Download - The Unbalanced Trade Between China and the U.S. by Chenzi Song

8/2/2019 The Unbalanced Trade Between China and the U.S. by Chenzi Song

1/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. 4

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S.

Chk`wf Sa`b

Kds}kr` Efchfbd` [`f|krsf}v


2/28

]hk [òdid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. ?

Dos}rdc}

[òdid`ckm }rdmk ok}kk` }hk [`f}km S}d}ks d`m Chf`d hds kxfs}km lar a|kr ?> vkdrs. ]hk [.S.

}rdmk mklfcf} f}h Chf`d fs a`k al }hk eas} skrfa{s kcaàefc fss{ks lar [.S. ba|krèk`} d`m

o{sf`kssks. ]hfs ~d~kr d`divwks }hk cd{sks d`m fe~dc}s al }hk {òdid`ckm }rdmk ok}kk` }hksk

}a ca{`}rfks ov cae~drf`b }hk hfs}arv d`m c{rrk`} sf}{d}fa`s d`m }ks}f`b }hk ~assfoik

|drfdoiks }hd} edv cd{sk }hk {òdid`ckm }rdmk. ]hk lf`mf`bs drk sfb`flfcd`}. Rhfik [.S

ba|krèk`} drb{ks }hd} Chf`ksk _EOs {`mkr|di{d}fa` mfrkc}iv rks{i}s f` }hk [.S. }rdmk

mklfcf} f}h Chf`d) }hk lf`mf`bs sha }hd} kxchd`bk rd}k maks`} fe~dc} }hk }rdmk s}ra`biv.

Earka|kr) }hk lds} braf`b BM^ al Chf`d fs d edgar cd{sk al }hk {òdid`ckm }rdmk.


3/28


F`}ram{c}fa`

_kck`}iv) [.S. ba|krèk`} drb{ks }hd} }hk kxchd`bk rd}k al _EO fs }hk edgar cd{sk

al }hk {òdid`ckm }rdmk ok}kk` Chf`d d`m }hk [`f}km S}d}ks. Hak|kr) larkfb` }rdmk

mk~dr}ek`} al Chf`ksk ba|krèk`} ~af`}s a{} }hd} }hk kxchd`bk rd}k al _EO fs à} }hk edgar

cd{sk al }hk {òdid`ckm }rdmk ok}kk` }hksk }a ca{`}rfks. ]hk }rdmk d`m f`|ks}ek`}

s}r{c}{rks al }hksk }a ca{`}rfks drk mfllkrk`}. Disa }hk sd|f`b d`m ca`s{e~}fa` ik|kis f`

}hksk }a ca{`}rfks drk mf|krsk. ]hk doa|k ca`mf}fa`s s~kkm {~ }hk {òdid`ckm }rdmk. Rhfch

sfmk maks f} sa{`m eark rd}fa`di1 ]hk {òdid`ckm }rdmk ok}kk` Chf`d }hk [`f}km S}d}ks

f`|ai|ks f` ed`v ~assfoik cd{sks d`m fe~dc}s) sa }hd} k cd`à} g{mbk sfe~iv.

F` }hfs ~d~kr) F fii }djk d mkk~ iaaj d} }hk {òdid`ckm }rdmk ok}kk` Chf`d d`m }hk

[`f}km S}d}ks. Lfrs}) F fii ~ra|fmk saek fe~ar}d`} f`lared}fa` doa{} }hk hfs}arv al }rdmk f`

armkr }a hki~ {`mkrs}d`m }hksk mfllkrk`} kcaàefks d`m }rdmk s}r{c}{rks ok}kk` }hksk }a

ca{`}rfks. Skca`m) ov d`divwf`b }hk ~rksk`} }rdmk ca`mf}fa`s) F fii ~rksk`} }hk cd{sks d`m

fe~dc}s al {òdid`ckm }rdmk ok}kk` }hksk }a ca{`}rfks. ]hk` lf`diiv) F fii ~ra|fmk saek

~rdc}fcdi rkcaeek`md}fa`s lar l{}{rk arj.

