Currency and the Emergence of china’s Market Economy
题目：
China’s Song dynasty (960-1279 c.E.), building on developments of the earlier Tang dynasty(618-907 c.E.), saw a remarkable economic expansion in which increasing agricultural and industrial production, as well as internal and international trade, played important roles in establishing a market economy. China’s various regions increasingly specialized in the cultivation of particular food crops or the production of particular manufactured goods, trading their own products for imports from other regions. The market was not the only influence on the Chinese economy: government bureaucracies played a large role in the distribution of staple foods such as rice, wheat, and millet, and dynastic authorities closely watched militarily sensitive enterprises such as the iron industry. Nevertheless, millions of cultivators produced fruits and vegetables for sale on the open market, and manufacturers of silk, porcelain, and other goods supplied both domestic and foreign markets. The Chinese economy became more tightly integrated than ever before, and foreign demand for Chinese products fueled rapid economic expansion.
Indeed, trade grew so rapidly during Tang and Song times that China experienced a shortage of the copper coins that served as money for most transactions. To alleviate the shortage, Chinese merchants developed alternatives to cash that resulted in even more economic growth. Letters of credit came into common use during the early Tang dynasty. Known as “flying cash,” they enabled merchants to deposit goods or cash at one location and draw the equivalent in cash or merchandise elsewhere in China. Later developments included the use of promissory notes, which pledged the payment of a given sum of money at a later date, and checks, which entitled the bearer to draw funds against cash deposited with bankers.
The search for alternatives to cash also led to the invention of paper currency. Wealthy merchants pioneered the use of printed paper money during the late ninth century. In return for cash deposits from their clients, they issued printed notes that the clients could redeem for merchandise. In a society short of cash, these notes greatly facilitated commercial transactions. Occasionally, however, because of temporary economic reverses or poor management, merchants were not able to honor their notes. The resulting discontent among creditors often led to disorder and sometimes even to riots.
By the eleventh century, however, the Chinese economy had become so dependent on alternatives to cash that it was impractical to banish paper currency altogether. To preserve its convenience while forestalling public disorder, governmental authorities forbade private parties from issuing paper currency and reserved that right for the state. The first paper money printed under government auspices appeared in 1024 in Sichuan province, the most active center of early printing. By the end of the century, government authorities throughout China issued paper money-complete with identification numbers and dire warnings against the printing of counterfeit (illegal) notes.
Printed paper money caused serious problems for severa centuries after its appearance. Quite apart from the contamination of the money supply by counterfeit notes, government authorities frequently printed currency representing more value than they actually possessed in cash reserves-a practice not unknown in more recent times. The result was a partial loss of public confidence in paper money. By the late eleventh century, some notes of paper money would fetch only 95 percent of their face value in cash. Not until the Qing dynasty (1644-1911 C.E.) did Chinese authorities place the issuance of printed money under tight fiscal controls. In spite of abuses, however, printed money provided a powerful stimulus to the Chinese economy.
Indeed, high productivity and trade brought the Tang and Song economy a dynamism that China’s borders could not restrain. China’s consumers developed a taste for exotic goods that stimulated trade throughout much of the Eastern Hemisphere. Spices from the islands of Southeast Asia made their way to China, along with products as diverse as kingfisher feathers and tortoise shell from Vietnam, pearls and incense from India, and horses and melons from central Asia. These items became symbols of a refined, elegant lifestyle-in many cases because of attractive qualities in the commodities themselves but sometimes simply because of their scarcity and foreign provenance. In exchange for such exotic items, Chinese sent abroad vast quantities of silk, porcelain, and lacquerware.
1
China’s Song dynasty (960-1279 c.E.), building on developments of the earlier Tang dynasty(618-907 c.E.), saw a remarkable economic expansion in which increasing agricultural and industrial production, as well as internal and international trade, played important roles in establishing a market economy. China’s various regions increasingly specialized in the cultivation of particular food crops or the production of particular manufactured goods, trading their own products for imports from other regions. The market was not the only influence on the Chinese economy: government bureaucracies played a large role in the distribution of staple foods such as rice, wheat, and millet, and dynastic authorities closely watched militarily sensitive enterprises such as the iron industry. Nevertheless, millions of cultivators produced fruits and vegetables for sale on the open market, and manufacturers of silk, porcelain, and other goods supplied both domestic and foreign markets. The Chinese economy became more tightly integrated than ever before, and foreign demand for Chinese products fueled rapid economic expansion.
