A. Melting land ice in the Arctic is set to cause a global rise in sea levels, leading to disastrous effects for both man and wildlife. Many species worldwide are threatened with extinction, and low-lying islands and land masses will disappear entirely. But the havoc wreaked by the effect of greenhouse gases won't be confined to just too much water, but the absence of it, as well. In other words, desertification. A decrease in the total amount of rainfall in arid and semi-arid areas could increase the total area of drylands worldwide, and thus the total amount of land potentially at risk from desertification.B. Desertification is officially recognised as land degradation in arid, semi-arid and dry sub-humid areas resulting from various factors including climatic variations and human activities. This degradation of formerly productive land is a complex process. It involves multiple causes, and it proceeds at varying rates in different climates. Desertification may intensify a general climatic trend, or initiate a change in local climate, both leading towards greater aridity. The more arid conditions associated with desertification accelerate the depletion of vegetation and soils. Land degradation occurs all over the world, but it is only referred to as desertification when it takes place in drylands. This is because these areas are especially prone to more permanent damage as different areas of degraded land spread and merge together to form desert-like conditions.C. Global warming brought about by increasing greenhouse gas levels in the atmosphere is expected to increase the variability of weather conditions and extreme events. Many dryland areas face increasingly low and erratic rainfalls, coupled with soil erosion by wind and the drying-up of water resources through increased regional temperatures. Deforestation can also reduce rainfall in certain areas, increasing the threat of desertification. It is not yet possible, despite sophisticated technology, to identify with an acceptable degree of reliability those parts of the Earth where desertification will occur. Existing drylands, which cover over 40% of the total land area of the world, most significantly in Africa and Asia, will probably be most at risk from climate change. These areas already experience low rainfall, and any that falls is usually in the form of short, erratic, high-intensity storms. In addition, such areas also suffer from land degradation due to over-cultivation, overgrazing, deforestation and poor irrigation practices.D. It is a misconception that droughts cause desertification. Droughts are common in arid and semi-arid lands. Well-managed lands can recover from drought when the rains return. Continued land abuse during droughts, however, increases land degradation. Nor does desertification occur in linear, easily definable patterns. Deserts advance erratically, forming patches on their borders. Areas far from natural deserts can degrade quickly to barren soil, rock, or sand through poor land management. The presence of a nearby desert has no direct relationship to desertification. Unfortunately, an area undergoing desertification is brought to public attention only after the process is well underway. Often little or no data are available to indicate the previous state of the ecosystem or the rate of degradation. Scientists still question whether desertification, as a process of global change, is permanent or how and when it can be halted or reversed.E. But desertification will not be limited to the drylands of Africa and Asia. According to the environmental organisation Greenpeace, the Mediterranean will suffer substantially, too. If current trends in emissions of greenhouse gases continue, global temperatures are expected to rise faster over the next century than over any time during the last 10, 000 years. Significant uncertainties surround predictions of regional climate changes, but it is likely that the Mediterranean region will also warm significantly, increasing the frequency and severity of droughts across the region. As the world warms, global sea levels will rise as oceans expand and glaciers melt. Around much of the Mediterranean basin, sea levels could rise by close to 1m by 2100. As a result, some low-lying coastal areas would be lost through flooding or erosion, while rivers and coastal aquifers would become more salty. The worst affected areas will be the Nile Delta, Venice in Italy and Thessaloniki in Greece, two major cities where local subsidence means that sea levels could rise by at least one-and-a-half times as much as elsewhere.F. The consequences of all this, says Greenpeace, are far-reaching, and the picture is a gloomy one. Livestock production would suffer due to a deterioration in the quality of rangeland. Yields of grains and other crops could decrease substantially across the Mediterranean region due to increased frequency of drought. Crop production would be further threatened by increases in competition for water and the prevalence of pests and diseases and land loss through desertification and sea-level rise. The combination of heat and pollution would lead to an upsurge in respiratory illness among urban populations, while extreme weather events could increase death and injury rates. Water shortages and