Vod afone to understand their satisfaction level, therefore the quantitative as well as qualitative both the research strategies will be used in this research. 6.1 Qualitative Strategy: As per the opinion of Saunders et al (2003), the qualitative research is emphasized on exploring the key points and issues related to the research objectives. The qualitative research methods enable the research to determine the way to gain the insight from the research. Further it seeks the behaviour, value system, motivation, attitude and culture. A lot more approaches for example conducting primary research interviews, feedback, reports and other sources are searched out to get the right information. 6.2 Quantitative strategy: According to Saunders et al (2003), quantitative research methods enable the researcher to extract the information from the opinion of the target respondents and conducted a statistical analysis to test the opinion and develop the conclusion of the research. The quantitative data can be extracted using primary research, financial documents, ratio calculation for the purpose of understanding the company performance. It is essential to understand how company is developing the standards for resolving the customer issues for the increasing the loyalty and business profitability. Therefore it is separate method of collecting the information apart from the qualitative analysis. Under the qualitative and quantitative research strategies, the following data collection methods will be utilized. Data Collection using Primary Research: According to Saunders et al 2003, primary research for data collection is useful to collect the honest and real opinion to achieve the research objectives and draw the conclusion in more realistic way. In primary research, the researcher can collect the information through various methods such as surveys, interviews, observations. Hence it is purely based on the field research. Since, the research focuses on the customer satisfaction which will be analyzed by collecting the opinion from large set of Vodafone customers. Hence the survey method is more useful to collect the information. Under the quantitative research strategy, a structured questionnaire will be utilized to collect the information towards the satisfaction of the customer towards the Vodafone services. Interviews and observations are irrelevant in this research since it can be conducted only with smaller sample size which is irrelevant to draw the conclusion about the customer satisfaction with the Vodafone services. Th e survey will be conducted among large group of customers of Vodafone to measure their satisfaction level. Given below is the details of sampling method used and profile of the target respondents. Sampling: Sampling is required to define the method of selecting and defining the sample of target respondent from the universe. The research will use the random sampling method since the research is customer focused and large universe of customer available. The researcher therefore can identify the Vodafone customers only after proper screening. Simulation technique will be used to generate the random samples. Random sampling enables the researcher to reach the right target respondents where the universe is large though the incidence is also high (Banker and Morley, 2007). Since Vodafone is the largest provider of telecom services in UK, therefore the universe of people using Vodafone services will be very high. The following sample size will be used to collect the opinion of the customers towards satisfaction with the Vodafone services: Customers: 300 Target Respondents: Target respondents will be consumers of age more than 18 years who are the Vodafone customers and must be using for Vodafone services for minimum last six months. Research will conduct 50% of the surveys with female customers and remaining 50% with male customers. Survey Instrument: According to Saunders et al (2003), questionnaire is the best survey tool to collect the information. A researcher can use either the structured, semi structured or unstructured questionnaire. Structured questionnaire includes all close ended questions, semi structured questionnaire includes mix of close and open ended questions while unstructured questionnaire includes all open ended questions. The unstructured questionnaire is more regarded as discussion guide. The research strategy adopted by the researcher is mix of quantitative and qualitative research strategy. Primary research is used under the quantitative research methods, therefore the structured questionnaire will be utilised to collect the information. Secondary Research: In addition to the primary research, secondary research will be conducted to collect the information from various secondary sources such as company website, news articles, research reports, blogs, academic journals and web articles. Secondary data will be collected under the qualitative research strategy. Information collected through secondary research will used to develop the literature review in this research by reviewing the views from different authors in the context of customer satisfaction. 7. Data Analysis: Data analysis is the sensitive part of the research. Therefore it needs special emphasis while selecting the methods and tools for data analysis. The right selection of data analysis method enables the researcher to meet the desired level of outcome and achieve the research objective efficiently (Bush et al, 2008). The data will be collected in the line of research aim and research objective. Since both the qualitative and quantitative research strategies have been used to collect the information therefore the researcher will represent the qualitative information through discussion critical analysis while the data collected through quantitative method will be presented through graphs and discussion will be made. Moreover the quantitative data will be analyzed using statistical tools such as regression analysis and measures of central tendency (Bucklin, 2004). 8. Reliability and Validity of Data: It is essential for the researcher to maintain the reliability and validity of the data to ensure that the conclusion drawn from the research is academically and ethically appropriate and should not be biased or skewed towards a particular variable. In this view the research will ensure the reliability and validity if the data by suing valid sources of information. Pilot test will be conducted to ensure that the information collected though the instrument should not be biased and 100% accurate. Further the information collected through primary research will be cross checked through secondary information. Only academic journals and authenticated websites will be used to collect the information. 9. Peers Review and Suggestions for Improvement: I have administered the questionnaire among the peer group and after reviewing it, my peers have identified some issues in the questionnaire. Initially the feedback provided by peer group was to make the questionnaire in a proper sequence as per the recommendation of Deurinck (2007). Also some of the options in each question were not clear for example the service portfolio was incorrect. I made it clear by collecting the information from company website. I have included the likert scale questions and less of the dichotomous questions as per the suggestion provided by peer group. 10. Limitations Difficulties: There could be several limitations the researcher might face while conducting this research. Due to time constraint the sample size small to generate the consensus about the satisfaction with the services provided by Vodafone. Also it could not be the reflection of the whole customer base of Vodafone towards the satisfaction. The analysis and interpretation may not be 100% accurate and free from error. The random sampling approach will be used to define the samples which may not be of the quality which is expected as obtained by the complete enumeration survey as it is not possible due to financial and time constraint (Bucklin, 2004). 11. Conclusion: The area of the research is customer satisfaction towards the service offered by large telecom service provider Vodafone. In order to achieve the desired level of objectives and aim, qualitative and quantitative research methods have been used to collect the information. Interpretivism research philosophy will be used to generate the desired level of outcome. Primary and secondary data will be used to collect the information. Within the primary method, surveys will be administered among the customer of Vodafone to collect their opinion towards the Vodafone services (Deurinck, 2007). Appendix A Questionnaire Dear participant, my name is____________ and I am pursuing my _________________ from university. I am conducting a research study in UK telecom sector with emphasis on Vodafone to understand the satisfaction level of customers with the services provided by Vodafone and customer care standards maintained by the company to resolve the customer issues in the partial fulfillment of my degree. I ensure that the complete research work is conducted only for the academic purpose and will not be used for any commercial activity. I am assuring that the information provided by you will be used solely in this research and will not publish any where else I will be highly obliged for your participation in this survey. Would you wish to continue? Yes (Continue) No (Thanks for your time and terminate) Q1. Please select from the following which mobile connection do you have? Orange (TERMINATE) T-Mobile (TERMINATE) Sprint (TERMINATE) Verizon (TERMINATE) ATT (TERMINATE) Vodafone (CONTINUE) Q2. Please tell me which of the following telecom connection do you have? Post paid Pre paid Q3. Please rate the service provider based on the service offerings provided to you on the following scale? Excellent Good Average Poor Terrible Not Sure Q4. Please tell me which of the following offers influenced you to purchase the services from Vodafone? Price Network Service Brand Image VAS Expected Values Q5. Please tell me which of the following value added services are most satisfactory to you? SMS Packs Concession call rates Internet service Full talk time Q6. Please tell me how long have you used these services from Vodafone? > 1 Month 1-6 Months 6 M 1 Year Q7. Please rate your overall satisfaction level with the services provided by Vodafone? Very Satisfied Satisfied Neutral Dissatisfied Very Dissatisfied Q8. Please rate the service provided by Vodafone on the following scale based on which you think the services are for value for money? Excellent Good Fair Poor Not Sure Q9. Please tell me what kind of issues you have faced so far for which you need to contact customer care/service department of Vodafone? Billing Related Activation/De-activation Information of VASs Network Problem Expected Values Q10. Please think about recent experience you had with Vodafone, how much satisfied are you with the customer care service from the company? Very Satisfied Satisfied Neutral Dissatisfied Very Dissatisfied Q11. Please tell me how satisfied are you with the process of getting your queries resolved? Very Satisfied Satisfied Neutral Dissatisfied Very Dissatisfied Thanks for your participation!