]hk [`f}km S}d}ks s}dr}km }rdmk f}h Chf`d {`}fi }hk kdriv 462>s. ]rdmk brk rd~fmiv

dl}kr }hd}) d`m f}h }hk l{ii àredifwd}fa` al mf~iaed}fc d`m caeekrcfdi rkid}fa`s f` 4626) }hk

[`f}km S}d}ks okcdek }hk skca`m idrbks} fe~ar}kr al Chf`d d`m f` 468< ds Chf`d"s }hfrm

idrbks} ~dr}`kr f` a|krdii }rdmk. Eas} Dekrfcd` baams fe~ar}km ov Chf`d krk kf}hkr


4/28

]hk [òdid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. =

hfbh%}kchàiabv f`m{s}rfdi ~ram{c}s) s{ch ds dfrcrdl}) ar dbrfc{i}{rdi ~ram{c}s) ~rfedrfiv brdf`

d`m ca}}a`. ]amdv) Chf`d"s edf` kx~ar} edrjk}s) f` armkr al fe~ar}d`ck) drk }hk K{ra~kd`

[`fa` (?>.=+&) [`f}km S}d}ks (42.2+&) Ha`b Ja`b (43.=+&) d`m Gd~d` (8.4+&. Chf`d"s edf`

fe~ar} edrjk}s) f` armkr al fe~ar}d`ck) drk Gd~d` (43.3+&) K{ra~kd` [`fa` (44.2+&) Sa{}h

Jarkd (4>.6+&) ]dfd` (6.4+&) d`m }hk [`f}km S}d}ks (2.?+&. F` ?>>=) }hk }a}di dea{`} al

}rdmk f` }kres al kx~ar} d`m fe~ar} rkdchkm ?.3=; }rfiifa` [SM f` }hk [.S) rd`jkm à.4 dra{`m

}hk arim. Chf`d rkdchkm 44;=.8 ofiifa` [SM rd`jkm à. 3. F` ?>>;) }hk }rdmk al 3=3 ofiifa`

ok}kk` }hk [.S d`m Chf`d dcca{`} d idrbk ~ra~ar}fa` al }hk }a}di }rdmk dea{`} f` kdch

ca{`}rv. (h}}~7!!.s}d}s.ba|.c`!k`bifsh!&

Ed`v cd{sks mrf|k }hk {òdid`ckm }rdmk. ]hk {`mkr|di{d}fa` al }hk _EO rkid}f|k }a

}hk [S maiidr fs a`k al }hk rkdsa`s. Disa) }hkrk hds okk` d shfl} al ia%k`m dsskeoiv

f`m{s}rfks }a edfìd`m Chf`d lrae f`m{s}rfdifwkm ca{`}rfks. Edfìd`m Chf`d hds okcaek }hk

ids} if`j f` d ia`b chdf` al |di{k%dmmkm ~ram{c}fa`. Okcd{sk [S }rdmk md}d d}}rfo{}ks }hk l{ii

|di{k al d ~ram{c} }a }hk lf`di dsskeoikr) edfìd`m Chf`ksk |di{k dmmkm fs a|krca{`}km. [S

mked`m lar idoar%f`}k`sf|k baams kxckkms maeks}fc a{}~{}. A` }hk a}hkr sfmk) Chf`d hds

rks}rfc}km }rdmk ~rdc}fcks f` edfìd`m Chf`d }a ~ra}kc} s}d}k%a`km k`}kr~rfsks ov ~{}}f`b d

fmk drkd al odrrfkrs }a larkfb` baams d`m skr|fcks. ]hksk ~rdc}fcks f`ci{mk hfbh }drflls) idcj

al }rd`s~drk`cv) rkt{frf`b lfres }a ao}df` s~kcfdi ~krefssfa` }a fe~ar} baams) f`ca`sfs}k`}

d~~ifcd}fa` al ids d`m rkb{id}fa`s) d`m ik|krdbf`b }kchàiabv lrae larkfb` lfres f` rk}{r`


5/28


6/28

]hk [òdid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. >=& bf|k {s d sfe~ik o{} ~akrl{i rkdsa`7 okcd{sk Chf`d fs mfllkrk`}.

F` }hkfr ~d~kr) }hkv mkscrfok }hk Chf`d ~rfck ({òkd}k` ia idoar cas}& drk }hrkk scdrfks}

arms f` }hk [S f`m{s}rv okcd{sk al Chf`ds s~kkm) orkdm}h) cae~k}f}fa`) diifd`cks) sfwk)

dcckss d`m }hk [S ~aifcv. G{s}f` Idhdr} (?>44& disa ~af`}s a{} }hd} }hk s~kkm d} hfch Chf`d

hds s{rbkm ds d` kx~ar}kr) a|krhkief`b }hk àredi ~rackss al dmd~}d}fa`.