damaged infrastructure would increase the risk of cholera and dysentery, while higher temperatures would increase the incidence of infectious diseases, such as malaria and dengue fever. Serious social disruption could occur as millions are forced from their homelands as a result of desertification, poor harvests and sea-level rise, while international disputes over shared water resources could turn into conflict.G. Future climate change could critically undermine efforts for sustainable development in the Mediterranean region through its impacts on the environment and social and economic well-being. While in many respects climate change exacerbates existing problems instead of creating new ones, the sheer magnitude of the potential problem means it cannot be ignored. There is some scope for adaptation, but the fact that many measures would be beneficial irrespective of climate change suggests that radical changes in our policies and practices will be needed. It is also vital that developed countries meet their obligations to assist adaptation in developing countries through access to know-how and financial assistance. Ultimately, however, the long-term sustainability of the Mediterranean region requires keeping climate change within tolerable bounds. Current understanding of safe limits points to the need for prompt international agreement — and action — to make the drastic cuts in emissions of greenhouse gases required to stabilise atmospheric concentrations of these gases.5. productive land-|||-degradation proceeds multiple-|||-at 1 __ causes-|||-DESERTIFIC ATION-|||-2 __ 3 __ -|||-a climate trend a change in climate-|||-resulting in greater 4 __-|||-depletion of depletion of-|||-5 __ 6 __

Translation ▲ Translate the following sentences into English.1 新中国成立后，中国坚持（persist in）独立自主的和平外交政策，在外交方面取得了巨大成就。截至2022年，中国已与181 个国家建立了外交关系（diplomatic relations）。2 中国始终坚持维护（uphold）世界和平、促进共同发展的外交政策的宗旨，致力于推动构建人类命运共同体。3 在和平共处五项原则（the Five Principles of Peaceful Coexistence）的基础上，中国正在为建设和平、繁荣、和谐的世界作出更大的努力。

Directions: Fill in the blanks by selecting suitable words from the word bank. You may not use any of the words more than once.acceleration carefully candidates celebration converted misuse employ evolving identity locating prevalence advocates reliably replaced translatedFacial recognition is everywhere. The rapid 1) ________ of facial recognition technology has transformed its application, making it an integral aspect of our daily interactions. Its 2) ________ is evident every time we unlock our phones, tag friends on social media, or go through customs.The term 'facial recognition' denotes a process wherein computer vision algorithms (算法) analyze and confirm the identity of faces in photos or videos. While individual facial recognition solutions may 3) ________ specific algorithms, the overall process can be summarized into three key steps.Firstly, the detection phase involves 4) ________ a face in an input image and placing each face into a bounding box (边界框). To achieve this, facial recognition algorithms undergo training to discern facial characteristics across diverse datasets.Secondly, during the analysis phase, facial features are 5) ________ mapped out. Measurements, such as the distances between the eyes, nose, and mouth, along with chin shape identification, are critical. These measurements are then combined and 6) ________ into a unique set of numbers, commonly referred to as the faceprint.

conversation(s)and the passage(s) will be read twice,but the questions will be spoken-|||-only once. When you hear a question,read the four possible answers on your paper and-|||-decide which one is the best answer to the question you have heard.-|||-Questions 11 through 13 are based on the following passage.-|||-() 11.A.It is good for outings.-|||-B.It saves a lot of money.-|||-C.It is often faster than a car and easy to park.-|||-D.It is much safer than a car.-|||-() 12.A.It is dangerous.-|||-B.It is better than a car.-|||-C.It is sometimes useful.-|||-D.It is not convenient at all.-|||-() 13.A.Riding saves her a lot of money.-|||-B.Riding does her a lot of good.-|||-C.Cycling is her favorite sport.-|||-D.Everyone should learn to ride a bicycle.-|||-Questions 14 through 16 are based on the following passage.-|||-() 14.A.To give learners online English courses for free.-|||-B.To offer learners a better way to study.-|||-C.To help learners make friends.-|||-D.To help learnersimprove English skills quickly.-|||-() 15.A.By using the downloaded sound files.-|||-B.By having conversations with others-|||-C.By reviewing words,phrases,and idioms.-|||-D.By listening to tapes.-|||-() 16.A.Be confident in learning-|||-B.Have clear learning goals.-|||-C.Have great interest in English.-|||-D.Learn English little by little.-|||-Questions 17 through 20 are based on the following longer conversation.-|||-() 17.A.The difference between the US baseball team and the Chinese one.-|||-B.Efforts taken to promote baseball in China.-|||-C.The popularity and development of baseball in China.-|||-D.The performance of the US baseball team in the game last night.-|||-() 18.A.It has always been popular-|||-B.More and more people pay attention to it.-|||-C.It is the most important sport in China.-|||-D.People don't have any interest in baseball in China.