Respect for Nature in Rime of the Ancient Mariner Essay -- Rime Ancien

Respect for Nature in Rime of the Ancient Mariner  Ã‚  Ã‚   "The Rime of the Ancient Mariner is a parable of a seaman's crime against nature (pointlessly killing an albatross) and his repentance by blessing the lowly water-snakes.   Setting the poem in the Middle Ages in the then-unknown seas near Antarctica, the poet is able to make his narrative credible and give the reader what is called 'the willing suspension of disbelief.'   "    This seven part ballad begins as a tale told by an "ancient Mariner" who has grabbed hold of a Wedding Guest and captivates his will by sharing his wild tale at sea: "The Wedding-Guest stood still, And listens like a three years' child: The Mariner hath his will."   The ancient mariner tells us about a great Albatross, "At length did cross an Albatross, Thorough the fog it came; As if it had been a Christian soul, We hailed it in God's name." The Albatross brought "a good south wind" and enjoyment for the mariners. But then, for no reason, the ancient Mariner says that "With my crossbow I shot the Albatross" and from then on, Nature had her fury on...

Foreign Trade of China

Foreign Trade of China K. C. Fung University of California, Santa Cruz Hitomi Iizaka University of California, Santa Cruz Sarah Tong University of Hong Kong June 2002 Paper prepared for an international conference on â€Å"China’s Economy in the 21st Century†, to be held on June 24-25, 2002, Hong Kong. We would like to thank Alan Siu and Richard Wong for their encouragement. 1. Introduction On December 11, 2001, China officially joined the World Trade Organization (WTO) and became its 143rd member. China’s presence in the world economy will continue to grow and deepen. The foreign trade sector plays an important and ultifaceted role in China’s economic development. At the same time, China’s expanded role in the world economy is beneficial to all its trading partners. Regions that trade with China benefit from cheaper and more varieties of imported consumer goods, raw materials and intermediate products. China is also a large and growing export marke t. While the entry of any major trading nation in the global trading system can create a process of adjustment, the outcome is fundamentally a win-win situation. In this paper we would like to provide a survey of the various institutions, laws and characteristics of China’s trade.Among some of the findings, we can highlight the following: †¢ †¢ †¢ In 2001, total trade to gross domestic product (GDP) ratio in China is 44% In 2001, 47% of Chinese trade is processed trade1 In 2001, 51% of Chinese trade is conducted by foreign firms in China2 1 We define processed trade to include both trade due to processing and assembly and trade due to processing with imported materials. Processing and assembly refers to the type of inward processing in which foreign suppliers provide raw materials, parts or components under a contractual arrangement for the subsequent re-exportation of the processed products.Both the imported inputs and the finished outputs remain property of t he foreign supplier. Processing with imported materials refers to the type of inward processing other than â€Å"processing and assembly†. For details, see China’s Customs Statistics Monthly, December, 2001. †¢ †¢ In 2001, 36% of Chinese exports originate from Guangdong province In 2001, 39% of China’s exports go through Hong Kong to be re-exported elsewhere3 The organization of this paper is as follows: in the next section, we provide a general overview of the past institutions and rules governing trade in China.We will also examine the evolution of China’s general trade pattern over time. In section 3, we will study China’s processed trade and trade conducted by foreign firms. In section 4, we study China's trade by province and by regions. In section 5, we focus on China's trade with the world major regions, including Asia, Europe, North America, Latin America and Africa. In section 6, we will examine China's trade with various major t rading partners. In section 7, we discuss China's new trade regime with its entry to the World Trade Organization (WTO).In section 8, we analyze in greater details the trade relationships between China and the United States, China and Japan, China and the European Union, and between China and the Association of Southeast Asian Nations (ASEAN). In section 9, we conclude. 2. Evolution of China’s Trade Regime Since the economic reforms and open door policy started in 1978, there has been a strikingly sharp rise in China’s exports and imports. As is shown in Table 1, between 1978 and 2001, the total value of China’s trade grew at an average annual rate of 15. 5% and export and imports grew at 16. % and 15. 6% per annum, respectively. 2 Foreign firms include Sino-foreign contractual joint venture, Sino-foreign equity joint venture and foreign-owned enterprises. A substantial portion of trade conducted by foreign firms is processed trade. 3 This is obtained by dividin g the value of Hong Kong re-exports that originate from China by the total Chinese exports to the world. In the pre-reform era, China was an insignificant participant in international trade. China’s foreign trade system was a complete state monopoly controlled by the Ministry of Foreign Trade (MOFT).Trade was conducted by product-specific national foreign trade corporations (FTCs) operating under a near total mandatory trade plan. In 1977, China’s total trade volume was $14. 8 billion, which accounted for only 0. 6% of world trade. A series of measure was introduced to promote exports since 1979. They are meant to decentralize foreign trade administration, to reduce the scope of mandatory planning, and to introduce the market mechanism. Compared to the export system, the import system remained relatively unreformed in the 1980s.In addition to import licensing and high tariffs on protected products, almost all import users were subject to a series of administrative meas ure and complicated approval procedure. By the early 1990s, the significance of China’s role in the international economy was transformed. In 1992, its trade volume accounted for 2. 2% of world trade. China’s trade regime has become more transparent with its desire to join the WTO. The control over imports was more relaxed with a reduction on a large number of tariff rates.In 1994, the foreign exchange regime was reformed by abolishing the dual exchange rate system, which was introduced in 1986 with the establishment of the foreign exchange adjustment centers (FEACs), or swap centers. The new regime allowed domestic firms to buy and sell foreign currencies at the official exchange rate. In 1996, the new foreign exchange regime became applicable to foreign enterprises as well. During the years 1997-1998, the adverse effects of the Asia financial crisis became more apparent, and China’s foreign trade was met with unprecedented difficulties. China’s total tr ade went down by 0. 4% and its imports decreased by 1. %, although its exports maintain a small growth rate of 0. 5%. But China’s trade growth accelerated since 1999 with the recovery in the Asian economies. From 1999 to 2000, total trade grew at an annualized rate of 31. 2%. The export value reached $249. 2 billion, up 27. 8% and the import value reached $225. 1 billion, up 35. 8%. In 2001, there is a modest increase in trading activities, with total trade rising by 7. 8%. Equally remarkable are the changes in the commodity composition of China’s exports and imports. Table 2a shows China’s annual export volumes of primary goods and manufactured goods over time.In 1980, primary goods accounted for 50. 3% of China’s exports and manufactured goods accounted for 49. 7%. Although the share of primary good declines slightly during the first half of 1980’s, it remains at 50. 6% in 1985. Since then, exports of manufactured goods have grown at a much faste r rate than exports of primary goods. As a result, the share of manufactured goods increased to 90. 1%, and that of primary good decreased to 9. 9% by 2001. Also shown in those tables are five subgroups for manufactured goods and primary goods. China’s export was highly dependent on its exports of coal, petroleum, and petroleum products until mid-80s.The large export volume of petroleum was also supported by a sharp rise in oil prices during the period. In 1985, the share of mineral fuels is 26. 1%. In 1986, the sudden decline in the share of primary goods in total exports occurs, which is largely associated with the decline in the export volume of mineral fuels. The price reforms coupled with the declined world petroleum price are attributable to the decline. Domestic agriculture production expanded during the 1980’s in response to the higher prices through the price reforms and more opportunities given to the producers to market their products.Although the share of f ood and live animals in total exports has declined over time, China has become a net exporter of such products since 1984. Turning to the manufactured goods, the large increase in the share of the manufactured goods in the total exports since mid-80s is largely accounted for by the increase in the export in the textile category and the miscellaneous products category. These two groups include labor-intensive products such as textiles, apparel, footwear, and toys and sporting goods. During the 1990s, the category that exhibited the most significant surge in exports is machinery and transport equipment.Its share expanded from 9. 