Part IV Translation ( 20 points)

　　Translate the following passages into Chinese

　　Passage 1

　　China’s membership in the World Trade Organization creates the potential for impressive gains in economic efficiency. Indeed the gains are likely to be greater than those predicted in most published quantitative estimates, since those studies do not capture fully the likely effect of more foreign competition on domestic firms. No doubt many jobs will be lost in a few sectors. But prospects for generating employment are bountiful as China benefits from the phase-out of arrangements restricting world trade in apparel, and as Taiwan, Mexico, the EU, and other markets phase out and eliminate the WTO-inconsistent trade barriers they have maintained against a broad array of Chinese goods.

　　Passage 2

　　The major advertising media are newspaper, magazines, direct mail, outdoor advertising, television, and radio. Newspapers account for the greatest part of advertising expenditure, with television running a fairly close second. Magazine advertising is perhaps the most prestigious, and direct mail is certainly the most selective medium. Radio and magazine advertising can also be quite selective, and radio is relatively inexpensive.