Watch the video, review the simple pasttense and present perfect tense and do thefollowing exercises.iSmart3 填空题 1分Robert underline(1)(start) to use acomputer when he was an office worker.

Part I Listening Comprehension(30 marks) Section A(22 . 5 marks) Directions：In this section, you'll hear six conversations between two speakers．For each conversation, there are several questions, and each question is followed by three choices marked A, B and C．Listen carefully and then choose the best answer for each question．You will hear each conversation TWICE． Conversation 1 1．How long does the woman need to work every day? A．Three hours． B．Four hours． C．Five hours． 2．How much can the woman earn each day? A．5 dollars． B．10 dollars． C．20 dollars． Conversation 1 M：Do you have any work experience? W：No, I’ve never worked in a restaurant before． M：Do you think you can get along will with customers? W：Yes, I think so． M：Can you make sure to be here from four to eight in the afternoon? W：Yes, I'm always on time． M：Then you can start tomorrow．Monday through Friday．Five dollars an hour． W：That's fine． Conversation 2 3．What's the possible relationship between the speakers? A．Boss and employee． B．Mother and son． C．Teacher and student． 4．When will the man come back? A．This Monday． B．This Wednesday． C．This Friday． Conversation 2 M：Mrs．Sharon, I say…, I have to … W：What's the matter, Richard? M：Er, I'd like to take two days off．My mother's ill．I need to stay with her． W：I'm sorry to hear that．You mean you will be back here this Wednesday? M：Yes, I hope I can come back earlier． W：That's all right．By the way, don't worry about your lessons．I'll certainly help you with them． Conversation 3 5．What can we know about Nancy and Steve? A．They will divorce soon． B．They have two daughters． C．They divorced last year． 6．Who will help Nancy out in the woman's opinion? A．Her daughter． B．Her parents． C．Her friends． Conversation 3 M：Kate, Nancy and Steve are breaking up． W：It's really a shame．I’ve heard that they quarrel, but they’ve always made up afterward． M：Things are not working out this time．They are getting a separation soon． W：What will happen to their daughter, Bonnie? M：Nancy is going to take her． W：The cost of living is so high．It will be difficult for her to take te responsibility． M：She seems to have made up her mind．She said she would rather be a single parent than cope with an unhappy marriage． W：Well, I hope her parents will be able to help her out． Conversation 4 7．How often does the woman pay the tax? A．Once a month．B．Twice a year． C．Once a year． 8．Why does the woman have to pay more taxes? A．The government has raised the tax rate． B．She didn't pay taxes last year． C．She has got extra money． 9．What can we know about the woman? A．She is an accountant． B．She taught in a night school． C．She lives upon a small income． Conversation 4 W：Henry, our income tax is due soon．Did you call our accountant? M：He's figuring out our taxes right now．I gave him all the records on our income and expenses last week． W：The government has taken away taxes from our paychecks all year．I hope we get some of that money back or at least that we won't have to pay more． M：Remember the money your aunt left us when she died, and the money you made when you taught in a night school? W：Yes． M：Well, that's all taxable income．That money has put us in a higher tax bracket． W：What does that mean? M：It means we have to pay more taxes． W：Well, it looks like we'll have to make more money this year just to pay last year's taxes． Conversation 5 10．What can we know about the kid from Haiti? A．He doesn't get on well at school． B．He is often late for school． C．He doesn't speak much English． 11．How many countries are mentioned in the conversation? A．Six． B．Five． C．Four． 12．How does the woman help the immigrant kids? A．She has spent much time with them after class． B．She gives them more lessons than other kids． C．She pays more attention to them at class． Conversation 5 M：Kate, how's the new student in your class doing? W：The kid from Haiti? He's having a rough time communicating since he doesn't speak much English．However, the other kids seem to involve him pretty well． M：Our students are used to new kids who don't speak much English since we have had so many new immigrant families moving into our school district． W：Don't I know it! This year I have had a Vietnamese, an Ethiopian, a Cuban and the kid from Haiti in my class．I spend a lot of time with them after class so that they can catch up． M：It must have been hard for you since you have to give them special attention in order to help them． W：It has been．Nevertheless, it's really rewarding to see them progress and make friends． Conversation 6 13．When will the speakers have the exams? A．In one week． B．In two weeks． C．In three weeks． 14．What will the woman do this summer? A．Teach English． B．Find a job． C．Study Chinese． 15．How did the man learn Chinese? A．By speaking． B．By reading． C．By listening． Conversation 6 M：Well, Jenny．The school year is almost over．We just have two weeks before exams．What are you going to do this summer? W：I'm going to teach English to some immigrants in the university's community service program． M：That sounds interesting．Don't you need to speak a foreign language for the job? W：No．You just have to present the language simply and give the students a chance to practice speaking． M：But that's the way I was taught to speak Chinese．