0% in 1990 to 35. 7 % in 2001. The change in the commodity composition in China’s imports can be seen in Table 2b. The share of primary goods in total exports fell from 34. 8% in 1980 to 18. 8% in 2001. The decline in the share reflects large decrease in imports of food and live animals. Its share reached the highest at 21. 8% in 1982 has declined over the past 20 years to 2. 0% in 2001. The increased production of agricultural production due to domestic economic reforms enable China to reduce the amount of its agricultural imports.The share of mineral fuels in imports on the other hand, has been steadily increasing during the period. The rapid economic growth that China has experienced has led to a shortage of those products domestically. China has been a net importer of mineral fuels for the past six consecutive years. The share of manufactured products in total imports rose from 65. 2% in 1980 to 81. 2% in 2001. This is largely attributed to sharply rising imports of machinery and transportation equipment. There are two major factors that led to the increase of importing machinery and transportation equipment.First, the imported machinery and transportation equipment embodied a higher level of technology than those produced domestically. Second, since China initiated the open-door policy, throughout the 1980s and the 1990s, the government promoted to open the economy to foreign investors by adopting a series of reforms and new regulations. Those include establishing Special Economic Zones, Open Coastal Cities, opening up of new sectors, various preferential policies for foreign multinationals such as tax concession, import tariff exemption, and so on.These efforts resulted in creating a more favorable investment environment for foreign multinationals, which led to a considerable rise in foreign direct investment. Among other activities, these foreign firms engage in processing trade. China has become an important link in the global supply chain for multinationals. In addition, China has also a large and growing market. The increased share of imports of machinery and electronics products reflects the increased use of global outsourcing as well as the growth of China’s domestic market. 3.China’s Processing Trade and Trade by Foreign Invested Firms China established the legal framework for proc essing and assembly arrangements in 1979. Since then, China has built up considerable strengths in assembling and processing of industrial parts and components. It covers a wide range of industries such as electric machinery, automobile, aerospace, and shipbuilding. Table 3a and Table 3b demonstrate the amount of processing exports and imports and the importance of stateowned enterprises (SOEs) and foreign-invested enterprises (FIEs) in such forms of trade for 1995-2001.Throughout the period from 1995 to 2001, the shares of these two types of processing exports exceed more than half of China’s total exports. In 2001, processing exports account for 55. 4% of the total exports. As is seen in Table 3a, process & assembling was dominated by SOEs in 1995. However, the trend has been changing. The share of SOEs in process & assembling has been steadily declining over the years from 84% in 1995 to 62% in 2001. The other type of trade, process with imported materials was largely cond ucted by FIEs and their shares have been gradually increasing from 81% in 1995 to 88% in 2001.In China’s imports (see Table 3b), processing trade is relatively small compared to exports. After it peaked at 49% in 1997, processed imports decline to 39% in 2001. The decreasing importance of SOEs can be seen in China’s imports as well. Shares by SOEs decreased from 81% in 1995 to 58% in 2001 for process & assembling, and from 18% to 7% for process with imported materials. The decreased role for SOEs in processing trade may reflect the inefficiency in conducting their business. Since 1997, the Chinese government decided to implement the shareholding system and to sell a large number of medium- and small-sized SOEs to the private sector.A number of larger enterprise groups will be established in various industries through mergers, acquisitions, and leasing and contracting. The restructuring of SOEs is intended to increase profits and to improve their competitive edge. 4. Ch ina’s Trade by Provinces and Regions A regional breakdown of exports and imports reveals important characteristics of the foreign trade in China. In 1997, 89. 1% of the total exports came from the Eastern region of China (Beijing, Tianjin, Heibei, Lioaning, Guangxi, Shanghai, Jiangsu, Zhejiang, Fujian, Shangdong, Guandong and Hainan).Within the East, the Southeast region accounts for 76. 3% of China's exports in 1997. 4 Guangdong alone produces 41. 6% of the total exports for the same year. Such regional imbalances in exporting activities persist to the present day. In 2001, Guandong's share of the national exports is 36. 0%. For the Southeast and the East, the shares are respectively 79. 0% and 91. 1%. A similar degree of unevenness in trade can be seen in the nation’s imports. For the year 1997, the East and the Southeast accounts for 91. 6% and 74. 7% of the total imports, while Guangdong imports 39. %. In 2001, the East and the Southeast again accounts for 91. 4% a nd 74. 0%. Guangdong remains the international trade powerhouse of China. In 2001, the province imports 34. 6% or more than one-third of the nation's imports. This imbalance of the regional growth in foreign trade may partially be attributed to the various geographic-specific and sequential open-door policies China has exercised throughout the last twenty years. The strong growth of the export sector in the coastal area has been supported by the massive use of foreign direct investment (FDI).FDI was first attracted by the creation of the Special Economic Zones (SEZ). FDI was concentrated in the provinces of the Southeast coast, namely, Guandong and Fujian. The multinational enterprises that are export-oriented or use advanced technologies are able to enjoy various preferential policies in the SEZs, such as reduced or exempted corporate income tax, exemption from import tariffs on imported equipment and raw materials. In 1984, fourteen coastal cities were opened and were granted simi lar policies as SEZs.Out of those fourteen cities, ten are located in the Southeast coast regions and four are in the rest of the Eastern regions. Furthermore in 1985, similar preferential policies were 4 Southeast region includes Shanghai, Jiangsu province, Zhejiang province, Fujian province, Shangdong province, Guandong province and Hainan Province. granted to other coastal economic regions, Pearl River Delta, Yangtze River Delta and Minnan Delta which is to the south of Fujian. In 1990, Pudong in Shanghai was opened and was granted extensive preferential policies.Since 1984, the Chinese government established thirty-two national-level Economic and Technological Development Zones (ETDZs) to enhance FDIs from foreign firms that are export-oriented and technologically advanced. Of those ETDZs, twenty are located in the Southeast coastal area, six are in the rest of the Eastern region, four are in the Central part of China, and only two are in the Western region of China. Thus govern ment policies which establish these economic zones attract foreign direct investment mainly in the Eastern and Southeastern regions, which lead to a concentration of exports and trade in these areas.Another reason for the unevenly high export growth in the Southeast coast is its geographic proximity to Hong Kong, Macao, and Taiwan. Since the early stages of the opening-up of China, Hong Kong has been moving their labor-intensive manufacturing industries to the Southeast of China, mainly to Guangdong, to take advantage of the abundant supply of cheap labor. These firms contributed to the fast growth of processed exports in the region. On the other hand, the Fujian Delta area became the home for many firms from Taiwan due to its geographic and cultural proximity to Taiwan.The share of exports in The Yangtze River Delta, the home of Shanghai and two provinces, Jiangsu and Zhejiang has grown steadily during the period 1997 to 2001. The share of those three regions grew to 10. 1%, 11. 0% , and 9. 1% in 2001 from 8. 1%, 7. 9% and 5. 9% in 1997, respectively. As the role of high-tech industry becomes more significant in China’s output and China’s comparative advantage in skilled-labor and capital-intensive industries becomes higher, the Yangtze River Delta becomes a new magnet for investment by foreign enterprises.These foreign investments in turn lead to more export and trade. 