The word “integrated” in the passage is closest in meaning to
Vocabulary Questions词汇题
Adeveloped
Bconnected
Csupported
Dcontrolled
2
Indeed, trade grew so rapidly during Tang and Song times that China experienced a shortage of the copper coins that served as money for most transactions. To alleviate the shortage, Chinese merchants developed alternatives to cash that resulted in even more economic growth. Letters of credit came into common use during the early Tang dynasty. Known as “flying cash,” they enabled merchants to deposit goods or cash at one location and draw the equivalent in cash or merchandise elsewhere in China. Later developments included the use of promissory notes, which pledged the payment of a given sum of money at a later date, and checks, which entitled the bearer to draw funds against cash deposited with bankers.
According to paragraph 2, why was “flying cash” created?
Factual Information Questions事实信息题
ABecause different types of money were in use different places of China
BBecause the supply of copper coins was running low
CBecause merchants needed an alternative to promote transactions
DBecause many merchants would not accept coins
3
The search for alternatives to cash also led to the invention of paper currency. Wealthy merchants pioneered the use of printed paper money during the late ninth century. In return for cash deposits from their clients, they issued printed notes that the clients could redeem for merchandise. In a society short of cash, these notes greatly facilitated commercial transactions. Occasionally, however, because of temporary economic reverses or poor management, merchants were not able to honor their notes. The resulting discontent among creditors often led to disorder and sometimes even to riots.
According to paragraph 3, which of the following is true of the invention of paper money?
Factual Information Questions事实信息题
AIt was met with widespread disapproval by cash clients
BIt reduced the number of riots due to cash shortages
CIt provided the ability to get through temporary economic reverses
DIt came about through the effort of wealthy merchants
4
The search for alternatives to cash also led to the invention of paper currency. Wealthy merchants pioneered the use of printed paper money during the late ninth century. In return for cash deposits from their clients, they issued printed notes that the clients could redeem for merchandise. In a society short of cash, these notes greatly facilitated commercial transactions. Occasionally, however, because of temporary economic reverses or poor management, merchants were not able to honor their notes. The resulting discontent among creditors often led to disorder and sometimes even to riots.
By the eleventh century, however, the Chinese economy had become so dependent on alternatives to cash that it was impractical to banish paper currency altogether. To preserve its convenience while forestalling public disorder, governmental authorities forbade private parties from issuing paper currency and reserved that right for the state. The first paper money printed under government auspices appeared in 1024 in Sichuan province, the most active center of early printing. By the end of the century, government authorities throughout China issued paper money-complete with identification numbers and dire warnings against the printing of counterfeit (illegal) notes.
Which of the following best describes the relationship of paragraph 4 to paragraph 3？
Organization Questions组织结构题
AParagraph 4 describes a solution to the problem with printed paper money identified in paragraph 3.
BParagraph 4 provides an example of the type of currency discussed in paragraph 3.
CParagraph 4 discusses a possible cause of the economic issues described in paragraph 3.
DParagraph 4 provides evidence that supports a theory discussed in paragraph 3.
5
Printed paper money caused serious problems for severa centuries after its appearance. Quite apart from the contamination of the money supply by counterfeit notes, government authorities frequently printed currency representing more value than they actually possessed in cash reserves-a practice not unknown in more recent times. The result was a partial loss of public confidence in paper money. By the late eleventh century, some notes of paper money would fetch only 95 percent of their face value in cash. Not until the Qing dynasty (1644-1911 C.E.) did Chinese authorities place the issuance of printed money under tight fiscal controls. In spite of abuses, however, printed money provided a powerful stimulus to the Chinese economy.
According to paragraph 5， why did the public losesome of its confidence in paper money?
Factual Information Questions事实信息题
AThe government produced paper money that lacked sufficient cash backing.
BThe number of counterfeit notes exceeded the amount of available paper money.
CLess than 95 percent of paper money notes were worth their face value in cash.
DQing dynasty authorities did not have full control over the issuance of paper money.