But speaking Chinese didn't help me learn to read and write Chinese． W：My students don't want to read and write English．They are more interested in speaking． M：You sound very knowledgeable about all this．How do you know so much? W：I took teaching English as a second language course last year when you were in China．I’ve also talked with the program administrators quite a lot．I think I would like to be an ESL teacher when I graduate． SECTION B Directions：In this section, you'll hear a mini－talk．Listen carefully and then fill in numbered blanks with the information you’ve got．Fill each blank with NO MORE THAN 3 WORDS． You'll hear the mini－talk TWICE． About friendshipNo definite 16 friendship.-|||-D Iifferent people hold various views on-|||-Everyone has one or more ×Loyalty is the most important because no one-|||-Quality is more importart than 17 -|||-friends.-|||-wants to be 18 -|||-Your friends give you encouragement,offer-|||-Friendship relies on your knowledge or help you find . 20 -|||-__ 19 . WYou may function as a supervisor,a learned-|||-brother,etc. Section B We often say, “A friend in need is a friend indeed．” But what is the exact meaning of friendship? No one can really offer a definite concept, because different people hold various views on friendship． Everyone has his own friendship and some have a lot of friends．But in fact, quantity is not so important as quality．Loyalty is the most important for friendship．No one wants to make friends with those who will betray them． No matter whether you are married or not, no matter where you live and work, your friends are your friends．It is not based on bloodline．It relies on your intention．To you, some friends are fun－loving, some give encouragement, some offer knowledge, and others help you to find your own identity．Before your friends, you may act as a supervisor, a learned brother, a lovely child, a gentleman or a playmate．In a word, friendship helps you to be a full person．So friendship can benefit． Keys：

Which of the following are the two common ways of applying the pit fields method?A. Ditch-shaped pit field.B. Net-shaped pit field.C. Ridge-shaped pit field.D. Alternating pit field.

Part ADirections: Read the following four texts. Answer the questions below each text by choosing A, B, C or D.__________________________________________________________________________________________Every Saturday morning, at 9 am, more than 50,000 runners set off to run 5km around their local park. The Parkrun phenomenon began with a dozen friends and has inspired 400 events in the UK and more abroad. Events are free, staffed by thousands of volunteers. Runners range from four years old to grandparents; their times range from Andrew Baddeley' s world record 13 minutes 48 seconds up to an hour. Parkrun is succeeding where London' s Olympic "legacy" is failing. Ten years ago on Monday, it was announced that the Games of the 30th Olympiad would be in London. Planning documents pledged that the great legacy of the Games would be to level a nation of sport lovers away from their couches. The population would be fitter, healthier and produce more winners. It has not happened. The number of adults doing weekly sport did rise, by nearly 2 million inthe run—up to 2012—but the general population was growing faster. Worse, the numbers are now falling at an accelerating rate. The opposition claims primary school pupils doing at least two hours of sport a week have nearly halved. Obesity has risen among adults and children. Official retrospections continue as to why London 2012 failed to "inspire a generation". The success of Parkrun offers answers. Parkun is not a race but a time trial; Your only competitor is the clock. The ethos welcomes anybody. There is as much joy over a puffed-out first-timer being clapped over the line as there is about top talent shining. The Olympic bidders, by contrast, wanted to get more people doing sports and to produce more elite athletes. The dual aim was mixed up: The stress on success over taking part was intimidating for newcomers. Indeed, there is something a little absurd in the state getting involved in the planning of such a fundamentally "grassroots" , concept as community sports associations. If there is a role for government , it should really be getting involved in providing common goods—making sure there is space for playing fields and the money to pave tennis and netball courts, and encouraging the provision of all these activities in schools. But successive governments have presided over selling green spaces, squeezing money from local authorities and declining attention on sport in education. Instead of wordy, worthy strategies, future governments need to do more to provide the conditions for sport to thrive. Or at least not make them worse.（分数：10.00）(1).According to Paragraph 1, Parkrun has______.（分数：2.00） A.gained great popularity B.created many jobs C.strengthened community ties D.become an official festival(2).The author believes that London' s Olympic "legacy" has failed to______.（分数：2.00） A.boost population growth B.promote sport participation C.improve the city' s image D.increase sport hours in schools(3).Parkrun is different from Olympic games in that it______.