5. Foreign Trade by Major World Regions Using China’s official statistics, Table 4a and 4b highlight merchandise exports and imports to and from major world regions for 1993 – 2001: Asia, Africa, Europe, Latin America, North America and Oceania. As we see from Table 4a, China’s most important export region has always been Asia, which absorbs 53% of China’s exports in 2001. However, their share of absorption declines from almost 62%, their peak level of 1995.The importance of North America and Europe in China’s exports, however, has been increasin g since 1998. In 2001, North America takes in more than 22% of exports and Europe takes in more than 18%. The reliance of China’s trade on Asia can be seen in merchandise imports as well. Asia by far is the largest supplier of China’s imports. Asia accounts for more than 60% of China’s imports in 2001. Furthermore, its share has been more stable than that for exports. The next largest supplier was Europe. However, Europe’s share has been declining gradually over the period.North America has been third, with a share of more than 12% in 2001. A somewhat surprising finding is the significant increase in China’s imports from Africa. Import volume from Africa in 2001 is close to five times as big as it was in 1993. Table 4a and 4b highlight China’s reliance on the Asian market for both its imports and exports. On the other hand, North America has been more of an export market than a source of import supply. 5 5 If we take into account of re-expor ts to different regions, the shares of exports and imports to various world regions will have to be adjusted. . China’s Merchandise Exports and Imports by Major Trading Partners Table 5a and Table 5b document China’s merchandise exports to and imports from its major trading partners, using China’s official statistics. According to Table 5a, the major exports markets for China in 2001 are: the United States (20. 4%), Hong Kong (17. 5%), Japan (16. 9%) and the European Union (15. 4%). It is well-known that a large proportion of Chinese exports to Hong Kong are re-exported elsewhere so that the true size of the Hong Kong export market has to be estimated.To save space for this paper, we will just rely on the official Chinese figures. 6 Even without adjusting for re-exports, the United States in 2001 is the largest export market for China. Thus, from an international trade perspective alone, the most important bilateral trade relationship for China is the relationsh ip with the United States. Together the United States, Hong Kong, Japan and the European Union take in 70. 2% of China’s exports in 2001. Within ASEAN (Association of Southeast Asian Nations), Singapore has been the largest export market for China. In 2001, 31. % of China’s total exports to ASEAN is destined for Singapore. Within the European Union (EU), Germany is the largest market with 23. 8% of the total Chinese exports going to the EU. Turning to the import side, Japan is the largest source of China's imports. In 2001, Japan accounted for 17. 6% of China’s total imports. The European Union comes in second, with a share of 14. 7%. Taiwan and the United States are respectively third and fourth, with shares of 11. 2% and 10. 8%. Korea is fourth largest, with a share of 9. 6%. Korea’s export to China has more than quadrupled in absolute terms from $5. 6 billion in 1993 to $23. 4 billion in 2001 with its share increased from 5. 16% to 9. 6%. Another tradi ng partner that shows a growing importance as a supplier of China’s imports is ASEAN. According to official Chinese figures, in 2001, the total value of their exports to China is $23. 2 billion, which is close to four times as large as it was in 1993. We are aware that the official Chinese trade statistics do not appropriately take the large volume of re-exports via Hong Kong into account and the above comparisons of China’s exports to and import from its trading partners has to be adjusted.For the case of the United States, Fung and Lau (2001) have done detailed adjustments to the official U. S. and Chinese trade data. If we do adjust these trade figures, the two countries with the largest export markets for China in 2001 will almost surely be the United States and Japan. In fact, the United States has been the largest export market for China for quite sometime. This reiterates a point that we have made earlier: from a trade standpoint, the bilateral Sino-U. S. relati onship is the single most important relationship for China. It is essential that China takes steps to maintain the health and stability of such a relationship. . China’s Trade Regime with Entry to the WTO China formally applied to become a member of the GATT in July 1986. It is not until December 2001 that China finally entered the WTO. During these 15 years, China engaged in multilateral negotiations, as well as bilateral negotiations with 37 separate countries and areas including Japan, the United States and the European Union. Although China will enjoy its rights as a full member of the WTO, many domestic laws and regulations need to be reviewed, abolished or modified in order to enforce the WTO agreement and the protocol of accessions.China is required to implement WTO- consistent policy regimes in a wide range of areas and sectors, such as, tariffs, non-tariff6 For details of such adjustments, see Fung and Lau (2001). measures, trade-related investment measure, telecommu nications, financial sector, service sector, government procurement, etc. The following is the short and selective summary of the WTO agreement and its possible impact on China’s economy. 7. 1. Tariffs China has agreed to gradually lower its tariffs on a total of 7,151 items by 2010.Details of the expected changes in the tariff schedules are shown in Table 6. Tariffs on passenger automobiles were 80 to 100% in 1998. Tariffs were cut to 51. 9% with WTO accession and will further be decreased to 25% by 2005. Tariffs on information technology products such as computers and semiconductors will be reduced to zero and those on home appliances such as air conditioners, refrigerators, and television sets will be reduced to 10% to 20% by 2005. The average rate of tariffs on all items at the time of accession in 2001 was 13. 6%, which is scheduled to be lowered to 9. 8% in 2010.Out of 7,151 items, 977 are in agricultural products, whose average rate of tariff is scheduled to be lowered from 22. 7% to 15. 0%. The average rate of tariff on the rest of the 6,174 items, which include mining and manufacturing products, will be lowered from 16. 6% to 8. 9%. China lowered tariffs on over 5,300 items to 12% in January 2002. Currently, the average rate of tariffs on manufactured products is 11. 6%. The average tariff rate on agricultural products is 15. 8%. Cutting tariffs will benefit China’s economy by increasing efficiency and expanding a variety of goods for consumers.Increased foreign competition will challenge domestic producers to improve their competitiveness. The extent of economic benefits from reduced tariffs to foreign firms should also be significant but not as large as it seems. Since 1996, China has already cut tariffs significantly. The average tariff rate on all imports was reduced from 42% in 1992 to 17. 5% in 2000. China’s proposal to reduce the average tariffs amounts to a reduction of a little over 1% a year. But tariff rates applied in certain sectors can be significantly lower than the published rates. This is the case for high technology industry.A new foreign investment policy in 1999, for an example, allows export-oriented foreign firms to import equipment from abroad without any import duties. 7. 2. Other import restrictions China agrees to eliminate any import restrictions that are not WTO compatible, such as import quotas, import licensing, and foreign exchange control by 2005. China subjects a broad range of commodities to import quotas, including agricultural products such as grains and vegetable oils, raw materials such as fertilizer and cotton, consumer products such as color TVs, cameras, video camera recorders, automobiles, and so on.Many products that are subject to import quotas also require import licenses. Accession to the WTO requires China to comply with rules set out by various WTO Articles to ensure nondiscriminatory application of quotas and to make import licensing procedures more transparen t and simple. For example, import quotas on automobiles and parts will be eliminated by 2005. In the meantime, the value of total imports of automobiles and parts allowed will be increased by 15% each year. The elimination of these non-tariff barriers will significantly increase international competition. Protected sectors such as the utomobile industry in China will face difficult challenges from foreign competitors. But after a period of adjustments and consolidations, such industries are expected to become more efficient and competitive. 7. 