6
Printed paper money caused serious problems for severa centuries after its appearance. Quite apart from the contamination of the money supply by counterfeit notes, government authorities frequently printed currency representing more value than they actually possessed in cash reserves-a practice not unknown in more recent times. The result was a partial loss of public confidence in paper money. By the late eleventh century, some notes of paper money would fetch only 95 percent of their face value in cash. Not until the Qing dynasty (1644-1911 C.E.) did Chinese authorities place the issuance of printed money under tight fiscal controls. In spite of abuses, however, printed money provided a powerful stimulus to the Chinese economy.
What can be inferred from paragraph 5 about paper money during the Qing dynasty?
Inference Questions推理题
AIts abuse increased during the Qing dynasty because of tight fiscal controls.
BIt had a diminishing impact on the development of the Chinese economy.
CIts cash value increasingly became the same as its printed value.
DIts distribution was determined by economists rather than government officials.
7
Indeed, high productivity and trade brought the Tang and Song economy a dynamism that China’s borders could not restrain. China’s consumers developed a taste for exotic goods that stimulated trade throughout much of the Eastern Hemisphere. Spices from the islands of Southeast Asia made their way to China, along with products as diverse as kingfisher feathers and tortoise shell from Vietnam, pearls and incense from India, and horses and melons from central Asia. These items became symbols of a refined, elegant lifestyle-in many cases because of attractive qualities in the commodities themselves but sometimes simply because of their scarcity and foreign provenance. In exchange for such exotic items, Chinese sent abroad vast quantities of silk, porcelain, and lacquerware.
The word “scarcity”in the passage is closest in meaning to
Vocabulary Questions词汇题
Ainsufficient supply
Bhigh cost
Csymbolic value
Dsudden popularity
8
Indeed, high productivity and trade brought the Tang and Song economy a dynamism that China’s borders could not restrain. China’s consumers developed a taste for exotic goods that stimulated trade throughout much of the Eastern Hemisphere. Spices from the islands of Southeast Asia made their way to China, along with products as diverse as kingfisher feathers and tortoise shell from Vietnam, pearls and incense from India, and horses and melons from central Asia. These items became symbols of a refined, elegant lifestyle-in many cases because of attractive qualities in the commodities themselves but sometimes simply because of their scarcity and foreign provenance. In exchange for such exotic items, Chinese sent abroad vast quantities of silk, porcelain, and lacquerware.
According to paragraph 6,all of the following were characteristics of trade patterns during China’s Tang and Song dynasties EXCEPT
Negative Factual Information Questions否定事实信息题
Aa larger quantity of products imported to China than the quantity of products China exported
Bthe stimulation of trade throughout other Eastern countries
Cthe exchange of goods that represented a sophisticated style of life
Dthe exchange of a wide range of different kinds of products
9
The search for alternatives to cash also led to the invention of paper currency. Wealthy merchants pioneered the use of printed paper money during the late ninth century. In return for cash deposits from their clients, they issued printed notes that the clients could redeem for merchandise. [■] In a society short of cash, these notes greatly facilitated commercial transactions. [■] Occasionally, however, because of temporary economic reverses or poor management, merchants were not able to honor their notes. [■] The resulting discontent among creditors often led to disorder and sometimes even to riots. [■]
Look at the four squares [■] that indicate where the following sentence could be added to the passage
For this reason, some argued for a return to a cash-based economy to avoid social unrest.Insert Text Questions句子插入题
Where would the sentence best fit？Click on a square sentence to the passage.
10
During the Tang and Song dynasties, China’s increased agricultural and industrial production led to regional specialization and increased domestic and foreign trade.
Prose Summary Questions概要小结题
Select 3 answers
AGovernment bureaucracies played a large part in the development of a market economy by establishing fair-trade rules and controlling the quality of goods.
BPrinted currency, which caused some problems but also encouraged growth, was taken over by the government in the eleventh century.
CChina exported silks, porcelain, and laquerware in exchange for exotic goods from throughout much of the Eastern Hemisphere.
DDue to a shortage of copper coins, Chinese merchants developed alternatives to cash, including letters of credit, promissory notes, checks, and paper money.
EEconomic expansion was slowed somewhat due to widespread corruption in some regions, as well as rioting in Sichuan province.
FChina’s wealth increased dramatically when manufacturers began to specialize in the production of luxury goods for both domestic consumption and trade.
