◎《日本经济新闻》8月23日社论

money《The Japanese economic news》On August 23 editorial

　　莫斯科

Moscow

　　应利用好加入WTO的机会 Should make good use of the opportunity to join wto

　　俄罗斯终于实现多年夙愿，加入了世界贸易组织（WTO）。希望俄罗斯政府以此为契机，扎实推进商业环境的改善，消除他国对俄贸易和投资的障碍。

Russia has come true dream for many years，Joined the world trade organization（wto）。Hope that the Russian government as the opportunity，Effectively promoting the improvement of business environment，Eliminate other countries to Russia trade and investment barriers。

　　俄罗斯入世谈判花费了19年。谈判进展缓慢的原因，除了美俄关系紧张、格鲁吉亚争端等国际因素外，国内保守的观点也根深蒂固。金融危机后，俄罗斯为了保护国内产业大幅提升汽车的进口关税，遭到国际社会的批判。

Russia's accession negotiations spent 19 years。The cause of the slow negotiations，In addition to the tense relationship between the us and Russia、Georgia dispute and other international factors outside，Domestic conservative views have entrenched。After the financial crisis，Russia in order to protect domestic industry largely promotes the car import tariffs，The subject of international social criticism。

　　加入WTO后，俄罗斯负有降低关税、消除投资壁垒等开放市场的义务，再也不能无视国际规则采取保护主义政策。当然，俄罗斯也可从其他成员国那里享受最惠国待遇。俄罗斯将在7年内降低乘用车的进口关税，虽然其效果未必立刻显现，但贸易和投资的活跃必将使经济受益。但是，在世界银行的商业环境排名中，俄罗斯在183个国家和地区中排名120位。渎职和腐败、缺乏司法独立性以及复杂的行政手续等问题成为他国对俄贸易的巨大障碍。俄罗斯正在努力改造产业结构，但要摆脱对石油和天然气等能源产业的依赖，必须吸引外资发展制造业，为此，改善商业环境是当务之急。

Joined wto，Russia has lower tariffs、Eliminate investment barriers, such as the obligation of the open market，Can no longer ignore international rules protectionism policy。Of course，Russia also from other member states there to enjoy the most-favoured-nation treatment。Russia will in 7 years in an effort to reduce passenger car import tariffs，Although its effect is not necessarily appear immediately，But trade and investment active will make economic benefit。but，In the world bank's business environment in the rankings，Russia in 183 countries and regions in in 120。Malpractice and corruption、Lack of judicial independence and complicated administrative procedure and so on questions to become other countries and trade huge obstacle。Russia is trying to transform the industrial structure，But to get rid of oil and natural gas to the dependence of the energy industry，Must attract foreign capital development manufacturing，therefore，It is urgent to improve the business environment。

　　日俄贸易去年超过300亿美元，创历史最高，但仅占俄罗斯贸易总额的4%。俄罗斯加入WTO后，日本企业的风险管理将比之前容易得多。日本企业应研究对俄战略，毕竟俄罗斯与日本为近邻，而且中产阶级的崛起导致俄罗斯拥有巨大的消费市场。（梁宝卫 编译）

Japan and Russia trade exceeded $30 billion last year，record，But Russia accounted for only 4% of the total amount of trade。Russia's accession to the wto，Japan enterprise risk management will be much easier than before。Japan enterprise should study on Russian strategy，After all, Russia and Japan are a near neighbour，And the rise of the middle class to Russia has a huge consumer market。（LiangBaoWei compile）

　　◎《金融时报》8月23日专栏文章

money《Financial times》On August 23, columns

　　有关西班牙经济的五大谬误 The Spanish economy five fallacy

　　关于西班牙经济，有五条被重复最多的观点，这些观点被投资者不加批判地全盘接受，投资者已让自己的思维被市场的噪音搅混了。明智的人们将看穿市场正在错估西班牙经济的前景。

About the Spanish economy，Article five repeated the most point of view，The view is investors uncritical completely accept，Investors have let their thinking is the noise of the market mix。Wise people will see through market is misestimate Spain's economic prospects。

　　第一个观点与数字7有关，至少在谈到西班牙十年期债券收益率时如此。评论家频繁地论说，一旦西班牙主权债券收益跨越了7这一门槛，西班牙将不可承受。但即使西班牙在2014年被迫以8%至9%的收益率，完成其2000至2200亿欧元的融资需求，其债务平均利率将从现在的4.1%上升到5%。虽然充满痛苦，但绝不致命。

The first point of view and digital and relevant，At least when it comes to the Spanish 10-year bond yields so。Critics frequently dissertate，Once the Spanish sovereignty bond yields over 7 this threshold，Spain will not bear。But even if the Spanish in 2014 was forced to 8% to 9% of the rate of return，Finish the 2000 to 220 billion euros financing demand，Its debt average interest rate will be from the current 4.1% to 5%。Although full of pain，But never fatal。

　　第二个谬误是说西班牙经济被巨大的私人债务阻碍。我们被告知，西班牙比较其他欧洲邻居，拥有较健康的公共账目，债务占国内生产总值的比例也在60%以下，但私人领域债务却超过了出口的两倍。这种观点误解了债务的属性。非金融部门的公司将借款用于对迅速增长的新兴市场如拉丁美洲、东欧和亚洲的投资。经常被市场忽略的一个重要事实是，这些国外资产的巨大价值。

The second fallacy is said the Spanish economy is huge private debt obstacles。We are told that，Spain is other European neighbors，Have a healthy public accounts，Debt percentage of GDP is below 60%，But private sector debt has exceeded export two times。This view misunderstood debt attributes。Non-financial department company will loan for rapid growth in emerging markets such as Latin America、Eastern Europe and Asia investment。Is often ignore market one of the most important facts are，These foreign assets of great value。

　　第三点是西班牙经济无力找到增长之源。尽管国内需求仍在下降，但商品和服务的出口却快速增长。今年西班牙商品和服务出口都达到了记录最高水平。第四个观点是自从引入欧元，西班牙的竞争力因货币升值受到严重打击。然而，以生产力和生产成本来衡量，西班牙的竞争力实际是增强了。最后一点是，市场对西班牙17个自治区的债务非常担心，因为中央政府可能无力控制这些自治区的支出。然而地区债务仍处于可控范围。投资者应对市场信息做出更好的判断，以发现蕴含在危机中的巨大机会。

The third point is the Spanish economy cannot find the source of growth。Although domestic demand are still falling，But the export of goods and services but rapid growth。This year the Spanish goods and services that we export are reached record the highest level。The fourth view is since the introduction of the euro，The competitiveness of Spain because of currency appreciation shook。however，With the productive forces and production cost to measure，Spain's competitiveness is to enhance the actual。The last point is，Market for Spain 17 autonomous region debt is very worried，Because the central government may be unable to control the autonomous region's spending。Districts, however, is still in debt controllable range。Investors respond to market information to make better judgment，To find the huge opportunity contained in crisis。

　　（作者系西班牙人民党外交发言人何西·马利亚·班涅伊多以及哈佛大学富布莱特学者亚历山大·佩雷斯 贺艳燕 编译）

（The author is the Spanish people's party (PPP), foreign spokesman cease · Mary · class's more than Iraq and Harvard University Fulbright scholar Alexander perez HeYanYan compilation）