3. Service Industries In accordance to WTO agreements, China will also open up its service sector to foreign competition, including distribution, insurance, banking, and telecommunications. Telecommunications, including fixed-line telephone services, cellular telephones, and internet services is one area that has been under strong government control in the past.The various restrictions imposed on the sector, such as the percentage of foreign c apital allowed and the area where foreign firms can operate, will be eliminated. A foreign nonlife insurer is permitted to establish as a branch or as a joint venture with 51% foreign ownership. A foreign life insurer is permitted 50% foreign ownership in a joint venture. Over time, geographical restrictions will also be eliminated. Within five years, foreign financial institutions are allowed to have full market access and to provide services to all Chinese clients.The financial position of the Chinese banking system is weak and foreign participation in the sector has been small. In order to improve efficiency and to gain foreign capital, some banks are expected to form strategic partnerships with foreign banks. China will also allow full trading and direct distribution by foreign firms including wholesale and retail trade and the provision of after-sale service. In sum, in all these areas, domestic Chinese entities will face stiff competition from foreign firms.But the increased c ompetition will eventually lead to increased efficiency and higher labor productivity, which will raise China's competitiveness in the world market. 8. China’s Trade Relations with Selective Trading Partners 8. 1 U. S – China Relationship A healthy Sino-U. S. economic relationship is critical to China's economic development. U. S. -China commercial ties have expanded substantially since the beginning of economic reforms. According to Chinese statistics, U. S. exports to China were $721. 1 million and imports were $270. 67 million in 1978.Those figures grew to $26. 20 billion and $54. 28 billion in 2001, respectively. China is currently the 4th largest trading partner for the United States. U. S. -China commercial ties have been strained by a number of issues. The U. S. -China bilateral trade balance has been in deficits for years and is progressively increasing. Even though professional economists view bilateral trade deficits as a result of saving-investment imbalance s and government budget deficits, U. S. policymakers continue to have great concerns with the presence of the bilateral trade imbalances.Fung and Lau (2001) have estimated that the China-United States bilateral trade balance is bigger than what the official Chinese figures indicate, but much smaller than the official U. S. official estimates. These discrepancies are due to a variety of factors, including the different ways imports and exports are measured, re-exports via Hong Kong and the re-export markups imposed by Hong Kong middlemen. Despite the fact that the bilateral trade deficits are not as large as they appear, they are still big and are growing. countries. Table 7a shows the top 15 U. S. mports from China for the years 1995 to 2000. During this period, there is a significant growth in U. S. imports of capital-intensive manufactures goods. The largest import from China has been electrical machinery, Trade imbalances remain a source of trade friction between the two which ac counts for almost 20% of total U. S. imports from China in 2000. Non-electric machinery, which includes boilers, machinery and mechanical appliance, accounts for about 8% of imports in 1995 but has grown to 13% by the year 2000. Non-electric machinery is now the second largest U.S. import item from China. There is no doubt that some of these items are processed exports from China. In other words, production in China and its subsequent export constitutes only one or several stages of the entire global production chain. The rest of the U. S. imports from China largely concentrate in low valued-added and labor-intensive products, such as toys, games, and sports equipment, footwear, furniture, apparel; and leather products. China’s accession to the WTO would likely have a significant positive effect on U. S. -China trade. A study by the U. S.International Trade Commission estimates that the United States will benefit from increasing its exports to China by $3. 1 billion. Another study by Goldman Sachs estimates that China’s WTO accession will bring an additional $13 billion to U. S. exports by 2005. Table 7b shows the top 15 U. S. exports to China for the years 1995 to 2000. As mentioned before, Chinese import quotas and licensing covers a wide range of commodities. A number of items that is important to the United States, including oilseeds, cameras, and motor vehicles have been subjected to both import licensing and quotas.Elimination of import licensing and quotas under the WTO agreement will create a positive impact on the U. S. economy by generating more exports, reducing costs for trade. At the same time, the Chinese economy will also benefit in the longer run as its domestic producers will become more efficient and more productive in the face of more intense foreign competition. The U. S. – China bilateral WTO agreement provides increased access for U. S. agricultural exports across a wide range of commodities. A tariff-rate quota (TRQ) ystem will be established to wheat, corn, rice, oilseeds, vegetable oils, sugar, wool, and cotton, which are identified as priority sectors to the United States. Under a TRQ, the same low in-quota duty is applied to each importer up to a particular amount and out-ofquota rate is applied to any imports that exceed the particular threshold amount. China still can reserve a share of imports for state trading enterprises. The institution of TRQ will provide a share of the TRQ for private traders other than state trading entities. Some U. S. sectors will benefit from significant cuts in tariffs.Overall industrial tariffs will be cut from an average of 24. 6% in 1997 to 9. 4% by 2005. Average tariffs for U. S. priority agriculture products, such as beef, grapes, wine cheese, poultry, and pork will be cut from 31. 5% to 14. 5% by 2004. A study by the U. S. International Trade Commission finds that U. S. exporters will gain from such tariff cuts by a modest amount, ranging from $1. 5 billi on to $1. 9 billion. As U. S. and China expanded their commercial relations, disputes have arisen over a wide variety of issues. One of the on-going trade frictions that the two countries face is textile trade.Under the Agreement on Textile and Clothing, the U. S. textile and clothing quotas will have to be removed by 20057. The U. S. textiles and clothing industries, which have been under the protection of quotas, will be subjected to competition with Chinese imports. But this is likely to be beneficial to both countries, as the United States eliminate the inefficient trade barriers in textile and garment. 7 The U. S. negotiated with China for a special safeguard provision to enable the United States to have additional protection against Chinese imports. 8. Japan-China Relations Japan and China have deepened their economic ties since China’s reform policy started in 1978. Japan is China’s largest trading partner, while China is Japan’s second largest trading pa rtner. The two countries together constitute Asia’s largest trading partner. Although the total volume of trade declined in 1998, it quickly recovered during the following year. According to Chinese statistics, the value of Chinese exports to Japan in 1999 is $32. 40 billion, which exceeds the value of Chinese exports in 1996 before the onset of the Asian financial crisis.There has been robust growth in the volume of trade between the two countries in 2001. Japanese exports to China have grown from $3. 11 billion in 1978 to $42. 8 billion in 2001, and Japanese imports from China have grown from $1. 72 billion in 1978 to $45. 0 billion in 2001. Table 8 takes data from official Japanese trade statistics and it shows changes in the commodity composition of Japanese exports and imports to and from China. 8 Traditionally, China has supplied Japan with agricultural goods and raw materials, while Japan supplied China with capital goods to China. In 1991, Japanese imports of oodstuff s and textile amounts to almost half of its total imports from China, while more than 70% of Japanese exports to China are capital goods. This pattern changes in the 1990s. Japanese imports of foodstuff decline to 10. 7% in 2000, and those of textile declined to 30. 3% after reaching a peak of 36. 4% in 1993. On the other hand, the shares of Chinese exports of both general machinery and electrical machinery increase dramatically from 0. 9% and 4. 0% in 1991 to 6. 9% and 15. 