]rdmk mklfcf} hds okk` d ofb ~raoike lar }hk [S kcaàev lar ia`b }fek à} aìv okcd{sk al

Chf`ds lds} braf`b BM^. Gask~h T{fìd` d`m Edrc Chd`mikr (?>>4& sha {s d rkdif}v }hd}

}hk [`f}km S}d}ks" aoskssfa` f}h f}s }rdmk mklfcf} okifks }hk ldc} }hd} car~ard}k Dekrfcd hds

`k|kr okk` ok}}kr ~asf}fa`km }a cae~k}k f` }hk biaodi edrjk}~idck. Gask~h T{fìd` d`m Edrc

Chd`mikr (?>>4& sdv f} fs }fek }a sdv baamovk }a Dmde Sef}h"s a{}md}km lrdekarj al biaodi

cae~k}f}fa` d`m }a keordck f`s}kdm d eark cae~ikx {`mkrs}d`mf`b al Dekrfcd"s kcaàefc

k`bdbkek`} f}h }hk arim. Sa rd}hkr }hd` cae~idf`f`b Chf`d ar kekrbf`b ca{`}rfks chkd~

idoar d`m ~rfck) }hk [`f}km S}d}k sha{im ca`sfmkr }hk ~raoike f`sfmk }hk [S kcaàev }a lf`m


8/28


d ok}}kr dv }a s{r|f|k f` }hk f`}kr`d}fa`di }rdmk dr. ]hk a{}md}km lrdekarj fs jkk~f`b }hk

[.S lrae skkf`b }hk ~raoike f}hf` }hk ca{`}rv.

]hk }rdmk dr ok}kk` Gd~d` d`m }hk [`f}km S}d}ks cd` ok d baam kxde~ik lar {s }a

d`divwk }hk sf}{d}fa`s ok}kk` [.S. d`m Chf`d. F` 4622) }hk [`f}km S}d}ks rd` d` kfbh} ofiifa`

maiidr }rdmk mklfcf} f}h Gd~d`) d`m f` 4628 }hk lfb{rk ds r{``f`b ;> ~krck`} hfbhkr.

(Ldcf`b {~ }a }hk ]rdmk Bd~ f}h Gd~d` ov Gdeks C. Dokbbik` d`m ]haeds E. Ha{} 4628&

Gdeks C. Dokbbik` d`m ]haeds E. Ha{} (4628& disa drb{k }hd} }hkrk fs d` {rbk`} `kkm lar

rk|fk al }hk [.S. f`}kr`d}fa`di kcaàefc cae~k}f}f|k ~asf}fa` d`m lar }hk mk|kia~ek`} al

~aifcfks }a fe~ra|k }hk [.S. ~asf}fa`. _abkr C. Di}ed` (466=& larkcds}s }hd} kcaàefcs fii

ok d} }hk ck`}kr al f`}kr`d}fa`di dlldfrs) d`m }hk [.S.%Gd~d` ~dr}`krshf~ fii ~idv d jkv raik f`

mk}kref`f`b }hk ca{rsk al biaodi k|k`}s. Ds k cd` ikdr` lrae }hk ~rk|fa{s }rdmk dr

ok}kk` Gd~d` d`m }hk [S) }hk {òdid`ckm }rdmk ok}kk` }a idrbk kcaàefks fe~dc}s à}

aìv }hask }a ca{`}rfks o{} disa }hk arims kcaàev s}ra`biv. Oa}h Chf`ksk d`m }hk [S

ba|krèk`}s sha{im lfb{rk a{} d oks} dv }a fe~ra|k }hkfr ~asf}fa`s f` }hk }rdmk dr. ]hk

fe~dc}s al {òdid`ckm }rdmk drk skrfa{s okcd{sk kdch ca{`}rv fs }rvf`b }a rkm{ck }hk

{òdid`ckm }rdmk f` fe~ra~kr dvs. ]ae Odrjikv d`m Ddra` Odcj (?>44& mkscrfok d sf}{d}fa`

}hd} Rdshf`b}a` Dcc{sks Chf`d a|kr chfcjk` kx~ar} m{}fks. A` }hk a}hkr hd`m) S}k|k Ik\f`k

(?>>6& bf|ks {s f`lared}fa` }hd} 3;+ }drfll a` Chf`ksk }frks fs dv {`mkr }hk ;;+ ik|v

rkcaeek`mkm ov }hk f`}kr`d}fa`di }rdmk caeefssfa`.


