3.Financial stress brought on by excessive debt in the household and corporate sectors was an example of another kind of structural problem， in particular for the economies of Japan and the United States. Financial institutions in these two countries adopted more conservative lending policies， curtailing financing of higher-risk projects such as commercial construction and highly leveraged corporate transaction. A number of weaker institutions were also consolicated through bankruptcy， merger and reorganization.

　　過(guò)多債務(wù)的財(cái)政壓力招致了家族和公司部門(mén)是另外一種結(jié)構(gòu)問(wèn)題的例子，尤其是日本和美國(guó)的經(jīng)濟(jì)。這兩個(gè)國(guó)家在財(cái)政制度上采取了比較保守的借貸政策，削減了對(duì)商業(yè)建筑這類高風(fēng)險(xiǎn)的財(cái)政項(xiàng)目和對(duì)公司依靠大量借貸進(jìn)行交易的融資。大多數(shù)疲軟的機(jī)構(gòu)也通過(guò)破產(chǎn)，合并和重組來(lái)聯(lián)合。

　　4.The major risk facing this highly trade-oriented region is the potential for sluggishness or disruption in world-trade flows. Economic weakness in some of the region‘s traditional export markets has underlined the importance of market diversification， including a further strengthening of ties within the region. Increasingly buoyant intraregional trade in East Asia may be viewed as evidence of an ongoing process of “market-oriented” regional integration， a development that could partially offset lackluster progress in the area of multilateral trade agreements.

　　這個(gè)高度以貿(mào)易為導(dǎo)向的地區(qū)面對(duì)的風(fēng)險(xiǎn)主要是潛在的世界貿(mào)易流中的蕭條或混亂。一些地區(qū)傳統(tǒng)出口市場(chǎng)的經(jīng)濟(jì)萎靡已強(qiáng)調(diào)了市場(chǎng)多樣化的重要性。包括進(jìn)一步加強(qiáng)地區(qū)內(nèi)的聯(lián)系。

　　日益活躍的東亞內(nèi)貿(mào)易可被視為一個(gè)“市場(chǎng)導(dǎo)向”地區(qū)一體化的見(jiàn)證，這一點(diǎn)可彌補(bǔ)多邊貿(mào)易協(xié)定領(lǐng)域毫無(wú)生氣的進(jìn)展局面。