1% in 2000, respectively. A large proportion of the production and export of such machinery in China is processed ith imported components by Japanese affiliated firm, reflecting the increased amount of Japan’s production in the manufacturing sector in China. China concluded its bilateral trade agreement with Japan on September 4, 1999. China’s accession to the WTO would likely have a significant positive effect on SinoJapanese trade for the following reasons. First, China and Japan are important tra ding partners with each other. Second, many products subject to licensing and quotas in China are consumer electronics such as color TVs, VCRs, tape players and cameras, which are major Japanese exports.The removal of non-tariff barriers will eventually strengthen the competitiveness of the Chinese industries. At the same time, it will have a significant impact on Japanese exports. A study by the Economic Planning Agency (2000) of the Japanese government estimates that by 2005, China’s accession to the WTO will increase Japanese exports by 20. 1 billion, while raising its imports from China by 6. 5 billion. The large reduction in Chinese tariffs happens to occur in industries in which Japan has already established competitive edges, such as the automobile industry and the information technology industry.For example, in 1998, Japanese exports share of automobiles to China was 66% in terms of the value, whereas the figures for the U. S. and the EU are 10% and 7%, respectively. China cuts its tariffs on automobile imports from 80-100% to 70-80% at the beginning of 2001. Auto imports from China are expected to continue to increase. 8. 3 ASEAN – China Relations 8 Data are taken from White Paper in International Trade, MITI, Government of Japan, various years. Note that the aggregate import and export values in Table 8 differ from those taken from the official Chinese data.According to ASEAN statistics, their share of China’s trade rises significantly from 5. 8% in 1991 to 8. 3% in 20009. ASEAN has become the fifth largest trade partner of China after Japan, the United States, the European Union and Hong Kong. The change in the commodity composition in ASEAN exports to China is equally remarkable. In 1993, two of their largest export commodities to China are HS#27: mineral fuels; oils; and waxes, and HS#44: wood and articles of wood, which account for about 55% of their total exports. In 2000, however, the share of those commodities declined to pproximately 22%. In contrast, the shares of HS#84 and 85, electrical and general machinery go up from about 12% to 38% during the same period. On the imports side, electrical and general machinery are the largest and the second largest import commodities from China in 1993, and these two items continue to be the most important ones in the year 2000. However, their relative shares in total ASEAN imports from China increase dramatically from 21% in 1993 to 51% in 2000. ASEAN’s largest trading partners (excluding ASEAN itself) have always been the United States, the European Union and Japan.During the 1990s, many ASEAN members started to lose competitiveness and market shares to China. In trading with the large industrialized countries, China has been catching up to the ASEAN member countries. Table 9 shows the exports from ASEAN and China to the United States, the European Union and Japan. Compared to the 1993 Chinese exports, ASEAN’s exports to the United States, the E uropean Union and Japan are respectively 148%, 157%, and 96% larger for the same year. Similar comparisons show that China has been gaining on 9 Data are taken out from the ASEAN Trade Statistics Database.ASEAN throughout the 1990s, By 2000, ASEAN’s exports to these three key markets are only larger than those from China by 30%, 51%, and 25% respectively10. Many ASEAN member countries are concerned as China develops and finally joins the WTO. On the positive side, China’s accession to the WTO will mean greater market access for ASEAN exports to China. Chinese tariffs against ASEAN products will be cut between 34% to 47% by the year 2005 (Thitapha Wattanapruttipaisan, 2001). However, China’s accession also creates new competitiveness challenges to many ASEAN countries.There will be increased Chinese competition in ASEAN’S key export commodities in all the important markets. China’s largest export commodities are electric and general machinery (HS# X VI), which accounts for 31. 9% of their exports in 2001. Among other items, this category includes televisions, sound recorders, parts of those articles, mechanical appliances, and other machinery. Exports by ASEAN countries such as Malaysia, Philippines, and Singapore also rely heavily on these commodities. The share of electric and general machinery in total exports from Malaysia, Philippines, and Singapore in 2000 is 72. 2%, 84. 3%, and 77. 3%, respectively.Due to low wages, China may have competitive advantages in these industries. Another sector that China displays strong competitiveness is textile and clothing. During the 1990’s China has increased its market shares in key markets such as the United States, the European Union and Japan. This sector is particularly important to Thailand, Indonesia, and Philippines. For Philippines, knitted fabric (HS#61) and not-knitted fabric (HS#62) are the third and the fourth largest export commodities in 2000. China’s accessi on to the WTO will likely 10 Since the Asian crisis in 1997, China’s catching-up process appears to be accelerated ntensify competition between exporters from China and from ASEAN in both the Chinese domestic market as well as markets in the industrialized countries. 8. 4 EU – China Relation From 1978, the year when China’s economic reform started, to the year 2001, total trade volume between China and the European Union has increased more than fortyfold. In the early 1990’s, there has been frequent EU anti-dumping proceedings against China. In 1992, there were 20 anti-dumping measures against China, and the figure increases to 30 at the end of 1995 (Roger Strange, 1998).As China’s economy grows, the European Union begins to focus on fostering a more stable relationship with China. In 1995, the European Union passed a document entitled â€Å"A Long-Term Policy for China-Europe Relations. † This document emphasizes the importance of developin g more active economic engagements with China. Further EU policies toward China were set out in the 1998 communication â€Å"Building a Comprehensive Partnership with China†, which was implemented in 2001, with suggestions about concrete ways of furthering EUChina relations.Like almost all of the trading partners with China, a significant amount of trade between the European Union and China occurs as re-exports via Hong Kong. According to the Census and Statistics Department of the Hong Kong government, re-exports of Chinese goods to the European Union is $24. 3 billion in 2000. This accounts for 22. 3% of the total re-exports of goods of Chinese origin that passed through Hong Kong that year. In contrast, Hong Kong’s re-exports of goods from the European Union to China was only $6. 7 billion. This is 10. 7% of all the re-exports that go through Hong Kong to China that year.Table 10 shows the top 10 Chinese exports to and imports from the European Union. EU exports to China is highly concentrated in electrical and non-electrical machinery, accounting for 56% of its total exports to China. Although concentration on this category of exports is fairly common with China’s other trading partners, the extent of such concentration is unique to the European Union. For example, the percentage share of electrical and non-electrical machinery in U. S. total exports to China is 35. 8% in 2000 and comparable figure for Japan for the same year is 47%.In addition, electrical and non-electrical machinery are also important items on the list of EU imports from China. In 2000, this category of goods constitutes 35. 5% of total imports from China to the European Union. A bilateral EU-China agreement on China’s accession to the WTO was concluded on May 19, 2000. China agreed to cut its average import tariffs for 150 key products11 from 18. 6% to 10. 6%. These key products include spirits, cosmetics, leather articles, textiles, building materials, and m achinery and appliances. Furthermore, the agreement made specific commitment in the automobile industry.First, in two years, automobile manufacturers who have invested or will invest in joint ventures with Chinese firms will have freedom to make their own decisions regarding the class and models of the vehicle to be produced. Second, provincial authorities alone can approve automobile foreign investment projects with a value of no more than $150 million. The old limit used to be $30 million. Third, wholly foreign owned enterprises will be allowed in the automobile 11 These key products are spirits, cosmetics, leather articles, textiles, building materials, and machinery and appliances. ngine industry. Opening up the automobile sector is important to the European Union. Many European automobile manufacturers such as Volkswagen, Mercedes, Peugeot, Audi, and BMW are well established in China. Japan has been a key player in this industry in China for many years. But many European manufa cturers, particularly the Germans, have paid increasing attention to the growing Chinese market. . According to the People’s Daily (July 23, 2001), the number of automobiles imported by China from Japan in the first five month of 2001 accounts for 56% of the total imports of automobiles.However China also imports 14% of its automobiles from Germany. In the future, China may face increasing challenges in exporting to the European Union. The first challenge is the increased use of anti-dumping duties by the European Union towards China. According to China Daily (March 28, 2002), the current total number of anti-dumping cases against Chinese products launched by the European Union reaches 91, accounting for about one-fifth of the total anti-dumping cases that China faces. Second, with the launch of the Euro and plans to expand the European Union to include more members, there should be an increase of intra-EU trade.In some instances, the increase in intra-EU trade may occur at t he expense of trade with non-EU countries such as China. 