9/28


Rk sha{im mk}kref`k }hk cd{sks al {òdid`ckm }rdmk ok}kk` Chf`d d`m }hk [`f}km

S}d}ks lrae d fmk ~af`} al |fk }hd` g{s} d rkck`} ~af`} al kxchd`bk rd}k. Lrae }hk hfs}arv)

k cd` lf`m a{} }hd} }hk {òdid`ckm }rdmk ok}kk` Chf`d d`m }hk [`f}km S}d}ks hds kxfs}km lar

ia`b }fek. Md|fm I. Mk``v d`m Md`fki M. S}kf` (4623& ~ra|fmk {s k|fmk`ck }hd} d s{os}d`}fdi

feodid`ck kxfs}s f` }hk caeeamf}v }rdmk ok}kk` }hk }a ca{`}rfks7 [.S. kx~ar}s }a Chf`d

krk }ki|k }feks [.S. fe~ar}s f` 4623.

Lrae d ~asf}f|k ~af`} al |fk) Md|fs Hdik d`m Ivrfc H{bhks Hdik (?>>3& mkscrfoks

Chf`ds lds} braf`b ~ram{c}f|f}v ds }hkrk fs à cae~kiif`b rkdsa` }a dss{ek }hd} Chf`d fii

okcaek d` k`kev al }hk [`f}km S}d}ks. Chf`d ca`}f`{ks }a sfb`di f}s mksfrk }a f`}kbrd}k f`}a

}hk biaodi kcaàev ov ~{rs{f`b ifokrdifwd}fa` d} haek d`m k`ca{rdbf`b }rdmk) ds kii ds ov

gaf`f`b f`}kr`d}fa`di f`s}f}{}fa`s) s{ch ds }hk R]A) }hd} ~raea}k kcaàefc cae~k}f}fa` d`m

f`}kbrd}fa`) à} `d}fa`difs} rf|dirv a|kr }krrf}arv d`m caia`fks. Chf`ds lds} braf`b

~ram{c}f|f}v fii k|k`}{diiv ok`klf} }hk arims kcaàev. Md|fs Hdik d`m Ivrfc H{bhks Hdik

(?>>8& bf|k {s d cikdr ca`ci{sfa` al }hk l{}{rk }rdmk ok}kk` Chf`d d`m }hk [S7 ]hk

dmefssfa` al Chf`d }a }hk B%8 ~rackss a{im crkd}k d edgar biaodi lar{e f` hfch }hk

ikdmf`b f`m{s}rfdifwkm ca{`}rfks ca{im mfsc{ss }hk fe~dc} al Chf`d"s kx~ar} oaae a` a}hkr

`d}fa`s" kcaàefks d`m dmmrkss }hk k`|fraèk`}di fe~dc} al Okfgf`b"s braf`b mked`m lar

caeeamf}v fe~ar}s d`m k`krbv rksa{rcks. F` }hk k`m) aìv d sjfiil{i caeof`d}fa` al s}r{c}{rdi

rklares f` Chf`d d`m caarmf`d}km e{i}fid}krdi kllar}s fii crkd}k d eark odid`ckm kcaàefc


10/28


11/28


e{ch lds}kr }hd` [.S. kx~ar}s }a Chf`d.

[.S. }rdmk f}h Chf`d

3.8 3.6 =.8 44.24>

4;>

?>>

?;>

3>>

3;>

=>>

468> 468; 466> 466; ?>>> ?>>; ?>>< ?>>2 ?>>8 ?>>6 ?>4>

-

Ofiifa`s

[S Kx~ar}

[S Fe~ar}

Brd~h 4 Sa{rck7 [.S. F`}kr`d}fa`di ]rdmk Caeefssfa` Md}d kosf}k.

