The following is an article on China, in the second half of which 14 important truths were given to help westerners better understand China. You are now required to translate 2 (at you option) of the 14 parts into Chinese.

How China Will Change Your Business[size=18][/size]

Fourteen things every entrepreneur should know about the capitalist explosion heading our way. But don't assume that conceding China's rise means conceding to China.

China's miracle economy can come at you in a lot of ways, from all directions.

1. Mention an interest in China to your old friend who owns an industrial toolmaking shop and he confides that his factory, which was started by his father and has bought a comfortable suburban life for three generations of his family as well as good wages to hundreds of workers, "is getting killed by the people over there."

2. Stop at the auto supply store for windshield-wiper fluid. Half the store is now a showroom for small Chinese motor scooters, some of which look like half-Harleys, others like Ducatis. Most cost less than $300.

3. Decide at last to plunge into digital photography. Photo magazines all rave about a small new camera from Nikon, an engineering wonder that can shoot fast, captures dimly lit scenes, and costs half the price of similar machines a year ago. Nikon is one of Japan's marquee brands, but when you bring the camera home from the store you spot the words in small print on the product itself: "Made in China."

4. Wake up in Santa Barbara, Calif., one morning to a sky that looks as though it is painted a shiny white. The morning's newspaper reports that the sunlight is playing tricks on something known as the Asian Brown Cloud, a mass of dust that has drifted over the Pacific from China. The cloud contains particles of loose earth from deforested land mixed with arsenic and other industrial pollutants from the country's factories.

Powered by the world's most rapidly changing large economy, China is an ever increasing presence and influence in our lives, connected to us by the world's shipping lanes, financial markets, telecommunications, and above all, by the globalization of appetites. China sews more clothes and stitches more shoes and assembles more toys than any other nation. It has become the world's largest maker of consumer electronics, pumping out more TVs, DVD players, and cell phones than any other country. And more recently, it has ascended the economic development ladder higher still, moving quickly and expertly into biotech and computer manufacturing. It is building cars (there are more than 120 automakers in China), making parts for Boeing 757s, and exploring space with its own domestically built rockets.

Americans tend to focus on the huge inequality in trade between the two countries. It is a worry Americans help to create by buying ever more from China's humming factories. In 2004, the Chinese sold the United States $160 billion more in goods than they bought. Contrary to common wisdom, however, the trade deficit with China does not mean that Americans are spending down the national wealth at a faster pace than ever before. So far, most of China's gains with American buyers have come at the expense of the other countries that once lured American dollars, especially other Asian economies. Americans -- and the world -- get more stuff in the bargain.

Ever since China started on the capitalist road, opinions about its prospects have figuratively, and literally, been all over the map. The present mood is a combustible mix of euphoria, fear, admiration, and cynicism. On those emotions ride great tides of capital, the strategic plans of businesses great and small, and the gravest political calculations in the world's capitals and city halls.

Yet few working Americans have a full awareness of China's rise. How could they? Nothing like this has ever happened before, and it's occurring on the other side of the globe. Yet Americans -- particularly anyone involved in running a business -- need to know what is happening today in China and to understand how China's fate has become inextricably bound with our own. Conceding China's rise does not mean conceding to China. But it does require acknowledging some important truths:

1. China's economy is much larger than the official numbers show. In 2003, China's official GDP was $1.4 trillion. By that measure, it was the seventh-largest economy in the world. As with nearly all economic statistics from China, however, that measure is suspect. One reason the real number may be much higher is that, in competition for development funds, local Chinese authorities have considerable incentive to underreport their growth rates to the nation's central planners. Another reason is that the government measures only China's legal economy. Its underground economy, made up of both unsavory businesses and more mundane ones that lack a government stamp (and tax bill), is enormous but uncountable.

Economists also note that China's official GDP underplays the true size of its economy because China uses the massive power of its foreign currency reserves to keep the world price of the yuan marching in lockstep with the dollar. If the dollar had not dropped against the euro and other world currencies over the past few years, China's ranking would be a notch or two higher. Critics of China's currency policies, including American domestic manufacturers such as steel mills, casters, plastics molders, and machine-tool makers, argue that China artificially depresses the value of its currency against the dollar by as much as 40%.

A dollar spent in China buys almost five times more goods and services than a dollar spent in a typical American city like Indianapolis. Taking purchasing-power parity into account, the U.S. Central Intelligence Agency estimates that China's economy looks more like one with a GDP of $6.6 trillion. Put another way, it makes more sense to think of China's economy as closer to two-thirds the size of the U.S. economy than to one-seventh.

2. The growth of China's economy has no equal in modern history. China's economy has grown so fast that it has taken on the mythic qualities of one of Mao's showcase farms. Since China set about reforming its economy a generation ago, its GDP has expanded at an annual rate of 9.5%. Countries in the early stages of economic reform often come up fast, but not like China. The country is closing in on a 30-year run during which its economy has doubled nearly three times. Neither Japan's nor South Korea's postwar boom comes anywhere close. Nicholas Lardy, an economist at the Institute for International Economics, notes that China grew mightily even during the worldwide economic doldrums of 2001-02.