（分数：2.00） A.aims at discovering talents B.focuses on mass competition C.does not emphasize elitism D.does not attract first-timers(4).With regard to mass sport, the author holds that governments should______.（分数：2.00） anize "grassroots" sports events B.supervise local sports associations C.increase funds for sports clubs D.invest in public sports facilities(5).The author' s attitude to what UK governments have done for sports is______.（分数：2.00） A.tolerant B.critical C.uncertain D.sympatheticWith so much focus on children' s use of screens, it' s easy for parents to forget about their own screen use. "Teck is designed to really suck on you in," says Jenny Radesky in her study of digital play, " and digital products are there to promote maximal engagement. It makes it hard to disengage, and leads to a lot of bleed-over into the family routine. " Radesky has studied the use of mobile phones and tablets at mealtimes by giving mother-child pairs a food-testing exercise. She found that mothers who used devices during the exercise started 20 percent fewer verbal and 39 percent fewer nonverbal interactions with their children. During a separateobservation, she saw that phones became a source of tension in the family. Parents would be looking at their emails while the children would be making excited bids for their attention. Infants are wired to look at parents' faces to try to understand their world, and if those faces are blank and unresponsive—as they often are when absorbed in a device—it can be extremely disconcerting for the children. Radesky cites the " still face experiment" devised by developmental psychologist Ed Tronick in the 1970s. In it, a mother is asked to interact with her child in a normal way before putting on a blank expression and not giving them any visual social feedback; The child becomes increasingly distressed as she tries to capture her mother' s attention. "Parents don't have to be exquisitely parents at all times, but there needs to be a balance and parents need to be responsive and sensitive to a child' s verbal or nonverbal expressions of an emotional need," says Radesky. On the other hand, Tronick himself is concerned that the worries about kids' use of screens are born out of an " oppressive ideology that demands that parents should always be interacting" with their children: " It' s based on a somewhat fantasized, very white, very upper-middle-class ideology that says if you' re failing to expose your child to 30,000 words you are neglecting them. " Tronick believes that just because a child isn' t learning from the screen doesn' t mean there' s no value to it— particularly if it gives parents time to have a shower, do housework or simply have a break from their child. Parents, he says, can get a lot out of using their devices to speak to a friend or get some work out of the way. This can make them feel happier, which let them be more available to their child the rest of the time.（分数：10.00）(1).According to Jenny Radesky, digital products are designed to______.（分数：2.00） A.simplify routine matters B.absorb user attention C.better interpersonal relations D.increase work efficiency(2).Radesky' s food-testing exercise shows that mothers' use of devices______.（分数：2.00） A.takes away babies' appetite B.distracts children' s attention C.slows down babies' verbal development D.reduces mother-child communication(3).Radesky' s cites the "still face experiment" to show that______.（分数：2.00） A.it is easy for children to get used to blank expressions B.verbal expressions are unnecessary for emotional exchange C.children are insensitive to changes in their parents' mood D.parents need to respond to children' s emotional needs(4).The oppressive ideology mentioned by Tronick requires parents to_____,（分数：2.00） A.protect kids from exposure to wild fantasies B.teach their kids at least 30,000 words a year C.ensure constant interaction with their children D.remain concerned about kid' s use of screens(5).According to Tronick, kid' s use of screens may______.（分数：2.00） A.give their parents some free time B.make their parents more creative C.help them with their homework D.help them become more attentiveToday, widespread social pressure to immediately go to college in conjunction with increasingly high expectations in a fast-moving world often causes students to completely overlook the possibility of taking a gap year. After all, if everyone you know is going to college in the fall, it seems silly to stay back a year, doesn' t it? And after going to school for 12 years, it doesn't feel natural to spend a year doing something that isn' t academic. But while this may be true, it' s not a good enough reason to condemn gap years. There' s always a constant fear of falling behind everyone else on the socially perpetuated " race to the finish line," whether that be toward graduate school, medical school or lucrative career. But despite common misconceptions, a gap year does not hinder the success of academic pursuits—in fact, it probably enhances it. Studies from the United States and Australia show that students who take a gap year are generally better prepared for and perform better in college than those who do not. Rather than pulling students back, a gap year pushes them ahead by preparing them for independence, new responsibilities and environmental changes—all things that first-year students often struggle