Rhv hd|k [.S. fe~ar}s lrae Chf`d hd|k bra` e{ch lds}kr }hd` [.S. kx~ar}s }a

Chf`d1 Lfrs}) ds k cd` skk f` brd~h ?) f` ?>4> }hk [.S. hds }rdmk mklfcf} f}h dii f}s edgar

}rdmk ~dr}`krs (Chf`d) A^KC) K[) Ekxfca) Gd~d`) DSKD@) d`m Cd`dmd&. Rhd} k cd`

aoskr|k f` }hfs md}d fs }hd} [.S. }rdmk mklfcf} maks`} a`iv kxfs} f}h Chf`d) o{} disa f}h a}hkr

edgar ca{`}rfks [.S. }rdmks f}h. O{} }hkrk fs d sfb`flfcd`} ~raoike f` }hfs md}d hfch fs [.S.

}rdmk mklfcf} f}h Chf`d fs e{ch hfbhkr }hd` d`v a}hkr ca{`}rfks. Sa k dss{ek }hd} }hk }rdmk

rkid}fa`shf~ ok}kk` [.S. d`m Chf`d fs {`ft{k d`m mfllkrk`} lrae d`v a}hkr [.S. }rdmk

~dr}`krs.


12/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. 4?

[.S. }rdmk odid`ck f}h edgar larkfb` }rdmk ~dr}`krs

Rarim) %


13/28


rd}hkr }hd` cae~idf`f`b Chf`d ar kekrbf`b ca{`}rfks chkd~ idoar d`m ~rfck) }hk [`f}km S}d}k

sha{im ca`sfmkr }hk ~raoike f`sfmk }hk [S kca`aev }a lf`m d ok}}kr dv }a s{r|f|k f` }hk

f`}kr`d}fa`di }rdmk dr.

Edgar [.S. fe~ar}s lrae Chf`d

>

4>>>>

?>>>>3>>>>

=>>>>

;>>>>

>>>

2>>>>

?>>; ?>>< ?>>2 ?>>8 ?>>6 ?>4>

-Efiifa`

Cae~{}kr kt{f~ek`} d`m ~dr}s

Efsc. ed`{ldc}{rkm

caeeamf}fks

Caee{`fcd}fa`s kt{f~ek`}

d`m ~dr}s

D~~drki

D{mfa d`m |kmfa kt{f~ek`} d`m

~dr}s

Brd~h 3 Sa{rck7 [.S. F`}kr`d}fa`di }rdmk Caeefssfa` Md}d kosf}k.

Edgar [.S. kx~ar}s }a Chf`d

>

?)>>>

=)>>>

>>

8)>>>

4>)>>>

4?)>>>

?>>; ?>>< ?>>2 ?>>8 ?>>6 ?>4>

-efiifa`s

Afiskkms d`m brdf`s

Rds}k d`m scrd~

Skefca`m{c}ars d`m a}hkr

kikc}ra`fc cae~a`k`}s

Dkras~dck ~ram{c}s d`m ~dr}s

_ksf`) sv`}hk}fc r{ookr) d`m dr}flfcdi

, sv`}hk}fc lfokr , lfidek`}

Brd~h = Sa{rck7 [.S. F`}kr`d}fa`di }rdmk Caeefssfa` Md}d kosf}k.

]hk sfb`flfcd`} ~ram{c} }hd} mrf|ks [.S. }a}di fe~ar}s |di{k jkk~f`b f`crkdsf`b fs }hk

cae~{}kr%lf`fshkm baams. F` }hk brd~h ;) k cd` skk }hd} f` rkck`} 4> vkdrs) shdrk al [.S.

fe~ar}s al cae~{}kr lrae Chf`d f`crkdskm lrae 4?+ f` ?>>> }a 4>. F} ekd`s }hd}


14/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. 4=

Chf`d okcdek [.S. edgar cae~{}kr s{~~ifkr d`m k|krv < a{} al 4> cae~{}krs saim f` }hk [.S.

drk edmk f` Chf`d. Brd~h < ~ra|fmks {s eark f`lared}fa` doa{} edgar larkfb` s{~~ifkr shfl}

al [.S. cae~{}kr fe~ar}s. Lrae ?>>> }a ?>4>) [.S. fe~ar}s cae~{}kr lrae larkfb` s{~~ifkrs

f`crkdskm lrae .>+ 3>.>+ =>.>+ ;>.>+ .>+ 2>.>+

?>>>

?>>4

?>>?

?>>3

?>>=

?>>;

?>>>2

?>>8?>>6

?>4>

Brd~h ; Sa{rck7 [.S. F`}kr`d}fa`di }rdmk Caeefssfa` Md}d kosf}k.