9. Conclusion China has gone a considerable distance in its attempt to integrate itself to the global economy. China’s economy is an increasingly open one. In 2001, its total trade to GDP ratio reaches 44%. In December 2001, China formally joins the WTO. By joining the WTO, China binds itself to a rule-based trading system and signals to the world that it is ready to continue and even accelerate its open door reform policy. China’s trade is characterized by at least four characteristics.First, a large amount of trade is actually conducted by foreign firms in China. In 2001, 50% of Chinese trade is carried out by foreign-invested firms. Second, a very high percentage of Chinese trade is processed trade. In 2001, 47% of Chinese trade is related to processing. Furthermore, of the processed trade, 73% is conducted by foreign-invested enterprises. Third, there is a large amount of re-exports in China’s interact ions with the world. In 2001, 39% of China’s exports go through Hong Kong to be re-exported elsewhere. Lastly, China’s trade is geographically concentrated.In 2001, 35. 3% of Chinese trade originates from one province, viz. Guangdong. What might we expect to see in the future? With increased integration in the global economy, the prominent role of foreign firms in China’s trade will likely continue. The presence of foreign firms in Chinese trade reflects also the increased use of global outsourcing as a competitiveness strategy by multinationals from the industrialized economies. With low wages and a large pool of high quality labor, China has become a critical link in the global network of production fragmentation.At the same time, as China continues to grow, more and more of the foreign-invested firms, particularly those from the United States, Japan and the European Union, are set up to sell to the booming domestic Chinese market. While processed trade should remain an important feature of Chinese trade, it is no longer confined to low-tech and low value-added activities. U. S. high-technology companies continue to subcontract to firms in Taiwan. The same Taiwanese firms are moving or subcontracting to the Mainland. China has also become an important market for information technology (IT) products.According to the American Electronics Association (AEA), the largest umbrella industry group of high-technology companies in the United States, China is now the third largest IT market in the world. In fact, due to its own estimation of the importance and growth of China’s IT market, Silicon Valley acted as one of the most vocal and strongest supporters for China to join the WTO. In the near future, we can expect to see that China’s trade will be increasingly high-tech. The share of re-exports in China’s trade has declined in recent years. It is expected that this trend will continue.As China’s trade regime becomes more rule-based and more transparent, Chinese trade will also become more direct. With its advanced infrastructure in finance, insurance, shipping and telecommunications, Hong Kong remains a favorite site for multinationals to set up and maintain its regional headquarters. Hong Kong will continue to play an important role in coordinating the global supply chains involving parents of multinationals and specialized suppliers located in China and other Asian countries. The share of trade conducted by Guangdong province remains high.But there are indications that Shanghai and the Yangtze River Delta have taken an increasing active role in the last few years. Over time, we may expect to see that there is some mild diversification in the share of trading activities away from Guangdong. In the future, we see that there are at least two challenges facing China in the area of international trade. First, with China’s competitiveness growing, many countries will perceive that their prod ucers will not be able to compete with the Chinese exports, either in the third market or in their own domestic market. The backlash will take the form of n increased use of anti-dumping duties and safeguards. We have already seen the use of such trade instruments against China from a variety of countries, including Japan, the European Union and the United States. A relatively new development is that even developing countries such as India and Mexico are using anti-dumping measures against Chinese exports to their countries. The difficulty with anti-dumping duties is that they are generally WTO-consistent. Thus joining the WTO does not mean that other countries will reduce their use of anti-dumping duties against China.A second challenge facing China is how to manage its trade relationship with the United States. The United States is the largest economy on earth. The United States is China’s largest export market. It is also a critical source of technology. A stable and healt hy relationship with the United States is important for China’s economic development. It is always a difficult adjustment process for countries to accept a newly emergent economic power. The United States as well as other countries may perceive China as a potential economic threat.Judging from the experience of the relationship between the United States and a rising Japan in the 1970s and the 1980s, it will not be too hard to imagine that there will be difficulties in the trade relationship between the United States and China. Managing and smoothing such a relationship should be an important goal for China. References: Almanac of China’s Foreign Economic Relations and Trade, Beijing: China Foreign Economic Relations and Trade Publishing, various years. Association of Southeast Asian Nations, ASEAN Database, various years. Chen, Xikang, Leonard Cheng, K. C. Fung and Lawrence J.Lau, â€Å"The Estimation of Chinese Domestic Value Added Induced by Chinese Exports to the U nited States,† Department of Economics, Stanford University, mimeo. Cheng, L. , L. Qiu and Keith Wong, 2001, â€Å"Antidumping Measures as a Tool of Protectionism: A Mechanism Design Approach,† Canadian Journal of Economics, 34(3), 639-660. China’s Customs Statistics Monthly, December, Beijing: General Administration of Customs of the People’s Republic of China, various years. China Statistical Yearbook, Beijing: China Statistical Press, various years. Fung, K. C. , 1998, â€Å"Accounting for Chinese Trade: Some National and RegionalConsiderations,† in R. Baldwin, R. Lipsey and J. David Richardson (ed. ) Geography and Ownership as Bases for Economic Accounting, NBER Conference Volume, Chicago: University of Chicago Press. Fung, K. C. and Lawrence J. Lau, 2001, â€Å"New Estimates of the United States-China Bilateral Trade Balances,† Journal of Japanese and International Economies, December. Naughton, B. , 1996, â€Å"China’s Emergence and Prospects as a Trading Nation,† Brookings Papers on Economic Activity, 2. Sung, Yun-Wing, 1991, The China-Hong Kong Connection, Cambridge: Cambridge University Press.Sung, Yun Wing, Pak Wai Liu, Richard Yue-Chim Wong and Pui King Lau, 1995, The Fifth Dragon: The Emergence of the Pearl River Delta, Singapore: Addison Wesley Publishing Company. Wong,Richard, Y. C. , 1995, â€Å"China’s Economic Reform—The Next Step,† Contemporary Economic Policy, 13:18-27. White Paper in International Trade, MITI, Tokyo: Government of Japan, various years. Woo, Wing T. , 2001, â€Å"Recent Claims of China’s Exceptionalism: Reflections Inspired by WTO Accession,† China Economic Review, 12, No. 2/3. WTO, 2002, â€Å"China Accession to the World Trade Organization,† mimeo.Table 1 China's Foreign Merchandise Trade Year 1978 1979 1980 1981 1982 1983 1984 1985 1986 1987 1988 1989 1990 1991 1992 1993 1994 1995 1996 1997 1998 1999 2000 2001 Trade Volume (US $ billion) Total Exports Imports 20. 7 29. 4 38. 1 44 41. 6 43. 6 53. 5 69. 7 73. 8 82. 7 102. 8 111. 7 115. 4 135. 7 165. 6 195. 8 236. 7 280. 9 289. 9 325. 2 323. 9 360. 6 473. 3 509. 8 9. 8 13. 7 18. 1 22 22. 3 22. 2 26. 1 27. 4 30. 9 39. 4 47. 5 52. 5 62. 1 71. 9 85 91. 8 121 148. 8 151 182. 8 183. 7 194. 9 249. 2 266. 2 10. 9 15. 7 20 22 19. 3 21. 4 27. 4 42. 3 42. 9 43. 2 55. 3 59. 1 53. 63. 8 80. 6 104 115. 7 132. 