with the most. Gap year experiences can lessen the blow when it comes to adjusting to college and being thrown into a brand new environment, making it easier to focus on academics and activities rather than________blunders. If you' re not convinced of the inherent value in taking a year off to explore interests, then consider its financial impact on future academic choices. According to the National Center for Education Statistics, nearly 80 percent of college students end up changing their majors at least once. This isn' t surprising, considering the basic mandatory high school curriculum leaves students with a poor understanding of themselves listing one major on their college applications, but switching to another after taking college classes. It' s not necessarily a bad thing, but depending on the school, it can be costly to make up credits after switching too late in the game. At Boston College, for example, you would have to complete an extra year were you to switch to the nursing school from another department. Taking a gap year to figure things out initially can help prevent stress and save money later on.（分数：10.00）(1).One of the reasons for high-school graduates not taking a gap year is that______.（分数：2.00） A.they think it academically misleading B.they have a lot of fun to expect in college C.it feels strange to do differently from others D.it seems worthless to take off-campus courses .(2).Studies from the US and Australia imply that taking a gap year helps______.（分数：2.00） A.keep students from being unrealistic B.lower risks in choosing careers C.ease freshmen' s financial burdens D.relieve freshmen of pressures(3).The word "acclimation"(Line 6, Para. 3)is closest in meaning to______.（分数：2.00） A.adaptation B.application C.motivation petition(4).A gap year may save money for students by helping them______.（分数：2.00） A.avoid academic failures B.establish long-term goals C.switch to another college

The grand canal was helpful in _A. protecting the environmentB. boosting the local agricultureC. national unityD. economic development

({B)} Don’t Destroy the Essential Catalyst of Risk({/B)} Since the spring, and most acutely this autumn, a global contagion (传染)of fear and panic has choked off the arteries of finance, compounding a broader deterioration in the global economy. Financial institutions have an obligation to the broader financial system. We depend on a healthy, well-functioning system but we failed to raise enough questions about whether some of the trends and practices that had become commonplace really served the public’s long-term interests.({B)}Seven important lessons({/B)} As policymakers and regulators begin to consider the regulatory actions to be taken to address the fallings, I believe it is useful to reflect on some of the lessons from tiffs crisis. The first is that risk management should not be entirely predicated on historical data. In the past several months, we have heard the phrase" multiple standard deviation events" more than a few times. If events that were calculated to occur once in 20 years in fact occurred much more regularly, it does not take a mathematician to figure out that risk management assumptions did not reflect the distribution of the actual outcomes. Our industry must do more to enhance and improve scenario analysis and stress testing. Second, too many financial institutions and investors simply outsourced their risk management. Rather than undertake their own analysis, they relied on the rating agencies to do the essential work of risk analysis for them. This was true at the inception(初期)and over the period of the investment, during which time they did not consider other indicators of financial deterioration. This over-dependence on credit ratings coincided with the dilution of the desired triple A-rating. In January 2008, there were 12 triple A-rated companies in the world. At the same time, there were 64, 000 structured finance instruments, such as collateralized debt obligations, rated triple A. It is easy and appropriate to blame the rating agencies for lapses in their credit judgments. But the blame for the result is not theirs ’alone. Every financial institution that participated in the process has to accept its share of the responsibility. Third, size matters. For example, whether you owned 5 billion or 50 billion of (supposedly) low-risk super senior debt in a CDO, the likelihood of losses was, proportionally, the same. But the consequences of a miscalculation were obviously much bigger if you had a 50 billion exposure. Fourth, many risk models incorrectly assumed that positions could be fully hedged. After the collapse of Long-Term Capital Management mid the crisis in emerging markets in 1998, new products such as various basket indices and credit default swaps were created to help offset a number of risks. However, we did not, as an industry, consider carefully enough the possibility that liquidity would dry up, making it difficult to apply effective hedges. Fifth, risk models failed to capture the risk inherent in off-balance sheet activities, such as structured investment vehicles. It seems clear now that managers of companies with large off-balance sheet exposure did not appreciate the full magnitude of the economic risks they were exposed to; equally worrying, their counterparties were unaware of the