15/28

]hk [òdid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. 4;

Edgar larkfb` s{~~ifkrs al [.S. cae~{}kr fe~ar}s

8.3

4?

?6.;

=>

=;.8

;6.8

?>>>

?>>?

?>>=

?>>>8

?>4>

-

Ofiifa`s

]hdfid`m

Sf`bd~ark

Gd~d`

Ekxfca

Chf`d

Brd~h < Sa{rck7 [.S. F`}kr`d}fa`di }rdmk Caeefssfa` Md}d kosf}k.

Cae~drk brd~h 3) = d`m ;) k cd` cikdriv skk }hd} [.S. mked`ms hfbh%}kch ~ram{c}

fe~ar}s s{ch ds cae~{}kr lrae Chf`d hfik Chf`d mked`ms ~id`}s d`m kikc}ra`fc ~dr}s

fe~ar}s lrae [.S. ]hk mfllkrk`} |di{ks al }hk mked`ms edv mrf|k }hk [.S. }rdmk mklfcf} f}h

Chf`d. Hkrk drfsks d ~rkmfc}fa` }hd} k|k` _EO d~~rkcfd}ks) [.S. cae~{}kr edjkrs fii lf`m

a}hkr ~drdmfsk f}h chkd~ idoar lkk d`m dm|d`ckm cae~{}kr }kchàiabv }a ~ram{ck

cae~{}krs. ]hfs fs d `d}{rk kcaàefc ea|kek`} hfch fs }hd} ~ram{ckrs didvs d`} }a hd|k

iaks} cas}. Ekd`hfik) f` brd~h 2) k cd` skk [.S. kx~ar}s }a Chf`d f`crkdskm 328.>4 }a ?>4>. ]hfs bra}h s~kkm fs e{ch lds}kr }hd` d`v a}hkr [.S. edgar }rdmk ~dr}`krs

(Ordwfi 4??.


16/28

]hk [òdid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. 4 vkdrs. ]hfs md}d chdiik`bks Earrfs

Baims}kf` d`m @fchaids Idrmv (?>>6&s drb{ek`} }hd} }hkrk sha{im ok d eamks} rk|di{d}fa` al

}hk _EO. Rhfik [.S. kx~ar}s }a Chf`d hds f`crkdskm lds}ks} dea`b [.S. edgar }rdmk ~dr}`krs)

ha cd` k sdv }hd} _EOs |di{k fs }hk edgar cd{sk al }hk {òdid`ckm }rdmk ok}kk` [.S.

d`m Chf`d1 ]hfs cd` disa ok d~~ifkm }a G{s}f` Idhdr}"s (?>44& ~af`} }hd} }hk s~kkm d} hfch

Chf`d hds s{rbkm ds d` kx~ar}kr) a|krhkief`b }hk àredi ~rackss al dmd~}d}fa`. ]hfs edv

ok }hk rkdi cd{sk al [.S. }rdmk mklfcf} f}h Chf`d.

[.S. kx~ar}s }a edgar larkfb` }rdmk ~dr}`krs

44.;

46.?

;2..8

3>.4

??.?

4;.6

46.;

42.8

?=8.?

4

?6.?

>.> ;>.> 4>>.> 4;>.> ?>>.> ?;>.> 3>>.>

Cd`dmd

Chf`d

[`f}km Jf`bmae

Sa{}h Jarkd

@k}hkrid`ms

?>4>

?>>4

Brd~h 2 Sa{rck7 [.S. F`}kr`d}fa`di }rdmk Caeefssfa` Md}d kosf}k.


17/28


Kxchd`bk rd}k al _EO \S [SM

Brd~h 8 Sa{rck7 Od`j al Chf`d md}d kosf}kkxchd`bk rd}k skc}fa`

Ia idoar cas} f` Chf`d fs d`a}hkr ~assfoik mrf|kr al [.S. }rdmk mklfcf} f}h Chf`d.

Ed`v [.S. edgar ed`{ldc}{rf`b cae~d`fks hd|k ldc}arfks f` Chf`d. ]hkv ~ram{ck baams

f}h |krv ia dbks. Ds k cd` skk f` lfb{rk ?) ha{riv cae~k`sd}fa` cas} f` Chf`d fs >.;2

[SM f` ?>>?) d`m f} rdfskm }a 4.3< [SM f` ?>>8.


