2015年英语四级长篇阅读匹配练习题(7)2015年英语四级长篇阅读匹配练习题(7)Exorbitant(过分的)PrivilegeA. IN 2012 ICBC，a statecontrolled Chinese company that is the worlds most valuable bank，bought four-fifths of the Argentine subsidiary of Standard Bank，a South African firmThe deA. was hailed as a leap forward for“South-South”co-operationdirect economic ties between emerging markets(新兴市场)But one group of fich-world middlemen got a slice of the action：lawyersICBC was represented by Linklaters，an English firm，and Standard Bank by Jones Day,an American oneThe deal was made under English law,with any differences to be settled in A.l English arbitration center B.Though emerging markets now account for over hA.f the worlds GDP at purchasing-power parity(购买力平价)，and trade between them is booming，just two developed countries retain a stranglehold on cross-border finance，investment，mergers and acquisitionsJust as America benefits from issuing the worlds reserve currency,America and its former colonial master,Britain,enjoy the exorbitant privilege of issuing the worlds“reserve law”A global survey by Queen Mary University in London in 2010 of general counsels and legal-department heads found that 40most frequently did business using English law and another 22Americangenerally the law of New York stateNo other countrys lawgot a significant share C.America and Britain reap large rewards from their legal dominanceof the worlds 100 highest-grossing law firms，9 1 have their headquarters in one of the twoAmericas legA. sector is bigger than the GDP of Peru；though much of that is because of Americanslitigiousnessa good chunk comes from foreign workThe New York offices of American firms earn around$18 billion annually from internationaldispute resolutionalmost twothirds of litigants in English commerciA. courts areforeignAt 15the legA. sectors share of British GDP is nearly double that in other big European countries D.Other bits of both countrieseconomies feel the ripples(余波)，t00Foreigners visiting for legal hearings stay in hotels and eat in restaurantsAspiring lawyers from around the world pay to attend their universities and spread goodwill when they go homeDependence on American and British law firms makes it harder for deA.makers to move from New York and London to Hong Kong or FrankfurtBritains government describes lawyers as“central to the export of other professionA. services”such as accounting，asset management and banking E.The competition is often weak：much of Chinas commerciallaw was written by Communist Party officials and is fiddled with errors：and though India adopted much of English common law,its courts are notoriously slowBut the incumbentsbiggest advantage is that they have common.law systems with centuries of binding precedentThat means they offer as much certainty as any jurisdiction(司法权)canIn civil-law countries such as France，Portugal and Spain，and their ex-colonies，judges have wide latitude to interpret statutes，increasing the risk of nasty legal surprisesCivil systems place more restrictions on acceptable clauses，and often consider the interests of third parties，such as workers or consumers F.Many other countries would like to break this duopoly(双头垄断市场)But even those with good laws on Paper would take decades to train enough lawyers and judges to make them stickThe immediate threat to American and British law comes from a trend that dispenses with courts A.togetherParties to a cross-border deal must decide not only which countrys law governs it but how disputes should be resolvedFirms are increasingly opting for private arbitration，which promises confidentiality,speed and lower costs than going to courtand here London and New York are less dominant G. More recently，new entrants have made inroadsAmong the most Successful is Singapore，whose dedicated arbitration venue(仲裁地点)，SIAC，opened in 199 1Singapores government exempts arbitrators from income tax and expedites entry for participants in hearingsSIACs caseload has quadrupled in the past decade，with Indian firms particularly keenLast year they were parties to a third of its 259 new cases H.With 260 new cases last year,Hong Kong matches SIAC for sizeArbitration is essential for cross-border deA.s involving China，since its iudges rarely enforce foreign court decisions but are bound to uphold arbitration awards by the New York Arbitration Convention，which it signed in 1987In the past，Chinese flrlns reluctantly accepted distant arbitration venuesBut they are increasingly insistingon disputes being heard locallyExorbitant no more?I.English law remains prevalent in Asian arbitration，accounting for 32of cases at SIACBut a recent trend in South America shows how quickly this could changeOf the big emerging economies，the one mat has most effectively promoted its own law is BrazilIts firms still use thirdparty law,usually New Yorksto raise money and make acquisitions abroadB