1 138. 8 142. 4 140. 2 165. 7 225. 1 243. 6 Balance -1. 1 -2 -1. 9 0 3 0. 8 -1. 3 -14. 9 -12 -3. 8 -7. 8 -6. 6 8. 7 8. 1 4. 4 -12. 2 5. 3 16. 7 12. 2 40. 4 43. 5 29. 2 24. 1 22. 5 Total 100 142 184 213 201 211 258 337 357 400 497 540 557 656 800 946 1,143 1,357 1,400 1,571 1,565 1,742 2,287 2,463 Index 1978=100 Exports Imports 100 140 185 224 228 227 266 280 315 402 485 536 634 734 867 937 1,235 1,518 1,541 1,865 1,875 1,989 2,543 2,716 100 144 183 202 177 196 251 388 394 396 507 542 490 585 739 954 1,061 1,212 1,274 1,306 1,287 1,520 2,065 2,234Source: China's Cust oms Statistics, various years, General Administration of Customs of the People's Republic of China. Note: The figures are in US$ billion. Exports are valued on a f. o. b. basis, imports on a c. i. f. basis. Table 2a Composition of China's Export (US$100million) Total Primary goods total food Manufacture goods raw beveraes materials mineral oil total chemicals textile machinery miscel. others 1980 181. 19 91. 14 29. 85 0. 78 17. 11 42. 8 0. 6 90. 05 11. 2 39. 99 8. 43 28. 36 2. 07 1981 220. 07 102. 48 29. 24 0. 6 19. 48 52. 28 0. 88 117. 59 13. 42 47. 06 10. 87 37. 25 8. 99 1982 223. 1 100. 5 29. 08 0. 97 16. 53 53. 14 0. 78 122. 71 11. 96 43. 02 12. 63 37. 05 18. 05 1983 222. 26 96. 2 28. 53 1. 04 18. 92 46. 66 1. 05 126. 06 12. 51 43. 65 12. 21 38. 04 19. 65 1984 261. 39 119. 34 32. 32 1. 1 24. 21 60. 27 1. 44 142. 05 13. 64 50. 54 14. 93 46. 97 15. 97 1985 273. 5 138. 28 38. 03 1. 05 26. 53 71. 32 1. 35 135. 22 13. 58 44. 93 7. 72 34. 86 34. 13 1986 309. 42 112. 72 44. 48 1. 19 29 . 08 36. 83 1. 14 196. 7 17. 33 58. 86 10. 94 49. 48 60. 09 1987 394. 37 132. 31 47. 81 1. 75 36. 5 45. 44 0. 81 262. 06 22. 35 85. 7 17. 41 62. 73 73. 87 1988 475. 16 144. 06 58. 9 2. 35 42. 57 39. 0. 74 331. 1 28. 97 104. 89 27. 69 82. 68 86. 87 1989 525. 38 150. 78 61. 45 3. 14 42. 12 43. 21 0. 86 374. 6 32. 01 108. 97 38. 74 107. 55 87. 33 1990 620. 91 158. 86 66. 09 3. 42 35. 37 52. 37 1. 61 462. 05 37. 3 125. 76 55. 88 126. 86 116. 25 1991 718. 43 161. 45 72. 26 5. 29 34. 86 47. 54 1. 5 556. 98 38. 18 144. 56 71. 49 166. 2 136. 55 1992 849. 4 170. 04 83. 09 7. 2 31. 43 46. 93 1. 39 679. 36 43. 48 161. 35 132. 19 342. 34 NA 1993 917. 44 166. 66 83. 99 9. 01 30. 52 41. 09 2. 05 750. 78 46. 23 163. 92 152. 82 387. 81 NA 1994 1,210. 06 197. 08 100. 15 10. 02 41. 27 40. 69 4. 95 1,012. 98 62. 6 232. 18 218. 95 499. 37 0. 12 1995 1,487. 80 214. 85 99. 54 13. 7 43. 75 53. 32 4. 54 1,272. 95 90. 94 322. 4 314. 07 545. 48 0. 06 1996 1,510. 48 219. 25 102. 31 13. 42 40. 45 59. 31 3. 76 1,291. 23 88. 77 284. 98 353. 12 564. 24 0. 12 1997 1,827. 92 239. 53 110. 75 10. 49 41. 95 69. 87 6. 47 1,588. 39 102. 27 344. 32 437. 09 704. 67 0. 04 1998 1,837. 57 206 106. 19 9. 76 35. 17 51. 81 3. 07 1,631. 57 103. 16 323. 83 502. 33 702. 2 0. 05 1999 1,949. 31 199. 41 104. 58 7. 71 39. 21 46. 59 1. 32 1,749. 90 103. 73 332. 62 588. 36 725. 1 0. 09 2000 2,492. 03 254. 6 122. 82 7. 45 44. 62 78. 55 1. 6 2,237. 43 120. 98 425. 46 826 862. 78 2. 21 2001 2,661. 54 263. 53 127. 79 8. 74 41. 73 84. 16 1. 11 2,398. 01 133. 53 438. 23 949. 18 871. 23 5. 85 Source: China Statistical Yearbook 2001, China's Customs Statistics Monthly, December 2001 Note: Since 1992 and 1993, there has been a change in the classification system for for categories like â€Å"Others†. tem † Table 2b Composition of China's Import (US$100 million) Manufacture goods raw total food beveraes materials mineral oil total chemicals textile machinery miscel. others 1980 200. 17 69. 59 29. 27 0. 36 35. 5 4 2. 03 2. 39 130. 58 29. 09 41. 4 51. 19 5. 42 3. 34 1981 220. 15 80. 44 36. 22 2. 13 40. 27 0. 83 0. 99 139. 71 26. 06 40. 35 58. 66 5. 58 9. 06 1982 192. 85 76. 34 42. 01 1. 3 30. 12 1. 83 1. 08 116. 51 29. 36 39. 06 32. 04 4. 86 11. 19 1983 213. 9 58. 08 31. 22 0. 46 24. 59 1. 11 0. 7 155. 82 31. 83 62. 89 39. 88 7. 82 13. 4 1984 274. 1 52. 08 23. 31 1. 16 25. 42 1. 39 0. 8 222. 02 42. 37 73. 18 72. 45 11. 82 22. 2 1985 422. 52 52. 89 15. 53 2. 06 32. 36 1. 72 1. 22 369. 63 44. 69 118. 98 162. 39 19. 02 24. 55 1986 429. 04 56. 49 16. 25 1. 72 31. 43 5. 04 2. 05 372. 55 37. 71 111. 92 167. 81 18. 77 36. 34 1987 432. 16 69. 15 24. 3 2. 63 33. 21 5. 39 3. 49 363. 01 50. 08 97. 3 146. 07 18. 78 50. 78 1988 552. 75 100. 68 34. 76 3. 46 50. 9 7. 87 3. 69 452. 07 91. 39 104. 1 166. 97 19. 82 69. 79 1989 591. 4 117. 54 41. 92 2. 02 48. 35 16. 5 8. 75 473. 86 75. 56 123. 35 182. 07 20. 73 72. 15 1990 533. 45 98. 53 33. 35 1. 57 41. 07 12. 72 9. 82 434. 92 66. 48 89. 06 168. 45 21. 03 89. 9 1991 637. 91 108. 34 27. 99 2 50. 03 21. 13 7. 19 529. 57 92. 77 104. 93 196. 01 24. 39 111. 47 1992 805. 85 132. 55 31. 46 2. 39 57. 75 35. 7 5. 25 673. 3 111. 57 192. 73 313. 12 55. 88 NA 1993 1,039. 59 142. 1 22. 06 2. 45 54. 38 58. 19 5. 2 897. 49 97. 04 285. 27 450. 23 64. 95 NA 1994 1,156. 14 164. 86 31. 37 0. 68 74. 37 40. 35 18. 09 991. 28 121. 3 280. 84 514. 67 67. 68 6. 79 1995 1,320. 84 244. 17 61. 32 3. 94 101. 59 51. 27 26. 05 1,076. 67 172. 99 287. 72 526. 42 82. 61 6. 93 1996 1,388. 33 254. 41 56. 72 4. 97 106. 98 68. 77 16. 97 1,133. 92 181. 06 313. 91 547. 63 84. 86 6. 46 1997 1,423. 70 286. 2 43. 04 3. 2 120. 06 103. 06 16. 84 1,137. 50 192. 97 322. 2 527. 74 85. 5 9. 09 1998 1,401. 66 229. 52 37. 93 1. 79 107. 16 67. 73 14. 91 1,172. 14 201. 66 310. 71 567. 68 84. 55 7. 54 1999 1,656. 99 268. 46 36. 19 2. 08 127. 89. 12 13. 67 1,388. 53 240. 3 243. 17 694. 53 97. 01 13. 52 2000 2,250. 94 467. 39 47. 58 3. 64 200. 03 206. 37 9. 77 1,783. 55 302. 13 418. 07 919. 31 127. 51 16. 53 2001 2,436. 13 457. 74 49. 76 4. 12 221. 28 174. 95 7. 63 1,978. 40 321. 06 419. 39 1,070. 42 150. 76 16. 77 Source: China Statistical Yearbook 2001, China's Customs Statistics Monthly, December 2001. Note: Since 1992 and 1993, there has been a change in the classification system for categories like â€Å"Others†. Total Primary goods Table 3a Exports by Type of Enterprise and by Customs Regime (US$ billion) 1995 1996 1997 1998 Total 148. 151. 1 182. 7 183. 8 Process and Assembly 20. 7 24. 2 29. 4 30. 7 Process with Imported Materials 53 60. 1 70. 2 73. 7 Process and Assembly Total SOE FIE sub total Process with Imported Materials Total SOE FIE sub total 1995 20. 7 17. 3 2. 9 1995 53 13. 4 39. 2 1996 24. 2 19 4. 5 1996 60. 1 10. 9 48. 6 1997 29. 4 22. 3 6. 1 1997 70. 2 11. 7 57. 7 1998 30. 7 22. 5 7. 2 1998 73. 7 10. 9 62 1999 194. 9 35. 8 75. 1 1999 35. 8 24. 2 10. 4 1999 75. 1 9. 8 64. 2 2000 249. 2 41. 1 96. 5 2000 41. 1 26. 5 13. 1 2000 96. 5 10. 4 84. 1 2001 266. 2 42. 2 105. 2 2001 42. 2 26 14. 3 2001 105. 2 9. 9 92. Table 3b Imports by Type of Enterprise and by Customs Regime (US$ billion) Total 1995 1996 1997 1998 Process and Assembly 132. 1 138. 8 142. 4 140. 2 Process with Imported Materials 16. 2 17. 8 20. 9 19. 9 42. 1 44. 5 49. 3 48. 7 Process and Assembly Total SOE FIE sub total Process with Imported Materials Total SOE FIE sub total Source: China's Customs Statistics, various years. 1995 16. 2 13. 2 2. 7 1995 42. 1 7. 4 34. 4 1996 17. 8 13. 6 3. 7 1996 44. 5 6. 5 37. 8 1997 20. 9 15. 4 4. 9 1997 49. 3 6. 1 42. 9 1998 19. 9 14. 2 5 1998 48. 7 5. 1 43. 2 1999 165. 7 23. 6 50 1999 23. 6 15. 4 7. 1999 50 4. 3 45. 3 2000 225. 1 28 64. 6 2000 28 17. 4 9. 7 2000 64. 6 4. 8 58. 9 2001 243. 6 28. 9 65. 1 2001 28. 9 16. 9 10. 8 2001 65. 1 4. 3 59. 5 Table 4a China's Exports to Major World Regions (US$ billion) Export To Total Asia North Anerica Europe Latin America Oceania Africa 1993 91. 74 52. 62 18. 16 16. 43 1. 78 1. 23 1. 53 1 994 121 73. 45 22. 86 18. 77 2. 45 1. 72 1. 75 1995 148. 77 92 26. 24 22. 98 3. 15 1. 9 2. 49 1996 151. 07 91. 25 28. 3 23. 87 3. 12 1. 96 2. 57 1997 182. 7 108. 92 34. 6 28. 96 4. 61 2. 4 3. 21 1998 183. 71 98. 18 40. 1 33. 43 5. 32 2. 66 4. 06 1999 194. 93 102. 8 44. 39 35. 47 5. 27 3. 11 4. 11 2000 249. 21 132. 31 55. 28 45. 48 7. 19 3. 91 5. 04 2001 266. 15 140. 96 87. 88 49. 24 8. 24 4. 07 6. 01 Table 4b China's Imports from Major World Regions (US$ billion) Import From Total Asia North America Europe Latin America Oceania Africa 1993 103. 96 62. 6 12. 07 23. 97 1. 93 2. 36 1 1994 115. 62 68. 77 15. 74 25. 02 2. 25 2. 92 0. 89 1995 132. 08 78. 05 18. 8 27. 81 2. 97 3. 02 1. 43 1996 138. 84 83. 44 18. 73 27. 66 3. 61 3. 94 1. 46 1997 142. 36 88. 4 18. 31 25. 75 3. 77 3. 67 2. 46 1998 140. 24 87. 05 19. 2 26. 31 2. 99 3. 14 1. 48 1999 165. 72 101. 9 21. 82 32. 65 2. 99 4. 19 2. 38 2000 225. 1 141. 34 26. 12 40. 78 5. 41 5. 88 5. 56 2001 243. 61 147. 18 30. 24 48. 4 6. 7 6. 29 4. 79 Source: China's Customs Statistics, various years Table 5a Merchandise Exports to Major Trading Partners (US$ Billion) 1993 91. 74 22. 05 1. 46 15. 78 2. 86 16. 96 12. 24 3. 97 1. 29 1. 61 1. 3 1. 93 4. 68 2. 25 1994 121 32. 36 2. 24 21. 58 4. 38 21. 46 15. 39 4. 76 1. 42 2. 27 1. 59 2. 41 6. 38 2. 56 1995 148. 77 35. 98 3. 1 28. 46 6. 69 24. 71 19. 09 5. 67 1. 84 3. 23 2. 07 2. 79 9. 04 3. 5 1996 151. 07 32. 91 2. 8 30. 87 7. 51 26. 69 19. 83 5. 84 1. 91 3. 4 1. 84 3. 2 9. 7 3. 75 1997 182. 7 43. 78 3. 4 31. 82 9. 12 32. 69 23. 81 6. 49 2. 33 4. 4 2. 24 3. 81 12.