18/28


]v~k al k`}kr~rfsk

[.S. maiidrs

?>>? ?>>3 ?>>= ?>>; ?>>< ?>>24

?>>8

]a}di) ed`{ldc}{rf`b {rod` {`f}s d`m

]\Ks

Ed`{ldc}{rf`b {rod` {`f}s

Ed`{ldc}{rf`b ]\Ks

>.;2

>.6;

>.=4

>.


19/28


Vkdr Gd` Lko Edr D~r Edv G{` G{i D{b Sk~ Ac} @a| Mkc

?>>= ;.2 ;.< ;.8 ;.< ;.< ;.< ;.; ;.= ;.= ;.; ;.= ;.=

?>>; ;.3 ;.= ;.? ;.? ;.4 ;.> ;.> =.6 ;.> ;.> ;.> =.6

?>>< =.2 =.8 =.2 =.2 =.< =.< =.2 =.2 =.; =.= =.; =.=

?>>2 =.< =.; =.= =.; =.= =.< =.2 =.< =.2 =.2 =.2 ;.>

?>>8 ;.> =.8 ;.4 =.6 ;.= ;.< ;.8 4> 6.2 6.2 6.2 6.8 6.< 6.; 6.; 6.< 6.< 6.2 6.8 6.=

?>44 6.> 8.6 8.8 6.> 6.4 6.? 6.4 6.4 6.4 6.>

[.S. {`ke~iavek`} rd}k

Lfb{rk ? Sa{rck7 O{rkd{ al idoar s}d}fs}fc md}d kosf}k

]hk }rdmk ok}kk` [.S. d`m Chf`d fs fe~dc}km ov ~assfoik ldc}ars s{ch ds kxchd`bk

rd}k) BM^ al Chf`d) BM^ al [.S. d`m idoar cas} f` Chf`d. ]hk laiiaf`b md}d brd~hs sha

}hk [.S.fe~ar}s lrae Chf`d d`m }hk la{r ldc}ars hfch edv fe~dc} }hk }rdmk. F` brd~h 6) 4>)

44) 4?) 43 d`m }hk mkscrf~}f|k s}d}fs}fcs al }hk md}d f` lfb{rk 3) k cd` skk }hd} lrae ?>>4 }a

?>4>) [.S. fe~ar}s lrae Chf`d bra}h rd}k hds d ekd` |di{k al =.22+) ef`fe{e bra}h rd}k

fs ?;.8?+ d`m }hk edxfe{e bra}h rd}k fs ?;.??+. ]hk _EO kxchd`bk rd}k bra}h rd}k


20/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. ?>

hds d ekd` |di{k al >.;;2+. ]hk BM^ al Chf`d bra}h rd}k hds d ekd` |di{k al =+ d`m }hk edxfe{e bra}h rd}k fs ?;.==+. ]hk BM^ al [.S.

bra}h rd}k hds d ekd` |di{k al >.6+ hfch f`mfcd}ks }hd} }hkrk fs d ~asf}f|k

rkid}fa`shf~ ok}kk` BM^ al Chf`d d`m }hk [.S. fe~ar}s lrae Chf`d. Rhk` BM^ al Chf`d

bra}h rd}k baks {~ 4+) }hk [.S. fe~ar}s lrae Chf`d bra}h rd}k baks {~ >.34?+. Sa hkrk k cd` ca`ci{mk }hd} }hk lds} braf`b BM^

al Chf`d fs }hk edgar ldc}ar }hd} fe~dc}s }hk [.S. fe~ar}s lrae Chf`d.


21/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. ?4

[.S. fe~ar}s lrae Chf`d bra}h rd}k brd~h

%>.3

%>.?

%>.4

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?>>4)=

p>?)

4>p4?

2p6

=p>;)

4>p4?

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4>p4?

2p6

=p.>;>>>

%>.>=>>>

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%>.>?>>>

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?>>4)

=p>?)

4p3

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>;)

4p3

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6=p

>8)

4p3

4>p4

?2p

6=p

Sa{rck7 x%rd}ks.cae


22/28

]hk [`odid`ckm ]rdmk Ok}kk` Chf`d d`m }hk [.S. ??

Chf`d BM^ bra}h rd}k brd~h

%>.=>>>>

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