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
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