4、The past few years have seen marked acceleration of China's banking reform, particularly significant strengthening of the central bank’s capacity for supervision and microeconomic management.

    在过去的几年中，中国银行业的改革速度显著加快，特别是强化了中央银行的监管职能和对宏观经济的管理职能。

    (1)strenghen: v.make or become strong(er)加强；强化

    (2)capacity: n.ability能力；职能

    (3)supervision: n.监督；管理

        supervise: v.watch and direct监督；管理；指导

    (4)microeconomic management:宏观经济管理

    (1)phase: n.stage of development:阶段；时期

 

6.The establishment of the People's Bank of China (PBC) in December 1984 marked the beginning of the first phase, which was characterized by a mono-bank engaged in both policy and commercial banking operations.

    这个阶段以中国人民银行由既从事政策性银行业务，又从事商业性银行业务的单一银行（制度）为特征。

    本句为由which引导的非限制性定语从句，对主句作补充说明。

    (1)be characterized by …:以……为特征

    (2)mono-bank (system):单一银行（制度）

         mono-:（字首）表示“单一”之意。

    (3)由engaged in …过去分词短语修饰前面的a mono-bank (system)。

 

6.It is dictated by highly centralized planned economic system.

    这种体制是由高度集中的计划经济体制决定的。

    (1)highly centralized planned economic system:高度集中的计划经济体制