full extent of these vehicles and, therefore, could not accurately assess the risk of doing business. Sixth, complexity got the better of us. The industry let the growth in new instruments outstrip(超过)the operational capacity to manage them. As a result, operational risk increased dramatically and tiffs had a direct effect on the overall stability of the financial system. Last, and perhaps most important, financial institutions did not account for asset values accurately enough. I have heard some argue that fair value accounting -- which assigns current values to financial assets and liabilities -- is one of the main factors exacerbating(使恶化) the credit crisis. I see it differently. If more institutions had properly valued their positions and commitments at the outset, they would have been in a much better position to reduce their exposures.({B)}Fair value: a discipline for financial institutions({/B)} The daily marking of positions to current market prices was a key contributor to our decision to reduce risk relatively early in markets and in instruments that were deteriorating. This process can be difficult, and sometimes painful, but I believe it is a discipline that should define financial institutions. As a result of these lessons and others that will emerge from this financial crisis, we should consider important principles for our industry, for policymakers and for regulators. For the industry, we cannot let our ability to innovate exceed our capacity to manage. Given the size and interconnected nature of markets, the growth in volumes, the global nature of trades and their cross-asset characteristics, managing operational risk will only become more important. Risk and control functions need to be completely independent from the business units. And clarity as to whom risk and control managers report to is crucial to maintaining that independence. Equally important, risk managers need to have at least equal stature with their counterparts on the trading desks: if there is a question about the value of a position or a disagreement about a risk limit, the risk manager’s view should always prevail. Understandably, compensation continues to generate a lot of anger and controversy. We recognize that having troubled asset relief programme money creates an important context for compensation. That is why, in part, our executive management team elected not to receive a bonus in 2008, even though the firm produced a profit. More generally, we should apply basic standards to how we compensate people in our industry. The percentage of the discretionary (任意的)bonus awarded in equity should increase significantly as an employee’s total compensation increases. An individual’s performance should be evaluated over time so as to avoid excessive risk-taking. To ensure this, all equity awards need to be subject to future delivery and/or deferred exercise. Senior executive officers should be required to retain most of the equity they receive at least until they retire, while equity delivery schedules should continue to apply after the individual has left the firm.({B)}Limitations of self regulation({/B)} For policymakers and regulators, it should be clear that self-regulation has its limits. We rationalized and justified the downward pricing of risk on the grounds that it was different. We did so because our self-interest in preserving and expanding our market share, as competitors, sometimes blinds us -- especially when exuberance is at its peak. At the very least, fixing a system-wide problem, elevating standards or driving the industry to a collective response requires effective central regulation and the convening power of regulators. Capital, credit and underwriting standards should be subject to more" dynamic regulation". Regulators should consider the regulatory inputs and outputs needed to ensure a regime that is nimble and strong enough to identify and appropriately constrain market excesses, particularly in a sustained period of economic growth. Just as the Federal Reserve adjusts interest rates up to curb economic frenzy, various benchmarks and ratios could be appropriately calibrated. To increase overall transparency and help ensure that book value really means book value, regulators should require that, all assets across financial institutions be similarly valued. Fair value accounting gives investors more clarity with respect to balance sheet risk. The level of global supervisory co-ordination and communication should reflect the global interconnectedness of markets. Regulators should implement more robust information sharing and harmonized disclosure, coupled with a more systemic, effective reporting regime for institutions and main market participants. Without this, regulators will lack essential tools to help them understand levels of systemic vulnerability in the banking sector and in financial markets more broadly. In this vein, all pools of capital that depend on the smooth functioning of the financial system and are large enough to be a burden on it in a crisis should be subject to some degree of regulation.When the Long-Term Capital Management was disintegrated, the products initiated to counterweigh risks were ______. A．various basket indices and credit default swapsB．hedge fund and forward rate agreementsC．credit-linked notesD．current swaps and rates swaps