Innovative

new, different and better than what existed before

to implement reforms

to make, or introduce improvements

nudge

a gentle attempt to persuade or encourage someone to take a particular action

making good on his promise

keeping his promise, doing what he has promised to do

Answer the questions:

1. For what should China move faster on opening its financial markets?

2. What does the China’s economy need by the words of the US treasury secretary?

3. Why is so important to reform the financial and banking system?

4. On what is the country’s success built?

5. Why China’s banks despite extensive reforms are still state-owned?

6. What does the Chinese leadership recognize?

Find Russian equivalents to the following expressions from the text:

to speed up reform, sustainable over the long term, to implement reforms, to make good on its promise.

Translate the following passage.

The country's success is built on low cost manufacturing but Mr Paulson says if it wants to offer more profitable goods and services then money needs to move more freely with fewer government controls. Despite extensive reforms China's banks are still state-owned. They're bureaucratic and unwilling to take risks. So they're unlikely to lend to new companies with innovative and potentially profitable ideas.

4. Ba and Virgin to pay for price fixing

Two airlines – British Airways and Virgin Atlantic – have agreed to pay a total of $200m in compensation in a row about price fixing on transatlantic routes. Individual passengers will be eligible for refunds of around $15 a flight.

The payout aims to settle a lawsuit brought on behalf of tens of thousands of passengers who claimed they were overcharged on transatlantic flights between August 2004 and March 2006. It follows last year's decision by regulators on both sides of the Atlantic to fine British Airways a total of 500 million dollars for colluding with Virgin Atlantic on the level of fuel surcharges. These are supplements to normal ticket prices to cover rising aviation fuel costs. Virgin escaped penalty by the regulators because it had volunteered the information that exposed the price fixing.

But both airlines have faced the wrath of passengers, who mounted a class action lawsuit before the US courts seeking compensation. The payout just agreed mainly relates to American passengers. The law firm that fought the case in the US is thinking of starting a similar action in the British courts seeking compensation for UK passengers. The settlement for American passengers allows them to claim a rebate for a third of the cost of the fuel surcharges – about fifteen dollars a flight.

Allegations of collusion between airlines go much wider than BA and Virgin. They are among fifteen airlines currently being investigated by European Union regulators for fixing freight rates for goods transported by air.

The payout aims to settle a lawsuit

this large sum of money will be paid to passengers so they stop asking a court to take measures against the airlines

overcharged

made to pay too much

colluding

acting together – secretly and/or illegally – in order to deceive or cheat someone

supplements

here, extra money that you pay after you buy the ticket (because fuel costs have gone up)

exposed the price fixing

showed to the public that the airlines had agreed to act together to keep the prices high

wrath

extreme anger

settlement

agreement (about something they couldn't agree on before)

to claim a rebate

to ask to be paid back