With the rapid advances in the living standard of the Chinese people in recent years, airconditioners have joined other household electrical appliances as items in great demand. However, output has far exceeded supply, as manufacturers have scrambled for sales in this profitable market. As a result, fierce competition has driven them to resort to all sorts of measures to pull ahead of their rivals and avoid going bankrupt.

　　These measures include aggressive advertising campaigns, offering a free gift with every purchase of an airconditioner, and most important of all, lowering prices. Price wars are a common phenomenon whenever supply outstrips demand in a freemarket economy, and Chinas newly liberalized economy is no exception. Nevertheless, I do not think we will see a repeat of the recent price war in the airconditioner market in the future

　　I have three reasons for my prediction. The first is that the earlier round of pricecutting eliminated the lessefficient manufacturers from the industry; so there are fewer companies supplying the market. The second is that the government has taken measures to regulate the airconditioner market, eliminating the chaos that price wars entail. And the third is that with Chinas admission to the WTO, manufacturers will have to offer more attractive-not cheaper-products.

　　译文

　　随着近年来中国人民生活水平的快速提高，空调也同其他家用电器一样有了广大的市场。但是，产量远远超过了需求量，制造商只能在这一领域种挣扎。结果，激烈的竞争使得各个制造商采取了各种措施超过其竞争者而使自己免于破产。

　　这些措施包括大规模的广告，提供免费礼物，当然最重要的是降价。在供大于求的自由市场条件下，价格战是非常普遍的。中国也不例外。然而，我认为将来这种空调价格战不会再重演。

　　我有三个理由。第一，首轮的竞争已经淘汰了那些效率低下的制造商。所以市场上的供应将减少。第二，政府已经采取了措施来规范空调市场，消除了价格战的混乱。第三，中国加入WTO后，制造商只能靠提供更好的而不是最便宜的商品来赢得市场。

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