2016年11月catti二级口译真题

2016年11月catti二级口译真题

　　Part 1 English to Chinese Interpreting

　　Passage 1

　　The torrent of innovation and entrepreneurship sweeping China has become a new engine fueling China's economic growth, and in this process capital has played an indispensable role. Some people ask me about which areas will create new leaders, and therefore, should investors pay the most attention to attact more investors?What kinds of business start-ups am I most interested in? There are indeed industrial leaders in almost every visible segment. But when it comes to the new economy, newcomers always stand a chance of defeating those first arrivals. From my point of view, opportunities exist in the following three areas.

　　First, there are plenty of opportunities in a niche market. For instance, JD.com is a leading general e-commerce website, and there are many other e-commerce platforms focused on selling one particular type of product such as cosmetics or baby products. Second, opportunities exist along the industrial chain of e-commerce. Taking Amazon for example, it's a business-to-customer (B2C) website where third-party sellers are invited to open stores. They can take part in logistics. Customs, storage, logistics and other industrial chain of commerce.

　　Third, with the advent of the mobile Internet era, new location-based and social-based opportunities will pop up. For example, taxi-hailing apps Uber, Didi Dache and Kuaidi Dache are areas that Internet giants once overlooked or failed to cover. Investment opportunities on TMT (telecommunication, media and technology) area will exist in at least the above-mentioned three areas. New areas such as big data and cloud computing will churn out plenty of opportunities as well. These are all investment directions for us, with unlimited room for development.

　　Personally, I favor three types of business start-ups—those with a hi-tech barrier, those with an innovative business model and those with established skills in a certain segment. The first and third types are easy to understand, but the second one could be a little tricky. Basically, a company has to create a completely new model to enter a potentially huge market. I would be really interested in this kind of business start-ups.

　　People asked me when a revenue model is absent at the early stage, how can you tell whether a company is worth investing in? A sound and good revenue model is an essential issue in the investment world, however, we have found a paradox in both Chinese and U.S. markets. Many Internet giants either didn't have one clear revenue model at the early stage, or they had one but changed to a different model as it grew. We should never rule out a project arbitrarily when its revenue model is absent or unclear.

　　This is a must-have quality in the investment world. As a matter of fact, the team matters a lot at the early stage. I believe an excellent team has a strong ability to cash in what it has to offer. Whether we should invest in a company when it doesn't have a clear revenue model is the difficult part for a venture capitalist, but is also the most attractive part in this job. That's what sorts outstanding professional venture capitalists from lame ones.

　　Some people think there are bubbles in the technology industry in China, and that the bubbles may soon burst. Personally, I think technological innovation will continue and bubbles in this area are quite obvious. It's obvious in that the valuation of some tech firms is way too high. Meanwhile, whenever a new concept appears within a sector, it will become very crowded, intensifying competition or even resulting in cutthroat competition.

　　Finally, both investors and entrepreneurs have as a result become more anxious, especially during 2014. The market, according to my observation, has restored some of its rationality since 2015. Overheating does exist in the venture capital market. It's mostly because there's too much hot money available in the market, but not so many investment channels.

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