2016年12月英语四级阅读长篇阅读练习(二)

　　Exorbitant(过分的)Privilege

　　A. IN 2012 ICBC，a state.controlled Chinese company that is the world’s most valuable bank，bought four-fifths of the Argentine subsidiary of Standard Bank，a South African firm.The deA. was hailed as a leap forward for“South-South”co-operation—direct economic ties between emerging markets(新兴市场).But one group of fich-world middlemen got a slice of the action：lawyers.ICBC was represented by Linklaters，an English firm，and Standard Bank by Jones Day,an American one.The 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 world’s 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 acquisitions.Just as America benefits from issuing the world’s reserve currency,America and its former colonial master,Britain,enjoy the exorbitant privilege of issuing the world’s“reserve law”.A global survey by Queen Mary University in London in 2010 of general counsels and legal-department heads found that 40%most frequently did business using English law and another 22%American.generally the law of New York state.No other country’s lawgot a significant share.

　　C.America and Britain reap large rewards from their legal dominance.of the world’s 100 highest-grossing law firms，9 1 have their headquarters in one of the two.America’s legA. sector is bigger than the GDP of Peru;though much of that is because of Americans’litigiousness.a good chunk comes from foreign work.The New York offices of American firms earn around$1.8 billion annually from international.dispute resolution.almost two.thirds of litigants in English commerciA. courts areforeign.At 1.5%.the legA. sector’s share of British GDP is nearly double that in other big European countries.

　　D.Other bits of both countries’economies feel the ripples(余波)，t00.Foreigners visiting for legal hearings stay in hotels and eat in restaurants.Aspiring lawyers from around the world pay to attend their universities and spread goodwill when they go home.Dependence on American and British law firms makes it harder for deA.makers to move from New York and London to Hong Kong or Frankfurt.Britain’s 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 China’s 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 slow.But the incumbents’biggest advantage is that they have common.law systems with centuries of binding precedent.That means they offer as much certainty as any jurisdiction(司法权)can.In 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 surprises.Civil 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 stick.The immediate threat to American and British law comes from a trend that dispenses with courts A.together.Parties to a cross-border deal must decide not only which country’s law governs it but how disputes should be resolved.Firms are increasingly opting for private arbitration，which promises confidentiality,

　　speed and lower costs than going to court—and here London and New York are less dominant.

　　G. More recently，new entrants have made inroads.Among the most Successful is Singapore，whose dedicated arbitration venue(仲裁地点)，SIAC，opened in 199 1.Singapore’s government exempts arbitrators from income tax and expedites entry for participants in hearings.SIAC’s caseload has quadrupled in the past decade，with Indian firms particularly keen.Last year they were parties to a third of its 259 new cases.

　　H.With 260 new cases last year,Hong Kong matches SIAC for size.Arbitration 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 1987.In the past，Chinese flrlns reluctantly accepted distant arbitration venues.But they are increasingly insisting

　　on disputes being heard locally.Exorbitant no more?