China is so committed to economic growth that the Chinese often talk as though they can will it to happen. It is a necessary optimism that pervades official Chinese communication. Orville Schell, the author of Virtual Tibet and the dean of the school of journalism at the University of California, Berkeley, draws a parallel between the unity of focus the Chinese demonstrated for anticapitalism and their focus now on capitalism. Schell argues that in both instances there is a willingness to suspend logic and see only bright tomorrows. Both lead to excess. In its capitalist present, China has been willing to overlook the dark side of modernization, seeing economic progress as the solution to all the country's challenges. Even so, every time the worst is predicted for China's economy, it seems to grow faster, create stronger industries, import more, and export more.

3. China is winning the global competition for investment capital. One reason China's economy is growing so fast is that the world keeps feeding it capital. According to Japan's Research Institute of Economy, Trade and Industry, one-third of China's industrial production was put in place by the half-trillion dollars of foreign money that has flowed into the country since 1978. In 2003, foreigners invested more in building businesses in China than they spent anywhere else in the world. The U.S. used to attract the most foreign money, but in 2003 China took a strong lead, pulling in $53 billion to the U.S.'s $40 billion.

With money comes knowledge. The catalytic role of foreigners in the country is still growing quickly; every day China receives a river of European, Asian, and American experts in manufacturing, banking, computing, advertising, and engineering. In 2003, the exports and imports by foreign companies operating in China rose by over 40%. More than half of China's trade is now controlled by foreign firms. Many of these import goods into the country that they then manufacture into exports. Foreign companies have pumped up China's trade volume enough to make it the third-largest trading country in the world, behind the U.S. and Germany and now ahead of Japan.

4. China can be a bully. China can spend, it can hire and dictate wages, it can throw old-line competitors out of work. In just a three-year period from 2000 to late 2003, for example, China's exports to the U.S. of wooden bedroom furniture climbed from $360 million to nearly $1.2 billion. During that time, the work force at America's wooden-furniture factories dropped by 35,000, or one of every three workers in the trade. China now makes 40% of all furniture sold in the U.S., and that number is sure to climb.

5. China's economy is an entrepreneurial economy. China's industrial competitors, including the U.S., often misapprehend the source of China's productive strength. They fear that another centrally governed, well-planned assault on strategic industries is being plotted in Beijing. The world has already seen how effective the Japanese, Koreans, and Taiwanese can be when they focus on sectors they mean to conquer. Even Chinese government planners like to talk as though they are aping the centrally coordinated, government-financed assaults on strategic global industries that their Asian neighbors have pulled off over the past 40 years. However, in looking at how Chinese businesses really take shape -- locally and opportunistically -- Kellee Tsai, a political scientist at Johns Hopkins University and a former analyst at Morgan Stanley, argues that nothing could be further from the truth. For a world fretting over Chinese economic competition, the entities to fear are not government planners but enterprises that spring on the scene lean and mean, planned and financed by investors who want to make money quickly.

An emblem of the Zhejiang province in China is Hong Dongyang, an entrepreneur whose story is now well-known throughout the country. Hong was once a schoolteacher. She began making socks in the 1970s on a home sewing machine. At first Hong sold them along the roads near her home. She opened a stand and christened her embryonic enterprise Zhejiang Stocking Company. Hong's sock company was predictably copied en masse by others. Today, the province is the Chinese sock capital, with more than 8,000 companies spinning out eight billion pairs a year, one-third of the world's supply. In 2001, the Chinese makers produced 1% of the socks on U.S. feet. In just two years, sock imports from China to the U.S. jumped two-hundred-fold and now make up 7% of the U.S. market. James J. Jochum, assistant secretary for export administration at the U.S. Department of Commerce, has noted that the Chinese manufacturers cut their prices by more than half in 2003 and helped drive one in four U.S. sock makers out of business.

6. The most daunting thing about China is not its ability to make cheap consumer goods. The American economy won't crater just because the Chinese can produce sofas and socks for less than we can. The Japanese, for their part, have lost the television business. The Italians are losing the fine-silk business. Consumer goods trade on the surface of the world's economy and their movement is easy for the public to watch. The far bigger shift, just now picking up steam, is occurring among the products that manufacturers and marketers trade with each other: the infinite number and variety of components that make up everything else that is made, whether it is the hundreds of parts in a washing machine or computer or the hundreds of thousands of parts in an airplane.

Given how quickly China is climbing the industrial ladder, perhaps the next question is whether any commercial technology is beyond an imminent challenge from China. Gal Dymant, an American Israeli venture capitalist in Beijing, believes the answer is that few will be. One of the companies Dymant works with, a database publisher named Asia Direct, produces an annual China Hi-Tech Directory. Tracking the directory's updates year to year gives Dymant an informal measure of the shifts in Chinese industry.

The first thing one notices about the directories, he says, is how much thicker they grow every year, particularly in industries where there have been large foreign investments. In 2003, Asia Direct's volume grew considerably fatter in the sections devoted to China's domestic mobile-phone manufacturers and suppliers, broadband communications, and in companies establishing themselves in cities outside of China's eastern powerhouses. The manufacture and sale of integrated chips is also soaring, along with healthy gains in China's software and information-services markets. Then again, every section in the directory has grown, including biotechnology, semiconductors, and Internet development, areas in which Chinese firms have newly established themselves, many now in partnership with the world's leading technology-driven companies.

For his part, Dymant is putting together an investor group to build a Chinese version of one of the world's most advanced and costly medical devices, the magnetic resonance imaging (MRI) machine. "The talent is here to build anything," Dymant says. "We think we can develop MRIs for about 60% of the price they are built for in the U.S."